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Overstock.com(OSTK) - 2024 Q4 - Annual Results
OSTKOverstock.com(OSTK)2025-02-24 21:57

Financial Performance - Fourth quarter net revenue was 303million,adecreaseof21.1303 million, a decrease of 21.1% year-over-year, with total net revenue for the full year at 1.4 billion, down 10.6% year-over-year[10] - The fourth quarter net loss was 81million,representinga5081 million, representing a 50% improvement compared to the previous year, with an adjusted EBITDA loss of 28 million, a 43% year-over-year improvement[4] - Gross profit for the fourth quarter was 70million,or23.070 million, or 23.0% of total net revenue, with a gross margin expansion of 380 basis points year-over-year[10] - Operating loss for the fourth quarter was 42.9 million, compared to a loss of 64.6millioninthesamequarterlastyear[14]−Thecompanyreportedadilutednetlosspershareof64.6 million in the same quarter last year[14] - The company reported a diluted net loss per share of 1.66 for the fourth quarter and 5.56forthefullyear[10]−ThenetlossfortheyearendedDecember31,2024,was5.56 for the full year[10] - The net loss for the year ended December 31, 2024, was 258,795 thousand, a decrease from a net loss of 307,842thousandin2023,representinga15.9307,842 thousand in 2023, representing a 15.9% improvement[17] - The adjusted EBITDA for the year ended December 31, 2024, was (143,984) thousand, compared to (61,293)thousandin2023,indicatingadeclineinoperationalperformance[30]CustomerMetrics−Activecustomersdecreasedby4(61,293) thousand in 2023, indicating a decline in operational performance[30] Customer Metrics - Active customers decreased by 4% year-over-year to 5.4 million, while orders delivered fell by 34% year-over-year to 1.7 million[10] - Active customers decreased to 5,415 in the three months ended December 31, 2024, down from 5,612 in the same period of 2023, reflecting a decline of 3.5%[24] - Last twelve months (LTM) net revenue per active customer decreased to 258 in 2024 from 278in2023,adeclineof7.2278 in 2023, a decline of 7.2%[24] - Orders delivered fell to 1,675 in the three months ended December 31, 2024, compared to 2,549 in the same period of 2023, a decrease of 34.3%[24] - Average order value increased to 181 in the three months ended December 31, 2024, up from 151in2023,anincreaseof19.9151 in 2023, an increase of 19.9%[24] Cash Flow and Liquidity - The company ended the fourth quarter with a cash and restricted cash balance of 186 million[10] - Net cash used in operating activities for the year ended December 31, 2024, was 174,304thousand,comparedto174,304 thousand, compared to 18,586 thousand in 2023, indicating a significant increase in cash outflow[30] - Free cash flow for the year ended December 31, 2024, was (188,619)thousand,comparedto(188,619) thousand, compared to (37,767) thousand in 2023, reflecting a worsening cash position[30] - Net cash provided by investing activities was 24,926thousandin2024,contrastingwithanetcashoutflowof24,926 thousand in 2024, contrasting with a net cash outflow of (44,630) thousand in 2023[19] - The company reported proceeds from the sale of intangible assets amounting to 10,275thousandin2024,withnosuchproceedsreportedin2023[19]StrategicFocus−Thecompanyisfocusedonmarginimprovementandfixedcostreductions,aimingtobuildaprofitablefoundation[3]−Beyond,Inc.isrampingupitsOverstockbrandandrefiningitsSKU/vendorstrategy,whichisexpectedtodrivegrowthandprofitability[4]BalanceSheet−Totalliabilitiesdecreasedto10,275 thousand in 2024, with no such proceeds reported in 2023[19] Strategic Focus - The company is focused on margin improvement and fixed cost reductions, aiming to build a profitable foundation[3] - Beyond, Inc. is ramping up its Overstock brand and refining its SKU/vendor strategy, which is expected to drive growth and profitability[4] Balance Sheet - Total liabilities decreased to 239.2 million from 276.7millionyear−over−year,whilestockholders′equityfellto276.7 million year-over-year, while stockholders' equity fell to 162.7 million from $359.1 million[13]