Exhibit 99.1

Wayfair Announces Fourth Quarter and Full Year 2020 Results

Q4 Net Revenue Growth of 45% Year over Year to $3.7 billion
31.2 million Active Customers, up 54% Year over Year

BOSTON, MA — February 25, 2021 —
Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for the home, today reported financial results for its fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
Total net revenue of $3.7 billion increased $1.1 billion, up 44.9% year over year
U.S. net revenue of $3.0 billion increased $0.9 billion, up 40.1% year over year
International net revenue of $671.8 million increased $278.2 million, up 70.7% year over year. International segment Net Revenue Constant Currency Growth was 66.7%
Gross profit was $1.1 billion, or 29.0% of total net revenue
Net income was $23.8 million
Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $263.2 million and 7.2% of total net revenue
Diluted earnings per share was $0.23
Non-GAAP Adjusted Diluted Earnings Per Share was $1.24
Non-GAAP Free Cash Flow was $128.3 million
Cash, cash equivalents and short- and long-term investments totaled $2.6 billion
Full Year 2020 Financial Highlights
Total net revenue of $14.1 billion increased $5.0 billion, up 55.0% year over year
U.S. net revenue of $11.9 billion increased $4.1 billion, up 53.3% year over year
International net revenue of $2.2 billion increased $0.9 billion, up 64.8% year over year. International segment Net Revenue Constant Currency Growth was 64.9%
Gross profit was $4.1 billion, or 29.1% of total net revenue
Net income was $185.0 million
Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $946.9 million and 6.7% of total net revenue
Diluted earnings per share was $1.86
Non-GAAP Adjusted Diluted Earnings Per Share was $5.04
Non-GAAP Free Cash Flow was $1.1 billion

“In Q4, Wayfair delivered another solid quarter of growth, profitability, and free cash flow. Online shopping behavior is becoming increasingly entrenched and consumer demand for the home category remains strong. Wayfair is capitalizing on these tailwinds by delivering a truly differentiated experience for both customers and suppliers. In the process, we are cementing our position as the leading platform for the Home, reinforcing our brand to tens of millions of customers, and developing innovative and value-added solutions for thousands of our suppliers,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “As we look beyond the pandemic period, we are confident that our long-term orientation and years of investments should translate to compounding share gains and increasing profitability in a rapidly growing e-commerce market.”

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Other Fourth Quarter Highlights 
The number of active customers reached 31.2 million as of December 31, 2020, an increase of 53.7% year over year
LTM net revenue per active customer was $453 as of December 31, 2020, an increase of 1.1% year over year
Orders per customer, measured as LTM orders divided by active customers, was 1.96 for the fourth quarter of 2020, compared to 1.86 for the fourth quarter of 2019
Repeat customers placed 72.5% of total orders delivered in the fourth quarter of 2020, compared to 68.6% in the fourth quarter of 2019
Repeat customers placed 11.9 million orders in the fourth quarter of 2020, an increase of 55.6% year over year
Orders delivered in the fourth quarter of 2020 were 16.5 million, an increase of 47.1% year over year
Average order value was $223 for the fourth quarter of 2020, compared to $226 for the fourth quarter of 2019
In the fourth quarter of 2020, 59.9% of total orders delivered were placed via a mobile device, compared to 54.8% in the fourth quarter of 2019

Key Financial and Operating Metrics
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands, except LTM Net Revenue per Active Customer, Average Order Value and per share data)
Key Financial Statement Metrics:
Net revenue$3,670,851 $2,533,490 $14,145,156 $9,127,057 
Gross profit1,064,590 577,355 4,112,171 2,147,332 
Income (loss) from operations100,565 (305,421)360,349 (929,941)
Net income (loss)23,818 (330,222)184,996 (984,584)
Earnings (loss) per share:
Basic$0.24 $(3.54)$1.93 $(10.68)
Diluted$0.23 $(3.54)$1.86 $(10.68)
Key Operating Metrics:
Active Customers31,194 20,290 31,194 20,290 
LTM Net Revenue Per Active Customer$453 $448 $453 $448 
Orders Delivered16,473 11,195 60,999 37,641 
Average Order Value$223 $226 $232 $241 
Non-GAAP Financial Measures:
Adjusted EBITDA$263,240 $(180,159)$946,888 $(496,544)
Free Cash Flow$128,290 $(158,510)$1,082,297 $(597,698)
Adjusted Diluted Earnings (Loss) per Share$1.24 $(2.80)$5.04 $(8.03)
Webcast and Conference Call
Wayfair will host a conference call and webcast to discuss its fourth quarter and full year 2020 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting http://bit.ly/39Qb3pC. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at http://bit.ly/3odrjpS 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 22 million items across home
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furnishings, décor, home improvement, housewares and more. Committed to delighting its customers every step of the way, Wayfair is reinventing the way people shop for their homes – from product discovery to final delivery.
The Wayfair family of sites includes:
Wayfair - Everything home for every budget.
Joss & Main - Stylish designs to discover daily.
AllModern - The best of modern, priced for real life.
Birch Lane - Classic home. Comfortable cost.
Perigold - The widest-ever selection of luxury home furnishings.
Wayfair generated $14.1 billion in net revenue for full year 2020. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, Wayfair employs more than 16,000 people.
Media Relations Contact:
Jane Carpenter, 617-502-7595
PR@wayfair.com

