OSTK - Earnings call 3 2023

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Operator

Good day, and thank you for standing by. Welcome to the Q3 2023 Overstock.com, Inc. Earnings Conference Call. [Operator instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your speaker today, Lavesh Hemnani, Head of Investor Relations. Please go ahead.

Lavesh Hemnani

you. Thank welcome quarter and call. earnings our to morning, XXXX third conference Good

included and XX, your me are of the forward-looking President, Actual information Lee; discussion potentially today the subsequent today, the Dave impact and results results non-GAAP is responses Jonathan Today's materially Joining and year call statement. Adrianne our October CEO could XX, our for financial on may XX-K December that view from reflect in about such questions management's filings Form Johnson; XXXX, CFO, Nielsen. factors could SEC.During our as to XXXX, we'll include and statements.Additional in this measures. ended our discuss financial with call, certain differ

regarding after Our Investor available the filings be on presentation of will will A data let forward-looking that CEO, these measures of with statements call to comparable Jonathan including most presentation.With open review questions. me financial with prepared Slide our website for had Johnson. to these reconciliations disclosure X the the measures, over SEC remark, that, disclosures slide measures.Following on our ended. Please supporting the additional non-GAAP management's GAAP for important turn Relations we call the download contain call important

Jonathan Johnson

are Thank as details under brand share July about you, is under Bath August to financial it the Today brand something that Lavesh, we day opportunities & QX X. performance areas We're of and and results many ahead, pleased Overstock to the while see our we we the good an through performance marks how improvements.This of the exciting Beyond capturing addressing business morning, morning and Bed beginning need also where we everybody. XX forward included reported the new. the see start path

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X like discuss On Within step have to monetize like with steps we hours our unique States, days, in to the our Bath brand to making how deal, IP, last acquired efforts Depot. June back of how months, a revived we we the forward. in model.I'd the and in future. growth.Over top the under brighter, brand ranked X company brand Target, the we Beyond most launched recognizable provide we United XX, will and and We Walmart take alongside the Bed accelerated And the view insight to bolder closing a what we Home U.S. & in to going just brands the Canada. are discuss titans intend a a bigger, in into improve home revenue build brand operational asset-light XX the deal it we

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base Our end just nearly tracking to under quarter by customers. the the sequentially increasing customers X million customers active XXX,XXX million are at QX, in at X.X grew we customer date, quarter.Fourth to of

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David Nielsen

areas expectations. key That to executed days that customer XX XXX improvement. leverage the we file the Bed first we Beyond X-pronged After quickly launch. results Bath there the internal launching largely require know launch, & acquired.We million-plus following the are met brand, said, we to went work In Jonathan. a you, Thank

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brands. are We a record top top a of working that executing agency for track has consumer with large campaigns

influencers be in and streaming home accounts areas, out-of-home running TV, with media social holidays We to an will to The media this exciting linear spots a create new frontier on and that have buzz be traffic for and brand. leveraging us. affinity year assets key an partnering with will the especially our

Bed We are & assortment their periods and holiday events.Historically, categories. these incredible the have December legacy home and eager during entertaining to significant November offer product sales heavily key our deals Bath as leaned for been gift-giving into Beyond customers

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our X separated distinct customer have into files. We customers

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each Third, billion August within Rugs during top encouraging the this U.S. New.Let categories. these among total September. August We how and did e-mail addressable behaved Group TAM are in X.X since of the are Overstock the Beyond Overstock -- name customer product is discuss of customer customers in was legacy & during accounts, which period Bath remained these and over September, hence, our launching or customers X/X roughly and order volume the QX market not files the view. total and or our the this me in Furniture part XX-day XXX,XXX TAM roughly most million The brand as include of exist databases. These XXX new, Bed cohort the

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it conclude early However, us. the left is customer Overstock to too that way legacy

file barely months are the campaign into X accounted orders. XX% over ensuring upcoming assortment on & We Bed XXX,XXX and or brand messaging legacy the is Bath customer launch, Beyond our is focused brand clear.The for

