Q4 Net Revenue Growth of 45% Year over Year to
$3.7 billion
31.2 million Active Customers, up 54% Year over
Year
Wayfair Inc. (NYSE: W), one of the world’s largest online
destinations for the home, today reported financial results for its
fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial
Highlights
- Total net revenue of $3.7 billion increased $1.1 billion, up
44.9% year over year
- U.S. net revenue of $3.0 billion increased $0.9 billion, up
40.1% year over year
- International net revenue of $671.8 million increased $278.2
million, up 70.7% year over year. International segment Net Revenue
Constant Currency Growth was 66.7%
- Gross profit was $1.1 billion, or 29.0% of total net
revenue
- Net income was $23.8 million
- Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $263.2
million and 7.2% of total net revenue
- Diluted earnings per share was $0.23
- Non-GAAP Adjusted Diluted Earnings Per Share was $1.24
- Non-GAAP Free Cash Flow was $128.3 million
- Cash, cash equivalents and short- and long-term investments
totaled $2.6 billion
Full Year 2020 Financial
Highlights
- Total net revenue of $14.1 billion increased $5.0 billion, up
55.0% year over year
- U.S. net revenue of $11.9 billion increased $4.1 billion, up
53.3% year over year
- International net revenue of $2.2 billion increased $0.9
billion, up 64.8% year over year. International segment Net Revenue
Constant Currency Growth was 64.9%
- Gross profit was $4.1 billion, or 29.1% of total net
revenue
- Net income was $185.0 million
- Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $946.9
million and 6.7% of total net revenue
- Diluted earnings per share was $1.86
- Non-GAAP Adjusted Diluted Earnings Per Share was $5.04
- Non-GAAP Free Cash Flow was $1.1 billion
“In Q4, Wayfair delivered another solid quarter of growth,
profitability, and free cash flow. Online shopping behavior is
becoming increasingly entrenched and consumer demand for the home
category remains strong. Wayfair is capitalizing on these tailwinds
by delivering a truly differentiated experience for both customers
and suppliers. In the process, we are cementing our position as the
leading platform for the Home, reinforcing our brand to tens of
millions of customers, and developing innovative and value-added
solutions for thousands of our suppliers,” said Niraj Shah, CEO,
co-founder and co-chairman, Wayfair. “As we look beyond the
pandemic period, we are confident that our long-term orientation
and years of investments should translate to compounding share
gains and increasing profitability in a rapidly growing e-commerce
market.”
Other Fourth Quarter
Highlights
- The number of active customers reached 31.2 million as of
December 31, 2020, an increase of 53.7% year over year
- LTM net revenue per active customer was $453 as of December 31,
2020, an increase of 1.1% year over year
- Orders per customer, measured as LTM orders divided by active
customers, was 1.96 for the fourth quarter of 2020, compared to
1.86 for the fourth quarter of 2019
- Repeat customers placed 72.5% of total orders delivered in the
fourth quarter of 2020, compared to 68.6% in the fourth quarter of
2019
- Repeat customers placed 11.9 million orders in the fourth
quarter of 2020, an increase of 55.6% year over year
- Orders delivered in the fourth quarter of 2020 were 16.5
million, an increase of 47.1% year over year
- Average order value was $223 for the fourth quarter of 2020,
compared to $226 for the fourth quarter of 2019
- In the fourth quarter of 2020, 59.9% of total orders delivered
were placed via a mobile device, compared to 54.8% in the fourth
quarter of 2019
Key Financial and Operating
Metrics
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands, except LTM Net
Revenue per Active Customer, Average Order Value and per share
data)
Key Financial Statement
Metrics:
Net revenue
$
3,670,851
$
2,533,490
$
14,145,156
$
9,127,057
Gross profit
1,064,590
577,355
4,112,171
2,147,332
Income (loss) from operations
100,565
(305,421
)
360,349
(929,941
)
Net income (loss)
23,818
(330,222
)
184,996
(984,584
)
Earnings (loss) per share:
Basic
$
0.24
$
(3.54
)
$
1.93
$
(10.68
)
Diluted
$
0.23
$
(3.54
)
$
1.86
$
(10.68
)
Key Operating Metrics:
Active Customers
31,194
20,290
31,194
20,290
LTM Net Revenue Per Active Customer
$
453
$
448
$
453
$
448
Orders Delivered
16,473
11,195
60,999
37,641
Average Order Value
$
223
$
226
$
232
$
241
Non-GAAP Financial Measures:
Adjusted EBITDA
$
263,240
$
(180,159
)
$
946,888
$
(496,544
)
Free Cash Flow
$
128,290
$
(158,510
)
$
1,082,297
$
(597,698
)
Adjusted Diluted Earnings (Loss) per
Share
$
1.24
$
(2.80
)
$
5.04
$
(8.03
)
Webcast and Conference
Call
Wayfair will host a conference call and webcast to discuss its
fourth quarter and full year 2020 financial results today at 8 a.m.
