SHANGHAI, March 30, 2022 /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, 2021.
Fourth Quarter and Full Year 2021 Financial
Highlights
|
|
|
Three Months
Ended
|
|
|
|
Twelve Months
Ended
|
|
In millions,
except
percentages
|
|
|
December
31,
2020
|
|
|
|
December
31,
2021
|
|
|
|
Year-
over-
Year %
Change
|
|
|
|
December
31,
2020
|
|
|
|
December
31,
2021
|
|
|
|
Year-
over-
Year %
Change
|
|
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
December 31,
|
|
As of
December 31,
|
In
millions
|
|
2020
|
|
2021
|
Cash, cash
equivalents and restricted cash
|
|
$
|
65.5
|
|
$
|
59.6
|
Mr. Jian He, Chief Executive Officer of LightInTheBox,
commented, "Total revenues for the full year 2021 increased by
12.0% year-over-year to $446.1
million from $398.2 million in
2020. Total revenues for the fourth quarter were $113.2 million, compared with $132.7 million in the same quarter of 2020, while
gross margin improved to 47.2%, compared with 44.9% in the same
quarter of 2020. To navigate the near-term headwinds we have
mentioned since last quarter, we continued to focus our efforts
primarily on higher margin category like apparel. As a result,
apparel sales represented 70.5% of our total product sales during
the fourth quarter of 2021, up by 25.2% to $77.9 million, compared with $62.2 million of the same quarter in the prior
year. This is a testament to our strengths in apparel and the
overall effective optimization of our product mix. We stand by our
proven growth strategies to maintain competitive pricing on a wide
selection of quality products, and establish long-term close
collaborations with our suppliers to offer the best value-for-money
and globally sourced products on our shopping platforms. To do
this, our investments in technology grew by 34% year-over-year to
$20 million in 2021 compared with
$15 million a year ago, which we
believe will help us increase our competitive edge in global retail
markets."
"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 Mr. He.
Fourth Quarter 2021 Financial Results
Total revenues decreased 14.8% year-over-year to
$113.2 million from $132.7 million in the same quarter of 2020.
Revenues generated from product sales were $110.5 million, compared with $129.5 million in the same quarter of 2020.
Revenues from services and others were $2.7
million, compared with $3.2
million in the same quarter of 2020. Included in product
sales, revenues from apparel increased by 25.2% to $77.9 million in the fourth quarter of 2021,
compared with $62.2 million in the
same quarter of 2020. Revenues from apparel represented 70.5% of
total product sales in the fourth quarter of 2021, and 48.1% in the
same quarter of 2020.
Total cost of revenues was $59.8
million in the fourth quarter of 2021, compared with
$73.1 million in the same quarter of
2020. Cost for product sales was $58.2
million in the fourth quarter of 2021, compared with
$71.7 million in the same quarter of
2020. Cost for services and others was $1.6
million in the fourth quarter of 2021, compared with
$1.4 million in the same quarter of
2020.
Gross profit in the fourth quarter of 2021 was
$53.4 million, compared with
$59.6 million in the same quarter of
2020. Gross margin was 47.2% in the fourth quarter of 2021,
compared with 44.9% in the same quarter of 2020. The increase in
gross margin was a result of the Company's continuous efforts to
optimize our product mix.
Total operating expenses in the fourth quarter of 2021
were $60.9 million, compared with
$62.3 million in the same quarter of
2020.
- 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 $7.5
million in the fourth quarter of 2021, compared with
$2.7 million in the same quarter of
2020.
Other income, net in the fourth quarter of 2021 was
$21.7 million, compared with other
expenses, net of $0.3 million in the
same quarter of 2020. Included in other income, net in the fourth
quarter of 2021, $21.7 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 $5.0
million, was $16.7
million.
Net income was $8.7 million
in the fourth quarter of 2021, compared with net loss of $
$3.2 million in the same quarter of
2020.
Net income per American Depository Share ("ADS") was
$0.08 in the fourth quarter of 2021,
compared with net loss per ADS of $0.03 in the same quarter of 2020. Each ADS
represents two ordinary shares. The diluted net income per ADS in
the fourth quarter of 2021 was $0.07,
compared with the diluted net loss per ADS of $0.03 in the same quarter of 2020.
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 $16.2
million in the fourth quarter of 2021, compared with loss of
$0.5 million in the same quarter of
2020.
As of December 31, 2021, the
Company had cash and cash equivalents and restricted cash of
$59.6 million, compared with
$65.5 million as of December 31, 2020.
Full Year 2021 Financial Results
Total revenues increased by 12.0% year-over-year to
$446.1 million from $398.2 million in 2020. Revenues generated from
product sales were $435.2 million,
compared with $382.1 million in 2020.
Revenues from services and others were $10.9
million, compared with $16.1
million in 2020. Included in product sales, revenues from
apparel increased by 73.6% to $274.2
million for the full year of 2021, compared with
$157.9 million in 2020. Revenues from
apparel represented 63.0% of total product sales for the full year
of 2021, and 41.3% in 2020.
Total cost of revenues was $239.4
million for the full year of 2021, compared with
$222.0 million in 2020. Cost for
product sales was $235.2 million for
the full year of 2021, compared with $211.4
million in 2020. Cost for services and others was
$4.2 million for the full year of
2021, compared with $10.6 million in
2020.
Gross profit for the full year of 2021 was $206.7 million, compared with $176.2 million in 2020. Gross margin was 46.3%
for the full year of 2021, compared with 44.2% in 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 for the full year of 2021 were
$222.8 million, compared with
$172.3 million in 2020.
- 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 $16.1 million for the full year of 2021, compared
with income from operations of $3.9
million in 2020.
Other income, net was $39.3
million for the full year of 2021, compared with
$12.9 million in 2020. Included in
other income, net, change in fair value on our equity investment
was $38.8 million for the full year
of 2021, compared with $13.4 million
in 2020. The gain in fair value change on our equity investment,
after respective income tax of $9.3
million, was $29.5 million for
the full year of 2021, compared with $10.1
million after respective income tax of $3.3 million in 2020.
Net income was $13.5
million for the full year of 2021, compared with
$13.3 million in 2020.
Net income per American Depository Share ("ADS") was
$0.12 for the full year of 2021,
compared with $0.12 in 2020. Each ADS
represents two ordinary shares. The diluted net income per ADS for
the full year of 2021 was $0.12,
compared with $0.12 in 2020.
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 $27.9 million for the
full year of 2021, compared with $22.8
million in 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 March 30,
2022 (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/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 April 6, 2022. The dial-in details are:
US/Canada:
|
+1-855-452-5696
|
Hong Kong:
|
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 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.sg 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,
|
|
|
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
|
Goodwill
|
|
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
|
Treasury
shares
|
|
(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
|
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,
|
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 LightInTheBox Holding
Co., Ltd.
|
|
(3,192)
|
|
8,455
|
|
13,317
|
|
13,129
|
|
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in calculating
(loss) / income per ordinary share
|
|
|
|
|
|
|
|
|
—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
ADS)
|
|
|
|
|
|
|
|
|
—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.
|
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,
|
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
amortization expenses.
|
View original
content:https://www.prnewswire.com/news-releases/lightinthebox-reports-fourth-quarter-and-full-year-2021-financial-results-301513671.html
SOURCE LightInTheBox Holding Co., Ltd.