Company: PFSweb, Inc. (Nasdaq: PFSW)
Subject: Q1 2011 Earnings Call
Date: May 11, 2011
MANAGEMENT DISCUSSION SECTION
Operator: Good morning. My name is Wes, and I will be your conference operator today. At this
time, I would like to welcome everyone to the PFSweb First Quarter 2011 Earnings Conference Call.
All lines have been placed on mute to prevent any background noise. After the speakers remarks
there will be question-and-answer session. [Operator Instructions]
Thank you. I will now turn the conference over to Garth Russell, Managing Director at KCSA
Strategic Communications. Please go ahead, sir.
Garth Russell, Head-Investor Relations
Thank you, Wes. Before turning the call over to management, I would like to make the following
remarks concerning forward-looking statements. All statements in this conference call other than
historical facts are forward-looking statements. The words, anticipate, believe, estimate, expect,
intend, will, guidance, confident, target, project and other similar expressions typically are used
to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, and involve and are
subject to risks, uncertainties
and other factors that may affect PFSwebs business, financial
condition and operating results, which include, but are not limited to, the risk factors and other
qualifications contained in the PFSwebs annual report on Form 10-K, quarterly reports on Form 10-Q
and other reports filed by PFSweb with the SEC to which your attention is directed. Therefore,
actual outcomes and results may differ materially from what is expressed or implied by these
forward-looking statements. PFSweb expressly disclaims any intent or obligation to update these
During this call, we may also present certain non-GAAP financial measures such as EBITDA, adjusted
EBITDA, non-GAAP net income, free cash flow, merchandise sales, and certain ratios that are used
with these measures. In our press release with financial tables issued today which is located on
our website at www.pfsweb.com, youll find our definitions of these non-GAAP financial measures, a
reconciliation of these non-GAAP financial measures with the closest GAAP measures and a discussion
about why we think these non-GAAP measures are relevant. These financial measures are included for
the benefit of investors and should be considered in addition to and not instead of GAAP measures.
At this time, its now my pleasure to turn the call over to Mark Layton, Chairman and CEO of
PFSweb. Mark, the floor is yours.
Mark C. Layton, Chairman and Chief Executive Officer
Great. Thank you, Garth. Good morning, everyone. Id like to welcome you to our 2011 first quarter
conference call. With me today are Tom Madden, our Chief Financial Officer; and Mike Willoughby,
President of our PFSweb businesses. This morning we will give you an overview of our financial
results and some color of events that shaped the quarter ended March 31, 2011. And following our
prepared remarks, Tom, Mike and I will be available for questions.