(ET). Investors and participants should register for the call in
advance by visiting http://bit.ly/39Qb3pC. After registering,
instructions will be shared on how to join the call. The call will
also be available via live webcast at http://bit.ly/3odrjpS and
supporting slides will be available at investor.wayfair.com. An
archive of the webcast conference call will be available shortly
after the call ends at investor.wayfair.com.
About Wayfair
Wayfair believes everyone should live in a home they love.
Through technology and innovation, Wayfair makes it possible for
shoppers to quickly and easily find exactly what they want from a
selection of more than 22 million items across home furnishings,
décor, home improvement, housewares and more. Committed to
delighting its customers every step of the way, Wayfair is
reinventing the way people shop for their homes – from product
discovery to final delivery.
The Wayfair family of sites includes:
- Wayfair - Everything home for every budget.
- Joss & Main - Stylish designs to discover
daily.
- AllModern - The best of modern, priced for real
life.
- Birch Lane - Classic home. Comfortable cost.
- Perigold - The widest-ever selection of luxury home
furnishings.
Wayfair generated $14.1 billion in net revenue for full year
2020. Headquartered in Boston, Massachusetts with operations
throughout North America and Europe, Wayfair employs more than
16,000 people.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of federal and state securities laws. All statements
other than statements of historical fact contained in this press
release, including statements regarding our investment plans and
anticipated returns on those investments, our future customer
growth, our future results of operations and financial position,
available liquidity and access to financing sources, our business
strategy, plans and objectives of management for future operations,
consumer activity and behaviors, e-commerce adoption trends,
developments in our technology and systems and anticipated results
of those developments and the impact of the novel coronavirus
(COVID-19) pandemic and our response to it, are forward-looking
statements. In some cases, you can identify forward-looking
statements by terms such as "may," "will," "should," "expects,"
"plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these terms or other similar
expressions.
Forward-looking statements are based on current expectations of
future events. We cannot guarantee that any forward-looking
statement will be accurate, although we believe that we have been
reasonable in our expectations and assumptions. Investors should
realize that if underlying assumptions prove inaccurate or that
known or unknown risks or uncertainties materialize, actual results
could vary materially from our expectations and projections.
Investors are therefore cautioned not to place undue reliance on
any forward-looking statements. These forward-looking statements
speak only as of the date of this press release and, except as
required by applicable law, we undertake no obligation to publicly
update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events or
otherwise.
A list and description of risks, uncertainties and other factors
that could cause or contribute to differences in our results can be
found in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and subsequent
filings. We qualify all of our forward-looking statements by these
cautionary statements.
