Wayfair Inc
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
W$111.74-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0001616707-24-000047
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0001616707-24-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 168 previous paragraphs and 167 current paragraphs.
112 unchanged; 47 reworded; 8 added; 7 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
During the three months ended September 30, 2024, our advertising expenses increased by $17 million, or 5.0%, compared to the same period in 2023. The increase reflects our response to changing market conditions and renewed investment opportunities as we sought to maintain our return targets across various channels.
Current report
Other income (expense), net
Current report
Comparison of the nine months ended September 30, 2024 and 2023
Current report
During the nine months ended September 30, 2024, our advertising expenses increased by $27 million, or 2.7%, compared to the same period in 2023. The increase reflects our response to changing market conditions and renewed investment opportunities, as we sought to maintain our return targets across various channels.
Current report
Other income (expense), net
Current report
Credit Agreement and Debt Arrangements
Current report
On October 8, 2024, we issued $800 million aggregate principal amount of 7.250% senior secured notes due 2029. Interest on the notes is payable semi-annually, in arrears, on April 15 and October 15 of each year, commencing on April 15, 2025, until their maturity date of October 31, 2029. We intend to use the net proceeds from the senior secured notes offering, together with cash on hand, for the repayment, at or prior to maturity, of a portion of the Notes and general corporate purposes.
Current report
As of August 1, 2024, the 2024 Notes were freely convertible and the holders of the 2024 Notes could have converted all or a portion of their 2024 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date; however, no holders converted their 2024 Notes during this time period. On November 1, 2024, the 2024 Notes matured and Wayfair paid in cash the remaining outstanding principal of $117 million to the holders of the 2024 Notes.
Removed paragraphs (7)
Previous report
During the three months ended June 30, 2024, our advertising expenses increased by $13 million, or 3.7%, compared to the same period in 2023. The increase is due to advertising holdbacks in the second quarter of 2023 as well as efforts to maintain our efficiency targets.
Previous report
Other (expense) income, net
Previous report
Comparison of the six months ended June 30, 2024 and 2023
Previous report
During the six months ended June 30, 2024, our advertising expenses increased by $10 million, or 1.5%, compared to the same period in 2023. The increase is due to advertising holdbacks in the second quarter of 2023 as well as efforts to maintain our efficiency targets.
Previous report
Other (expense) income, net
Previous report
Gain on debt extinguishment
Previous report
Credit Agreement and Convertible Debt
Reworded paragraphs (47)
Previous wording
•adverse macroeconomic conditions, including rising and fluctuating interest rates, inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions;
Current wording
•adverse macroeconomic conditions, including fluctuating interest rates, inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions;
Previous wording
All dollar and percentage comparisons made herein refer to the three and six months ended June 30, 2024, compared with the three and six months ended June 30, 2023, unless otherwise noted.
Current wording
All dollar and percentage comparisons made herein refer to the three and nine months ended September 30, 2024, compared with the three and nine months ended September 30, 2023, unless otherwise noted.
Previous wording
During the three months ended June 30, 2024, net revenue decreased by 1.7% compared to the same period in 2023. As of June 30, 2024, we had 22 million active customers and during the three months ended June 30, 2024, 81.7% of orders came from repeat buyers. The lower sales were due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023. We also continued to manage our advertising spend according to a return on investment-oriented approach that carefully tracks and monitors the results of advertising campaigns as we seek to maintain appropriate return targets.
Current wording
During the three months ended September 30, 2024, net revenue decreased by 2.0% compared to the same period in 2023. As of September 30, 2024, we had 22 million active customers and during the three months ended September 30, 2024, 79.9% of orders came from repeat buyers. The lower sales were due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023. We also continued to manage our advertising spend according to a return on investment-oriented approach that carefully tracks and monitors the results of advertising campaigns as we seek to maintain appropriate return targets.
Previous wording
We are continuing to closely monitor macroeconomic impacts, including, but not limited to, geopolitical events and rising and fluctuating interest rates and inflation on our business, results of operations and financial results. These developments have and may continue to negatively impact global economic activity and consumer behavior, which have and may continue to adversely affect our business and our results of operations. As our customers react to these global economic conditions, we may take additional precautionary measures to limit or delay expenditures and preserve capital and liquidity.
