– Reported Revenue Growth on a Year-over-Year Basis – – Delivered 2.2 Million Orders, Representing a 27% YoY Increase in Transaction Volume – – Acquired Zulily, Doubling Down on Off-Priced Home and Lifestyle Business – – Soft Launched Iconic Overstock Site 6 Months Ahead of Schedule; Early Growth is Promising – MIDVALE, Utah, May 06, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potential, today reported financial results for the first quarter ended March 31, 2024. "2024 has begun with a strong strategic focus on building a portfolio of profitable brands designed to drive high customer affinity and lifetime value," said Marcus Lemonis, Executive Chairman of the Board. "We are now 120 days into this new era for the company, building a foundation that will cause the next ten years to look materially different from the last ten, while deepening my conviction in our vision: to become the ‘AAA of Home' – offering solutions for everything within the four walls of your home and extending to the four corners of your property. That foundation consists of three powerful brands: Bed Bath & Beyond, Overstock, and now Zulily, and we believe each of them has the potential to become a billion-dollar-plus revenue brand in its own right. That foundation requires us to have the right team, the proper brand positioning, and the most efficient process to profitably grow." "During the first quarter we delivered 2.2 million transactions through Bed Bath & Beyond alone, crossing the 6 million active customer level for the first time in a non-COVID environment, successfully soft launched Overstock six months ahead of schedule, and brought on Salesforce to launch a world-class CRM platform and manage our customer journeys and records. We also acquired Zulily, a great strategic fit for our portfolio, and plan to relaunch the site later this year. Importantly, we've now clearly defined the brand identity and consumer value proposition for each brand, leaning into the white space of their historical core competencies and natural strengths," Lemonis continued. "We assembled a world-class team and believe we now have the right players on the field, having hired talent and expertise in the areas of the business where needed, including legacy Bed Bath and Zulily talent. As importantly, we aligned management incentives around our financial objectives, something that historically has not been in place and gives me great confidence in our ability to achieve long-term, sustainable success. The entire team is committed to our path forward and I believe we now have all the pieces in place to win," Lemonis concluded. "We're pleased with the growth in active customers and transactions during the quarter," said Adrianne Lee, Chief Financial and Administrative Officer. "However, in analyzing the profitability of that growth, we are making the strategic decision to focus on investments to launch these brands and acquire customers with a higher probability of repeat behavior. We will be investing prudently to build our brands for sustainable growth, not transient, transactional growth, and have stood up internal processes to enable our teams to evaluate decisions through the lens of investment return. We believe this will help drive our long-term success and improve shareholder returns." "To that end, we are halfway through the plan outlined last quarter to reduce expenses by $45 million on an annualized basis and will aim to continue to eliminate unnecessary fixed costs and create a more variable cost structure. We believe these actions, in combination with soft launching Overstock and soon Zulily, will yield sequential improvements in our margin profile. As we move through the balance of the year we will continue investing in our foundation and refining the processes that we believe will enable profitable growth for the long term," Lee concluded. First Quarter 2024 Results* Orders delivered of 2.2 million, an increase of 27% year-over-year Active customers of 6.0 million, an increase of 26% year-over-year Total net revenue of $382 million, an increase of 0.3% year-over-year Gross profit of $74 million, or 19.5% of total net revenue Operating loss of $58 million Net loss of $72 million Diluted net loss per share of $1.62; Adjusted diluted net loss per share (non-GAAP) of $1.22 Adjusted EBITDA (non-GAAP) of ($48) million, which represents (12.5)% of net revenue Cash and cash equivalents totaled $256 million at the end of the first quarter *Certain terms, such as orders delivered and active customers, are defined under "Supplemental Operational Data" below. Change in Presentation in the Income StatementIn the first quarter of fiscal 2024, Beyond changed the presentation for merchant fees associated with customer payments made by credit cards and other payment methods and customer service costs. Under the new presentation, Beyond includes such expenses in a separate line in operating expenses labeled, "Customer service and merchant fees", whereas previously, these expenses were included in Cost