LightInTheBox Reports First Quarter 2022 Financial Results
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 |
As of |
|||||||
In millions |
2021 |
2022 |
||||||
Cash, cash equivalents and restricted cash |
$ |
59.6 |
$ |
42.8 |
Mr. Jian He, Chief Executive Officer of
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
Total cost of revenues was
Gross profit in the first quarter of 2022 was
Total operating expenses in the first quarter of 2022 were
- 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
Net loss was
Net loss per American Depository Share ("ADS") was
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
As of
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with
"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
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
US/ |
+1-855-452-5696 |
|
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
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, |
|||
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 |
||
|
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 |
||
|
(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 |
||
|
|||||
Unaudited Condensed Consolidated Statements of Operations |
|||||
( |
|||||
Three Months Ended |
|||||
|
|
||||
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 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. |
|
|||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||
( |
|||||
Three Months Ended |
|||||
|
|
||||
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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