Novartis AG
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Health Care : Pharmaceuticals | Large Cap Value
Based in Switzerland
Company profile

Novartis AG is a holding company, which provides healthcare solutions. The Company is engaged in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. The Company's segments include Innovative Medicines, Sandoz, Alcon and Corporate activities. Innovative Medicines researches, develops, manufactures, distributes and sells patented prescription medicines to develop health outcomes for patients and healthcare providers. Sandoz develops, manufactures, distributes and sells prescription medicines, as well as pharmaceutical active substances that are not protected by valid and enforceable third-party patents. Alcon researches, develops, manufactures, distributes and sells eye care products. Alcon is a provider of eye care with product offerings in eye care devices and vision care. The Company's range of products includes pharmaceuticals and oncology medicines, generic and biosimilar medicines, and eye care devices.

This security is an American depositary receipt
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Price
Delayed
$78.89
Day's Change
-2.06 (-2.54%)
Bid
--
Ask
--
B/A Size
--
Day's High
79.72
Day's Low
78.58
Volume
(Heavy Day)

Today's volume of 597,643 shares is on pace to be much greater than NVS's 10-day average volume of 1,640,966 shares.

597,643

Wayfair Announces Second Quarter 2020 Results

7:00 am ET August 5, 2020 (BusinessWire) Print

Wayfair Inc. (NYSE: W), one of the world's largest online destinations for the home, today reported financial results for its second quarter ended June 30, 2020.

Second Quarter 2020 Financial Highlights

Total net revenue increased $2.0 billion to $4.3 billion, up 83.7% year over year U.S. net revenue increased $1.7 billion, up 82.5% year over year International net revenue increased $310.2 million, up 90.5% year over year. International segment Net Revenue Constant Currency Growth was 96.9% Gross profit was $1.3 billion or 30.7% of total net revenue GAAP net income was $273.9 million Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $439.8 million or 10.2%, respectively of total net revenue GAAP diluted earnings per share was $2.54 Non-GAAP Diluted Earnings Per Share was $3.13 Non-GAAP Free Cash Flow was $1.1 billion At the end of the second quarter, cash, cash equivalents, and short- and long-term investments totaled $2.4 billion

"We are all currently living and operating in uncertain times, which are dominated by the global pandemic as well as pressing social issues. In this environment, Wayfair remains fully committed to supporting our customers, our employees, and our broader communities, while continuing to operate with excellence," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "The second quarter was a very strong period for Wayfair. Our strategic long term investments positioned us well to serve our customers and to quickly adapt during a challenging time. We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair. Our proprietary logistics network, strong supplier partnerships, and nimble and dedicated team of more than 16,000 employees enabled Wayfair to consistently serve our customers at a time they needed us most, both in North America and Europe. The plans that we put in place in late 2019, combined with these factors, translated to a powerful profitability inflection, and we generated over $1 billion in free cash flow in the quarter. Our financial performance in Q2 also highlighted the inherent structural profitability of the business, as we begin to pair our strong growth characteristics with consistent profit delivery while continuing to make investments with a long-term orientation. Looking forward, together with our suppliers, we remain committed to being the best solution for our customers as they seek comfort in their homes."

Other Second Quarter Highlights

The number of active customers in our Direct Retail business reached 26.0 million as of June 30, 2020, an increase of 46.0% year over year LTM net revenue per active customer was $440 as of June 30, 2020, a decrease of 1.6% year over year Orders per customer, measured as LTM orders divided by active customers, was 1.89 for the second quarter of 2020, compared to 1.86 for the second quarter of 2019 Repeat customers placed 67.4% of total orders in the second quarter of 2020, compared to 67.8% in the second quarter of 2019 Repeat customers placed 12.7 million orders in the second quarter of 2020, an increase of 104.9% year over year Orders delivered in the second quarter of 2020 were 18.9 million, an increase of 106.2% year over year Average order value was $227 for the second quarter of 2020, compared to $255 for the second quarter of 2019 In the second quarter of 2020, 60.6% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 53.5% in the second quarter of 2019

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its second quarter 2020 financial results today at 8 a.m. (ET). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/8686848. 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/2C8rbFD 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 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 18 million items across home furnishings, decor, 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 - All things home, all in one place. 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 $11.5 billion in net revenue for the twelve months ended June 30, 2020. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, the company employs more than 16,200 people.

