Q1 Net Revenue of $2.8 billion with 21.7 million Active
Customers
Q1 results demonstrate consistent market share
gains and improvement in cost structure
BOSTON, May 4, 2023
/PRNewswire/ -- Wayfair Inc. ("Wayfair", "we", or "our") (NYSE: W),
one of the world's largest online destinations for the home, today
reported financial results for its first quarter ended
March 31, 2023.
First Quarter 2023 Financial Highlights
- Total net revenue of $2.8 billion
decreased $219 million, down 7.3%
year over year
- U.S. net revenue of $2.4 billion
decreased $127 million, down 5.0%
year over year
- International net revenue of $359
million decreased $92 million,
down 20.4% year over year. International Net Revenue Constant
Currency Growth was (14.4)%
- Gross profit was $821 million or
29.6% of total net revenue
- Net loss was $355 million and
Non-GAAP Adjusted EBITDA was ($14)
million
- Diluted loss per share was $3.22
and Non-GAAP Adjusted Diluted Loss Per Share was $1.13
- Net cash used in operating activities was $147 million and Non-GAAP Free Cash Flow was
($234) million
- Cash, cash equivalents and short-term investments totaled
$1.0 billion and total liquidity was
$1.6 billion including availability
under our revolving credit facility
"This was a strong quarter for Wayfair, and we are pleased to be
seeing consistent market share gains and a significant improvement
in cost structure versus last quarter that gets us to nearly
Adjusted EBITDA breakeven in Q1. Most exciting is that we expect to
have positive Adjusted EBITDA in the second quarter. We have always
known, and now we are clearly demonstrating that the Wayfair model
is inherently profitable and that there is considerable opportunity
in front of us to rapidly drive further margin expansion."
"Last August, we shared a roadmap laying out our path to
profitability and we have been executing against that plan. Through
a focus on our three core initiatives of driving customer and
supplier loyalty, nailing the basics, and cost efficiency, we have
made significant strides in improving our offering and customer
experience, simultaneously reducing our cost structure while
investing for future growth," said Niraj Shah CEO, co-founder and
co-chairman, Wayfair.
Other First Quarter Highlights
- Active customers totaled 21.7 million as of March 31, 2023, a decrease of 14.6% year over
year
- LTM net revenue per active customer was $552 as of March 31,
2023, an increase of 6.2% year over year
- Orders per customer, measured as LTM orders divided by active
customers, was 1.81 for the first quarter of 2023, compared to 1.87
for the first quarter of 2022
- Orders delivered in the first quarter of 2023 were 9.7 million,
a decrease of 6.7% year over year
- Repeat customers placed 79.1% of total orders delivered in the
first quarter of 2023, compared to 77.7% in the first quarter of
2022
- Repeat customers placed 7.6 million orders in the first quarter
of 2023, a decrease of 6.2% year over year
- Average order value was $287 in
both the first quarter of 2023 and the first quarter of 2022
- In the first quarter of 2023, 62.1% of total orders delivered
were placed via a mobile device, compared to 59.4% in the first
quarter of 2022
Key Financial and Operating Metrics
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in millions, except
LTM net revenue per
active customer, average order value and
per share data)
|
Key Financial
Statement Metrics:
|
|
|
|
|
Net revenue
|
|
$
2,774
|
|
$
2,993
|
Gross
profit
|
|
821
|
|
803
|
Loss from
operations
|
|
(347)
|
|
(310)
|
Net loss
|
|
(355)
|
|
(319)
|
Loss per
share:
|
|
|
|
|
Basic
|
|
$
(3.22)
|
|
$
(3.04)
|
Diluted
|
|
$
(3.22)
|
|
$
(3.04)
|
Net cash used in
operating activities
|
|
(147)
|
|
(226)
|
Key Operating
Metrics:
|
|
|
|
|
Active customers
(1)
|
|
22
|
|
25
|
LTM net revenue per
active customer (2)
|
|
$
552
|
|
$
520
|
Orders delivered
(3)
|
|
10
|
|
10
|
Average order value
(4)
|
|
$
287
|
|
$
287
|
Non-GAAP Financial
Measures:
|
|
|
|
|
Adjusted
EBITDA
|
|
$
(14)
|
|
$
(113)
|
Free Cash
Flow
|
|
$
(234)
|
|
$
(331)
|
Adjusted Diluted Loss
per Share
|
|
$
(1.13)
|
|
$
(1.96)
|
|
|
(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
first quarter 2023 financial results today at 8 a.m. (ET).
