#1Ooverstock Q4 & FY 2019 Earnings Call TM#2Forward-Looking Statements The information presented herein may contain forward-looking statements. Such forward-looking statements include all statements other than statements of historical fact, including forecasts of trends. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We undertake no obligation to update any forward-looking statements as a result of any. new information, future developments or otherwise. Forward-looking statements are inherently difficult to predict. Accordingly, actual results could differ materially for a variety of reasons, including, but not limited to, initiatives to improve the performance of our retail business, adverse tax, regulatory or legal developments, competition, and any inability to achieve and/or maintain profitability, generate positive cash. flow from operations, raise capital, or borrow funds on acceptable terms, the effects of key business personnel leaving and new personnel filling key business roles, difficulties we may have with our infrastructure, the effects of COVID-19 (also known as coronavirus) or other illness, results of our ongoing review of strategic initiatives, our fulfillment partners or our payment processors, including cyber-attacks or data breaches affecting us or any of them, difficulties we may experience with our search engine optimization results or converting web traffic to sales, and difficulties we may experience in completing our dividend payable in shares of our Series A-1 Preferred Stock. Other risks and uncertainties include, among others, the inherent risks associated with the businesses that Medici Ventures and tZERO are pursuing, including whether tZERO's joint venture with Box Digital Markets, LLC will be able to achieve its objectives and the timing for doing such, and the regulatory, technical, operational and other obstacles tZERO faces in each of its initiatives. More information about factors that could potentially affect our financial results is included in our Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 13, 2020, and in our subsequent filings with the SEC. The Form 10-K, and our subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in or contemplated by our projections, estimates and other forward-looking statements. overstock. 2#3Agenda 1. CEO Remarks 2. Business Updates a. Overstock Retail b. tZERO c. Medici Ventures 3. Summary and Q&A overstock. 3#4Righting the Ship Q3: Stability and focus Q4: Setting objectives and initiatives Now: Execution overstock. 4#5Digital Dividend - OSTKO Status: ▪ Shareholder approval on February 13 Ensuring a smooth shareholder experience Publishing a definitive timeline soon: still expect distribution by end of April overstock. 5#6Financing Update ■ ATM Offering Raised net proceeds of $34mm in Q4 ▪ Will continue to evaluate opportunities that allow us to take advantage of market conditions in the future Building Loan Secured $47.5mm loan on Peace Coliseum, executed March 6 4.45% interest rate $13mm tranche payable over 4 years $34.5mm tranche payable at end of 10 years ■ Keiretsu Companies ■ overstock. Raising third-party capital 6#7Additions to Leadership overstock. Rob Shapiro Board of Directors, Member Alexis Callahan Director of Investor Relations Joel Weight Chief Technology Officer Anthony Strong Acting Chief Financial Officer Mark Baker Chief Product Officer TBA early next week Chief Financial Officer 7#8Regulatory Update Cooperating fully Continue to be in regular dialogue with regulators overstock. 8#9COVID-19 Remarks Continue to monitor the situation ▪ Diversified sourcing, drop-ship and partner model mitigates risk Lack of physical footprint (online-only) advantageous Capable of operating remotely overstock. 