LightInTheBox Reports Third Quarter 2020 Financial Results
BEIJING,
Third Quarter and First Nine Months 2020 Financial Highlights
Three Months Ended |
Year-over- |
Nine Months Ended |
Year-over- |
||||||||||||||
|
|
Year % |
|
|
Year % |
||||||||||||
In millions, except percentages |
2019 |
2020 |
Change |
2019 |
2020 |
Change |
|||||||||||
Total revenues |
$ |
59.9 |
$ |
100.0 |
67.0 |
% |
$ |
168.9 |
$ |
265.4 |
57.1 |
% |
|||||
Gross margin |
42.3 |
% |
43.1 |
% |
39.9 |
% |
43.9 |
% |
|||||||||
Net income / (loss) |
$ |
10.0 |
$ |
7.3 |
(26.7) |
% |
$ |
(11.4) |
$ |
16.5 |
|||||||
Adjusted EBITDA |
$ |
0.5 |
$ |
12.7 |
2372.7 |
% |
$ |
(6.5) |
$ |
23.3 |
As of December 31, |
As of September 30, |
||||||
In millions |
2019 |
2020 |
|||||
Cash, cash equivalents and restricted cash |
$ |
40.4 |
$ |
48.2 |
|||
Mr.
Third Quarter 2020 Financial Results
Total revenues increased by 67.0% year-over-year to
Total cost of revenues was
Gross profit in the third quarter of 2020 was
Total operating expenses in the third quarter of 2020 were
- Fulfillment expenses in the third quarter of 2020 were
$6.7 million , compared with$6.8 million in the same quarter of 2019. As a percentage of total revenues, fulfillment expenses were 6.7% in the third quarter of 2020, compared with 11.3% in the same quarter of 2019 and 6.5% in the second quarter of 2020. - Selling and marketing expenses in the third quarter of 2020 were
$26.9 million , compared with$12.4 million in the same quarter of 2019. As a percentage of total revenues, selling and marketing expenses were 26.9% for the third quarter of 2020, compared with 20.8% in the same quarter of 2019 and 23.3% in the second quarter of 2020. - G&A expenses in the third quarter of 2020 were
$7.9 million , compared with$6.5 million in the same quarter of 2019. As a percentage of total revenues, G&A expenses were 7.9% for the third quarter of 2020, compared with 10.8% in the same quarter of 2019 and 6.6% in the second quarter of 2020. Included in G&A expenses, R&D expenses in the third quarter of 2020 were$3.5 million , compared with$4.9 million in the same quarter of 2019 and$3.3 million in the second quarter of 2020.
Income from operations was
Net income was
Net income per American Depository Share ("ADS") was
In the third quarter of 2020, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 110,299,994 and the diluted weighted average number of ADSs was 111,910,060.
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
As of
First Nine Months 2020 Financial Results
Total revenues increased by 57.1% year-over-year to
Total cost of revenues was
Gross profit in the first nine months of 2020 was
Total operating expenses in the first nine months of 2020 were
- Fulfillment expenses in the first nine months of 2020 were
$19.1 million , compared with$16.9 million in the same months of 2019. As a percentage of total revenues, fulfillment expenses were 7.2% in the first nine months of 2020, compared with 10.0% in the same months of 2019. - Selling and marketing expenses in the first nine months of 2020 were
$68.2 million , compared with$33.2 million in the same months of 2019. As a percentage of total revenues, selling and marketing expenses were 25.7% in the first nine months of 2020, compared with 19.7% in the same months of 2019. - G&A expenses in the first nine months of 2020 were
$22.7 million , compared with$29.0 million in the same months of 2019. As a percentage of total revenues, G&A expenses were 8.6% in the first nine months of 2020, compared with 17.1% in the same months of 2019. Included in G&A expenses, R&D expenses in the first nine months of 2020 were$10.4 million , compared with$13.2 million in the same months of 2019.
