Overstock.com(OSTK) - 2024 Q3 - Quarterly Results

Financial Performance - Total net revenue for Q3 2024 was $311 million, a decrease of 16.6$66 million, representing 21.2% of total net revenue[3] - The net loss for the quarter was $61 million, with a diluted net loss per share of$1.33[3] - Adjusted EBITDA was ($32) million, or (10.2)$61,030,000 compared to a net loss of $63,049,000 for the same period in 2023[22] - Adjusted EBITDA for the three months ended September 30, 2024, was$(31,913,000), compared to $(23,931,000) for the same period in 2023[23] - The company reported a net decrease in cash, cash equivalents, and restricted cash of$(161,252,000) for the three months ended September 30, 2024[22] - Free cash flow for the nine months ended September 30, 2024, was $(163,954,000), compared to$(7,412,000) for the same period in 2023[25] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(152,625,000), compared to$9,131,000 for the same period in 2023[25] Customer Metrics - Active customers increased by 21% year-over-year to 6.0 million[3] - Active customers increased to 5,961,000 in the last twelve months, up from 4,907,000 in the previous year, representing a growth of approximately 21.5%[18] - Last twelve months (LTM) net revenue per active customer decreased to $248 from$322, a decline of about 22.9%[18] Orders and Average Order Value - Orders delivered decreased by 19% year-over-year to 1.6 million[3] - Total orders delivered in the three months ended September 30, 2024, were 1,569,000, down from 1,945,000 in the same period last year, a decrease of approximately 19.3%[18] - Average order value increased to $199 from$192, reflecting a growth of about 3.6%[18] Cost Management and Business Strategy - The company expects to reduce its fixed expense base by an annualized $65 million heading into 2025[2] - Beyond is transforming its business model to focus on affinity marketing and data monetization[2] - The company announced a$20 million annualized reduction in staff-related expenses[2] Other Financial Highlights - Cash and cash equivalents totaled $140 million at the end of Q3 2024[3] - The company recognized a gain of$10,250,000 from the sale of intangible assets during the three months ended September 30, 2024[22]