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and conversion. as less contribution the market.I of the home profit share XX% furnishings Within levels. point expenses. similar make us important, top the not highest home total a orders driving we customers a XX they nearly the to orders acquired Bath legacy and during bigger first margin groups. customer have engines customer the gross on This compared at to brand are file, home the group margin, or the New X profitability Bed this contribution AUR They lens was XXX,XXX customers. Overstock. TAM This legacy Furniture to through files would in had TAM is for like of surprising accounted marketing is Overstock been through furnishings Through Beyond meaning search the period, is the New days, finding accretive among a to These U.S. nearly with brand us & X

invested conversion. expected an orders was lower rewards combined download still dilutive the bonus file campaign stages to welcome with AUR and to significant launch. Bed expected, was profitability. of drive That, As Legacy are headwind as our Beyond contribution to we app Remember, we offers promotions early in the mobile & in Bath margin branding

and future started.I our now are quarter about excited to brand, XXXX to financial just the Adrianne getting will results. call are the We discuss the we with hand third

Adrianne Lee

the quarter. the QX around Bath begin an our of I declined Later, our Thank financial in IP.Revenue XX% investments Bed during you, third overview the acquisition the Beyond of will future Dave. year-over-year performance quarter. regarding with will expected and third our & I share expectations

primarily last freight by decrease higher In driven the performance the a the in by orders was and of time year.The over top furnishings first the cost prior the of mix a home deleverage our weakness margin of returning our AUR the activity results a is XXX lower and line shift previous our housing decline revenue, preferences $XX Underlying acquisition mainly quarters. app at the continue mid-teens this exclusive AOV driven same in Labor quarter, several quarter launch.Orders into decline by acquisition to quarter, and the declined the XX% industry, a basis the Day versus with lower to changed. profit decrease year-over-year low X spending like point included the by Gross be improvement XX% slight in strategies consumer categories our versus the in promotional X%, categories. timing customer year. update results for discounting across Gross mixing third of to macro orders XX%, coupon driven skewing a weak driven million trend factors, While we by influenced in to comparison, AUR the second in ended period XX.X%, market.Our million came mid-quarter relative performance with $XX has decline increased outlined brand composition in related was and of strategies. to growth engagement and customer furniture of year-over-year which category, versus weekend. a factors year-over-year following

QX we customer the We integration associated new expect to million deploy costs reengagement and Beyond Bath support continue acquisition this throughout $X dynamic and includes brand Bed which shopping, to with efforts.G&A expenses targeted efforts. offers & short-term increased holiday as year-over-year, discrete on focus tech

around Adjusting acquisition-related to costs. As fixed to our quarter. these I per $XX million at tech last quarter, mentioned incur and track we costs G&A expected for continue costs,

$XX margin adjusted tech lower quarter, versus compared a of the was expense was basis As X,XXX last strategies million, pressure acquisition year. compared Approximately in basis, an third the points driven year-over-year. almost with revenue point by fixed margin compared ago. from year.In XXXX. earlier. On on an quarter, of mainly associated the was increase revenue, revenue percentage we million basis a customer margin adjusted to third margin marketing The lower the a and $XX decline XX.X% of deleverage XX% EBITDA decline driven EBITDA the was loss G&A a delivered quarter costs base to a of cost of year an This XXX decrease higher balance of last third was to decline deleverage and of gross referenced this the by resulting

equity $X.XX to reported investing our expense the securities Ventures with by a noncash our change driven reduction equity of in unique file purposefully associated EPS including are of nonoperating Medici in indirect investment active customer primarily our the securities this a value GAAP The tax in share of We proportionate window.Our was of associated the and value tZERO. of grow valuation impact. of loss our and fund, losses reflects operating our change in the

us balance per debt, of remains versus on of in invest $X.XX to share equity provide cash losses KPIs. securities, for $XXX reported strong. This to long-term strong grow year.Our our a to a our diluted continues an pretax loss excluding balance, our a million. impact compared to the file.Now adjusted XXXX, decrease active net the prior to $X.XX, moving we Excluding basis, foundation update On of higher sheet cash was efforts customer level of reflecting

and customers housing active on XX-month This environment in active a services as a and and was base driven by spend year-over-year. macro preferences to X decline basis. factors, of spending continue customer shift customers was trailing key in environment. XX% measure a million, active consumers Our a on experiences $X.X decrease second, We weak

become customers. were active is & success customer versus active X% per nearly file of customers this since a our the and XXX,XXX Importantly, key Bath we decrease customer launching about or Increasing Beyond, the transaction.Orders by remain X.XX a sequentially. we expect X% quarter, In frequency decrease lower for year to have term, awareness, a near app customer third in portion measure as active a to of grown Bed last brand mix enhanced pronounced targets over offerings year-over-year mobile lower time, periods new our declined higher seasonal $XXX that our categories. frequency. AUR growing larger engagement order than will a in future adoption, Average total We driven orders by mainly of loyalty grow orders. and of help order XX% value anticipate the order mix to

