Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath &
Beyond, and other online retail brands designed to unlock your
home’s potential, today reported financial results for the quarter
and full year ended December 31, 2023.
“Over the last 75 days into my tenure, we have made substantial
progress laying the foundation for a high growth, differentiated
business model with high customer affinity,” said Marcus Lemonis,
Executive Chairman of the Board. “Active customers returned to
year-over-year growth for the first time in three years, with over
700,000 customers added to our customer file. Our mandate is to
grow our customer file, provide a service level that improves
retention and minimizes customer returns. We believe that mandate
will result in improved margins and profitability through
Beyond.com and our core business. Additionally, as we review our
assets and investments, we continue to be optimistic about the
value of a few of those investments. As part of that review, we are
assessing options related to the portfolio to ensure maximum return
for our shareholders. It is our goal to achieve $2 billion of
revenue in 2024, and a $3 billion revenue run rate by the end of
2025. This projected revenue improvement, coupled with improved
margins and a reduced expense structure provides a clear path to
profitability.”
“As a team, we are dissatisfied with the Q4 results and have
taken steps to grow revenue, improve margins, and reduce our fixed
costs,” said Adrianne Lee, Chief Financial and Administrative
Officer. “In December, we announced $25 million of annualized cost
reductions. Since that time, we have increased our target to $45
million of annualized expense reduction, freeing up capital to
exclusively invest in growth.”
“Planned investments to support the Bed Bath & Beyond brand
launch and reignite our customer file are delivering results,” said
Dave Nielsen, CEO of Overstock. “We have accelerated customer
acquisition during the quarter, driving a vast improvement in our
revenue performance. While we spent the back half of the year
launching Bed Bath & Beyond, we’ve simultaneously laid the
groundwork to reignite Overstock by the end of the first quarter.
We believe the combination of these two anchor brands will
contribute to achieving our revenue goals.”
“I joined the company because I’m passionate about Bed Bath
& Beyond and am driven to reestablish its category dominance,”
said Chandra Holt, CEO of Bed Bath & Beyond and its related
brands. “We have significant opportunities ahead of us with our
robust portfolio of brands. It is my goal to have Bed Bath &
Beyond be a leader in unified commerce, win on home-related
assortments, and provide unprecedented value for our customers. I
look forward to leading the charge in positioning the business for
growth and interacting with the investment community.”
Fourth Quarter 2023 Results*
• |
Active customers of 5.6 million, an increase of 9%
year-over-year |
• |
Total net revenue of $384 million, a decrease of 5%
year-over-year |
• |
Gross profit of $60 million, or 15.6% of total net revenue |
• |
Operating loss of $65 million |
• |
Net loss of $161 million |
• |
Diluted net loss per share of $3.55; Adjusted diluted net loss per
share (non-GAAP) of $1.22 |
• |
Adjusted EBITDA (non-GAAP) of ($49) million, which represents
(12.7)% of net revenue |
• |
Cash and cash equivalents totaled $303 million at the end of the
fourth quarter |
Full Year 2023 Results
• |
Total net revenue of $1.6 billion, a decrease of 19%
year-over-year |
• |
Gross profit of $314 million or 20.1% of total net revenue |
• |
Operating loss of $118 million |
• |
Net loss of $308 million |
• |
Diluted net loss per share of $6.81; Adjusted diluted net loss per
share (non-GAAP) of $1.95 |
• |
Adjusted EBITDA (non-GAAP) of ($61) million, which represents
(3.9)% of net revenue |
*Certain terms, such as active customers, are defined under
"Supplemental Operational Data" below.
Earnings Webcast and Replay InformationBeyond
will hold a conference call and webcast to discuss its fourth
quarter and full year 2023 financial results on Wednesday,
February 21, 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 ir@beyond.com.
A replay of the conference call will be available at
https://investors.beyond.com shortly after the live call has
ended.
About Beyond
Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an
ecommerce expert with a singular focus: connecting consumers with
products they love. The Company owns the Bed Bath & Beyond
brand and associated intellectual property. Bed Bath & Beyond
is an online furniture and home furnishings retailer in the United
States and Canada. Its leading ecommerce website sells a broad
range of quality, on-trend home products at competitive prices,
including furniture, bedding and bath, patio and outdoor, area
rugs, tabletop and cookware, décor, storage and organization, small
appliances, home improvement, and more. The online shopping site
features millions of products that tens of 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.
Bed Bath & Beyond, Wamsutta, Welcome Rewards, and
Overstock.com are registered trademarks of Beyond, 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
StatementsThis press release and the February 21, 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 or brands including Overstock, trends, market
conditions, the impact of our national marketing campaign, 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 brand and Bed Bath & Beyond brand, 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, 2022, as
updated by our Form 10-Q for the quarter ended September 30, 2023,
which were filed with the SEC on February 24, 2023 (as amended on
July 3, 2023) and October 31, 2023, respectively, and in our
subsequent filings with the SEC. The Forms 10-K, 10-Qs, 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.