WAYFAIR INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
December 31,
2020
2019
(in thousands, except share
and per share data)
Assets:
Current assets
Cash and cash equivalents
$
2,129,440
$
582,753
Short-term investments
461,698
404,252
Accounts receivable, net
110,299
99,720
Inventories
52,152
61,692
Prepaid expenses and other current
assets
292,213
228,721
Total current assets
3,045,802
1,377,138
Operating lease right-of-use assets
808,375
763,400
Property and equipment, net
684,306
624,544
Long-term investments
—
155,690
Other noncurrent assets
31,446
32,276
Total assets
$
4,569,929
$
2,953,048
Liabilities and Stockholders'
Deficit:
Current liabilities
Accounts payable
$
1,156,624
$
908,097
Other current liabilities
1,008,970
703,422
Total current liabilities
2,165,594
1,611,519
Long-term debt
2,659,243
1,456,195
Operating lease liabilities
869,958
822,602
Other noncurrent liabilities
67,031
6,940
Total liabilities
5,761,826
3,897,256
Stockholders’ deficit:
Convertible preferred stock, $0.001 par
value per share: 10,000,000 shares authorized and none issued at
December 31, 2020 and 2019
—
—
Class A common stock, par value $0.001 per
share, 500,000,000 shares authorized, 72,980,490 and 66,642,611
shares issued and outstanding at December 31, 2020 and 2019
73
67
Class B common stock, par value $0.001 per
share, 164,000,000 shares authorized, 26,564,234 and 26,957,815
shares issued and outstanding at December 31, 2020 and 2019
27
27
Additional paid-in capital
698,482
1,122,548
Accumulated deficit
(1,885,950
)
(2,065,423
)
Accumulated other comprehensive loss
(4,529
)
(1,427
)
Total stockholders' deficit
(1,191,897
)
(944,208
)
Total liabilities and stockholders'
deficit
$
4,569,929
$
2,953,048
WAYFAIR INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands, except per
share data)
Net revenue
$
3,670,851
$
2,533,490
$
14,145,156
$
9,127,057
Cost of goods sold (1)
2,606,261
1,956,135
10,032,985
6,979,725
Gross profit
1,064,590
577,355
4,112,171
2,147,332
Operating expenses:
Customer service and merchant fees (1)
136,734
100,497
509,559
356,727
Advertising
374,611
310,859
1,412,173
1,095,840
Selling, operations, technology, general
and administrative (1)
452,680
471,420
1,830,090
1,624,706
Total operating expenses
964,025
882,776
3,751,822
3,077,273
Income (loss) from operations
100,565
(305,421
)
360,349
(929,941
)
Interest (expense), net
(58,925
)
(20,592
)
(146,397
)
(54,514
)
Other (expense) income, net
2,087
(2,701
)
(8,633
)
2,881
Income (loss) before income taxes
43,727
(328,714
)
205,319
(981,574
)
Provision for income taxes, net
19,909
1,508
20,323
3,010
Net income (loss)
$
23,818
$
(330,222
)
$
184,996
$
(984,584
)
Earnings (loss) per share:
Basic
$
0.24
$
(3.54
)
$
1.93
$
(10.68
)
Diluted
$
0.23
$
(3.54
)
$
1.86
$
(10.68
)
Weighted-average number of shares of
common stock outstanding used in computing per share amounts:
Basic
98,971
93,321
95,825
92,200
Diluted
102,384
93,321
99,337
92,200
(1) Includes equity-based compensation and
related taxes as follows:
Cost of goods sold
$
3,274
$
1,617
$
10,200
$
5,376
Customer service and merchant fees
5,163
2,854
16,072
9,473
Selling, operations, technology, general and administrative
77,059
62,544
270,600
226,129
$
85,496
$
67,015
$
296,872
$
240,978
WAYFAIR INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Year Ended December
31,
2020
2019
(in thousands)
Cash flows from operating
activities:
Net income (loss)
$
184,996
$
(984,584
)
Adjustments to reconcile net income (loss)
to net cash from (for) operating activities
Depreciation and amortization
285,711
192,419
Equity-based compensation
276,208
227,451
Amortization of discount and issuance
costs on convertible notes
134,288
62,111
Other non-cash adjustments
12,638
(1,691
)
Changes in operating assets and
liabilities:
Accounts receivable, net
(14,726
)
(49,187
)
Inventories
9,947
(15,631
)
Prepaid expenses and other current
assets
(61,259
)
(32,590
)
Other assets
(532
)
(1,329
)
Accounts payable and other current
liabilities
531,526
393,013
Other liabilities
57,934
13,200
Net cash from (for) operating
activities
1,416,731
(196,818
)
Cash flows from investing
activities:
Purchase of short- and long-term
investments
(481,670
)
(553,858
)
Sale and maturities of short-and long-term
investments
580,153
115,468
Purchase of property and equipment
(186,040
)
(271,742
)
Site and software development costs
(148,394
)
(129,138
)
Other investing activities, net
(124
)
(15,567
)
Net cash for investing activities
(236,075
)
(854,837
)
Cash flows from financing
activities:
Proceeds from borrowings
200,000
—
Repayment of borrowings
