Overstock.com Inc. (NASDAQ:OSTK) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET


Overstock.com Inc. (NASDAQ:OSTK) Q2 2020 Earnings Conference Call - Final Transcript


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Thank you for standing by, and welcome to the Q2 2020 Overstock.com, Inc. Earnings Conference Call. [Operator Instructions] After the speakers presentation there will be a question-and-session. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Ms. Alexis Callahan. Thank you. Please go ahead.

Alexis Callahan

Thank you, operator. Good morning, and welcome to our Second Quarter 2020 Earnings Conference Call. Joining me today are Jonathan Johnson, CEO of Overstock and President of Medici Ventures; and Adrianne Lee, CFO of Overstock. Dave Nielsen, President of Overstock Retail; and Saum Noursalehi, CEO of tZERO, 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, July 30, 2020, 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 Q1 2020, 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. Please note that today's presentation is available for download on our Investor Relations website, and our summary slide contains instructions for asking questions during our Q&A session.

And with that, let me turn the call over to you, Jonathan.

Jonathan E. Johnson

Thank you, Alexis. Good morning to all. It's good to be up early in Salt Lake City to share our second quarter results and provide updates on our business. I'll follow this agenda shown on slide three.

Slide four, please. We continue to strengthen the Overstock team. On June 15, we added a sixth director to our Board. William Nettles is the co-founder and managing partner of a private equity group in San Francisco that invests in and advises automation-enabled tech companies. He has 25 years of experience in technology, capital markets, strategy and Investor Relations. William is a great fit for Overstock and a strong addition to our Board, which now has five independent directors. He will represent our shareholders well. We continue to look to add another independent board member, one with e-commerce and retail expertise. I hope to have something to announce about that soon.

Slide five, please. Last month, Overstock was one of three vendors awarded a contract for a proof-of-concept pilot with the US Federal and Government General Services Administration. We will provide a commercial e-commerce platform on which participating government agencies can make micro purchases, purchases less than $10,000 for items their employees need, things like office equipment and supplies, Overstock's core offerings. These government agencies, which make roughly $6 billion in annual micro purchases, will also have access to a robust