Investor Relations Contact:
Jane Gelfand
IR@wayfair.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding 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 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.
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WAYFAIR INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) 
December 31,
20202019
(in thousands, except share and per share data)
Assets:  
Current assets  
Cash and cash equivalents$2,129,440 $582,753 
Short-term investments461,698 404,252 
Accounts receivable, net110,299 99,720 
Inventories52,152 61,692 
Prepaid expenses and other current assets292,213 228,721 
Total current assets3,045,802 1,377,138 
Operating lease right-of-use assets808,375 763,400 
Property and equipment, net684,306 624,544 
Long-term investments— 155,690 
Other noncurrent assets31,446 32,276 
Total assets$4,569,929 $2,953,048 
Liabilities and Stockholders' Deficit:  
Current liabilities  
Accounts payable$1,156,624 $908,097 
Other current liabilities1,008,970 703,422 
Total current liabilities2,165,594 1,611,519 
Long-term debt2,659,243 1,456,195 
Operating lease liabilities869,958 822,602 
Other noncurrent liabilities67,031 6,940 
Total liabilities5,761,826 3,897,256 
Stockholders’ deficit:  
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at December 31, 2020 and 2019
— — 
Class A common stock, par value $0.001 per share, 500,000,000 shares authorized, 72,980,490 and 66,642,611 shares issued and outstanding at December 31, 2020 and 2019
73 67 
Class B common stock, par value $0.001 per share, 164,000,000 shares authorized, 26,564,234 and 26,957,815 shares issued and outstanding at December 31, 2020 and 2019
27 27 
Additional paid-in capital
698,482 1,122,548 
Accumulated deficit(1,885,950)(2,065,423)
Accumulated other comprehensive loss(4,529)(1,427)
Total stockholders' deficit(1,191,897)(944,208)
Total liabilities and stockholders' deficit$4,569,929 $2,953,048 

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WAYFAIR INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 Three Months Ended December 31,Year Ended December 31,
 2020201920202019
(in thousands, except per share data)
Net revenue$3,670,851 $2,533,490 $14,145,156 $9,127,057 
Cost of goods sold (1)2,606,261 1,956,135 10,032,985 6,979,725 
Gross profit1,064,590 577,355 4,112,171 2,147,332 
Operating expenses:    
Customer service and merchant fees (1)136,734 100,497 509,559 356,727 
Advertising374,611 310,859 1,412,173 1,095,840 
Selling, operations, technology, general and administrative (1)452,680 471,420 1,830,090 1,624,706 
Total operating expenses964,025 882,776 3,751,822 3,077,273 
Income (loss) from operations100,565 (305,421)360,349 (929,941)
Interest (expense), net(58,925)(20,592)(146,397)(54,514)
Other (expense) income, net 2,087 (2,701)(8,633)2,881 
Income (loss) before income taxes43,727 (328,714)205,319 (981,574)
Provision for income taxes, net19,909 1,508 20,323 3,010 
Net income (loss)$23,818 $(330,222)$184,996 $(984,584)
Earnings (loss) per share:
Basic$0.24 $(3.54)$1.93 $(10.68)
Diluted$0.23 $(3.54)$1.86 $(10.68)
Weighted-average number of shares of common stock outstanding used in computing per share amounts:
Basic98,971 93,321 95,825 92,200 
Diluted102,384 93,321 99,337 92,200 
 