9#10Overstock is a Tech Company at its Core Founded in 1999 as an innovator in the ecommerce space We continue to utilize technology to optimize commerce Retail: machine learning and artificial intelligence ▪ Medici Ventures and tZERO: blockchain technology overstock. 10#11overstock. Business Updates HEA 11#12overstock. Oloverstock. Retail TM 12#13Retail Adjusted EBITDA ($mm) $10 $0 ($10) ($8) 60% Improvement ($17) ($20) que ($20) ($30) ($40) ($50) ($60) ($24) Q1 '18 overstock. ($50) Q2 '18 Quarterly Q3 '18 Q4 '18 ($2) ($2) $2 Q1 '19 Q2 '19 ($5) ($1) 100% Allocation* 70% Allocation* Q3 '19 ($7) ($2) Q4 '19 ($mm) $0 ($20) ($40) ($60) ($80) ($100) ($120) ($112) FY '18 Annual 81% Improvement ($22) FY '19 ($4) 13 Refers to the allocation of Shared Service costs (Finance, Legal, HR, Administration, etc.). 2019 Retail results reflect a 70% allocation of these costs, while prior periods reflect 100%. Retail Adjusted EBITDA is a non-GAAP financial measure. See Reconciliation in Appendix#14Retail Contribution ($mm) $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 ($5) ($10) $18 Q1 '18 overstock. ($3) Q2 '18 $30 Q3 '18 Quarterly $33 Q4 '18 $39 Q1 '19 $39 Q2 '19 7% Increase $35 $35 1 Q3 '19 Q4 '19 ($mm) $160 $140 $120 $100 $80 $60 $40 $20 $0 H $78 FY '18 Annual 89% Increase $148 FY '19 14 Retail Contribution is a non-GAAP financial measure, calculated as gross profit less sales & marketing expense. See Reconciliation in Appendix#15Q4 2019 Financial Results: Retail Revenue $364.1 Million (19%) vs. Q4'18 Contribution¹ $35.3 Million +7% vs. Q4'18 overstock. Gross Profit $75.2 Million (6%) vs. Q4'18 Contribution Margin¹ 9.7% +233 bps vs. Q4'18 Gross Margin 20.7% +275 bps vs. Q4'18 Adjusted EBITDA1 ($2.2) Million Includes 70% allocation of Shared Service costs* 100% allocation: +$10mm, +60% vs. Q4'18 15 Refers to the allocation of Shared Service costs (Finance, Legal, HR, Administration, etc.). 2019 Retail results reflect a 70% allocation of these costs, while prior periods reflect 100%. 1) Retail Contribution, Contribution Margin, and Adjusted EBITDA are non-GAAP financial measures. See Reconciliations in Appendix#16FY 2019 Financial Results: Retail Revenue $1.4 Billion (20%) vs. FY'18 overstock. Contribution¹ $147.6 Million +89% vs. FY'18 Gross Profit $287.9 Million (17%) vs. FY'18 Contribution Margin¹ 10.3% +595 bps vs. FY'18 Gross Margin 20.1% +74 bps vs. FY'18 Adjusted EBITDA1 ($3.6) Million Includes 70% allocation of Shared Service costs* 100% allocation: +$90mm, +81% vs. Q4'18 16 Refers to the allocation of Shared Service costs (Finance, Legal, HR, Administration, etc.). 2019 Retail results reflect a 70% allocation of these costs, while prior periods reflect 100%. 1) Retail Contribution, Contribution Margin, and Adjusted EBITDA are non-GAAP financial measures. See Reconciliations in Appendix#17Home Furnishings: $300B Market Overstock is a Top Online Retailer 50% 40% 30% 20% 10% 0% H 51% Books music & video 39% Computer & consumer electronics 33% Toys & hobby Online Penetration ¹ 1 26% Apparel & accessories 25% Office equipment & supplies 24% Other categories !!!! 23% Furniture & home furnishings $67B (+16% YoY) Online Home Furnishings Market 10% Health personal care & beauty 4% Auto & parts 3% Food & beverage Top US Home Furnishings Online Brands2,3 (Ranked by Online Revenue) 1. Amazon 2. Wayfair 3. Walmart 4. Target 5. Ooverstock. 1) Source: eMarketer-Total US Retail and eCommerce Sales Share estimates, 2019 2) Source: Statista 2019 publication of Jumpshot 2018 online furniture sales loverstock. 3) Source: Overstock market sizing of public and third-party data with category definition including mattresses, outdoor furniture & décor, small appliances & electronics, furniture storage & organization products, kitchen & bath and 17#18Playing to Our Strengths overstock. Savvy Shoppers overstock. Reluctant Refreshers $120B Market1,2 ▪ Over-index for shopping at Overstock ▪ Deal driven & low hassle ▪ Combined market spend is 40% of total market² 1) Source: eMarketer-Total US Retail Sales estimates, 2019 2) Source: Overstock customer segmentation research, 2019 Note: $300B Total Market Size x 40% Customer Segments Market Size = $120B Market. 