As each stockholder entered the meeting today, we provided him or her with an agenda for the meeting. We will conduct the meeting in accordance with that agenda. As noted on this, we will provide an opportunity for questions and discussion after the meeting has been formally adjourned, so please reserve your questions until that time. Representatives of Overstock.com and our independent accountants, KPMG LLP, are here today. They will have an opportunity to make a statement and will be available to answer questions. We are conducting today's meeting in accordance with Regulation FD. If you are listening to our live webcast of today's meeting, you may submit questions through the live webcast portal, and questions will be answered after the formal business matters have been addressed. To preserve order of this meeting, please turn off or silence your cell phones and any other electronic devices.
Let me begin by introducing the Board of Directors and our new nominee for election to the board, and then the corporate officers of the company. As I call their names, I would ask that you please stand. First, Patrick Byrne. Patrick is Overstock.com's founder and the company's Chief Executive Officer. He has been director and our CEO since 1999. Jonathan Johnson. Jonathan joined Overstock in 2002 and has served in a number of senior executive positions. He has also served as a director since 2013 and as Chairman of the Board since 2014. Although he stepped down from his position as Chairman this morning, he remains on the board. I thank him for his service as Chairman. Jonathan is also serving as President of Medici Ventures for us as well. Clay Corbus.
Clay chairs the compensation committee and is a member of the audit committee and of the nominating and corporate governance committee. Clay has been a director since 2007. Joe Tabacco. Joe chairs the nominating and corporate governance committee and is a member of the audit committee and the compensation committee. Joe has been a director since 2007. Kirthi Kalyanam. Kirthi has been a director since 2015. Kirthi is a world-renowned and leading authority on academic and practical issues in retailing, internet, and multichannel marketing and quantitative marketing. Saum Noursalehi. I'm going to screw that up. Sorry. Saum is a first-time nominee for election to the board today. Saum joined Overstock in 2005 as a software engineer. Last year, he was promoted to president of our retail business, which is by far the largest part of our business. He has previously served in several other executive capacities.
Sam holds a degree in computer science from the University of Utah. As I mentioned, my name is Allison Abraham. I've been a director since 2002. I chair the audit committee and I'm a member of the compensation committee and of the nominating and corporate governance committees. As I mentioned, I was appointed to chair the board this morning, and I'm also standing for re-election today. Now I'd like to briefly introduce our officers and ask them each to stand and to remain standing while we introduce other officers. Patrick, who you all believe you know. Sam, who was just introduced. Jonathan, who's our President of Medici Ventures. Amit Goyal, Senior Vice President, Software Engineering. Rob Hughes, Senior Vice President, Finance and Risk Management. Vidyasagar Jwala, Senior Vice President, Demand Fulfillment. J.P. Knab, who is not present today, but he is Senior Vice President of Marketing.
Carter Lee, Senior Vice President, Technology and People Care. Seth Moore, Senior Vice President, Analytics and OLabs. Brian Popelka, Senior Vice President, Customer and Partner Care, who is not present today. Vikram Raghavan, Senior Vice President, Product Development. Ali El-Husseini, Acting Vice President, Global. Carol Morrill, Vice President, Supply Chain. Glen Nickle, Vice President, Legal and Acting General Counsel. Joe Kembel, Vice President, Analytics. Meghan Tuohig, Vice President, People Care. Michael Scharruga, Vice President, Finance and Controller. Mohican Laine, Vice President, Analytics. Nariman Noursalehi, Acting Vice President, Marketing and Customer Acquisition. Nathan Waite, Vice President, Technology. Raj Karkara, Acting Vice President, Loyalty and Financial Services. Ron Hilton, Vice President, Sourcing. Steve Hopkins, COO and General Counsel, Medici Ventures. Joel Weight, CTO, Medici Ventures. And last but not least, Joe Cammarata, President, tZERO.
As I've mentioned, I've been on the board since 2002, quite a long time, and I've seen a number of management teams throughout those 16 years, 15 years that I've been here, and I'm delighted and impressed with this group that we have today. You may be seated. I'd also like to note that Greg Randall, Josh Geurts, and Kevin Johansen are here from KPMG. The company's independent auditors are joining us today. I would like them to stand and be recognized, please. If questions arise during the discussion period that our auditors would appropriately address, they will be happy to respond. Our treasurer, Mark Harden, is also here today. He is assisting us in the tabulation of proxies and ballots and is serving as the inspector of elections. Mr. Harden has taken the oath of inspector of elections prior to this meeting.