(200,000
)
—
Proceeds from issuance of convertible
notes, net of issuance costs
2,027,758
935,146
Premiums paid for capped call
confirmations
(255,024
)
(145,728
)
Payments to extinguish convertible
debt
(1,040,349
)
—
Repurchase of common stock
(380,237
)
—
Other financing activities, net
440
(2,914
)
Net cash from financing activities
352,588
786,504
Effect of exchange rate changes on cash
and cash equivalents
13,443
(1,557
)
Net increase (decrease) in cash and cash
equivalents
1,546,687
(266,708
)
Cash and cash equivalents:
Beginning of year
582,753
849,461
End of year
$
2,129,440
$
582,753
Non-GAAP Financial
Measures
To supplement our unaudited consolidated financial statements
presented in accordance with generally accepted accounting
principles ("GAAP"), this earnings release and the accompanying
tables and the related earnings conference call contain certain
non-GAAP financial measures, including Adjusted EBITDA, Adjusted
EBITDA as a percentage of total net revenue ("Adjusted EBITDA
Margin"), Free Cash Flow, Adjusted Diluted Earnings (Loss) Per
Share and Net Revenue Constant Currency Growth. We use these
non-GAAP financial measures internally in analyzing our financial
results and believe they are useful to investors, as a supplement
to GAAP measures, in evaluating our ongoing operational
performance. We have provided a reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP financial
measure in this earnings release.
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP
financial measures that are calculated as net income (loss) before
depreciation and amortization, equity-based compensation and
related taxes, interest (expense), net, other (expense) income,
net, provision for income taxes, net, non-recurring items and other
items not indicative of our ongoing operating performance. We have
included Adjusted EBITDA and Adjusted EBITDA Margin in this
earnings release because they are key measures used by our
management and our board of directors to evaluate our operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. In particular, the
exclusion of certain expenses in calculating Adjusted EBITDA and
Adjusted EBITDA Margin facilitates operating performance
comparisons on a period-to-period basis as these costs may vary
independent of business performance. For instance, we exclude the
impact of equity-based compensation and related taxes as we do not
consider this item to be indicative of our core operating
performance. Investors should, however, understand that
equity-based compensation and related taxes will be a significant
recurring expense in our business and an important part of the
compensation provided to our employees. Accordingly, we believe
that Adjusted EBITDA and Adjusted EBITDA Margin provide useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management and
board of directors.
Free Cash Flow is a non-GAAP financial measure that is
calculated as net cash from or for operating activities less net
cash used to purchase property and equipment and site and software
development costs (collectively, "Capital Expenditures"). We
believe Free Cash Flow is an important indicator of our business
performance, as it measures the amount of cash we generate.
Accordingly, we believe that Free Cash Flow provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management.
Adjusted Diluted Earnings (Loss) Per Share is a non-GAAP
financial measure that is calculated as GAAP net income (loss) plus
equity-based compensation and related taxes, provision for income
taxes, net, non-recurring items and other items not indicative of
our ongoing operating performance, and, if dilutive, interest
expense associated with convertible debt instruments under the
if-converted method divided by the weighted-average number of
shares of common stock used in the computation of diluted earnings
(loss) per share. We believe that these adjustments to our non-GAAP
diluted net income (loss) before calculating per share amounts for
all periods presented provides a more meaningful comparison between
our operating results from period to period.
Net Revenue Constant Currency Growth is a non-GAAP financial
measure that is calculated by translating the current period local
currency net revenue by the currency exchange rates used to
translate the financial statements in the comparable prior-year
period. We believe Net Revenue Constant Currency Growth is an
important indicator of our business performance, as it provides
useful information to investors and others in understanding and
evaluating trends in our operating results in the same manner as
our management.
