MIDVALE, Utah, June 03, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potential, today announced that the company will be participating in the following investor events: UBS Consumer Insights Day, with virtual participation and a fireside chat on June 13, 2024 at 11:30 a.m. ET. This fireside chat will be webcast to UBS clients only. Jefferies Consumer Conference in Nantucket on June 17-18, 2024. ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41850 (801) 947-3100 (Registrant's telephone number, including area code) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards ...

Financial Data and Key Metrics Changes - Gross margin for the quarter landed at 19.5%, a 720-basis point decrease year-over-year, primarily due to increased discounting, welcome rewards redemptions, and higher shipping costs [23][24] - Adjusted EBITDA was a loss of $48 million, representing a negative margin of 12.5%, a 1,300 basis-point decline year-over-year, with approximately 50% of the decline driven by gross margin pressure [24] - Reported GAAP EPS loss was $1.62 for the first quarter, with an adjusted diluted loss per share of $1.22, excluding losses from equity market securities [24] Business Line Data and Key Metrics Changes - Bed Bath & Beyond's GMV for Q1 was up triple digits for bedding, bath, and kitchen categories, indicating strong performance in legacy categories [19] - Overstock's soft launch exceeded initial expectations, with site visits and average order size aligning with expectations, indicating a positive trajectory for the brand [21][45] - Zulily is expected to soft launch in the third quarter, focusing on working moms and providing a curated shopping experience [22] Market Data and Key Metrics Changes - Active customers increased by 26% year-over-year, with a corresponding 27% growth in orders delivered [46] - Average order value (AOV) declined by 21% year-over-year, primarily due to a shift in sales towards bedding and bath categories [46] - The company is focused on closing a $47 year-over-year gap in AOV through a more curated assortment and the relaunch of Overstock [46] Company Strategy and Development Direction - The company aims to leverage the Overstock brand as a leader in excess, factory-direct liquidations, and reverse logistics, establishing a moat by improving vendor supply chains [2] - Bed Bath & Beyond is focusing on assortment curation, life events, and enhancing customer experience to drive long-term profitable growth [19][43] - The management team is committed to building three standalone brands with a focus on profitability and sustainable growth, avoiding reckless spending [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for all three brands to generate over $1 billion in revenue, emphasizing the importance of customer retention and lifetime value [7][10] - The company is not expecting positive contribution margins through the end of the year, focusing instead on building a strong foundation for future growth [31][32] - Management acknowledged the need for a slow and methodical revenue ramp, particularly with apparel, to ensure a positive customer experience [29] Other Important Information - The company has a strong balance sheet with a cash balance of $222 million and is focused on reducing fixed costs by $45 million [48] - Recent strategic hires include a new Chief Merchandising Officer for Bed Bath & Beyond and a Chief Information and Digital Officer to modernize e-commerce technology [19][43] - The company is actively working on monetizing non-performing assets and improving vendor relations for better product costs [48] Q&A Session Summary Question: What gives confidence in acquiring customers whose lifetime value exceeds acquisition costs? - Management highlighted the importance of data analytics and understanding customer behavior to identify long-term prospects, moving away from unprofitable transactions [26][27] Question: Should we expect profitability in Q3 and Q4? - Management does not expect positive contribution margins through the end of the year, focusing on intelligent capital allocation and building a strong foundation [31][32] Question: How should we think about Q2 revenues given the pullback on promotions? - Management aims to secure a revenue outcome similar to Q1 but with improved profitability, focusing on understanding the business in a vacuum before ramping up [63][65] Question: What is the potential for improvement in sales and marketing spend as a percentage of sales? - Management indicated that gross margins across the three brands will normalize over the next three to six months, with a focus on transparency in reporting [68]

Beyond May 7, 2024 The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include all statements other than statements of historical fact, including forecasts of trends, market conditions, the impact of our national marketing campaign, and other factors that will impact our results of operations. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were m ...