Our Acting General Counsel and Corporate Secretary, Glen Nickle, is serving as secretary of today's meeting. He will now provide a caution about forward-looking statements that may be made during today's meeting and then will provide a report on the mailing of the notice of this meeting and the presence of a quorum.
As we share information today to help you better understand our business, it is important to note that we may make statements in the course of this meeting that state our intentions, hopes, beliefs, expectations, or predictions of the future. These and all other statements, except for statements of historical fact, constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Overstock.com's actual results could differ materially from those projected in any forward-looking statements that may be made. We disclaim any intention or obligation to revise forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those contemplated by our forward-looking statements is contained in documents we file with the SEC, including but not limited to our most recent reports on Form 10-K, 10-Q, and 8-K.
In particular, please refer to the risk factors described in our Form 10-Q for the quarter-ended March 31, 2017, which we filed on March 4, 2017, or excuse me, May 4, 2017. We are holding the meeting pursuant to the notice of the meeting dated March 14, 2017, which was distributed to stockholders on about March 24, 2017. A copy of an affidavit of distribution will be included with the minutes of this meeting. All stockholders of record at the close of business on March 13, 2017, are entitled to vote at this meeting. A list of stockholders entitled to vote has been available at Overstock.com's headquarters for more than the past 10 days and is available at this meeting for examination by any stockholder. We will file all documents concerning the call and notice of the meeting with the records of the meeting.
The count of shares present immediately prior to commencement of the meeting indicated that 21,022,206 shares of the company's voting shares were present in person or by proxy. That is about 82% of the total outstanding voting shares of the company as of the record date, which exceeds the percentage required to establish a quorum.
Thank you, Glen. I hereby declare a quorum present at this meeting and that this meeting is duly convened. The Board of Directors thanks all stockholders who returned their proxies. Stockholders who returned their proxies authorize the persons named in the proxy card to vote on all proposals coming before the meeting. Those of you who requested ballots so that you could vote individually, you received them when you entered the meeting today. Ballots are also available at the table where registration took place. If you vote by ballot, please be sure to use the correct ballot, common stock, Series A preferred, or Series B preferred to vote your shares. If you are voting more than one class of shares today by ballot, please complete a ballot for each class of shares you hold. However, we encourage all stockholders to allow their proxies to stand.
The first matter of the stockholder action is proposal number one, the election of two directors to serve until the 2020 annual meeting. I would like to call on Joe Tabacco, Chair of the Nominating and Corporate Governance Committee. Joe.
Thank you, Allison. The Nominating and Corporate Governance Committee has nominated Allison Abraham and Saum Noursalehi for election as directors of Overstock.com to serve for the terms expiring on the date of the 2020 annual meeting of Overstock.com or until their successors are duly elected and qualified. The Board has endorsed the committee's recommendation, and I am pleased to present the nominations and move the election and re-election of the two nominees to the Board of Directors.
Thank you, Joe. You have heard the motion. Is there a second?
I second the proposal.
Thank you, Clay.
You're welcome.
With no other nominations having been submitted in accordance with the company bylaws, I declare the nominations closed. I suggest that those stockholders voting in person now mark their ballots and retain them. We will collect and count the ballots after we've completed all the matters on the agenda. The second matter to be submitted to the stockholders for action is proposal number two, the ratification of the appointment of the audit committee of the board of directors for KPMG LLP as the company's independent registered public accounting firm for the year ending December 31st, 2017. I would like to call upon Joe Tabacco again as a member of the audit committee for the recommendation of the audit committee and the board of directors in this regard.
The audit committee has the responsibility for selecting the auditors for the company. The audit committee has unanimously selected KPMG LLP as the company's independent registered public accounting firm for 2017. I move the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for 2017 as described in the proxy statement.
Thank you, Joe. You have heard the motion. Is there a second?
I second the proposal.
Thank you, Kirthi. I suggest those stockholders voting in person now mark their ballots and hold onto them. The third matter to be submitted to the stockholders for action is proposal number three, the proposal to amend and restate the company's equity incentive plan. I would like to call on Clay Corbus as Chair of the Compensation Committee for the recommendation of the Compensation Committee and the Board of Directors in this regard.
