PFSweb : Investor Presentation

October 2020

PFSW Global Commerce Solutions

NASDAQ: PFSW

Important Cautions Regarding

Forward Looking Statements

The matters discussed in this presentation, particularly information regarding future revenue, earnings, business plans and goals, consist of forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections and involve risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. Such statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties, and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially. The Company undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking information contained herein is subject to the risk factors and uncertainties described in the Company's filings with the Securities and Exchange Commission, which risk factors and uncertainties are incorporated by reference as though fully set forth herein.

This presentation contains certain non-GAAP measures including Service Fee Equivalent Revenue, Non-GAAPNet Income (Loss), EBITDA and Adjusted EBITDA. Service fee equivalent revenue represents service fee revenue plus the gross profit earned on product revenue and does not alter existing revenue recognition. Non-GAAP net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of non-cashstock-based compensation expense, acquisition-related, restructuring and other (income) costs (including certain client related bankruptcy costs), amortization of acquisition-related intangible assets and deferred tax expense for goodwill amortization. EBITDA represents earnings (or losses) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock based compensation, as well as acquisition-related, restructuring and other (income) costs. Service Fee Equivalent Revenue, Non-GAAP Net Income (Loss), EBITDA, and Adjusted EBITDA are used by management, analysts, investors and other interested parties in evaluating our operating performance compared to that of other companies in our industry, as the calculation of Non-GAAP Net Income (Loss) eliminates the effect of non-cashstock-based compensation, acquisition-related, restructuring and other costs (including certain client related bankruptcy costs), amortization of acquisition related intangible assets and deferred tax expense for goodwill amortization. EBITDA eliminates the effect of financing, income taxes, and the accounting effects of capital spending, and the amortization of acquisition-related intangible benefits, and Adjusted EBITDA further eliminates non-cashstock-based compensation and acquisition-related, restructuring and other costs, which items may vary from different companies for reasons unrelated to overall operating performance. Service Fee Equivalent Revenue allows client contracts with similar operational support models but different financial models to be combined as if all contracts were being operated on a service fee revenue basis. The non-GAAP measures are not intended to be considered in isolation of, as a substitute for or superior to our GAAP financial information. We have included reconciliations later in this presentation of the non-GAAP measures to the nearest GAAP measure.

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Key Stats1

NASDAQ: PFSW

TRADING DATA @ (10/9/20)

VALUATION MEASURES @ (10/9/20) FINANCIAL HIGHLIGHTS (FY 2019)

TARGETING RETURN TO GROWTH IN 2020

Stock Price	Enterprise Value
$8.16	$195.7M
$1.50/$9.89	$164.8M
52 WEEK LOW/HIGH	MARKET CAP
122,537	0.9x
AVG. DAILY VOL. (3 MO.)	EV/2019 SFE REVENUE2
20.2M	12.1x
SHARES OUTSTANDING	EV/2019 ADJ. EBITDA2

77%

Adjusted EBITDA2

$16.2M

$294.0M	$203.6M
TOTAL REVENUE	TOTAL ASSETS3

$215.8M	$37.8M
SERVICE FEE	TOTAL DEBT3
EQUIVALENT REVENUE2	$156.8M
$3.9M
TOTAL LIABILITIES3
NON-GAAP NET INCOME2	$46.8M
$12.4M
TOTAL EQUITY3
CASH & EQUIVALENTS3

Service Fee Equivalent Revenue2

Adj. EBITDA2

($ Millions)

$229.0 $235.7 $232.1

$215.8

$185.3

PUBLIC FLOAT, EST.

87%STOCK TREND

$20.7

$23.0 $24.4

INSTITUTIONAL/STRATEGIC OWNER HOLDINGS

$18.2

$16.2

FY15 FY16 FY17 FY18 FY19 FY20E4

1. Source: Capital IQ
2. Service fee equivalent (SFE) revenue, Adjusted EBITDA and Non-GAAP net income are non-GAAP financial measures. See Appendix for a reconciliation to the most comparable GAAP financial measure
3. As of the fourth quarter ended December 31, 2019.
4. Company guidance issued and effective 8/7/20 only.

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Who We Are

Technology	Order
Mgmt

Experience	Payment
& Fraud

Data			Customer
		Care
		Order
Ecosystems	Fulfillment
		3PL

NASDAQ: PFSW

PFSW is a Global Commerce Services Company.

We manage the entire online customer shopping experience for major branded manufacturers and retailers. We do this through two business units:

• The Professional Services unit, LiveArea, provides services related to the digital experience of shopping online.
• The Operations Services unit, PFS, provides services related to the physical experience of customer service, payment and receiving/returning product.
• Together, these two units provide the full range of eCommerce services that brands need to create a distinctive shopping experience.

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