0001616707-19-000247.txt : 20191031 0001616707-19-000247.hdr.sgml : 20191031 20191031074456 ACCESSION NUMBER: 0001616707-19-000247 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20191031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191031 DATE AS OF CHANGE: 20191031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wayfair Inc. CENTRAL INDEX KEY: 0001616707 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 364791999 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36666 FILM NUMBER: 191182135 BUSINESS ADDRESS: STREET 1: 4 COPLEY PLACE CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617 532 6100 MAIL ADDRESS: STREET 1: 4 COPLEY PLACE CITY: BOSTON STATE: MA ZIP: 02116 8-K 1 a2019-09x30form8xk.htm 8-K Document
false0001616707 0001616707 2019-10-31 2019-10-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 8-K
 
 
 CURRENT REPORT 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): October 31, 2019  
 
 
WAYFAIR INC.
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
001-36666
 
36-4791999
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
4 Copley Place
Boston, MA 02116
(Address of principal executive offices, including zip code)
(617) 532-6100
(Registrant’s telephone number, including area code)
 N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.001 par value per share 
W
The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1


Item 2.02. Results of Operations and Financial Condition.
On October 31, 2019, Wayfair Inc. issued a press release announcing its financial results for the quarter ended September 30, 2019. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information furnished in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
 
Description
 
 
 
99.1

 

2


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
WAYFAIR INC.
 
 
 
 
Date: October 31, 2019
By:
/s/ ENRIQUE COLBERT
 
 
Enrique Colbert
 
 
General Counsel and Secretary


3
 EX-99.1 2 a2019-09x30exhibit991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
 
Wayfair Announces Third Quarter 2019 Results
Q3 Direct Retail Net Revenue Growth of 36% Year over Year to $2.3 billion
19.1 million Active Customers, up 38% Year over Year

BOSTON, MA — October 31, 2019 — Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for the home, today reported financial results for its third quarter ended September 30, 2019.
Third Quarter 2019 Financial Highlights
•
Direct Retail net revenue, consisting of sales generated primarily through Wayfair’s sites, increased $607.2 million to $2.3 billion, up 35.9% year over year
•
Gross profit was $539.9 million or 23.4% of total net revenue
•
GAAP net loss was $272.0 million
•
Adjusted EBITDA was $(144.2) million or (6.3)% of total net revenue
•
GAAP basic and diluted net loss per share was $2.94
•
Non-GAAP diluted net loss per share was $2.23
•
Non-GAAP free cash flow was $(180.9) million
•
At the end of the third quarter, cash, cash equivalents, and short-term and long-term investments totaled $1.3 billion

1


"We are pleased to report Q3 Direct Retail net revenue growth of $607 million up 36 percent year over year. This period of strong growth took place, despite some short-term tariff related volatility. We could not be more confident in the future growth of the business," noted Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our business continues to benefit from meaningful long term investments that directly and dramatically impact the customer experience further propelled by a massive structural shift in shopping behavior from offline to online. To further cement our leadership position and growth trajectory, we have continued to expand our logistics network to meet a high level of customer demand in both North America and Europe and, among other initiatives, are driving deeper penetration in emerging category opportunities across the business. We are excited for the upcoming holiday season, and expect to continue to disrupt the current retail landscape through innovative solutions to traditional customer pain points as we solidify Wayfair's position as the best place to shop across all home-related categories."
Other Third Quarter Highlights 
•
The number of active customers in our Direct Retail business reached 19.1 million as of September 30, 2019, an increase of 37.6% year over year
•
LTM net revenue per active customer was $449 as of September 30, 2019, an increase of 1.4% year over year
•
Orders per customer, measured as LTM orders divided by active customers, was 1.85 for the third quarter of 2019, compared to 1.84 for the third quarter of 2018
•
Repeat customers placed 67.3% of total orders in the third quarter of 2019, compared to 66.3% in the third quarter of 2018
•
Repeat customers placed 6.1 million orders in the third quarter of 2019, an increase of 33.6% year over year
•
Orders delivered in the third quarter of 2019 were 9.1 million, an increase of 31.5% year over year
•
Average order value was $252 for the third quarter of 2019, compared to $244 for the third quarter of 2018
•
In the third quarter of 2019, 53.8% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 49.4% in the third quarter of 2018