Thank you. The compensation committee has responsibility for oversight of the company's compensation programs, including the equity incentive plan. The stockholders most recently reapproved this plan in 2012. The primary purpose of the amendment is to impose an annual limit on the size of the awards the company can make under the plan to its non-employee directors. The amendment does not increase the number of shares authorized for grant under the plan. I move the approval of the amendment and restatement of the company's equity incentive plan as described in the proxy statement.
Thank you, Clay. You have heard the motion. Is there a second?
I second the proposal.
Thank you, Kirthi. I suggest those stockholders voting in person now mark their ballots. The fourth matter to be submitted to the stockholders for action is proposal number four, the non-binding advisory vote on the compensation the company pays to its executive officers as described in the proxy statement. I would like to call on Clay Corbus again for the recommendation of the compensation committee and the board of directors in this regard.
Thanks, Allison. This is proposal number four in the proxy statement, and it is known as the Say-on-pay vote. Although the vote is non-binding, the compensation committee will consider the results of the vote in future compensation decisions. I move the approval on a non-binding advisory basis of the compensation the company pays to its executive officers as described in the proxy statement.
Thanks, Clay.
You're welcome.
You've heard the motion. Is there a second?
I second the proposal.
Thanks, Joe. I suggest those stockholders voting in person now mark their ballots. The last matter to be submitted to the stockholders for action is proposal number five, the non-binding advisory vote on the frequency of future say-on-pay votes. I would like to call on Clay again for the recommendation of the compensation committee and the board of directors in this regard.
Thank you. Proposal number five in the proxy statement is usually called the say-on-when vote. Although the vote is non-binding, the board will consider the results of the vote in determining how often we should hold future say-on-pay votes. Stockholders may vote for any of the three alternatives: once every year, once every two years, or once every three years, or they may abstain from voting on the proposal. The board has recommended that stockholders select once every three years. I move the approval on a non-binding advisory basis of the board's recommendation of once every three years for proposal number five as described in the proxy statement.
Thanks, Clay. You've heard the motion. Is there a second?
I second the motion.
Thank you, Joe. I suggest those stockholders voting in person now mark their ballots. That being the final matter for action by the stockholders, we will now collect and count the ballots. Please stand if you would like to submit your ballots, and one of the ushers will collect it. Anyone? Okay. There being no further ballots to be collected, I declare the polls are now closed. I will ask that the secretary of the meeting, Glen Nickle, now report the preliminary results of the voting.
The inspector of elections has accounted the ballots and proxies and confirms on a preliminary basis as follows. First, the holders of a plurality of the voting shares represented at this meeting have voted for the election of each of the directors named in the proxy statement, Allison Abraham and Saum Noursalehi, for terms expiring on the date of the annual meeting in 2020 or until their respective successors are duly elected and qualified. Second, the holders of a majority of the voting shares of the company represented at this meeting and voting on the matter, which shares voting affirmatively also constitute at least a majority of the required quorum, have voted in favor of the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2017.
Third, the holders of a majority of the voting shares of the company represented at this meeting and voting on the matter, which shares voting affirmatively also constitute at least a majority of the required quorum, have voted in favor of the proposal to amend and restate the company's Equity Incentive Plan as described in the Proxy Statement. Fourth, the holders of a majority of the voting shares of the company represented at this meeting and voting on the matter, which shares voting affirmatively also constitute at least a majority of the required quorum, have voted in favor of the proposal to approve the non-binding advisory vote on the compensation the company pays to its executive officers as described in the Proxy Statement.
Finally, the alternative of each or of once every three years received the most votes represented at this meeting and voting on the matter regarding the frequency of future say-on-pay votes as described in the proxy statement.
Thank you, Glenn. Subject to the final tabulation of the votes, I hereby declare the stockholders of Overstock.com have duly elected the nominees for directors named in the proxy statement, Saum Noursalehi and me, Allison Abraham. On behalf of the entire board, I would like to thank the stockholders for their support. I'm also pleased to announce that the stockholders have duly ratified the appointment of KPMG LLP as the company's independent registered accounting firm for the fiscal year ending December 31st, 2017, and having approved the proposal to amend and restate the company's equity incentive plan as described in the proxy statement.
