Beyond, Inc. Reports Third Quarter 2024 Financial Results
Beyond Inc. (NYSE:BYON) reported Q3 2024 financial results showing mixed performance. Total net revenue decreased 16.6% year-over-year to $311 million, with a net loss of $61 million. The company delivered 1.6 million orders, down 19% YoY, while active customers increased 21% to 6.0 million. Gross profit reached $66 million (21.2% of revenue). The company announced a $20 million annualized reduction in staff expenses and expects total fixed expense reduction of $65 million by 2025. Beyond is transforming into an affinity and data monetization model, establishing partnerships with The Container Store and Kirkland's Home.
Beyond Inc. (NYSE:BYON) ha pubblicato i risultati finanziari del terzo trimestre 2024 mostrando prestazioni contrastanti. Il fatturato netto totale è diminuito del 16,6% rispetto all'anno precedente, raggiungendo 311 milioni di dollari, con una perdita netta di 61 milioni di dollari. L'azienda ha evaso 1,6 milioni di ordini, in calo del 19% su base annua, mentre i clienti attivi sono aumentati del 21%, raggiungendo 6,0 milioni. L'utile lordo è stato di 66 milioni di dollari (21,2% delle entrate). L'azienda ha annunciato una riduzione annualizzata di 20 milioni di dollari nelle spese per il personale e prevede una riduzione totale delle spese fisse di 65 milioni di dollari entro il 2025. Beyond si sta trasformando in un modello di affinità e monetizzazione dei dati, stabilendo partnership con The Container Store e Kirkland's Home.
Beyond Inc. (NYSE:BYON) reportó resultados financieros del tercer trimestre de 2024 que muestran un rendimiento mixto. Los ingresos netos totales disminuyeron un 16,6% en comparación con el año anterior, alcanzando 311 millones de dólares, con una pérdida neta de 61 millones de dólares. La compañía entregó 1,6 millones de pedidos, una caída del 19% interanual, mientras que los clientes activos aumentaron un 21%, sumando 6,0 millones. La ganancia bruta alcanzó los 66 millones de dólares (21,2% de los ingresos). La empresa anunció una reducción anualizada de 20 millones de dólares en gastos de personal y espera una reducción total de gastos fijos de 65 millones de dólares para 2025. Beyond se está transformando en un modelo de afinidad y monetización de datos, estableciendo alianzas con The Container Store y Kirkland's Home.
비욘드 Inc. (NYSE:BYON)가 2024년 3분기 재무 결과를 발표했으며 혼합된 성과를 보였습니다. 총 순수익은 전년 대비 16.6% 감소하여 3억 1,100만 달러에 이르렀고, 순손실은 6,100만 달러였습니다. 회사는 160만 건의 주문을 처리했으며, 이는 전년 대비 19% 감소한 수치입니다. 반면에 활성 고객은 21% 증가하여 600만 명에 도달했습니다. 총 이익은 6,600만 달러(매출의 21.2%)에 달했습니다. 회사는 연간 2천만 달러의 인건비 절감을 발표했으며, 2025년까지 총 고정비 절감액이 6천 5백만 달러에 이를 것으로 예상하고 있습니다. 비욘드는 친화도 및 데이터 수익화 모델로 전환하고 있으며, The Container Store와 Kirkland's Home과 파트너십을 맺고 있습니다.
Beyond Inc. (NYSE:BYON) a rapporté des résultats financiers pour le troisième trimestre 2024 montrant des performances mitigées. Le chiffre d'affaires net total a diminué de 16,6 % par rapport à l'année précédente pour atteindre 311 millions de dollars, avec une perte nette de 61 millions de dollars. L'entreprise a traité 1,6 million de commandes, soit une baisse de 19 % d'une année sur l'autre, tandis que le nombre de clients actifs a augmenté de 21 %, atteignant 6,0 millions. Le bénéfice brut s'est élevé à 66 millions de dollars (21,2 % du revenu). L'entreprise a annoncé une réduction annualisée des frais de personnel de 20 millions de dollars et prévoit une réduction totale des frais fixes de 65 millions de dollars d'ici 2025. Beyond se transforme en un modèle d'affinité et de monétisation des données, établissant des partenariats avec The Container Store et Kirkland's Home.
