While Niraj has been direct about taking responsibility for the operational mistakes, little (or nothing) has been said about Wayfair's atrocious capital allocation over the last few years.
Not only did the company waste precious capital on buying back stock at inflated values, but some of the cheap capital raised thru the converts has been pissed away on buying calls to minimize potential dilution from the converts.
from the 10K: "Wayfair used approximately $93 million, $255 million, $146 million and $80 million of the net proceeds from the 2024 Notes, 2025 Notes, 2026 Notes and 2027 Notes, to purchase
Well said Kevin.
While Niraj has been direct about taking responsibility for the operational mistakes, little (or nothing) has been said about Wayfair's atrocious capital allocation over the last few years.
Not only did the company waste precious capital on buying back stock at inflated values, but some of the cheap capital raised thru the converts has been pissed away on buying calls to minimize potential dilution from the converts.
from the 10K: "Wayfair used approximately $93 million, $255 million, $146 million and $80 million of the net proceeds from the 2024 Notes, 2025 Notes, 2026 Notes and 2027 Notes, to purchase
the Capped Calls."
Great work Kevin, thank you!