Financial Performance - Total net revenue for the three months ended September 30, 2024, was 373,313 for the same period in 2023[14]. - Gross profit for the nine months ended September 30, 2024, was 292,156 in the same period of 2023[14]. - Operating loss for the three months ended September 30, 2024, was (40,930) for the same period in 2023, reflecting a 6.5% increase in losses[14]. - Net loss for the nine months ended September 30, 2024, was (146,849) in the same period of 2023, indicating a 20.9% increase in losses[14]. - For the three months ended September 30, 2024, the net loss was 63,049 thousand for the same period in 2023, representing a decrease of 3.2%[19]. - The company’s accumulated deficit increased to (320,678) thousand at the end of September 30, 2023[19]. Assets and Liabilities - Total current assets decreased to 350,073 as of December 31, 2023, representing a decline of 47.5%[10]. - Total liabilities decreased to 276,686 as of December 31, 2023, a reduction of 16.1%[10]. - Cash and cash equivalents decreased to 302,605 as of December 31, 2023, a decline of 53.7%[10]. - Total stockholders' equity decreased to 359,132 as of December 31, 2023, a decrease of 45.4%[12]. - Total assets as of December 31, 2023, amounted to 246,425 thousand and equity securities at fair value of (152,625) thousand, compared to 19.9 million decrease in other expense, net for the three months ended September 30, 2024, primarily due to a decrease in loss recognized from equity method securities[116]. - Investing activities resulted in a net cash outflow of 11.3 million in expenditures for property and equipment[129]. - Financing activities led to a net cash outflow of 3.3 million for payment of taxes withheld upon vesting of employee stock awards[130]. Stock and Compensation - Weighted average shares of common stock outstanding for the three months ended September 30, 2024, were 45,771, compared to 45,225 for the same period in 2023[14]. - The company granted 200,150 restricted stock awards with a cumulative grant date fair value of 6,349,000, an increase from 2.4 million and 5.7 million for the three and nine months ended September 30, 2024, respectively[66]. Strategic Initiatives - The company aims to expand its market presence through its various retail brands, including Overstock and Bed Bath & Beyond, leveraging its data cooperative model[23]. - The company plans to expand its global loyalty program, Beyond +, to enhance customer retention[83]. - A reduction-in-force affecting approximately 20% of the workforce was announced to streamline operations and reduce costs[80]. - The company entered into a collaboration agreement and a 40 million investment into The Container Store Group, Inc., involving the purchase of 40,000 shares of Series B Convertible Preferred Stock[76]. Legal and Regulatory Matters - Company involved in litigation concerning consumer protection, employment, privacy, and intellectual property, which could materially affect business operations and financial position[144]. - Potential significant damages and costs associated with ongoing legal proceedings could divert management's focus from business operations[144]. Market Conditions and Risks - The company continues to monitor inflationary pressures affecting commodity and shipping prices, energy, and labor costs, which could impact future operations[138]. - Most of the company's sales and operating expenses are denominated in U.S. dollars, minimizing current exposure to foreign currency risk[137]. - The company's Senior Note carries a fixed annual interest rate of 4.242%, indicating no material direct financial statement risk associated with changes in interest rates[136].
Beyond(BYON) - 2024 Q3 - Quarterly Report