SINGAPORE, March 20,
2023 /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 and
unreviewed financial results for the fourth quarter and full year
ended December 31, 2022.
Fourth Quarter and Full Year 2022 Financial
Highlights
|
|
Three
Months Ended
|
|
|
Year-
over-
|
|
|
Twelve Months
Ended
|
|
|
Year-
over-
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
Year
%
|
|
|
December
31,
|
|
|
December
31,
|
|
|
Year
%
|
|
In millions, except
percentages
|
|
2021
|
|
|
2022
|
|
|
Change
|
|
|
2021
|
|
|
2022
|
|
|
Change
|
|
Total
revenues
|
|
$
|
113.2
|
|
|
$
|
156.4
|
|
|
|
38.2
|
%
|
|
$
|
446.1
|
|
|
$
|
503.6
|
|
|
|
12.9
|
%
|
- Apparel
sales
|
|
$
|
77.9
|
|
|
$
|
123.9
|
|
|
|
59.2
|
%
|
|
$
|
274.2
|
|
|
$
|
399.5
|
|
|
|
45.7
|
%
|
Apparel sales/total
revenues
|
|
|
68.8
|
%
|
|
|
79.3
|
%
|
|
|
|
|
|
|
61.5
|
%
|
|
|
79.3
|
%
|
|
|
|
|
Gross margin
|
|
|
47.2
|
%
|
|
|
53.9
|
%
|
|
|
|
|
|
|
46.3
|
%
|
|
|
54.6
|
%
|
|
|
|
|
Net income/
(loss)
|
|
$
|
8.7
|
|
|
$
|
(48.3)
|
|
|
|
|
|
|
$
|
13.5
|
|
|
$
|
(56.6)
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
16.2
|
|
|
$
|
(3.8)
|
|
|
|
|
|
|
$
|
27.9
|
|
|
$
|
(9.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
December 31,
|
|
|
|
|
|
As of December 31,
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
|
|
2022
|
|
Cash, cash equivalents
and restricted cash
|
|
|
|
|
|
|
|
|
|
$
|
59.6
|
|
|
|
|
|
$
|
94.6
|
|
Mr. Jian He, Chief Executive Officer of LightInTheBox,
commented, "We are pleased to end 2022 with a solid quarter.
However, we took a one-off non-cash impairment charge on an equity
investment of $56 million and an
income tax credit of $13 million from
the reversal of the unrecognized tax benefits on this equity
investment, for a net impact of $43
million. The impairment charge was made due to the extreme
and rapid deterioration of the operations of the investee in the
last quarter of 2022, from the adverse change of market conditions.
The impairment has no impact on our own business operations, which,
as demonstrated by our operating performance, remain healthy and
continue to grow."
"Despite multiple headwinds, including global inflation,
economic uncertainty that made many consumers more cautious in
their spending and pandemic-related supply disruptions, total
revenues increased by 38% year-over-year to a record high of
$156 million for the fourth quarter
of 2022. This brought yearly revenue above $500 million, and apparel sales to approximately
$400 million, for the first time in
our history, and our year end cash, cash equivalents and restricted
cash increased to $95 million. We
also continued to improve gross margin from 46% a year ago to 55%
in 2022. This remarkable performance was primarily due to our wide
selection of value-for-money products, our quality customer base,
which consists of a vital generation, middle class consumers
40-year-old and older who have higher disposal income, and our
on-going R&D efforts to improve our
efficiency. Going forward, we will continue to invest in
R&D and optimize user
experience. We will also continue
to offer our target customers affordable, comfortable,
aesthetically pleasing and visually interesting clothing, that can
bring happiness and vibrancy to their daily life. We are confident
in our ability to navigate through challenging times, stand out in
the competitive market, and deliver long term value to our
shareholders." Added by Mr. He.
Fourth Quarter 2022 Financial Results
Total revenues increased by 38.2% year-over-year to
$156.4 million from $113.2 million in the same quarter of 2021. Sales
from apparel increased by 59.2% to $123.9
million in the fourth quarter of 2022, compared with
$77.9 million in the same quarter of
2021. Revenues from apparel represented 79.3% of total revenues in
the fourth quarter of 2022, and 68.8% in the same quarter of
2021.
Total cost of revenues was $72.0
million in the fourth quarter of 2022, compared with
$59.8 million in the same quarter of
2021.