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, available liquidity and access to financing sources, our business strategy, plans and objectives of management for future operations, consumer activity and behaviors, e-commerce adoption trends, developments in our technology and systems and anticipated results of those developments and the impact of the recent novel coronavirus (COVID-19) pandemic and our response to it, 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 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, Non-GAAP Diluted Earnings (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.

Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures that are calculated as net income (loss) before depreciation and amortization, equity-based compensation and related taxes, interest (expense), net, other income, net, provision for income taxes, net, non-recurring items, and other items not indicative of our ongoing operating performance. 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 as these costs may vary independent of business performance. We do not consider equity-based compensation and related taxes to be indicative of our core operating performance, however investors should understand that equity-based compensation will be a significant recurring expense in our business and is 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 provided by (used in) 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 Earnings (Loss) Per Share is a non-GAAP financial measure that is calculated as GAAP net income (loss) plus equity-based compensation and related taxes, provision 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 (loss) per share. We believe that these adjustments to our non-GAAP diluted net income (loss) before calculating per share amounts for all periods presented provides a more meaningful comparison between our operating results from period to period.

Net Revenue Constant Currency Growth is a non-GAAP financial measure that is calculated 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 believe Net Revenue Constant Currency Growth is an important indicator of our business performance, as it 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 Adjusted EBITDA based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking non-GAAP Adjusted EBITDA guidance to forward looking GAAP net income (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.

These 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.

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

                                                                                       Three months ended June 30,                                                                                                                    Six months ended June 30,
                                                                    ------------------------------------------------------------------------------------------------------------------------------------                              ----------------------------------------------------------------------------------------------------------------------------------
                                               2020                                       2019                                      2020                                      2019                   
                                                                    ------------------------------------   -------------------- -------------------- ------------------------------------   -------------------- -------------------- ----------------------------------   -------------------- -------------------- ------------------------------------   --------------------
                                                                                                                                                                             (in thousands)
Reconciliation of Adjusted EBITDA                                                                                                                                                                                       
Net income (loss)                                $         273,877       $        (181,938 )                        $       (11,988 )                        $        (382,327 )                     
                                                            69,114                  44,339               135,957                  83,922    
   Depreciation and amortization
                                                            70,701                  56,855               134,693                 108,688    
   Equity-based compensation and related taxes
                                                            28,939                  10,252                51,157                  19,490    
   Interest expense, net
                                                            (3,110 )                                     (322 )                                 (2,864 )                                   (3,400 )                     
   Other (income), net
                                                               292                     831                 1,625                   1,426    
   Provision for income taxes, net
                                                    --          --                 3,956          --    
   Other (1)
                                                                    ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------                      --------------  -------------------- --------------------                      ----------------  -------------------- --------------------
Adjusted EBITDA                                  $         439,813       $         (69,983 )                        $       312,536       $        (172,201 )                     
                                                                    ======= ========= ==================== ====================                      ======= ========= ==================== ====================                      ===== ========= ==================== ====================                      ======= ========= ==================== ====================
                                                                                                                                                              
Net revenue                                      $       4,304,672       $       2,343,251       $     6,634,735       $       4,288,080    
(1) The Company recorded $4.0 million in the six months ended June 30, 2020 in selling, operations, technology, general and administrative expenses in the Consolidated and Condensed Statements of Operations related to severance costs associated with February 2020 workforce reductions. The Company recorded $4.0 million in the six months ended June 30, 2020 in selling, operations, technology, general and administrative expenses in the Consolidated and Condensed Statements of Operations related to severance costs associated with February 2020 workforce reductions.

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

                                        Three months ended June 30,                                                                               Six months ended June 30,
                                             ------------------------------------------------------------------------------------                             ---------------------------------------------------------------------------------------------------------
                       2020                       2019                        2020                          2019       
                                             ---------------------------------   -------------------- -----------   -------------------- -------------------- --------------------------------   -------------------- -------------------- -------------   --------------------
                                                                                                                 (in thousands)
Segment Adjusted EBITDA                                                                                
                          $      434,574     $      (342 )     $     389,479       $     (28,124 )  
   U.S.
                                   5,239         (69,641 )           (76,943 )                             (144,077 )  
   International
                                             -------------  --------------------                      ----------  - --------------------                      ------------  -------------------- --------------------                      ------------  - --------------------

