LightInTheBox Reports Second Quarter 2021 Financial Results
Second Quarter and First Half 2021 Financial Highlights
Three Months Ended |
Year-over- Change |
Six Months Ended |
Year-over- Change |
||||||||||||||
In millions, except percentages |
|
|
|
|
|||||||||||||
2020 |
2021 |
2020 |
2021 |
||||||||||||||
Total revenues |
$ |
113.9 |
$ |
122.2 |
7.3% |
$ |
165.4 |
$ |
234.2 |
41.6% |
|||||||
Gross margin |
43.5% |
46.8% |
44.4% |
46.7% |
|||||||||||||
Net income |
$ |
8.5 |
$ |
9.5 |
11.6% |
$ |
9.2 |
$ |
10.9 |
17.7% |
|||||||
Adjusted EBITDA |
$ |
9.1 |
$ |
14.5 |
59.0% |
$ |
10.6 |
$ |
16.8 |
59.0% |
As of |
As of |
||||||||||
In millions |
2020 |
2021 |
|||||||||
Cash, cash equivalents and restricted cash |
$ |
65.5 |
$ |
58.2 |
|||||||
Mr. Jian He, Chief Executive Officer of
Second Quarter 2021 Financial Results
Total revenues increased by 7.3% year-over-year to
Total cost of revenues was
Gross profit in the second quarter of 2021 was
Total operating expenses in the second quarter of 2021 were
- Fulfillment expenses in the second quarter of 2021 were
$7.6 million , compared with$7.4 million in the same quarter of 2020. As a percentage of total revenues, fulfillment expenses were 6.2% in the second quarter of 2021, compared with 6.5% in the same quarter of 2020 and 6.5% in the first quarter of 2021. - Selling and marketing expenses in the second quarter of 2021 were
$43.5 million , compared with$26.5 million in the same quarter of 2020. As a percentage of total revenues, selling and marketing expenses were 35.6% for the second quarter of 2021, compared with 23.3% in the same quarter of 2020 and 31.8% in the first quarter of 2021. - G&A expenses in the second quarter of 2021 were
$9.5 million , compared with$7.5 million in the same quarter of 2020. As a percentage of total revenues, G&A expenses were 7.8% for the second quarter of 2021, compared with 6.6% in the same quarter of 2020 and 7.5% in the first quarter of 2021. Included in G&A expenses, R&D expenses in the second quarter of 2021 were$5.1 million , compared with$3.3 million in the same quarter of 2020 and$4.9 million in the first quarter of 2021.
Loss from operations was
Other income, net in the second quarter of 2021 was
Net income was
Net income per American Depository Share ("ADS") was
In the second quarter of 2021, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 112,099,326 and the diluted weighted average number of ADSs was 113,372,055.
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 June 30, 2021, the Company had cash and cash equivalents and restricted cash of
First Half 2021 Financial Results
Total revenues increased by 41.6% year-over-year to
Total cost of revenues was
Gross profit in the first half of 2021 was
Total operating expenses in the first half of 2021 were
- Fulfillment expenses in the first half of 2021 were
$14.9 million , compared with$12.4 million in the same half of 2020. As a percentage of total revenues, fulfillment expenses were 6.3% in the first half of 2021, compared with 7.5% in the same half of 2020. - Selling and marketing expenses in the first half of 2021 were
$79.1 million , compared with$41.3 million in the same half of 2020. As a percentage of total revenues, selling and marketing expenses were 33.8% for the first half of 2021, compared with 25.0% in the same half of 2020. - G&A expenses in the first half of 2021 were
$17.9 million , compared with$14.8 million in the same half of 2020. As a percentage of total revenues, G&A expenses were 7.6% for the first half of 2021, compared with 8.9% in the same half of 2020. Included in G&A expenses, R&D expenses in the first half of 2021 were$10.0 million , compared with$6.8 million in the same half of 2020.