2


Webcast and Conference Call
Wayfair will host a conference call and webcast to discuss its third quarter 2019 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 6381388. 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 14 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 - Everything home for every budget.
•
Joss & Main - Stylish designs to discover daily.
•
AllModern - The best of modern, priced for real life.
•
Birch Lane - Classic home. Comfortable cost.
•
Perigold - The widest-ever selection of luxury home furnishings.
Wayfair generated $8.6 billion in net revenue for the twelve months ended September 30, 2019. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, the company employs more than 16,000 people.
Media Relations Contact:
Jane Carpenter, 617-502-7595
PR@wayfair.com

Investor Relations Contact:
Jane Gelfand
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 the strength of our product offering, the expansion of our logistics network, our future results of operations and financial position, our business strategy and our 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.
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.

3


Non-GAAP Financial Measures
To supplement our 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. 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 and Adjusted EBITDA Margin are non-GAAP financial measures that are calculated as income (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. We have included Adjusted EBITDA and Adjusted EBITDA Margin in this earnings release because they are key measures 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 and Adjusted EBITDA Margin facilitates 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, we believe 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. 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.
Non-GAAP diluted net loss per share is a non-GAAP financial measure that is calculated as GAAP net loss plus equity-based compensation expense and related taxes, (benefit from) provision for income taxes, and non-recurring items divided by weighted average shares. We believe that adding back equity-based compensation expense and related taxes and (benefit from) provision for income taxes, and non-recurring items as adjustments to our 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.
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 the Company’s 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.
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.

4


The following table reflects the reconciliation of net loss to Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated (in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Reconciliation of Adjusted EBITDA
 
 

 
 

 
 

 
 

Net loss
 
$
(272,035
)
 
$
(151,726
)
 
$
(654,362
)
 
$
(360,235
)
Depreciation and amortization
 
50,250

 
32,544

 
134,172

 
87,426

Equity-based compensation and related taxes
 
65,275

 
36,317

 
173,963

 
95,074

Interest expense, net
 
14,432

 
7,066

 
33,922

 
18,269

Other (income), net
 
(2,182
)
 
(1,054
)
 
(5,582
)
 
(2,661
)
Provision for income taxes
 
76

 
448

 
1,502

 
953

Adjusted EBITDA
 
$
(144,184
)
 
$
(76,405
)
 
$
(316,385
)
 
$
(161,174
)
 
 
 
 
 
 
 
 
 
Net revenue
 
$
2,305,487

 
$
1,705,645

 
$
6,593,567

 
$
4,765,170

Adjusted EBITDA Margin
 
(6.3
)%

(4.5
)%

(4.8
)%

(3.4
)%
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):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Segment Adjusted EBITDA
 
 
 
 
 
 
 
 
U.S.
 
$
(62,878
)
 
$
(26,036
)
 
$
(91,002
)
 
$
(26,774
)
International
 
(81,306
)
 
(50,369
)
 
(225,383
)
 
(134,400
)
Adjusted EBITDA
 
$
(144,184
)
 
$
(76,405
)
 
$
(316,385
)
 
$
(161,174
)
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):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(272,035
)
 
$
(151,726
)
 
$
(654,362
)
 
$
(360,235
)
Equity-based compensation and related taxes
 
65,275

 
36,317

 
173,963

 
95,074

Provision for income taxes
 
76

 
448

 
1,502

 
953

Non-GAAP net loss
 
$
(206,684
)

$
(114,961
)

$
(478,897
)

$
(264,208
)
Non-GAAP net loss per share, basic and diluted
 
$
(2.23
)

$
(1.28
)

$
(5.22
)

$
(2.96
)
Weighted average common shares outstanding, basic and diluted
 
92,540

 
89,792

 
91,820

 
89,144

The following table presents a reconciliation of free cash flow to net cash used in operating activities for each of the periods indicated (in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net cash (used in) provided by operating activities
 
$
(76,441
)
 
$
7,804

 
$
(160,523
)
 
$
42,331

Purchase of property and equipment
 
(68,628
)
 
(49,411
)
 
(183,968
)
 
(110,504
)
Site and software development costs
 
(35,831
)
 
(17,196
)
 
(94,697
)
 
(45,769
)
Free cash flow
 
$
(180,900
)
 
$
(58,803
)
 
$
(439,188
)
 
$
(113,942
)

5


Key Financial and Operating Metrics (in thousands, except LTM Net Revenue per Active Customer and Average Order Value)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Consolidated Financial Metrics
 