Current wording
We are continuing to closely monitor macroeconomic impacts, including, but not limited to, geopolitical events and fluctuating interest rates and inflationary pressures on our business, results of operations and financial results. These developments have and may continue to negatively impact global economic activity and consumer behavior, which have and may continue to adversely affect our business and our results of operations. As our customers react to these global economic conditions, we may take additional precautionary measures to limit or delay expenditures and preserve capital and liquidity.
Previous wording
While it is difficult to quantify and predict all of the impacts these global economic events, including rising and fluctuating inflation and interest rates, will have on our business and to predict consumer spending in the near term, we believe the long-term opportunity that we see for shopping for the home online remains unchanged.
Current wording
While it is difficult to quantify and predict all of the impacts these global economic events, including fluctuating interest rates and inflationary pressures, will have on our business and to predict consumer spending in the near term, we believe the long-term opportunity that we see for shopping for the home online remains unchanged.
Previous wording
During the three months ended June 30, 2024, net revenue decreased by $54 million, or 1.7%, compared to the same period in 2023, which reflects continued macroeconomic pressures felt by consumers. The decrease in net revenue is due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023.
Current wording
During the three months ended September 30, 2024, net revenue decreased by $60 million, or 2.0%, compared to the same period in 2023, which reflects continued macroeconomic pressures felt by consumers. The decrease in net revenue is due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023.
Previous wording
During the three months ended June 30, 2024, our U.S. net revenue decreased by 2.0% and International net revenue increased by 0.3% compared to the same period in 2023. During the three months ended June 30, 2024, International Net Revenue Constant Currency Growth was 1.3% (see “Non-GAAP Financial Measures” below for more information regarding our use of Net Revenue Constant Currency Growth).
Current wording
During the three months ended September 30, 2024, our U.S. net revenue decreased by 2.3%. International net revenue and International Net Revenue Constant Currency Growth remained constant year over year (see “Non-GAAP Financial Measures” below for more information regarding our use of Net Revenue Constant Currency Growth).
Previous wording
Cost of goods sold is sensitive to many factors, including quarter-to-quarter variability in product mix, pricing strategies, changes in wholesale, shipping and fulfillment costs, including associated applicable customs duties and fees earned for supplier services rendered. During the three months ended June 30, 2024, cost of goods sold decreased by $10 million, or 0.5%, compared to the same period in 2023. The decrease in cost of goods sold is primarily driven by operational cost savings initiatives and partially due to lower order volume, which was driven by challenges in the category compared to the same period in 2023.
Current wording
Cost of goods sold is sensitive to many factors, including quarter-to-quarter variability in product mix, pricing strategies, changes in wholesale, shipping and fulfillment costs, including associated applicable customs duties and fees earned for supplier services rendered. During the three months ended September 30, 2024, cost of goods sold decreased by $16 million, or 0.8%, compared to the same period in 2023. The decrease in cost of goods sold is driven by a combination of operational cost savings initiatives and lower order volume, which was driven by challenges in the category compared to the same period in 2023.
Previous wording
As a percentage of net revenue, cost of goods sold increased to 69.9% for the six months ended June 30, 2024, compared to 69.6% in the same period in 2023 due to mix shifts and lower net revenue.
Current wording
As a percentage of net revenue, cost of goods sold increased to 69.7% for the three months ended September 30, 2024 compared to 68.9% in the same period in 2023, primarily due to mix shifts.
Previous wording
During the three months ended June 30, 2024, our equity-based compensation and related taxes included in customer service and merchant fees and selling, operations, technology, general and administrative decreased by $70 million, or 42.4%, compared to the same period in 2023, primarily driven by a decrease in units granted in 2024 compared to the same period in 2023.
Current wording
During the three months ended September 30, 2024, our equity-based compensation and related taxes included in customer service and merchant fees and selling, operations, technology, general and administrative decreased by $48 million, or 33.3%, compared to the same period in 2023, primarily driven by a decrease in vested restricted stock units in 2024 compared to the same period in 2023.
