LightInTheBox Reports First Quarter 2020 Financial Results
First Quarter 2020 Highlights
- Total revenues increased 1.3% year-over-year to
$51.5 million . - Gross margin expanded further to 46.4% from 40.4% last quarter and 34.8% in the same quarter of 2019.
- Third consecutive quarter of GAAP profitability despite impact from COVID-19 pandemic with net income of
$0.7 million , compared with a net loss of$14.1 million in the same quarter of 2019. - Adjusted EBITDA improved significantly, increasing to earnings of
$1.4 million , compared with a loss of$7.9 million in the same quarter of 2019.
Mr. Jian He, Chief Executive Officer of
First Quarter 2020 Financial Results
Total revenues increased by 1.3% year-over-year to
The number of orders for product sales was 1.0 million in the first quarter of 2020, compared with 1.2 million in the same quarter of 2019. The number of customers for product sales was 0.8 million for the first quarter of 2020, compared with 0.6 million in the same quarter of 2019.
Revenues generated from product sales in the apparel category were
Total cost of revenues was
Gross profit in the first quarter of 2020 was
Total operating expenses in the first quarter of 2020 were
- Fulfillment expenses in the first quarter of 2020 were
$5.0 million , compared with$5.2 million in the same quarter of 2019. As a percentage of total revenues, fulfillment expenses were 9.8% in the first quarter of 2020, compared with 10.2% in the same quarter of 2019 and 10.7% in the fourth quarter of 2019. - Selling and marketing expenses in the first quarter of 2020 were
$14.8 million , compared with$9.3 million in the same quarter of 2019. As a percentage of total revenues, selling and marketing expenses were 28.7% for the first quarter of 2020, compared with 18.3% in the same quarter of 2019 and 23.9% in the fourth quarter of 2019. - G&A expenses in the first quarter of 2020 were
$7.3 million , compared with$12.0 million in the same quarter of 2019. As a percentage of total revenues, G&A expenses were 14.1% for the first quarter of 2020, compared with 23.6% in the same quarter of 2019 and 11.8% in the fourth quarter of 2019. Included in G&A expenses, R&D expenses in the first quarter of 2020 were$3.5 million , compared with$4.2 million in the same quarter of 2019.
Net income was
Net income per American Depository Share ("ADS") was
In the first quarter of 2020, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 102,240,901 and the diluted weighted average number of ADSs was 112,122,548.
Adjusted EBITDA, which represents gain / (loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses, was earnings of
As of
Business Outlook
For the second quarter of 2020, based on current information available to the Company and business seasonality, the Company expects net revenues to be between
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with
"Adjusted EBITDA" represents gain /(loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, 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, enhancing their understanding of the past performance and future prospects.
Conference Call
The Company will hold a conference call to discuss the results at 7:00 a.m. Eastern Time on
Preregistration Information
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/8893322. Once preregistration has been complete, 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
US/ |
+1-855-452-5696 |
|
800-963-117 |
International: |
+61-2-8199-0299 |
Passcode: |
8893322 |
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
For more information, please visit www.lightinthebox.com.