Beyond Inc. (NYSE:BYON) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und zeigt gemischte Leistungen. Der gesamte Netto-Umsatz ging im Jahresvergleich um 16,6% auf 311 Millionen Dollar zurück, mit einem Nettoverlust von 61 Millionen Dollar. Das Unternehmen lieferte 1,6 Millionen Bestellungen aus, was einem Rückgang von 19% im Jahresvergleich entspricht, während die aktiven Kunden um 21% auf 6,0 Millionen stiegen. Der Bruttogewinn erreichte 66 Millionen Dollar (21,2% des Umsatzes). Das Unternehmen gab eine jährliche Reduzierung der Personalkosten um 20 Millionen Dollar bekannt und erwartet bis 2025 eine Gesamteinsparung bei den Fixkosten von 65 Millionen Dollar. Beyond transformiert sich in ein Modell für Affinität und Datenmonetarisierung und etabliert Partnerschaften mit The Container Store und Kirkland's Home.
- Active customers increased 21% year-over-year to 6.0 million
- Announced $65 million annualized fixed expense reduction by 2025
- Maintained strong cash position with $140 million in cash and equivalents
- Sequential improvement in gross margin reported
- Net revenue declined 16.6% year-over-year to $311 million
- Net loss of $61 million for Q3 2024
- Orders delivered decreased 19% year-over-year to 1.6 million
- Negative Adjusted EBITDA of $32 million (-10.2% of net revenue)
Insights
The Q3 results reveal significant challenges with
Key metrics raise red flags:
The strategic pivot to an affinity data monetization model, partnerships with Container Store and Kirkland's Home and focus on cost management represent positive steps, but near-term financial performance remains concerning with substantial losses and declining revenue.
The transformation into a data-driven affinity platform marks a significant strategic shift. The development of a data cooperative and enhanced CRM capabilities could create valuable recurring revenue streams through data monetization. However, execution risks are substantial as the company attempts to build a comprehensive technology infrastructure while managing declining core retail operations.
The focus on leveraging customer data across multiple brands (Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily) could create network effects and valuable insights, but success depends on effective integration and data management capabilities. The planned global loyalty program across owned and partnered brands requires sophisticated technical architecture and seamless customer experience to drive adoption.
— Transforming its Asset-Light Ecommerce Retail Business into an Ecommerce and Affinity Data Monetization Model with a Strong Technology Focus —
“We delivered sequential improvement in gross margin and continued to recognize the benefits of our cost reduction actions, ultimately delivering against our commitment to improve adjusted EBITDA,” said Adrianne Lee, Chief Financial and Administrative Officer. “We recently announced the sale of our headquarters, which is expected to close in the fourth quarter, and announced a
“We are focused on driving specific actions to strengthen our core asset-light ecommerce business and transforming Beyond to an affinity marketing model,” said Dave Nielsen, President. “In our core business, we have identified four key areas of improvement: 1) marketing efficiency, 2) sales growth, 3) margin, and 4) expense management. As we continue to transform and build out our model, we intend to monetize data through our enhanced CRM and database capabilities, stand up a global loyalty program across both our owned and partnered brands, and leverage our IP through a variety of global licensing partnerships.”
“We are in the process of transforming our asset-light business into an affinity and data monetization model with a strong technology focus, comprised of a collection of brands offered on a comprehensive platform from which customers can unlock value within the four walls of their home and four corners of their property,” said Marcus Lemonis, Executive Chairman. “We are still in the early innings of creating a robust data cooperative that will serve as the affinity and loyalty program foundation, and having recently announced partnerships with both The Container Store and Kirkland’s Home, we are well on our way. What we are ultimately building at Beyond is intended to leverage the combined strengths of all involved parties, driving improved financial performance and shareholder value.”
Third Quarter 2024 Results*
-
Orders delivered of 1.6 million, a decrease of
19% year-over-year -
Active customers of 6.0 million, an increase of
21% year-over-year -
Total net revenue of
, a decrease of$311 million 16.6% year-over-year -
Gross profit of
, or$66 million 21.2% of total net revenue -
Net loss of
$61 million -
Diluted net loss per share of
; Adjusted diluted net loss per share (non-GAAP) of$1.33 $0.96 -
Adjusted EBITDA (non-GAAP) of
( , which represents (10.2)% of net revenue$32) million -
Cash and cash equivalents totaled
at the end of the third quarter$140 million
*Certain terms, such as orders delivered and active customers, are defined under "Supplemental Operational Data" below.