Previous wording
During the three months ended June 30, 2024, excluding the impact of equity-based compensation, our expenses for customer service and merchant fees decreased by $20 million, or 14.7%, compared to the same period in 2023. The decrease in customer service and merchant fees is primarily due to decreased compensation costs in 2024 compared to the same period in 2023.
Current wording
During the three months ended September 30, 2024, excluding the impact of equity-based compensation, our expenses for customer service and merchant fees decreased by $21 million, or 16.3%, compared to the same period in 2023. The decrease in customer service and merchant fees is primarily due to decreased compensation costs in 2024 compared to the same period in 2023.
Previous wording
As a percentage of net revenue, total customer service and merchant fees decreased to 3.9% for the three months ended June 30, 2024 compared to 4.5% in the same period in 2023 primarily due to decreased compensation costs.
Current wording
As a percentage of net revenue, total customer service and merchant fees decreased to 3.9% for the three months ended September 30, 2024 compared to 4.6% in the same period in 2023 primarily due to decreased compensation costs.
Previous wording
As a percentage of net revenue, advertising expenses increased to 11.7% for the three months ended June 30, 2024 compared to 11.1% in the same period in 2023 due, in part, to changes in advertising channel mix and our efforts to drive efficiency across our channel portfolio.
Current wording
As a percentage of net revenue, advertising expenses increased to 12.3% for the three months ended September 30, 2024 compared to 11.4% in the same period in 2023 due to changes in our advertising channel mix as we seek to maximize returns on advertising spend within our efficiency parameters.
Previous wording
During the three months ended June 30, 2024, excluding the impact of equity-based compensation and related taxes, our expenses for selling, operations, technology, general and administrative activities decreased by $74 million, or 15.6%, compared to the same period in 2023. The decrease is primarily due to decreased compensation costs.
Current wording
During the three months ended September 30, 2024, excluding the impact of equity-based compensation and related taxes, our expenses for selling, operations, technology, general and administrative activities decreased by $71 million, or 15.5%, compared to the same period in 2023. The decrease is primarily due to decreased compensation costs.
Previous wording
As a percentage of net revenue, total selling, operations, technology, general and administrative expenses decreased to 15.7% for the three months ended June 30, 2024, compared to 19.9% in the same period in 2023, primarily due to decreased compensation costs.
Current wording
As a percentage of net revenue, total selling, operations, technology, general and administrative expenses decreased to 16.6% for the three months ended September 30, 2024, compared to 20.2% in the same period in 2023, primarily due to decreased compensation costs.
Previous wording
During the three months ended June 30, 2024, impairment and other related net charges remained constant at $1 million compared to the same period in 2023.
Current wording
During the three months ended September 30, 2024, impairment and other related charges increased by $1 million or 100.0%, compared to the same period in 2023.
Previous wording
During the three months ended June 30, 2024, we recorded charges of $1 million related to changes in sublease market conditions for an identified U.S. office location. During the three months ended June 30, 2023, we recorded charges of $1 million related to construction in progress assets at identified U.S. locations.
Current wording
During the three months ended September 30, 2024, we recorded charges of $1 million related to changes in sublease market conditions for an identified U.S. office location.
Previous wording
During the three months ended June 30, 2024, interest expense, net decreased by $1 million, or 20.0%, compared to the same period in 2023.
Current wording
During the three months ended September 30, 2024, interest expense, net remained constant at $5 million, compared to the same period in 2023.
Previous wording
During the three months ended June 30, 2024, other (expense) income, net increased by $4 million or 133.3%, compared to the same period in 2023. Included in other (expense) income, net are changes in foreign currency transaction gains and losses and long-term investment income or losses.
Current wording
During the three months ended September 30, 2024, other income (expense), net increased by $12 million or 300.0%, compared to the same period in 2023, primarily driven by foreign currency transaction gains. Included in other income (expense), net are changes in foreign currency transaction gains and losses and long-term investment income or losses.