18#19Overstock 2020 Retail Strategy aspiration & positioning dream homes for all making beautiful & comfortable homes accesible by helping customers easily & confidently find just what financial goals target customers brand pillars constitutional principles. overstock. sustainable, profitable growth as an indicator that our innovation is meeting target customers' needs primary segment savvy shopper values Overstock for helping them feel smart about finding a great deal from a compelling selection of stylish & quality home products product findability get inspired anywhere, but easily find it at Overstock world-class SEO enablers I smart value quality & style for less engaging email program OKR-driven focus & collaboration world-class ML & algorithm innovation initiatives ■ secondary segment reluctant refresher values Overstock for helping them easily & confidently find just what they want easy delivery + support fast, free, & predictable delivery, plus low-hassle returns & support rewarding Club O Loyalty program intuitive mobile experience partner-sponsored marketing discounting & pricing experience increase real-time data 19#20■ Product Findability Helping customers find products they want quickly overstock. Time Time to First Product Page View FY '18 4 Second Improvement ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ FY '19 Time Feb '19 Page Load Time-to-Interactive Desktop Mobile 20#21■ Product Findability Helping customers find the products they want easily ■ Site search improvements displaying more relevant products Improvements translating to purchase conversion. overstock. Search Attributed Conversion Q4 '18 +9 bps YoY ‒‒‒‒‒‒‒‒‒ Note: Search Attributed Conversion refers to orders of products that were clicked on from search and navigation divided by page visits. Q4 '19 21#22Smart Value "Over the holiday season, Overstock was the fifth most-mentioned retailer for having shoppers' favorite online shopping experience."1 -Digital Commerce 360 overstock. 9.0 8.9 8.8 8.7 8.6 8.5 8.4 H Customer Perceived Price Advantage vs. Other Retailers ² Q4 '17 +0.3% YOY Q4 '18 +0.6% YoY Q4 '19 1) Source: Digital Commerce 360: "How Overstock.com preps its fulfillment operations for the holidays", Jan 30, 2020. https://www.digitalcommerce 360.com/2020/01/30/how-overstock-com-preps-its- fulfillment-operations-for-the-holidays/ 2) Source: Bizrate Point-of-Sale Survey of Overstock purchasers, 2017-2019 22#23■ Smart Value Reducing returns costs allows us to deliver a better price to the customer 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Net Returns Cost % Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Note: Net Returns Cost % = Net Returns Cost / GMS. loverstock. Naty customers for products and shipping and functional costs less recovery amounts received from customers, carriers and suppliers. GMS (gross merchandise sales) is calculated as the amount paid by measured the time of coupons reductions 23#24■ Smart Value Building value through a curated, private label assortment Private label benefits: High quality assortment ▪ Value pricing Easy-to-shop curated styles. ■ Better content experience ■ overstock. Note: Total sales refers to gross merchandise sales, or GMS. 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Q1 '18 Q2 '18 Q3 '18 Private Label (% of Total Sales) Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 24#25Easy Delivery + Support Improving customer experience beyond the purchase to drive loyalty overstock. 