Technology
Wayfair Announces Third Quarter 2024 Results, Reports Strong Profitability in Tandem with Further Market Share Gains
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Q3 Net Revenue of $2.9 billion with 21.7 million Active Customers
BOSTON, Nov. 1, 2024 /PRNewswire/ — Wayfair Inc. (“Wayfair,” “we,” or “our”) (NYSE: W), one of the world’s largest destinations for the home, today reported financial results for its third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
Total net revenue of $2.9 billion, decreased $60 million, down 2.0% year over yearU.S. net revenue of $2.5 billion, decreased $60 million, down 2.3% year over yearInternational net revenue of $372 million and International Net Revenue Constant Currency Growth remained constant year over yearGross profit was $873 million, or 30.3% of total net revenueNet loss was $74 million and Non-GAAP Adjusted EBITDA was $119 millionDiluted loss per share was $0.60 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.22Net cash provided by operating activities was $49 million and Non-GAAP Free Cash Flow was ($9) millionCash, cash equivalents and short-term investments totaled $1.3 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility
“Q3 marked another proofpoint of resilience for Wayfair with further market share capture in the face of sustained challenges in the category. Once again, we navigated a dynamic consumer environment while driving further discipline on costs to achieve a mid-single-digit Adjusted EBITDA margin for the second quarter in a row. As I’ve mentioned before, our north star is driving Adjusted EBITDA dollars in excess of equity-based compensation and capital expenditures, and we’re pleased to be making noteworthy improvements across each of these fronts,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
Shah continued, “We remain laser-focused on delivering healthy profitability while setting ourselves up for success as the category rebounds. The core goal across each of our initiatives in 2024 is to foster customer loyalty and spur repeat business while driving economic value. We’re not just aiming for short-term gains, but building long-lasting relationships with our customers that will be accretive on both the top and bottom lines.”
Other Third Quarter Highlights
Active customers totaled 21.7 million as of September 30, 2024, a decrease of 2.7% year over yearLTM net revenue per active customer was $545 as of September 30, 2024, an increase of 1.3% year over yearOrders per customer, measured as LTM orders divided by active customers, was 1.85 for the third quarter of 2024, compared to 1.83 for the third quarter of 2023Orders delivered in the third quarter of 2024 were 9.3 million, a decrease of 6.1% year over yearRepeat customers placed 79.9% of total orders delivered in the third quarter of 2024, compared to 79.7% in the third quarter of 2023Repeat customers placed 7.4 million orders in the third quarter of 2024, a decrease of 6.3% year over yearAverage order value was $310 in the third quarter of 2024, compared to $297 in the third quarter of 202363.0% of total orders delivered were placed via a mobile device in the third quarter of 2024, compared to 61.7% in the third quarter of 2023
Key Financial Statement and Operating Metrics
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions, except LTM net revenue per active customer, average order value and per share data)
Key Financial Statement Metrics:
Net revenue
$ 2,884
$ 2,944
$ 8,730
$ 8,889
Gross profit
$ 873
$ 917
$ 2,633
$ 2,723
Loss from operations
$ (74)
$ (152)
$ (344)
$ (641)
Net loss
$ (74)
$ (163)
$ (364)
$ (564)
Loss per share:
Basic
$ (0.60)
$ (1.40)
$ (2.98)
$ (4.99)
Diluted
$ (0.60)
$ (1.40)
$ (2.98)
$ (4.99)
Net cash provided by operating activities
$ 49
$ 121
$ 155
$ 191
Key Operating Metrics:
Active customers (1)
22
22
22
22
LTM net revenue per active customer (2)
$ 545
$ 538
$ 545
$ 538
Orders delivered (3)
9
10
29
30
Average order value (4)
$ 310
$ 297
$ 303
$ 297
Non-GAAP Financial Measures:
Adjusted EBITDA
$ 119
$ 100
$ 357
$ 214
Free Cash Flow
$ (9)
$ 42
$ (19)
$ (64)
Adjusted Diluted Earnings (Loss) per Share
$ 0.22
$ (0.13)
$ 0.38
$ (1.02)
(1)
The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.
(2)
LTM net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers’ purchasing patterns, including their initial and repeat purchase behavior.
(3)
Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available, and as such we estimate delivery dates based on historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.