 

 
 

 
 

 
 

Net Revenue
 
$
2,305,487

 
$
1,705,645

 
$
6,593,567

 
$
4,765,170

Adjusted EBITDA
 
$
(144,184
)
 
$
(76,405
)
 
$
(316,385
)
 
$
(161,174
)
Free cash flow
 
$
(180,900
)
 
$
(58,803
)
 
$
(439,188
)
 
$
(113,942
)
Direct Retail Financial and Operating Metrics
 
 
 
 
 
 
 
 
Direct Retail Net Revenue
 
$
2,299,680

 
$
1,692,456

 
$
6,562,620

 
$
4,722,267

Active Customers
 
19,071

 
13,860

 
19,071

 
13,860

LTM Net Revenue per Active Customer
 
$
449

 
$
443

 
$
449

 
$
443

Orders Delivered
 
9,121

 
6,938

 
26,446

 
19,278

Average Order Value
 
$
252

 
$
244

 
$
248

 
$
245

The following table presents Direct Retail and Other net revenues attributable to the Company’s reportable segments for the periods presented (in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
U.S. Direct Retail
 
$
1,960,847

 
$
1,460,056

 
$
5,593,923

 
$
4,043,270

U.S. Other
 
5,807

 
13,189

 
30,947

 
42,903

U.S. segment net revenue
 
1,966,654

 
1,473,245

 
5,624,870

 
4,086,173

International Direct Retail
 
338,833

 
232,400

 
968,697

 
678,997

International segment net revenue
 
338,833

 
232,400

 
968,697

 
678,997

Total net revenue
 
$
2,305,487

 
$
1,705,645

 
$
6,593,567

 
$
4,765,170



6


WAYFAIR INC.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited) 
 
 
September 30,
2019
 
December 31,
2018
Assets
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents
 
$
1,295,385

 
$
849,461

Short-term investments
 
6,049

 
114,278

Accounts receivable, net of allowance of $17,849 and $9,312 at September 30, 2019 and December 31, 2018, respectively
 
75,677

 
50,603

Inventories
 
68,622

 
46,164

Prepaid expenses and other current assets
 
224,968

 
195,430

Total current assets
 
1,670,701

 
1,255,936

Property and equipment, net
 
547,056

 
606,977

Goodwill and intangible assets, net
 
19,211

 
2,585

Operating lease right-of-use assets
 
756,716

 
—

Long-term investments
 
—

 
6,526

Other noncurrent assets
 
13,951

 
18,826

Total assets
 
$
3,007,635

 
$
1,890,850

Liabilities and Stockholders' Equity
 
 

 
 

Current liabilities
 
 

 
 

Accounts payable
 
$
814,439

 
$
650,174

Accrued expenses
 
267,351

 
212,997

Unearned revenue
 
151,367

 
148,057

Other current liabilities
 
200,502

 
127,995

Total current liabilities
 
1,433,659

 
1,139,223

Lease financing obligation, net of current portion
 
—

 
183,056

Operating lease liabilities
 
813,861

 
—

Long-term debt
 
1,435,927

 
738,904

Other liabilities
 
6,617

 
160,388

Total liabilities
 
3,690,064

 
2,221,571

 
 
 
 
 
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at September 30, 2019 and December 31, 2018
 
—

 
—

Stockholders’ deficit:
 
 
 
 

Class A common stock, par value $0.001 per share, 500,000,000 shares authorized, 65,502,165 and 62,329,701 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
66

 
63

Class B common stock, par value $0.001 per share, 164,000,000 shares authorized, 27,372,273 and 28,417,882 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
27

 
28

Additional paid-in capital
 
1,054,135

 
753,657

Accumulated deficit
 
(1,735,201
)
 
(1,082,689
)
Accumulated other comprehensive (loss)
 
(1,456
)
 
(1,780
)
Total stockholders’ deficit
 
(682,429
)
 
(330,721
)
Total liabilities and stockholders’ deficit
 
$
3,007,635

 
$
1,890,850


7


WAYFAIR INC. 
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited) 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net revenue
 
$
2,305,487

 
$
1,705,645

 
$
6,593,567

 
$
4,765,170

Cost of goods sold (1)
 
1,765,566

 
1,312,875

 
5,023,590

 
3,663,569

Gross profit
 
539,921


392,770


1,569,977


1,101,601

Operating expenses:
 