Investors and participants should register for the call in advance
by visiting http://bit.ly/4304R9d. After registering, instructions
will be shared on how to join the call. The call will also be
available via live webcast at http://bit.ly/3JYSKk0 and supporting
slides will be available at investor.wayfair.com. An archive of the
webcast conference call will be available shortly after the call
ends at investor.wayfair.com.
About Wayfair
Wayfair is the destination for all things home: helping
everyone, anywhere create their feeling of home. From expert
customer service, to the development of tools that make the
shopping process easier, to carrying one of the widest and deepest
selections of items for every space, style, and budget, Wayfair
gives everyone the power to create spaces that are just right for
them.
The Wayfair family of sites includes:
- Wayfair: Everything home — for a space that's all
you.
- Joss & Main: The ultimate style edit for
home.
- AllModern: All of modern, made simple.
- Birch Lane: A fresh take on the classics.
- Perigold: An undiscovered world of luxury
design.
- Wayfair Professional: Just right for
Pros.
Wayfair generated $12.0 billion in
net revenue for the twelve months ended March 31, 2023 and is headquartered in
Boston, Massachusetts with
operations throughout North
America and Europe.
Media Relations Contact:
Susan
Frechette
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 factors, 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 "continue" 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 inflation, slower growth or the
potential for recession; the ongoing impacts of the COVID-19
pandemic, including disruptions to the global supply chain; 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 other filings and reports
with the Securities and Exchange Commission, including our most
recent Annual Report on Form 10-K for the year ended December 31, 2022. 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)
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in millions, except
share and per
share data)
|
Assets:
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
970
|
|
$
1,050
|
Short-term
investments
|
|
78
|
|
228
|
Accounts receivable,
net
|
|
181
|
|
272
|
Inventories
|
|
83
|
|
90
|
Prepaid expenses and
other current assets
|
|
295
|
|
293
|
Total current
assets
|
|
1,607
|
|
1,933
|
Operating lease
right-of-use assets
|
|
809
|
|
839
|
Property and equipment,
net
|
|
762
|
|
774
|
Other non-current
assets
|
|
34
|
|
34
|
Total
assets
|
|
$
3,212
|
|
$
3,580
|
Liabilities and
Stockholders' Deficit:
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
1,058
|
|
$
1,204
|
Other current
liabilities
|
|
851
|
|
868
|
Total current
liabilities
|
|
1,909
|
|
2,072
|
Long-term
debt
|
|
3,138
|
|
3,137
|
Operating lease
liabilities, net of current
|
|
867
|
|
893
|
Other non-current
liabilities
|
|
43
|
|
28
|
Total
liabilities
|
|
5,957
|
|
6,130
|
Stockholders'
deficit:
|
|
|
|
|
Convertible preferred
stock, $0.001 par value per share: 10,000,000 shares authorized
and none issued at March 31, 2023 and
December 31, 2022
|
|
—
|
|
—
|
Class A common
stock, par value $0.001 per share, 500,000,000 shares
authorized,
85,546,393 and 82,903,862 shares issued and
outstanding at March 31, 2023 and
December 31, 2022
|
|
—
|
|
—
|
Class B common
stock, par value $0.001 per share, 164,000,000 shares
authorized,
25,691,352 and 25,691,397 shares issued and
outstanding at March 31, 2023 and