(1) Includes equity-based compensation and related taxes as follows:
Cost of goods sold$3,274 $1,617 $10,200 $5,376 
Customer service and merchant fees5,163 2,854 16,072 9,473 
Selling, operations, technology, general and administrative77,059 62,544 270,600 226,129 
$85,496 $67,015 $296,872 $240,978 

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WAYFAIR INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 Year Ended December 31,
 20202019
(in thousands)
Cash flows from operating activities:  
Net income (loss)$184,996 $(984,584)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities  
Depreciation and amortization285,711 192,419 
Equity-based compensation276,208 227,451 
Amortization of discount and issuance costs on convertible notes134,288 62,111 
Other non-cash adjustments12,638 (1,691)
Changes in operating assets and liabilities:
Accounts receivable, net(14,726)(49,187)
Inventories9,947 (15,631)
Prepaid expenses and other current assets(61,259)(32,590)
Other assets(532)(1,329)
Accounts payable and other current liabilities531,526 393,013 
Other liabilities57,934 13,200 
Net cash from (for) operating activities1,416,731 (196,818)
Cash flows from investing activities: 
Purchase of short- and long-term investments(481,670)(553,858)
Sale and maturities of short-and long-term investments580,153 115,468 
Purchase of property and equipment(186,040)(271,742)
Site and software development costs(148,394)(129,138)
Other investing activities, net(124)(15,567)
Net cash for investing activities(236,075)(854,837)
Cash flows from financing activities: 
Proceeds from borrowings200,000 — 
Repayment of borrowings(200,000)— 
Proceeds from issuance of convertible notes, net of issuance costs2,027,758 935,146 
Premiums paid for capped call confirmations(255,024)(145,728)
Payments to extinguish convertible debt(1,040,349)— 
Repurchase of common stock(380,237)— 
Other financing activities, net440 (2,914)
Net cash from financing activities352,588 786,504 
Effect of exchange rate changes on cash and cash equivalents13,443 (1,557)
Net increase (decrease) in cash and cash equivalents1,546,687 (266,708)
Cash and cash equivalents:
Beginning of year582,753 849,461 
End of year$2,129,440 $582,753 

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Non-GAAP Financial Measures
To supplement our unaudited consolidated 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, Adjusted 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 (expense) 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. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Free Cash Flow is a non-GAAP financial measure that is calculated as net cash from or for operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, "Capital Expenditures"). 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.
Adjusted 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 and 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 our 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.
The 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.
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The following table reflects the reconciliation of net income (loss) to Adjusted EBITDA, as well as Adjusted EBITDA Margin, for each of the periods indicated: 
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands)
Reconciliation of Adjusted EBITDA:
Net income (loss)$23,818 $(330,222)$184,996 $(984,584)
Depreciation and amortization77,179 58,247 285,711 192,419 
Equity-based compensation and related taxes85,496 67,015 296,872 240,978 
Interest expense, net58,925 20,592 146,397 54,514 
Other (income) expense, net(2,087)2,701 8,633 (2,881)
Provision for income taxes, net19,909 1,508 20,323 3,010 
Other (1) — — 3,956 — 
Adjusted EBITDA$263,240 $(180,159)$946,888 $(496,544)
Net revenue$3,670,851 $2,533,490 $14,145,156 $9,127,057 
Adjusted EBITDA Margin7.2 %(7.1)%6.7 %(5.4)%
(1) In 2020, we recorded a $4.0 million loss related to severance costs associated with February 2020 workforce reductions. The values were recorded in selling, operations, technology, general and administrative expenses.
The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income (loss) to Adjusted EBITDA is presented in the preceding table:
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands)
Segment Adjusted EBITDA:
U.S.$275,406 $(88,008)$1,041,892 $(179,010)
International(12,166)(92,151)(95,004)(317,534)
Adjusted EBITDA$263,240 $(180,159)$946,888 $(496,544)

