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Wayfair Announces Fourth Quarter and Full Year 2022 Results

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Feb 23, 2023, 07:00 ET

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Q4  Net Revenue of $3 .1 billion

22.1 million  Active Customers

BOSTON , Feb. 23, 2023 /PRNewswire/ -- Wayfair Inc. ("Wayfair", "we", or "our") (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, 2022.

Fourth Quarter 2022 Financial Highlights

• Total net revenue of $3.1 billion decreased $151 million , down 4.6% year over year
• U.S. net revenue of $2.7 billion decreased $49 million , down 1.8% year over year
• International net revenue of $415 million decreased $102 million , down 19.7% year over year
• Gross profit was $893 million or 28.8% of total net revenue
• Net loss was $351 million and Non-GAAP Adjusted EBITDA was ($71) million
• Diluted loss per share was $3.26 and Non-GAAP Adjusted Diluted Loss Per Share was $1.71
• Net cash provided by operating activities was $98 million and Non-GAAP Free Cash Flow was ($19) million
• Cash, cash equivalents and short-term investments totaled $1.3 billion

Full Year 2022 Financial Highlights

• Total net revenue of $12.2 billion decreased $1.5 billion , down 10.9% year over year
• U.S. net revenue of $10.5 billion decreased $785 million , down 7.0% year over year
• International net revenue of $1.8 billion decreased $705 million , down 28.7% year over year
• Gross profit was $3.4 billion or 28.0% of total net revenue
• Net loss was $1.3 billion and Non-GAAP Adjusted EBITDA was ($416) million
• Diluted loss per share was $12.54 and Non-GAAP Adjusted Diluted Loss Per Share was $7.71
• Net cash used in operating activities was $674 million and Non-GAAP Free Cash Flow was ($1.1) billion

"We are excited to see customers respond positively to improvements in our core recipe - with compelling pricing, faster delivery times and increasing availability bearing fruit in the form of market share gains," said Niraj Shah , CEO, co-founder and co-chairman, Wayfair. "We enter 2023 as a lean, focused team driven by the same key priorities that defined much of 2022 - driving cost efficiency, nailing the basics, and earning customer and supplier loyalty every day. Although the short-term macroeconomic picture is unpredictable, we are confident in our ability to navigate its challenges and are reiterating our commitment to quickly reaching adjusted EBITDA profitability and then to positive free cash flow."

Other Fourth Quarter Highlights  

• Active customers totaled 22.1 million as of December 31, 2022 , a decrease of 19.0% year over year
• LTM net revenue per active customer was $553 as of December 31, 2022 , an increase of 10.4% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.81 for the fourth quarter of 2022, compared to 1.89 for the fourth quarter of 2021
• Orders delivered in the fourth quarter of 2022 were 11.0 million, a decrease of 9.1% year over year
• Repeat customers placed 77.4% of total orders delivered in the fourth quarter of 2022, compared to 76.3% in the fourth quarter of 2021
• Repeat customers placed 8.5 million orders in the fourth quarter of 2022, a decrease of 7.6% year over year
• Average order value was $283 for the fourth quarter of 2022, compared to $269 for the fourth quarter of 2021
• In the fourth quarter of 2022, 61.7% of total orders delivered were placed via a mobile device, compared to 59.0% in the fourth quarter of 2021

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its fourth quarter and full year 2022 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting http://bit.ly/3qOzwoJ . 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/3YaU6OF 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 is the destination for all things home: helping everyone, anywhere create their feeling of home. From expert customer service, to the development of tools that make the shopping process easier, to carrying one of the widest and deepest selections of items for every space, style, and budget, Wayfair gives everyone the power to create spaces that are just right for them.

The Wayfair family of sites includes:

• Wayfair: Everything home — for a space that's all you.
• Joss & Main: The ultimate style edit for home.
• AllModern: All of modern, made simple.
• Birch Lane: A fresh take on the classics.
• Perigold: An undiscovered world of luxury design.
• Wayfair Professional: Just right for Pros .

Wayfair generated $12.2 billion in net revenue for full year 2022. Headquartered in Boston, Massachusetts with operations throughout North America and Europe .

