Overstock.com, Inc.

Good day, and thank you for standing by. Welcome to the Q2 2023 Overstop.com Earnings Conference Call. At this time, all participants are in a 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference call over to your speaker for today, Lavesh Himnani. Lavesh, please go ahead.

Thank you, operator. Good morning and welcome to our second quarter 2023 earnings conference call. Joining me on the call today are CEO Jonathan Johnson and CFO Adrian Lee. President Dave Nielsen will be available for Q&A. A slide presentation accompanying today's webcast has been posted to our Investor Relations website and is available to download. Next slide, please. Please review the important forward-looking statements disclosure on slide two of today's presentation. The following discussion and our responses to your questions reflect management's views as of today, July 27, 2023, and may include forward-looking statements. Actual results could differ materially from such statements. Additional information about factors that could potentially impact our financial results is included in our Form 10-K for the year ended December 31, 2022 and in our subsequent filings with the SEC. During this call, we'll discuss certain non-GAAP financial measures. The slides accompanying this webcast and our filings with the SEC contain important additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures. Following management's prepared remarks, we will open the call for questions. Next slide, please. During today's call, we will follow the agenda on slide three. With that, let me turn the call over to our CEO, Jonathan Johnson.

Thank you, LaVash. And good morning, everyone. Let me begin by quoting something I said on our June 29th Special Investor Call. I have never been more excited about what's going on at our company. I want to reemphasize that today because it is truer today than it was then. Overstock has had a great business model but weighed down with a boat anchor of a name. Bed Bath and Beyond has an iconic consumer brand but weighed down by a boat anchor of an outdated business model They got worse over time. This acquisition drops both boat anchors. With the great Bed Bath & Beyond brand so naturally tied to home products and our advantageous asset-like business model, this sleek boat should sail anchor-free and allow us to meaningfully grow and scale our business. It is exhilarating to see the hard work and high energy across the organization that has resulted from our exciting new strategic direction. Everyone is focused on ensuring we are successful in our repositioning of the company to attract and acquire customers and increase market share. Suppliers are more eager to sell their products on our website. Since the acquisition, the headwind that came with the Overstock brand is being replaced by the tailwind of the Bed Bath & Beyond brand. Later, I will share some details on our successful launch under the Bed Bath & Beyond name in Canada, something which makes me optimistic as we get ready to launch in the U.S. This morning, we reported our Q2 financial results with revenue slightly ahead of the preliminary performance update we shared last month. Our adjusted EBITDA was positive for the 13th quarter in a row. We ended the quarter with a strong balance sheet. Our consistent and solid financial track record is allowing us to play offense and execute a transformative rebranding of our business. That will include a larger than normal promotional and marketing budget for the next few quarters as we attract and retain loyal Bed Bath & Beyond customers. Our team's commitment and focus and our asset light business model is delivering results. We continue to execute against our strategic growth drivers. Our strong Independence Day performance was better than our internal expectations. For the month of July thus far, our home-only revenue trend has improved slightly relative to June. This is encouraging when you consider the highly competitive environment and the key sales events held during the month by larger players in the industry. Next slide. Now for a brief update on recent corporate events. On May 31st, Pelliot Venture Partners hosted Medici Ventures Day. The event featured interviews with the leadership of T-Zero, BrainChain, Settlement, and Pironova. I found the presentations insightful and exciting. They provided a better understanding of how these companies differentiate themselves in the market in the markets in which they operate, and their potential for growth. I was particularly excited by the Grain Chain presentation. If you haven't listened to these presentations, a recording is available on our Investor Relations website. Pellion Ventures has been making progress in positioning the Medici Venture portfolio companies for success. As we do each year, in early June, all our local and remote employees gathered at our corporate campus in Utah for a two-day event, Overstock Connect. The theme of this year's event was shared ownership, empowered to achieve. Over the two days, our colleagues engaged in breakout sessions and presentations on a variety of business topics. We focused on the importance of having the mindset to unleash potential, inspiration, and action. Importantly, colleagues from across the organization connected with each other. There was palpable and positive energy during the event. Now, that positive energy increased later in June when we announced and completed the acquisition of the Bed Bath & Beyond brand and other intellectual property. We acquired the assets for $21.5 million funded with cash on hand. Within hours of closing the transaction, we launched in Canada. Since then, we have been hard at work formulating strategies and preparing for the U.S. launch. More on this later. Since announcing our plans to rebrand as Bed Bath and Beyond, we've been asked when we will change the Overstock corporate name and the OSTK stock symbol. While there is not much I can share on these topics today, we are certainly considering alternatives and will provide updates in due course. Our immediate top priority is a successful U.S. launch, which includes engaging and retaining the Bed Bath & Beyond customer base, and ensuring our loyal Overstock customer base continues to find the smart value they expect. Now, I'll ask Adrienne to review our second quarter 2023 financial results.