LightInTheBox Reports Fourth Quarter and Full Year 2020 Financial Results
BEIJING,
Fourth Quarter and Full Year 2020 Financial Highlights
Three Months Ended |
Year-over- |
Twelve Months Ended |
Year-over- |
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In millions, except |
|
|
Year % |
|
|
Year % |
|||||||||||
percentages |
2019 |
2020 |
Change |
2019 |
2020 |
Change |
|||||||||||
Total revenues |
$ |
74.7 |
$ |
132.7 |
77.7 |
% |
$ |
243.6 |
$ |
398.2 |
63.4 |
% |
|||||
Gross margin |
40.4 |
% |
44.9 |
% |
40.1 |
% |
44.2 |
% |
|||||||||
Net income / (loss) |
$ |
12.5 |
$ |
(3.2) |
$ |
1.1 |
$ |
13.3 |
1161.4 |
% |
|||||||
Adjusted EBITDA |
$ |
(2.6) |
$ |
(0.5) |
$ |
(9.1) |
$ |
22.8 |
As of |
As of |
||||||
In millions |
2019 |
2020 |
|||||
Cash, cash equivalents and restricted cash |
$ |
40.4 |
$ |
65.5 |
|||
Mr.
Fourth Quarter 2020 Financial Results
Total revenues increased by 77.7% year-over-year to
Total cost of revenues was
Gross profit in the fourth quarter of 2020 was
Total operating expenses in the fourth quarter of 2020 were
- Fulfillment expenses in the fourth quarter of 2020 were
$8.8 million , compared with$8.0 million in the same quarter of 2019. As a percentage of total revenues, fulfillment expenses were 6.7% in the fourth quarter of 2020, compared with 10.7% in the same quarter of 2019 and 6.7% in the third quarter of 2020. - Selling and marketing expenses in the fourth quarter of 2020 were
$44.0 million , compared with$17.9 million in the same quarter of 2019. As a percentage of total revenues, selling and marketing expenses were 33.1% for the fourth quarter of 2020, compared with 23.9% in the same quarter of 2019 and 26.9% in the third quarter of 2020. - G&A expenses in the fourth quarter of 2020 were
$10.5 million , compared with$8.8 million in the same quarter of 2019. As a percentage of total revenues, G&A expenses were 7.9% for the fourth quarter of 2020, compared with 11.8% in the same quarter of 2019 and 7.9% in the third quarter of 2020. Included in G&A expenses, R&D expenses in the fourth quarter of 2020 were$4.8 million , compared with$4.6 million in the same quarter of 2019 and$3.5 million in the third quarter of 2020.
Loss from operations was
Net loss was
Net loss per American Depository Share ("ADS") was
In the fourth quarter of 2020, the Company's basic weighted average number of ADSs used in computing the net loss per ADS was 112,011,370.
Adjusted EBITDA, which represents 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
As of
Full Year 2020 Financial Results
Total revenues increased by 63.4% year-over-year to
Total cost of revenues was
Gross profit for the full year of 2020 was
Total operating expenses for the full year of 2020 were
- Fulfillment expenses for the full year of 2020 were
$28.0 million , compared with$24.9 million in 2019. As a percentage of total revenues, fulfillment expenses were 7.0% for the full year of 2020, compared with 10.2% in 2019. - Selling and marketing expenses for the full year of 2020 were
$112.1 million , compared with$51.1 million in 2019. As a percentage of total revenues, selling and marketing expenses were 28.2% for the full year of 2020, compared with 21.0% in 2019. - G&A expenses for the full year of 2020 were
$33.2 million , compared with$37.8 million in 2019. As a percentage of total revenues, G&A expenses were 8.3% for the full year of 2020, compared with 15.5% in 2019. Included in G&A expenses, R&D expenses for the full year of 2020 were$15.2 million , compared with$17.9 million in 2019.
Income from operations was
Other income / other expense, net was
Net income was
Net income per American Depository Share ("ADS") was
For the full year of 2020, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 110,209,772, and 112,952,275 in diluted weighted average number.
Adjusted EBITDA, which represents a 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
Cash balance including cash, cash equivalents and restricted cash, increased by
Business Outlook
For the first 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 a 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
Preregistration Information
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/9031746. 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: |
9031746 |
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.
Tel: +86 (10) 5900 1548
Email: ir@lightinthebox.com
OR
Christensen
Ms.
