I'm new to stocks. I'm reading the annual 10-K report of Wayfair for 2020: https://www.sec.gov/Archives/edgar/data/1616707/000161670721000064/w-20201231.htm

In p.37 when mentioning the figures of the metric, they have this note at the top of the table: (in thousands, except LTM Net Revenue per Active Customer, Average Order Value and per share data)

LTM net revenue per active customer (2) --> 453

#2 above is:

(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.

since the 453 is not in thousands per the note at the top of the table, how did this figure come to be? Isn't the footnote asking us to divide: 14,145,156,000 (since it was in thousands) by 31,194?



2 Answers 2


31,194 is also in thousands. So it's 31 million Active Customers, confirmed by this press release.


If you're using SEC Filings (10Ks and 10Qs in this case) you'd use the following formula to determine or check LTM numbers for any items from a company's financial statements:

LTM = most recent 10Q + most recent 10K – prior year's corresponding quarter 10Q

So, assuming you're looking at several different items and calculating several different metrics you'd import each of the following to separate spreadsheets in the same workbook (for example): 1Q2021 10Q, 2020 10K, 1Q2020 10Q. Then it's a simple matter of applying the above formula to your 4th spreadsheet: LTM output.


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