LightInTheBox Reports First Quarter 2021 Financial Results
First Quarter 2021 Financial Highlights
Three Months Ended |
||||||||||||
In millions, except percentages |
|
March 31, |
Year-over-Year |
|||||||||
Total revenues |
$ |
51.5 |
$ |
112.0 |
117.5 |
% |
||||||
Gross margin |
46.4 |
% |
46.6 |
% |
||||||||
Net income |
$ |
0.7 |
$ |
1.4 |
87.2 |
% |
||||||
Adjusted EBITDA |
$ |
1.4 |
$ |
2.3 |
59.4 |
% |
||||||
As of |
As of |
|||||||||||
In millions |
2020 |
2021 |
||||||||||
Cash, cash equivalents and restricted cash |
$ |
65.5 |
$ |
60.1 |
Mr. Jian He, Chief Executive Officer of
First Quarter 2021 Financial Results
Total revenues increased by 117.5% year-over-year to
Total cost of revenues was
Gross profit in the first quarter of 2021 was
Total operating expenses in the first quarter of 2021 were
- Fulfillment expenses in the first quarter of 2021 were
$7.2 million , compared with$5.0 million in the same quarter of 2020. As a percentage of total revenues, fulfillment expenses were 6.5% in the first quarter of 2021, compared with 9.8% in the same quarter of 2020 and 6.7% in the fourth quarter of 2020. - Selling and marketing expenses in the first quarter of 2021 were
$35.6 million , compared with$14.8 million in the same quarter of 2020. As a percentage of total revenues, selling and marketing expenses were 31.8% for the first quarter of 2021, compared with 28.7% in the same quarter of 2020 and 33.1% in the fourth quarter of 2020. - G&A expenses in the first quarter of 2021 were
$8.4 million , compared with$7.3 million in the same quarter of 2020. As a percentage of total revenues, G&A expenses were 7.5% for the first quarter of 2021, compared with 14.1% in the same quarter of 2020 and 7.9% in the fourth quarter of 2020. Included in G&A expenses, R&D expenses in the first quarter of 2021 were$4.9 million , compared with$3.5 million in the same quarter of 2020 and$4.8 million in the fourth quarter of 2020.
Income from operations was
Net income was
Net income per American Depository Share ("ADS") was
In the first quarter of 2021, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 112,069,523 and the diluted weighted average number of ADSs was 113,431,059.
Adjusted EBITDA, which represents income from operations before share-based compensation expense, interest income, interest expense, income tax expense and depreciation and amortization expenses, was
As of
Business Outlook
For the second quarter of 2021, 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 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, enhancing their understanding of the past performance and future prospects.
Conference Call
The Company will hold a conference call to discuss the results at 8:00 a.m. Eastern Time on
Preregistration Information
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/6327219. 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: |
6327219 |
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 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
|
||||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||||
( |
||||||||
As of December 31, |
As of March 31, |
|||||||
2020 |
2021 |
|||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
61,477 |
56,881 |
||||||
Restricted cash |
4,052 |
3,232 |
||||||
Accounts receivable, net of allowance for doubtful accounts |
1,302 |
1,304 |
||||||
Amounts due from related parties |
2,882 |
2,870 |
||||||
Inventories |
9,919 |
10,294 |
||||||
Prepaid expenses and other current assets |
5,176 |
5,212 |
||||||
Total current assets |
84,808 |
79,793 |
||||||
Property and equipment, net |