Earnings Webcast and Replay Information
Beyond will host a webcast to discuss its third quarter 2024 financial results and its strategic vision, key initiatives, and provide business updates today, Thursday, October 24, 2024, at 11:00 a.m. ET. To access the live webcast, visit https://investors.beyond.com. Questions may be emailed in advance of the call to ir@beyond.com.
A replay of the webcast will be available at https://investors.beyond.com shortly after the live event has ended.
About Beyond
Beyond, Inc. (NYSE:BYON), based in
Cautionary Note Regarding Forward-Looking Statements
This press release and webcast to discuss our financial results and strategy may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding our quarterly earnings reporting, forecasts of our growth, business strategy, improved conversion, marketing, and customer retention, planned expense reductions, value and monetization of our intellectual property, future strategic ventures, global loyalty program, improved financial performance, increased shareholder value, and the timing of any of the foregoing. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We undertake no obligation to update any forward-looking statements as a result of any new information, future developments, or otherwise. These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of known and unknown risks, uncertainties, and other important factors including but not limited to, difficulties we may have with our fulfillment partners, supply chain, access to products, shipping costs, insurance, competition, macroeconomic changes, attraction/retention of employees, search engine optimization results, and/or payment processors. Other risks and uncertainties include, among others, risks arising from changes to our organizational structure, management, workforce or compensation structure, impacts from changing our company name, impacts from our use of the Overstock, Zulily, and Bed Bath & Beyond brands or the platforms on which they are offered, our ability to generate positive cash flow, impacts from our evolving business practices, including strategic ventures, and expanded product and service offerings, impacts from directly sourced products, any problems with our infrastructure, including re-location or third-party maintenance of our computer and communication hardware, cyberattacks, data loss or data breaches affecting us, adverse tax, regulatory or legal developments, any restrictions on tracking technologies, any failure to effectively utilize technological advancements or protect our intellectual property, negative economic consequences of global conflict, politics including the presidential election, and whether our partnership with Pelion Venture Partners will achieve its objectives. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024, on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on July 31, 2024, and in our subsequent filings with the SEC. The Forms 10-K, 10-Q, and our subsequent filings with the SEC identify important factors that could cause our actual results to differ materially from those contained in or contemplated by our projections, estimates and other forward-looking statements.
Beyond, Inc.
|
|||||||
|
September 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
140,371 |
|
|
$ |
302,605 |
|
Restricted cash |
|
1,126 |
|
|
|
144 |
|
Accounts receivable, net |
|
15,027 |
|
|
|
19,420 |
|
Inventories |
|
11,058 |
|
|
|
13,040 |
|
Prepaids and other current assets |
|
15,500 |
|
|
|
14,864 |
|
Total current assets |
|
183,082 |
|
|
|
350,073 |
|
Property and equipment, net |
|
27,211 |
|
|
|
27,577 |
|
Intangible assets, net |
|
30,509 |
|
|
|
25,254 |
|
Goodwill |
|
6,160 |
|
|
|
6,160 |
|
Equity securities |
|
112,468 |
|
|
|
155,873 |
|
Operating lease right-of-use assets |
|
1,957 |
|
|
|
3,468 |
|
Other long-term assets, net |
|
13,928 |
|
|
|
12,951 |
|
Property and equipment, net held for sale |
|
53,023 |
|
|
|
54,462 |
|
Total assets |
$ |
428,338 |
|
|
$ |
635,818 |
|
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
87,962 |
|
|
$ |
106,070 |
|
Accrued liabilities |
|
54,321 |
|
|
|
73,682 |
|
Unearned revenue |
|
44,949 |
|
|
|
49,597 |
|
Operating lease liabilities, current |
|
1,807 |
|
|
|
2,814 |
|
Current debt, net held for sale |
|
— |
|
|
|
232 |
|
Total current liabilities |
|
189,039 |
|
|
|
232,395 |
|
Operating lease liabilities, non-current |
|
355 |
|
|
|
940 |
|
Other long-term liabilities |
|
8,519 |
|
|
|
9,107 |
|
Long-term debt, net held for sale |
|
34,232 |
|
|
|
34,244 |
|
Total liabilities |
|
232,145 |
|
|
|
276,686 |
|
Stockholders' equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
||||
Issued shares - 52,299 and 51,770 |
|
|
|
||||
Outstanding shares - 45,817 and 45,414 |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
1,025,505 |
|
|
|
1,007,649 |
|
Accumulated deficit |
|
(659,207 |
) |
|
|
(481,671 |
) |
Accumulated other comprehensive loss |
|
(494 |
) |
|
|
(506 |
) |
Treasury stock at cost - 6,482 and 6,356 |
|
(169,616 |
) |
|
|
(166,345 |
) |
Total stockholders' equity |
|
196,193 |
|
|
|
359,132 |
|
Total liabilities and stockholders' equity |
$ |
428,338 |
|
$ |
635,818 |
Beyond, Inc.
