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ContextLogic (WISH)

ContextLogic Inc., doing business as Wish.com, provides e-commerce services. The Company helps merchants to reach customers, as well as enable users to personalize shopping and find the products. Wish serves customers worldwide.

WISH stock data

Analyst ratings and price targets

Last 3 months

Calendar

9 Aug 22
2 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 701M 701M 701M 701M 701M 701M
Cash burn (monthly) 22M 58.67M 30.33M 23.33M 22.33M 50.5M
Cash used (since last report) 68.29M 182.1M 94.16M 72.43M 69.32M 156.75M
Cash remaining 632.71M 518.9M 606.84M 628.57M 631.68M 544.25M
Runway (months of cash) 28.8 8.8 20.0 26.9 28.3 10.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.9306 400,000 372.24K 40,214,236
27 Sep 22 Jun Yan Stock Option Class A Common Stock Grant Acquire A No No 1.54 1,948,051 3M 1,948,051
27 Sep 22 Jun Yan RSU Class A Common Stock Grant Acquire A No No 0 1,948,051 0 1,948,051
27 Sep 22 Piotr Szulczewski Class A Common Stockv Sell Dispose S No No 0.8981 75,399 67.72K 40,614,236
26 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.8812 400,000 352.48K 40,689,635
22 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.894 120,000 107.28K 41,089,635
22 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.8932 120,000 107.18K 41,209,635
21 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.9655 77,436 74.76K 41,329,635
20 Sep 22 Piotr Szulczewski Class A Common Stock Sell Dispose S No No 0.9838 33,100 32.56K 41,407,071
15 Sep 22 Brett Just Class A Common Stock Payment of exercise Dispose F No No 1.08 1,746 1.89K 184,601
69.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 181 170 +6.5%
Opened positions 45 32 +40.6%
Closed positions 34 33 +3.0%
Increased positions 51 52 -1.9%
Reduced positions 36 33 +9.1%
13F shares Current Prev Q Change
Total value 2.38B 2.41B -1.4%
Total shares 425.54M 369.49M +15.2%
Total puts 3.91M 5.93M -34.1%
Total calls 10.97M 9.23M +18.9%
Total put/call ratio 0.4 0.6 -44.6%
Largest owners Shares Value Change
DST Global Advisors 103.8M $1.89B 0.0%
Formation8 Partners Fund I 46.37M $0 0.0%
Vanguard 43.82M $70.11M +17.3%
BLK Blackrock 37.77M $60.44M +490.0%
GGV Capital 30.84M $49.34M -8.0%
GGV Capital IV 29.41M $91.46M 0.0%
General Atlantic 16.89M $27.02M 0.0%
Maple Rock Capital Partners 13.52M $21.63M +80.3%
STT State Street 13.35M $21.36M +238.1%
Geode Capital Management 8.44M $13.51M +141.9%
Largest transactions Shares Bought/sold Change
BLK Blackrock 37.77M +31.37M +490.0%
STT State Street 13.35M +9.4M +238.1%
Susquehanna International 4.74M -6.53M -58.0%
Vanguard 43.82M +6.46M +17.3%
Maple Rock Capital Partners 13.52M +6.02M +80.3%
Geode Capital Management 8.44M +4.95M +141.9%
NTRS Northern Trust 4.82M +4.07M +538.3%
Renaissance Technologies 8.26M +3.16M +61.9%
GGV Capital 30.84M -2.69M -8.0%
Millennium Management 20.67K -2.38M -99.1%