8


A reconciliation of the numerator and denominator for diluted earnings (loss) per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings (Loss) Per Share, in order to calculate Adjusted Diluted Earnings (Loss) Per Share is as follows:
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands, except per share data)
Numerator:
Net income (loss)$23,818 $(330,222)$184,996 $(984,584)
Effect of dilutive securities:
Interest expense associated with convertible debt instruments— — — — 
Numerator for diluted EPS - net income (loss) available to common stockholders after the effect of dilutive securities23,818 (330,222)184,996 (984,584)
Adjustments to net income (loss)
Interest expense associated with convertible debt instruments3,027 — 8,790 — 
Equity-based compensation and related taxes85,496 67,015 296,872 240,978 
Provision for income taxes, net19,909 1,508 20,323 3,010 
Other— — 3,956 — 
Numerator for Adjusted Diluted EPS - Adjusted net income (loss)$132,250 $(261,699)$514,937 $(740,596)
Denominator:
Denominator for basic EPS - weighted-average number of shares of common stock outstanding98,971 93,321 95,825 92,200 
Effect of dilutive securities:
Employee stock options20 — 29 — 
Restricted stock units3,393 — 3,483 — 
Convertible debt instruments— — — — 
Dilutive potential common shares3,413 — 3,512 — 
Denominator for diluted EPS - adjusted weighted-average number of shares of common stock outstanding after the effect of dilutive securities102,384 93,321 99,337 92,200 
Adjustments to effect of dilutive securities:
Employee stock options— — — — 
Restricted stock units— — — — 
Convertible debt instruments3,979 — 2,913 — 
Denominator for Adjusted Diluted EPS - adjusted weighted-average number of shares of common stock outstanding after the effect of dilutive securities106,363 93,321 102,250 92,200 
Diluted Earnings (Loss) per Share$0.23 $(3.54)$1.86 $(10.68)
Adjusted Diluted Earnings (Loss) per Share$1.24 $(2.80)$5.04 $(8.03)

9


The following tables present net revenues attributable to our reportable segments for the periods indicated:
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands)
U.S. net revenue$2,999,099 $2,139,961 $11,900,658 $7,764,831 
International net revenue671,752 393,529 2,244,498 1,362,226 
Total net revenue$3,670,851 $2,533,490 $14,145,156 $9,127,057 

The following table presents a reconciliation of net cash from or for operating activities to Free Cash Flow for each of the periods indicated:
Three Months Ended December 31,Year Ended December 31,
2020201920202019
(in thousands)
Net cash from (for) operating activities$206,743 $(36,295)$1,416,731 $(196,818)
Purchase of property and equipment(39,737)(87,774)(186,040)(271,742)
Site and software development costs(38,716)(34,441)(148,394)(129,138)
Free Cash Flow$128,290 $(158,510)$1,082,297 $(597,698)


10


Quarterly Financial Metrics (Unaudited)
The following tables set forth selected financial quarterly metrics and other financial and operations data for the eight quarters ended December 31, 2020:
Three Months Ended
December 31,
2020
September 30,
2020
June 30,
2020
March 31,
2020
December 31,
2019
September 30,
2019
June 30,
2019
March 31, 2019
(in thousands)
Segment Financial Metrics:
U.S. Net Revenue $2,999,099 $3,274,872 $3,651,704 $1,974,983 $2,139,961 $1,966,654 $2,000,518 $1,657,698 
U.S. Adjusted EBITDA$275,406 $377,007 $434,574 $(45,095)$(88,008)$(62,878)$(342)$(27,782)
International Net Revenue$671,752 $564,698 $652,968 $355,080 $393,529 $338,833 $342,733 $287,131 
International Adjusted EBITDA$(12,166)$(5,895)$5,239 $(82,182)$(92,151)$(81,306)$(69,641)$(74,436)

The following table reflects the reconciliation of net income (loss) to Adjusted EBITDA for each of the periods indicated:
Three Months Ended
December 31,
2020
September 30,
2020
June 30,
2020
March 31,
2020
December 31,
2019
September 30,
2019
June 30,
2019
March 31, 2019
(in thousands)
Net income (loss)$23,818 $173,166 $273,877 $(285,865)$(330,222)$(272,035)$(181,938)$(200,389)
Depreciation and amortization77,179 72,575 69,114 66,843 58,247 50,250 44,339 39,583 
Equity-based compensation and related taxes85,496 76,683 70,701 63,992 67,015 65,275 56,855 51,833 
Interest expense, net58,925 36,315 28,939 22,218 20,592 14,432 10,252 9,238 
Other expense (income), net(2,087)13,584 (3,110)246 2,701 (2,182)(322)(3,078)
Provision for income taxes, net19,909 (1,211)292 1,333 1,508 76 831 595 
Other (1)— — — 3,956 — — — — 
Adjusted EBITDA$263,240 $371,112 $439,813 $(127,277)$(180,159)$(144,184)$(69,983)$(102,218)
(1) We recorded a $4.0 million loss related to severance costs associated with February 2020 workforce reductions. The values were recorded in selling, operations, technology, general and administrative expenses.

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Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
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See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

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