Wayfair(US:W)2025-06-27 05:29Business Overview - Wayfair's 2024 revenue was approximately $12 billion [15], with a total addressable market (TAM) exceeding $500 billion in North America and the UK [15] - The company has over 21 million active customers and partners with over 20,000 suppliers [20] - Wayfair drove approximately 3 billion visits across its site and app in 2024 [24] Competitive Advantages - Faster delivery via CastleGate results in an 88% badging share compared to 47% for dropship [44] - CastleGate also leads to lower return rates of 3.8% compared to 4.8% for dropship, and lower incident rates of 3.4% compared to 3.8% [44] - Achieving a '1-day' badge can lead to a greater than 60% conversion lift [49] Growth Initiatives - Luxury saw over 50 million visits in 2024 and a greater than 40% 5-year order CAGR [106] - Wayfair's international efforts in Canada, the UK, and Ireland represent approximately $50-100 billion of addressable market opportunity [116] - Wayfair 1 stores feature over 12,000 products and have attracted over 50% new customers to Wayfair in 2024 [126] Financial Performance - In FY'23, Wayfair achieved an Adjusted EBITDA margin of 2.5% [146] - Q2'24 Adjusted EBITDA margin reached 5.2% [146] - The company has over $1.3 billion of cash on the balance sheet as of Q4 2024 [145]