August 30, 2016 6:08 AM ET

Internet and Catalog Retail

Company Overview of Wayfair Inc.

Company Overview

Wayfair Inc. engages in the e-commerce business in the United States. It offers approximately seven million products for the home under various brands. The company offers a selection of furniture, décor, decorative accent, houseware, seasonal décor, and other home goods under the Wayfair.com, Joss & Main, AllModern, DwellStudio, and Birch Lane brands. It also sells its products through online retail partners. Wayfair Inc. was founded in 2002 and is headquartered in Boston, Massachusetts.

4 Copley Place

7th Floor

Boston, MA 02116

United States

Founded in 2002

3,809 Employees

Phone:

617-532-6100

Key Executives for Wayfair Inc.

Co-Founder, Co-Chairman, Chief Executive Officer and President
Age: 42
Total Annual Compensation: $80.0K
Co-Founder and Co-Chairman
Age: 43
Total Annual Compensation: $80.0K
Chief Financial Officer
Age: 51
Total Annual Compensation: $437.5K
Chief Operating Officer
Age: 50
Total Annual Compensation: $343.8K
Senior Vice President of Strategic Initiatives
Age: 44
Total Annual Compensation: $331.3K
Compensation as of Fiscal Year 2015.

Wayfair Inc. Key Developments

Wayfair Launches Virtual Reality App to Customize Outdoor Spaces with Furnishings and Decor

Wayfair Inc. announced the launch of Patio Playground, the company’s first-party virtual reality application, available on the Oculus Rift Experiences store. Developed by Wayfair Next, the company’s in-house research and development team, using Facebook’s Oculus Rift platform, Patio Playground allows shoppers to immerse themselves in an inspirational landscape, where they can explore, rearrange, and discover furniture and décor from Wayfair’s catalog.

Wayfair Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter and Full Year 2016

Wayfair Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net revenue of $786.928 million compared to $491.752 million a year ago. Loss from operations was $48.73 million compared to $19.473 million a year ago. Loss before income taxes was $47.953 million compared to $19.261 million a year ago. Net loss was $48.274 million or $0.57 per basic and diluted share compared to $19.334 million or $0.23 per basic and diluted share a year ago. Adjusted LBITDA was $24.857 million compared to $4.972 million a year ago. Non-GAAP net loss was $36.658 million or $0.43 per basic and diluted share compared to $12.160 million or $0.15 per basic and diluted share a year ago. Non-GAAP free cash flow for the quarter was negative $19.4 million based on net cash from operating activities of $24.9 million less capital expenditures of $44.3 million. Capital expenditure spending was 5.6% of net revenue. For the six months, the company reported net revenue of $1,534.276 million compared to $916.123 million a year ago. Loss from operations was $90.839 million compared to $46.719 million a year ago. Loss before income taxes was $88.841 million compared to $46.351 million a year ago. Net loss was $89.479 million or $1.06 per basic and diluted share compared to $46.470 million or $0.56 per basic and diluted share a year ago. Net cash used in operating activities was $26.301 million compared to $6.749 million a year ago. Purchase of property and equipment was $61.436 million compared to $25.204 million a year ago. Adjusted LBITDA was $45.817 million compared to $17.312 million a year ago. Non-GAAP net loss was $66.884 million or $0.79 per basic and diluted share compared to $31.088 million or $0.37 per basic and diluted share a year ago. For the third quarter, the company expects revenue to be between $790 million to $815 million, which year-over-year represents a revenue increase of $245 million to $270 million, and a growth rate of 45% to 50%. These growth rates seem appropriate in light of the steep acceleration of growth last year and the relatively consistent 2-year stacked growth have seen over the last year. Other revenue to be between $30 million to $35 million, down 39% to 29% year-over-year as the company continue to deemphasize the retail partner portion of this business. This equates to total net revenue of $820 million to $850 million. Adjusted EBITDA margin is expected to be negative 4.25% to negative 4.75%. For the full year, the company expects expect capital expenditure to be approximately 4% of net revenue.

Wayfair Renews its Credit Agreement with Bank of America

On July 31, 2016, Wayfair Inc., through its wholly-owned subsidiary, Wayfair LLC, renewed its credit agreement with Bank of America, N.A. The credit agreement, as amended, provides the Company with a $20.0 million revolving line of credit to support direct borrowings and letters of credit, provided that a maximum of $5.0 million may be applied to direct borrowings under the revolving line of credit, plus an additional $45.0 million credit card program, for a maximum aggregate commitment of $65.0 million. The credit agreement is renewable on an annual basis and, if not renewed, will expire on July 31, 2017. The renewed credit agreement is on substantially the same terms and conditions as the prior credit agreement, as amended. Subject to the terms and conditions of the credit agreement, advances under the line of credit, if any, will bear interest at the LIBOR rate, plus 1.75%. Under the credit agreement, the Company is also required to maintain certain financial covenants, including debt service coverage, tangible net worth, and unencumbered liquid assets.

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