|
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
$ |
311,428 |
|
|
$ |
373,313 |
|
|
$ |
1,091,813 |
|
|
$ |
1,176,664 |
|
Cost of goods sold |
|
245,453 |
|
|
|
290,410 |
|
|
|
871,311 |
|
|
|
884,508 |
|
Gross profit |
|
65,975 |
|
|
|
82,903 |
|
|
|
220,502 |
|
|
|
292,156 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
51,859 |
|
|
|
57,541 |
|
|
|
186,055 |
|
|
|
153,831 |
|
Technology |
|
27,673 |
|
|
|
29,240 |
|
|
|
84,596 |
|
|
|
87,492 |
|
General and administrative |
|
17,571 |
|
|
|
24,109 |
|
|
|
56,556 |
|
|
|
66,265 |
|
Customer service and merchant fees |
|
12,425 |
|
|
|
12,943 |
|
|
|
41,374 |
|
|
|
38,111 |
|
Total operating expenses |
|
109,528 |
|
|
|
123,833 |
|
|
|
368,581 |
|
|
|
345,699 |
|
Operating loss |
|
(43,553 |
) |
|
|
(40,930 |
) |
|
|
(148,079 |
) |
|
|
(53,543 |
) |
Interest income, net |
|
1,554 |
|
|
|
3,201 |
|
|
|
6,580 |
|
|
|
8,819 |
|
Other expense, net |
|
(18,842 |
) |
|
|
(38,731 |
) |
|
|
(35,402 |
) |
|
|
(126,793 |
) |
Loss before income taxes |
|
(60,841 |
) |
|
|
(76,460 |
) |
|
|
(176,901 |
) |
|
|
(171,517 |
) |
Provision (benefit) for income taxes |
|
189 |
|
|
|
(13,411 |
) |
|
|
635 |
|
|
|
(24,668 |
) |
Net loss |
$ |
(61,030 |
) |
|
$ |
(63,049 |
) |
|
$ |
(177,536 |
) |
|
$ |
(146,849 |
) |
Net loss per share of common stock: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(1.33 |
) |
|
$ |
(1.39 |
) |
|
$ |
(3.88 |
) |
|
$ |
(3.25 |
) |
Diluted |
$ |
(1.33 |
) |
|
$ |
(1.39 |
) |
|
$ |
(3.88 |
) |
|
$ |
(3.25 |
) |
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
45,771 |
|
|
|
45,225 |
|
|
|
45,700 |
|
|
|
45,164 |
|
Diluted |
|
45,771 |
|
|
|
45,225 |
|
|
|
45,700 |
|
|
|
45,164 |
Beyond, Inc.