ContactsBeyond, Inc. Communications:Sarah
Factorpr@beyond.com
Beyond, Inc.Consolidated Balance
Sheets (Unaudited)(in thousands, except per share
data) |
|
December 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
302,605 |
|
|
$ |
371,263 |
|
Restricted cash |
|
144 |
|
|
|
194 |
|
Accounts receivable, net |
|
19,420 |
|
|
|
17,693 |
|
Inventories |
|
13,040 |
|
|
|
6,526 |
|
Prepaids and other current assets |
|
14,864 |
|
|
|
18,833 |
|
Total current assets |
|
350,073 |
|
|
|
414,509 |
|
Property and equipment,
net |
|
27,577 |
|
|
|
27,023 |
|
Deferred tax assets, net |
|
152 |
|
|
|
41,439 |
|
Intangible assets, net |
|
25,254 |
|
|
|
9 |
|
Goodwill |
|
6,160 |
|
|
|
6,160 |
|
Equity securities |
|
155,873 |
|
|
|
296,317 |
|
Operating lease right-of-use
assets |
|
3,468 |
|
|
|
7,460 |
|
Other long-term assets,
net |
|
12,799 |
|
|
|
2,746 |
|
Property and equipment, net
held for sale |
|
54,462 |
|
|
|
82,883 |
|
Total assets |
$ |
635,818 |
|
|
$ |
878,546 |
|
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
106,070 |
|
|
$ |
75,130 |
|
Accrued liabilities |
|
73,682 |
|
|
|
63,614 |
|
Unearned revenue |
|
49,597 |
|
|
|
44,480 |
|
Operating lease liabilities, current |
|
2,814 |
|
|
|
4,410 |
|
Current debt, net held for sale |
|
232 |
|
|
|
3,508 |
|
Total current liabilities |
|
232,395 |
|
|
|
191,142 |
|
Operating lease liabilities,
non-current |
|
940 |
|
|
|
3,626 |
|
Other long-term
liabilities |
|
9,107 |
|
|
|
3,476 |
|
Long-term debt, net held for
sale |
|
34,244 |
|
|
|
34,476 |
|
Total liabilities |
|
276,686 |
|
|
|
232,720 |
|
Stockholders' equity: |
|
|
|
Preferred stock, $0.0001 par value, authorized shares - 5,000,
issued and outstanding - none |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value, authorized shares - 100,000 |
|
|
|
Issued shares - 51,770 and 51,102 |
|
|
|
Outstanding shares - 45,414 and 44,951 |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
1,007,649 |
|
|
|
982,718 |
|
Accumulated deficit |
|
(481,671 |
) |
|
|
(173,829 |
) |
Accumulated other comprehensive loss |
|
(506 |
) |
|
|
(522 |
) |
Treasury stock at cost - 6,356 and 6,151 |
|
(166,345 |
) |
|
|
(162,546 |
) |
Total stockholders' equity |
|
359,132 |
|
|
|
645,826 |
|
Total liabilities and stockholders' equity |
$ |
635,818 |
|
|
$ |
878,546 |
|
Beyond, Inc.Consolidated Statements
of Operations (Unaudited)(in thousands, except per
share data) |
|
Three months endedDecember
31, |
|
Year endedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net revenue |
$ |
384,458 |
|
|
$ |
404,896 |
|
|
$ |
1,561,122 |
|
|
$ |
1,929,334 |
|
Cost of goods sold |
|
324,497 |
|
|
|
315,341 |
|
|
|
1,247,116 |
|
|
|
1,485,990 |
|
Gross profit |
|
59,961 |
|
|
|
89,555 |
|
|
|
314,006 |
|
|
|
443,344 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
70,716 |
|
|
|
45,504 |
|
|
|
224,547 |
|
|
|
215,477 |
|
Technology |
|
29,662 |
|
|
|
27,999 |
|
|
|
117,154 |
|
|
|
121,158 |
|
General and administrative |
|
24,145 |
|
|
|
18,699 |
|
|
|
90,410 |
|
|
|
79,701 |
|
Total operating expenses |
|
124,523 |
|
|
|
92,202 |
|
|
|
432,111 |
|
|
|
416,336 |
|
Operating income (loss) |
|
(64,562 |
) |
|
|
(2,647 |
) |
|
|
(118,105 |
) |
|
|
27,008 |
|
Interest income, net |
|
3,188 |
|
|
|
1,999 |
|
|
|
12,007 |
|
|
|
2,965 |
|
Other expense, net |
|
(33,231 |
) |
|
|
