SHANGHAI, June 23, 2022 /PRNewswire/ -- LightInTheBox
Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the
"Company"), a cross-border e-commerce platform that delivers
products directly to consumers around the world, today announced
its unaudited financial results for the first quarter ended
March 31, 2022.
First Quarter 2022 Financial Highlights
|
|
Three
Months Ended
|
|
|
|
|
|
|
March
31,
|
|
|
March
31,
|
|
|
Year-over-Year
%
|
|
In
millions, except percentages
|
|
2021
|
|
|
2022
|
|
|
Change
|
|
Total
revenues
|
|
$
|
112.0
|
|
|
$
|
93.8
|
|
|
|
(16.3)
|
%
|
- Apparel
sales
|
|
$
|
59.1
|
|
|
$
|
67.2
|
|
|
|
13.7
|
%
|
Gross margin
|
|
|
46.6
|
%
|
|
|
50.7
|
%
|
|
|
|
|
Net income /
(loss)
|
|
$
|
1.4
|
|
|
$
|
(5.5)
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
2.3
|
|
|
$
|
(4.6)
|
|
|
|
|
|
|
|
As of
December 31,
|
|
|
As of
March 31,
|
|
In millions
|
|
2021
|
|
|
2022
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
59.6
|
|
|
$
|
42.8
|
|
Mr. Jian He, Chief Executive Officer of LightInTheBox,
commented, "Traditionally, the first quarter is slower in the
e-commerce industry, but since the beginning of this year, we faced
even more unprecedented challenges and macroeconomic uncertainties
negatively affecting supply chain and
consumer sentiment. To navigate the near-term headwinds and
challenges, we continued to focus our efforts primarily on higher
margin categories like apparel which we expect to continue to
generate the majority share of total revenues this year. During the
first quarter, apparel sales represented 71.7% of our total
revenues, up by 13.7% to $67.2
million, compared with $59.1
million in the same quarter in the prior year. This is a
testament to our strengths in apparel and the effective
optimization of our product mix. Total revenues for the first
quarter were $93.8 million, compared
with $112.0 million in the same
quarter of 2021 and gross margin improved to 50.7%, compared with
46.6% in the same quarter of 2021.
Despite the uncertainties in the first half of 2022, we
continued to grow from strength-to-strength in our timely response
strategies, supply chain restructuring and global coordination
capabilities. We have grown stronger and more flexible to tap into
more upside opportunities. We have come a long way to overcome all
kinds of challenges and pressures over the past two years. We stand
by our proven growth strategies to maintain competitive pricing on
a wide selection of quality products. We will continue to invest in
R&D and establish long-term close collaborations with our
suppliers to offer the best value-for-money and globally sourced
products on our shopping platforms."
First Quarter 2022 Financial Results
Total revenues decreased 16.3% year-over-year to
$93.8 million from $112.0 million in the same quarter of 2021.
Revenues generated from product sales were $91.4 million, compared with $109.4 million in the same quarter of 2021.
Revenues from services and others were $2.4
million, compared with $2.6
million in the same quarter of 2021. Included in product
sales, revenues from apparel increased by 13.7% to $67.2 million in the first quarter of 2022,
compared with $59.1 million in the
same quarter of 2021. Revenues from apparel represented 71.7% of
total revenues in the first quarter of 2022, and 52.8% in the same
quarter of 2021.
Total cost of revenues was $46.3
million in the first quarter of 2022, compared with
$59.8 million in the same quarter of
2021. Cost for product sales was $45.1
million in the first quarter of 2022, compared with
$59.0 million in the same quarter of
2021. Cost for services and others was $1.2
million in the first quarter of 2022, compared with
$0.8 million in the same quarter of
2021.
Gross profit in the first quarter of 2022 was
$47.5 million, compared with
$52.3 million in the same quarter of
2021. Gross margin was 50.7% in the first quarter of 2022, compared
with 46.6% in the same quarter of 2021. The increase in gross
margin was a result of the Company's continuous efforts to optimize
its product mix.
Total operating expenses in the first quarter of 2022
were $53.9 million, compared with
$50.9 million in the same quarter of
2021.
- Fulfillment expenses in the first quarter of 2022 were
$6.9 million, compared with
$7.2 million in the same quarter of
2021. As a percentage of total revenues, fulfillment expenses were
7.3% in the first quarter of 2022, compared with 6.5% in the same
quarter of 2021 and 6.7% in the fourth quarter of 2021.
- Selling and marketing expenses in the first quarter of 2022
were $39.0 million, compared with
$35.6 million in the same quarter of
2021. As a percentage of total revenues, selling and marketing
expenses were 41.6% for the first quarter of 2022, compared with
31.8% in the same quarter of 2021 and 36.3% in the fourth quarter
of 2021.
