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
- 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
|
Accounts receivable,
net
|
|
113
|
|
140
|
Inventories
|
|
81
|
|
75
|
Prepaid expenses and
other current assets
|
|
237
|
|
289
|
Total current
assets
|
|
1,588
|
|
1,855
|
Operating lease
right-of-use assets
|
|
887
|
|
820
|
Property and equipment,
net
|
|
714
|
|
748
|
Other non-current
assets
|
|
51
|
|
51
|
Total
assets
|
|
$
3,240
|
|
$
3,474
|
Liabilities and
Stockholders' Deficit:
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
1,055
|
|
$
1,234
|
Other current
liabilities
|
|
970
|
|
949
|
Total current
liabilities
|
|
2,025
|
|
2,183
|
Long-term
debt
|
|
3,095
|
|
3,092
|
Operating lease
liabilities, net of current
|
|
905
|
|
862
|
Other non-current
liabilities
|
|
40
|
|
44
|
Total
liabilities
|
|
6,065
|
|
6,181
|
Stockholders'
deficit:
|
|
|
|
|
Convertible preferred
stock, $0.001 par value per share: 10,000,000 shares authorized
and
none issued at March 31, 2024 and December 31,
2023
|
|
—
|
|
—
|
Class A common
stock, par value $0.001 per share, 500,000,000 shares
authorized,
94,737,000 and 92,457,562 shares issued and outstanding at
March 31, 2024 and
December 31, 2023, respectively
|
|
—
|
|
—
|
Class B common stock,
par value $0.001 per share, 164,000,000 shares authorized,
25,691,295 shares issued and outstanding at March 31, 2024 and
December 31, 2023
|
|
—
|
|
—
|
Additional paid-in
capital
|
|
1,446
|
|
1,316
|
Accumulated
deficit
|
|
(4,266)
|
|
(4,018)
|
Accumulated other
comprehensive loss
|
|
(5)
|
|
(5)
|
Total stockholders'
deficit
|
|
(2,825)
|
|
(2,707)
|
Total liabilities and
stockholders' deficit
|
|
$
3,240
|
|
$
3,474
|
WAYFAIR
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
Net revenue
(1)
|
|
$
2,729
|
|
$
2,774
|
Cost of goods sold
(2)
|
|
1,910
|
|
1,953
|
Gross profit
|
|
819
|
|
821
|
Operating
expenses:
|
|
|
|
|
Customer service and
merchant fees (2)
|
|
117
|
|
139
|
Advertising
|
|
324
|
|
327
|
Selling, operations,
technology, general and administrative (2)
|
|
534
|
|
624
|
Impairment and other
related net charges
|
|
—
|
|
13
|
Restructuring
charges
|
|
79
|
|
65
|
Total operating
expenses
|
|
1,054
|
|
1,168
|
Loss from
operations
|
|
(235)
|
|
(347)
|
Interest expense,
net
|
|
(6)
|
|
(5)
|
Other expense,
net
|
|
(4)
|
|
(1)
|
Loss before income
taxes
|
|
(245)
|
|
(353)
|
Provision for income
taxes, net
|
|
3
|
|
2
|
Net loss
|
|
$
(248)
|
|
$
(355)
|
Loss per
share:
|
|
|
|
|
Basic
|
|
$
(2.06)
|
|
$
(3.22)
|
Diluted
|
|
$
(2.06)
|
|
$
(3.22)
|
Weighted-average number
of shares of common stock outstanding used in computing per
share amounts:
|
|
|
|
|
Basic
|
|
120
|
|
110
|
Diluted
|
|
120
|
|
110
|
(1) The
following tables present net revenue attributable to our reportable
segments for the periods indicated:
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in
millions)
|
U.S. net
revenue
|
|
$
2,391
|
|
$
2,415
|
International net
revenue
|
|
338
|
|
359
|
Total net
revenue
|
|
$
2,729
|
|
$
2,774
|
(2) Includes equity-based
compensation and related taxes as follows:
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in
millions)
|
Cost of goods
sold
|
|
$
3
|
|
$
3
|
Customer service and
merchant fees
|
|
6
|
|
8
|
Selling, operations,
technology, general and administrative
|
|
118
|
|
140
|
Total equity-based