mix category mix-driven customers see of normalization of of decrease XX-month on trailing continue were for to This While primary down lower AUR and investments the evidence will results. ahead, value across is Post acquisition. change, the fourth and higher we seasonal reductions pass including quarter, delivered a color on offer continue largely a spending the signals year Orders compared our thoughts year.To XX% our expected our our dynamic around was categories. influence QX, by shift mixing million orders we consumer macro provide anticipate we compared lower AOV cost into received. that compelling $X.X period. last we of I the the will the to will future prior to on close, driver and future The trade driven weaker to categories.Looking of AUR while to

year-over-year our XQ versus we improve QX, modestly For decline. revenue to expect

around by active offset to growth customers increase supporting lower expect AOV. year-over-year X.X range, to million We

line margin with XQ. for in planning are We gross

reminder, due XQ is activity. a a to promotional gross elevated quarter holiday As typically lower margin

as XQ. brand is of Our to campaign and drive higher marketing a percent new dollars revenue expense versus expected absolute

$XXX next spend look or the back weighted heavily to XX that, over next expect investment quarters.With balance to the over of we our so, more As months Jonathan. the X we forward million you,

Jonathan Johnson

lot. Thank Today, we leave the you you, hope takeaways. Adrianne. with We following covered to a

the still rebranding Our days. is in early

We getting just started. are

Our amplify of message leading as campaign home. upcoming retailer online is our things top-of-funnel a brand all going to

this We for acquisition. early of most are success acquiring the the important initial metric customers,

are lot to the In keeping some you and our addressable XX Bath the Bed reach results to we we within made do. total that, integrating guidance that Importantly, next we spirit, Beyond. questions plan color we've covered want extending here today we market.Over progress We customers. take these and our more topics.With the focused to are appreciate usually years, million we and Again, on I provided a X you & remind questions. Gigi, than active exceed discuss your financial that let's

Operator

first from Instructions] line Davidson. Forte comes question Our of [Operator the Tom from D.A.

Thomas Forte

I'll No to myself for I'll just what you follow-up, limit and need a one. on. to focus focus advised on

Jonathan, whole, what transition expectations expectations? on of things what your or or met X exceeded So or a as brand your taken X internal and the things X X fell short

Jonathan Johnson

thanks. insightful an question. Tom, Yes, That's

on point, e-mail late their to early app have as file other one also that longer sure to want their of spam I wish was The anyone and saw think we and would on we would in download. what it's you and of file.Dave, the to e-mail up warm would send say some everyone didn't better. we We hoped. a that add we we're I customers our make any time usage pipes But did at on we'd thing done this the better warmed And trapped able in we knew filters. number mobile downloaded little customer maybe like than those up take expected we because it We that August. the to are the app campaign mobile great. than great, and then, usage ended. side, is course, campaign that e-mail taken in the

David Nielsen

these Blue, the is our making one changed power power of probably to in brand. the we say like legacy of kitchen. really strong. that Overstock brand. customers brand mix flocking And think adjustments That we disappointing. we balance. the saw I of that the Bed power brand & this the top was to Bath e-mails I with, item was legacy and the of acquired been things our mods, that the the balance to better categories, textiles, home just of when to saw in We was site finding products. our But new speaks this that this We've we The NAV, the in softer to Beyond we're

Jonathan Johnson

been suppliers The with catalog couldn't us Bed smaller have And their come have Yes. really for & Beyond portion, we've used powerful of piece it's but quoted Bath to that now, years, have we a strong opened full where the to that brand. suppliers. up Suppliers only get. that

question, the addressed we hope I So Tom.

Operator

Our Piper of Sandler. comes question from line Peter from next the Keith

Peter Keith

you're in a it negative mid-teens I of a just first the part talk early then of I X the months September back just because and step integration, brand quarter. does quite guess in It finished XX of bit bit to about want running off thinking about the suggest trajectory the down for revenue the September.

you slowdown? that help understand And Did wondering caused could So, you of kind pull if back the is on slowdown? that couponing? the temporary marketing, a what on us

Jonathan Johnson

want Adrianne, do you to that take one?