- G&A expenses in the first quarter of 2022 were $8.1 million, compared with $8.4 million in the same quarter of 2021. As a
percentage of total revenues, G&A expenses were 8.6% for the
first quarter of 2022, compared with 7.5% in the same quarter of
2021 and 11.1% in the fourth quarter of 2021. Included in G&A
expenses, R&D expenses in the first quarter of 2022 were
$4.6 million, compared with
$4.9 million in the same quarter of
2021 and $4.9 million in the fourth
quarter of 2021.
Loss from operations was $6.4
million in the first quarter of 2022, compared with income
from operations of $1.4 million in
the same quarter of 2021.
Net loss was $5.5 million
in the first quarter of 2022, compared with net income of
$1.4 million in the same quarter of
2021.
Net loss per American Depository Share ("ADS") was
$0.05 in the first quarter of 2022,
compared with net income per ADS of $0.01 in the same quarter of 2021. Each ADS
represents two ordinary shares.
In the first quarter of 2022, the Company's basic weighted
average number of ADSs used in computing net income per ADS was
113,053,635.
Adjusted EBITDA, which represents (loss) / income from
operations before share-based compensation expense, interest
income, interest expense, income tax expense and depreciation and
amortization expenses, was negative $4.6
million in the first quarter of 2022, compared with income
of $2.3 million in the same quarter
of 2021.
As of March 31, 2022, the Company
had cash and cash equivalents and restricted cash of $42.8 million, compared with $59.6 million as of December 31, 2021.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. GAAP, we use the
following non-GAAP financial measures to help evaluate our
operating performance:
"Adjusted EBITDA" represents (loss) / income from operations
before share-based compensation expense, interest income, interest
expense, income tax expense and depreciation and amortization
expenses. Although other companies may calculate adjusted EBITDA
differently or not present it at all, we believe that the adjusted
EBITDA helps to identify underlying trends in our operating
results, and facilitate investors' understanding of the past
performance and future prospect.
Conference Call
The Company will hold a conference call to discuss the results
at 8:00 a.m. Eastern Time on June 23,
2022 (8:00 p.m. Beijing Time on the same day).
Preregistration Information
Participants can register for the conference call by navigating
to http://apac.directeventreg.com/registration/event/2886814. Once
preregistration has been completed, participants will receive
dial-in numbers, an event passcode, and a unique registrant ID.
To join the conference, simply dial the number in the calendar
invite you receive after preregistering, enter the event passcode
followed by your unique registrant ID, and you will be joined to
the conference instantly.
A telephone replay will be available two hours after the
conclusion of the conference call through June 29, 2022. The dial-in details are:
US/Canada:
|
+1-855-452-5696
|
Hong Kong:
|
800-963-117
|
International:
|
+61-2-8199-0299
|
Passcode:
|
2886814
|
Additionally, a live and archived webcast of the conference call
will be available on the Company's Investor Relations website at
http://ir.lightinthebox.com.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a cross-border e-commerce platform that
delivers products directly to consumers around the world. The
Company offers customers a convenient way to shop for a wide
selection of products at attractive prices through its
www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.sg and
other websites and mobile applications, which are available in 25
major languages and cover more than 140 countries.
For more information, please visit www.lightinthebox.com.
Investor Relations Contact
Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 1548
Email: ir@lightinthebox.com
OR
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and in oral statements made by its officers,
directors or employees to fourth parties. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward- looking statement, including but not
limited to the following: LightInTheBox's goals and strategies;
LightInTheBox's future business development, results of operations
and financial condition; the expected growth of the global online
retail market; LightInTheBox's ability to attract customers and
further enhance customer experience and product offerings;
LightInTheBox's ability to strengthen its supply chain efficiency
and optimize its logistics network; LightInTheBox's expectations
regarding demand for and market acceptance of its products;
competition; fluctuations in general economic and business
conditions and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in LightInTheBox's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and LightInTheBox does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
