10-Q Filing

Wayfair Inc. CIK: 1616707 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001616707-23-000084`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	w-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 15 Comprehensive Income 8

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Convertible redeemable preferred units, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible redeemable preferred units, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$970.00M	USD	Point-in-time
Convertible redeemable preferred units, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	10.00M	shares	Point-in-time
Convertible redeemable preferred units, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.20B	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.71B	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Convertible redeemable preferred units, shares issued (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Convertible redeemable preferred units, shares issued (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$78.00M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$228.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$181.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$272.00M	USD	Point-in-time
Inventories	`InventoryNet`	$90.00M	USD	Point-in-time
Inventories	`InventoryNet`	$83.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$295.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$293.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.93B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.61B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$839.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$809.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$762.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$774.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$34.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$34.00M	USD	Point-in-time
Total assets	`Assets`	$3.21B	USD	Point-in-time
Total assets	`Assets`	$3.58B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.06B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.20B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$851.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$868.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.91B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.07B	USD	Point-in-time
Long-term debt	`LongTermDebt`	$3.14B	USD	Point-in-time
Long-term debt	`LongTermDebt`	$3.14B	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$867.00M	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$893.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$28.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$43.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.96B	USD	Point-in-time
Total liabilities	`Liabilities`	$6.13B	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at March 31, 2023 and December 31, 2022	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at March 31, 2023 and December 31, 2022	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$894.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$737.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.63B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.28B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.00M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.55B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.75B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.62B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.90B	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.21B	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.58B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.99B	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.77B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.95B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.19B	USD	1 Quarter
Gross profit	`GrossProfit`	$821.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$803.00M	USD	1 Quarter
Customer service and merchant fees	`CustomerServiceAndMerchantFees`	$139.00M	USD	1 Quarter
Customer service and merchant fees	`CustomerServiceAndMerchantFees`	$151.00M	USD	1 Quarter
Advertising	`AdvertisingExpense`	$336.00M	USD	1 Quarter
Advertising	`AdvertisingExpense`	$327.00M	USD	1 Quarter
Selling, operations, technology, general and administrative	`SellingTechnologyOperationsGeneralAndAdministrativeExpense`	$624.00M	USD	1 Quarter
Selling, operations, technology, general and administrative	`SellingTechnologyOperationsGeneralAndAdministrativeExpense`	$626.00M	USD	1 Quarter
Impairment and other related net charges	`OtherAssetImpairmentCharges`	-	USD	1 Quarter
Impairment and other related net charges	`OtherAssetImpairmentCharges`	$13.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	-	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$65.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.17B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.11B	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-347.00M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-310.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-8.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-5.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-353.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-318.00M	USD	1 Quarter
Provision for income taxes, net	`IncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Provision for income taxes, net	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-355.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-3.22	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-3.04	USD	1 Quarter
Diluted (in dollars per shares)	`EarningsPerShareDiluted`	$-3.04	USD	1 Quarter
Diluted (in dollars per shares)	`EarningsPerShareDiluted`	$-3.22	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	110.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	105.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.00M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-355.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$104.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$85.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$104.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$144.00M	USD	1 Quarter
Amortization of discount and issuance costs on convertible notes	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	1 Quarter
Amortization of discount and issuance costs on convertible notes	`AmortizationOfFinancingCostsAndDiscounts`	$1.00M	USD	1 Quarter
Impairment and other related net charges	`OtherAssetImpairmentCharges`	-	USD	1 Quarter
Impairment and other related net charges	`OtherAssetImpairmentCharges`	$13.00M	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-91.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$45.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$11.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-19.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.00M	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-26.00M	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-171.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-147.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-226.00M	USD	1 Quarter
Purchase of short- and long-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$226.00M	USD	1 Quarter
Purchase of short- and long-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	-	USD	1 Quarter
Sale and maturities of short- and long-term investments	`ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments`	$151.00M	USD	1 Quarter
Sale and maturities of short- and long-term investments	`ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments`	$130.00M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.00M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.00M	USD	1 Quarter
Site and software development costs	`PaymentsToSiteAndSoftwareDevelopmentCosts`	$65.00M	USD	1 Quarter
Site and software development costs	`PaymentsToSiteAndSoftwareDevelopmentCosts`	$53.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-201.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$64.00M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$75.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-4.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-506.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-80.00M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$970.00M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.20B	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.71B	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$970.00M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.20B	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.71B	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash paid for interest on long-term debt	`InterestPaidNet`	$9.00M	USD	1 Quarter
Cash paid for interest on long-term debt	`InterestPaidNet`	$20.00M	USD	1 Quarter
Purchase of property and equipment included in accounts payable and other liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$39.00M	USD	1 Quarter
Purchase of property and equipment included in accounts payable and other liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$12.00M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-2.55B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.75B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-1.62B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-1.90B	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-355.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-319.00M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$3.00M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$157.00M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$112.00M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$75.00M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-2.55B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.75B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-1.62B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-1.90B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-355.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.00M	USD	1 Quarter
Net unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00M	USD	1 Quarter
Net unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.00M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-322.00M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-352.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.