Good day, and thank you for standing by. Welcome to the Overstock Investor Update Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during this session, you'll need to press star one one on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Lavesh Hemnani, Head of Investor Relations. Please go ahead. Thank you, operator. Good morning, everyone, and welcome to our conference call today to discuss our acquisition of the Bed Bath & Beyond brand and other intellectual property. Joining me on the call today are CEO, Jonathan Johnson, and CFO, Adrianne 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, June 29, 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 31st, 2022, and in our subsequent filings with the SEC. Following management's prepared remarks, we will open the call for questions. As a reminder, and as indicated in our press release, we will not be providing additional details or taking any questions related to the second quarter 2023 preliminary performance update. Next slide, please. During today's call, we follow the agenda on slide three. With that, let me turn the call over to our CEO, Jonathan Johnson. Thank you, Lavesh, and good morning, everyone. I appreciate you joining us on short notice. This is an exciting and pivotal moment for our company. As you read in our press release yesterday, we purchased the Bed Bath & Beyond brand and other intellectual property. In a few minutes, Adrianne will explain what we bought and what we didn't. Bed Bath & Beyond is an iconic brand with high consumer awareness and strong brand loyalty in the home space. We believe that this well-known and much-loved brand, coupled with our unique asset-light operating model, will help us accelerate our efforts to gain market share in the U.S. and Canada. As I've shared before, we look for M&A opportunities that have the potential to enable us to increase our association with home while maintaining our differentiated asset-light business model. This transaction does exactly that. We were able to take advantage of this opportunity due to our strong balance sheet, which had nearly $375 million in cash at the end of the first quarter of 2023. Because we have been purposeful in maintaining a healthy balance sheet, we had and continue to have the flexibility to seize opportunities to invest for future growth, even as the near to medium-term landscape in home-related purchases is expected to remain weak. I note that in the first half of 2023, we have invested over $30 million in value-creating initiatives for our shareholders. The $10 million follow-on investment in GrainChain we made during Q1 2023, and now this important acquisition. Our investment thesis is unique and differentiated. We have multiple ways to create shareholder value. I am more optimistic about our future than I have ever been. Before I discuss our rationale for this deal and our vision of how we plan to use the newly acquired Bed Bath & Beyond brand and other assets, Adrienne will discuss the transaction details. Thank you, Jonathan, and good morning, everyone. I am excited about the growth potential that this acquisition brings for us. We have the opportunity to gain market share with the potential to acquire millions of new customers. As noted in our press release, we acquired the Bed Bath & Beyond brand and other intellectual property for $21.5 million. We acquired these assets under a bankruptcy court-supervised process. The intellectual property we acquired includes customer lists, including loyalty program participation and rewards details, website domain names held by the Bed Bath & Beyond banner in the United States and Canada, including access to its mobile applications, vendor lists and SKU-level information, and trademarks and other product-related brand names held by Bed Bath & Beyond, including all private label trademarks. Further details are available in the asset purchase agreement we filed with the SEC. Our transaction excludes physical assets like stores, warehouses, and product inventory. We will continue to operate an asset-light business model. The transaction also excludes intellectual property associated with the Buy Buy BABY and Harmon banners that had been operated by Bed Bath & Beyond. With our strong balance sheet, we funded the acquisition entirely with cash on hand. I will now hand the call back to Jonathan to discuss our strategic rationale for this transaction. Thank you, Adrienne. As an organization, we have maintained focus on controlling factors within our control, even as the macro environment remained unstable and consumer sentiment in our category has been weak. Our expense discipline allowed us to be ready for opportunities like this one. We know we have the right go-to-market strategy and the right operating model. Now, we have access to an iconic consumer brand, a brand strongly associated with the home category, to accelerate growth. While a lot has been written and said about the Bed Bath & Beyond operations prior to its bankruptcy, the brand remains strong among consumers. I will share more on this shortly. Next slide. I can't count how many times I've been asked about the Overstock name, almost always