Overstock.com, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the fourth quarter 2020 Overstock.com earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star then 1 on your telephone. Please be advised that today's call is being recorded. If you require additional assistance, you may press star then 0 to reach an operator. I would now like to hand the call over to Alexis Callahan. Please go ahead.

Thank you, operator. Good morning and welcome to Overstock's fourth quarter and full year 2020 earnings conference call. Joining me today are Jonathan Johnson, CEO, and Adrian Lee, CFO. Dave Nielsen, president of Overstock, will be available for Q&A. Please note that we are conducting today's call remotely. Let me remind you that the following discussion and our responses to your questions reflect management's views as of today, February 24th, 2021, and may include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in our Form 10-Q for Q3 2020, in subsequent filings with the SEC, and in our press release filed this morning. Please review the forward-looking statements disclosure on slide two of today's presentation. During this call, we'll discuss certain non-GAAP financial measures. The slides accompanying this webcast and our filings with the SEC, each posted on our investor relations website, contain additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures. This presentation is available for download on our investor relations website And our summary slide contains instructions for asking questions during the Q&A session. With that, let me turn the call over to you, Jonathan.

Thank you, Alexis, and good morning to everybody. Overstock had another impressive quarter rounding out its banner year. I'm excited to share our Q4 and full year 2020 results and provide updates on our business. We'll follow the agenda on slide three. Next slide, please. I'll start with a few quick corporate updates. In January, we announced a strategic partnership with Pellion Venture Partners for the oversight of the Medici Ventures portfolio of companies. This is a great transaction, and I'll cover it in more detail later in our prepared remarks. In November, our board declared an annual cash dividend on our Series A1 and Series B preferred shares for the fourth year in a row. In December, we distributed that 16 cents per share dividend to all eligible shareholders. In January, we received a subpoena from the SEC requesting additional information related to the 2019 retail guidance. We are complying with the request. We are cooperating fully. We are engaged with the regulators. We continue to operate smoothly and efficiently during COVID-19 pandemic restrictions. We are still working from home. It's going well. Our workforce is engaged and our attrition is low. We're in no rush to get back to the office, particularly with the vaccine rollout proceeding slower than hoped. were expected. We're watching to see what happens with the current stimulus bill, knowing that we saw an uptick in sales at the first round of stimulus checks last spring. We're continually monitoring our supply chain, particularly the West Coast shipping ports. Both Long Beach and Los Angeles are clogged, but shippers have been finding alternatives in Oakland and Seattle. We are in constant communications with our partners and carriers to ensure the best customer experience possible. Slide five, please. As most of you know, we've been looking for a new chief marketing officer. After a careful search, during which we had the interest of and evaluated many highly qualified candidates, I'm delighted to announce we've hired an excellent CMO who will be a key member of our executive team. Elizabeth Solomon will join us as our new chief marketing officer at the end of next month. She comes to us from Amazon, where she was the head of marketing for its global private brands portfolio. Elizabeth has also led marketing teams for numerous Fortune 100 companies. Her extensive track record in growing building and repositioning brands will be extremely valuable to Overstock. I look forward to Elizabeth's contributions to continuing our sustainable, profitable market share growth, just what a CMO should do. I'm delighted to welcome Elizabeth to our team. Slide six, please. Our CFO, Adrian Lee, will now review our fourth quarter and full year 2020 financial results. Adrienne?