SALT LAKE CITY- Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results for the quarter ended June 30, 2023.
Second Quarter 2023 Financial Highlights
Total net revenue was $422 million, a decrease of 20% year-over-year
Gross profit of $94 million, or 22.4% of total net revenue
Operating loss of $4 million
Net loss of $73 million
Diluted net loss per share of $1.63; Adjusted diluted net loss per share (non-GAAP) of $0.02
Adjusted EBITDA (non-GAAP) of $8 million, which represents 2.0% of net revenue
Cash and cash equivalents totaled $343 million at the end of the second quarter
'The acquisition of the Bed Bath & Beyond brand is the beginning of a new phase of growth for us,' said Overstock CEO Jonathan Johnson. 'The successful launch and early performance of our Bed Bath & Beyond business in Canada has been encouraging. The Bed Bath & Beyond brand is strong. In Canada, customers want to buy - and are comfortable buying - from the new Bed Bath & Beyond website.'
'We are optimistic about our future with this new brand in the U.S.,' continued Johnson. 'The combination of a highly recognized and much-loved consumer home brand and our asset-light operating model should meaningfully grow and scale our business in the U.S. and Canada. We know there is work to be done to win Bed Bath & Beyond customers and retain our existing loyal customers through this transition. We have the right strategies, the right action plan, and the right people in key positions to execute this transformation. The entire organization is focused on ensuring the success of the Bed Bath & Beyond U.S. launch, still targeted for early August.'
'The team continued to execute well during the second quarter,' Johnson stated. 'As we navigated an intensely competitive environment well with our asset-light business model, we were able to provide smart value to our customers, improve our year-over-year revenue trend, and deliver another quarter of positive adjusted EBITDA. Our balance sheet remains strong with over $300 million in net cash, setting us up well to execute the transformative re-branding of our furniture and home furnishings e-commerce business. We look forward to providing an update on our re-branding efforts and our second quarter 2023 performance during our earnings call.'
Second Quarter 2023 Operational Metrics*
Active customers of 4.6 million, a decrease of 29% year-over-year
Last Twelve Months (LTM) net revenue per active customer of $361, a decrease of 1% year-over-year
Orders delivered of 1.8 million, a decrease of 16% year-over-year
Average order value of $234, a decrease of 5% year-over-year
Orders per active customer of 1.56, a decrease of 5% year-over-year
Orders placed on a mobile device were 51% of gross merchandise sales
*Certain terms, such as active customers, LTM net revenue per active customer, orders delivered, average order value, and orders per active customer are defined under 'Supplemental Operational Data' below.
Earnings Webcast and Replay Information
Overstock will hold a conference call and webcast to discuss its second quarter 2023 financial results on Thursday, July 27, 2023 at 8:30 a.m. ET. To access the live webcast and presentation slides, go to http://investors.overstock.com. To participate in the conference call via telephone, please register at the link available at http://investors.overstock.com/events. 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 ir@overstock.com.
A replay of the conference call will be available at http://investors.overstock.com starting two hours after the live call has ended.
About Overstock.com
Overstock.com, Inc. (NASDAQ:OSTK) is an online furniture and home furnishings retailer and technology-focused innovator based in Salt Lake City, Utah. Overstock.com, Inc. owns the Bed Bath & Beyond brand and other intellectual property related to the brand. Our leading e-commerce website sells a broad range of new home products at low prices, including furniture, decor, area rugs, bedding and bath, home improvement, and more. The online shopping site features millions of products that tens of millions of customers visit each month. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
Bed Bath & Beyond, Beyond, Welcome Rewards, Overstock, and Overstock.com are trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release and the July 27, 2023 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 all statements other than statements of historical fact, including forecasts of trends, market conditions, the impact of our national marketing campaign, and other factors that could impact our results of operations. 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 reasons, including but not limited to, macroeconomic changes, including higher inflation and higher interest rates, and difficulties we may have with our fulfillment partners, supply chain, access to products, shipping costs, competition, attraction/retention of employees, search engine optimization results, and/or payment processors. Other risks and uncertainties include, among others, negative economic consequences of global conflict, problems with our infrastructure, including cyber-attacks or data breaches affecting us, adverse tax, regulatory or legal developments, any restrictions on the use of 'cookies' or other tracking technologies, any negative business impacts associated with our evolving business practices including our use of our newly acquired Bed Bath & Beyond brand and other intellectual property related to the brand, our exit from non-home categories, and whether our partnership with Pelion Venture Partners will be able to 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, 2022, which was filed with the SEC on February 24, 2023, in our Form 10-Q for the quarter ended March 31, 2023, which was filed with the SEC on May 2, 2023, 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.
See full release at:
http://investors.overstock.com/news-releases/news-release-details/overstock-announces-second-quarter-2023-financial-results
Contacts
Investor Relations:
Lavesh Hemnani
ir@overstock.com
Media Relations:
Sarah Factor
pr@overstock.com
BEYOND, INC. 