Previous wording
During the six months ended June 30, 2024, our provision for income taxes, net increased by $1 million, or 25.0%, compared to the same period in 2023, primarily related to the level and mix of income earned in the U.S. and certain foreign jurisdictions and U.S. state income taxes. Refer to Note 8, Income Taxes, included in Part I, Item 1, Financial Statements, in this Quarterly Report on Form 10-Q for additional information.
Current wording
During the three months ended September 30, 2024, our provision for income taxes, net increased by $1 million or 50.0% compared to the same period in 2023, primarily related to the level and mix of income earned in the U.S. and certain foreign jurisdictions and U.S. state income taxes. Refer to Note 8, Income Taxes, included in Part I, Item 1, Financial Statements, in this Quarterly Report on Form 10-Q for additional information.
Previous wording
During the six months ended June 30, 2024, net revenue decreased by $99 million, or 1.7%, compared to the same period in 2023, which reflects continued macroeconomic pressures felt by consumers. The decrease in net revenue is due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023.
Current wording
During the nine months ended September 30, 2024, net revenue decreased by $159 million, or 1.8%, compared to the same period in 2023, which reflects continued macroeconomic pressures felt by consumers. The decrease in net revenue is due to lower order volume, which was driven by challenges in the category, compared to the same period in 2023.
Previous wording
During the six months ended June 30, 2024, our U.S. net revenue decreased by 1.5% and International net revenue decreased by 2.7% compared to the same period in 2023. During the six months ended June 30, 2024, International Net Revenue Constant Currency Growth was (3.0)% (see “Non-GAAP Financial Measures” below for more information regarding our use of Net Revenue Constant Currency Growth).
Current wording
During the nine months ended September 30, 2024, our U.S. net revenue decreased by 1.8% and International net revenue decreased by 1.8% compared to the same period in 2023. During the nine months ended September 30, 2024, International Net Revenue Constant Currency Growth was (1.9)% (see “Non-GAAP Financial Measures” below for more information regarding our use of Net Revenue Constant Currency Growth).
Previous wording
Cost of goods sold is sensitive to many factors, including quarter-to-quarter variability in product mix, pricing strategies, changes in wholesale, shipping and fulfillment costs, including associated applicable customs duties and fees earned for supplier services rendered. During the six months ended June 30, 2024, cost of goods sold decreased by $53 million, or 1.3%, compared to the same period in 2023. The decrease in cost of goods sold is primarily driven by operational cost savings initiatives and partially due to lower order volume, which was driven by challenges in the category compared to the same period in 2023.
Current wording
Cost of goods sold is sensitive to many factors, including quarter-to-quarter variability in product mix, pricing strategies, changes in wholesale, shipping and fulfillment costs, including associated applicable customs duties and fees earned for supplier services rendered. During the nine months ended September 30, 2024, cost of goods sold decreased by $69 million, or 1.1%, compared to the same period in 2023. The decrease in cost of goods sold is driven by a combination of operational cost savings initiatives and lower order volume, which was driven by challenges in the category compared to the same period in 2023.
Previous wording
As a percentage of net revenue, cost of goods sold increased to 69.8% for the three months ended June 30, 2024 compared to 68.9% in the same period in 2023 due to mix shifts and lower net revenue.
Current wording
As a percentage of net revenue, cost of goods sold increased to 69.8% for the nine months ended September 30, 2024, compared to 69.4% in the same period in 2023 due to mix shifts and lower net revenue.
Previous wording
During the six months ended June 30, 2024, our equity-based compensation and related taxes included in customer service and merchant fees and selling, operations, technology, general and administrative decreased by $94 million, or 30.0%, compared to the same period in 2023, driven by a decrease in vested restricted stock units in 2024 compared to the same period in 2023.
Current wording
During the nine months ended September 30, 2024, our equity-based compensation and related taxes included in customer service and merchant fees and selling, operations, technology, general and administrative decreased by $142 million, or 31.1%, compared to the same period in 2023, driven by a decrease in vested restricted stock units in 2024 compared to the same period in 2023.
