BOSTON--(BUSINESS WIRE)--Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for the home, today reported financial results for its second quarter ended June 30, 2020.

Second Quarter 2020 Financial Highlights

• Total net revenue increased $2.0 billion to $4.3 billion, up 83.7% year over year
• U.S. net revenue increased $1.7 billion, up 82.5% year over year
• International net revenue increased $310.2 million, up 90.5% year over year. International segment Net Revenue Constant Currency Growth was 96.9%
• Gross profit was $1.3 billion or 30.7% of total net revenue
• GAAP net income was $273.9 million
• Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was $439.8 million or 10.2%, respectively of total net revenue
• GAAP diluted earnings per share was $2.54
• Non-GAAP Diluted Earnings Per Share was $3.13
• Non-GAAP Free Cash Flow was $1.1 billion
• At the end of the second quarter, cash, cash equivalents, and short- and long-term investments totaled $2.4 billion

“We are all currently living and operating in uncertain times, which are dominated by the global pandemic as well as pressing social issues. In this environment, Wayfair remains fully committed to supporting our customers, our employees, and our broader communities, while continuing to operate with excellence,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “The second quarter was a very strong period for Wayfair. Our strategic long term investments positioned us well to serve our customers and to quickly adapt during a challenging time. We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair. Our proprietary logistics network, strong supplier partnerships, and nimble and dedicated team of more than 16,000 employees enabled Wayfair to consistently serve our customers at a time they needed us most, both in North America and Europe. The plans that we put in place in late 2019, combined with these factors, translated to a powerful profitability inflection, and we generated over $1 billion in free cash flow in the quarter. Our financial performance in Q2 also highlighted the inherent structural profitability of the business, as we begin to pair our strong growth characteristics with consistent profit delivery while continuing to make investments with a long-term orientation. Looking forward, together with our suppliers, we remain committed to being the best solution for our customers as they seek comfort in their homes.”

Other Second Quarter Highlights

• The number of active customers in our Direct Retail business reached 26.0 million as of June 30, 2020, an increase of 46.0% year over year
• LTM net revenue per active customer was $440 as of June 30, 2020, a decrease of 1.6% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.89 for the second quarter of 2020, compared to 1.86 for the second quarter of 2019
• Repeat customers placed 67.4% of total orders in the second quarter of 2020, compared to 67.8% in the second quarter of 2019
• Repeat customers placed 12.7 million orders in the second quarter of 2020, an increase of 104.9% year over year
• Orders delivered in the second quarter of 2020 were 18.9 million, an increase of 106.2% year over year
• Average order value was $227 for the second quarter of 2020, compared to $255 for the second quarter of 2019
• In the second quarter of 2020, 60.6% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 53.5% in the second quarter of 2019

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 18 million items across home 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.