Company Quick10K Filing
Wayfair
Price114.04 EPS-7
Shares93 P/E-16
MCap10,553 P/FCF-66
Net Debt141 EBIT-653
TEV10,694 TEV/EBIT-16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-19
10-Q 2014-09-30 Filed 2014-11-14
8-K 2020-08-21 Other Events
8-K 2020-08-12 Regulation FD, Exhibits
8-K 2020-08-11 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2020-08-10 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-12
8-K 2020-05-05
8-K 2020-04-20
8-K 2020-04-08
8-K 2020-04-06
8-K 2020-03-13
8-K 2020-02-28
8-K 2019-10-31
8-K 2019-09-17
8-K 2019-08-15
8-K 2019-08-14
8-K 2019-08-13
8-K 2019-08-01
8-K 2019-07-17
8-K 2019-05-16
8-K 2019-05-02
8-K 2019-02-21
8-K 2018-11-27
8-K 2018-11-15
8-K 2018-11-14
8-K 2018-11-14
8-K 2018-11-01
8-K 2018-08-02
8-K 2018-05-16
8-K 2018-05-02
8-K 2018-04-12
8-K 2018-03-30
8-K 2018-02-19
8-K 2018-01-03

W 10Q Quarterly Report

Part I
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits.
EX-31.1 a2020-06x30ex311.htm
EX-31.2 a2020-06x30ex312.htm
EX-32.1 a2020-06x30ex321.htm
EX-32.2 a2020-06x30ex322.htm

Wayfair Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.12.31.60.80.1-0.72014201620182020
Assets, Equity
2.41.91.30.80.2-0.32014201620182020
Rev, G Profit, Net Income
0.80.60.40.20.0-0.22014201620182020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 Form 10-Q
 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to      
 
Commission File Number: 001-36666 
Wayfair Inc.
(Exact name of registrant as specified in its charter) 
Delaware 36-4791999
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
4 Copley PlaceBostonMA02116
(Address of principal executive offices) (Zip Code)
(617) 532-6100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per share WThe New York Stock Exchange
        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large Accelerated FilerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
Class Outstanding at July 29, 2020
Class A Common Stock, $0.001 par value per share  68,434,295
Class B Common Stock, $0.001 par value per share 26,956,734


Table of Contents
WAYFAIR INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended June 30, 2020
  Page
  
 
  
 
   
 
  
 

  
 
  
 

  
 
  
  
  
  
 
  
  
  
 
1

Table of Contents
PART I
 
FINANCIAL INFORMATION


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our investment plans and anticipated returns on those investments, our future customer growth, our future results of operations and financial position, available liquidity and access to financing sources, our business strategy, plans and objectives of management for future operations, consumer activity and behaviors, developments in our technology and systems and anticipated results of those developments and the impact of the recent novel coronavirus (COVID-19) pandemic and our response to it, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "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 the Company’s expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q 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.
Factors that could cause or contribute to differences in our future results include, without limitation, the following:
our ability to acquire new customers and sustain and/or manage our growth;
our ability to increase our net revenue per active customer;
our ability to build and maintain strong brands;
our ability to manage our global growth and expansion;
our ability to compete successfully;
the rate of growth of the Internet and e-commerce;
economic factors, such as interest rates, the housing market, currency exchange fluctuations and changes in customer spending;
disruptions or inefficiencies in our supply chain or logistics network, including any impact of the COVID-19 outbreak on our suppliers and third party carriers and delivery agents;
potential impacts of the COVID-19 outbreak on our business, financial condition, and results of operations;
world events, natural disasters, public health emergencies (such as the COVID-19 outbreak), civil disturbances, and terrorist attacks; and
developments in, and the outcome of, legal and regulatory proceedings and investigations to which we are a party or are subject, and the liabilities, obligations and expenses, if any, that we may incur in connection therewith.
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 with the Securities and Exchange Commission, including those set forth under Part II, Item 1A, Risk Factors of this Quarterly Report on Form 10-Q and under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019. We qualify all of our forward-looking statements by these cautionary statements.