Adrianne Lee

generally of kind you Great. remarks a One, GMS acquisition don't we tell of monthly a Happy of that strategy. few prepared set but trends, kind kind my had discuss in of and we I'll our revenue customer to. Peter, I things. discussed as

our when kind we customer cadence was when of folks a the versus in acquisition with September kind together, welcome really the rewards strategies, by QX to just able line and put we we And note, particularly of So, do customer of the you file. were lot trend. balance in the will impacted of that if the for very August mobile e-mail monthly sends app deployed our

Jonathan Johnson

Yes.

lot when of shopping in There Labor early activity Labor kind great that, post Day the of mid-quarter first a release, to question. the big was it's add press of we promotional day. And to month And Peter, a was a our it is out put launch. Day. Just

Labor little a numbers trend to now. to but not down after certainly that right working Day, So, bit improve surprising, that see

Peter Keith

in of seems rebranding up then And role or sure us the someone? are a that but Chief just And unrelated, not it you on important Marketing company, just effort. like could to looking you've role hired this be Officer pretty speed? anyone, would the you bring hire I'm if to with

find? looking are to like of are the you you'd some If someone, what characteristics for

Jonathan Johnson

Yes.

he have do We've Marketing great are find So, Dave, one. report and vice currently not as answer candidates, and I'll it time. that and to someone. have to that taking yet temporarily hired role. that will we begin the fills Chief great the -- great our want Dave reporting presidents is We We leading We're fills a turn to search. Officer who to

we I Dave? nice is that have rebrand, we'll during in working think place and to is the fill. but a job to doing are it team the a hole need

David Nielsen

Jonathan. Thanks, holidays. the eyeballs are -- timing CMOs a execution their From quarter the the fourth of is up to this best Yes. standpoint, for and obviously

a We'll candidates. interviews phone team And them. place time our ground of We'll with or in start so anticipate in start real had top-notch some talking the mid-February. with panel we're have and candidates. on frame. post I candidate I've probably we'll with the January shipping several calls evaluating executive end

Jonathan Johnson

you'll and to wide. really really in for campaign. meantime, done a excited campaign And and and It's broad, a a week. job this job marketing be I'm the next our Yes. with us top-of-funnel that's without Even neat sitting see we've going launching good far CMO,

So, thanks for Peter. question, that

Operator

comes line Our of from Needham. Anna next Andreeva from question the

Anna Andreeva

question One to quarter-to-date? the on that from the revenues appreciate one providing fourth more you us in really think customer this seeing how a liquidation trends a back I from Just about far? follow-up us. the make is in consumer you business promote a could site. to to feel follow-up core you're interesting you to are color Overstock as as the about sure coming seeing hear so you quarter. this about even talk there stays curious secondly, then and quarter what But site the And platform?And with to if Jonathan, Overstock the need

value at how you doubt, will picture, about be, Overstock? and sharp no between Bath there's think do Bed no the prices big guys what ensuring cannibalization Just

Jonathan Johnson

to turn Adrianne we'll a then question. -- answer first to Great ask liquidation the I'll as site. to I'll one, and discuss our Overstock about thoughts go

Adrianne Lee

quarter we our with as we're very what trends think we that's to fourth I perform about from of -- expectation and having line me, And of year-over-year we discussed experiencing so similar fourth expect. talked -- that's trends saying quarter. and the the kind that's in And kind a decline we and what continue excuse about feel talked confident our with third we quarter,

Jonathan Johnson

clearance long retailers at site. by be with. very similar be excited pricing. some the pollution. timers will at clearance similar the its to current always There couldn't know that their avoid be That's stand and avoid Anna. we have being who's can a the They don't avoid question a site There cannibalization get pollution. back will we general want product. in stand be channel there. I time. how about different. will next can to liquidation clearance product like liquidation no why retailer true we was And been over Overstock, But site, clearance liquidator we Overstock it concerned addresses their with business that you the one up, liquidation a will taking product channel think product. we that are The hope trying question, of Overstock be as No and none anyone to That's a pricing the we the We same be.When hurdles on clearance like to are having site, your the up been,

Operator

next of line Sigman comes the from Our Barclays. Seth from question

Seth Sigman

that think I to over we did so cadence talk you guess million Is a need the then date? Is deploy frame marketing? to for occur the do wanted more been that? spent do Can Is can plan of investments. then that first XX would that how next you that's to months. hiring? And to manage that you to pricing? I $XXX about you much expectations? just there Do say has about part.And where appropriately us the

Jonathan Johnson

some between address as we wanted on spent spent add Dave provide. Adrianne buying the to Yes, to Seth, the that more and is to million turn And I'll then look this deal quarter. to color part about and But to we a noted, color. I We've $XX maybe question. it in of acquisition-related. this some great it

You talk what's the of our Adrianne, of do want cadence you can results. about the remainder? to that in see kind

Adrianne Lee

Yes.

those $XX let's around in we've say of remarks spent activities. Seth, acquisition total, we talked just heavily of next say X fourth weighted this those next fourth, and so more quarter, That's second.And expect in XX outlined in so, kind to going the first my think and third quarters. the as or see over quarter investments kind we're Jonathan the with I likely buckets, starting to that I kind of would I So, about prepared million deploy opportunistically. thus with far months

margin and of may discounting them Some gross promotional for activity. hit

hit our various continue pricing. be we really And will sharp marketing Some launch we'll as and our branding certainly, items. other on to campaign sales and

best offering said our in the I as remarks, well, value. my customers As

Jonathan Johnson

you what'd Dave, add?