December 31, 2022
|
|
—
|
|
—
|
Additional paid-in
capital
|
|
894
|
|
737
|
Accumulated
deficit
|
|
(3,635)
|
|
(3,280)
|
Accumulated other
comprehensive loss
|
|
(4)
|
|
(7)
|
Total stockholders'
deficit
|
|
(2,745)
|
|
(2,550)
|
Total liabilities and
stockholders' deficit
|
|
$
3,212
|
|
$
3,580
|
WAYFAIR
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
Net revenue
(1)
|
|
$
2,774
|
|
$
2,993
|
Cost of goods sold
(2)
|
|
1,953
|
|
2,190
|
Gross profit
|
|
821
|
|
803
|
Operating
expenses:
|
|
|
|
|
Customer service and
merchant fees (2)
|
|
139
|
|
151
|
Advertising
|
|
327
|
|
336
|
Selling, operations,
technology, general and administrative (2)
|
|
624
|
|
626
|
Impairment and other
related net charges
|
|
13
|
|
—
|
Restructuring
charges
|
|
65
|
|
—
|
Total operating
expenses
|
|
1,168
|
|
1,113
|
Loss from
operations
|
|
(347)
|
|
(310)
|
Interest expense,
net
|
|
(5)
|
|
(8)
|
Other expense,
net
|
|
(1)
|
|
—
|
Loss before income
taxes
|
|
(353)
|
|
(318)
|
Provision for income
taxes, net
|
|
2
|
|
1
|
Net loss
|
|
$
(355)
|
|
$
(319)
|
Loss per
share:
|
|
|
|
|
Basic
|
|
$
(3.22)
|
|
$
(3.04)
|
Diluted
|
|
$
(3.22)
|
|
$
(3.04)
|
Weighted-average number
of shares of common stock outstanding used in computing per
share amounts:
|
|
|
|
|
Basic
|
|
110
|
|
105
|
Diluted
|
|
110
|
|
105
|
|
|
(1)
|
The following tables
present net revenue attributable to our reportable segments for the
periods indicated:
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in
millions)
|
U.S. net
revenue
|
|
$
2,415
|
|
$
2,542
|
International net
revenue
|
|
359
|
|
451
|
Total net
revenue
|
|
$
2,774
|
|
$
2,993
|
|
(2) Includes equity-based
compensation and related taxes as follows:
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in
millions)
|
Cost of goods
sold
|
|
$
3
|
|
$
3
|
Customer service and
merchant fees
|
|
8
|
|
8
|
Selling, operations,
technology, general and administrative
|
|
140
|
|
101
|
Total equity-based
compensation and related taxes
|
|
$
151
|
|
$
112
|
WAYFAIR
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in
millions)
|
Cash flows for
operating activities:
|
|
|
|
|
Net loss
|
|
$
(355)
|
|
$
(319)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
104
|
|
85
|
Equity-based
compensation expense
|
|
144
|
|
104
|
Amortization of
discount and issuance costs on convertible notes
|
|
1
|
|
2
|
Impairment and other
related net charges
|
|
13
|
|
—
|
Other non-cash
adjustments
|
|
—
|
|
4
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
|
91
|
|
(45)
|
Inventories
|
|
8
|
|
(11)
|
Prepaid expenses and
other current assets
|
|
19
|
|
(20)
|
Accounts payable and
other current liabilities
|
|
(171)
|
|
(26)
|
Other
liabilities
|
|
(1)
|
|
—
|
Net cash used in
operating activities
|
|
(147)
|
|
(226)
|
|
|
|
|
|
Cash flows from
(for) investing activities:
|
|
|
|
|
Purchase of short- and
long-term investments
|
|
—
|
|
(226)
|
Sale and maturities of
short- and long-term investments
|
|
151
|
|
130
|
Purchase of property
and equipment
|
|
(34)
|
|
(40)
|
Site and software
development costs
|
|
(53)
|
|
(65)
|
Net cash provided by
(used in) investing activities
|
|
64
|
|
(201)
|
|
|
|
|
|
Cash flows for
financing activities:
|
|
|
|
|
Repurchase of common
stock
|
|
—
|
|
(75)
|
Net cash used in
financing activities
|
|
—
|
|
(75)
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
3
|
|
(4)
|
Net decrease in cash
and cash equivalents
|
|
(80)
|
|
(506)