Previous wording
During the six months ended June 30, 2024, excluding the impact of equity-based compensation, our expenses for customer service and merchant fees decreased by $40 million, or 15.0%, compared to the same period in 2023. The decrease in customer service and merchant fees is primarily due to decreased compensation costs during the six months ended June 30, 2024 compared to the same period in 2023.
Current wording
During the nine months ended September 30, 2024, excluding the impact of equity-based compensation, our expenses for customer service and merchant fees decreased by $61 million, or 15.4%, compared to the same period in 2023. The decrease in customer service and merchant fees is primarily due to decreased compensation costs during the nine months ended September 30, 2024 compared to the same period in 2023.
Previous wording
As a percentage of net revenue, total customer service and merchant fees decreased to 4.1% for the six months ended June 30, 2024, compared to 4.8% in the same period in 2023 due to decreased compensation costs.
Current wording
As a percentage of net revenue, total customer service and merchant fees decreased to 4.0% for the nine months ended September 30, 2024, compared to 4.7% in the same period in 2023 due to decreased compensation costs.
Previous wording
As a percentage of net revenue, advertising expenses increased to 11.8% for the six months ended June 30, 2024 compared to 11.4% in the same period in 2023 due in part to maintaining efficiencies in our advertising channel mix.
Current wording
As a percentage of net revenue, advertising expenses increased to 11.9% for the nine months ended September 30, 2024 compared to 11.4% in the same period in 2023 due to changes in our advertising channel mix as we seek to maximize returns on advertising spend within our efficiency parameters.
Previous wording
During the six months ended June 30, 2024, excluding the impact of equity-based compensation and related taxes, our expenses for selling, operations, technology, general and administrative activities decreased by $142 million, or 14.8% compared to the same period in 2023. The decrease is primarily due to decreased compensation costs.
Current wording
During the nine months ended September 30, 2024, excluding the impact of equity-based compensation and related taxes, our expenses for selling, operations, technology, general and administrative activities decreased by $213 million, or 15.0% compared to the same period in 2023. The decrease is primarily due to decreased compensation costs.
Previous wording
As a percentage of net revenue, total selling, operations, technology, general and administrative expenses decreased to 17.5% for the six months ended June 30, 2024, compared to 21.1% in the same period in 2023, primarily due to decreased compensation costs.
Current wording
As a percentage of net revenue, total selling, operations, technology, general and administrative expenses decreased to 17.2% for the nine months ended September 30, 2024, compared to 20.8% in the same period in 2023, primarily due to decreased compensation costs.
Previous wording
During the six months ended June 30, 2024, impairment and other related charges decreased by $13 million, or 92.9%. compared to the same period in 2023. As a percentage of net revenue, impairment and other related net charges decreased to 0.0% from 0.2% in the same period in 2023.
Current wording
During the nine months ended September 30, 2024, impairment and other related charges decreased by $12 million, or 85.7%. compared to the same period in 2023. As a percentage of net revenue, impairment and other related net charges decreased to 0.0% from 0.2% in the same period in 2023.
Previous wording
During the six months ended June 30, 2024, we recorded charges of $1 million related to changes in sublease market conditions for an identified U.S. office location. During the six months ended June 30, 2023, we recorded charges of $14 million, inclusive of $5 million related to consolidation of certain customer service centers and $9 million related to construction in progress assets at identified U.S. locations.
Current wording
During the nine months ended September 30, 2024, we recorded charges of $2 million related to changes in sublease market conditions for U.S. office locations. During the nine months ended September 30, 2023, we recorded charges of $14 million, inclusive of $5 million related to consolidation of certain customer service centers and $9 million related to construction in progress assets at identified U.S. locations.
Previous wording
During the six months ended June 30, 2024, restructuring charges increased by $14 million, or 21.5%, compared to the same period in 2023. As a percentage of net revenue, restructuring charges increased to 1.4% from 1.1% in the same period in 2023.
Current wording
During the nine months ended September 30, 2024, restructuring charges increased by $14 million, or 21.5%, compared to the same period in 2023. As a percentage of net revenue, restructuring charges increased to 0.9% from 0.7% in the same period in 2023.