28-day Customer Repeat Purchase Rate Q4 '18 1.7% Increase ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Q4 '19 25#26Easy Delivery + Support Improving delivery speed and on-time accuracy ▪ >60% same day ship. overstock. % of Page Views with 2-day Messaging. Q4 '18 Q4 '18 188% Increase + Same Day Ship % 8% Increase Note: Same Day Ship refers to orders shipped same day if received prior to warehouse cutoff time, subject to limited exceptions. Q4 '19 Q4 '19 1 26#27Q4 Business Projects ● ● ● ● Product Find ability Enhance mobile experience Establish new machine learning (ML) ranking logic within internal search ✓ Expand award winning dynamic experiences to additional site locations ✓ Enhance style-based personalization and recommendations powered by ML ✓ overstock. ● ● ● ● Smart Value Reduce returns cost ✓ Expand private label ✓ Pre-position doorbusters for lower cost and 2-day delivery ✓ Continue testing new value proposition with better balanced pricing and discounting philosophies ✓ ● Easy Delivery + Support Expand free returns for Club O members ✓ Leverage ML for accurate delivery ✓ Test 1-day shipping experience ✓ 27#282020 Focus ● ● Product Findability Enhance mobile web experience Refine ML model for better site search relevancy Improve new product content. overstock. Smart Value ● Clarify promotional price messaging • Transform promotional model • Further reduce logistics costs. Easy Delivery + Support ● Optimize ML delivery models • Position inventory for fastest delivery • Improve customer support self-service experience 28#29Summary: Our Focus Home Furnishings: $300B Market Overstock is a Top Online Retailer Online Penetration¹ ADM 40%% 20% 0% H 51% & ALA overstock. p Toys & hobby produda Appalacomori sogdans un bo 24% overstock. NŲ SKAKO LETO ĐA THE LATE - $67B (+16% YoY) Online Home Furnishings Market 10%. 2013 category definition certy chia with c limpa 4% 1) Su-Toll US Rebaland Commerce Salsa Sharad 2) Boure B 2010 publication of Jumpstel 2018 online furnitura sa Dancing of muchos, outdoor famibre & décor, wd appliances & electronics, faite skrage &cation prodada e pr & dica de Top US Home Furnishings Online Brands² (Ranked by Online Revenue) 1. Amazon 2. Wayfair 3. Walmart 4. Target 5. overstock. Playing to Our Strengths overstock. Savvy Shoppers overstock Reluctant Refreshers $120B Market¹,2 ▪ Over-index for shopping at Overstock ▪ Deal driven & low hassle ▪ Combined market spend is 40% of total market² 1 Source:arker-Total US Retail Sad 2015 2) Surse: Overlack suabarreringatan 201 N$3008 Market Bax 40% Customer Sagan Market S$1208 Market Overstock 2020 Retail Strategy aspiration & positioning dream homes for all easily & confidently find just what they want for loss sustainable, profitable growth financial goals target customers brand pillars constitutional principles overstock. product findability primary segment savvy shopper values Overstock for helping them feel smart about finding a great deal from a compelling selection of stylish & quality home products gat inspired anywhere, but early find it at Overstock world-class SEO enablers making beautiful & comfortable homes accessible by helping customers smart value quality & style for loss as an indicator that our innovation is meeting target customers' needs OKR-driven focus & collaboration world-class ML &algontm innovation engaging email program secondary segment reluctant refresher values Overstock for helping them easily & confidently find just what they want easy delivery + support fast, free, & predictable delivery. plus low hassle rolumns & support rewarding Club Q Loyalty program intuitive mobile experience initiatives parner-sponsored marketing discounting & pricing experience increase real-time data 29#30Identity evernym MINDS NETKI FinClusive Vital Chain overstock. Land Titling Zi A MEDICI VENTURES MEDICI LAND GOVERNANCE Banking & Currency (3 1 bitt PEERNOVA spera ripio Capital Markets MI tZERO symbiont Supply Chain Vinsent GRAN CHAIN FACTOM Voting Voatz Votem SettleMint