Beyond (BYON) came out with a quarterly loss of $1.22 per share versus the Zacks Consensus Estimate of a loss of $0.92. This compares to loss of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -32.61%. A quarter ago, it was expected that this online discount retailer would post a loss of $0.71 per share when it actually produced a loss of $1.22, delivering a surprise of -71.83%.Over the last four quarters, the company ha ...

– Reported Revenue Growth on a Year-over-Year Basis – – Delivered 2.2 Million Orders, Representing a 27% YoY Increase in Transaction Volume – – Acquired Zulily, Doubling Down on Off-Priced Home and Lifestyle Business – – Soft Launched Iconic Overstock Site 6 Months Ahead of Schedule; Early Growth is Promising – MIDVALE, Utah, May 06, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potenti ...

[Q1 2024 Performance Overview](index=1&type=section&id=Q1%202024%20Performance%20Overview) Beyond, Inc. initiated a new strategic era in Q1 2024, focusing on a profitable brand portfolio and expense reduction, despite reporting a significant net loss and negative adjusted EBITDA on flat revenue [Management Commentary & Strategic Initiatives](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Initiatives) Management initiated a new strategic era for Beyond, Inc., focusing on building a profitable brand portfolio and reducing annualized expenses by $45 million - The company's vision is to become the '**AAA of Home**', offering comprehensive solutions for home-related needs[2](index=2&type=chunk) - The core brand portfolio now consists of **Bed Bath & Beyond**, **Overstock**, and the newly acquired **Zulily**, with a plan to relaunch the Zulily site later in the year[2](index=2&type=chunk)[9](index=9&type=chunk) - The iconic Overstock website was soft-launched six months ahead of schedule, showing promising early growth[9](index=9&type=chunk) - A strategic shift is underway to focus on acquiring customers with a higher likelihood of repeat behavior, aiming for sustainable growth over transient transactions[10](index=10&type=chunk) - The company is halfway through a plan to reduce expenses by **$45 million** on an annualized basis to create a more variable cost structure[11](index=11&type=chunk) [Q1 2024 Financial & Operational Highlights](index=2&type=section&id=Q1%202024%20Financial%20%26%20Operational%20Highlights) Q1 2024 saw strong customer growth and flat revenue, but profitability declined significantly with a $74 million net loss and negative adjusted EBITDA | Metric | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Net Revenue | $382 million | +0.3% | | Orders Delivered | 2.2 million | +27% | | Active Customers | 6.0 million | +26% | | Gross Profit | $74 million | -27% (Adjusted) | | Operating Loss | $58 million | N/A (vs. $8M loss) | | Net Loss | $74 million | N/A (vs. $10M loss) | | Diluted Net Loss per Share | $1.62 | N/A (vs. $0.23 loss) | | Adjusted EBITDA (non-GAAP) | ($48) million | N/A (vs. $3M profit) | | Cash and Cash Equivalents | $256 million | -32% | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2024 show flat revenue, significant net losses, declining cash and equity, and negative cash flow from operations [Consolidated Statements of Operations (Income Statement)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Income%20Statement%29) Q1 2024 net revenue remained flat at $382 million, but gross profit and net income significantly declined, resulting in a $74 million net loss | (in thousands) | Q1 2024 | Q1 2023 (Adjusted) | | :--- | :--- | :--- | | Net Revenue | $382,281 | $381,140 | | Gross Profit | $74,359 | $101,684 | | Total Operating Expenses | $131,884 | $110,048 | | Operating Loss | $(57,525) | $(8,364) | | Net Loss | $(73,928) | $(10,307) | | Diluted Net Loss per Share | $(1.62) | $(0.23) | - The company changed its accounting presentation to reclassify merchant fees and customer service costs from 'Cost of goods sold' to a separate line item in operating expenses, applied retrospectively without impacting net loss[7](index=7&type=chunk)[8](index=8&type=chunk)[14](index=14&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, cash and total assets