A reconciliation of GAAP net income (loss) to non-GAAP diluted net income (loss), the most directly comparable GAAP financial measure, in order to calculate Non-GAAP Diluted Earnings (Loss) Per Share, is as follows:

                                                                                                                                                                                           Three months ended June 30,                                                                                                        Six months ended June 30,
                                                                                                                                                                                    -------------------------------------------------------------------------------------------------------------                             ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                              2020                                    2019                                     2020                                      2019                  
                                                                                                                                                                                    ----------------------------------   -------------------- -----------------------------------   -------------------- -------------------- ----------------------------------   -------------------- -------------------- -----------------------------------   --------------------
                                                                                                                                                                                                                                                                      (in thousands, except per share data)
Numerator:                                                                                                                                                                                                                                                               
Net income (loss)                                                                                                                                                $       273,877     $       (181,938 )                        $       (11,988 )                        $       (382,327 )                     
Effect of dilutive securities:                                                                                                                                                                                                                                           
                                                                                                                                                                          30,195       --        --         --    
   Interest expense associated with convertible debt instruments
                                                                                                                                                                                    --------------  --------------------                      ---------------  -------------------- --------------------                      --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Numerator for diluted EPS - net income (loss) available to common stockholders after the effect of dilutive securities                                                   304,072             (181,938 )                                (11,988 )                                (382,327 )                     
Non-GAAP adjustments to net income (loss)                                                                                                                                                                                                                                
                                                                                                                                                                          70,701               56,855               134,693                108,688    
   Equity-based compensation and related taxes
                                                                                                                                                                             292                  831                 1,625                  1,426    
   Provision for income taxes, net
                                                                                                                                                                  --       --                 3,956         --    
   Other
                                                                                                                                                                                    --------------  --------------------                      ---------------  -------------------- --------------------                      --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Numerator for Non-GAAP Diluted EPS - Non-GAAP net income (loss)                                                                                                  $       375,065     $       (124,252 )                        $       128,286       $       (272,213 )                     
                                                                                                                                                                                    ======= ======= ====================                      ======= ======== ==================== ====================                      ======= ======= ==================== ====================                      ======= ======== ==================== ====================
Denominator:                                                                                                                                                                                                                                                             
Denominator for basic EPS - weighted-average number of shares of common stock outstanding                                                                                 94,834               91,802                94,461                 91,455    
Effect of dilutive securities:                                                                                                                                                                                                                                                                                 
                                                                                                                                                                              31       --        --         --    
   Employee stock options
                                                                                                                                                                           2,788       --        --         --    
   Restricted stock units
                                                                                                                                                                          22,279       --        --         --    
   Convertible debt instruments
                                                                                                                                                                                    --------------  --------------------                      ---------------  -------------------- --------------------                      --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Dilutive potential common shares                                                                                                                                          25,098       --        --         --    
Denominator for diluted EPS - adjusted weighted-average number of shares of common stock outstanding after the effect of dilutive securities                             119,932               91,802                94,461                 91,455    
Non-GAAP adjustments to effect of dilutive securities:                                                                                                                                                                                                                   
                                                                                                                                                                  --       --                    36         --    
   Employee stock options
                                                                                                                                                                  --       --                 2,078         --    
   Restricted stock units
                                                                                                                                                                  --       --        --         --    
   Convertible debt instruments
                                                                                                                                                                                    --------------  --------------------                      ---------------  -------------------- --------------------                      --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Denominator for Non-GAAP Diluted EPS - non-GAAP adjusted weighted-average number of shares of common stock outstanding after the effect of dilutive securities           119,932               91,802                96,575                 91,455    
                                                                                                                                                                                    ==============  ====================                      ===============  ==================== ====================                      ==============  ==================== ====================                      ===============  ==================== ====================

The following table presents net revenues attributable to our reportable segments for the periods indicated:

                                         Three Months Ended June 30,                                                                    Six Months Ended June 30,
                                               ------------------------------------------------------------------------------------                            -------------------------------------------------------------------------------------
                        2020                                 2019                                  2020                                 2019
                                               --------------------------------   -------------------- --------------------------------   -------------------- ---------------------------------   -------------------- --------------------------------
                                                                                                        (in thousands)
U.S. net revenue            $   3,651,704     $   2,000,518     $    5,626,687     $   3,658,216  
International net revenue         652,968           342,733          1,008,048           629,864  
                                               ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      ------------  --------------------