(15,447 |
) |
|
|
(160,024 |
) |
|
|
(63,825 |
) |
Loss before income taxes |
|
(94,605 |
) |
|
|
(16,095 |
) |
|
|
(266,122 |
) |
|
|
(33,852 |
) |
Provision (benefit) for income
taxes |
|
66,388 |
|
|
|
(584 |
) |
|
|
41,720 |
|
|
|
1,384 |
|
Net loss |
$ |
(160,993 |
) |
|
$ |
(15,511 |
) |
|
$ |
(307,842 |
) |
|
$ |
(35,236 |
) |
Net loss per share of common
stock: |
|
|
|
|
|
|
|
Basic |
$ |
(3.55 |
) |
|
$ |
(0.34 |
) |
|
$ |
(6.81 |
) |
|
$ |
(0.83 |
) |
Diluted |
$ |
(3.55 |
) |
|
$ |
(0.34 |
) |
|
$ |
(6.81 |
) |
|
$ |
(0.83 |
) |
Weighted average shares of
common stock outstanding: |
|
|
|
|
|
|
|
Basic |
|
45,360 |
|
|
|
45,420 |
|
|
|
45,214 |
|
|
|
44,323 |
|
Diluted |
|
45,360 |
|
|
|
45,420 |
|
|
|
45,214 |
|
|
|
44,323 |
|
Beyond, Inc.Consolidated Statements
of Cash Flows (Unaudited)(in
thousands) |
|
Year endedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(307,842 |
) |
|
$ |
(35,236 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
19,447 |
|
|
|
16,706 |
|
Non-cash operating lease cost |
|
4,737 |
|
|
|
5,304 |
|
Stock-based compensation to employees and directors |
|
23,018 |
|
|
|
18,318 |
|
(Increase) decrease in deferred tax assets, net |
|
41,349 |
|
|
|
(1,404 |
) |
Gain on disposal of cryptocurrencies |
|
(6,361 |
) |
|
|
— |
|
Write-down of assets held for sale |
|
25,875 |
|
|
|
— |
|
Loss from equity method securities |
|
140,404 |
|
|
|
63,923 |
|
Other non-cash adjustments |
|
(693 |
) |
|
|
185 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
(1,727 |
) |
|
|
3,805 |
|
Inventories |
|
(6,514 |
) |
|
|
(1,389 |
) |
Prepaids and other current assets |
|
1,889 |
|
|
|
4,076 |
|
Other long-term assets, net |
|
(757 |
) |
|
|
(1,116 |
) |
Accounts payable |
|
32,555 |
|
|
|
(28,821 |
) |
Accrued liabilities |
|
10,442 |
|
|
|
(36,625 |
) |
Unearned revenue |
|
5,117 |
|
|
|
(14,907 |
) |
Operating lease liabilities |
|
(5,094 |
) |
|
|
(5,527 |
) |
Other long-term liabilities |
|
5,569 |
|
|
|
173 |
|
Net cash used in operating activities |
|
(18,586 |
) |
|
|
(12,535 |
) |
Cash flows from investing activities: |
|
|
|
Purchase of intangible assets |
|
(25,816 |
) |
|
|
— |
|
Expenditures for property and equipment |
|
(19,181 |
) |
|
|
(14,899 |
) |
Disbursement for notes receivable |
|
(10,000 |
) |
|
|
— |
|
Purchase of equity securities |
|
— |
|
|
|
(18,920 |
) |
Proceeds from the disposal of cryptocurrencies |
|
9,804 |
|
|
|
— |
|
Capital distribution from investment |
|
4 |
|
|
|
1,224 |
|
Other investing activities, net |
|
559 |
|
|
|
(439 |
) |
Net cash used in investing activities |
|
(44,630 |
) |
|
|
(33,034 |
) |
Cash flows from financing activities: |
|
|
|
Repurchase of shares |
|
— |
|
|
|
(80,117 |
) |
Payments of taxes withheld upon vesting of employee stock
awards |
|
(3,799 |
) |
|
|
(3,700 |
) |
Payments on long-term debt |
|
(3,606 |
) |
|
|
(3,447 |
) |
Proceeds from employee stock purchase plan |
|
1,913 |
|
|
|
924 |
|
Net cash used in financing activities |
|
(5,492 |
) |
|
|
(86,340 |
) |
Net decrease in cash, cash equivalents, and restricted
cash |
|
(68,708 |
) |
|
|
(131,909 |
) |
Cash, cash equivalents, and restricted cash, beginning of
period |
|
371,457 |
|
|
|
503,366 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
302,749 |
|
|
$ |
371,457 |
|
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.