(4)
We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.
Webcast and Conference Call
Wayfair will host a conference call and webcast to discuss its third quarter 2024 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://bit.ly/3AjK2fc. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://bit.ly/4hfCcE7. An archive of the webcast conference call will be available shortly after the call ends on Wayfair’s Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.
About Wayfair
Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you’re looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.
The Wayfair family of brands includes:
Wayfair: Every style. Every home.AllModern: All of modern made simple.Birch Lane: Classic style for joyful living.Joss & Main: The ultimate style edit for home.Perigold: The destination for luxury home.Wayfair Professional: A one-stop Pro shop.
Wayfair generated $11.8 billion in net revenue for the twelve months ended September 30, 2024 and is headquartered in Boston, Massachusetts with global operations.
Media Relations Contact:
Tara Lambropoulos
PR@wayfair.com
Investor Relations Contact:
James Lamb
IR@wayfair.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding our investment plans and anticipated returns on those investments, our future customer growth, our future results of operations and financial position, including our financial outlook, profitability goals, business strategy, plans and objectives of management for future operations, and, the impact of macroeconomic events and our response to such events, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “continues,” “could,” “intends,” “goals,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these terms or other similar expressions.
Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including rising and fluctuating interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain, 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; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue per active customer; our ability to build and maintain strong brands; our ability to manage our growth and expansion initiatives; and our ability to expand our business and compete successfully. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.
These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.
WAYFAIR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
December 31,
2024
2023
(in millions, except share and per
share data)
Assets:
Current assets
Cash and cash equivalents
$ 1,296
$ 1,322
Short-term investments
32
29
Accounts receivable, net
155
140
Inventories
81
75
Prepaid expenses and other current assets
248
289
Total current assets
1,812
1,855
Operating lease right-of-use assets
888
820
Property and equipment, net
658
748
Other non-current assets
56
51
Total assets
$ 3,414
$ 3,474
Liabilities and Stockholders’ Deficit:
Current liabilities
Accounts payable
$ 1,187
$ 1,234
Other current liabilities
982
949
Total current liabilities
2,169
2,183
Long-term debt
3,061
3,092
Operating lease liabilities, net of current
884
862
Other non-current liabilities
33
44
Total liabilities
6,147
6,181
Stockholders’ deficit:
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and
none issued at September 30, 2024 and December 31, 2023
—
—
Class A common stock, par value $0.001 per share, 500,000,000 shares authorized,
97,888,601 and 92,457,562 shares issued and outstanding at September 30, 2024 and
December 31, 2023, respectively
—
—
Class B common stock, par value $0.001 per share, 164,000,000 shares authorized,
25,691,295 shares issued and outstanding at September 30, 2024 and December 31, 2023
—
—
Additional paid-in capital
1,657
1,316
Accumulated deficit
(4,382)
(4,018)
Accumulated other comprehensive loss
(8)
(5)
Total stockholders’ deficit
(2,733)
(2,707)
Total liabilities and stockholders’ deficit
$ 3,414
$ 3,474
WAYFAIR INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions, except per share data)
Net revenue (1)
$ 2,884
$ 2,944
$ 8,730
$ 8,889
Cost of goods sold (2)
2,011
2,027
6,097
6,166
Gross profit
873
917
2,633
2,723
Operating expenses:
Customer service and merchant fees (2)
112
136
350
419
Advertising
354
337
1,043
1,016
Selling, operations, technology, general and administrative (2)
480
596
1,503
1,850
Impairment and other related net charges
1
—
2
14
Restructuring charges
—
—
79
65
Total operating expenses
947
1,069
2,977
3,364
Loss from operations
(74)
(152)