We calculate forward-looking non-GAAP Adjusted EBITDA based on
internal forecasts that omit certain amounts that would be included
in forward-looking GAAP net income (loss). We do not attempt to
provide a reconciliation of forward-looking non-GAAP Adjusted
EBITDA guidance to forward looking GAAP net income (loss) because
forecasting the timing or amount of items that have not yet
occurred and are out of our control is inherently uncertain and
unavailable without unreasonable efforts. Further, we believe that
such reconciliations would imply a degree of precision and
certainty that could be confusing to investors. Such items could
have a substantial impact on GAAP measures of financial
performance.
The non-GAAP measures have limitations as analytical tools. We
do not, nor do we suggest that investors should, consider such
non-GAAP financial measures in isolation from, or as a substitute
for, financial information prepared in accordance with GAAP.
Investors should also note that the non-GAAP financial measures we
use may not be the same non-GAAP financial measures, and may not be
calculated in the same manner, as that of other companies,
including other companies in our industry.
The following table reflects the reconciliation of net income
(loss) to Adjusted EBITDA, as well as Adjusted EBITDA Margin, for
each of the periods indicated:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands)
Reconciliation of Adjusted
EBITDA:
Net income (loss)
$
23,818
$
(330,222
)
$
184,996
$
(984,584
)
Depreciation and amortization
77,179
58,247
285,711
192,419
Equity-based compensation and related
taxes
85,496
67,015
296,872
240,978
Interest expense, net
58,925
20,592
146,397
54,514
Other (income) expense, net
(2,087
)
2,701
8,633
(2,881
)
Provision for income taxes, net
19,909
1,508
20,323
3,010
Other (1)
—
—
3,956
—
Adjusted EBITDA
$
263,240
$
(180,159
)
$
946,888
$
(496,544
)
Net revenue
$
3,670,851
$
2,533,490
$
14,145,156
$
9,127,057
Adjusted EBITDA Margin
7.2
%
(7.1
)%
6.7
%
(5.4
)%
(1) In 2020, we recorded a $4.0 million loss
related to severance costs associated with February 2020 workforce
reductions. The values were recorded in selling, operations,
technology, general and administrative expenses.
The following table presents Adjusted EBITDA attributable to our
segments, and the reconciliation of net income (loss) to Adjusted
EBITDA is presented in the preceding table:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands)
Segment Adjusted EBITDA:
U.S.
$
275,406
$
(88,008
)
$
1,041,892
$
(179,010
)
International
(12,166
)
(92,151
)
(95,004
)
(317,534
)
Adjusted EBITDA
$
263,240
$
(180,159
)
$
946,888
$
(496,544
)
A reconciliation of the numerator and denominator for diluted
earnings (loss) per share, the most directly comparable GAAP
financial measure, to the numerator and denominator for Adjusted
Diluted Earnings (Loss) Per Share, in order to calculate Adjusted
Diluted Earnings (Loss) Per Share is as follows:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands, except per
share data)
Numerator:
Net income (loss)
$
23,818
$
(330,222
)
$
184,996
$
(984,584
)
Effect of dilutive securities:
Interest expense associated with
convertible debt instruments
—
—
—
—
Numerator for diluted EPS - net income
(loss) available to common stockholders after the effect of
dilutive securities
23,818
(330,222
)
184,996
(984,584
)
Adjustments to net income (loss)
Interest expense associated with
convertible debt instruments
3,027
—
8,790
—
Equity-based compensation and related
taxes
85,496
67,015
296,872
240,978
Provision for income taxes, net
19,909
1,508
20,323
3,010
Other
—
—
3,956
—
Numerator for Adjusted Diluted EPS -
Adjusted net income (loss)
$
132,250
$
(261,699
)
$
514,937
$
(740,596
)
Denominator:
Denominator for basic EPS -
weighted-average number of shares of common stock outstanding
98,971
93,321
95,825
92,200
Effect of dilutive securities:
