Wayfair Announces First Quarter 2024 Results, Reports Fourth Consecutive Quarter of Strong Profitability

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PR Newswire

BOSTON, May 2, 2024

Q1 Net Revenue of $2.7 billion with 22.3 million Active Customers

BOSTON, May 2, 2024 /PRNewswire/ -- Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), one of the world's largest destinations for the home, today reported financial results for its first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights

Total net revenue of $2.7 billion, decreased $45 million, down 1.6% year over year
U.S. net revenue of $2.4 billion, decreased $24 million, down 1.0% year over year
International net revenue of $338 million, decreased $21 million, down 5.8% year over year. International Net Revenue Constant Currency Growth was (7.5)%
Gross profit was $819 million, or 30.0% of total net revenue
Net loss was $248 million and Non-GAAP Adjusted EBITDA was $75 million
Diluted loss per share was $2.06 and Non-GAAP Adjusted Diluted Loss Per Share was $0.32
Net cash used in operating activities was $139 million and Non-GAAP Free Cash Flow was ($193) million
Cash, cash equivalents and short-term investments totaled $1.2 billion and total liquidity was $1.7 billion, including availability under our revolving credit facility

"The first quarter ended on an upswing," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter."

"For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth. Across the board, we're hearing their enthusiasm to partner with Wayfair and substantial interest to lean-in behind our entire offering - joining our curated brands, being featured in our promotional events, leveraging our fulfillment solutions, taking advantage of supplier advertising, and having shelf space in our stores."

Other First Quarter Highlights

ARIVA.DE Börsen-Geflüster

Kurse

Wayfair Inc.

52,62 $

-3,57%

Active customers totaled 22.3 million as of March 31, 2024, an increase of 2.8% year over year
LTM net revenue per active customer was $537 as of March 31, 2024, a decrease of 2.8% year over year
Orders per customer, measured as LTM orders divided by active customers, was 1.84 for the first quarter of 2024, compared to 1.81 for the first quarter of 2023
Orders delivered in the first quarter of 2024 were 9.6 million, a decrease of 1.0% year over year
Repeat customers placed 80.5% of total orders delivered in the first quarter of 2024, compared to 79.1% in the first quarter of 2023
Repeat customers placed 7.7 million orders in the first quarter of 2024, an increase of 1.3% year over year
Average order value was $285 in the first quarter of 2024, compared to $287 in the first quarter of 2023
63.1% of total orders delivered were placed via a mobile device in the first quarter of 2024, compared to 62.1% in the first quarter of 2023

Key Financial Statement and Operating Metrics

	Three Months Ended March 31,
	2024	2023

	(in millions, except LTM net revenue per active customer, average order value and per share data)
Key Financial Statement Metrics:
Net revenue	$ 2,729	$ 2,774
Gross profit	$ 819	$ 821
Loss from operations	$ (235)	$ (347)
Net loss	$ (248)	$ (355)
Loss per share:
Basic	$ (2.06)	$ (3.22)
Diluted	$ (2.06)	$ (3.22)
Net cash used in operating activities	$ (139)	$ (147)
Key Operating Metrics:
Active customers ⁽¹⁾	22	22
LTM net revenue per active customer⁽²⁾	$ 537	$ 552
Orders delivered ⁽³⁾	10	10
Average order value⁽⁴⁾	$ 285	$ 287
Non-GAAP Financial Measures:
Adjusted EBITDA	$ 75	$ (14)
Free Cash Flow	$ (193)	$ (234)
Adjusted Diluted Loss per Share	$ (0.32)	$ (1.13)

⁽¹⁾	The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.

⁽²⁾	LTM net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior.

⁽³⁾	Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available, and as such we estimate delivery dates based on historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.

⁽⁴⁾	We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its first quarter 2024 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://bit.ly/3VIr22A. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://bit.ly/3VDjvll. An archive of the webcast conference call will be available shortly after the call ends on Wayfair's Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.

About Wayfair

Wayfair is the destination for all things home, in one inspiring place. With quality finds for every style and budget, and a convenient experience from inspiration to installation, Wayfair empowers everyone, everywhere to create a space that is just right for them.

The Wayfair family of brands includes:

Wayfair: Every style. Every home.
AllModern: All of modern, made simple.
Birch Lane: Classic style for joyful living.
Joss & Main: The ultimate style edit for home.
Perigold: The destination for luxury home.
Wayfair Professional: A one-stop Pro shop.

Wayfair generated $12.0 billion in net revenue for the twelve months ended March 31, 2024 and is headquartered in Boston, Massachusetts with global operations.

Media Relations Contact:
Tara Lambropoulos
PR@wayfair.com

Investor Relations Contact:
James Lamb
IR@wayfair.com

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, including our financial outlook, profitability goals, business strategy, plans and objectives of management for future operations, and, the impact of macroeconomic events and our response to such events, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," 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. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including higher interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain, conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue per active customer; our ability to build and maintain strong brands; our ability to manage our growth and expansion initiatives; and our ability to expand our business and compete successfully. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary 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.

WAYFAIR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	March 31,	December 31,
	2024	2023

	(in millions, except share and per share data)
Assets:
Current assets
Cash and cash equivalents	$ 1,107	$ 1,322
Short-term investments	50	29
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