3,812 |
3,634 |
||||||
Intangible assets, net |
9,416 |
9,425 |
||||||
|
29,745 |
29,627 |
||||||
Operating lease right-of-use assets |
12,243 |
10,404 |
||||||
Long-term rental deposits |
707 |
668 |
||||||
Long-term investments |
17,297 |
17,226 |
||||||
TOTAL ASSETS |
158,028 |
150,777 |
||||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable |
16,953 |
16,912 |
||||||
Amounts due to related parties |
167 |
167 |
||||||
Advance from customers |
33,279 |
27,776 |
||||||
Operating lease liabilities |
4,269 |
3,731 |
||||||
Accrued expenses and other current liabilities |
42,183 |
40,702 |
||||||
Total current liabilities |
96,851 |
89,288 |
||||||
Operating lease liabilities |
8,118 |
7,140 |
||||||
Long-term payable |
124 |
109 |
||||||
Deferred tax liability |
3,558 |
3,543 |
||||||
TOTAL LIABILITIES |
108,651 |
100,080 |
||||||
EQUITY |
||||||||
Ordinary shares |
17 |
17 |
||||||
Additional paid-in capital |
282,260 |
282,400 |
||||||
|
(30,207) |
(29,992) |
||||||
Accumulated other comprehensive income |
1,795 |
1,457 |
||||||
Accumulated deficit |
(204,571) |
(203,352) |
||||||
Non-controlling interests |
83 |
167 |
||||||
TOTAL EQUITY |
49,377 |
50,697 |
||||||
TOTAL LIABILITIES AND EQUITY |
158,028 |
150,777 |
|
||||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||||
( |
||||||||
Three Months Ended |
||||||||
|
|
|||||||
Revenues |
||||||||
Product sales |
49,936 |
109,422 |
||||||
Services and others |
1,582 |
2,625 |
||||||
Total revenues |
51,518 |
112,047 |
||||||
Cost of revenues |
||||||||
Product sales |
(26,905) |
(59,032) |
||||||
Services and others |
(712) |
(757) |
||||||
Total Cost of revenues |
(27,617) |
(59,789) |
||||||
Gross profit |
23,901 |
52,258 |
||||||
Operating expenses |
||||||||
Fulfillment |
(5,049) |
(7,246) |
||||||
Selling and marketing |
(14,780) |
(35,591) |
||||||
General and administrative |
(7,268) |
(8,416) |
||||||
Other operating income |
13 |
363 |
||||||
Total operating expenses |
(27,084) |
(50,890) |
||||||
(Loss) / Income from operations |
(3,183) |
1,368 |
||||||
Interest income |
47 |
5 |
||||||
Interest expense |
(30) |
(4) |
||||||
Other income, net* |
3,913 |
31 |
||||||
Total other income |
3,930 |
32 |
||||||
Income before income taxes |
747 |
1,400 |
||||||
Income tax expense |
(3) |
(7) |
||||||
Net income |
744 |
1,393 |
||||||
Less: Net income attributable to non-controlling interests |
123 |
85 |
||||||
Net income attributable to |
621 |
1,308 |
||||||
Weighted average numbers of shares used in calculating income per ordinary share |
||||||||
—Basic |
204,481,801 |
224,139,045 |
||||||
—Diluted |
224,245,096 |
226,862,118 |
||||||
Net income per ordinary share |
||||||||
—Basic |
0.00 |
0.01 |
||||||
—Diluted |
0.00 |
0.01 |
||||||
Net income per ADS (2 ordinary shares equal to 1 ADS) |
||||||||
—Basic |
0.01 |
0.01 |
||||||
—Diluted |
0.01 |
0.01 |
||||||
*Other income, net mainly includes change in fair value on our equity investment. |
|
||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
||||||||
( |
||||||||
Three Months Ended |
||||||||
|
|
|||||||
Net income |
744 |
1,393 |
||||||
Less: Interest income |
47 |
5 |
||||||
Interest expense |
(30) |
(4) |
||||||
Income tax expense |
(3) |
(7) |
||||||
Depreciation and amortization |
(551) |
(740) |
||||||
EBITDA |
1,281 |
2,139 |
||||||
Less: Share-based compensation |
(149) |
(140) |
||||||
Adjusted EBITDA* |
1,430 |
2,279 |
||||||
* Adjusted EBITDA represents income from operations before share-based compensation expense, interest income, |
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