Overstock.com Inc. (NASDAQ:OSTK) Q2 2019 Earnings Conference Call Transcript

Aug 08, 2019 • 04:30 pm ET


Overstock.com Inc. (NASDAQ:OSTK) Q2 2019 Earnings Conference Call Transcript


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Good day, ladies and gentlemen, and welcome to the Second Quarter 2019 Overstock.com, Inc. Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce, Chief Financial Officer, Gregory Iverson.

Gregory J. Iverson

Good afternoon, and welcome to our second quarter 2019 earnings conference call. Joining me today are Dr. Patrick Byrne, Founder and CEO; Saum Noursalehi, CEO of tZERO; Jonathan Johnson, President of Medici Ventures; Dave Nielsen, President of Overstock Retail; and Seth Moore, Chief Strategy Officer of Overstock Retail.

Let me remind you that the following discussion and our responses to your questions reflect management's view as of today, August 8, 2019, 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-K for 2018, our subsequent filings with the Securities and Exchange Commission, and in the press release filed today. Please review the forward-looking statements disclosure on Slide 2 of today's presentation.

During this call, we will 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.

With that, I will turn the call over to Patrick.

Patrick Byrne

Thank you, Greg. You see our agenda, we will be discussing Medici, beginning with and focusing on tZERO, and non-neglecting other members of our Medici keiretsu, then turning to retail, the magnificent company which spun all this wonderful blockchain keiretsu, and then to Q&A.

Next we'll be turning to Medici Ventures, Jonathan Johnson, who has orchestrated this wonderful symphony. Thank you very much.

Jonathan E. Johnson

Thanks, Patrick. Going to Slide 5, as mentioned in previous earning calls, Medici Ventures continues to focus on building and advancing a blockchain tech stack for society. We have nearly all of the critical components in place, so we don't expect to grow the keiretsu as aggressively as we have in the past. Every month, we get more comfortable with the ability of our current keiretsu companies to deliver on our vision of a blockchain tech stack for society. We continue to support the growth of the Company's already in the Medici Ventures family, and help them in or operate in a symbiotic way as we build a government as a service solution.

Slide 6. Each of our keiretsu companies continues to build and deploy meaningful products. Today, we'll focus on a few that have hit significant milestones in the previous quarter. As we had in the past, let's begin with tZERO. Saum?

Saum Noursalehi

Thank you, Jonathan. We continue to execute against the strategic road map we laid out last quarter. If you go to Slide 8, these are some of the key milestones we've delivered this year. So it's been a busy year. This slide shows just kind of a steady stream of achievements that have come in. I'm going to highlight many of these in the coming slides, but wanted to call