BEIJING, March 19, 2021 /PRNewswire/ -- LightInTheBox
Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"),
a cross-border e-commerce platform that delivers products directly
to consumers around the world, today announced its unaudited
financial results for the fourth quarter and full year ended
December 31, 2020.
Fourth Quarter and Full Year 2020 Financial
Highlights
|
|
Three Months
Ended
|
|
Year-over-
|
|
Twelve Months
Ended
|
|
Year-over-
|
|
In millions,
except
|
|
December
31,
|
|
December
31,
|
|
Year
%
|
|
December
31,
|
|
December
31,
|
|
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 December
31,
|
|
As of
December 31,
|
|
In
millions
|
|
2019
|
|
2020
|
|
Cash, cash
equivalents and restricted cash
|
|
$
|
40.4
|
|
$
|
65.5
|
|
|
|
|
|
|
|
|
|
Mr. Jian He, Chief Executive
Officer of LightInTheBox, commented, "We ended 2020 with the
strongest quarter ever in terms of revenues which grew by 78%
year-over-year to $133 million. For
the full year of 2020, total revenues reached $398 million, up 63% from 2019, an all-time high
in our operating history. Fueled by robust top-line performance,
our profitability also showed an encouraging trend. Adjusted EBITDA
and net income in 2020 reached $22.8
million and $13.3 million,
respectively, in comparison with adjusted EBITDA loss of
$9.1 million and net income of
$1.1 million in 2019. In the past
year, thanks to consistent improvements to our supply chain and
user shopping experience, we have expanded our customer base and
improved customer satisfaction. Looking into 2021, we will
continue to execute our established growth strategy, further
optimize our product portfolio and supplier selection matrix to
improve overall user experience across our platforms. We are
confident that we are well on track to maintain the growth momentum
seen in 2020 going forward."
Fourth Quarter 2020 Financial Results
Total revenues increased by 77.7% year-over-year to
$132.7 million from $74.7 million in the same quarter of 2019.
Revenues generated from product sales were $129.5 million, compared with $71.7 million in the same quarter of 2019.
Revenues from service and others were $3.2
million, compared with $3.0
million in the same quarter of 2019. Due to the increase of
our orders, over $18 million worth of
orders were in transit at the end of the fourth quarter of 2020,
and respective revenue will be recognized in the first quarter of
2021 upon customers' acceptance on delivery. The orders in transit
for the year ended December 31, 2019
were approximately $8.8 million.
Total cost of revenues was $73.1
million in the fourth quarter of 2020, compared with
$44.5 million in the same quarter of
2019. Cost for product sales was $71.7
million in the fourth quarter of 2020, compared with
$43.9 million in the same quarter of
2019. Cost for service and others was $1.4
million in the fourth quarter of 2020, compared with
$0.6 million in the same quarter of
2019.
Gross profit in the fourth quarter of 2020 was
$59.6 million, compared with
$30.2 million in the same quarter of
2019. Gross margin was 44.9% in the fourth quarter of 2020,
compared with 40.4% in the same quarter of 2019. The increase in
gross margin was a result of the Company's continuous efforts to
optimize the supply chain and product mix.
Total operating expenses in the fourth quarter of 2020
were $62.3 million, compared with
$34.5 million in the same quarter of
2019.
- 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 $2.7
million in the fourth quarter of 2020, compared with
$4.3 million in the same quarter of
2019.
Net loss was $3.2 million
in the fourth quarter of 2020, compared with net income of
$12.5 million in the same quarter of
2019.
Net loss per American Depository Share ("ADS") was
$0.03 in the fourth quarter of 2020,
compared with net income per ADS of $0.17 in the same quarter of 2019. Each ADS
represents two ordinary shares.
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
$0.5 million in the fourth quarter of
2020, compared with $2.6 million in
the same quarter of 2019.
As of December 31, 2020, the
Company had cash and cash equivalents and restricted cash of
$65.5 million, compared with
$48.2 million as of September 30, 2020.
Full Year 2020 Financial Results
Total revenues increased by 63.4% year-over-year to
$398.2 million from $243.6 million in 2019. Revenues generated from
product sales were $382.1 million,
compared with $236.7 million in 2019.