I'm also pleased to announce that the stockholders have indicated their approval of our executive compensation by approving the non-binding advisory vote on our executive compensation as described in the proxy statement, and that the stockholders have indicated their preference for holding future say-on-pay votes once every three years as described in the proxy statement. We'll provide final results of the votes in the Form 8-K, which we will file with the SEC within four business days. There being no other official business, this concludes the 2017 annual meeting for stockholders. I thank our stockholders who attended the meeting in person for being here. The meeting is now adjourned. Now we come to the part of the agenda for providing an overview and remarks from Patrick as well as the questions and answers. Patrick, ready?
Yes.
I think we're stepping over here.
We're stepping over here. Let me see how this projection works for the table here.
Lighting. Let's see. I don't see the lighting switch like I know on the upstairs. There we go. Did I just do that?
Yes.
How do I undo that? Come on up, Carter. There we go. Okay. So I'm looking for the lights, Carter. Do you know where they are?
We can see it pretty well.
The overview is I think we have an amazing business. We have done far more. We have done more on far less than anyone in the industry. We have now been profitable for five, six straight years, seven out of eight, something like that. Our situation is such, and I think it is fair to talk about this given that it's been going on for several years, that the context within which we operate has become heavily distorted by a direct competitor who's created a business model very much like ours. Many of the people in the company know I've had to talk to the suppliers. We talked about Wayfair coming to their own suppliers, and basically whatever we were doing, Wayfair's model was that's what they wanted too.
So I'm going to walk through a series of slides that have been updated from just a week ago with some new numbers. That one is not updated. Wayfair put out their numbers this morning, so there's a few updates in here. So this number was just we spend 7% on marketing. Amazon spends 5%. Everyone we're up against spends 12%, 20%, up to 30%, 32%. Wayfair 18%. So we're spending less than half as a percentage of sales what other people are spending. Wayfair's traffic did pass us for the first time in Q4. It has surpassed us. However, we are spending far less on marketing than they are spending. We believe they're spending six X us on branding spending, actually. So if you check the arithmetic, you see that Wayfair is spending about $0.90 a visitor, and we spend about $0.30. $0.30 a visitor.
So, I'm going to have a microphone they're playing with. So, we're spending about a third of what they're spending on marketing. Our brand still, we had an independent group do some brand research. We show up as more shoppers associate us with low prices. We spend about half of what Wayfair is spending on a per new customer basis. And we have not recalculated their repeat rate, but this is how their percent of orders from repeat customers is what they've been publishing for years, and it's up to 58%. Ours, we look at our home and garden business, we're at 71%. We have updated this. I'm surprised that these two lines did not cross, but their growth does continue to come down. They're now in the 20s.
I think that's going to, incidentally, Wayfair had on May 8th of a year ago. When did they have their big SEO surge start? And we actually know the specific day that an algorithm changed at Google and this and that, and Wayfair had a big surge. They have just lapped that. It's like today. They just lapped that. So I think that they're actually, although I understood that they gave good growth guidance today for Q2, I think it's going to get well, we know it's going to get significantly more expensive from this point forward in the quarter and then from then on to buy growth. Their contribution margin runs at a third to a fourth of ours.
This is such an important number, and I'm surprised it's not more commonly used in the internet because it seems it's how radio stations and TV stations used to look at their economics. I think this number measures for $100 of incremental revenue after all the marginal expenses that go with generating that, what is left to feed the company. It's $11 or $12. $100 of new revenue, we got $11 or $12 more to cover our corporate costs and go to profit. In their case, they got $100 new dollars in revenue, and they get $3 of incremental contribution after all of their marginal costs. That's their gross profit less their marketing expenses. Same with us. $100 of revenue does four times as much for us, three or four times as much for us as it does for Wayfair.
Revenue per employee, ours is about 50% more. I think that has to do with just our focus on efficiency, our E2O systems. I mean, the technology we've built over the years, we're very efficient on net revenue per employee. Where all this comes out is on the left, you see our business, which looks to me like a carefully managed business where we have grown our contribution dollars and managed our tech and G&A expenses very carefully. So there's always more contribution dollars. That's the red bars versus the overhead. That's the black line on the left. And the red bars are higher than the black line, which means we've been profitable these years. And that looks to me like very carefully managed. I know how much labor effort goes into our company to manage both of these lines carefully and keeping them like that.