Gross profit in the fourth quarter of 2022 was
$84.4 million, compared with
$53.4 million in the same quarter of
2021. Gross margin was 53.9% in the fourth quarter of 2022,
compared with 47.2% in the same quarter of 2021. The increase in
gross margin was a result of the increase in apparel sales
percentage from 68.8% to 79.3% that has higher margins.
Total operating expenses in the fourth quarter of 2022
were $89.3 million, compared with
$60.9 million in the same quarter of
2021.
- Fulfillment expenses in the fourth quarter of 2022 were
$8.9 million, compared with
$7.5 million in the same quarter of
2021. As a percentage of total revenues, fulfillment expenses were
5.7% in the fourth quarter of 2022, compared with 6.7% in the same
quarter of 2021 and 5.9% in the third quarter of 2022.
- Selling and marketing expenses in the fourth quarter of
2022 were $72.3 million, compared
with $41.1 million in the same
quarter of 2021. As a percentage of total revenues, selling and
marketing expenses were 46.2% for the fourth quarter of 2022,
compared with 36.3% in the same quarter of 2021 and 43.9% in the
third quarter of 2022.
- G&A expenses in the fourth quarter of 2022 were
$8.3 million, compared with
$12.5 million in the same quarter of
2021. As a percentage of total revenues, G&A expenses were 5.3%
for the fourth quarter of 2022, compared with 11.1% in the same
quarter of 2021 and 8.5% in the third quarter of 2022. Included in
G&A expenses, R&D expenses in the fourth quarter of 2022
were $5.3 million, compared with
$4.9 million in the same quarter of
2021 and $4.8 million in the third
quarter of 2022.
Loss from operations was $4.9
million in the fourth quarter of 2022, compared with
$7.5 million in the same quarter of
2021.
Other expense, net was $8
thousand for the fourth quarter of 2022, compared with other
income, net of $21.7 million in the
same quarter of 2021. Included in other income / (expense), net,
change in fair value on our equity investment was $nil for the
fourth quarter of 2022, compared with $21.7 in the same quarter of 2021. The gain in
fair value change on our equity investment, after respective income
tax of $5 million, was $16.7 million for the fourth quarter of 2021.
Impairment loss on investment in the fourth quarter
of 2022 was $56.1 million, compared
with $nil in the same quarter of 2021. Impairment loss was made on
our equity investment in Shenzhen Maikailai Technologies Co., Ltd
("Maikailai"). Maikailai is a live stream retailer that sells
personal cleaning and beauty products, and household cleaning
products, etc. The impairment charge was made due to the adverse
change of market conditions, which caused the extreme and rapid
deterioration of the operations of Maikailai in the last quarter of
2022 and are not expected to recover.
Income tax expense / (benefit) in the fourth quarter
of 2022 was a benefit of $12.7
million, compared with $5.5
million of expense in the same quarter of 2021. The income
tax benefit in the fourth quarter of 2022 was due to the reversal
of the unrecognized tax benefits, and the income tax expense in the
fourth quarter of 2021 was accrued related to the fair value change
on our equity investment.
Net loss was $48.3 million
in the fourth quarter of 2022, compared with net income of
$8.7 million in the same quarter of
2021.
Net loss per American Depository Share ("ADS") was
$0.43 in the fourth quarter of 2022,
compared with net income per ADS of $0.08 in the same quarter of 2021. Each ADS
represents two ordinary shares. The diluted net loss per ADS in the
fourth quarter of 2022 was $0.43
compared with the diluted net income per ADS of $0.07 in the same quarter of 2021.
In the fourth quarter of 2022, the Company's basic weighted
average number of ADSs used in computing the net income per ADS was
113,250,066.
Adjusted EBITDA was negative $3.8 million in the fourth quarter of 2022,
compared with income of $16.2 million
in the same quarter of 2021.
As of December 31, 2022, the Company had cash and cash
equivalents and restricted cash of $94.6
million, compared with $59.6
million as of December 31, 2021.
Full Year 2022 Financial Results
Total revenues increased by 12.9% year-over-year to
$503.6 million from $446.1 million in 2021. Revenues from apparel
increased by 45.7% to $399.5 million
in 2022, compared with $274.2 million
in 2021, representing 79.3% of total revenues for the full year of
2022, and 61.5% in 2021.
Total cost of revenues was $228.5
million for the full year of 2022, compared with
$239.4 million in 2021.