with the question: "Why don't you change the company's name?" We knew the Overstock name reflected our prior liquidation model and that it did not align with the type of products we now sell. We are not a liquidator, and we have not been one for 20 years. We offer quality, new, on-trend product at smart value. Since late 2019, we strategically began moving our business to the home category, completing that transition to a 100% online retailer furniture and home furnishing products exactly one year ago. We expected our transition to a 100% home would aid in increasing our brand association with home. That has proved more difficult than we thought. The Overstock name restricted our ability to be top of mind for consumer shopping for quality home products. For example, when new customers were attracted to the website due to the name Overstock, they were sometimes disappointed they didn't experience deep liquidation prices. Other customers still thought we were a general merchandise retailer. When other customers found us via search engine marketing and liked the product and the price they discovered, upon clicking through to the website, our name was a challenge to overcome, as some customers wondered if the product was aged or less than desirable because it was Overstock. Some suppliers remained reluctant to sell on what they perceived to be a liquidation site. In short, our Overstock name created a headwind with many customers and suppliers who did not associate our brand with quality home products. Thus, we have long looked for ways to rebrand, but wanted to do so in a way that wouldn't take years or cost hundreds of millions of dollars. We have long liked the Bed Bath & Beyond brand, but were leery about its operating model. When the chance to buy the brand and other IP without all the stores and inventory arose, we saw it as a unique and value-creating opportunity. Associating a well-known and much-loved brand name in the home space, like Bed Bath & Beyond, with our asset-light business model, should enable us to increase our ability to gain market share. Let me start with some facts about the Bed Bath & Beyond brand. In unaided brand awareness, Bed Bath & Beyond is ranked number five among the top 25 retailers in the category. This is based on a survey conducted over the last few months, suggesting that operational efficiencies at the company have not hurt the consumer perception of the Bed Bath & Beyond brand. That was important to us. Consumers are emotionally connected to the Bed Bath & Beyond brand. This is critical in building loyalty and something we will use to our advantage. The number of customers in Bed Bath & Beyond's Welcome Rewards loyalty program is in the high single-digit million range, a bigger number than Overstock's entire active customer base. Our opportunity is significant. Bed Bath & Beyond has more than $20 million active customers. This is over four times our current active customer base. Even if we remove in-store-only customer, Bed Bath & Beyond's digital and omnichannel active customer base is more than double our customer base, and those customers accounted for over $1 billion in revenue last year. We have an opportunity to capture market share by bringing these customers to our platform with our amazing assortment and great prices. We are making progress, adding product assortment in key categories that appeal to the Bed Bath & Beyond customer. In terms of customer demographics, Overstock and Bed Bath & Beyond are well matched. The relative size of the Bed Bath & Beyond customer base will enable us to broaden our exposure among the younger demographic, something that has been a focus area for us, as we try to grow our mobile app penetration, social marketing efforts, and our partnership with brand ambassadors. Regarding our business model, we have demonstrated that our three brand pillars, namely smart value, product findability, and easy delivery and support, and our asset-light business model, works. Our smart value offering, underpinned by our strong price competitiveness, differentiates us in the marketplace. Like Bed Bath & Beyond, coupons resonate with our customers and drive sales. However, unlike Bed Bath & Beyond, our promotional strategy is strategic by channel. For example, mobile app and email and by product categories. We are confident that we will be able to continue to offer smart value to a broader group of customers. We have a wider assortment of furniture and related products. Said differently, we can offer a bigger Beyond assortment to the Bed Bath & Beyond customers. While Bed Bath & Beyond was trying to achieve this with private labels, we already have a vast partner base to offer breadth and depth in the Beyond-type product assortment. With our strategic shift to focus on the home category, our recognition among partners has been growing. We have access to a wider assortment and continue to onboard new partners. In fact, and this is exciting, we added more than 100,000 new SKUs in the single week when the news broke that we were selected as the stalking horse bidder in the bankruptcy proceeding. These new SKUs were across popular Bed Bath & Beyond