Income from operations was
Net income was
Net income per American Depository Share ("ADS") was
In the first nine months of 2020, the Company's basic weighted average number of ADSs used in computing the net income per ADS was 108,562,216, and 112,389,708 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
Business Outlook
For the fourth quarter of 2020, 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/8653739. 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: |
8653739 |
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 3429
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 September 30, |
||||
2019 |
2020 |
||||
ASSETS |
|||||
Current Assets |
|||||
Cash and cash equivalents |
37,736 |
45,896 |
|||
Restricted cash |
2,709 |
2,319 |
|||
Accounts receivable, net of allowance for doubtful accounts |
1,356 |
1,124 |
|||
Amounts due from related parties |
4,600 |
2,772 |
|||
Inventories |
7,357 |
8,221 |
|||
Prepaid expenses and other current assets |
3,619 |
3,467 |
|||
Total current assets |
57,377 |
63,799 |
|||
Property and equipment, net |
3,502 |
3,234 |
|||
Intangible assets, net |
8,516 |
8,952 |
|||
|
27,922 |
28,613 |
|||
Operating lease right-of-use assets |
12,233 |
12,329 |
|||
Long-term rental deposits |
778 |
1,041 |
|||
Long-term investments |
2,873 |
16,035 |
|||
TOTAL ASSETS |
113,201 |
134,003 |
|||
LIABILITIES AND EQUITY |
|||||
Current Liabilities |
|||||
Accounts payable |
17,643 |
12,846 |
|||
Amounts due to related parties |
186 |
167 |
|||
Advance from customers |
21,731 |
24,842 |
|||
Operating lease liabilities |
3,470 |
4,013 |
|||
Accrued expenses and other current liabilities |
28,642 |
31,656 |
|||
Total current liabilities |
71,672 |
73,524 |
|||
Operating lease liabilities |
8,801 |
8,375 |
|||
Long-term payable |
847 |
130 |
|||
Deferred tax liability |
— |
3,272 |
|||
TOTAL LIABILITIES |
81,320 |
85,301 |
|||
EQUITY |
|||||
Ordinary shares |
14 |
17 |
|||
Additional paid-in capital |
262,888 |
280,409 |
|||
Forward contracts |
15,769 |
— |
|||
|
(27,512) |
(30,207) |
|||
Accumulated other comprehensive loss |
(1,444) |
(212) |
|||
Accumulated deficit |
(217,888) |
(201,379) |
|||
Non-controlling interests |
54 |
74 |
|||
TOTAL EQUITY |
31,881 |
48,702 |
|||
TOTAL LIABILITIES AND EQUITY |
113,201 |
134,003 |
Unaudited Condensed Consolidated Statements of Operations (
|
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
|
|
|
|
||||||
2019 |
2020 |
2019 |
2020 |
||||||
Revenues |
|||||||||
Product sales |
58,139 |
95,426 |
165,039 |
252,597 |
|||||
Services and others |
1,752 |
4,584 |
3,867 |
12,809 |
|||||
Total revenues |
59,891 |
100,010 |
168,906 |
265,406 |
|||||
Cost of revenues |
|||||||||
Product sales |
(33,790) |
(53,857) |
(100,193) |
(139,726) |
|||||
Services and others |
(794) |
(3,081) |
(1,313) |
(9,157) |
|||||
Total Cost of revenues |
(34,584) |
(56,938) |
(101,506) |
(148,883) |
|||||
Gross profit |
25,307 |
43,072 |
67,400 |
116,523 |
|||||
Operating expenses |
|||||||||
Fulfillment |
(6,763) |
(6,661) |
(16,934) |
(19,124) |
|||||
Selling and marketing |
(12,440) |
(26,880) |
(33,232) |
(68,159) |
|||||
General and administrative |
(6,474) |
(7,908) |
(28,957) |
(22,693) |
|||||
Other operating income |
— |
(56) |
— |
16 |
|||||
Total operating expenses |
(25,677) |
(41,505) |
(79,123) |
(109,960) |
|||||
(Loss) / Income from operations |
(370) |
1,567 |
(11,723) |
6,563 |
|||||
Interest income |
49 |
4 |
246 |
57 |
|||||
Interest expense |
(13) |
(35) |
(51) |
(78) |
|||||
Change in fair value of convertible promissory notes |
10,347 |
— |
(1,595) |
— |
|||||
Other Income,net |
— |
8,960 |
— |
13,174 |
|||||
Total other income / (loss) |
10,383 |
8,929 |
(1,400) |
13,153 |
|||||
Income / (Loss) before income taxes and gain from an equity method |
10,013 |
10,496 |
(13,123) |
19,716 |
|||||
Income tax expense |
(19) |
(3,188) |
(439) |
(3,187) |
|||||
Gain from an equity method investment |
(20) |
— |
2,136 |
— |
|||||
Net income / (loss) |
9,974 |
7,308 |
(11,426) |
16,529 |
|||||
Less: Net income / (loss) attributable to non-controlling interests |
(138) |
(98) |
(34) |
20 |
|||||
Net income / (loss) attributable to |
10,112 |
7,406 |
(11,392) |
16,509 |
|||||
Weighted average numbers of shares used in calculating income / (loss) per ordinary share |
|||||||||
—Basic |
134,694,173 |
220,599,987 |
134,586,488 |
217,124,431 |
|||||
—Diluted |
223,577,289 |
223,820,121 |
134,586,488 |
224,779,416 |
|||||
Net income / (loss) per ordinary share |
|||||||||
—Basic |
0.08 |
0.03 |
(0.08) |
0.08 |
|||||
—Diluted |
(0.00) |
0.03 |
(0.08) |
0.07 |
|||||
Net income / (loss) per ADS (2 ordinary shares equal to 1 ADS) |
|||||||||
—Basic |
0.15 |
0.07 |
(0.17) |
0.15 |
|||||
—Diluted |
(0.00) |
0.07 |
(0.17) |
0.15 |
Unaudited Reconciliations of GAAP and Non-GAAP Results (
|
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
|
|
|
|
||||||
2019 |
2020 |
2019 |
2020 |
||||||
Net income / (loss) |
9,974 |
7,308 |
(11,426) |
16,529 |
|||||
Less: Interest income |
49 |
4 |
246 |
57 |
|||||
Interest expense |
(13) |
(35) |
(51) |
(78) |
|||||
Income tax expense |
(19) |
(3,188) |
(439) |
(3,187) |
|||||
Depreciation and amortization |
(598) |
(633) |
(1,860) |
(1,770) |
|||||
EBITDA |
10,555 |
11,160 |
(9,322) |
21,507 |
|||||
Less: Share-based compensation |
(305) |
(1,525) |
(1,261) |
(1,754) |
|||||
Change in fair value of convertible promissory notes |
10,347 |
— |
(1,595) |
— |
|||||
Adjusted EBITDA* |
513 |
12,685 |
(6,466) |
23,261 |
|||||
* Adjusted EBITDA represents 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. |
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