|
|||||||
|
Nine months ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(177,536 |
) |
|
$ |
(146,849 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
12,739 |
|
|
|
14,821 |
|
Non-cash operating lease cost |
|
2,155 |
|
|
|
3,858 |
|
Stock-based compensation to employees and directors |
|
16,384 |
|
|
|
17,863 |
|
(Increase) decrease in deferred tax assets, net |
|
184 |
|
|
|
(25,010 |
) |
Gain on sale of intangible assets |
|
(10,250 |
) |
|
|
— |
|
Write-down of assets held for sale |
|
1,648 |
|
|
|
— |
|
Loss from equity method securities |
|
43,405 |
|
|
|
126,966 |
|
Other non-cash adjustments |
|
(400 |
) |
|
|
(532 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
4,393 |
|
|
|
(1,887 |
) |
Inventories |
|
1,982 |
|
|
|
(4,993 |
) |
Prepaids and other current assets |
|
(438 |
) |
|
|
490 |
|
Other long-term assets, net |
|
(1,335 |
) |
|
|
(1,195 |
) |
Accounts payable |
|
(18,554 |
) |
|
|
11,749 |
|
Accrued liabilities |
|
(19,372 |
) |
|
|
9,171 |
|
Unearned revenue |
|
(4,648 |
) |
|
|
2,970 |
|
Operating lease liabilities |
|
(2,168 |
) |
|
|
(4,170 |
) |
Other long-term liabilities |
|
(814 |
) |
|
|
5,879 |
|
Net cash (used in) provided by operating activities |
|
(152,625 |
) |
|
|
9,131 |
|
Cash flows from investing activities: |
|
|
|
||||
Proceeds from the sale of intangible assets |
|
10,250 |
|
|
|
— |
|
Expenditures for property and equipment |
|
(11,329 |
) |
|
|
(16,543 |
) |
Purchase of intangible assets |
|
(6,033 |
) |
|
|
(25,782 |
) |
Disbursement for notes receivable |
|
— |
|
|
|
(10,000 |
) |
Capital distribution from investment |
|
— |
|
|
|
— |
|
Other investing activities, net |
|
566 |
|
|
|
566 |
|
Net cash used in investing activities |
|
(6,546 |
) |
|
|
(51,759 |
) |
Cash flows from financing activities: |
|
|
|
||||
Payments of taxes withheld upon vesting of employee stock awards |
|
(3,271 |
) |
|
|
(2,581 |
) |
Other financing activities, net |
|
1,190 |
|
|
|
(775 |
) |
Net cash used in financing activities |
|
(2,081 |
) |
|
|
(3,356 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
|
(161,252 |
) |
|
|
(45,984 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
302,749 |
|
|
|
371,457 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
141,497 |
|
|
$ |
325,473 |
|
Supplemental Operational Data
We measure our business using operational metrics, in addition to the financial metrics shown above and the non-GAAP financial measures explained below. We believe these metrics provide investors with additional information regarding our financial results and provide key performance indicators to track our progress. These indicators include changes in customer order patterns and the mix of products purchased by our customers.
Active customers represent the total number of unique customers who have made at least one purchase during the prior twelve-month period. This metric captures both the inflow of new customers and the outflow of existing customers who have not made a purchase during the prior twelve-month period.
Last twelve months (LTM) net revenue per active customer represents total net revenue in a twelve-month period divided by the total number of active customers for the same twelve-month period.
Orders delivered represents the total number of orders delivered in any given period, including orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available, and in those circumstances, we estimate delivery dates based on historical data.
Average order value is defined as total net revenue in any given period divided by the total number of orders delivered in that period.
Orders per active customer is defined as orders delivered in a twelve-month period divided by active customers for the same twelve-month period.
The following table provides our key operating metrics:
(in thousands, except for LTM net revenue per active customer, average order value and orders per active customer)
|
Three months ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Active customers |
|
5,961 |
|
|
4,907 |
||
LTM net revenue per active customer |
$ |
248 |
|
|
$ |
322 |
|
Orders delivered |
|
1,569 |
|
|
|
1,945 |
|
Average order value |
$ |
199 |
|
|
$ |
192 |
|
Orders per active customer |
|
1.39 |
|
|
|
1.48 |
|
Non-GAAP Financial Measures and Reconciliations
We are providing certain non-GAAP financial measures in this release and related earnings conference call, including adjusted diluted net loss per share, adjusted EBITDA, and free cash flow. We use these non-GAAP measures internally in analyzing our financial results and we believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance and, in the case of free cash flow, our liquidity position, in the same manner as our management and board of directors. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in this earnings release. These non-GAAP financial measures should be used in addition to and in conjunction with the results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures.