Media Relations Contact: Susan Frechette [email protected]

Investor Relations Contact: James Lamb [email protected]

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, the financial impact and expected savings of our recent reduction in force, available liquidity and access to financing sources, our business strategy, plans and objectives of management for future operations, including our growth, expansion, and optimization initiatives, consumer activity and behaviors, including seasonal trends, e-commerce adoption trends, developments in our technology and systems and anticipated results of those developments, the impact of macroeconomic factors, including the rise in inflation and interest rates and the novel coronavirus (COVID-19) pandemic, 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," "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.

Non-GAAP Financial Measures

To supplement our 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 Diluted (Loss) Earnings per Share, and Free Cash Flow. 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 is a non-GAAP financial measure that is calculated as net loss before depreciation and amortization, equity-based compensation and related taxes, interest expense, net, other expense, net, provision (benefit) for income taxes, net, non-recurring items and other items not indicative of our ongoing operating performance. We have included Adjusted EBITDA in this earnings release because it is a key measure 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 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.

Adjusted Diluted (Loss) Earnings per Share is a non-GAAP financial measure that is calculated as net loss plus equity-based compensation and related taxes, provision (benefit) 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 loss per share. We believe that these adjustments to our adjusted diluted net income before calculating per share amounts for all periods presented provides a more meaningful comparison between our operating results from period to period.

Free Cash Flow is a non-GAAP financial measure that is calculated as net cash used in or provided by 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.

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 loss. We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA guidance to forward looking GAAP net 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.

SOURCE Wayfair Inc.

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Avalonbay communities, inc. provides third quarter 2024 operating update and publishes updated investor presentation.

ARLINGTON, Va., September 04, 2024 --( BUSINESS WIRE )-- AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the "Company") today provided an update on certain third quarter Same Store Residential operating metrics.

The Same Store Residential operating metrics presented in the following tables were generally consistent with the Company’s expectations for these metrics for the two months ended August 31, 2024 when the Company published its updated outlook for full year 2024 Same Store Residential revenue growth on July 31, 2024.

The Company has posted an updated Investor Presentation to its website. The presentation can be found in the Investor Relations section of www.avalonbay.com .

Definitions

Economic Occupancy is defined as total possible Residential revenue less vacancy loss as a percentage of total possible Residential revenue. Total possible Residential revenue (also known as "gross potential") is determined by valuing occupied units at contract rates and vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant apartments at their Market Rents, Economic Occupancy takes into account the fact that apartment homes of different sizes and locations within a community have different economic impacts on a community’s gross revenue.

Like-Term Effective Rent Change for an individual apartment home represents the percentage change in effective rent between two leases of the same lease term category for the same apartment. The Company defines effective rent as the contractual rent for an apartment less amortized concessions and discounts. Like-Term Effective Rent Change with respect to multiple apartment homes represents an average. New Move-In Like-Term Effective Rent Change is the change in effective rent between the contractual rent for a resident who moves out of an apartment, and the contractual rent for a resident who moves into the same apartment with the same lease term category. Renewal Like-Term Effective Rent Change is the change in effective rent between two consecutive leases of the same lease term category for the same resident occupying the same apartment.

Market Rents as reported by the Company are based on the current market rates set by the Company based on its experience in renting apartments and publicly available market data. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Other Expansion Regions include markets located in Charlotte, North Carolina, and Dallas, Texas.

Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue.

Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period. Therefore, for 2024 operating results, Same Store is composed of consolidated communities that have Stabilized Operations as of January 1, 2023, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition within the current year.

Stabilized Operations is defined as operations of a community that occur after the earlier of (i) attainment of 90% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

Suburban represents results attributable to submarkets having less than 3,500 households per square mile.

Urban represents results attributable to submarkets having 3,500 or more households per square mile.

About AvalonBay Communities, Inc.

AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of June 30, 2024, the Company owned or held a direct or indirect ownership interest in 300 apartment communities containing 91,399 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development. More information may be found on the Company’s website at https://www.avalonbay.com .