LightInTheBox
Holding Co., Ltd.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
As of December 31,
|
|
As of March 31,
|
|
|
2021
|
|
2022
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
55,942
|
|
40,575
|
Restricted
cash
|
|
3,660
|
|
2,222
|
Accounts receivable,
net of allowance for credit losses
|
|
1,625
|
|
385
|
Amounts due from
related parties
|
|
2,730
|
|
2,745
|
Inventories
|
|
11,997
|
|
11,240
|
Prepaid expenses and
other current assets
|
|
7,947
|
|
10,578
|
Total current
assets
|
|
83,901
|
|
67,745
|
Property and equipment,
net
|
|
3,312
|
|
3,042
|
Intangible assets,
net
|
|
8,232
|
|
7,708
|
Goodwill
|
|
30,440
|
|
30,596
|
Operating lease
right-of-use assets
|
|
11,584
|
|
13,575
|
Long-term rental
deposits
|
|
1,218
|
|
1,181
|
Long-term
investments
|
|
56,383
|
|
57,232
|
Other non-current
assets
|
|
296
|
|
512
|
TOTAL ASSETS
|
|
195,366
|
|
181,591
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
23,535
|
|
12,797
|
Advance from
customers
|
|
24,789
|
|
30,485
|
Operating lease
liabilities
|
|
3,784
|
|
4,522
|
Accrued expenses and
other current liabilities
|
|
57,819
|
|
51,742
|
Total current
liabilities
|
|
109,927
|
|
99,546
|
|
|
|
|
|
Operating lease
liabilities
|
|
7,864
|
|
9,810
|
Long-term
payable
|
|
78
|
|
67
|
Deferred tax
liabilities
|
|
517
|
|
517
|
Unrecognized tax
benefits
|
|
13,101
|
|
13,169
|
TOTAL
LIABILITIES
|
|
131,487
|
|
123,109
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Ordinary
shares
|
|
17
|
|
17
|
Additional paid-in
capital
|
|
282,382
|
|
282,418
|
Treasury
shares
|
|
(29,309)
|
|
(29,309)
|
Accumulated other
comprehensive income
|
|
2,737
|
|
2,816
|
Accumulated
deficit
|
|
(192,072)
|
|
(197,459)
|
Non-controlling
interests
|
|
124
|
|
(1)
|
TOTAL EQUITY
|
|
63,879
|
|
58,482
|
TOTAL LIABILITIES AND
EQUITY
|
|
195,366
|
|
181,591
|
|
|
|
|
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited Condensed
Consolidated Statements of Operations
|
(U.S. dollars in
thousands, except per share data, or otherwise
noted)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
2021
|
|
2022
|
Revenues
|
|
|
|
|
|
Product
sales
|
|
109,422
|
|
91,343
|
|
Services and
others
|
|
2,625
|
|
2,425
|
|
Total
revenues
|
|
112,047
|
|
93,768
|
|
Cost of
revenues
|
|
|
|
|
|
Product
sales
|
|
(59,032)
|
|
(45,070)
|
|
Services and
others
|
|
(757)
|
|
(1,184)
|
|
Total Cost of
revenues
|
|
(59,789)
|
|
(46,254)
|
|
Gross profit
|
|
52,258
|
|
47,514
|
|
Operating
expenses
|
|
|
|
|
|
Fulfillment
|
|
(7,246)
|
|
(6,864)
|
|
Selling and
marketing
|
|
(35,591)
|
|
(39,032)
|
|
General and
administrative
|
|
(8,416)
|
|
(8,066)
|
|
Other operating
income
|
|
363
|
|
66
|
|
Total operating
expenses
|
|
(50,890)
|
|
(53,896)
|
|
Income / (Loss) from
operations
|
|
1,368
|
|
(6,382)
|
|
Interest
income
|
|
5
|
|
10
|
|
Interest
expense
|
|
(4)
|
|
(2)
|
|
Other income,
net*
|
|
31
|
|
862
|
|
Total other
income
|
|
32
|
|
870
|
|
Income / (Loss) before
income taxes
|
|
1,400
|
|
(5,512)
|
|
Income tax
expense
|
|
(7)
|
|
-
|
|
Net income /
(loss)
|
|
1,393
|
|
(5,512)
|
|
Less: Net income
attributable to non-controlling
interests
|
|
85
|
|
-
|
|
Net income / (loss)
attributable to LightInTheBox
Holding Co.,
Ltd.
|
|
1,308
|
|
(5,512)
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in calculating
income / (loss) per
ordinary share
|
|
|
|
|
|
—Basic
|
|
224,139,045
|
|
226,107,269
|
|
—Diluted
|
|
226,862,118
|
|
226,107,269
|
|
|
|
|
|
|
|
Net income / (loss) per
ordinary share
|
|
|
|
|
|
—Basic
|
|
0.01
|
|
(0.02)
|
|
—Diluted
|
|
0.01
|
|
(0.02)
|
|
|
|
|
|
|
|
Net income / (loss) per
ADS (2 ordinary shares equal to
1 ADS)
|
|
|
|
|
|
—Basic
|
|
0.01
|
|
(0.05)
|
|
—Diluted
|
|
0.01
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Other income, net
mainly includes change in fair value on our equity
investment.
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
2021
|
|
2022
|
|
|
|
|
|
|
Net income /
(loss)
|
|
1,393
|
|
(5,512)
|
|
|
|
|
|
|
|
Less: Interest
income
|
|
5
|
|
10
|
|
Interest
expense
|
|
(4)
|
|
(2)
|
|
Income tax
expense
|
|
(7)
|
|
-
|
|
Depreciation and amortization
|
|
(740)
|
|
(858)
|
|
EBITDA
|
|
2,139
|
|
(4,662)
|
|
|
|
|
|
|
|
Less: Share-based
compensation
|
|
(140)
|
|
(36)
|
|
Adjusted
EBITDA*
|
|
2,279
|
|
(4,626)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA
represents income / (loss) from operations before share-based
compensation expense, interest income,
interest expense,
income tax expense and depreciation and amortization
expenses.
|
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content:https://www.prnewswire.com/news-releases/lightinthebox-reports-first-quarter-2022-financial-results-301573915.html
SOURCE LightInTheBox Holding Co., Ltd.