of goods sold. Beyond concluded that such a change in presentation is preferable in the circumstances because the treatment of these costs as operating expenses is aligned with the changes in business and strategy. The change will also provide greater transparency in Beyond's external disclosures and related communications with the market. This change in accounting policy has been applied retrospectively, and the unaudited consolidated statements of operations reflect the effect of this accounting principle change for all periods presented. This change in presentation had no impact on Loss before income taxes, Net loss, or net loss per share of common stock basic or diluted. The consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in stockholders' equity, and consolidated statements of cash flows were not impacted by this accounting policy change. The change in presentation to Beyond's unaudited consolidated statements of operations were as follows (in thousands):   Three months ended March 31, 2023   Previously reported   Effect of change   As adjusted Cost of goods sold $ 291,427   $ (11,971 )   $ 279,456 Gross profit   89,713     11,971       101,684 Customer service and merchant fees   —     11,971       11,971 Earnings Webcast and Replay InformationBeyond will hold a conference call and webcast to discuss its first quarter 2024 financial results on Tuesday, May 7, 2024 at 8:30 a.m. ET. To access the live webcast, go to https://investors.beyond.com. To participate in the conference call via telephone, please register at the link available at https://investors.beyond.com/news-events/events-and-presentations. Registrants will receive dial-in information and a unique PIN to access the live call. Questions may be emailed in advance of the call to A replay of the conference call will be available at https://investors.beyond.com shortly after the live call has ended. About BeyondBeyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products and services that unlock their homes' potential. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Beyond.com. Beyond, Bed Bath & Beyond, Welcome Rewards, Zulily, Overstock and Backyard are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners. Contact InformationAlexis Callahan, Vice President, Investor Relations & Public Relations Cautionary Note Regarding Forward-Looking StatementsThis press release and the May 7, 2024 conference call and webcast to discuss our financial results may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include without limitation all statements other than statements of historical fact, including forecasts of our growth, financial results, profitability, expected cost reductions, launch or relaunch of products, websites, or brands, trends, market conditions, the impact of our national marketing campaign, the potential value of our brands, and any of the timing thereof. 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, impacts from changing our company name, stock ticker symbol, or stock exchange, impacts from our use of the Overstock, Zulily, and Bed Bath & Beyond brands, our ability to generate positive cash flow, impacts from our evolving business practices and expanded product and service offerings, any problems with our infrastructure, including cyber-attacks 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, and whether our partnership with Pelion Venture Partners will achieve its objectives. More information about factors that could potentially affect our financial results are included in our Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 23, 2024, and in our subsequent filings with the SEC. The Forms 10-K 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.Consolidated Balance Sheets (Unaudited)(in thousands, except per share data)   March 31,2024   December 31,2023 Assets       Current assets:       Cash and cash equivalents $ 256,323     $ 302,605   Restricted cash   171       144   Accounts receivable, net   23,087       19,420   Inventories   12,903       13,040   Prepaids and other current assets   12,961       14,864   Total current assets   305,445       350,073   Property and equipment, net   27,340       27,577   Intangible assets, net   31,081       25,254   Goodwill   6,160       6,160   Equity securities   139,111       155,873   Operating lease right-of-use assets   2,762       3,468   Other long-term assets, net   12,584       12,951   Property and equipment, net held for sale   54,466       54,462   Total assets $ 578,949     $ 635,818   Liabilities and Stockholders' Equity       Current liabilities:       Accounts payable $ 116,265     $ 106,070   Accrued liabilities   72,528       73,682   Unearned revenue   54,675       49,597   Operating lease liabilities, current   2,407       2,814   Current debt, net held for sale   —       232   Total current liabilities   245,875       232,395   Operating lease liabilities, non-current   582       940   Other long-term liabilities   8,847       9,107   Long-term debt, net held for sale   34,207