LightInTheBox Reports Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter and Full Year 2021 Financial Highlights
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||
In millions, except |
December |
December |
Year- |
December |
December |
Year- |
||||||||||||||||||
Total revenues |
$ |
132.7 |
$ |
113.2 |
(14.8) |
% |
$ |
398.2 |
$ |
446.1 |
12.0 |
% |
||||||||||||
- Apparel sales |
$ |
62.2 |
$ |
77.9 |
25.2 |
% |
$ |
157.9 |
$ |
274.2 |
73.6 |
% |
||||||||||||
Gross margin |
44.9 |
% |
47.2 |
% |
44.2 |
% |
46.3 |
% |
||||||||||||||||
Net (loss) / income |
$ |
(3.2) |
$ |
8.7 |
$ |
13.3 |
$ |
13.5 |
0.8 |
% |
||||||||||||||
Adjusted EBITDA |
$ |
(0.5) |
$ |
16.2 |
$ |
22.8 |
$ |
27.9 |
22.3 |
% |
As of |
As of |
|||||
In millions |
2020 |
2021 |
||||
Cash, cash equivalents and restricted cash |
$ |
65.5 |
$ |
59.6 |
Mr. Jian He, Chief Executive Officer of
"It has not been an easy year, but thanks to our dedicated team, we have the expertise and the resources to continue expanding our globally sourced quality products, and to provide excellent value-added services and a reliable shopping experience to customers in over 140 countries. We believe this is the cornerstone of a healthy business and the path to better revenue growth. As the global economy reopens, we are well positioned to remain firmly on course with our growth momentum and identify new growth opportunities," said
Fourth Quarter 2021 Financial Results
Total revenues decreased 14.8% year-over-year to
Total cost of revenues was
Gross profit in the fourth quarter of 2021 was
Total operating expenses in the fourth quarter of 2021 were
- Fulfillment expenses in the fourth quarter of 2021 were
$7.5 million , compared with$8.8 million in the same quarter of 2020. As a percentage of total revenues, fulfillment expenses were 6.7% in the fourth quarter of 2021, compared with 6.7% in the same quarter of 2020 and 7.3% in the third quarter of 2021. - Selling and marketing expenses in the fourth quarter of 2021 were
$41.1 million , compared with$44.0 million in the same quarter of 2020. As a percentage of total revenues, selling and marketing expenses were 36.3% for the fourth quarter of 2021, compared with 33.1% in the same quarter of 2020 and 34.4% in the third quarter of 2021. - G&A expenses in the fourth quarter of 2021 were
$12.5 million , compared with$10.5 million in the same quarter of 2020. As a percentage of total revenues, G&A expenses were 11.1% for the fourth quarter of 2021, compared with 7.9% in the same quarter of 2020 and 9.4% in the third quarter of 2021. Included in G&A expenses, R&D expenses in the fourth quarter of 2021 were$4.9 million , compared with$4.8 million in the same quarter of 2020 and$5.5 million in the third quarter of 2021.
Loss from operations was
Other income, net in the fourth quarter of 2021 was
Net income was
Net income per American Depository Share ("ADS") was
In the fourth quarter of 2021, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 112,270,996, and 113,056,695 in diluted weighted average number.
Adjusted EBITDA, which represents income / (loss) from operations before share-based compensation expense, interest income, interest expense, income tax expense and depreciation and amortization expenses, was income of
As of
Full Year 2021 Financial Results
Total revenues increased by 12.0% year-over-year to
Total cost of revenues was
Gross profit for the full year of 2021 was
Total operating expenses for the full year of 2021 were
- Fulfillment expenses for the full year of 2021 were
$29.6 million , compared with$28.0 million in 2020. As a percentage of total revenues, fulfillment expenses were 6.6% for the full year of 2021, compared with 7.0% in 2020. - Selling and marketing expenses for the full year of 2021 were
$154.2 million , compared with$112.1 million in 2020. As a percentage of total revenues, selling and marketing expenses were 34.6% for the full year of 2021, compared with 28.2% in 2020. - G&A expenses for the full year of 2021 were
$39.7 million , compared with$33.2 million in 2020. As a percentage of total revenues, G&A expenses were 8.9% for the full year of 2021, compared with 8.3% in 2020. Included in G&A expenses, R&D expenses for the full year of 2021 were$20.3 million , compared with$15.2 million in 2020.
Loss from operations was
Other income, net was
Net income was
Net income per American Depository Share ("ADS") was
For the full year of 2021, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 112,153,059, and 113,284,489 in diluted weighted average number.
