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Remember the Wayfair CEO who at the holidays told his employees to work harder? Well...
Posted on 1/20/24 at 8:09 pm
Posted on 1/20/24 at 8:09 pm
LINK
13% of them were cut on Friday. When you look at corporate staff, it was 20%.
Here's the interesting part. The latest net loss was not as bad as expected, but revenue was short of expectations.
Here's another interesting part, and I quote...
So... he wants to make enough pay to pay the equity-based compensation (which probably goes mainly to the top brass) but he also wants to reduce total share count (which will pop up the share price).
Not every CEO is smart, but this one is excellent as speaking nonsense corporate-speak.
Hope some of their employees got out before Friday!
13% of them were cut on Friday. When you look at corporate staff, it was 20%.
Here's the interesting part. The latest net loss was not as bad as expected, but revenue was short of expectations.
Here's another interesting part, and I quote...
quote:
“While today’s actions will bolster our adjusted Ebitda roadmap, I am increasingly focused on generating adjusted Ebitda in excess of equity-based compensation as well as capital expenditures, and intend to drive meaningful improvements here quickly,” Shah said in the statement. “We believe that what matters is maximizing our free cash flow while simultaneously tightly controlling and ultimately reducing total share count, and are treating this as our north star.”
So... he wants to make enough pay to pay the equity-based compensation (which probably goes mainly to the top brass) but he also wants to reduce total share count (which will pop up the share price).
Not every CEO is smart, but this one is excellent as speaking nonsense corporate-speak.
Hope some of their employees got out before Friday!
12
Posted on 1/20/24 at 8:15 pm to LSUFanHouston
For such a strong economy and job market I sure do keep seeing layoff announcements, usually over 10% of selected workforce.
Posted on 1/20/24 at 8:20 pm to LSUFanHouston
CEOs don’t get to that level by being nice
It’s sad, but true
It’s sad, but true
Posted on 1/20/24 at 8:22 pm to LSUFanHouston
lol at “adjusted” EBITDA. Its already an adjusted (fake) earnings number.
This post was edited on 1/20/24 at 8:23 pm
Posted on 1/20/24 at 8:27 pm to DabosDynasty
Stock market is strong and so long as the share price stays stable, overall, no one gives a frick about layoffs.....unless you are the one losing your job
Posted on 1/20/24 at 8:28 pm to ell_13
quote:
lol at “adjusted” EBITDA. Its already an adjusted (fake) earnings number
Right.
EBITDA is...
Earnings Before
Interest - Borrowing money and paying it back - which takes interest - is an important part of any company. It allows them to grow faster than if they did not take on debt. The proceeds from the debt - what interest is paid on - is tied directly to the ability to earn income.
Taxes - Taxes are an expense of life.
Depreciation / Amortization - These are "non-cash" expenses but they 100 percent represent things that were paid for by cash... cash earned, borrowed, or raised in capital. Again, the acquisition of these assets allow them to earn revenue.
EBIDTA is simply a number that corporations and the analysts that stalk them, delue themselves into thinking a company is better than it is.
Posted on 1/20/24 at 8:30 pm to KiwiHead
quote:
Stock market is strong and so long as the share price stays stable, overall, no one gives a frick about layoffs.....unless you are the one losing your job
Stock price went up 10% after the announcement.
Was a great day to be a shareholder in Wayfair... which of course includes the CEO.
Posted on 1/20/24 at 8:33 pm to ell_13
quote:
lol at “adjusted” EBITDA. Its already an adjusted (fake) earnings number.
The “D” and “A” in it are tax code paper losses. The “I” and “T” are a little more complex.
This post was edited on 1/20/24 at 8:35 pm
Posted on 1/20/24 at 8:35 pm to BPTiger
quote:
The “D” and “A” in it are paper losses.
They represent cash spending on assets used to increase earnings. It's a delayed expense, not a paper loss.
Posted on 1/20/24 at 8:36 pm to LSUFanHouston
EBITDA 
The participation trophy of metrics.
The participation trophy of metrics.
Posted on 1/20/24 at 8:41 pm to LSUFanHouston
I was one that got laid off Friday. Womp womp. The severance package I got will take care of me through April.
They’ve been preaching the EBITDA shite since last summer.
Anyone above a level 2 gets equity compensation. Usually a 4 year vest cycle. Once you hit level 5-6 you top out on max base pay and then get just compensated with a shite ton of stock.
They’ve been preaching the EBITDA shite since last summer.
Anyone above a level 2 gets equity compensation. Usually a 4 year vest cycle. Once you hit level 5-6 you top out on max base pay and then get just compensated with a shite ton of stock.
This post was edited on 1/20/24 at 8:47 pm
Posted on 1/20/24 at 8:46 pm to Hogwall Jackson
quote:
I was one that got laid off Friday. Womp womp
Sorry to hear that.
What were you and your co-workers thinking after CEO told y'all to work harder?
Posted on 1/20/24 at 8:47 pm to LSUFanHouston
quote:
What were you and your co-workers thinking after CEO told y'all to work harder?
That he’s an a-hole. It rubbed a ton of people the wrong way. Everyone was like, really?
This post was edited on 1/20/24 at 8:48 pm
Posted on 1/20/24 at 8:47 pm to LSUFanHouston
Do they still allegedly traffic children in the furniture they sell?
Posted on 1/20/24 at 8:48 pm to KiwiHead
quote:
Stock market is strong and so long as the share price stays stable, overall, no one gives a frick about layoffs.....unless you are the one losing your job
Stock market /= economy
Posted on 1/20/24 at 8:50 pm to Hogwall Jackson
quote:
I was one that got laid off Friday. Womp womp. The severance package I got will take care of me through April.
Sorry baw. Hope you find something better and before April.
Posted on 1/20/24 at 8:52 pm to LSUFanHouston
quote:
EBIDTA is simply a number that corporations and the analysts that stalk them, delue themselves into thinking a company is better than it is.
I wish more people understood this simple concept.
When the CEO of an established company that's been in business for a while is touting either EBITDA, Free Cash Flow or Positive Cash Flow, dump their stock.
Posted on 1/20/24 at 8:57 pm to Mr Breeze
quote:
When the CEO of an established company that's been in business for a while is touting either EBITDA, Free Cash Flow or Positive Cash Flow, dump their stock.
They’ve been cutting cost like crazy. Keep in mind, this was the 1 year anniversary of the big lay off last year. Since then, they’ve kept laying off people silently with team restructuring.
Projects I’ve personally worked on in the last year are closing 4 home delivery buildings and consolidating them to the next closest spot. Cancelled a fulfillment center launch in Houston and now they are trying to get Amazon to buy them out of their lease for a building expected to launch in May in East Hartford, CT.
They’ve also cut a ton of shifts at FC locations that took them from open 24/7 to now about 18/6 or so.
This post was edited on 1/20/24 at 9:01 pm
Posted on 1/20/24 at 9:08 pm to LSUFanHouston
quote:
They represent cash spending on assets used to increase earnings. It's a delayed expense, not a paper loss.
And what do they do to your tax liability?
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