Dave Nielsen: I couldn’t emphasize enough what Jonathan just said. It is a daily activity and discussion at Overstock. We understand deleveraging the top line is problematic and we are working feverishly to prevent that.
Operator: Thank you. Our last question comes from the line of Rick Patel with Raymond James. Your line is now open.
Rick Patel: Thank you for taking my question and squeezing me in here. In terms of expanding the assortment in the home category, you touched on better performance of newer areas like giftables and national brands. Can you talk about the opportunity to lean into categories that are working well intra-quarter? So, giftables may not be strong year round, but given high inventories in the industry. I’m assuming product is available. So how quickly can you chase into some of the stuff that’s working? And on the flip side, with such a broad assortment, how do you ensure that consumers don’t get overwhelmed by all the options they have?
Jonathan Johnson: I’ll make two comments and then turn to Dave. One, I think our balance sheet gives us great ability to add quickly — inventory quickly. We did it in the fourth quarter. We actually took some inventory and like I mentioned, sold through it quickly. Our balance sheet means that partners, suppliers are assured they’re going to be paid and paid on time. And that’s been helpful, as we’ve added new home partners and we’ve done well adding new home partners. So those are important things. Dave, what would you add to this?
Dave Nielsen: Yes. I would say that additional inventory we took on in the fourth quarter was a strategic move for us, as we’ve transitioned to a home and home furnishings retailer. Some of those brands that we’re seeing during the fourth quarter on Overstock ignited a whole group of small appliances, national brands who haven’t necessarily been interested in doing business with Overstock, that now are. As we mentioned, with a competitor — a formidable competitor that is struggling considerably, there’s an interest in replacing ourselves. And we’ve had several national brands and retailers in the hundreds that are very interested in joining Overstock. So that’s one component of it. The other component I would add is the findability of that product.
And Jonathan mentioned in the prepared remarks, our improvements in search are undergoing. We think that gives us the opportunity for customers to find that incremental additional assortment that we’re adding, easier, quicker, for an overall better customer experience. Jonathan?
Jonathan Johnson: Yes, I’m glad you mentioned that, because we have made improvement, product findability has some gaps, and we’re working on it today. And we think when we do that, it’s going to be a much better site experience and shopping experience for our customers. So I appreciate the question. Look, I’m putting 2022 is in the rearview mirror, a year we will not forget nor repeat. The projects that this management team is diligently working on to improve Overstock’s trajectory are exciting. I believe they’ll bear fruits. I believe they will. So, I continue to be bullish about Overstock’s future. Thank everyone for participating on today’s call. We appreciate your interest in and ownership in Overstock and mind you we are working the best we can to be good stewards of your capital. Thanks everybody.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect everyone have a wonderful day.