Revenues from service and others were $16.1
million, compared with $6.9
million in 2019.
Total cost of revenues was $222.0
million for the full year of 2020, compared with
$146.0 million in 2019. Cost for
product sales was $211.4 million for
the full year of 2020, compared with $144.0
million in 2019. Cost for service and others was
$10.6 million for the full year of
2020, compared with $2.0 million in
2019.
Gross profit for the full year of 2020 was $176.2 million, compared with $97.6 million in 2019. Gross margin was 44.2% for
the full year of 2020, compared with 40.1% in 2019. The increase in
gross margin was a result of the Company's continuous efforts to
optimize the supply chain and product mix.
Total operating expenses for the full year of 2020 were
$172.3 million, compared with
$113.6 million in 2019.
- 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 $3.9
million for the full year of 2020, compared with loss from
operations of $16.1 million in
2019.
Other income / other expense, net was $12.9 million for the full year of 2020, compared
with $0.3 million in 2019. Included
in Other income / other expense, net of 2020, $13.4 million was derived from change in fair
value on our equity investment.
Net income was $13.3
million for the full year of 2020, compared with
$1.1 million in 2019.
Net income per American Depository Share ("ADS") was
$0.12 for the full year of 2020,
compared with $0.01 in 2019. Each ADS
represents two ordinary shares. The diluted net income per ADS for
the full year of 2020 was $0.12,
compared with the diluted net loss per ADS of $0.12 in 2019.
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 $22.8
million for the full year of 2020, compared with loss of
$9.1 million in 2019.
Cash balance including cash, cash equivalents and
restricted cash, increased by $25.1
million from $40.4 million as
of December 31, 2019 to $65.5 million as of December 31, 2020, mainly contributed by
operating activities.
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 $110
million and $125 million,which
would represent an increase of between 114% and 143% compared with
the first quarter of 2020.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. GAAP, we use the
following non-GAAP financial measures to help evaluate our
operating performance:
"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 8:00 a.m. Eastern Time on
March 19, 2021 (8:00 p.m. Beijing Time on the same day).
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 March 26, 2021. The dial-in details are:
US/Canada:
|
+1-855-452-5696
|
Hong Kong:
|
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 LightInTheBox Holding Co., Ltd.
LightInTheBox is a cross-border e-commerce platform that
delivers products directly to consumers around the world. The
Company offers customers a convenient way to shop for a wide
selection of products at attractive prices through its
www.lightinthebox.com,
www.miniinthebox.com, www.ezbuy.com and other websites
and mobile applications, which are available in 25 major languages
and cover more than 140 countries.
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 U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and in oral statements made by its officers,
directors or employees to fourth parties. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward- looking statement, including but not
limited to the following: LightInTheBox's goals and strategies;
LightInTheBox's future business development, results of operations
and financial condition; the expected growth of the global online
retail market; LightInTheBox's ability to attract customers and
further enhance customer experience and product offerings;
LightInTheBox's ability to strengthen its supply chain efficiency
and optimize its logistics network; LightInTheBox's expectations
regarding demand for and market acceptance of its products;
competition; fluctuations in general economic and business
conditions and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in LightInTheBox's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and LightInTheBox does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
LightInTheBox
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
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
|
Goodwill
|
|
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
|
|
-
|
Treasury shares, at
cost
|
|
(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
|
LightInTheBox
Holding Co., Ltd.
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
(U.S. dollars in
thousands, except per share data, or otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve Months
Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
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
equity method investment
|
|
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
interests
|
|
93
|
|
9
|
|
59
|
|
29
|
|
Net income / (loss)
attributable to LightInTheBox
Holding Co., Ltd.
|
|
12,391
|
|
(3,192)
|
|
999
|
|
13,317
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in
calculating income / (loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
—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
to 1 ADS)
|
|
|
|
|
|
|
|
|
|
—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.
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve Months
Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
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
promissory notes
|
|
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
fair value of convertible promissory notes, interest income,
interest expense, income tax expense and depreciation
and amortization expenses.
|
View original
content:http://www.prnewswire.com/news-releases/lightinthebox-reports-fourth-quarter-and-full-year-2020-financial-results-301250976.html
SOURCE LightInTheBox Holding Co., Ltd.