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WAYFAIR INC.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(Unaudited)
June 30,
2020
December 31,
2019
(in thousands, except share and per share data)
Assets:  
Current assets  
Cash and cash equivalents$2,181,471  $582,753  
Short-term investments192,746  404,252  
Accounts receivable, net of allowance for credit losses of $28,155 and $22,774 at June 30, 2020 and December 31, 2019, respectively
118,984  99,720  
Inventories42,841  61,692  
Prepaid expenses and other current assets342,985  228,721  
Total current assets2,879,027  1,377,138  
Operating lease right-of-use assets802,456  763,400  
Property and equipment, net667,456  624,544  
Goodwill and intangible assets, net18,007  18,809  
Long-term investments  155,690  
Other noncurrent assets12,550  13,467  
Total assets$4,379,496  $2,953,048  
Liabilities and Stockholders' Deficit:
Current liabilities
Accounts payable$1,270,495  $908,097  
Accrued expenses299,714  298,918  
Unearned revenue333,781  167,641  
Other current liabilities379,431  236,863  
Total current liabilities2,283,421  1,611,519  
Long-term debt1,988,213  1,456,195  
Operating lease liabilities863,135  822,602  
Other liabilities32,119  6,940  
Total liabilities5,166,888  3,897,256  
Commitments and contingencies (Note 8)
Stockholders’ deficit: 
Undesignated preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at June 30, 2020 and December 31, 2019
    
Class A common stock, par value $0.001 per share, 500,000,000 shares authorized, 68,108,216 and 66,642,611 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
68  67  
Class B common stock, par value $0.001 per share, 164,000,000 shares authorized, 26,956,796 and 26,957,815 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
27  27  
Additional paid-in capital
1,295,971  1,122,548  
Accumulated deficit(2,082,934) (2,065,423) 
Accumulated other comprehensive loss(524) (1,427) 
Total stockholders’ deficit(787,392) (944,208) 
Total liabilities and stockholders’ deficit$4,379,496  $2,953,048  
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.
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WAYFAIR INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
 Three months ended June 30,Six months ended June 30,
 2020201920202019
(in thousands, except per share data)
Net revenue$4,304,672  $2,343,251  $6,634,735  $4,288,080  
Cost of goods sold2,983,642  1,783,651  4,734,582  3,258,024  
Gross profit1,321,030  559,600  1,900,153  1,030,056  
Operating expenses:    
Customer service and merchant fees143,773  88,502  233,236  164,975  
Advertising417,777  259,166  693,537  503,135  
Selling, operations, technology, general and administrative459,482  383,109  935,450  726,757  
Total operating expenses1,021,032  730,777  1,862,223  1,394,867  
Income (loss) from operations299,998  (171,177) 37,930  (364,811) 
Interest (expense), net(28,939) (10,252) (51,157) (19,490) 
Other income, net3,110  322  2,864  3,400  
Income (loss) before income taxes274,169  (181,107) (10,363) (380,901) 
Provision for income taxes, net292  831  1,625  1,426  
Net income (loss)$273,877  $(181,938) $(11,988) $(382,327) 
Basic earnings (loss) per share$2.89  $(1.98) $(0.13) $(4.18) 
Diluted earnings (loss) per share$2.54  $(1.98) $(0.13) $(4.18) 
Weighted-average number of shares of common stock outstanding used in computing per share amounts:
Basic
94,834  91,802  94,461  91,455  
Diluted119,932  91,802  94,461  91,455  
 
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.

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WAYFAIR INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 Three months ended June 30,Six months ended June 30,
 2020201920202019
(in thousands)
Net income (loss)$273,877  $(181,938) $(11,988) $(382,327) 
Other comprehensive (loss) income:
Foreign currency translation adjustments(1,093) (439) 230  204  
Net unrealized (loss) gain on available-for-sale investments(73) 47  673  200  
Comprehensive income (loss)$272,711  $(182,330) $(11,085) $(381,923) 
 
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.