Copyright © 2024 AvalonBay Communities, Inc. All Rights Reserved

View source version on businesswire.com: https://www.businesswire.com/news/home/20240904244189/en/

Jason Reilley Vice President Investor Relations AvalonBay Communities, Inc. 703-317-4681

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Wayfair announces fourth quarter and full year 2017 results.

Q4 Direct Retail Net Revenue Growth of 48% Year over Year to $1,419 million

Q4 Total Net Revenue Growth of 46% Year over Year to $1,439 million

Full Year 2017 Total Net Revenue Growth of 40% to $4.7 billion

11.0 million Active Customers, up 33% Year over Year

BOSTON --(BUSINESS WIRE)-- 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, 2017.

Fourth Quarter 2017 Financial Highlights

• Direct Retail net revenue, consisting of sales generated primarily through Wayfair's five distinct sites, increased $460.2 million to $1,419.2 million , up 48.0% year over year
• Total net revenue increased $454.5 million to $1,439.0 million , up 46.2% year over year
• Gross profit was $332.2 million or 23.1% of total net revenue
• GAAP net loss was $72.8 million
• Adjusted EBITDA was $(21.2) million or (1.5)% of total net revenue
• GAAP basic and diluted net loss per share was $0.83
• Non-GAAP diluted net loss per share was $0.58
• Non-GAAP free cash flow was $1.4 million
• At the end of the fourth quarter, cash, cash equivalents, and short-term and long-term investments totaled $641.6 million

Full Year 2017 Financial Highlights

• Direct Retail net revenue increased $1.4 billion to $4.6 billion , up 42.5% year over year
• Total net revenue increased $1.3 billion to $4.7 billion , up 39.7% year over year
• GAAP net loss was $244.6 million
• Adjusted EBITDA was $(67.0) million or (1.4)% of total net revenue
• Non-GAAP free cash flow was $(113.2) million

Niraj Shah , CEO, co-founder and co-chairman, Wayfair . "Our long-term investing approach and customer-centric mentality continue to pay off as we outpace the shift to online spending in our category and gain significant market share. Technology, combined with continuous testing and innovation, allows us to constantly enhance the shopping experience while quickly scaling our operations. From developing tools and features that help shoppers find just the right item among millions of options to providing design inspiration, product visualization and delivery tracking - we are redefining what is possible in the home category. This experience is resonating with our customers across the U.S. and in Canada , the United Kingdom and Germany with our international business completing a particularly strong year. Across North America and Europe , we continue to expand the footprint of our Wayfair Delivery Network and CastleGate, offering faster and more seamless delivery across more products and regions than ever before. As we enter 2018 with tremendous strength, we look forward to building upon this momentum as we lead the way in creating the best possible shopping experience for home."

Other Fourth Quarter Highlights

• The number of active customers in our Direct Retail business reached 11.0 million as of December 31, 2017, an increase of 33.2% year over year
• LTM net revenue per active customer was $422 as of December 31, 2017, an increase of 6.8% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.77 for the fourth quarter of 2017, compared to 1.71 for the fourth quarter of 2016
• Repeat customers placed 62.4% of total orders in the fourth quarter of 2017, compared to 58.0% in the fourth quarter of 2016
• Repeat customers placed 3.9 million orders in the fourth quarter of 2017, an increase of 41.3% year over year
• Orders delivered in the fourth quarter of 2017 were 6.2 million, an increase of 31.3% year over year
• Average order value was $229 for the fourth quarter of 2017, compared to $203 in the fourth quarter of 2016
• In the fourth quarter of 2017, 47.3% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 43.3% in the fourth quarter of 2016

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its fourth quarter and full year 2017 financial results today at 8 a.m. (ET). Investors and participants can access the call by dialing (833) 286-5803 in the U.S. and (647) 689-4448 internationally. The passcode for the conference line is 9874508. The call will also be available via live webcast at investor.wayfair.com along with supporting slides. An archive of the webcast conference call will be available shortly after the call ends. The archived webcast will be available 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 10 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 , an online destination for all things home
• Joss & Main, where beautiful furniture and finds meet irresistible savings
• AllModern, unbelievable prices on everything modern
• Birch Lane , a collection of classic furnishings and timeless home décor
• Perigold, unparalleled access to the finest home décor and furnishings

Wayfair generated $4.7 billion in net revenue for full year 2017. Headquartered in Boston, Massachusetts with operations throughout North America and Europe , the company employs more than 7,700 people.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, 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.

