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Contextlogic Inc.(LOGC) - 2024 Q3 - Quarterly Results
LOGCContextlogic Inc.(LOGC)2024-11-07 21:12

Financial Performance - Net loss for Q3 2024 was 1million,asignificantimprovementfromanetlossof1 million, a significant improvement from a net loss of 80 million in Q3 2023[1] - The net loss per share for Q3 2024 was 0.04,comparedto0.04, compared to 3.35 in Q3 2023[11] - Net loss for September 30, 2024, was 73million,asignificantimprovementfromanetlossof73 million, a significant improvement from a net loss of 249 million in the same period of 2023[12] - Net cash used in operating activities decreased to 92millionfrom92 million from 266 million year-over-year[12] Cash and Liquidity - As of September 30, 2024, the company had 33millionincashandcashequivalentsand33 million in cash and cash equivalents and 117 million in marketable securities[2] - Total cash, cash equivalents, and restricted cash at the end of the period was 40million,downfrom40 million, down from 310 million at the end of the previous year[12] - Cash flows from investing activities resulted in a net cash outflow of 103million,comparedtoanetinflowof103 million, compared to a net inflow of 75 million in the prior year[12] - Cash paid for income taxes was negligible, with no payments made in the current period compared to 1millioninthepreviousyear[12]−Thecompanyhadaforeigncurrencyeffectoncashof1 million in the previous year[12] - The company had a foreign currency effect on cash of (2) million, compared to (7)millionintheprioryear[12]ExpensesandLiabilities−Thecompanyincurred(7) million in the prior year[12] Expenses and Liabilities - The company incurred 3 million in general and administrative expenses during Q3 2024, primarily due to legal and employee expenses[4] - Total liabilities as of September 30, 2024, were 5million,withexpectationstoremainlowuntilfuturetargetsareidentified[7]−Thecompanyreportedadepreciationandamortizationexpenseof5 million, with expectations to remain low until future targets are identified[7] - The company reported a depreciation and amortization expense of 1 million for the current period, down from 3millioninthesameperiodlastyear[12]−Stock−basedcompensationdecreasedto3 million in the same period last year[12] - Stock-based compensation decreased to 12 million from 54millionyear−over−year[12]−Thecompanyexperiencedadecreaseinaccountspayableby54 million year-over-year[12] - The company experienced a decrease in accounts payable by 15 million compared to a decrease of 17millioninthepreviousyear[12]StrategicFocus−Thecompanyisfocusedonidentifyingandevaluatingstrategicopportunitiestoenhancestockholdervalue[3]−Thecompanyhadeightfull−timeemployeesattheendofQ32024[4]Assets−Totalcurrentassetsdecreasedfrom17 million in the previous year[12] Strategic Focus - The company is focused on identifying and evaluating strategic opportunities to enhance stockholder value[3] - The company had eight full-time employees at the end of Q3 2024[4] Assets - Total current assets decreased from 410 million in 2023 to 158millionin2024[10]−Thecompanyreportedadeferredtaxassetof158 million in 2024[10] - The company reported a deferred tax asset of 609 million as of December 31, 2023, subject to a full valuation allowance[6] Interest Income - Interest income for Q3 2024 was 2million,withanexpectationtoearnapproximately2 million, with an expectation to earn approximately 2 million in Q4 2024[5] Asset Sales - Proceeds from asset sales resulted in a cash outflow of $133 million, with no comparable figure from the previous year[12]