Previous wording
During the six months ended June 30, 2024, we incurred $79 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2024 workforce reductions. During the six months ended June 30, 2023, we incurred $65 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2023 workforce reductions.
Current wording
During the nine months ended September 30, 2024, we incurred $79 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2024 workforce reductions. During the nine months ended September 30, 2023, we incurred $65 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2023 workforce reductions.
Previous wording
During the six months ended June 30, 2024, interest expense, net remained constant compared to the same period in 2023.
Current wording
During the nine months ended September 30, 2024, interest expense, net remained constant compared to the same period in 2023.
Previous wording
During the six months ended June 30, 2024, other (expense) income, net increased by $7 million, or 350.0%, compared to the same period in 2023. Included in other expense, net are changes in foreign currency transaction gains and losses and long-term investment income or losses.
Current wording
During the nine months ended September 30, 2024, other income (expense), net increased by $5 million, or 250.0%, compared to the same period in 2023, primarily driven by foreign currency transaction gains. Included in other income (expense), net are changes in foreign currency transaction gains and losses and long-term investment income or losses.
Previous wording
During the three months ended June 30, 2024, gain on debt extinguishment decreased by $100 million or 100.0%, compared to the same period in 2023.
Current wording
During the nine months ended September 30, 2024, gain on debt extinguishment decreased by $100 million, or 100.0%, compared to the same period in 2023.
Previous wording
During the three months ended June 30, 2023, we recorded a $100 million gain on debt extinguishment, representing the difference between the cash paid for principal of $514 million and the combined net carrying value of the 2024 Notes and 2025 Notes of $614 million.
Current wording
During the nine months ended September 30, 2023, we recorded a $100 million gain on debt extinguishment, representing the difference between the cash paid for principal of $514 million and the combined net carrying value of the 2024 Notes and 2025 Notes of $614 million.
Previous wording
During the three months ended June 30, 2024, our provision for income taxes, net remained constant at $2 million compared to the same period in 2023. Refer to Note 8, Income Taxes, included in Part I, Item 1, Financial Statements, in this Quarterly Report on Form 10-Q for additional information.
Current wording
During the nine months ended September 30, 2024, our provision for income taxes, net increased by $2 million, or 33.3%, compared to the same period in 2023, primarily related to the level and mix of income earned in the U.S. and certain foreign jurisdictions and U.S. state income taxes. Refer to Note 8, Income Taxes, included in Part I, Item 1, Financial Statements, in this Quarterly Report on Form 10-Q for additional information.
Previous wording
As of June 30, 2024, our principal source of liquidity was cash and cash equivalents and short-term investments totaling $1.3 billion. Additionally, we have a $600 million senior secured revolving credit facility that matures on March 24, 2026 (the “Revolver”). As of June 30, 2024, there were no revolving loans outstanding under the Revolver. We had outstanding letters of credit, primarily as security for certain lease agreements, for $69 million as of June 30, 2024, which reduced the availability of credit under the Revolver. Excluding liquidity available through our Revolver, the following table shows sources of liquidity for the periods presented:
Current wording
As of September 30, 2024, our principal source of liquidity was cash and cash equivalents and short-term investments totaling $1.3 billion. Additionally, we have a $600 million senior secured revolving credit facility that matures on March 24, 2026 (the “Revolver”). As of September 30, 2024, there were no revolving loans outstanding under the Revolver. We had outstanding letters of credit, primarily as security for certain lease agreements, for $72 million as of September 30, 2024, which reduced the availability of credit under the Revolver. Excluding liquidity available through our Revolver, the following table shows sources of liquidity for the periods presented:
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
During the six months ended June 30, 2024, gain on debt extinguishment decreased by $100 million, or 100.0%, compared to the same period in 2023.
Previous report — wording carried elsewhere
During the six months ended June 30, 2023, we recorded a $100 million gain on debt extinguishment, representing the difference between the cash paid for principal of $514 million and the combined net carrying value of the 2024 Notes and 2025 Notes of $614 million.