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
Beginning of
period
|
|
$
1,050
|
|
$
1,706
|
End of
period
|
|
$
970
|
|
$
1,200
|
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, 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. 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 Adjusted EBITDA based on
internal forecasts that omit certain amounts that would be included
in forward-looking GAAP net income or loss. We do not
attempt to provide a reconciliation of
forward-looking non-GAAP Adjusted EBITDA guidance to
forward looking GAAP net income or loss 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 for each of the periods indicated:
|
|
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Reconciliation of
Adjusted EBITDA:
|
|
|
|
|
Net loss
|
|
$
(355)
|
|
$
(319)
|
Depreciation and
amortization
|
|
104
|
|
85
|
Equity-based
compensation and related taxes
|
|
151
|
|
112
|
Interest expense,
net
|
|
5
|
|
8
|
Other expense,
net
|
|
1
|
|
—
|
Provision for income
taxes, net
|
|
2
|
|
1
|
Other:
|
|
|
|
|
Impairment and other
related net charges (1)
|
|
13
|
|
—
|
Restructuring charges
(2)
|
|
65
|
|
—
|
Adjusted
EBITDA
|
|
$
(14)
|
|
$
(113)
|
|
|
|
|
|
|
(1)
|
During the three months
ended March 31, 2023, we recorded charges of $5 million
related to consolidation of certain customer service centers in
identified U.S. locations and $8 million related to
construction in progress assets at identified U.S.
locations.
|
(2)
|
During the three months
ended March 31, 2023, we incurred $65 million of charges
consisting primarily of one-time employee severance and benefit
costs associated with January 2023 workforce
reductions.
|
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
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in
millions)
|
Segment Adjusted
EBITDA:
|
|
|
|
|
U.S.
|
|
$
29
|
|
$
(30)
|
International
|
|
(43)
|
|
(83)
|
Adjusted
EBITDA
|
|
$
(14)
|
|
$
(113)
|
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
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in
millions)
|
Net cash used in
operating activities
|
|
$
(147)
|
|
$
(226)
|
Purchase of property
and equipment
|
|
(34)
|
|
(40)
|
Site and software
development costs
|
|
(53)
|
|
(65)
|
Free Cash
Flow
|
|
$
(234)
|
|
$
(331)
|
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
March 31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
Numerator:
|
|
|
|
|
Numerator for basic and
diluted loss per share - net loss
|
|
$
(355)
|
|
$
(319)
|
Adjustments to net
loss
|
|
|
|
|
Equity-based
compensation and related taxes
|
|
151
|
|
112
|
Provision for income
taxes, net
|
|
2
|
|
1
|
Other:
|
|
|
|
|
Impairment and other
related net charges
|
|
13
|
|
—
|
Restructuring
charges
|
|
65
|
|
—
|
Numerator for Adjusted
Diluted Loss per Share - Adjusted net loss
|
|
$
(124)
|
|
$
(206)
|
|
|
|
|
|
Denominator:
|
|
|
|
|
Denominator for basic
and diluted loss per share - weighted-average number of shares
of
common stock outstanding
|
|
110
|
|
105
|
Denominator for
Adjusted Diluted Loss per Share - Adjusted weighted-average number
of
shares of common stock outstanding after the effect of dilutive
securities
|
|
110
|
|
105
|
Diluted Loss per
Share
|
|
$
(3.22)
|
|
$
(3.04)
|
Adjusted Diluted Loss
per Share
|
|
$
(1.13)
|
|
$
(1.96)
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wayfair-announces-first-quarter-2023-results-achieves-considerable-progress-on-roadmap-toward-profitability-301815409.html
SOURCE Wayfair, LLC