 

 
 

 
 

 
 

Customer service and merchant fees (1)
 
91,255

 
66,664

 
256,230

 
182,340

Advertising
 
281,846

 
202,587

 
784,981

 
541,815

Selling, operations, technology, general and administrative (1)
 
426,529

 
268,785

 
1,153,286

 
721,120

Total operating expenses
 
799,630


538,036


2,194,497


1,445,275

Loss from operations
 
(259,709
)

(145,266
)

(624,520
)

(343,674
)
Interest expense, net
 
(14,432
)
 
(7,066
)
 
(33,922
)
 
(18,269
)
Other income, net
 
2,182

 
1,054

 
5,582

 
2,661

Loss before income taxes
 
(271,959
)

(151,278
)

(652,860
)

(359,282
)
Provision for income taxes
 
76

 
448

 
1,502

 
953

Net loss
 
$
(272,035
)

$
(151,726
)

$
(654,362
)

$
(360,235
)
Net loss per share, basic and diluted
 
$
(2.94
)

$
(1.69
)

$
(7.13
)

$
(4.04
)
Weighted average number of common stock outstanding used in computing per share amounts, basic and diluted
 
92,540

 
89,792

 
91,820

 
89,144

 
(1) Includes equity-based compensation and related taxes as follows:
Cost of goods sold
 
$
1,450

 
$
727

 
$
3,759

 
$
1,929

Customer service and merchant fees
 
2,374

 
1,549

 
6,619

 
3,652

Selling, operations, technology, general and administrative
 
61,451

 
34,041

 
163,585

 
89,493

 
 
$
65,275

 
$
36,317

 
$
173,963

 
$
95,074


8


WAYFAIR INC.
 CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) 
 
 
Nine months ended September 30,
 
 
2019
 
2018
Cash flows from operating activities
 
 

 
 

Net loss
 
$
(654,362
)
 
$
(360,235
)
Adjustments to reconcile net loss to net cash used in operating activities
 
 
 
 
Depreciation and amortization
 
134,172

 
87,426

Equity-based compensation
 
162,014

 
88,148

Amortization of discount and issuance costs on convertible notes
 
40,737

 
13,699

Other non-cash adjustments
 
(1,659
)
 
177

Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
(25,309
)
 
(3,157
)
Inventories
 
(22,716
)
 
(7,757
)
Prepaid expenses and other current assets
 
(29,648
)
 
(37,376
)
Accounts payable and accrued expenses
 
215,786

 
187,733

Unearned revenue and other liabilities
 
22,382

 
80,509

Other assets
 
(1,920
)
 
(6,836
)
Net cash (used in) provided by operating activities
 
(160,523
)
 
42,331

 
 
 
 
 
Cash flows from investing activities
 
 
 
 

Sale and maturities of short-term investments
 
115,468

 
45,955

Purchase of property and equipment
 
(183,968
)
 
(110,504
)
Site and software development costs
 
(94,697
)
 
(45,769
)
Other investing activities
 
(15,977
)
 
(399
)
Net cash used in investing activities
 
(179,174
)
 
(110,717
)
 
 
 
 
 
Cash flows from financing activities
 
 
 
 

Proceeds from issuance of convertible notes, net of issuance costs
 
935,146

 
—

Premiums paid for capped call confirmations
 
(145,728
)
 
—

Taxes paid related to net share settlement of equity awards
 
(1,510
)
 
(1,097
)
Deferred financing costs
 
(791
)
 
—

Net proceeds from exercise of stock options
 
90

 
104

Net cash provided by (used in) financing activities
 
787,207

 
(993
)
Effect of exchange rate changes on cash and cash equivalents
 
(1,586
)
 
(945
)
Net increase (decrease) in cash and cash equivalents
 
445,924

 
(70,324
)
 
 
 
 
 
Cash and cash equivalents
 
 

 
 

Beginning of period
 
849,461

 
558,960

End of period
 
$
1,295,385

 
$
488,636



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Cover Cover
Oct. 31, 2019
Cover page.  
Document Type 8-K
Document Period End Date Oct. 31, 2019
Entity Registrant Name WAYFAIR INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36666
Entity Tax Identification Number 36-4791999
Entity Address, Address Line One 4 Copley Place
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02116
City Area Code 617
Local Phone Number 532-6100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.001 par value per share 
Trading Symbol W
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001616707
Amendment Flag false
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