The following table presents a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow for each of the periods indicated:

                                                                              Three months ended June 30,                                                                                         Six months ended June 30,
                                                                         --------------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------------------
                                                  2020                         2019                         2020                         2019       
                                                                         --------------------------------   -------------------- -------------------- ------------   -------------------- -------------------- -------------------------------   -------------------- -------------------- -------------   --------------------
                                                                                                                                                       (in thousands)
Net cash provided by (used in) operating activities   $   1,135,251       $   (2,734 )       $    878,961       $    (84,082 )   
Purchase of property and equipment                          (44,846 )                           (54,714 )           (104,810 )                            (115,340 )   
Site and software development costs                         (36,803 )                           (34,023 )            (75,172 )                             (58,866 )   
                                                                         ------------  -------------------- --------------------                      ---------  --- --------------------                      -----------  -------------------- --------------------                      -----------  -- --------------------

Key Financial and Operating Metrics

                                                                           Three months ended June 30,                                                                                             Six months ended June 30,
                                                                    -------------------------------------------------------------------------------------------------------------                             -------------------------------------------------------------------------------------------------------------
                                               2020                                   2019                                      2020                                   2019                  
                                                                    -----------------------------------   -------------------- ----------------------------------   -------------------- -------------------- -----------------------------------   -------------------- ----------------------------------   --------------------
                                                                                                                    (in thousands, except LTM Net Revenue per Active Customer and Average Order Value)
Direct Retail Financial and Operating Metrics:                                                                                       
                                                 $      4,294,236     $     2,331,759       $      6,616,818     $     4,262,940    
   Direct Retail Net Revenue (1)
                                                           25,979              17,799                 25,979              17,799    
   Active Customers
                                                 $            440     $           447       $            440     $           447    
   LTM Net Revenue per Active Customer
                                                           18,892               9,162                 28,768              17,325    
   Orders Delivered
                                                 $            227     $           255       $            230     $           246    
   Average Order Value
Non-GAAP Financial Measures:                                                                                                         
                                                 $        439,813     $       (69,983 )                        $        312,536     $      (172,201 )                     
   Adjusted EBITDA
(1) Direct Retail net revenue is calculated by taking consolidated net revenue and excluding U.S. net revenue derived from the websites operated by our retail partners and our media solutions business, which accounted for $10.4 million and $17.9 million of net revenue for the three and six months ended June 30, 2020, respectively, and $11.5 million and $25.1 million of net revenue for the three and six months ended June 30, 2019, respectively. Direct Retail net revenue is calculated by taking consolidated net revenue and excluding U.S. net revenue derived from the websites operated by our retail partners and our media solutions business, which accounted for $10.4 million and $17.9 million of net revenue for the three and six months ended June 30, 2020, respectively, and $11.5 million and $25.1 million of net revenue for the three and six months ended June 30, 2019, respectively.
                                                                                                                                                                             WAYFAIR INC.
                                                                                                                                                               CONSOLIDATED AND CONDENSED BALANCE SHEETS
                                                                                                                                                                              (Unaudited)
                                                                                                                                                                                                                               
