Wayfair Inc.


SKU: W Category:


Wayfair Inc. exceeded analyst expectations in terms of revenue as well as earnings. With net revenue down 3% year-over-year in Q2 compared to a category that continues to be down 10% to 20% for widely-tracked estimates like credit card and email receipt data, Wayfair significantly outperformed the competition. The gross margin for the quarter was outstanding, coming in at 31.1%. Total adjusted EBITDA for the quarter was $128 million due to the revenue strength and significant expense reductions they have made across their entire P&L. The sum of their selling, operations, technology, general, and administrative expenses was $473 million. However, they are seeing good quarter-on-quarter improvement in this line item and a considerable year-over-year drop because of their cost initiatives over the last 12 months. While there are some short-term challenges, their team is satisfied with the overall result. Looking ahead, their team anticipates net revenue growth in the mid-single digits for the entire quarter, which will be hampered partly by the effects of the advertising channel test.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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