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 December 31, |
|||
2019 |
2020 |
|||
ASSETS |
||||
Current Assets |
||||
Cash and cash equivalents |
37,736 |
61,477 |
||
Restricted cash |
2,709 |
4,052 |
||
Accounts receivable, net of allowance for doubtful accounts |
1,356 |
1,302 |
||
Amounts due from related parties |
4,600 |
2,882 |
||
Inventories |
7,357 |
9,919 |
||
Prepaid expenses and other current assets |
3,619 |
5,176 |
||
Total current assets |
57,377 |
84,808 |
||
Property and equipment, net |
3,502 |
3,812 |
||
Intangible assets, net |
8,516 |
9,416 |
||
|
27,922 |
29,745 |
||
Operating lease right-of-use assets |
12,233 |
12,243 |
||
Long-term rental deposits |
778 |
707 |
||
Long-term investments |
2,873 |
17,297 |
||
TOTAL ASSETS |
113,201 |
158,028 |
||
LIABILITIES AND EQUITY |
||||
Current Liabilities |
||||
Accounts payable |
17,643 |
16,953 |
||
Amounts due to related parties |
186 |
167 |
||
Advance from customers |
21,731 |
33,279 |
||
Operating lease liabilities |
3,470 |
4,269 |
||
Accrued expenses and other current liabilities |
28,642 |
42,183 |
||
Total current liabilities |
71,672 |
96,851 |
||
Operating lease liabilities |
8,801 |
8,118 |
||
Long-term payable |
847 |
124 |
||
Deferred tax liability |
- |
3,558 |
||
TOTAL LIABILITIES |
81,320 |
108,651 |
||
EQUITY |
||||
Ordinary shares |
14 |
17 |
||
Additional paid-in capital |
262,888 |
282,260 |
||
Forward contracts |
15,769 |
- |
||
|
(27,512) |
(30,207) |
||
Accumulated other comprehensive (loss) / income |
(1,444) |
1,795 |
||
Accumulated deficit |
(217,888) |
(204,571) |
||
Non-controlling interests |
54 |
83 |
||
TOTAL EQUITY |
31,881 |
49,377 |
||
TOTAL LIABILITIES AND EQUITY |
113,201 |
158,028 |
|
|||||||||
Unaudited Condensed Consolidated Statements of Operations |
|||||||||
( |
|||||||||
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
|
|
||||||
2019 |
2020 |
2019 |
2020 |
||||||
Revenues |
|||||||||
Product sales |
71,666 |
129,478 |
236,705 |
382,075 |
|||||
Services and others |
3,054 |
3,267 |
6,921 |
16,076 |
|||||
Total revenues |
74,720 |
132,745 |
243,626 |
398,151 |
|||||
Cost of revenues |
|||||||||
Product sales |
(43,868) |
(71,704) |
(144,061) |
(211,430) |
|||||
Services and others |
(655) |
(1,410) |
(1,968) |
(10,567) |
|||||
Total Cost of revenues |
(44,523) |
(73,114) |
(146,029) |
(221,997) |
|||||
Gross profit |
30,197 |
59,631 |
97,597 |
176,154 |
|||||
Operating expenses |
|||||||||
Fulfillment |
(7,966) |
(8,843) |
(24,900) |
(27,967) |
|||||
Selling and marketing |
(17,879) |
(43,987) |
(51,111) |
(112,146) |
|||||
General and administrative |
(8,854) |
(10,467) |
(37,811) |
(33,160) |
|||||
Other operating income |
173 |
958 |
173 |
974 |
|||||
Total operating expenses |
(34,526) |
(62,339) |
(113,649) |
(172,299) |
|||||
(Loss) / Income from operations |
(4,329) |
(2,708) |
(16,052) |
3,855 |
|||||
Interest income |
51 |
46 |
297 |
103 |
|||||
Interest expense |
(15) |
(14) |
(66) |
(92) |
|||||
Change in fair value of convertible promissory notes |
16,186 |
- |
14,591 |
- |
|||||
Other income / other expense, net* |
283 |
(276) |
283 |
12,898 |
|||||
Total other income / (loss) |
16,505 |
(244) |
15,105 |
12,909 |
|||||
Income / (Loss) before income taxes and gain from an |
12,176 |
(2,952) |
(947) |
16,764 |
|||||
Income tax benefit / (expense) |
326 |
(231) |
(113) |
(3,418) |
|||||
Gain / (loss) from an equity method investment |
(18) |
- |
2,118 |
- |
|||||
Net income / (loss) |
12,484 |
(3,183) |
1,058 |
13,346 |
|||||
Less: Net income attributable to non-controlling |
93 |
9 |
59 |
29 |
|||||
Net income / (loss) attributable to LightInTheBox |
12,391 |
(3,192) |
999 |
13,317 |
|||||
Weighted average numbers of shares used in |
|||||||||
—Basic |
146,497,433 |
224,022,740 |
137,588,401 |
220,419,544 |
|||||
—Diluted |
223,662,107 |
224,022,740 |
223,517,833 |
225,904,549 |
|||||
Net income / (loss) per ordinary share |
|||||||||
—Basic |
0.08 |
(0.01) |
0.01 |
0.06 |
|||||
—Diluted |
(0.02) |
(0.01) |
(0.06) |
0.06 |
|||||
Net income / (loss) per ADS (2 ordinary shares equal |
|||||||||
—Basic |
0.17 |
(0.03) |
0.01 |
0.12 |
|||||
—Diluted |
(0.03) |
(0.03) |
(0.12) |
0.12 |
|||||
*Other income / other expense, net mainly includes change in fair value on our equity investment in 2020. |
|
|||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||||||
( |
|||||||||
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
|
|
||||||
2019 |
2020 |
2019 |
2020 |
||||||
Net income / (loss) |
12,484 |
(3,183) |
1,058 |
13,346 |
|||||
Less: Interest income |
51 |
46 |
297 |
103 |
|||||
Interest expense |
(15) |
(14) |
(66) |
(92) |
|||||
Income tax benefit / (expense) |
326 |
(231) |
(113) |
(3,418) |
|||||
Depreciation and amortization |
(658) |
(673) |
(2,518) |
(2,443) |
|||||
EBITDA |
12,780 |
(2,311) |
3,458 |
19,196 |
|||||
Less: Share-based compensation |
(799) |
(1,852) |
(2,060) |
(3,606) |
|||||
Change in fair value of convertible |
16,186 |
- |
14,591 |
- |
|||||
Adjusted EBITDA* |
(2,607) |
(459) |
(9,073) |
22,802 |
|||||
* Adjusted EBITDA represents gain /(loss) from operations before share-based compensation expense, change in |
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