A 30 MEDICI VENTURES#31Identity evernym MINDS NETKI FinClusive Vital Chain overstock. Land Titling Zi A MEDICI VENTURES MEDICI LAND GOVERNANCE Banking & Currency 1 bitt PEERNOVA spera ripio Capital Markets tZERO symbiont Supply Chain Vinsent GRAN CHAIN FACTOM Voting Voatz Votem SettleMint A 31 MEDICI VENTURES#32overstock. tZERO 32#33tZERO is the Next Generation Capital Markets Platform Through our proprietary technology and SEC-registered ATS¹, tZERO connects issuers looking to raise capital and access liquidity, with investors interested in trading unique assets Supply Issuers tZERO- loverstock. 1) Citates trading sdigin of te Group, is a FINRA member broker-dealer, which operates a SEC-registered ATS that facilitates of digital securities and equities alike. Demand Investors 33 tZERO#342019 Digital Security Statistics overstock. 2M+ $5M+ $23K+ Shares of Digital Securities Traded Total Value of Digital Securities Traded ¹ Average Daily Value of Digital Securities Traded ¹ 1) Calculated by multiplying total volume by closing price. 34 tZERO#35Crypto App Investor Accounts New Accounts 595 Jun 19 overstock. +616 1,211 Jul 19 +692 1,903 Aug 19 +714 2,617 Sep 19 +818 3,435 Oct 19 +589 4,024 Nov 19 +543 4,567 Dec 19 +759 5,326 Jan 20 +658 5,984 Feb 20 35 tZERO#362020 Company Priorities 1: Assets Trade more high-quality digital securities on the tZERO ATS overstock. 2: Liquidity Enhance liquidity for digital securities on our platform 3: Experience Create a world class experience for digital securities 36 tZERO#37Priority 1: Assets New Issuances / STO's Signed agreement with Alliance Investments in Q4 2019 to tokenize $25M of River Plaza Signed three new commission sharing agreements since the last earnings call bringing the total to 11 agreements ¹ overstock. Tokenize Existing Securities Real Estate continues to be the leading asset class, followed by funds and other private companies 1) Including agreements with tZERO subsidiaries. • Additional priority is tokenizing and trading private companies with deep capital tables Trade Existing Security Tokens Working on integrating a number of leading 3rd party protocol providers Advanced onboarding discussions with several existing security tokens seeking secondary liquidity e 200+ issuers globally in the pipeline at different stages of onboarding or due diligence 37 tZERO#38Priority 2: Liquidity OSTKO Shareholders recently approved digital dividend Already experiencing an increase in interest from broker-dealers representing OSTK shareholders. We encourage interested broker- dealers to contact [email protected] overstock. Additional Broker-Dealers • Choicetrade technology integration ● ● ● complete. Go-live contingent on regulatory approval Four additional broker-dealers have subscribed to the ATS Awaiting regulatory approval for tZERO Markets - targeting launch in Q2 2020 (contingent on regulatory approval) In discussions with over 100 prospective broker-dealers BSTX Joint Venture ● ● BSTX recently amended the rulebook and regulators extended the comment period. Expecting a decision from regulators in Q2 2020 The goal of BSTX is to become the first nationally regulated exchange for digital securities 38 tZERO#39Priority 3: Experience overstock. Completed Product Enhancements • Increased daily investor onboarding capacity ● from 5 to 1,000 ● Improved charting functionality for broker- dealers (Dinosaur Financial) • Added order book functionality Made ATS market data publicly available Significantly decreased the load time of the Crypto app on iOS (Android to follow shortly) ~ ● Product Roadmap OSTKO dividend Integration of Tezos Blockchain BSTX Launch of tZERO Markets Support for multiple clearing firms. • Introduce capability to trade ● security tokens on app ● ● ● ● 39 tZERO#40Identity evernym MINDS NETKI FinClusive Vital Chain overstock. Land Titling Zi A