SHANGHAI, Sept. 7, 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 second quarter ended
June 30, 2021.
Second Quarter and First Half 2021 Financial
Highlights
|
|
Three
Months Ended
|
|
Year-over-
Year %
Change
|
|
Six Months
Ended
|
|
Year-over-
Year %
Change
|
|
In millions,
except percentages
|
|
June
30,
|
|
June
30,
|
|
|
June
30,
|
|
June
30,
|
|
|
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 December 31,
|
|
|
As of June 30,
|
|
|
|
In
millions
|
|
2020
|
|
|
2021
|
|
|
|
Cash, cash
equivalents and restricted cash
|
|
$
|
65.5
|
|
|
$
|
|
58.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Jian He, Chief Executive Officer of LightInTheBox,
commented, "During the quarter, we continued to deliver healthy
financial results. Total revenues increased to $122.2 million in the second quarter of 2021,
compared with $113.9 million in the
same quarter of 2020. We are facing more and more players in
the highly competitive e-commerce market and the impact of COVID-19
and the resulting macro-economic uncertainties continue to pose
challenges in certain overseas markets. In the long term, we
believe that we are well positioned to adapt to changes in highly
competitive markets by staying on course with our values and going
beyond our customers' expectations as a comprehensive and reliable
shopping destination."
Second Quarter 2021 Financial Results
Total revenues increased by 7.3% year-over-year to
$122.2 million from $113.9 million in the same quarter of 2020.
Revenues generated from product sales were $119.3 million, compared with $107.2 million in the same quarter of 2020.
Revenues from service and others were $2.9
million, compared with $6.7
million in the same quarter of 2020. Included in product
sales, revenues from apparel increased by 149% to $74.0 million in the second quarter of 2021,
compared with $29.7 million in the
same quarter of 2020.
Total cost of revenues was $65.1
million in the second quarter of 2021, compared with
$64.3 million in the same quarter of
2020. Cost for product sales was $64.0
million in the second quarter of 2021, compared with
$59.0 million in the same quarter of
2020. Cost for service and others was $1.1
million in the second quarter of 2021, compared with
$5.3 million in the same quarter of
2020.
Gross profit in the second quarter of 2021 was
$57.1 million, compared with
$49.6 million in the same quarter of
2020. Gross margin was 46.8% in the second quarter of 2021,
compared with 43.5% in the same quarter of 2020. 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 second quarter of 2021
were $60.6 million, compared with
$41.4 million in the same quarter of
2020.
- 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 $3.5
million in the second quarter of 2021, compared with income
from operations of $8.2 million in
the same quarter of 2020.
Other income, net in the second quarter of 2021 was
$17.2 million, compared with
$0.3 million in the same quarter of
2020. Included in other income, net in the second quarter of 2021,
$17.1 million was derived from change
in fair value on our equity investment. The gain in fair value
change on our equity investment, after respective income tax of
$4.2 million, was $12.9 million.
Net income was $9.5 million
in the second quarter of 2021, compared with $8.5 million in the same quarter of 2020.
Net income per American Depository Share ("ADS") was
$0.08 in the second quarter of 2021,
compared with $0.08 in the same
quarter of 2020. Each ADS represents two ordinary shares. Diluted
net income per ADS was $0.08 in the
second quarter of 2021, compared with $0.08 in the same quarter of 2020.
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 $14.5 million in the
second quarter of 2021, compared with $9.1
million in the same quarter of 2020.
As of June 30, 2021, the Company had cash and cash
equivalents and restricted cash of $58.2
million, compared with $65.5
million as of December 31,
2020.
First Half 2021 Financial Results
Total revenues increased by 41.6% year-over-year to
$234.2 million from $165.4 million in the same half of 2020. Revenues
generated from product sales were $228.7
million, compared with $157.2
million in the same half of 2020. Revenues from service and
others were $5.5 million, compared
with $8.2 million in the same half of
2020. Included in product sales, revenues from apparel increased by
156% to $131.6 million in the first
half of 2021, compared with $51.4
million in the same half of 2020.
Total cost of revenues was $124.8
million in the first half of 2021, compared with
$91.9 million in the same half of
2020. Cost for product sales was $123.0
million in the first half of 2021, compared with
$85.9 million in the same half of
2020. Cost for service and others was $1.8
million in the first half of 2021, compared with
$6.0 million in the same half of
2020.
Gross profit in the first half of 2021 was $109.4 million, compared with $73.5 million in the same half of 2020. Gross
margin was 46.7% in the first half of 2021, compared with 44.4% in
the same half of 2020. The increase in gross margin was a result of
the Company's continuous efforts to drive revenues from product
categories with higher margins.
Total operating expenses in the first half of 2021 were
$111.5 million, compared with
$68.5 million in the same half of
2020.
- 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 $2.1
million in the first half of 2021, compared with income from
operations of $5.0 million in the
same half of 2020.
Other income, net was $17.2
million in the first half of 2021, compared with
$4.2 million in the same half of
2020. Included in other income, net, change in fair value on our
equity investment was $17.1 million
in the first half of 2021, compared with $3.8 million in the same half of 2020. The gain in fair value change on our equity
investment, after respective income tax of $4.2 million, was $12.9
million in the first half of 2021.
Net income was $10.9
million in the first half of 2021, compared with
$9.2 million in the same half of
2020.
Net income per American Depository Share ("ADS") was
$0.10 in the first half of 2021,
compared with $0.09 in the same half
of 2020. Each ADS represents two ordinary shares. The diluted net
income per ADS for the first half of 2021 was $0.09, compared with $0.08 in the same half of 2020.
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 $16.8 million in the
first half of 2021, compared with $10.6
million in the same half 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 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 September
7, 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/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 September 14, 2021. The dial-in details are:
US/Canada:
|
+1-855-452-5696
|
Hong Kong:
|
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 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 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
|
Goodwill
|
|
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
|
Treasury shares, at
cost
|
|
(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
|
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
|
|
Six
Months Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
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
interests
|
|
(5)
|
|
76
|
|
118
|
|
161
|
|
Net income
attributable to LightInTheBox Holding Co.,
Ltd.
|
|
8,482
|
|
9,381
|
|
9,103
|
|
10,689
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in calculating
income per ordinary share
|
|
|
|
|
|
|
|
|
|
—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.
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
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,
interest expense, income tax expense and depreciation and
amortization expenses.
|
View original
content:https://www.prnewswire.com/news-releases/lightinthebox-reports-second-quarter-2021-financial-results-301370130.html
SOURCE LightInTheBox Holding Co., Ltd.