categories. We knew, and this proved, that our Overstock name kept some partners from working with us. This transaction will change that. To summarize this slide in one line, the opportunity for Overstock is real and significant. Next slide. This slide will be familiar to everyone. We refer to this as our growth flywheel. It highlights key elements of our strategy. This transaction touches many of the elements on the flywheel and helps accelerate some of our work. As I referenced earlier, the Bed Bath & Beyond brand has high unaided brand awareness. This will enable us to increase our association with home. We have more than doubled our assortment of home SKUs since we embarked on our home-only strategy in early 2021. While we have continued to make strong progress in increasing home-related assortment on our website, taking on a well-known brand name is helping and will help us to attract additional supplier partners. The acquisition of Bed Bath & Beyond Canada intellectual property will give us access to a Canadian customer database in the low single-digit CAD millions. This will greatly accelerate our efforts in Canada. I should note that our bedbathandbeyond.ca domain launched this morning. If you wanna see what the site will look like, type that in and see how exciting and clean it looks for our customers. Our mobile app has a higher sales penetration than Bed Bath & Beyond does. We expect to onboard Bed Bath & Beyond customers through this channel and convert them into loyal customers. As we have indicated in the past, our mobile app is the fastest-growing channel and stacks up more favorably on customer metrics compared with the rest of our business. We've always been purposeful and strategic about sales and marketing expenditures. We hold ourselves accountable to return on advertising spend targets and ensure we don't overspend on marketing to the extent that spending becomes ineffective. We believe marketing our assortment under the iconic Bed Bath & Beyond brand, will help us deliver a better return on our marketing expenditures. You can see, there are many compelling reasons which led us to pursue this transaction. The easy part is behind us, and the hard part is in front of us. We now must execute against our growth drivers and use this transaction to acquire new customers and accelerate top-line results. The team knows this is a unique opportunity for the company and its formalized plans to drive growth. Next slide. In this section, I will discuss our plans for integrating the intellectual property acquired in this transaction and share our longer-term plans. Next slide. Our intention is to create a single online shopping destination, branded as Bed Bath & Beyond, for tens of millions of consumers to purchase quality furniture and home furnishing products at smart value. We plan to integrate the Bed Bath & Beyond brand over three phases. We believe this phased approach is critical to successful execution. We want to be well-positioned to capitalize on key events during the second half of this year and gain market share. We will be agile in our execution of this plan and adjust as needed to deliver the best outcome. I'll discuss each phase briefly. Phase I, July. We've already gone live with the Bed Bath & Beyond domain in Canada. The existing Overstock domain will redirect traffic to this domain. Again, go and take a look at it. I'm really proud of our tech team and our operations team for one day after closing to get the site live in Canada. Through this initial launch in Canada, we will be able to iron out tactics and strategies for the US to ensure we are successful when we go live with the Bed Bath & Beyond domain name in the US. We have already started onboarding assortment in key Bed Bath & Beyond categories. This will be a continued effort as we expand the breadth and depth of our home product offerings. During phase I, we will also begin rebranding our Club O loyalty program as Welcome Rewards for launch in the US. The Welcome Rewards loyalty program has been a successful program for Bed Bath & Beyond. We certainly want to leverage that. Phase II, August and September. In early August, we will go live with the Bed Bath & Beyond domain in the US. We will also launch the Bed Bath & Beyond mobile app in iOS and Play Store. This launch will include a rollout of a refreshed Welcome Rewards Loyalty Program. Like our current Club O program, the newly branded Welcome Rewards program will continue to offer 5% rewards dollars for all purchases that can be fully redeemed in subsequent transactions. We will also add attractive benefits to welcome back former Welcome Rewards programs, including free membership for one year and exploring the opportunity to reactivate rewards dollars from their old accounts. We expect to incur additional marketing expenditures to promote our new Bed Bath & Beyond brand identity. We are working with excellent external advisors to help us craft messaging to retain our existing customers and attract the Bed Bath & Beyond and Home customers across the marketplace. While the added marketing expense will create some pressure in the near term, we are being purposeful on this