Adjusted diluted net loss per share is a non-GAAP financial measure that is calculated as net income (net loss) less the income or losses recognized from our equity method securities, net of related tax. We believe that this adjustment to our net income (net loss) before calculating per share amounts for the current period presented provides a useful comparison between our operating results from period to period.
Adjusted EBITDA is a non-GAAP financial measure that is calculated as net income (net loss) before depreciation and amortization, stock-based compensation, interest and other income (expense), provision (benefit) for income taxes, and special items. We believe the exclusion of certain benefits and expenses in calculating adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring.
Free cash flow is a non-GAAP financial measure that is calculated as net cash provided by or used in operating activities reduced by expenditures for property and equipment. We believe free cash flow is a useful measure to evaluate the cash impact of the operations of the business including purchases of property and equipment which are a necessary component of our ongoing operations.
The following tables reflects the reconciliation of adjusted diluted net loss per share to diluted net loss per share (in thousands, except per share data):
|
Three months ended
|
||||||||||
|
2024 |
||||||||||
|
Diluted EPS |
|
Less: equity
|
|
Adjusted
|
||||||
Numerator: |
|
|
|
|
|
||||||
Net loss |
$ |
(61,030 |
) |
|
$ |
(17,199 |
) |
|
$ |
(43,831 |
) |
|
|
|
|
|
|
||||||
Denominator: |
|
|
|
|
|
||||||
Weighted average shares of common stock outstanding—diluted |
|
45,771 |
|
|
|
45,771 |
|
|
|
45,771 |
|
|
|
|
|
|
|
||||||
Net loss per share of common stock: |
|
|
|
|
|
||||||
Diluted |
$ |
(1.33 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.96 |
) |
1 Inclusive of estimated tax impact |
The following table reflects the reconciliation of adjusted EBITDA to net loss (in thousands):
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(61,030 |
) |
|
$ |
(63,049 |
) |
|
$ |
(177,536 |
) |
|
$ |
(146,849 |
) |
Depreciation and amortization |
|
4,384 |
|
|
|
4,320 |
|
|
|
12,739 |
|
|
|
14,821 |
|
Stock-based compensation |
|
6,349 |
|
|
|
5,798 |
|
|
|
16,384 |
|
|
|
17,863 |
|
Interest income, net |
|
(1,554 |
) |
|
|
(3,201 |
) |
|
|
(6,580 |
) |
|
|
(8,819 |
) |
Other expense, net |
|
18,842 |
|
|
|
38,731 |
|
|
|
35,402 |
|
|
|
126,793 |
|
Provision (benefit) for income taxes |
|
189 |
|
|
|
(13,411 |
) |
|
|
635 |
|
|
|
(24,668 |
) |
Special items (see table below) |
|
907 |
|
|
|
6,881 |
|
|
|
2,824 |
|
|
|
8,578 |
|
Adjusted EBITDA |
$ |
(31,913 |
) |
|
$ |
(23,931 |
) |
|
$ |
(116,132 |
) |
|
$ |
(12,281 |
) |
|
|
|
|
|
|
|
|
||||||||
Special items: |
|
|
|
|
|
|
|
||||||||
Brand integration and related costs |
$ |
171 |
|
|
$ |
5,248 |
|
|
$ |
374 |
|
|
$ |
6,334 |
|
Restructuring costs1 |
|
736 |
|
|
|
1,633 |
|
|
|
2,450 |
|
|
|
2,244 |
|
|
$ |
907 |
|
|
$ |
6,881 |
|
|
$ |
2,824 |
|
|
$ |
8,578 |
|
1 Inclusive of certain severance and lease termination costs. |
The following table reflects the reconciliation of free cash flow to net cash (used in) provided by operating activities (in thousands):
|
Nine months ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Net cash (used in) provided by operating activities |
$ |
(152,625 |
) |
|
$ |
9,131 |
|
Expenditures for property and equipment |
|
(11,329 |
) |
|
|
(16,543 |
) |
Free cash flow |
$ |
(163,954 |
) |
|
$ |
(7,412 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024935277/en/
Alexis Callahan, VP of IR & PR
ir@beyond.com
pr@beyond.com
Source: Beyond, Inc.
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