compensation and related taxes
|
|
$
127
|
|
$
151
|
WAYFAIR
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in
millions)
|
Cash flows for
operating activities:
|
|
|
|
|
Net loss
|
|
$
(248)
|
|
$
(355)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
104
|
|
104
|
Equity-based
compensation expense
|
|
119
|
|
144
|
Amortization of
discount and issuance costs on convertible notes
|
|
3
|
|
1
|
Impairment and other
related net charges
|
|
—
|
|
13
|
Other non-cash
adjustments
|
|
(1)
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
|
9
|
|
91
|
Inventories
|
|
(7)
|
|
8
|
Prepaid expenses and
other assets
|
|
34
|
|
19
|
Accounts payable and
other liabilities
|
|
(152)
|
|
(172)
|
Net cash used in
operating activities
|
|
(139)
|
|
(147)
|
|
|
|
|
|
Cash flows (for)
from investing activities:
|
|
|
|
|
Purchase of short- and
long-term investments
|
|
(36)
|
|
—
|
Sale and maturities of
short- and long-term investments
|
|
15
|
|
151
|
Purchase of property
and equipment
|
|
(13)
|
|
(34)
|
Site and software
development costs
|
|
(41)
|
|
(53)
|
Net cash (used in)
provided by investing activities
|
|
(75)
|
|
64
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net cash provided by
financing activities
|
|
—
|
|
—
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
(1)
|
|
3
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
(215)
|
|
(80)
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
Beginning of
period
|
|
$
1,326
|
|
$
1,050
|
End of
period
|
|
$
1,111
|
|
$
970
|
Non-GAAP Financial Measures
To supplement our condensed 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 Margin, Free Cash Flow, Adjusted Diluted Earnings or 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.
We calculate Adjusted EBITDA as net income or loss before
depreciation and amortization, equity-based compensation and
related taxes, interest income or expense, net, other income or
expense, net, provision or benefit for income taxes, net,
non-recurring items and other items not indicative of our ongoing
operating performance. Adjusted EBITDA Margin is calculated by
dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted
EBITDA because it is a key measure used by our management and board
of directors to evaluate our operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe the exclusion of
certain expenses in calculating Adjusted EBITDA 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 provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management and board of
directors.
We calculate Free Cash Flow as net cash provided by or used in
operating activities less net cash used to purchase property and
equipment and site and software development costs (collectively,
"Capital Expenditures"). We disclose Free Cash Flow because it 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.
We calculate Adjusted Diluted Earnings or Loss per Share as net
income or loss plus equity-based compensation and related taxes,
provision or benefit for income taxes, net, non-recurring items,
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 or loss per share. Accordingly, we
believe that these adjustments to our adjusted diluted net income
or loss before calculating per share amounts for all periods
presented provide a more meaningful comparison between our
operating results from period to period.