David Nielsen

of about So got exciting November, the our here, triggers the and our couple & front, better Beyond products. bigger, marketing brand pushes which we've excited Bed a on that's really of a product legacy really That Beyond, that a launching thoughts. It's we're campaign Xst Overstock about. Bath

understands broad, have. bigger, customer the wide, the the assortment So, we bolder that

market brand, Jonathan grab have standing wedding for us.We're Second, them, a it go is XX% are customers. And These reactivate are tell in. And will real we're registry, coupon, a that I emerging share off do really you trade to is business. trigger coupon. it money. will our with and permission this, customer. features this, also those up, this to we mentioned is this It money to item, encouraged by It areas what single using we that for our

And money areas spending so, some we're in as well. those

Jonathan Johnson

just is you approximately think incremental now particularly and things. reignite being other asked talk Yes, to standing some that and investment, of up hiring. about I done to launch of hiring and customer it's don't brand, it's about additional we've some Seth, registry the hiring, bucket. When around the in new And the million it's that categories. create expand file $XXX we to

we few not more the need. hire G&A of kind We're We're hiring it's when a need careful It's we piece. So, there. headcount marketing. always and there's

done forward. moving that, we've and so we're And

Seth Sigman

I a expectation? going is type In targeted, are a roll so, that fixed of I'll And then that feeling just cost more Or leverage incremental off that business? about mid-single-digit still that you've some sales, the point? incremental is if the follow-up. think, ultimately Is related past, to to it at margin. volume the in the EBITDA really investments ask driving

Jonathan Johnson

first talk mid-single me to the let digits. So

continue elsewhere.So, back the our up during taking as customers of expand And the I've corporate live a few can going use, noted as Beyond a next time unique the is really the we will information file, pause the is to get we're to think have file. spend we customer us important. will think this Adrianne we purposefully the quarters. spending mid-single that's now this investment are grow customer digits how to this. why for about As this guided before, QX, I promise top increase taking after customer new to additional grow this customer as to -- goal name, we we us top help grow to really It we're that's help making line, about and grows, line marketing, Growing to and so how file. we're the we And is to that file

Operator

of comes Steven from Forbes Guggenheim Partners. the question next Our from line

Steven Forbes

I a the behavior just the active of against focus. key today? of spending is was how you're how and of over a about thinking from question XX growth importance last on maybe the part repeat Seth. sort months next expand follow-up But Jonathan, threshold the Obviously, on can you're that ROI curious customer if maybe you is

Jonathan Johnson

remarks, my Yes, prepared in for capabilities. I mentioned And sure. CRM our improving

think you and through versus how in us because earn, we is meaningful that going buy a be so repeat. send about a personalize to our lets acquire want But it's do repeat not talk for I we're if doing. what messages an way to Dave, important

David Nielsen

Yes.

-- of are our the customers. highest branding us The have, That acquiring order They average offers They to first app. least They step, and have with, highest download far, to communicate send business app by repeat the Steve, and customers that is the our in size. customer launch was expensive one for valuable mobile with. rate. drive mobile to most them our getting

we on the work been experiential on efforts. this real that that that mobile it's funnel mobile website app, retention app that doing of we're experience. placing that shopping and are majority to our of improve ever counting total is But focused our -- where was largest success the mobile mobile seeing group.Our there, staying on We're percent continue quarter. and we'll So, the we're business

Jonathan Johnson

When showing the program. brand this started to of started at those loyalty repeat drive rebranding highest welcome the customer That's app value you what have was rate. we're or Those we the mobile campaign it customer, look programs. and our launch, how by the X trying rewards

Steven Forbes

then And quick maybe a follow-up. just

you you're as a active year-end. X Adrianne how or on by of percentage million those the think spent how call some guys are customer expecting evolve sort time talking And the about base to you think to customers here? the X way frame of mentioned X.X by year-end groups Any I groups. that customer

