Third Quarter 2024 Financial Highlights
- Total net revenue of $2.9 billion, decreased $60 million, down 2.0% year over year
- U.S. net revenue of $2.5 billion, decreased $60 million, down 2.3% year over year
- International net revenue of $372 million and International Net Revenue Constant Currency Growth remained constant year over year
- Gross profit was $873 million, or 30.3% of total net revenue
- Net loss was $74 million and Non-GAAP Adjusted EBITDA was $119 million
- Diluted loss per share was $0.60 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.22
- Net cash provided by operating activities was $49 million and Non-GAAP Free Cash Flow was ($9) million
Niraj Shah, CEO, co-founder and co-chairman stated:
Cash, cash equivalents and short-term investments totalled $1.3 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility “Q3 marked another proof point of resilience for Wayfair with further market share capture in the face of sustained challenges in the category. Once again, we navigated a dynamic consumer environment while driving further discipline on costs to achieve a mid-single digit Adjusted EBITDA margin for the second quarter in a row. As I’ve mentioned before, our north star is driving Adjusted EBITDA dollars in excess of equity-based compensation and capital expenditures, and we’re pleased to be making noteworthy improvements across each of these fronts,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. Shah continued, “We remain laser-focused on delivering healthy profitability while setting ourselves up for success as the category rebounds. The core goal across each of our initiatives in 2024 is to foster customer loyalty and spur repeat business while driving economic value. We’re not just aiming for short-term gains but building long-lasting relationships with our customers that will be accretive on both the top and bottom lines.”
