I listened to the Wayfair Q1 2020 earnings call, and learned quite a bit. A few tidbits to pass along:

• While gross margins are improving somewhat, adjusted EBITDA margins look flat sequentially in Q1 to FY 2019. International is the worst -23%.

• While repeat customer purchase frequency is increasing (70% now) but I couldn't help but notice the first-time buyer numbers are slightly off.

• House brands now represent 75% of all sales. I hadn't heard this number in the past. Feels like it has room to run more. Many home items are not brand-forward. If the couch is comfortable, who cares what it says on the label under the seat cushion?

• Wayfair is one of the few companies which treat their earnings call as a (exhaustive) detailed presentation. Seems they try to harness some "innovation magic" from investors and perhaps sideline profitability challenges over the years and get closer to tech company valuations. Where else can you learn about the supply chain of a coffee table? Odd.

• Wayfair laid off 550 employees in February as part of profitability/consolidation moves. That's about 3% of their employee base, not insignificant.

• Wayfair believes this eCommerce acceleration is a permanent category shift. Doesn't hurt that Bed Bath and Beyond is shut.