MEDICI VENTURES MEDICI LAND GOVERNANCE Banking & Currency (3 1 bitt PEERNOVA spera ripio Capital Markets MI tZERO symbiont Supply Chain Vinsent GRAN CHAIN FACTOM Voting Voatz Votem SettleMint A 40 MEDICI VENTURES#41Our Mission Change the world by advancing blockchain technology Democratize Capital to allow everyone to participate in local, national, and global markets overstock. Eliminate Middlemen which add unnecessary time, difficulty, and cost to transactions Re-Humanize Commerce as people connect directly with each other A MEDICI VENTURES#42Accelerator Model overstock. Accelerator for early stage companies building on blockchain technology Keiretsu model enables efficient uses of capital and development resources 50+ enterprise-grade blockchain developers. and designers A 42 MEDICI VENTURES#43Vital Chain Newest Addition to the Keiretsu ▪ Uses blockchain technology to digitize vital records (birth and death certificates) ■ Owners are proven entrepreneurs in the blockchain space ■ Agreement in place with MetroHealth in Cleveland. overstock. A 43 MEDICI VENTURES#44FinClusive NextGen overstock. Compliance Getting Real Product into Production ▪ Launched Compliance-as-a-Service (CaaS) in May 2019 ▪ Launched Banking-as-a-Service (BaaS) in November 2019 ▪ Launched Compliance and Payments Task Force (CPTF) 2020: Heavily focused on sales կատա Wholesale Banking A 44 MEDICI VENTURES#45Jan 2019 ✔Voatz overstock. Third-Party Funding Keiretsu companies raised: $85mm total capital / $63mm from third-party investors FinClusive evernym PEERNOVA GRAN CHAIN SettleMint MEDICI LAND GOVERNANCE A 45 Mar 2020 MEDICI VENTURES#46Summary and Q&A - Focused Execution. Overstock Retail Sustainable, profitable growth Relentless focus on initiatives. ● ● Retail Adjusted EBITDA Sma) $10 50 MEAL 017) (121 80% Impo || 100% Allor 70% Alle (578) (558) (530) (540) (555) (580) 01 18 Overstock. (150) 0218 Quarterly 0818 (3:13) 0418 loverstock. 01 19 TO 00 19 OF 19 1300 (5400 13800 120 Annual (112) 221 FY *Refers to the allocation of Shared Services Finance Lagal, HR Administration, etc.). Prior periods afecta 100% allocation to Rubail. RetrA EBITDA is a non-GAAP inancial mar. Se French in Aspanic tZERO ● Onboarding tokens & investors Digital dividend driving adoption 2020 Company Priorities 1: Assets Trade more high-quality digital securities on the tZERO ATS Overstock. 2: Liquidity Enhance liquidity for digital securities on our platform 3: Experience Create a world class experience for digital securities tZERO Medici Ventures Accelerating existing Keiretsu • Products in production. Identity evernym MINDS INETKI AFinClusive Vital Chain Overstock. Submit questions to [email protected] Land Titling MEDICILAND GOVERNANCE MEDICI VENTURES Banking & Currency A Capital Markets bitt tZERO PEERNOVA symbiont spera ripio Supply Chain Vinsent GR PAIN FACTOM 1> Voting Voatz Votem SettleMint MEDICI VENTURES 46#47overstock. Appendix#48Q4 2019 Financial Results: OSTK Total Revenue $370.9 Million (18%) vs. Q4'18 Sales & Marketing Expense $40.9 Million (14%) vs. Q4'18 overstock. Gross Profit $76.5 Million (6%) vs. Q4'18 Contribution ¹ $35.7 Million +5% vs. Q4'18 Adjusted EBITDA1 ($19.0) Million +$8.6mm / +31% vs. Q4'18 Ending Cash $112.3 Million +$28.7mm vs. Q3'19 48 1) Adjusted EBITDA and Contribution are non-GAAP financial measures. See Reconciliations in Appendix#49Adjusted EBITDA Reconciliation Adjusted EBITDA Retail tZERO MVI Other Adjusted EBITDA Less: Special items (see table below) Less: Depreciation and amortization Less: Stock-based compensation Less: Interest (income) expense, net Less: Other (income) expense, net Less: Provision (benefit) for income taxes Net loss Special items: Impairments on intangible assets Loss on disposal of business Cryptocurrency impairments and gains on sale, net Severance Special legal expenses* Total Special Items