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 endedDecember
31, |
|
|
2023 |
|
|
2022 |
Active customers |
|
5,612 |
|
|
5,162 |
LTM net revenue per active
customer |
$ |
278 |
|
$ |
374 |
Orders delivered |
|
2,549 |
|
|
1,882 |
Average order value |
$ |
151 |
|
$ |
215 |
Orders per active
customer |
|
1.41 |
|
|
1.60 |
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 earnings (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 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 earnings (loss) per share is a non-GAAP
financial measure that is calculated as net income (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
(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 income (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 loss per share to diluted loss per share (in thousands,
except per share data):
|
Three months endedDecember
31, |
|
|
2023 |
|
|
Diluted EPS |
|
Less: tax valuation allowance |
|
Less: write-down of assets held for sale |
|
Less: equitymethod income (loss)1 |
|
Adjusted Diluted EPS |
Numerator: |
|
|
|
|
|
|
|
|
|
Net loss attributable to common
stockholders |
$ |
(160,993 |
) |
|
$ |
(66,316 |
) |
|
$ |
(25,875 |
) |
|
$ |
(13,438 |
) |
|
$ |
(55,364 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average shares of common
stock outstanding—diluted |
|
45,360 |
|
|
|
45,360 |
|
|
|
45,360 |
|
|
|
45,360 |
|
|
|
45,360 |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of
common stock: |
|
|
|
|
|
|
|
|
|
Diluted |
$ |
(3.55 |
) |
|
$ |
(1.46 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.30 |
) |
|
$ |
(1.22 |
) |
1 Inclusive of estimated tax impact
|
Year endedDecember 31, |
|
|
2023 |
|
|
Diluted EPS |
|
Less: tax valuation allowance |
|
Less: write-down of assets held for sale |
|
Less: equity method income (loss)1 |
|
Adjusted Diluted EPS |
Numerator: |
|
|
|
|
|
|
|
|
|
Net loss attributable to common
stockholders |
$ |
(307,842 |
) |
|
$ |
(66,316 |
) |
|
$ |
(25,875 |
) |
|
$ |
(127,314 |
) |
|
$ |
(88,337 |
) |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average shares of common
stock outstanding—diluted |
|
45,214 |
|
|
|
45,214 |
|
|
|
45,214 |
|
|
|
45,214 |
|
|
|
45,214 |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of
common stock: |
|
|
|
|
|
|
|
|
|
Diluted |
$ |
(6.81 |
) |
|
$ |
(1.47 |
) |
|
$ |
(0.57 |
) |
|
$ |
(2.82 |
) |
|
$ |
(1.95 |
) |
1 Inclusive of estimated tax impact
The following table reflects the reconciliation of adjusted
EBITDA to net loss (in thousands):
|
Three months endedDecember
31, |
|
Year endedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(160,993 |
) |
|
$ |
(15,511 |
) |
|
$ |
(307,842 |
) |
|
$ |
(35,236 |
) |
Depreciation and amortization |
|
4,626 |
|
|
|
4,226 |
|
|
|
19,447 |
|
|
|
16,706 |
|
Stock-based compensation |
|
5,155 |
|
|
|
4,928 |
|
|
|
23,018 |
|
|
|
18,318 |
|
Interest income, net |
|
(3,188 |
) |
|
|
(1,999 |
) |
|
|
(12,007 |
) |
|
|
(2,965 |
) |
Other expense, net |
|
33,231 |
|
|
|
15,447 |
|
|
|
160,024 |
|
|
|
63,825 |
|
Provision (benefit) for income taxes |
|
66,388 |
|
|
|
(584 |
) |
|
|
41,720 |
|
|
|
1,384 |
|
Special items (see table below) |
|
5,769 |
|
|
|
— |
|
|
|
14,347 |
|
|
|
1,451 |
|
Adjusted
EBITDA |
$ |
(49,012 |
) |
|
$ |
6,507 |
|
|
$ |
(61,293 |
) |
|
$ |
63,483 |
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
Brand integration and related costs |
$ |
786 |
|
|
$ |
— |
|
|
$ |
7,120 |
|
|
$ |
— |
|
Restructuring costs1 |
|
4,983 |
|
|
|
— |
|
|
|
7,227 |
|
|
|
878 |
|
Special legal charges and other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
573 |
|
|
$ |
5,769 |
|
|
$ |
— |
|
|
$ |
14,347 |
|
|
$ |
1,451 |
|
1 Inclusive of certain severance and lease termination
costs.
The following table reflects the reconciliation of free cash
flow to net cash used in operating activities (in thousands):
|
Year endedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
Net cash used in operating
activities |
$ |
(18,586 |
) |
|
$ |
(12,535 |
) |
Expenditures for property and
equipment |
|
(19,181 |
) |
|
|
(14,899 |
) |
Free cash flow |
$ |
(37,767 |
) |
|
$ |
(27,434 |
) |
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