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WAYFAIR INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT
(Unaudited)
Three Months Ended
Class A and Class B Common Stock
SharesAmountAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Deficit
(in thousands)
Balance at March 31, 201991,401  $92  $802,973  $(1,281,228) $(984) $(479,147) 
Net loss—  —  —  (181,938) —  (181,938) 
Other comprehensive loss—  —  —  —  (392) (392) 
Exercise of options to purchase common stock4  —  13  —  —  13  
Issuance of common stock upon vesting of RSUs695  1  —  —  —  1  
Shares withheld related to net settlement of RSUs(2) —  (259) —  —  (259) 
Equity-based compensation expense—  —  56,365  —  —  56,365  
Balance at June 30, 201992,098  $93  $859,092  $(1,463,166) $(1,376) $(605,357) 
Balance at March 31, 202094,363  $94  $1,184,674  $(2,356,811) $642  $(1,171,401) 
Net income—  —  —  273,877  —  273,877  
Other comprehensive loss—  —  —  —  (1,166) (1,166) 
Exercise of options to purchase common stock11  —  95  —  —  95  
Issuance of common stock upon vesting of RSUs691  1  —  —  —  1  
Equity-based compensation expense —  —  72,313  —  —  72,313  
Equity component of issuance of convertible notes, net (Note 15)—  —  38,889  —  —  38,889  
Balance at June 30, 202095,065  $95  $1,295,971  $(2,082,934) $(524) $(787,392) 
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.












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WAYFAIR INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT
(Unaudited)
Six Months Ended
Class A and Class B Common Stock
SharesAmountAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Deficit
(in thousands)
Balance at December 31, 201890,748  $91  $753,657  $(1,082,689) $(1,780) $(330,721) 
Net loss—  —  —  (382,327) —  (382,327) 
Other comprehensive income—  —  —  —  404  404  
Exercise of options to purchase common stock25  —  80  —  —  80  
Issuance of common stock upon vesting of RSUs1,328  2  —  —  —  2  
Shares withheld related to net settlement of RSUs(3) —  (424) —  —  (424) 
Equity-based compensation expense—  —  105,779  —  —  105,779  
Adoption of ASU No. 2016-02—  —  —  1,850  —  1,850  
Balance at June 30, 201992,098  $93  $859,092  $(1,463,166) $(1,376) $(605,357) 
Balance at December 31, 201993,600  $94  $1,122,548  $(2,065,423) $(1,427) $(944,208) 
Net loss—  —  —  (11,988) —  (11,988) 
Other comprehensive income—  —  —  —  903  903  
Exercise of options to purchase common stock18  —  220  —  —  220  
Issuance of common stock upon vesting of RSUs1,447  1  —  —  —  1  
Equity-based compensation expense —  —  134,314  —  —  134,314  
Equity component of issuance of convertible notes, net (Note 15)—  —  38,889  —  —  38,889  
Adoption of ASU No. 2016-13—  —  —  (5,523) —  (5,523) 
Balance at June 30, 202095,065  $95  $1,295,971  $(2,082,934) $(524) $(787,392) 
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.

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CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited) 
 Six months ended June 30,
 20202019
(in thousands)
Cash flows from operating activities:  
Net loss$(11,988) $(382,327) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization135,957  83,922  
Equity-based compensation127,081  100,247  
Amortization of discount and issuance costs on convertible notes46,488  23,015  
Other non-cash adjustments(531) (1,595) 
Changes in operating assets and liabilities:
Accounts receivable, net(24,693) (27,653) 
Inventories18,828  540  
Prepaid expenses and other current assets(114,296) (22,432) 
Accounts payable and accrued expenses369,666  128,611  
Unearned revenue and other liabilities331,511  14,914  
Other assets938  (1,324) 
Net cash provided by (used in) operating activities878,961  (84,082) 
Cash flows from investing activities: 
Sale and maturities of short- and long-term investments368,310  82,164  
Purchase of property and equipment(104,810) (115,340) 
Site and software development costs(75,172) (58,866) 
Other investing activities, net(124) 2,773  
Net cash provided by (used in) investing activities188,204  (89,269) 
Cash flows from financing activities: 
Proceeds from borrowings200,000    
Repayment of borrowings(200,000)   
Proceeds from issuance of convertible notes, net of issuance costs527,423    
Taxes paid related to net share settlement of equity awards  (424) 
Deferred financing costs  (791) 
Net proceeds from exercise of stock options220  80  
Net cash provided by (used in) financing activities527,643  (1,135) 
Effect of exchange rate changes on cash and cash equivalents3,910  136  
Net increase (decrease) in cash and cash equivalents1,598,718  (174,350) 
Cash and cash equivalents:  
Beginning of period582,753  849,461  
End of period$2,181,471  $675,111  
Supplemental cash flow information:  
Cash paid for interest on long-term debt$8,681  $3,720  
Purchase of property and equipment included in accounts payable and accrued expenses and in other liabilities
$34,040  $5,259  
 