Factors that could cause or contribute to differences in our future results include, but are not limited to: economic factors, such as interest rates and currency exchange fluctuations; our ability to acquire new customers; our ability to sustain and/or manage our growth, including the expansion of our Wayfair Delivery Network; our ability to increase our net revenue per active customer; and our ability to build and maintain strong brands. A further list and description of these risks, uncertainties and other factors can be found under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and the Company’s subsequent filings with the Securities and Exchange Commission . We qualify all of our forward-looking statements by these cautionary statements.

Non-GAAP Financial Measures

To supplement Wayfair’s unaudited consolidated and condensed 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 and non-GAAP net loss and diluted net loss per share. Wayfair uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Wayfair’s ongoing operational performance. Wayfair has 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 loss before depreciation and amortization, equity-based compensation and related taxes, interest and other income and expense, (benefit from) provision for income taxes, and non-recurring items. Wayfair has included Adjusted EBITDA and Adjusted EBITDA Margin in this earnings release because they are key measures used by its management and its board of directors to evaluate its 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 facilitate operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation and related taxes, excludes an item that we do not consider to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, Wayfair believes 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 (used in) provided by operating activities less net cash used to purchase property and equipment and site and software development costs. Wayfair believes free cash flow is an important indicator of Wayfair’s business performance, as it measures the amount of cash it generates. Accordingly, Wayfair believes that free cash flow provides useful information to investors and others in understanding and evaluating its operating results in the same manner as its management.

Non-GAAP diluted net loss per share is a non-GAAP financial measure that is calculated as GAAP net loss plus equity-based compensation and related taxes, (benefit from) provision for income taxes, and non-recurring items divided by weighted average shares. Wayfair believes that adding back equity-based compensation expense and related taxes and (benefit from) provision for income taxes, and non-recurring items as adjustments to its GAAP diluted net loss before calculating per share amounts for all periods presented provides a more meaningful comparison between our operating results from period to period.

Wayfair does not itself, nor does it 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 used by Wayfair 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 its industry.

The following table reflects the reconciliation of net loss to Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated (in thousands):

(1) We recorded $9.6 million of one-time charges in the year ended December 31, 2017 in "Selling, operations, technology, general and administrative" in the consolidated and condensed statements of operations related to a warehouse we vacated in July 2017 . Of the $9.6 million charges, $8.8 million was included in "Other" and related primarily to the excess of our estimated future remaining lease commitments through 2023 over our expected sublease income over the same period, and $0.8 million was included in "Depreciation and amortization" related to accelerated depreciation of leasehold improvements in the warehouse.

The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net loss to consolidated Adjusted EBITDA is presented in the preceding table (in thousands):

A reconciliation of GAAP net loss to non-GAAP diluted net loss, the most directly comparable GAAP financial measure, in order to calculate non-GAAP diluted net loss per share, is as follows (in thousands, except per share data):

The following table presents a reconciliation of free cash flow to net cash provided by operating activities for each of the periods indicated (in thousands):

Key Financial and Operating Metrics (in thousands, except LTM Net Revenue per Active Customer and Average Order Value)

Quarterly Financial Metrics

The following tables set forth selected financial quarterly metrics and other financial and operations data for the eight quarters ended December 31, 2017 (in thousands):

The following table reflects the reconciliation of net loss to Adjusted EBITDA for each of the periods indicated (in thousands):

(1) We recorded $9.6 million of one-time charges in the three months ended September 30, 2017 in "Selling, operations, technology, general and administrative" in the consolidated and condensed statements of operations related to a warehouse we vacated in July 2017 . Of the $9.6 million charges, $8.8 million was included in "Other" and related primarily to the excess of our estimated future remaining lease commitments through 2023 over our expected sublease income over the same period, and $0.8 million was included in "Depreciation and amortization" related to accelerated depreciation of leasehold improvements in the warehouse.