The earnings call highlighted Wayfair's strong market share gains and cost efficiency improvements, supported by the promising launch of Wayfair Rewards and solid adjusted EBITDA growth. However, the company is navigating a challenging macro environment with a decline in revenue and increased advertising costs.

Company Guidance

In the Wayfair Q3 2024 earnings call, the company provided several metrics and insights into their performance and future guidance. Wayfair achieved a mid-single-digit adjusted EBITDA margin for the second consecutive quarter, reporting an adjusted EBITDA of $119 million, equivalent to 4.1% of net revenue. Despite a 2% year-over-year decline in net revenue, Wayfair saw a 4.4% increase in average order value (AOV). The company highlighted a focus on cost efficiency, with selling, operations, technology, general, and administrative expenses reduced by over $70 million compared to the previous year. For Q4 2024, Wayfair expects net revenue to decline in the low single-digit range year-over-year, with gross margins in the lower end of the 30% to 31% range, and advertising expenses projected between 12% to 13% of net revenue. The company anticipates a fourth-quarter adjusted EBITDA margin between 2% and 4%, and they remain committed to growing adjusted EBITDA dollars in 2025, driven by continued cost discipline and strategic investments to capture market share.

Market Share Gains

Wayfair consistently gained market share every quarter since Q4 2022, reaching all-time highs in credit card panels.

Cost Efficiency Improvements

Achieved a more than $70 million improvement in selling, operations, technology, and general and administrative expenses in Q3 compared to last year, and $274 million on a trailing 12-month basis.

Positive Response to Wayfair Rewards

Wayfair launched a new loyalty program, Wayfair Rewards, which began rolling out last week, showing a promising start with strong customer value propositions.

Adjusted EBITDA Growth

Generated $119 million of adjusted EBITDA in the third quarter for a margin of 4.1% of net revenue, marking the second consecutive quarter of mid-single-digit adjusted EBITDA margin.

Strong Cash Position

Ended the quarter with $1.3 billion in cash and equivalents and $1.9 billion in total liquidity.

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Wayfair (W) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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W Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 02, 2018	2018 (Q2)	- / -0.77	-0.26	-196.15% (-0.51)	―	―
Nov 01, 2018	2018 (Q3)	- / -1.28	-0.65	-96.92% (-0.63)	―	―
Feb 22, 2019	2018 (Q4)	- / -1.12	-0.58	-93.10% (-0.54)	―	―
May 02, 2019	2019 (Q1)	- / -1.62	-0.91	-78.02% (-0.71)	―	―
Aug 01, 2019	2019 (Q2)	- / -1.35	-0.77	-75.32% (-0.58)	―	―
Oct 31, 2019	2019 (Q3)	- / -2.23	-1.28	-74.22% (-0.95)	―	―
Feb 28, 2020	2019 (Q4)	- / -2.80	-1.12	-150.00% (-1.68)	―	―
May 05, 2020	2020 (Q1)	- / -2.30	-1.62	-41.98% (-0.68)	―	―
Aug 05, 2020	2020 (Q2)	- / 3.13	-1.35	331.85% (+4.48)	―	―
Nov 03, 2020	2020 (Q3)	- / 2.30	-2.23	203.14% (+4.53)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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W Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 01, 2024	$42.83	$40.15	-6.26%
Aug 01, 2024	$54.43	$50.01	-8.12%
May 02, 2024	$50.53	$58.64	+16.05%
Feb 22, 2024	$48.78	$54.04	+10.78%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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