                                                                                                                                                                                                             June 30,                                                    December 31,
                                                                                                                                                                                                                                                     2020                                                                             2019
                                                                                                                                                                                                                         --------------------------------------------------------    -------------------- --------------------------------------------------------
                                                                                                                                                                                                                                  (in thousands, except share and per share data)
Assets:                                                                                                                                                                                                                                                                                  
Current assets                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                      $       2,181,471       $         582,753    
   Cash and cash equivalents
                                                                                                                                                                                                                192,746                 404,252    
   Short-term investments
                                                                                                                                                                                                                118,984                  99,720    
   Accounts receivable, net of allowance for credit losses of $28,155 and $22,774 at June 30, 2020 and December 31, 2019, respectively
                                                                                                                                                                                                                 42,841                  61,692    
   Inventories
                                                                                                                                                                                                                342,985                 228,721    
   Prepaid expenses and other current assets
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                              2,879,027               1,377,138    
      Total current assets
Operating lease right-of-use assets                                                                                                                                                                             802,456                 763,400    
Property and equipment, net                                                                                                                                                                                     667,456                 624,544    
Goodwill and intangible assets, net                                                                                                                                                                              18,007                  18,809    
Long-term investments                                                                                                                                                                                    --                 155,690    
Other noncurrent assets                                                                                                                                                                                          12,550                  13,467    
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                      $       4,379,496       $       2,953,048    
      Total assets
                                                                                                                                                                                                                         ======= ========= ==================== ====================                      ======= ========= ==================== ====================
Liabilities and Stockholders' Deficit:                                                                                                                                                                                                                                                   
Current liabilities                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                      $       1,270,495       $         908,097    
   Accounts payable
                                                                                                                                                                                                                299,714                 298,918    
   Accrued expenses
                                                                                                                                                                                                                333,781                 167,641    
   Unearned revenue
                                                                                                                                                                                                                379,431                 236,863    
   Other current liabilities
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                              2,283,421               1,611,519    
      Total current liabilities
Long-term debt                                                                                                                                                                                                1,988,213               1,456,195    
Operating lease liabilities                                                                                                                                                                                     863,135                 822,602    
Other liabilities                                                                                                                                                                                                32,119                   6,940    
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                              5,166,888               3,897,256    
      Total liabilities
Commitments and contingencies (Note 8)                                                                                                                                                                                                            
Stockholders' deficit:                                                                                                                                                                                                                                        
                                                                                                                                                                                                         --          --    
      Undesignated preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at June 30, 2020 and December 31, 2019
                                                                                                                                                                                                                     68                      67    
      Class A common stock, par value $0.001 per share, 500,000,000 shares authorized, 68,108,216 and 66,642,611 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
                                                                                                                                                                                                                     27                      27    
      Class B common stock, par value $0.001 per share, 164,000,000 shares authorized, 26,956,796 and 26,957,815 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
                                                                                                                                                                                                              1,295,971               1,122,548    
   Additional paid-in capital
                                                                                                                                                                                                             (2,082,934 )                               (2,065,423 )                     
   Accumulated deficit
                                                                                                                                                                                                                   (524 )                                   (1,427 )                     
   Accumulated other comprehensive loss
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                               (787,392 )                                 (944,208 )                     
   Total stockholders' deficit
                                                                                                                                                                                                                         ----------------  -------------------- --------------------                      ----------------  -------------------- --------------------
                                                                                                                                                                                                         WAYFAIR INC.
                                                                                                                                                                                      CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                          (Unaudited)
                                                                                                                                                                                                           
                                                                                                                                         Three months ended June 30,                                                                                                                 Six months ended June 30,
                                                                                                                        --------------------------------------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------------------------------------------
                                                                                                  2020                                     2019                                     2020                                     2019                  
                                                                                                                        ----------------------------------   -------------------- -------------------- ----------------------------------   -------------------- -------------------- ----------------------------------   -------------------- -------------------- ----------------------------------   --------------------
                                                                                                                                                                                                                   (in thousands, except per share data)
Net revenue                                                                                          $     4,304,672       $     2,343,251       $     6,634,735       $     4,288,080    
Cost of goods sold (1)                                                                                     2,983,642             1,783,651             4,734,582             3,258,024    
                                                                                                                        --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------
Gross profit                                                                                               1,321,030               559,600             1,900,153             1,030,056    
Operating expenses:                                                                                                                                                                                                                                                   
                                                                                                             143,773                88,502               233,236               164,975    
   Customer service and merchant fees (1)
                                                                                                             417,777               259,166               693,537               503,135    
   Advertising
                                                                                                             459,482               383,109               935,450               726,757    
   Selling, operations, technology, general and administrative (1)
                                                                                                                        --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------
                                                                                                           1,021,032               730,777             1,862,223             1,394,867    
      Total operating expenses
                                                                                                                        --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------
                                                                                                             299,998              (171,177 )                                 37,930              (364,811 )                     
      Income (loss) from operations
                                                                                                             (28,939 )                                (10,252 )                                (51,157 )                                (19,490 )                     
   Interest (expense), net
                                                                                                               3,110                   322                 2,864                 3,400    
   Other income, net
                                                                                                                        --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------
Income (loss) before income taxes                                                                            274,169              (181,107 )                                (10,363 )                               (380,901 )                     
Provision for income taxes, net                                                                                  292                   831                 1,625                 1,426    
                                                                                                                        --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------                      --------------  -------------------- --------------------
Net income (loss)                                                                                    $       273,877       $      (181,938 )                        $       (11,988 )                        $      (382,327 )                     
                                                                                                                        ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================
Basic earnings (loss) per share                                                                      $          2.89       $         (1.98 )                        $         (0.13 )                        $         (4.18 )                     
                                                                                                                        ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================
Diluted earnings (loss) per share                                                                    $          2.54       $         (1.98 )                        $         (0.13 )                        $         (4.18 )                     
                                                                                                                        ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================                      ===== ========= ==================== ====================
Weighted-average number of shares of common stock outstanding used in computing per share amounts:                                                                                                                               
                                                                                                              94,834                91,802                94,461                91,455    
      Basic