spend to be well-positioned during key selling events, such as the Labor Day weekend in September. Clear communication about our new brand is important to us as we shift to bigger events in Q4. Phase III. The third phase will begin sometime during Q4 and continue into 2024 and beyond. We will continue to build assortment across our categories. This is critical to our strategies to complete and gain market share in the long term. After bringing the Bed Bath & Beyond domain live in Q3, we will begin to sunset the Overstock name across all customer-facing platforms. We intend to operate with a single brand name, Bed Bath & Beyond, in the future. We will also evaluate opportunities for future growth, including a registry business, trade, and B2B sales, and explore alternatives around private label offerings under the various Bed Bath & Beyond brands. To clarify, we are not looking to rush into these opportunities. The timing of these growth opportunities will depend on how quickly we can stabilize and grow our revenue following going live with the Bed Bath & Beyond domain in Canada and in the US. As we move along this phase journey, I need to acknowledge that you should expect a period of volatility in our PNL as we temporarily depart from our financial recipe card for a few quarters to maximize this unique customer acquisition and growth window. This may include lower average order values and margin rates owing to product mix, coupons, and discount offers. We also expect to incur higher marketing expenditures for the brand transition. While each of these metrics is difficult to predict or guide to in the near term, we will measure our success through growth in our home-only active customer base. At the end of Q1 2023, our home-only active customer base was approximately 4.8 million. We estimate that number will be slightly smaller at the end of Q2. We will leverage the iconic Bed Bath & Beyond name to attract new customers, reactivate prior customers, and retain customers. We will also drive incremental wallet share to grow our presence in the more than $400 billion total addressable market. Next slide. Before we take questions, I will wrap up today's presentation with a few comments addressed to four of our stakeholder groups. First, to our existing and prospective partner suppliers, we look forward to growing our relationship with you as we continue to provide an efficient and growing sales channel for your products. The Bed Bath & Beyond name will help us expand our business in the marketplace. We invite you to participate in this growth.... To our customers. To our loyal Overstock customers, our new name will not impact your shopping experience with us. We will continue to carry the great home assortment for which you know us. To Bed Bath & Beyond customers, welcome to the new Bed Bath & Beyond. You will be able to access the kitchen, bedding, and bath-related products that you have purchased over the years at Bed Bath & Beyond, along with the large and growing assortment at Overstock. We offer millions of home products at the best deals in the marketplace. You can now think of us as bed, bath, and a bigger and better beyond. To our employees, you have improved that the Overstock business model works. You have enabled the company to deliver positive adjusted EBITDA for three consecutive years, quarter after quarter after quarter. Thank you. Your perseverance allowed us to play offense and take advantage of this unique opportunity. To our shareholders, this is a significant and transformative step for Overstock. We appreciate your support during this journey. We will continue to operate our differentiated asset-light business model. As we rebrand under a new name, we have an opportunity to capture market share and deliver additional operating leverage. I strongly believe that this investment, along with our recent follow-on investments in the Medici portfolio, will help deliver maximum long-term value to our shareholders. Now, operator, let's take some questions. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit yourself to one question and one follow-up and re-queue. Please stand by while we compile the Q&A roster. Our first question comes from Jonathan Matuszewski from Jefferies. Your line is open. Great. Good morning. Congrats on the transaction. My first question is regarding a portion of the active file that you acquired. You know, over time, you'll be able to show former Bed Bath customers a much improved shopping experience. There is, though, likely a contingent of shoppers that were presumably turned off by the Bed Bath brand during its demise over the past two months due to, you know, ramping out of stocks and canceled orders. Do you have a sense, maybe an internal estimate, of the customer file that's resistant to engaging with the Bed Bath brand going forward? Jonathan, thanks for the question. It's something that we looked at carefully as we examined this transaction. As I noted in my prepared remarks, as we did an outside third-party survey of customers, it was clear to us that the Bed Bath & Beyond brand is still strong with customers. My experience is that mismanagement can kill companies