Gross profit for the full year of 2022 was $275.1 million, compared with $206.7 million in 2021. Gross margin was 54.6%
for the full year of 2022, compared with 46.3% in 2021. The
increase in gross margin was a result of the increase in apparel
sales percentage from 61.5% to 79.3% that has higher margins.
Total operating expenses for the full year of 2022 were
$289.3 million, compared with
$222.8 million in 2021.
- Fulfillment expenses for the full year of 2022 were
$30.6 million, compared with
$29.6 million in 2021. As a
percentage of total revenues, fulfillment expenses were 6.1% for
the full year 2022, compared with 6.6% in 2021.
- Selling and marketing expenses for the full year of 2022
were $222.6 million, compared with
$154.2 million in 2021. As a
percentage of total revenues, selling and marketing expenses were
44.2% for the full year 2022, compared with 34.6% in 2021.
- G&A expenses for the full year of 2022 were
$36.3 million, compared with
$39.7 million in 2021. As a
percentage of total revenues, G&A expenses were 7.2% for the
full year of 2022, compared with 8.9% in 2021. Included in G&A
expenses, R&D expenses for the full year of 2022 were
$19.4 million, compared with
$20.3 million in 2022.
Loss from operations was $14.2 million for the full year of 2022, compared
with $16.1 million in 2021.
Other income, net was $1.0
million for the full year of 2022, compared with
$39.3 million in 2021. Included in
other income, net, change in fair value on our equity investment
was $0.8 million for the full year of
2022, compared with $38.8 million in
2021. The gain in fair value change on our equity investment, after
respective income tax of $nil, was $0.8
million for the full year of 2022, compared with
$29.5 million after respective income
tax of $9.3 million in 2021.
Impairment loss on investment for the full year of
2022 was $56.1 million, compared with
$nil in 2021. Impairment loss was made as the operations of
Maikailai unexpectedly and suddenly deteriorated materially in the
fourth quarter of 2022 due to adverse change of market conditions
and are not expected to recover.
Income tax expense / (benefit) in the full year of
2022 was a benefit of $12.7 million,
compared with $9.8 million of expense
in full year of 2021. The income tax benefit in 2022 was made as a
result of the reversal of the unrecognized tax benefits, and the
income tax expense in 2021 was accrued related to the fair value
change on our equity investment.
Net loss was $56.6 million
for the full year of 2022, compared with net income of $13.5 million in 2021.
Net loss per American Depository Share ("ADS") was
$0.50 for the full year of 2022,
compared with net income per ADS of $0.12 in 2021. Each ADS represents two ordinary
shares. The diluted net loss per ADS the full year of 2022 was
$0.50, compared with the diluted net
income per ADS of $0.12 in 2021.
For the full year of 2022, the Company's basic weighted average
number of ADSs used in computing the net loss per ADS was
113,124,300.
Adjusted EBITDA was negative $9.5
million for the full year of 2022, compared with income of
$27.9 million in 2021.
The financial statements for the full year ended
December 31, 2022 herein the press release have not been
audited or reviewed by the Company's independent registered
accounting firm. The audited financial statements for the year
ended December 31, 2022 to be disclosed in the Company's
Form 20-F may have discrepancies with the above-mentioned
unaudited and unreviewed financial statements.
Business Outlook
For the first quarter of 2023, based on current information
available to the Company and business seasonality, the Company
expects net revenues to be between $135
million and $145 million,
which would represent an increase of between 44% and 54% compared
with the first quarter of 2022.
Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses
non-GAAP measure, Adjusted EBITDA, as supplemental measure to
review and assess operating performance. The presentation of the
non-GAAP financial measure is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"). The Company's non-GAAP financial
measure excludes share-based compensation expenses, depreciation
and amortization expenses, impairment loss on investment, interest
income, interest expenses and income tax expense.
The Company presents the non-GAAP financial measures because
they are used by management to evaluate operating performance and
formulate business plans. The Company believes that the non-GAAP
financial measure help identify underlying trends in its business.
The Company also believes that the non-GAAP financial measure could
provide further information about the Company's results of
operations, and enhance the overall understanding of the Company's
past performance and future prospects.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The non-GAAP
financial measures have limitations as analytical tools. The
Company's non-GAAP financial measures do not reflect all items of
income and expenses that affect the Company's operations and do not
represent the residual cash flow available for discretionary
expenditures. Further, these non-GAAP measures may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating
performance. The Company encourages you to review the Company's
financial information in its entirety and not rely on a single
financial measure.