(344)
(641)
Interest expense, net
(5)
(5)
(15)
(15)
Other income (expense), net
8
(4)
3
(2)
Gain on debt extinguishment
—
—
—
100
Loss before income taxes
(71)
(161)
(356)
(558)
Provision for income taxes, net
3
2
8
6
Net loss
$ (74)
$ (163)
$ (364)
$ (564)
Loss per share:
Basic
$ (0.60)
$ (1.40)
$ (2.98)
$ (4.99)
Diluted
$ (0.60)
$ (1.40)
$ (2.98)
$ (4.99)
Weighted-average number of shares of common stock
outstanding used in computing per share amounts:
Basic
123
116
122
113
Diluted
123
116
122
113
(1) The following tables present net revenue attributable to our reportable segments for the periods indicated:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions)
U.S. net revenue
$ 2,512
$ 2,572
$ 7,633
$ 7,772
International net revenue
372
372
1,097
1,117
Total net revenue
$ 2,884
$ 2,944
$ 8,730
$ 8,889
(2) Includes equity-based compensation and related taxes as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions)
Cost of goods sold
$ 2
$ 2
$ 8
$ 7
Customer service and merchant fees
4
7
15
23
Selling, operations, technology, general and administrative
92
137
300
434
Total equity-based compensation and related taxes
$ 98
$ 146
$ 323
$ 464
WAYFAIR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2024
2023
(in millions)
Cash flows from operating activities:
Net loss
$ (364)
$ (564)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
297
312
Equity-based compensation expense
309
447
Amortization of discount and issuance costs on convertible notes
7
6
Impairment and other related net charges
2
14
Gain on debt extinguishment
—
(100)
Other non-cash adjustments
(5)
—
Changes in operating assets and liabilities:
Accounts receivable, net
(34)
140
Inventories
(7)
11
Prepaid expenses and other assets
3
19
Accounts payable and other liabilities
(53)
(94)
Net cash provided by operating activities
155
191
Cash flows for investing activities:
Purchase of short- and long-term investments
(37)
(4)
Sale and maturities of short- and long-term investments
33
229
Purchase of property and equipment
(53)
(101)
Site and software development costs
(121)
(154)
Net cash used in investing activities
(178)
(30)
Cash flows from financing activities:
Proceeds from issuance of convertible notes, net of issuance costs
—
678
Premiums paid for capped call confirmations
—
(87)
Payments to extinguish convertible debt
—
(514)
Other financing activities, net
3
—
Net cash provided by financing activities
3
77
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(6)
3
Net (decrease) increase in cash, cash equivalents and restricted cash
(26)
241
Cash, cash equivalents and restricted cash
Beginning of period
$ 1,326
$ 1,050
End of period
$ 1,300
$ 1,291
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.
We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our ongoing operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, “Capital Expenditures”). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our ongoing operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.
We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.
We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.
The following table reflects the reconciliation of net income or loss to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions)
Reconciliation of Adjusted EBITDA:
Net loss
$ (74)
$ (163)
$ (364)
$ (564)
Depreciation and amortization
94
106
297
312
Equity-based compensation and related taxes
98
146
323
464
Interest expense, net
5
5
15
15
Other (income) expense, net
(8)
4
(3)
2
Provision for income taxes, net
3
2
8
6
Other:
Impairment and other related net charges (1)
1
—
2
14
Restructuring charges (2)
—
—
79
65
Gain on debt extinguishment (3)
—
—
—
(100)
Adjusted EBITDA
$ 119
$ 100
$ 357
$ 214
Net revenue
$ 2,884
$ 2,944
$ 8,730
$ 8,889
Net loss margin
(2.6) %
(5.5) %
(4.2) %
(6.3) %
Adjusted EBITDA Margin
4.1 %
3.4 %
4.1 %
2.4 %
(1)
During the three and nine months ended September 30, 2024, we recorded charges of $1 million and $2 million, respectively, 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.
(2)
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.
(3)
During the nine months ended September 30, 2023, we recorded a $100 million gain on debt extinguishment upon repurchase of $83 million in aggregate principal amount of our 2024 Notes and $535 million in aggregate principal amount of our 2025 Notes.
The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions)
Segment Adjusted EBITDA:
U.S.