overstock. $ $ $ $ Dec-2019 ,194 (10,628) (2,695) (3,442) (18,959) 7,998 4,606 (262) (1,547) (94) (29,660) $ $ $ Sep-2019 $ (2,460 $ 16,856) (13,207) (7,256) (57 (11,233) (2,691) (3,461) (4,008) (3,987) (1,714) (1,687) (27,513) $ 9,565 $ (17,960) $ (13,143) $ (23,662) 185 1,757 7,518 6,614 8,664 4,467 3,985 2,702 (392) 4,781 23 $ 1,406 $ (1,221) 185 Jun-2019 1,581 $ (8,729) (2,586) (3,409) $ 7,464 5,171 (622) (34,542) $ (27,626) (525) 2,995 $ $ Three months ended $ Mar-2019 (276) 6,272 878 (42,892) 1,757 1,757 $ $ $ Dec-2018 $ 6,000 3,565 Sep-2018 9,565 $ (20 (4,056) (1,691) (897) (26,804) $ 10,783 7,999 2,246 (563) 1,848 1,999 (1,939) (141) (47,941) $ (49,257) (282) $ Jun-2018 0,14 (9,577) (2,693) (425) (62,844) $ (6,816) 7,535 2,973 (225) (368) (27) $ (65,916) $ (6,816) $ (24,372) (4,382) (1,197) (639) (30,590) 9,870 7,499 6,435 330 9 (277) (54,456) 10,783 10,783 $ (6,816) Mar-2018 $ 7,259 1,600 1,011 9,870 Dec-2019 Year ended $ $ (111,537 (43,797) (25,271) (11,981) (7,296) (14,298) (3,647) $ (73,724) $ (147,751) 1,942 29,594 23,402 31,697 14,356 18,229 (1,455) 12,501 185 $ (134,720) $ Dec-2018 1,406 (740) 3,488 (2,384) $ (217,570) $ 1,757 (1,221) $ 1,942 $ 6,000 3,565 443 1,600 11,794 23,402 49 *Special legal expenses include charges and credits associated with our Delaware gift card escheatment matter and legal fees associated with pursuing our strategic alternatives. Adjusted EBITDA is a non-GAAP financial measure used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. You should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.#50Contribution Reconciliation Total net revenue Cost of goods sold Gross profit Less: Sales and marketing expense Contribution Contribution margin Total net revenue Cost of goods sold Gross profit Less: Sales and marketing expense Contribution Contribution margin Total net revenue Cost of goods sold Gross profit Less: Sales and marketing expense Contribution Contribution margin overstock. $ $ $ $ Retail 364,076 $ 288,856 75,220 39,946 35,274 $ 9.7% $ Retail 446,733 $ 366,712 80,021 47,142 32,879 7.4% $ Retail $ 1,434,974 $ 1,147,025 287,949 140,377 147,572 10.3% $ Dec-19 Other* 6,805 5,503 1,302 922 380 5.6% Dec-18 Other* 5,815 $ 4,256 1,559 395 1,164 20.0% Dec-19 Other* $ 24,444 19,300 5,144 2,743 2,401 9.8% $ Total 370,881 294,359 76,522 40,868 35,654 9.6% Total 452,548 370,968 81,580 47,537 34,043 7.5% Retail 340,798 $ 272,545 68,253 33,551 $ 34,702 $ 10.2% Total $ 1,459,418 1,166,325 293,093 143,120 $ 149,973 10.3% $ Retail 435,775 $ 350,651 85,124 55,183 $ 29,941 6.9% $ Year ended $ Retail $ 1,800,187 $ 1,452,195 347,992 269,988 78,004 4.3% $ $ Sep-19 Other* 6,301 5,006 1,295 664 631 $ 10.0% Sep-18 Other* 4,805 3,213 1,592 129 1,463 30.4% $ Dec-18 Other* $ $ Three months ended Total 347,099 277,551 69,548 34,215 35,333 10.2% Total 440,580 353,864 86,716 55,312 31,404 7.1% Retail 367,475 $ 294,984 72,491 33,947 $ 38,544 $ 10.5% Three months ended Total 21,405 $ 1,821,592 15,489 1,467,684 353,908 5,916 4,491 274,479 79,429 1,425 $ 6.7% 4.4% $ $ $ Retail 477,683 $ 387,252 90,431 93,747 (3,316) $ (0.7%) Jun-19 Other* 6,234 $ 4,826 1,408 613 795 12.8% Jun-18 Other* 5,450 4,138 1,312 669 643 11.8% $ $ $ Total Retail 373,709 $ 362,625 299,810 290,640 73,899 71,985 34,560 32,933 39,339 39,052 $ 10.5% 10.8% $ Total 483,133 $ 391,390 91,743 94,416 (2,673) (0.6%) $ $ Retail 439,996 $ 347,580 92,416 73,917 18,499 4.2% $ Mar-19 Other* 5,104 3,965 1,139 544 595 11.7% Mar-18 Other* $ $ $ 5,335 3,882 1,453 3,297 (1,844) $ (34.6%) Total 367,729 294,605 73,124 33,477 39,647 10.8% Total 445,331 351,462 93,869 77,214 16,655 3.7% 50 *Other includes our tZERO, MVI, and Other reportable segments. Contribution and contribution margin are non-GAAP financial measures used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. You should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.