For more information on the non-GAAP financial measure, please
see the table captioned "Unaudited and unreviewed Reconciliations
of GAAP and Non-GAAP Result" set forth at the end of this press
release.
Conference Call
The Company will hold a conference call to discuss the results
at 8:00 a.m. Eastern Time on March 20, 2023 (8:00
p.m. Beijing Time on the same day).
Preregistration Information
Participants can register for the conference call by navigating
to https://s1.c-conf.com/diamondpass/10029578-8rdicp.html.
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 March 27, 2023. The
dial-in details are:
|
US/Canada:
|
+1-855-883-1031
|
|
Hong Kong:
|
800-930-639
|
|
Replay PIN:
|
10029578
|
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 20 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: linda.bergkamp@christensencomms.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 and
unreviewed Condensed Consolidated Balance Sheets
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
|
|
|
|
As of December 31,
|
|
As of December 31,
|
|
|
2021
|
|
2022
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
55,942
|
|
88,575
|
Restricted
cash
|
|
3,660
|
|
5,993
|
Accounts receivable,
net of allowance for credit losses
|
|
1,625
|
|
695
|
Amounts due from
related parties
|
|
2,730
|
|
-
|
Inventories
|
|
11,997
|
|
14,260
|
Prepaid expenses and
other current assets
|
|
7,947
|
|
6,452
|
Total current
assets
|
|
83,901
|
|
115,975
|
Property and equipment,
net
|
|
3,312
|
|
2,946
|
Intangible assets,
net
|
|
8,232
|
|
5,630
|
Goodwill
|
|
30,440
|
|
28,177
|
Operating lease
right-of-use assets
|
|
11,584
|
|
10,874
|
Long-term rental
deposits
|
|
1,218
|
|
1,211
|
Long-term
investments
|
|
56,383
|
|
-
|
Other non-current
assets
|
|
296
|
|
-
|
TOTAL ASSETS
|
|
195,366
|
|
164,813
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
23,535
|
|
26,518
|
Advance from
customers
|
|
24,789
|
|
32,241
|
Operating lease
liabilities
|
|
3,784
|
|
4,993
|
Accrued expenses and
other current liabilities
|
|
57,819
|
|
90,357
|
Total current
liabilities
|
|
109,927
|
|
154,109
|
|
|
|
|
|
Operating lease
liabilities
|
|
7,864
|
|
6,576
|
Long-term
payable
|
|
78
|
|
34
|
Deferred tax
liabilities
|
|
517
|
|
111
|
Unrecognized tax
benefits
|
|
13,101
|
|
107
|
TOTAL
LIABILITIES
|
|
131,487
|
|
160,937
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Ordinary
shares
|
|
17
|
|
17
|
Additional paid-in
capital
|
|
282,382
|
|
282,722
|
Treasury
shares
|
|
(29,309)
|
|
(28,615)
|
Accumulated other
comprehensive income / (loss)
|
|
2,737
|
|
(1,024)
|
Accumulated
deficit
|
|
(192,072)
|
|
(249,224)
|
Non-controlling
interests
|
|
124
|
|
-
|
TOTAL EQUITY
|
|
63,879
|
|
3,876
|
TOTAL LIABILITIES AND
EQUITY
|
|
195,366
|
|
164,813
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited and
unreviewed 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,
|
2021
|
|
2022
|
2021
|
|
2022
|
Revenues
|
|
|
|
|
|
|
|
|
Product
sales
|
|
110,450
|
|
152,797
|
|
435,170
|
|
491,949
|
Services and
others
|
|
2,700
|
|
3,621
|
|
10,933
|
|
11,619
|
Total
revenues
|
|
113,150
|
|
156,418
|
|
446,103
|
|
503,568
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
Product
sales
|
|
(58,186)
|
|
(70,529)
|
|
(235,237)
|
|
(223,383)
|
Services and
others
|
|
(1,564)
|
|
(1,504)
|
|
(4,156)
|
|
(5,107)
|
Total Cost of
revenues
|
|
(59,750)
|
|
(72,033)
|
|
(239,393)
|
|
(228,490)
|