Employee stock options
20
—
29
—
Restricted stock units
3,393
—
3,483
—
Convertible debt instruments
—
—
—
—
Dilutive potential common shares
3,413
—
3,512
—
Denominator for diluted EPS - adjusted
weighted-average number of shares of common stock outstanding after
the effect of dilutive securities
102,384
93,321
99,337
92,200
Adjustments to effect of dilutive
securities:
Employee stock options
—
—
—
—
Restricted stock units
—
—
—
—
Convertible debt instruments
3,979
—
2,913
—
Denominator for Adjusted Diluted EPS -
adjusted weighted-average number of shares of common stock
outstanding after the effect of dilutive securities
106,363
93,321
102,250
92,200
Diluted Earnings (Loss) per Share
$
0.23
$
(3.54
)
$
1.86
$
(10.68
)
Adjusted Diluted Earnings (Loss) per
Share
$
1.24
$
(2.80
)
$
5.04
$
(8.03
)
The following tables present net revenues attributable to our
reportable segments for the periods indicated:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands)
U.S. net revenue
$
2,999,099
$
2,139,961
$
11,900,658
$
7,764,831
International net revenue
671,752
393,529
2,244,498
1,362,226
Total net revenue
$
3,670,851
$
2,533,490
$
14,145,156
$
9,127,057
The following table presents a reconciliation of net cash from
or for operating activities to Free Cash Flow for each of the
periods indicated:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(in thousands)
Net cash from (for) operating
activities
$
206,743
$
(36,295
)
$
1,416,731
$
(196,818
)
Purchase of property and equipment
(39,737
)
(87,774
)
(186,040
)
(271,742
)
Site and software development costs
(38,716
)
(34,441
)
(148,394
)
(129,138
)
Free Cash Flow
$
128,290
$
(158,510
)
$
1,082,297
$
(597,698
)
Quarterly Financial Metrics (Unaudited)
The following tables set forth selected financial quarterly
metrics and other financial and operations data for the eight
quarters ended December 31, 2020:
Three Months Ended
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
December 31, 2019
September 30,
2019
June 30, 2019
March 31, 2019
(in thousands)
Segment Financial Metrics:
U.S. Net Revenue
$
2,999,099
$
3,274,872
$
3,651,704
$
1,974,983
$
2,139,961
$
1,966,654
$
2,000,518
$
1,657,698
U.S. Adjusted EBITDA
$
275,406
$
377,007
$
434,574
$
(45,095
)
$
(88,008
)
$
(62,878
)
$
(342
)
$
(27,782
)
International Net Revenue
$
671,752
$
564,698
$
652,968
$
355,080
$
393,529
$
338,833
$
342,733
$
287,131
International Adjusted EBITDA
$
(12,166
)
$
(5,895
)
$
5,239
$
(82,182
)
$
(92,151
)
$
(81,306
)
$
(69,641
)
$
(74,436
)
The following table reflects the reconciliation of net income
(loss) to Adjusted EBITDA for each of the periods indicated:
Three Months Ended
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
December 31,
2019
September 30,
2019
June 30, 2019
March 31, 2019
(in thousands)
Net income (loss)
$
23,818
$
173,166
$
273,877
$
(285,865
)
$
(330,222
)
$
(272,035
)
$
(181,938
)
$
(200,389
)
Depreciation and amortization
77,179
72,575
69,114
66,843
58,247
50,250
44,339
39,583
Equity-based compensation and related
taxes
85,496
76,683
70,701
63,992
67,015
65,275
56,855
51,833
Interest expense, net
58,925
36,315
28,939
22,218
20,592
14,432
10,252
9,238
Other expense (income), net
(2,087
)
13,584
(3,110
)
246
2,701
(2,182
)
(322
)
(3,078
)
Provision for income taxes, net
19,909
(1,211
)
292
1,333
1,508
76
831
595
Other (1)
—
—
—
3,956
—
—
—
—
Adjusted EBITDA
$
263,240
$
371,112
$
439,813
$
(127,277
)
$
(180,159
)
$
(144,184
)
$
(69,983
)
$
(102,218
)
(1)
We recorded a $4.0 million loss related to
severance costs associated with February 2020 workforce reductions.
The values were recorded in selling, operations, technology,
general and administrative expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225005288/en/
Media Relations Contact: Jane Carpenter, 617-502-7595
PR@wayfair.com
Investor Relations Contact: Jane Gelfand
IR@wayfair.com
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