The accompanying notes are an integral part of these Unaudited Consolidated and Condensed Financial Statements.
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Notes to Consolidated and Condensed Financial Statements
(Unaudited)
 
1. Description of Business
Wayfair Inc. (the "Company") is one of the world's largest online destinations for the home. Through its e-commerce business model, the Company offers visually inspired browsing, compelling merchandising, easy product discovery and attractive prices for over eighteen million products from over 12,000 suppliers.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited Consolidated and Condensed Financial Statements contained in this Quarterly Report on Form 10-Q are those of the Company and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.
The Consolidated and Condensed Balance Sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP.
The accompanying unaudited Consolidated and Condensed Financial Statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, that are necessary to present fairly the results of the interim periods presented. Interim results are not necessarily indicative of the results for the full year ended December 31, 2020 or future periods.
The Company believes that other than the implementation of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), there have been no significant changes during the six months ended June 30, 2020 to the items disclosed in Note 2, Summary of Significant Accounting Policies, included in Part II, Item 8, Financial Statements and Supplementary Data, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Principles of Consolidation 
The accompanying unaudited Consolidated and Condensed Financial Statements of Wayfair Inc. include its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates 
The preparation of the Consolidated and Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings (Loss) per Share
The Company follows the two-class method when computing earnings (loss) per share for its two issued classes of common stock - Class A and Class B. Basic earnings (loss) per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average number of shares of common stock outstanding during the period plus, if dilutive, stock awards, including stock options and restricted stock units, as determined under the treasury stock method, and convertible debt instruments, as determined under the if-converted method. In periods when we have a net loss, stock awards and convertible debt instruments are excluded from our calculations of earnings per share as their inclusion would have an antidilutive effect.

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Credit Impairment
The Company adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective transition method. This ASU revises how entities account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. As of January 1, 2020, the adoption of ASU 2016-13 resulted in a $5.5 million cumulative adjustment to accumulated deficit on our Consolidated and Condensed Balance Sheet. Refer to Note 4, Credit Losses, for additional detail.

3. Investments and Fair Value Measurements
Investments
As of June 30, 2020 and December 31, 2019, the Company's investments consisted of corporate bonds and other government obligations priced at fair value. These investments were classified as available-for-sale and their estimated fair values were $192.7 million and $559.9 million, respectively.
To the extent the amortized cost basis of the available-for-sale debt securities exceeds the fair value, management assesses the debt securities for credit loss, however management considers the risk of credit loss to be minimized by the Company's policy of investing in financial instruments issued by highly-rated financial institutions. When assessing the risk of credit loss, management considers factors such as the severity and the reason of the decline in value (i.e., any changes to the rating of the security by a rating agency or other adverse conditions specifically related to the security) and management's intended holding period and time horizon for selling. During the three and six months ended June 30, 2020 and 2019, the Company did not recognize any credit losses related to its available-for-sale debt securities. Further, as of June 30, 2020 and December 31, 2019, the Company did not record an allowance for credit losses related to its available-for-sale debt securities. During the six months ended June 30, 2020, the Company collected $161.3 million of proceeds from the sale of long-term investments and recognized a realized gain of $0.8 million. The Company did not recognize any realized gains or losses during the three months ended June 30, 2020 or during the three and six months ended June 30, 2019.
 The following tables present details of the Company’s investments as of June 30, 2020 and December 31, 2019:
 June 30, 2020
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(in thousands)
Short-term:    
Investment securities$192,041  $705  $  $192,746  
Total$192,041  $705  $  $192,746  
 December 31, 2019
 Amortized
Cost
Gross Unrealized GainsGross
Unrealized
Losses
Estimated
Fair Value
(in thousands)
Short-term:   
Investment securities$404,294  $20  $(62) $404,252  
Long-term:
Investment securities155,616  92  (18) 155,690  
Total$559,910  $112  $(80) $