Beyond, Inc. 2023 10-K Report Highlights

By Tamara Parker • Friday, February 23 09:59 • Permanent Link

Beyond, Inc. has recently released its 10-K report, revealing insights into its business operations and financial performance. The company operates as an online retailer of furniture and home furnishings products in the United States and Canada, offering a wide range of items under the Bed Bath & Beyond and Bed Bath & Beyond Canada brand names. Beyond, Inc. provides its products and services through various internet websites and has also expanded its offerings to include advertising products, international sales, and Supplier Oasis, a single integration point for partners.

Management Notes:

Revenue decreased by 19% in 2023 compared to 2022, primarily due to a decrease in average order value of 16% and a 4% decrease in the number of customer orders delivered.
Gross profit decreased by 29% in 2023 compared to 2022, primarily due to lower sales and a decrease in gross margin, which decreased to 20.1% in 2023, compared to 23.0% in 2022.
Sales and marketing expenses as a percentage of revenue increased to 14.4% in 2023 compared to 11.2% in 2022, primarily due to increased performance marketing expense, partially offset by lower brand advertising.
Technology expenses decreased by $4.0 million in 2023 compared to 2022, primarily due to a reduction in staff-related expenses, while general and administrative expenses increased by $10.7 million in 2023 compared to 2022, primarily due to increased legal fees, Bed Bath & Beyond brand integration expenses, and severance.
The company's consolidated cash and cash equivalents balance decreased from $371.3 million as of December 31, 2022, to $302.6 million as of December 31, 2023.
Beyond, Inc. believes that its cash and cash equivalents currently on hand and expected cash flows from future operations will be sufficient to continue operations for at least the next twelve months, despite challenges arising from macroeconomic trends, including geopolitical events, fluctuating interest rates, and inflation.
The company is actively monitoring, evaluating, and managing its operating plans, forecasts, and liquidity considering the most recent developments driven by macroeconomic conditions, such as supply chain challenges, inflation, rising interest rates, and geopolitical events.
Net revenue decreased by 19.1% in 2023 compared to 2022, primarily due to a decrease in average order value of 16% and a 4% decrease in the number of customer orders delivered.
Gross profit decreased by 29.2% in 2023 compared to 2022, with gross margin declining to 20.1% in 2023, compared to 23.0% in 2022.

Today the company's shares have moved 2.6% to a price of $28.11. For more information, read the company's full 10-K submission here.

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