In Wayfair's case, the purple lines are their contribution and their overhead, the nut that they need to make is the black line on the right. So they're at about $300 million of overhead and actually generating contribution of $93 million. So to me, you can take the reason I look at contribution is you can take it to the extreme and say, suppose contribution ran at zero, then literally no matter how much sales somebody added, it doesn't do anything for the bottom line. Well, in the fact that we have three to four times the contribution percentage they do, where they have a third to a quarter of us, means at this point they would have to triple their contribution dollars, and they wouldn't even break even if they could triple contribution without increasing a dollar of expense, of corporate expense. They wouldn't even break even at that.
So to me, their sales growth doesn't really mean anything. It's all about the contribution dollars and how that's growing and how far away that is from paying the overhead. And they're not within a country mile of being able to be profitable. Days outstanding. I see that you've recalculated for today for this. So their new numbers just keep continuing to grow. They're stretching their vendors out more. Cash is now well, we don't have an update, but it's now their payables now exceed their cash, whereas in our case, we run our cash. We run 60%. Change in working capital. So they're flushing $150-$200 million a year of cash.
I think they've just reported today their earnings went from $41 million last year to $56 or $57 million. I'm sorry, $41 million loss in Q1 of last year has now gone to a $56 or $57 million loss in Q1 of this year. So they're getting far. I think they're getting farther away from breaking even. It's going to be hard. Their losses have gone $150-$200 million. I think they're going to continue growing. Our margins not been updated, but you see basically they have a business that's 2% higher than us in margin. And yet if they're 2% higher than us in margin, but here we're spending 7% on marketing and they're spending 18%, that's where you get this big difference in contribution dollars, contribution percentage.
A big part of their strategy is taking millions of products that we and other people have and decommodifying them, changing the name, getting new photos, writing new copy, and then raising the price substantially. That's really the core of their business model. Their prices show up on average about 20% higher than ours on the same products. We have an independent company, a third-party pricing company that matches hundreds of thousands of products. So their prices are about 20% higher than ours. Different. And so their business model is just getting products other people have, raising the price, and then spending a lot of money on marketing to push it. That has resulted in this deterioration and so $194 million loss last year.
What I think happens this year, the Q1 has come out and it's 30% worse, and I don't see any reason they're going to be able to turn that around. So that's Wayfair. So as shareholders, you should be aware that we're up against a company, and I know it's a company that the market loves, a darling of the market, but it's a company that is just burning. It's a copy of our business model. On an operating basis, we seem to have an 8% or more advantage in terms of so our prices are 20% lower. We have to Seth. You want to walk through where you get the analysis of the 8% of the business model? Grab a mic.
So essentially, if our prices are 20% lower, and depending on how you measure it, you might say it's anywhere from 10%-20%, but our gross margins are only 2% apart, it means we're essentially working with an 8% operating advantage selling the same products from better efficiency in the supply chain.
Right. What you said. I don't know why I was having trouble stumbling on that. Thank you, but that is, I mean, the point of communicating with shareholders. We're supposed to give an honest picture of the company and what's going on. In my view, we have built not only a wonderfully efficient company. I feel better, absolutely. I feel better now that the innovation cycle and the thinking within our company and the marriage between the business minds and the analytics and the technology people, and I think that because they are so good, we're able to take on a competitor with all this capital and just continue to cause them to flush losses while we can make money. But the truth is, it's not going to be possible to grow earnings substantially while we have this drama playing out with Wayfair.
Now, we have been here many times before in our history. I'd much rather have our hand than their hand. They can only survive if they can keep turning to the market and creating new and get new capital. It shocks me that they're going to be that they're able to from the market. But that's the environment in which we're operating now, and it seems to me the right thing to do is to keep ourselves profitable. But given that we stay on the retail business stays profitable on an annual basis to then emphasize growth. Okay? So that's a summary of the operating environment for the retail business. We have wonderful things going on the Medici side. Blockchain meets Wall Street. Blockchain meets central banking. Blockchain meets voting. We've collected a stable of investments that are the most leading edge and impressive in that field.