decreased, while total liabilities increased, leading to a significant decline in stockholders' equity | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $256,323 | $302,605 | | Total current assets | $305,444 | $350,073 | | Total Assets | $577,258 | $635,818 | | Total current liabilities | $245,875 | $232,395 | | Total Liabilities | $289,511 | $276,686 | | Total Stockholders' Equity | $287,747 | $359,132 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, the company used $34.6 million in cash from operating activities, resulting in a net decrease of $46.3 million in cash and equivalents | (in thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(34,610) | $20,007 | | Net cash used in investing activities | $(9,126) | $(14,831) | | Net cash used in financing activities | $(2,519) | $(1,705) | | Net decrease in cash | $(46,255) | $3,471 | | Cash, end of period | $256,494 | $374,928 | [Key Metrics and Non-GAAP Measures](index=8&type=section&id=Key%20Metrics%20and%20Non-GAAP%20Measures) Key operational metrics show increased active customers but decreased spending efficiency, while non-GAAP measures indicate significant losses and negative free cash flow [Supplemental Operational Data](index=8&type=section&id=Supplemental%20Operational%20Data) Q1 2024 operational data shows a 26% increase in active customers, but a decline in average order value and revenue per active customer | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Active customers (thousands) | 6,041 | 4,795 | | LTM net revenue per active customer | $259 | $370 | | Orders delivered (thousands) | 2,211 | 1,736 | | Average order value | $173 | $220 | | Orders per active customer (LTM) | 1.41 | 1.57 | - Key operational metrics are defined as follows: - **Active customers**: Unique customers with at least one purchase in the prior twelve months - **Average order value (AOV)**: Total net revenue divided by total orders delivered in a period - **Orders per active customer**: Total orders delivered in a twelve-month period divided by active customers[21](index=21&type=chunk)[22](index=22&type=chunk)[41](index=41&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) Non-GAAP measures for Q1 2024 show a significant decline, with adjusted EBITDA at negative $47.8 million and free cash flow at negative $38.0 million Reconciliation of Net Loss to Adjusted EBITDA | (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | $(73,928) | $(10,307) | | Adjustments | $26,085 | $13,723 | | Adjusted EBITDA | $(47,843) | $3,416 | Reconciliation of Diluted EPS to Adjusted Diluted EPS | Per Share Data | Q1 2024 | | :--- | :--- | | Diluted Net Loss per Share (GAAP) | $(1.62) | | Loss from equity method securities | $(0.40) | | Adjusted Diluted Loss per Share (Non-GAAP) | $(1.22) | Free Cash Flow Calculation | (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $(34,610) | $20,007 | | Expenditures for property and equipment | $(3,422) | $(5,256) | | Free Cash Flow | $(38,032) | $14,751 |

MIDVALE, Utah, May 02, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of online retail giants Bed Bath & Beyond, Overstock and Zulily, today announced the addition and appointment of several key leaders to its team: Guncha Mehta, joining as Chief Digital and Information OfficerStacey Shively, joining as Chief Merchandising Officer, Bed Bath & BeyondAngela Minor, joining as Chief Marketing Officer, Bed Bath & BeyondDeb Bollom, appointed to Chief Merchandising Officer, OverstockSteph Whitacre, appoi ...

MIDVALE, Utah, May 01, 2024 (GLOBE NEWSWIRE) -- Today, Beyond, Inc. (NYSE:BYON), owner of ecommerce brands Bed Bath & Beyond, Overstock and Zulily, announced an expanded investment in Salesforce, the #1 AI CRM, to drive greater customer loyalty and deliver more personalized shopping experiences for their customers across all the company's brands. Beyond will now use Salesforce Data Cloud, powered by the Einstein 1 Platform, to unify customer data across both multiple brands and multiple enterprise data syst ...

The market expects Beyond (BYON) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 6, 2024, might help the stock move higher if these key numbers are better tha ...