(1) Includes equity-based compensation and related taxes as follows:

Cost of goods sold                                            $   2,353     $   1,317     $   4,081     $   2,309  
Customer service and merchant fees                                4,313         2,269         6,432         4,245  
Selling, operations, technology, general and administrative      64,035        53,269       124,180       102,134  
                                                                                 --------  --------------------                      --------  --------------------                      --------  --------------------                      --------  --------------------
                                                                                                                      WAYFAIR INC.
                                                                                                   CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
                                                                                                                       (Unaudited)
                                                                         
                                                                                                                                 Six months ended June 30,
                                                                                                              ---------------------------------------------------------------------------------------------------------------------------------
                                                                                        2020                                      2019                  
                                                                                                              ----------------------------------   -------------------- -------------------- -----------------------------------   --------------------
                                                                                                                                      (in thousands)
Cash flows from operating activities:                                                                                                                                      
Net loss                                                                                   $       (11,988 )                        $       (382,327 )                     
Adjustments to reconcile net loss to net cash provided by (used in) operating activities                                             
                                                                                                   135,957                 83,922    
      Depreciation and amortization
                                                                                                   127,081                100,247    
      Equity-based compensation
                                                                                                    46,488                 23,015    
      Amortization of discount and issuance costs on convertible notes
                                                                                                      (531 )                                  (1,595 )                     
      Other non-cash adjustments
                                                                                                                                     
      Changes in operating assets and liabilities:
                                                                                                   (24,693 )                                 (27,653 )                     
         Accounts receivable, net
                                                                                                    18,828                    540    
         Inventories
                                                                                                  (114,296 )                                 (22,432 )                     
         Prepaid expenses and other current assets
                                                                                                   369,666                128,611    
         Accounts payable and accrued expenses
                                                                                                   331,511                 14,914    
         Unearned revenue and other liabilities
                                                                                                       938                 (1,324 )                     
         Other assets
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Net cash provided by (used in) operating activities                                                878,961                (84,082 )                     
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
                                                                                                                  
Cash flows from investing activities:                                                                                                                                      
Sale and maturities of short- and long-term investments                                            368,310                 82,164    
Purchase of property and equipment                                                                (104,810 )                                (115,340 )                     
Site and software development costs                                                                (75,172 )                                 (58,866 )                     
Other investing activities, net                                                                       (124 )                                   2,773    
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Net cash provided by (used in) investing activities                                                188,204                (89,269 )                     
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
                                                                                                                  
Cash flows from financing activities:                                                                                                                                      
Proceeds from borrowings                                                                           200,000         --    
Repayment of borrowings                                                                           (200,000 )                          --    
Proceeds from issuance of convertible notes, net of issuance costs                                 527,423         --    
Taxes paid related to net share settlement of equity awards                                 --                   (424 )                     
Deferred financing costs                                                                    --                   (791 )                     
Net proceeds from exercise of stock options                                                            220                     80    
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
                                                                                                   527,643                 (1,135 )                     
   Net cash provided by (used in) financing activities
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Effect of exchange rate changes on cash and cash equivalents                                         3,910                    136    
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------
Net increase (decrease) in cash and cash equivalents                                             1,598,718               (174,350 )                     
                                                                                                                  
Cash and cash equivalents:                                                                                                                                                 
Beginning of period                                                                                582,753                849,461    
                                                                                                              --------------  -------------------- --------------------                      ---------------  -------------------- --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005247/en/

SOURCE: Wayfair Inc.">

Media Relations Contact: 
Jane Carpenter, 617-502-7595
PR@wayfair.com


Investor Relations Contact: 
Jane Gelfand
IR@wayfair.com
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