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
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, 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/6259627. 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: |
6259627 |
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 December 31, |
|||
2020 |
2021 |
|||
ASSETS |
||||
Current Assets |
||||
Cash and cash equivalents |
61,477 |
55,942 |
||
Restricted cash |
4,052 |
3,660 |
||
Accounts receivable, net of allowance for credit losses |
1,302 |
1,625 |
||
Amounts due from related parties |
2,882 |
2,730 |
||
Inventories |
9,919 |
11,997 |
||
Prepaid expenses and other current assets |
5,176 |
7,947 |
||
Total current assets |
84,808 |
83,901 |
||
Property and equipment, net |
3,812 |
3,312 |
||
Intangible assets, net |
9,416 |
8,232 |
||
|
29,745 |
30,440 |
||
Operating lease right-of-use assets |
12,243 |
11,584 |
||
Long-term rental deposits |
707 |
1,218 |
||
Long-term investments |
17,297 |
56,383 |
||
Other non-current assets |
- |
296 |
||
TOTAL ASSETS |
158,028 |
195,366 |
||
LIABILITIES AND EQUITY |
||||
Current Liabilities |
||||
Accounts payable |
16,953 |
23,535 |
||
Amounts due to related parties |
167 |
- |
||
Advance from customers |
33,279 |
24,789 |
||
Operating lease liabilities |
4,269 |
3,784 |
||
Accrued expenses and other current liabilities |
42,183 |
57,819 |
||
Total current liabilities |
96,851 |
109,927 |
||
Operating lease liabilities |
8,118 |
7,864 |
||
Long-term payable |
124 |
78 |
||
Deferred tax liabilities |
3,558 |
517 |
||
Unrecognized tax benefits |
- |
13,101 |
||
TOTAL LIABILITIES |
108,651 |
131,487 |
||
EQUITY |
||||
Ordinary shares |
17 |
17 |
||
Additional paid-in capital |
282,260 |
282,382 |
||
|
(30,207) |
(29,309) |
||
Accumulated other comprehensive income |
1,795 |
2,737 |
||
Accumulated deficit |
(204,571) |
(192,072) |
||
Non-controlling interests |
83 |
124 |
||
TOTAL EQUITY |
49,377 |
63,879 |
||
TOTAL LIABILITIES AND EQUITY |
158,028 |
195,366 |
|
||||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||||
( |
||||||||
Three Months Ended |
Twelve Months Ended |
|||||||
|
|
|
|
|||||
2020 |
2021 |
2020 |
2021 |
|||||
Revenues |
||||||||
Product sales |
129,478 |
110,450 |
382,075 |
435,170 |
||||
Services and others |
3,267 |
2,700 |
16,076 |
10,933 |
||||
Total revenues |
132,745 |
113,150 |
398,151 |
446,103 |
||||
Cost of revenues |
||||||||
Product sales |
(71,704) |
(58,186) |
(211,430) |
(235,237) |
||||
Services and others |
(1,410) |
(1,564) |
(10,567) |
(4,156) |
||||
Total Cost of revenues |
(73,114) |
(59,750) |
(221,997) |
(239,393) |
||||
Gross profit |
59,631 |
53,400 |
176,154 |
206,710 |
||||
Operating expenses |
||||||||
Fulfillment |
(8,843) |
(7,527) |
(27,967) |
(29,588) |
||||
Selling and marketing |
(43,987) |
(41,063) |
(112,146) |
(154,176) |
||||
General and administrative |
(10,467) |
(12,513) |
(33,160) |
(39,733) |
||||
Other operating income |
958 |
230 |
974 |
675 |
||||
Total operating expenses |
(62,339) |
(60,873) |
(172,299) |
(222,822) |
||||
(Loss) / Income from operations |
(2,708) |
(7,473) |
3,855 |
(16,112) |
||||
Interest income |
46 |
12 |
103 |
59 |
||||
Interest expense |
(14) |
(2) |
(92) |
(13) |
||||
Other expense / other income, net* |
(276) |
21,745 |
12,898 |
39,322 |
||||
Total other (loss) / income |
(244) |
21,755 |
12,909 |
39,368 |
||||
Income / (Loss) before income taxes |
(2,952) |
14,282 |
16,764 |
23,256 |
||||
Income tax expense |
(231) |
(5,542) |
(3,418) |
(9,802) |
||||
Net (loss) / income |
(3,183) |
8,740 |
13,346 |
13,454 |
||||
Less: Net income attributable to non-controlling interests |
9 |
285 |
29 |
325 |
||||
Net (loss) / income attributable to |
(3,192) |
8,455 |
13,317 |
13,129 |
||||
Weighted average numbers of shares used in calculating |
||||||||
—Basic |
224,022,740 |
224,541,992 |
220,419,544 |
224,306,117 |
||||
—Diluted |
224,022,740 |
226,113,389 |
225,904,549 |
226,568,979 |
||||
Net (loss) / income per ordinary share |
||||||||
—Basic |
(0.01) |
0.04 |
0.06 |
0.06 |
||||
—Diluted |
(0.01) |
0.04 |
0.06 |
0.06 |
||||
Net (loss) / income per ADS (2 ordinary shares equal to 1 |
||||||||
—Basic |
(0.03) |
0.08 |
0.12 |
0.12 |
||||
—Diluted |
(0.03) |
0.07 |
0.12 |
0.12 |
||||
*Other expense / other income, net mainly includes change in fair value on our equity investment. |
|
||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
||||||||
( |
||||||||
Three Months Ended |
Twelve Months Ended |
|||||||
|
|
|
|
|||||
2020 |
2021 |
2020 |
2021 |
|||||
Net (loss) / income |
(3,183) |
8,740 |
13,346 |
13,454 |
||||
Less: Interest income |
46 |
12 |
103 |
59 |
||||
Interest expense |
(14) |
(2) |
(92) |
(13) |
||||
Income tax expense |
(231) |
(5,542) |
(3,418) |
(9,802) |
||||
Depreciation and amortization |
(673) |
(817) |
(2,443) |
(3,299) |
||||
EBITDA |
(2,311) |
15,089 |
19,196 |
26,509 |
||||
Less: Share-based compensation |
(1,852) |
(1,127) |
(3,606) |
(1,382) |
||||
Adjusted EBITDA* |
(459) |
16,216 |
22,802 |
27,891 |
||||
* Adjusted EBITDA represents (loss) / income from operations before share-based compensation expense, interest income, interest expense, income tax expense and depreciation and |
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