Investor Relations Contact
Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
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
|
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
( |
|||||
As of December 31, |
As of March 31, |
||||
2019 |
2020 |
||||
ASSETS |
|||||
Current Assets |
|||||
Cash and cash equivalents |
37,736 |
33,902 |
|||
Restricted cash |
2,709 |
1,684 |
|||
Accounts receivable, net of allowance for doubtful accounts |
1,356 |
1,411 |
|||
Amounts due from related parties |
4,600 |
2,802 |
|||
Inventories |
7,357 |
7,316 |
|||
Prepaid expenses and other current assets |
3,619 |
4,121 |
|||
Total current assets |
57,377 |
51,236 |
|||
Property and equipment, net |
3,502 |
3,245 |
|||
Intangible assets, net |
8,516 |
8,350 |
|||
|
27,922 |
27,465 |
|||
Operating lease right-of-use assets |
12,233 |
13,504 |
|||
Long-term rental deposits |
778 |
723 |
|||
Long-term investments |
2,873 |
6,634 |
|||
TOTAL ASSETS |
113,201 |
111,157 |
|||
LIABILITIES AND EQUITY |
|||||
Current Liabilities |
|||||
Accounts payable |
17,643 |
11,957 |
|||
Amounts due to related parties |
186 |
167 |
|||
Advance from customers |
21,731 |
28,921 |
|||
Operating lease liabilities |
3,470 |
4,642 |
|||
Accrued expenses and other current liabilities |
28,642 |
24,273 |
|||
Total current liabilities |
71,672 |
69,960 |
|||
Operating lease liabilities |
8,801 |
9,173 |
|||
Long-term payable |
847 |
726 |
|||
TOTAL LIABILITIES |
81,320 |
79,859 |
|||
EQUITY |
|||||
Ordinary shares |
14 |
17 |
|||
Additional paid-in capital |
262,888 |
278,804 |
|||
Forward contracts |
15,769 |
— |
|||
|
(27,512) |
(28,268) |
|||
Accumulated other comprehensive loss |
(1,444) |
(2,165) |
|||
Accumulated deficit |
(217,888) |
(217,267) |
|||
Non-controlling interests |
54 |
177 |
|||
TOTAL EQUITY |
31,881 |
31,298 |
|||
TOTAL LIABILITIES AND EQUITY |
113,201 |
111,157 |
|
|||||
Unaudited Condensed Consolidated Statements of Operations |
|||||
( |
|||||
Three-month Period Ended |
|||||
|
|
||||
2019 |
2020 |
||||
Revenues |
|||||
Product sales |
49,789 |
49,936 |
|||
Services and others |
1,084 |
1,582 |
|||
Total revenues |
50,873 |
51,518 |
|||
Cost of revenues |
|||||
Product sales |
(32,785) |
(26,905) |
|||
Services and others |
(357) |
(712) |
|||
Total Cost of revenues |
(33,142) |
(27,617) |
|||
Gross profit |
17,731 |
23,901 |
|||
Operating expenses |
|||||
Fulfillment |
(5,265) |
(5,049) |
|||
Selling and marketing |
(9,269) |
(14,780) |
|||
General and administrative |
(11,984) |
(7,268) |
|||
Other operating income |
— |
13 |
|||
Total operating expenses |
(26,518) |
(27,084) |
|||
Loss from operations |
(8,787) |
(3,183) |
|||
Interest income |
123 |
47 |
|||
Interest expense |
(20) |
(30) |
|||
Change in fair value of convertible promissory notes |
(5,337) |
— |
|||
Other Income,net |
— |
3,913 |
|||
Total other (loss) / income |
(5,234) |
3,930 |
|||
(Loss) / Income before income taxes and gain from an equity method investment |
(14,021) |
747 |
|||
Income tax expense |
(216) |
(3) |
|||
Gain from an equity method investment |
127 |
— |
|||
Net (loss) / income |
(14,110) |
744 |
|||
Less: Net income attributable to non-controlling interests |
32 |
123 |
|||
Net (loss) /income attributable to |
(14,142) |
621 |
|||
Weighted average numbers of shares used in calculating (loss) / income per ordinary share |
|||||
—Basic |
134,458,170 |
204,481,801 |
|||
—Diluted |
134,458,170 |
224,245,096 |
|||
Net (loss) / income per ordinary share |
|||||
—Basic |
(0.11) |
0.00 |
|||
—Diluted |
(0.11) |
0.00 |
|||
Net (loss) / income per ADS (2 ordinary shares equal to 1 ADS) |
|||||
—Basic |
(0.21) |
0.01 |
|||
—Diluted |
(0.21) |
0.01 |
|
|||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||
( |
|||||
Three-month Period Ended |
|||||
|
|
||||
2019 |
2020 |
||||
Net (loss) / income |
(14,110) |
744 |
|||
Less: Interest income |
123 |
47 |
|||
Interest expense |
(20) |
(30) |
|||
Income tax expense |
(216) |
(3) |
|||
Depreciation and amortization |
(628) |
(551) |
|||
EBITDA |
(13,369) |
1,281 |
|||
Less: Share-based compensation |
(157) |
(149) |
|||
Change in fair value of convertible promissory notes |
(5,337) |
— |
|||
Adjusted EBITDA* |
(7,875) |
1,430 |
|||
* Adjusted EBITDA represents gain /(loss) from operations before share-based compensation expense, change in fair value of |
View original content:http://www.prnewswire.com/news-releases/lightinthebox-reports-first-quarter-2020-financial-results-301080178.html
SOURCE