but doesn't kill brands. There are lots of brands that have gone through bankruptcy that remain strong and iconic today. The Bed Bath & Beyond brand, we think, will be such a brand. You know, I'd also just note, when you think of the generic meanings of the term Overstock and the headwind that that's presented for us, the generic meaning of Bed Bath & Beyond and the tailwind that it will bring us, we really think engaging and even reengaging with Bed Bath & Beyond customers is doable and something that we're primed to do. I appreciate the question. That's helpful. Just a quick follow-up. There are precedent transactions where retailer IP has been bought out of bankruptcy processes similar to this one. As you mentioned, some of these have been successful, others not as much. What are some of the pitfalls you've seen from prior deals, and how are you gonna avoid those in this transaction? Thanks. Jonathan, another good question and something we thought a lot about. I think this deal is significantly different from deals where people buy IP and try to restart them. We have a strong and successful business with a great operating model. What we're really getting is a chance to rebrand without spending hundreds of millions of dollars and taking time to do it, by buying an iconic name and a deep and interesting customer list. We're not really trying to reboot a bankrupt brand. We're trying to take a brand that's been through bankruptcy and still strong, and now apply it to a business model, our asset-light operating model, that works. You know, I think we have looked at other deals to try and see what works, but I think this is a little different than most deals because we're using this to remove some of our headwind on a great model and put tailwind behind it with this iconic brand. That's really helpful. Thanks for the color, and best of luck. Thank you. Thank you. One moment for our next question. We have a question from Tom Forte with D.A. Davidson. Your line is open. Great. Jonathan, Adrianne, Lavesh, congrats on the transaction. One question, one follow-up. Jonathan, you gave a lot of metrics, but I was hoping you could potentially quantify the impact, the Overstock brand name had in your historical sales. Is it fair to say that the brand name, for all the reasons you've identified, had a greater than negative 10% impact on your sales? When you think about, pivoting to a brand maybe more associated with home, that that's kind of the minimum threshold for incremental sales. Yeah, I was hoping you could frame it in sales. How much do you think the challenges of the Overstock brand impacted your sales, and what's the potential unlock there? Tom, great question, and as always, I love your quantitative mind. I appreciate it. That's a hard question to answer and put a number around. You know, in my prepared remarks, I talked about difficulties it's created for adding suppliers in our partner base. I just can't tell you how many times, you know, I've encouraged someone to shop at Overstock and they thought, "Am I getting seconds?" You know, people, I think people even like you, Tom, have said, "What's up with this name? It's not who you are." Can't put a number on it, but I do think it's been real headwind, and I do expect and hope that this new name will become real tailwind for us. Hard to put a number, but we know it's real. Excellent. All right, rather than make an assumption on my part, so after you have kind of this near-term situation where you spend on incremental marketing, has the transaction changed your long-term margin profile from a gross margin and EBITDA margin point of view? Tom, long term, the answer is no. Long term, the answer is no. Short term, we're gonna have to see how AOV plays out as we lean more into bed and bath, which tends to be a little smaller basket size. We'll learn into the margins. We also expect to spend a little bit more on marketing in the next few quarters. You know, this is a unique opportunity to reach out to customers and re-engage them. Short term, our recipe card, there'll be a little departing from it, but long term, the goal is to get back to the 22%-ish gross margins and mid-single digit adjusted EBITDA margins. We think this business can do that while taking and growing market share. Thank you very much. Thank you. One moment. We have a question from Steven Forbes from Guggenheim Securities. Your line is open. Good morning. This is Rene Marin on for Steve Forbes. I want to start off with the sales breakdown of Bed Bath & Beyond. Can you please provide any color on the sales breakdown by category at Bed Bath & Beyond, and any additional color on how you think about the sales transfer opportunity? Thank you. Rene, I appreciate the question. That's not information we're gonna give for competitive reasons. I think it's important we hold that tight. Sorry to not be as forthcoming on that, but we think it would hurt us in the long run to share that. Got it. As my follow-up, can you discuss how you plan to lean into loyalty and if we should expect any changes given the historical use of coupons at Bed Bath & Beyond? We know that coupons are a big part of who Bed Bath & Beyond has been. Coupons and site sales have also been a big part of who Overstock has been and is. I think you can continue to expect the high-low. One thing I'll note is that even without coupons, at Overstock, our smart value is really a great price. While the Bed Bath & Beyond, given its pricing, was maybe a little bit bigger, high-low, we don't think we'll need to coupon as much or as large over the long term. I think as we reach out to these Bed Bath & Beyond customers initially, our couponing may be a little bit more robust so that it feels like a familiar place to them. I would also say that we really like the Welcome Rewards program. It has been, it's got a big, active customer base. I think combining our Club O program and all of our Club O loyalty offerings will still be there, and we'll port the Welcome Rewards. Combining the best of both of those, Club O loyalty and Welcome Rewards loyalty, as we rebrand as Welcome Rewards, is gonna be very strong, as far as where we go with loyalty. Dave, anything you'd add to that? I think the frequency is really important there. I think when we think about the big events, the big home furnishings events, we will be right there as historical couponing events that Bed Bath & Beyond had seen. I don't know that the frequency will be required because of what Jonathan mentioned. Got it. Thank you. Thank you. Our next question comes from Seth Sigman with Barclays. Your line is open. Great, thanks. Hey, good morning, everybody. I get the branding and marketing opportunity. I guess I wanted to follow up on the opportunity to recapture some of those Bed Bath sales. I think you said they were doing over $1 billion of online sales. Obviously, they were doing way more than that at the store level, which over time would be addressable as well as more of those sales go online. I guess your earlier point around the assortment, I'm trying to figure out how much do we haircut that $1 billion-plus in sales for categories that you may be exiting? Like, what is actually addressable here? Maybe we could just start there. Thanks. There are certainly categories, Seth, that don't fit online, that are more for brick and mortar, the smaller product. There are certain categories that Bed Bath & Beyond was selling at its brick and mortars that we won't sell, think Tide PODS, things in that last little serpentine to the, to the cash register. We think there is a lot to be taken in Bed Bath & Beyond market share, and we expect to get more than our fair share. We'll have the name. We have the expertise in-home. Hard to predict the actual number, but we think we'll get more than our fair share. Okay. Then I guess a good follow-up would be the customer overlap today. You mentioned 20 million active customers at Bed Bath. How many of those have shopped at Overstock, either in the last 12 months or over time? Just trying to think about that customer overlap. As part of the process, we were able to do a small sampling. We certainly couldn't access the entire customer base list until we closed the transaction. In our sampling, there was some overlap, but not so much that it deterred us. I'll also note, even if there was a 100% overlap, because the Bed Bath & Beyond customer list is so much larger than us, a significant opportunity. By the way, the even if isn't even close to 100. We think, we think this is a real chance. As I noted, the Bed Bath & Beyond demographic, a little younger than ours, an area that we've been leaning into with our social media and our brand ambassadors and the app. We think this is a chance to grow into a younger demographic. As far as a behavioral demographic, that's really how we've focused. You know, we've talked about our savvy shopper and our reluctant refresher. There's a lot of overlap in the behavioral demographic, I think it will feel very natural to both the Overstock customer and the Bed Bath & Beyond customer to be shopping on the newly launched site. They'll get what they're expecting as far as their behaviors. Okay, thanks very much. Good luck. Thank you, Seth. Our next question comes from Anna Andreeva, from Needham. Your line is open. Great. Thanks so much. Good morning, guys, and congrats. Two quick ones for us. Apologies if I missed this, out of the 20 million customers you mentioned currently, how many are loyalty program consumers that are digital only, and what is the app penetration? I think you mentioned it's slower than Overstock. Secondly, I know Bed Bath historically had underinvested in e-com, are there additional investments that Overstock would need to make? Any way to quantify what marketing could look like in the near term as you go after that customer? Thank you. A lot of questions there. I'm not sure I took all the notes on exactly, if I don't get to all of them, Anna, you know, let me do the best I can in answering that multifaceted one question. I'll start with additional investment. As far as CapEx, our asset-light business model works well here. I don't think there's gonna be significant investment required to onboard new supplier partners, et cetera. There will be some additional advertising investment. As I've mentioned, you