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WISH ContextLogic

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

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Calendar

12 Aug 21
17 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Cash on hand (at last report) 1.41B 1.41B
Cash burn (monthly) 71.67M 38M
Cash used (since last report) 256.36M 135.93M
Cash remaining 1.15B 1.27B
Runway (months of cash) 16.0 33.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Oct 21 Devang Shah Class A Common Stock Sell Dispose S No Yes 5.53 4,083 22.58K 91,998
17 Sep 21 Peiyen Chuang Class A Common Stock Sell Dispose S No No 6.3 3,111 19.6K 186,505
17 Sep 21 Brett Just Class A Common Stock Sell Dispose S No No 6.3 1,791 11.28K 42,738
17 Sep 21 Pai Liu Class A Common Stock Sell Dispose S No No 6.3 2,492 15.7K 2,425
17 Sep 21 Jennifer Oliver Class A Common Stock Sell Dispose S No No 6.3 424 2.67K 18,663

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

66.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 172 117 +47.0%
Opened positions 91 51 +78.4%
Closed positions 36 34 +5.9%
Increased positions 48 34 +41.2%
Reduced positions 19 14 +35.7%
13F shares
Current Prev Q Change
Total value 5.98B 9.26B -35.4%
Total shares 371.3M 550.26M -32.5%
Total puts 16.47M 2.35M +602.4%
Total calls 24.09M 1.29M +1773.1%
Total put/call ratio 0.7 1.8 -62.5%
Largest owners
Shares Value Change
DST Global Advisors 103.8M $1.89B 0.0%
Formation8 Partners Fund I 69.19M $1.26B 0.0%
Formation8 GP 63.39M $834.8M 0.0%
GGV Capital IV 31.48M $574.23M 0.0%
General Atlantic 16.89M $222.42M 0.0%
Susquehanna International 10.37M $136.54M +377.4%
Comprehensive Financial Management 8.3M $109.29M -8.7%
Vanguard 6.45M $84.99M +545.7%
Apoletto 5.44M $71.59M +8.9%
APG Asset Management 3.47M $38.5M +75.8%
Largest transactions
Shares Bought/sold Change
Galileo (PTC) 3.35M -100.41M -96.8%
Founders Fund V Management 0 -59.97M EXIT
Temasek 2M -24.83M -92.5%
Susquehanna International 10.37M +8.2M +377.4%
JS Capital Management 1.88M -6.47M -77.5%
Wellington Management 0 -6.2M EXIT
Vanguard 6.45M +5.45M +545.7%
MS Morgan Stanley 1.85M -4.89M -72.6%
Anglepoint Asset Management 0 -4.19M EXIT
Third Point 0 -3.85M EXIT

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 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.
  • We rely on the Apple App Store and the Google Play Store to offer and promote our app. If we are unable to maintain a good relationship with such platform providers, if their terms and conditions change to our detriment, if we violate, or if a platform provider believes that we have violated, the terms and conditions of its platform, our business will suffer.
  • Our quarterly and annual operating results may fluctuate, which could cause our stock price to decline.
  • If we lose the services of Piotr Szulczewski, our founder, CEO, and Chairperson, or other members of our senior management team, we may not be able to execute our business strategy.
  • We rely on our merchants to provide a positive experience to our users.
  • 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.
  • If merchants on our platform experience any recalls, product liability claims, or government or user concerns about product safety with respect to products sold on our platform, our reputation and sales could be harmed.
  • We generate a portion of our revenue from merchant advertising on our platform. A reduction in advertising spend by merchants could harm our business.
  • We plan to continue our efforts to improve our logistics programs and enable faster and more reliable delivery in order to help grow our business and generate revenue, but those efforts may not be effective.
  • Building out our Wish Local program may be costly and time intensive and we may not receive the expected benefits.
  • Seasonality may cause fluctuations in our operating results.
  • 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.
  • If we fail to effectively manage our growth, 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 are subject to payment-related risks.
  • 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.
  • Failure to deal effectively with fraudulent activities on our platform would increase our loss rate and harm our business, and could severely diminish merchant and user confidence in and use of our services.
  • 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 refund policies may adversely affect our results of operations.
  • 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.
  • We face risks relating to the inventory we purchase ourselves.
  • 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.
  • 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.
  • We are subject to customs and international trade laws that could require us to incur increased costs or could result in a delay in getting products to users, which may limit our growth and cause us to suffer reputational damage.
  • 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.
  • Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business and operations.
  • 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.
  • Catastrophic events may disrupt our business.
  • 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.
  • A failure to comply with current laws, rules and regulations or changes to such laws, rules and regulations and other legal uncertainties may adversely affect our business, financial performance, results of operations or business growth.
  • 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, including in the European Union starting in July 2021, and these taxes may negatively impact our revenue and growth.
  • We may experience fluctuations in various tax related obligations.
  • We may not be able to utilize a significant portion of our net operation loss carryforwards, and other tax attributes, which could adversely affect our profitability.
  • We may need additional capital, which may not be available to us on acceptable terms or at all.
  • The price of our Class A common stock could be volatile and may decline. Declines in the price of Class A common stock could subject us to litigation.
  • Our actual operating results may differ significantly from our outlook.
  • We have broad discretion in the use of the net proceeds from our IPO and may not use them effectively.
  • 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 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.
  • We may be subject to tax related controversies.
  • Operating as a public company requires us to incur substantial costs and requires substantial management attention. In addition, our management team has limited experience managing a public company and the requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain additional executive management and qualified board members.
  • Our management is required to evaluate the effectiveness of our internal control over financial reporting. If we are unable to maintain effective internal control over financial reporting, investors may lose confidence in the accuracy of our financial reports.
  • 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.
  • If analysts do not publish research about our business or if they publish inaccurate or unfavorable research, our stock price and trading volume could decline.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
Management Discussion
  • Revenue for the three months ended June 30, 2021 decreased $45 million, or 6%, compared to the same period in 2020 primarily due to a $172 million decrease in marketplace revenue, partially offset by a $127 million increase in logistics revenue.  
  • Revenue for the six months ended June 30, 2021 increased $287 million, or 25%, compared to the same period in 2020 primarily due to increased logistics revenue.
  • Marketplace revenue for the three and six months ended June 30, 2021 decreased $172 million, or 29%, and $29 million, or 3%, respectively, compared to the same periods in 2020. We believe this decrease was primarily driven by lower order volumes associated with reduced MAUs and LTM Active Buyers, as discussed above under “Key Financial and Performance Metrics.” This decrease in marketplace revenue was partially offset by $21 million of revenue that we recognized during the three and six months ended June 30, 2021 related to Wish Cash liability breakage. Refer to Note 4 to our condensed consolidated financial statements in Item 1 of Part I, “Financial Information” for additional details.
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