$ 141
$ 123
$ 461
$ 313
International
(22)
(23)
(104)
(99)
Adjusted EBITDA
$ 119
$ 100
$ 357
$ 214
The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions)
Net cash provided by operating activities
$ 49
$ 121
$ 155
$ 191
Purchase of property and equipment
(17)
(30)
(53)
(101)
Site and software development costs
(41)
(49)
(121)
(154)
Free Cash Flow
$ (9)
$ 42
$ (19)
$ (64)
A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(in millions, except per share data)
Numerator:
Numerator for basic and diluted loss per share – net loss
$ (74)
$ (163)
$ (364)
$ (564)
Adjustments to net loss
Equity-based compensation and related taxes
98
146
323
464
Provision for income taxes, net
3
2
8
6
Other:
Impairment and other related net charges
1
—
2
14
Restructuring charges
—
—
79
65
Gain on debt extinguishment
—
—
—
(100)
Numerator for Adjusted Diluted Earnings (Loss) per Share –
Adjusted net income (loss)
$ 28
$ (15)
$ 48
$ (115)
Denominator:
Denominator for basic and diluted loss per share –
weighted-average number of shares of common stock outstanding
123
116
122
113
Adjustments to effect of dilutive securities:
Restricted stock units
—
—
1
—
Denominator for Adjusted Diluted Earnings (Loss) per
Share – Adjusted weighted-average number of shares of
common stock outstanding after the effect of dilutive securities
123
116
123
113
Diluted Loss per Share
$ (0.60)
$ (1.40)
$ (2.98)
$ (4.99)
Adjusted Diluted Earnings (Loss) per Share
$ 0.22
$ (0.13)
$ 0.38
$ (1.02)
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SOURCE Wayfair Inc.
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3 mins agoon
November 1, 2024By
DALLAS, Nov. 1, 2024 /PRNewswire/ — Auto insurance fraud is rapidly growing with fraudsters orchestrating staged accidents, exaggerated injury claims, and even deliberate collisions to take advantage of insurance payouts. Fraudulent claims not only cost insurers billions of dollars every year, but also result in increased premiums and severe financial consequences for innocent victims. Proving innocence in these cases is difficult, often requiring the assistance of an insurance fraud lawyer, and can lead to lengthy legal battles and payouts. Thus, WOLFBOX wants to make drivers aware of how to ensure their safety and protect themselves from insurance fraud.
What is insurance fraud? It refers to the illegal act of deceiving an insurance company for financial gain. Recently, a video of an alleged car insurance fraud in New York City that went viral on TikTok captured how these fraudsters come out of nowhere and stage an accident. Luckily for the victim in this video, her car’s dash cam recorded the entire incident. This video has raised awareness around the importance of owning a dash cam to prevent insurance scams.
With such incidents on the rise, dash cams have emerged as the most effective tools for preventing and combating car insurance fraud. With their ability to continuously record the road and driver interactions, these devices provide an unbiased, reliable account of what actually happens during an incident. Dash cams can be essential for drivers who need to know how to report insurance fraud or are seeking legal recourse.
From round-the-clock monitoring to providing objective evidence, a dash cam serves as a handy device for drivers to keep themselves and their vehicles safe. One of the primary advantages of a dash cam is its ability to record real-time video footage of the road and surroundings. In the event of an accident or dispute, this footage serves as irrefutable evidence, helping to determine fault and protect drivers from fraudulent claims. Dash cam footage is crucial when settling disputes in courts or with insurance companies, especially in car insurance fraud examples.
Apart from 24/7 surveillance, some of the recent dash cams also offer extremely high resolution video even in dark or poorly lit conditions. For instance, WOLFBOX’s 3-channel X5 dash cam is equipped with the latest best-in-class IMX 678 sensor that captures license plates and other critical details day or night with enhanced image quality and color reproduction. With its three-channel monitoring system, the dash cam covers the vehicle’s front, rear and interior with 4K and 2.5K clarity, significantly reducing blind spots and improving overall driving safety.
Dash cams continue to record even when the vehicle is parked.This is especially useful for capturing footage of hit-and-run incidents or vandalism cases. The X5 comes equipped with two parking modes, including time-lapse monitoring and collision detection. These modes ensure continuous surveillance, offering peace of mind whether the vehicle is parked or in motion.
Many advanced dash cams such as the X5 are equipped with GPS functionality that logs vehicle’s speed, location, and route. This data can also prove to be critical in disputes where the other party falsely claims speeding or reckless driving.
Dash cams also help promote responsible driving. With a dash cam installed, drivers tend to become more cautious and aware of their driving habits, knowing that their behavior is being recorded. This leads to a culture of safer and more responsible driving on the road.
As insurance fraud becomes more sophisticated, it’s crucial for drivers to take proactive measures to protect themselves and their vehicles. Investing in a dash cam is a simple yet highly effective way to do just that.