Gross profit
|
|
53,400
|
|
84,385
|
|
206,710
|
|
275,078
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Fulfillment
|
|
(7,527)
|
|
(8,862)
|
|
(29,588)
|
|
(30,617)
|
Selling and
marketing
|
|
(41,063)
|
|
(72,270)
|
|
(154,176)
|
|
(222,629)
|
General and
administrative
|
|
(12,513)
|
|
(8,250)
|
|
(39,733)
|
|
(36,295)
|
Other operating
income
|
|
230
|
|
92
|
|
675
|
|
223
|
Total operating
expenses
|
|
(60,873)
|
|
(89,290)
|
|
(222,822)
|
|
(289,318)
|
Loss from
operations
|
|
(7,473)
|
|
(4,905)
|
|
(16,112)
|
|
(14,240)
|
Interest
income
|
|
12
|
|
20
|
|
59
|
|
57
|
Interest
expense
|
|
(2)
|
|
(1)
|
|
(13)
|
|
(5)
|
Other income /
(expense), net*
|
|
21,745
|
|
(8)
|
|
39,322
|
|
982
|
Impairment loss on
investment
|
|
-
|
|
(56,083)
|
|
-
|
|
(56,083)
|
Total other income /
(loss)
|
|
21,755
|
|
(56,072)
|
|
39,368
|
|
(55,049)
|
Income / (Loss) before
income taxes
|
|
14,282
|
|
(60,977)
|
|
23,256
|
|
(69,289)
|
Income tax
(expense) / benefit
|
|
(5,542)
|
|
12,716
|
|
(9,802)
|
|
12,707
|
Net income /
(loss)
|
|
8,740
|
|
(48,261)
|
|
13,454
|
|
(56,582)
|
Less: Net income
attributable to non-controlling interests
|
|
285
|
|
-
|
|
325
|
|
-
|
Net income /
(loss) attributable to LightInTheBox Holding
Co., Ltd.
|
|
8,455
|
|
(48,261)
|
|
13,129
|
|
(56,582)
|
|
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in calculating
income / (loss) per ordinary share
|
|
|
|
|
|
|
|
|
—Basic
|
|
224,541,992
|
|
226,500,131
|
|
224,306,117
|
|
226,248,599
|
—Diluted
|
|
226,113,389
|
|
226,500,131
|
|
226,568,979
|
|
226,248,599
|
|
|
|
|
|
|
|
|
|
Net income / (loss) per
ordinary share
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.04
|
|
(0.21)
|
|
0.06
|
|
(0.25)
|
—Diluted
|
|
0.04
|
|
(0.21)
|
|
0.06
|
|
(0.25)
|
|
|
|
|
|
|
|
|
|
Net income /
(loss) per ADS (2 ordinary shares equal to 1
ADS)
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.08
|
|
(0.43)
|
|
0.12
|
|
(0.50)
|
—Diluted
|
|
0.07
|
|
(0.43)
|
|
0.12
|
|
(0.50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Other income /
(expense), net mainly includes change in fair value on our equity
investment.
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited and
unreviewed 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,
|
|
2021
|
|
2022
|
2021
|
|
2022
|
|
|
|
|
|
|
|
|
|
Net income /
(loss)
|
|
8,740
|
|
(48,261)
|
|
13,454
|
|
(56,582)
|
|
|
|
|
|
|
|
|
|
Less: Interest
income
|
|
12
|
|
20
|
|
59
|
|
57
|
Interest
expense
|
|
(2)
|
|
(1)
|
|
(13)
|
|
(5)
|
Income tax
(expense) / benefit
|
|
(5,542)
|
|
12,716
|
|
(9,802)
|
|
12,707
|
Depreciation and amortization
|
|
(817)
|
|
(844)
|
|
(3,299)
|
|
(3,371)
|
EBITDA
|
|
15,089
|
|
(60,152)
|
|
26,509
|
|
(65,970)
|
|
|
|
|
|
|
|
|
|
Less: Impairment loss
on investment
|
|
-
|
|
(56,083)
|
|
-
|
|
(56,083)
|
Share-based compensation
|
|
(1,127)
|
|
(265)
|
|
(1,382)
|
|
(340)
|
Adjusted
EBITDA*
|
|
16,216
|
|
(3,804)
|
|
27,891
|
|
(9,547)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted EBITDA
represents income / (loss) from operations before impairment loss
on investment, share-based compensation expense, interest income,
interest expense, income tax
expense / (benefit) and depreciation and amortization
expenses.
|
View original
content:https://www.prnewswire.com/news-releases/lightinthebox-reports-fourth-quarter-and-full-year-2022-financial-results-301775931.html
SOURCE LightInTheBox Holding Co., Ltd.