Loss from operations was
Other income, net was
Net income was
Net income per American Depository Share ("ADS") was
In the first half of 2021, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 112,076,570, and 113,402,531 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/3376424. 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: |
3376424 |
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
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Unaudited Condensed Consolidated Balance Sheets |
||||
( |
||||
As of December 31, |
As of June 30, |
|||
2020 |
2021 |
|||
ASSETS |
||||
Current Assets |
||||
Cash and cash equivalents |
61,477 |
54,561 |
||
Restricted cash |
4,052 |
3,616 |
||
Accounts receivable, net of allowance for doubtful accounts |
1,302 |
465 |
||
Amounts due from related parties |
2,882 |
2,757 |
||
Inventories |
9,919 |
11,541 |
||
Prepaid expenses and other current assets |
5,176 |
5,864 |
||
Total current assets |
84,808 |
78,804 |
||
Property and equipment, net |
3,812 |
3,600 |
||
Intangible assets, net |
9,416 |
9,113 |
||
|
29,745 |
30,053 |
||
Operating lease right-of-use assets |
12,243 |
8,996 |
||
Long-term rental deposits |
707 |
680 |
||
Long-term investments |
17,297 |
34,659 |
||
TOTAL ASSETS |
158,028 |
165,905 |
||
LIABILITIES AND EQUITY |
||||
Current Liabilities |
||||
Accounts payable |
16,953 |
13,188 |
||
Amounts due to related parties |
167 |
167 |
||
Advance from customers |
33,279 |
27,423 |
||
Operating lease liabilities |
4,269 |
3,167 |
||
Accrued expenses and other current liabilities |
42,183 |
46,576 |
||
Total current liabilities |
96,851 |
90,521 |
||
Operating lease liabilities |
8,118 |
6,270 |
||
Long-term payable |
124 |
100 |
||
Deferred tax liability |
3,558 |
7,890 |
||
TOTAL LIABILITIES |
108,651 |
104,781 |
||
EQUITY |
||||
Ordinary shares |
17 |
17 |
||
Additional paid-in capital |
282,260 |
282,458 |
||
|
(30,207) |
(29,992) |
||
Accumulated other comprehensive income |
1,795 |
2,368 |
||
Accumulated deficit |
(204,571) |
(193,971) |
||
Non-controlling interests |
83 |
244 |
||
TOTAL EQUITY |
49,377 |
61,124 |
||
TOTAL LIABILITIES AND EQUITY |
158,028 |
165,905 |
|
|||||||||
Unaudited Condensed Consolidated Statements of Operations |
|||||||||
( |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||
|
|
|
|
||||||
2020 |
2021 |
2020 |
2021 |
||||||
Revenues |
|||||||||
Product sales |
107,235 |
119,337 |
157,171 |
228,759 |
|||||
Services and others |
6,643 |
2,864 |
8,225 |
5,489 |
|||||
Total revenues |
113,878 |
122,201 |
165,396 |
234,248 |
|||||
Cost of revenues |
|||||||||
Product sales |
(58,964) |
(64,001) |
(85,869) |
(123,033) |
|||||
Services and others |
(5,364) |
(1,051) |
(6,076) |
(1,808) |
|||||
Total Cost of revenues |
(64,328) |
(65,052) |
(91,945) |
(124,841) |
|||||
Gross profit |
49,550 |
57,149 |
73,451 |
109,407 |
|||||
Operating expenses |
|||||||||
Fulfillment |
(7,414) |
(7,619) |
(12,463) |
(14,865) |
|||||
Selling and marketing |
(26,499) |
(43,531) |
(41,279) |
(79,122) |
|||||
General and administrative |
(7,517) |
(9,494) |
(14,785) |
(17,910) |
|||||
Other operating income |
59 |
45 |
72 |
408 |
|||||
Total operating expenses |
(41,371) |
(60,599) |
(68,455) |
(111,489) |
|||||
Income / (Loss) from operations |
8,179 |
(3,450) |
4,996 |
(2,082) |
|||||
Interest income |
6 |
15 |
53 |
20 |
|||||
Interest expense |
(13) |
(4) |
(43) |
(8) |
|||||
Other income, net* |
301 |
17,178 |
4,214 |
17,209 |
|||||
Total other income |
294 |
17,189 |
4,224 |
17,221 |
|||||
Income before income taxes |
8,473 |
13,739 |
9,220 |
15,139 |
|||||
Income tax benefit / (expense) |
4 |
(4,282) |
1 |
(4,289) |
|||||
Net income |
8,477 |
9,457 |
9,221 |
10,850 |
|||||
Less: Net (loss) / income attributable to non-controlling |
(5) |
76 |
118 |
161 |
|||||
Net income attributable to |
8,482 |
9,381 |
9,103 |
10,689 |
|||||
Weighted average numbers of shares used in calculating |
|||||||||
—Basic |
223,596,385 |
224,198,651 |
214,039,358 |
224,153,140 |
|||||
—Diluted |
223,644,919 |
226,744,109 |
223,781,977 |
226,805,062 |
|||||
Net income per ordinary share |
|||||||||
—Basic |
0.04 |
0.04 |
0.04 |
0.05 |
|||||
—Diluted |
0.04 |
0.04 |
0.04 |
0.05 |
|||||
Net income per ADS (2 ordinary shares equal to 1 ADS) |
|||||||||
—Basic |
0.08 |
0.08 |
0.09 |
0.10 |
|||||
—Diluted |
0.08 |
0.08 |
0.08 |
0.09 |
|||||
*Other income, net mainly includes change in fair value on our equity investment. |
|
|||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||||||
( |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||
|
|
|
|
||||||
2020 |
2021 |
2020 |
2021 |
||||||
Net income |
8,477 |
9,457 |
9,221 |
10,850 |
|||||
Less: Interest income |
6 |
15 |
53 |
20 |
|||||
Interest expense |
(13) |
(4) |
(43) |
(8) |
|||||
Income tax benefit / (expense) |
4 |
(4,282) |
1 |
(4,289) |
|||||
Depreciation and amortization |
(586) |
(752) |
(1,137) |
(1,492) |
|||||
EBITDA |
9,066 |
14,480 |
10,347 |
16,619 |
|||||
Less: Share-based compensation |
(80) |
(58) |
(229) |
(198) |
|||||
Adjusted EBITDA* |
9,146 |
14,538 |
10,576 |
16,817 |
|||||
* Adjusted EBITDA represents income from operations before share-based compensation expense, interest income, |
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