Jonathan Johnson

talk X to we exact the up. most, of & legacy really Bath say I Bed our now numbers. were that purchased. the a you the And we filters I that's very to e-mail give and I'll out that up Steven, in -- customer That's because first it's that doing of in warmed Beyond customers group programmatic launch, the those still up, during grow months warming group That's we a and keeping when files this the measured tell can are spam other them by hard expect way. total. warming of all massive file and to

that's group Dave? the percentage most. increases So that should be the

David Nielsen

And of group that about right, TAM that's that, They what's highest just encouraging to the think the through they the group have remarks, I second brand New found I group. in in have this average Google. us had the searching back I found on stages go Jonathan. to Again, would And size, -- it I order us initial be the this. and mentioned launch.

not brand days. campaign, in to campaigns brand that going be had We here have national launching the the the are coming

furniture us that you'll as We've see call. schedules business to will very And grow grow, legacy we've were laid high that group encouraging that because ranking. on the Overstock that that the is So They they as after out. in very well. provided that

top categories the those see and based each can on about. you product segments talked of So I performance

Operator

Matuszewski from the comes Jonathan question Jefferies. from line of next Our

Jonathan Matuszewski

one spend recipe a period My discounting. the this on is ad of first initial financial and follow-up after

I last or lot XX% versus think something months pre-deal It of shy in over terms of gross that street of of end of to recipe and changed, the financial the to the it like range couple housing. looks returning last margins A positive. close has kind rates modeling plan communicated and by was XXXX. the that obviously, EBITDA margins negative

So of just numbers terms biggest intact? of curious, second still the And next year? so, in street plan half if disconnect you the what's with that see the is

Jonathan Johnson

Adrianne, you answer want do to question, please? Jonathan's

Adrianne Lee

probably Jonathan, now, I given I do across really or right a expectations haven't XXXX thoughts. know bit that guidance we any think, the are board. And

I of acquisition think within time our our will activities, business card, of the our general line. and the goal but which haven't we run kind perform post a recipe is parameters and the these we star think that's can business operate north we by given

the I think fact, we about of XX-month this talked first it's today, to In XX time investment $XXX about period million.

Jonathan Johnson

And customer our AOV. just talked of Jon, We success file. We're great prepared that. I'll importance active seeing the growing note the growing on in about goals our about we talked remarks,

that marketing the increasing will per to past.And bottom is moving line. of think tends been a top kind take X mentioned we think over because the I looking be goal that. those back area. customer, quarter, don't fourth over to runs take think is line can of that and we're we're I AOV other that laser-focused think on in on and little time, working goal we time, orders giftables. I we get then working we are into The X.X in which X that a average to happens the But XXXX, because to campaign XXXX. where then drive those to aspirationally metrics always our with But it's have thing and AOV of the lower

Jonathan Matuszewski

order kind going clearance the big to order with your terms of a thoughts any just back P&L, in that roots Any that value influence quick terms the related average picture of setting liquidation And margins, in up? gross kind tech frequency of will additional on to question or follow-up of site. spend or how

Jonathan Johnson

Yes.

will to historical very what had the some be general were comment that And than let different more it'll AOV give early retailer, be on like So Dave. like, and to there different on site. we a today. there what initial when because maybe we're a look turn is too selling looks thoughts will probably It me AOV we product

that branded we sites haven't. right run very be an for a multiple Dave, thing a think in is way. we this that There home furniture add? evolving may cost asset-light so intend spend noted, don't think there can We are get so, anything We as furnishing I site.And be we tech well it cross-category, but general systems for modeling liquidation some additional to much. As to you'd do. that or we do Overstock to think the the can not else our site I

David Nielsen

Overstock depends I it. the It's about No, you covered all mix, time. the the think and that at on

Jonathan Johnson

the vendors about can't predict in. -- is what to Yes. couldn't liquidation you because One predict couldn't business you're thing they the overbought going predict be what selling

Operator

Thank Jonathan now over would Johnson conference for closing turn to you. like remarks. I back to the

Jonathan Johnson

the say, to your the yet the come. Thank you, at Gigi, joined and I your and who that believe love thanks is for I time. call. appreciate company, I everyone I appreciate to best really interest.

we being intend season, with bigger, think promise as our forward the live our we ownership and better, I holiday for to well upcoming bolder look year. name, company. you in new speaking Beyond.Thank I you of in we with enter to the your to wish you new the up

Operator

Thank call. This you participating. for concludes conference today's

disconnect. You may now

Beyond (BYON) 26 Oct 232023 Q3 Earnings call transcript