For more information on the WOLFBOX’s dash cams, visit www.wolfbox.com.
About WOLFBOX
As the leading brand in the automotive electronics market, WOLFBOX’s product sales cover more than 70 countries and regions around the world. WOLFBOX strives to deliver cutting-edge electronics with the latest trends and up-to-date technology to enhance the driving experience and cater to the evolving needs of modern drivers. Meanwhile, WOLFBOX continuously brings up-to-date technology and reliable products for individuals who share the same values of adventure, free spirit, and vitality, to empower them to fully experience the joy of the open road, while ensuring their safety and comfort.
Media Contact
Alex B.
alex@wolfbox.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/wolfbox-draws-awareness-on-the-important-role-of-dash-cams-in-ensuring-driver-safety-and-preventing-insurance-fraud-302294269.html
SOURCE WOLFBOX
Technology
Rise48 Equity Expands Services with Launch of Rise48 Residential, Taking Over Management of Four Dallas-Fort Worth Properties
Published
3 mins agoon
November 1, 2024By
PHOENIX, Nov. 1, 2024 /PRNewswire/ — Rise48 Equity, a multifamily investment group headquartered in Phoenix, Arizona, has announced the launch of its new third-party fee management company, Rise48 Residential. This expansion marks a significant step in the company’s growth, as Rise48 Residential has already taken on the management of four properties in Dallas and Fort Worth, TX, with plans to expand further in Q4.
After establishing a presence in the Dallas market in 2022 and expanding to North Carolina earlier this year, Rise48 Equity continues to strengthen its footprint by diversifying into property management. Rise48 Residential is a full-suite professional property management company, equipped with a full-time, experienced team specializing in operations, financial reporting, and marketing. The company focuses on assets built from the 1960s to the early 2000s, delivering tailored management solutions to optimize property performance.
Zach Haptonstall, CEO & Co-Founder of Rise48 Equity said, “We’ve recently had numerous lenders reach out to us saying they’re very happy with how we manage and operate the assets we currently own as a borrower, and these same lenders have asked us to help take over third-party fee management for other assets that they have foreclosed on from other borrowers. We saw an opportunity to expand on what we do best, which is manage and execute value-add business plans on existing multifamily properties.
The launch of Rise48 Residential allows us to share and expand our proprietary methods to third parties for marketing, recruiting staff, hiring, training, controlling supply chain, and executing on business plans. In Q4 we are taking over third-party management for other property owners in Arizona and have more assets in the pipeline from lenders coming in Texas. We will serve property owners and lenders in the Southwest, Southeast, and Texas markets for third-party fee management.
Our goal is to manage 50,000 units nationwide in the next 5 years for third parties. We will continue to grow our investment platform Rise48 Equity where we acquire and manage assets that we own.
Launching Rise48 Residential allows us to extend our high standard of property management to more communities, ensuring we can drive value not only for investors and lenders, but most importantly for residents,” said Zach Haptonstall, CEO & Co-Founder of Rise48 Equity. “We’re excited to bring this level of expertise to Dallas and are committed to continued growth in this market and beyond.”
Rise48 Residential provides a comprehensive range of services, including operations, financial planning & analysis, human resources, advanced data analytics, and marketing, designed to streamline operations and enhance asset value.
The company aims to bring its unique blend of operational expertise and strategic focus to each property it manages, ensuring maximum returns for investors and a high-quality living experience for residents.
About Rise48 Equity:
Rise48 Equity has completed over $2.3 Billion+ in total transactions and purchased 54 assets, 10,000+ units since 2019. They currently have $1.8 Billion+ of Assets Under Management in Phoenix, AZ and Dallas, TX. They have completed 11 Full-Cycle Dispositions and returned capital to investors. The company has 240+ full-time W2 employees on full healthcare benefits.
Rise48 Equity provides multifamily investment opportunities for accredited investors to protect and grow their wealth and achieve passive cash-flow. The team brings expertise to acquire, reposition and return capital to investors upon reaching the business plan.
Rise48 Communities is the vertically integrated property management company that manages all assets owned by Rise48 Equity. The company does all of the construction management, property management, and asset management in-house.
For more information about Rise48 Equity, visit their website: rise48equity.com
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SOURCE Rise48 Equity
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