Financial report summary

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Risks
  • Our efforts to acquire new users and engage existing users may not be successful or may be more costly than we expect, which could prevent us from maintaining or increasing our revenue.
  • If we are unable to promote, maintain, and protect our brand and reputation, and offer a compelling user experience, our ability to attract new users and engage with our existing base of users will be impaired.
  • If we lose the services of members of our senior management team or key employees, we may not be able to execute our business strategy.
  • If we are unable to offer features and attract merchants to list products that keep pace with changing consumer preferences, our business, financial condition, and results of operations may be materially and adversely affected.
  • Our brand, reputation, and business may be harmed if merchants on our platform use unethical or illegal business practices, including the sale of hazardous, counterfeit, fraudulent, or illegal products, or if our policies and practices with respect to such sales are perceived or found to be inadequate, and we may be impacted by the unlawful activities of merchants on our platform.
  • Our merchants rely on third-party carriers and transportation providers as part of the fulfillment process, and these third parties may fail to adequately serve our users and comply with shipping and related regulations, which could adversely affect our service offerings and results of operations.
  • We generate a portion of our revenue from merchant advertising on our platform. A reduction in advertising spend by merchants could harm our business.
  • The market in which we operate is rapidly evolving and we face intense competition; if we do not compete effectively, our results of operations and financial condition could be harmed.
  • We have a limited operating history at our current scale, which may make it difficult to evaluate our business and future prospects.
  • We have a history of operating losses and we may not achieve or maintain profitability in the future.
  • Our company is evolving, and we are in the process of executing on new business strategies and restructuring efforts; if we fail to successfully execute on these strategies, our business, financial condition, and operating results could be harmed.
  • Use of social media, emails, and text messages may adversely impact our reputation or subject us to fines or other penalties.
  • We must develop new offerings to respond to our users’ and merchants’ changing needs.
  • If we fail to maintain, expand, and diversify our relationships with merchants, our revenue and results of operations will be harmed.
  • The COVID-19 pandemic may continue to adversely affect our business and results of operations.
  • Our pricing strategies may not meet users’ price expectations or result in net income (loss), and laws and regulations could negatively impact the effectiveness of our model.
  • Our ability to recruit and retain employees is important to our success.
  • Our forecasts of market opportunity and market growth may prove to be inaccurate, and, even if these forecasts materialize, we cannot assure you our business will grow at similar rates, if at all.
  • We rely on consumer discretionary spending and may be adversely affected by economic downturns and other macroeconomic conditions or trends.
  • Unfavorable changes or failure by us to comply with evolving internet and ecommerce regulations could substantially harm our business and operating results.
  • Our business could suffer if we are unsuccessful in making, integrating, and maintaining any future acquisitions and investments.
  • We may be involved in litigation matters or other legal proceedings that are expensive and time consuming.
  • We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our consolidated financial statements or cause us to fail to meet our periodic reporting obligations.
  • Our management is required to evaluate the effectiveness of our disclosure controls and internal control over financial reporting. If we are unable to maintain effective disclosure controls and internal control over financial reporting, investors may lose confidence in the accuracy of our financial reports.
  • Economic tension between the United States and China, or between other countries, may intensify and the United States, China, or other countries may adopt drastic measures in the future that impact our business.
  • Certain aspects of our business relating to the provision of financial services are subject to government regulation and oversight.
  • Certain aspects of our business are subject to global trade customs regulations and government oversight.
  • Our international operations are subject to increased risks.
  • We face exposure to foreign currency exchange rate fluctuations.
  • Any factors that reduce cross-border trade or make such trade more difficult could harm our business.
  • Uncertainties with respect to the People’s Republic of China’s (“PRC”) legal system and changes in laws and regulations in China could adversely affect us.
  • We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses or permits applicable to our business may have a material adverse effect on our business and results of operations.
  • Any significant disruption in service on our platform or in our computer systems, some of which are currently hosted by third-party providers, could damage our reputation and result in a loss of users, which would harm our business and results of operations.
  • Our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information, could damage our reputation and brand and substantially harm our business and operating results.
  • We are subject to governmental regulation and other legal obligations related to privacy, data protection, information security, and consumer protection. If we are unable to comply with these, we may be subject to governmental enforcement actions, litigation, fines and penalties, or adverse publicity.
  • We may be unable to protect our intellectual property adequately.
  • We may be subject to claims that items listed on our platform are counterfeit, infringing or illegal, which may harm our business.
  • We may be subject to intellectual property claims, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies in the future.
  • Our software is highly complex and may contain undetected errors.
  • Our use of open source software may pose particular risks to our proprietary software and systems.
  • Our business and our merchants and users may be subject to sales and other taxes and these taxes may negatively impact our revenue and growth.
  • We may experience fluctuations in various tax related obligations.
  • We may need additional capital, which may not be available to us on acceptable terms or at all.
  • Our actual operating results may differ significantly from our outlook.
  • Our directors, executive officers and principal stockholders beneficially own a substantial percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • The dual class structure of our common stock has the effect of concentrating voting control with certain stockholders, in particular, our former Chief Executive Officer, which will limit investors’ ability to influence the outcome of important transactions, including a change in control.
  • Future sales and issuances of our Class A common stock or rights to purchase Class A common stock could result in additional dilution to our stockholders and could cause the price of our Class A common stock to decline.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, could limit attempts to make changes in our management and could depress the price of our Class A common stock.
  • Our certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • We do not intend to pay dividends on our capital stock, so any returns will be limited to increases in the value of our Class A common stock.
  • Our quarterly and annual operating results may fluctuate, which could cause our stock price to decline.
  • Seasonality may cause fluctuations in our operating results.
  • Catastrophic events may disrupt our business.
  • We may be subject to tax related controversies.
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our operating results could be adversely affected.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that involve expectations, plans or intentions (such as those relating to future business, future results of operations or financial condition, new or planned features or services, management strategies or timing and other expectations regarding our business). You can identify these forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, among others, those discussed in “Item 1A: Risk Factors” of this Annual Report on Form 10-K, as well as in our consolidated financial statements, related notes, and the other information appearing elsewhere in this report and our other filings with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any of our forward-looking statements after the date of this report to reflect actual results or future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the special note regarding forward-looking statements, consolidated financial statements and the related notes included in this report. A discussion regarding our financial condition and results of operations for the year ended December 31, 2020 compared to the year ended December 31, 2019 is included under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
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Removed: heading, largely, noncurrent, Unvested, waning