So I will end there, and let's go to questions, Madam Chairwoman.
I think you're running questions.
Am I? Why don't you come back to the table? No, why don't you run questions?
Do we have any questions?
We have one question that's come in.
We have one question that has three parts that has come in. I'll read them separately. What steps is management taking to create similar operating margins to traditional retailers?
Well, the mission we don't phrase the mission as create margins to similar retailers. What we're doing is taking a tremendous number of steps to keep forcing savings out of the supply chain, out of the supply chain all the way back to the suppliers and all the way up to our marketing partners. And we do successfully keep on shaving money out of that year after year and quarter after quarter. We find $4 million here, $7 million here, and such. So we keep doing that. But the truth is, we're at the point in our we're up against people who a lot of them have faded over time. A list of people who've come on and challenged us and threatened us from SmartBargains and Buy.com to who else? The Gilt Groupe.
One Kings Lane.
But really, the operating margins are not going to become that of a conventional broker retailer while we're in a world where our competitors operate at minus 10%.
Okay. Since Overstock carries a much smaller inventory than the traditional brick-and-mortar, is scale the key metric?
I follow everything, but the therefore. Why would they'd have to expand? Why would the fact that we operate on smaller inventory mean that? Seems like a bit of a. I need to unpack that question.
I would comment that, and not to jump into the retail's business, but we are significantly increasing the product counts, SKU counts on site, and that is increasing scale.
Yes. We have gone from non-BMMG 1.1 to 2.4 million products in the last 12 months. I know that this question didn't seem well formed to me. I'm sorry.
The third part, have you noticed in the last few years, Patrick, that transport costs are deflationary?
Well, we've had wonderful management of our logistics costs, which I have put down to the decline in logistics costs. It's a great management on the part of Carol Morrill and others. Carol. But is there some secular? Should you not be getting any credit for that? Carol, is there just some secular decline in transportation? It's great.
I think that's what people can hear.
What was the answer, Carol? Or pass this. Here's a mic. You got it. That's probably better.
Yeah. So some part of it is actually what the market is dictating. And we kind of look at supply chain almost like a football game, right? The first thing you want to do is have a good game plan. The second thing you want to do is make sure that you execute and then take advantage of whatever opportunities that might present itself, especially from an international perspective. Now, cargo, there's a lot of consolidation going on, so the market rates are low. So it's just going out in the market and trying to take advantage of that, so. But other than that, we have a great team in the supply chain as well.
Any other questions?
No other questions from telephone. I do see some shareholders here. I see once a year. Feel free. This is your time. Any questions?
Rick Lawson. My question has to do with the blockchain. Obviously, you feel good about all that you're doing, but as an outsider, it all feels like it's moving slowly, and I'm not seeing a lot of evidence that it's turning into revenue and profitability and value. Can you sort of talk through what some of the progress you've made and when it will be more obvious from an outsider that you're making progress?
Copy. Thank you. Jonathan?
So it is slow. It is nascent. If you follow the press, there's a lot of talk about all that blockchain will do. Overstock and Medici and tZERO and some of our other holdings are actually doing things. We've had our initial blockchain offering of the Overstock preferred shares. We've had interest in our blockchain products at tZERO. These are big banks. They move slowly. They're not traditionally early adopters, but we're moving forward. It will not be a profitable business this year. We will bring in revenues from blockchain business this year, but it's probably a year or two away from the blockchain piece being profitable. Thanks, Rick.
Yeah. I would double. Our sense is in the U.S., we are two to four years early with blockchain in terms of the financial system, getting them to do things with us. That's not the case in Europe and Asia. All that said, we are releasing, in my view, the most exciting blockchain product that's ever been built is being released this quarter.
We'll be delivering something into production. It will require some testing by a user before I'm comfortable saying it's been publicly released. But I will say this is typical Patrick, more aggressive than I, although he didn't finish his sentence, but I think he was going to say he would double the time I was predicting for us to become profitable. So there has been a little bit of role reversal here today.
Any other questions? Okay. This concludes the informal part of our meeting. We thank all of our shareholders, both that were here today in person and those who voted by proxy. We also thank all the shareholders who could not be with us in person but were able to listen on the live audio feed. We appreciate your confidence in Overstock.com. And that will end our Q&A session. Thank you very much.