can expect us to depart from our financial recipe card for a few quarters, it's because we don't want to lose this unique opportunity in the window we have to capture these customers. Not gonna quantify, hard to quantify. It's something that we will monitor and, you know, work, looking at the return on ad spend very carefully. App penetration and digital customers. I noted on the prepared remarks that about half of the customer list is either digital or omnichannel, meaning that they've been a digital customer, a big group there. The app penetration as a% of sales is less than Overstock. That's something we've been leaning into, and we're good at. I won't comment on what Bed Bath & Beyond's app penetration as a% of sales has been, it's something we think we can improve with our app and our app reskinned and with the way we know how to market our app. I expect improvements there. Okay, terrific. That's very helpful. That's a big size digital or omni that you mentioned. How many of those are the loyalty program customers? Adrianne, do we know that off the top of our head? Jonathan Johnson, what we shared in our scripted remarks, right, is, Anna Andreeva, is it's high single digit millions of loyalty members. What we're not sharing is kind of the split between omni and digital. All right, terrific. Well, thank you so much, and best of luck. Thank you, Anna. Thank you. One moment. Our last question comes from Curtis Nagle with Bank of America. Your line is open. Great. Good morning, and thanks for taking the question. Yeah, maybe just kind of a simple one. Just thinking about the ramp here, potential impact to revenues, right? Like, you're starting to build revenues quickly, so that's great. You're not obviously building inventory. Marketing start coming in, you know, relatively soon. You know, as we've mentioned, a huge base of potential customers. You know, would you expect this to start being, you know, somewhat material or impactful to revenues by 4Q? What's, I guess, kind of a reasonable cadence to expect for this year, and I'll have a follow-up after that? Adrianne, you wanna take a first cut at that, and then I'll add my two cents? I think I'll share that, clearly in our kind of prepared remarks, we're not giving guidance for the back half of the year or providing any, kind of metrics without saying that, we'll be off of our recipe card, which Jonathan clearly indicated, and the team is working really hard to get these customers engaged or reengaged and get them on the platform. Jonathan? Yeah, I think Adrienne's right. I would say we wouldn't have done this deal if we didn't see an opportunity for top and bottom-line growth. I think the top will come first as we stray a little bit. Stray, I won't say stray, because that sounds like we're lost, as we purposely depart from the recipe card, for a bit. I do expect this to be a win to both top and bottom line, over the long term. Top sooner, bottom later. Okay, makes perfect sense. Then just, you know, a question we get I'll asked often is just, you know, how to think about capital allocation. You guys have a ton of cash, right? You just cleared a potentially, you know, very accretive acquisition. Do we keep buybacks muted as you integrate Bed Bath and, you know, some of the additional costs come on? Again, just given how much cash you have, and I can't imagine you're gonna be spending a lot more on M&A. You know, maybe you go back to the buyback now. Fair question. You know, we have about $20 million available in our authorization, as we've indicated previously. I'm gonna be fairly generic in this answer, Curtis. We're gonna prioritize. We're not gonna make any decisions quickly. It was nice to have a reserve to be able to do that. I think having an all-cash offer was important to win this in the bankruptcy proceedings. Having a strong balance sheet lets us play offense. When I look at the offense we've played over the last 18 months, it's not just this Bed Bath & Beyond acquisition, it's not just the $80 million in buybacks we've done, but it includes follow-on investments in tZERO and GrainChain. I think there are a lot of ways that we're using cash to create shareholder value over the long term. We'll continue to just do what we think is best and keep a healthy balance sheet. Oh, okay. Fair answer. Thank you. Catherine, thank you for moderating for us. Let me close by saying this: The macro environment remains unpredictable. Even so, we control how we navigate through this environment. Our balance sheet is enabling us to play offense. It is our expectation that in a few years, this transaction will be viewed as the upward turning point in our history. As I said in my prepared remarks, I've never been more excited about what's going on at our company. It's really a fun time to be here and running a great team that knows how to run this business. Thank you for participating in today's call, and I wish everyone a happy Independence Day. Again, check out bedbathandbeyond.ca to see what the new look and feel of the website is. It's clean and cool. Talk to you later. This concludes today's conference call. Thank you for participating. You may now disconnect.