We calculate Net Revenue Constant Currency Growth 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 disclose Net Revenue Constant
Currency Growth because it is an important indicator of our
operating results. Accordingly, we believe that Net Revenue
Constant Currency Growth 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 financial measures based
on internal forecasts that omit certain amounts that would be
included in forward-looking GAAP financial measures. We
do not attempt to provide a reconciliation of
forward-looking non-GAAP financial measures to forward
looking GAAP financial measures 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 financial 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 or
loss to Adjusted EBITDA and Adjusted EBITDA margin for each of the
periods indicated:
|
|
|
Three Months Ended
March 31,
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Reconciliation of
Adjusted EBITDA:
|
|
|
|
|
Net loss
|
|
$
(248)
|
|
$
(355)
|
Depreciation and
amortization
|
|
104
|
|
104
|
Equity-based
compensation and related taxes
|
|
127
|
|
151
|
Interest expense,
net
|
|
6
|
|
5
|
Other expense,
net
|
|
4
|
|
1
|
Provision for income
taxes, net
|
|
3
|
|
2
|
Other:
|
|
|
|
|
Impairment and other
related net charges (1)
|
|
—
|
|
13
|
Restructuring charges
(2)
|
|
79
|
|
65
|
Adjusted
EBITDA
|
|
$
75
|
|
$
(14)
|
|
|
|
|
|
|
Net revenue
|
|
$
2,729
|
|
$
2,774
|
Net loss
margin
|
|
(9.1) %
|
|
(12.8) %
|
Adjusted EBITDA
Margin
|
|
2.7 %
|
|
(0.5) %
|
|
|
|
|
|
|
(1)
|
During the three months
ended March 31, 2023, we recorded net charges of $5 million
related to consolidation of
certain customer service centers in identified U.S. locations and
$8 million related to construction in progress assets at
identified U.S. locations.
|
|
|
(2)
|
During the three months
ended March 31, 2024, we incurred $79 million of charges
consisting primarily of one-time
employee severance and benefit costs associated with the January
2024 workforce reductions. During the three months
ended March 31, 2023, we incurred $65 million of charges
consisting primarily of one-time employee severance and
benefit costs associated with the January 2023 workforce
reductions.
|
The following table presents Adjusted EBITDA attributable to our
segments, and the reconciliation of net income or loss to Adjusted
EBITDA is presented in the preceding table:
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in
millions)
|
Segment Adjusted
EBITDA:
|
|
|
|
|
U.S.
|
|
$
121
|
|
$
29
|
International
|
|
(46)
|
|
(43)
|
Adjusted
EBITDA
|
|
$
75
|
|
$
(14)
|
The following table presents a reconciliation of net cash
provided by or used in operating activities to Free Cash Flow for
each of the periods indicated:
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in
millions)
|
Net cash used in
operating activities
|
|
$
(139)
|
|
$
(147)
|
Purchase of property
and equipment
|
|
(13)
|
|
(34)
|
Site and software
development costs
|
|
(41)
|
|
(53)
|
Free Cash
Flow
|
|
$
(193)
|
|
$
(234)
|
A reconciliation of the numerator and denominator for diluted
earnings or loss per share, the most directly comparable GAAP
financial measure, to the numerator and denominator for Adjusted
Diluted Earnings or Loss per Share, in order to calculate Adjusted
Diluted Earnings or Loss per Share is as follows:
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
Numerator:
|
|
|
|
|
Numerator for basic and
diluted loss per share - net loss
|
|
$
(248)
|
|
$
(355)
|
Adjustments to net
loss
|
|
|
|
|
Equity-based
compensation and related taxes
|
|
127
|
|
151
|
Provision for income
taxes, net
|
|
3
|
|
2
|
Other:
|
|
|
|
|
Impairment and other
related net charges
|
|
—
|
|
13
|
Restructuring
charges
|
|
79
|
|
65
|
Numerator for Adjusted
Diluted Loss per Share - Adjusted net loss
|
|
$
(39)
|
|
$
(124)
|
|
|
|
|
|
Denominator:
|
|
|
|
|
Denominator for basic
and diluted loss per share - weighted-average number of shares
of
common stock outstanding
|
|
120
|
|
110
|
Denominator for
Adjusted Diluted Loss per Share - Adjusted weighted-average number
of
shares of common stock outstanding after the effect of dilutive
securities
|
|
120
|
|
110
|
Diluted Loss per
Share
|
|
$
(2.06)
|
|
$
(3.22)
|
Adjusted Diluted Loss
per Share
|
|
$
(0.32)
|
|
$
(1.13)
|
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SOURCE Wayfair Inc.