UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For
the month of August 2024
Commission File Number: 001-35942
LightInTheBox Holding Co., Ltd.
4 Pandan Crescent #03-03
Singapore (128475)
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
x Form 20-F
¨ Form 40-F
EXHIBIT INDEX
Exhibit 99.1
– LightInTheBox Reports Second Quarter 2024 Financial Results - Returns to Profitability with Net Income of $0.6 Million
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
LIGHTINTHEBOX HOLDING CO., LTD. |
| |
|
| |
By: |
/s/ Jian He |
| |
Name: |
Jian He |
| |
Title: |
Chief Executive Officer |
Date:
August 2, 2024
Exhibit 99.1
LightInTheBox Reports Second Quarter 2024 Financial
Results
-
Returns to Profitability with Net Income of $0.6 Million
Singapore, August 2, 2024 - LightInTheBox
Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), an apparel e-commerce retailer that ships
products to consumers worldwide, today announced its unaudited financial results for the second quarter ended June 30, 2024.
“The second quarter of 2024 was a challenging
one, with intensified competition and high traffic acquisition costs in the global e-commerce market continuing to weigh on our topline,”
said Mr. Jian He, Chairman and CEO of LightInTheBox. “However, our strategic pivot to prioritize profitability proved effective,
resulting in a turnaround with net income reaching $0.6 million for the second quarter of 2024 compared with a loss for the same period
of last year and the first quarter of this year. Meanwhile, we continued to refine our differentiation strategy with a focus on strengthening
localized operations, propelling progress in certain product lines.”
“Encouraged by the outcomes of these initiatives,
we will continue to concentrate on overall efficiency and profitability amid the evolving environment. Additionally, we will further upgrade
our products, services and customer experience, as well as our localized operations, to differentiate ourselves and build brand recognition
and loyalty in this competitive industry. As always, we are committed to driving high-quality development and delivering sustainable value
to all stakeholders in the long run,” Mr. He concluded.
Second Quarter 2024 Financial Highlights
| · | Total revenues were $69.4 million in the second quarter of 2024, compared with $191.8 million in
the same period of 2023. |
| · | Net income was $0.6 million in the second quarter of 2024, compared with net loss of $1.5 million
in the same period of 2023. |
| · | Adjusted EBITDA was an income of $1.2 million in the second quarter of 2024, compared with a loss
of $0.7 million in the same period of 2023. |
First Half 2024 Financial Highlights
| · | Total revenues were $140.5 million in the first half of 2024, compared with $339.5 million in the
same period of 2023. |
| · | Net loss was $3.2 million in the first half of 2024, compared with $5.4 million in the same period
of 2023. |
| · | Adjusted EBITDA was a loss of $1.9 million in the first half of 2024, compared with $3.8 million
in the same period of 2023. |
Second Quarter 2024 Financial Results
Total
revenues decreased by 63.8% year-over-year to $69.4 million from $191.8 million in the same quarter of 2023.
Total
cost of revenues was $26.1 million in the second quarter of 2024, compared with $81.6 million in the same quarter of 2023.
Gross
profit in the second quarter of 2024 was $43.3 million, compared with $110.2 million in the same quarter of 2023. Gross margin
was 62.4% in the second quarter of 2024, compared with 57.5% in the same quarter of 2023.
Total
operating expenses in the second quarter of 2024 were $42.7 million, compared with $111.8 million in the same quarter of 2023.
| · | Fulfillment expenses in the second quarter of 2024 were $5.0 million, compared with $9.9 million in the
same quarter of 2023. As a percentage of total revenues, fulfillment expenses were 7.2% in the second quarter of 2024, compared with 5.2%
in the same quarter of 2023 and 8.1% in the first quarter of 2024. |
| · | Selling and marketing expenses in the second quarter of 2024 were $31.5 million, compared with $94.0 million
in the same quarter of 2023. As a percentage of total revenues, selling and marketing expenses were 45.5% in the second quarter of 2024,
compared with 49.0% in the same quarter of 2023 and 46.0% in the first quarter of 2024. |
| · | G&A expenses in the second quarter of 2024 were $6.4 million, compared with $8.2 million in the same
quarter of 2023. As a percentage of total revenues, G&A expenses were 9.2% in the second quarter of 2024, compared with 4.3% in the
same quarter of 2023 and 10.2% in the first quarter of 2024. As part of G&A expenses, R&D expenses in the second quarter of 2024
were $4.0 million, compared with $5.1 million in the same quarter of 2023 and $4.6 million in the first quarter of 2024. |
Income
from operations was $0.6 million in the second quarter of 2024, compared with a loss of $1.6 million in the same quarter of
2023.
Net
income was $0.6 million in the second quarter of 2024, compared with a loss of $1.5 million in the same quarter of 2023.
Net
income per American Depository Share (“ADS”) was $0.01 in the second quarter of 2024, compared with net loss per
ADS of $0.01 in the same quarter of 2023. Each ADS represents two ordinary shares. The diluted net income per ADS in the second quarter
of 2024 was $0.01, compared with net loss per ADS of $0.01 in the same quarter of 2023.
In the second quarter of 2024, the Company’s
basic weighted average number of ADSs used in computing the net income per ADS was 110,342,430.
Adjusted
EBITDA was an income of $1.2 million in the second quarter of 2024, compared with a loss of $0.7 million in the same quarter
of 2023.
As of June 30, 2024, the Company had cash
and cash equivalents and restricted cash of $27.9 million, compared with $71.7 million as of December 31, 2023.
First Half 2024 Financial Results
Total
revenues decreased by 58.6% year-over-year to $140.5 million from $339.5 million in the same period of 2023.
Total
cost of revenues was $55.8 million in the first half of 2024, compared with $146.9 million in the same period of 2023.
Gross
profit in the first half of 2024 was $84.7 million, compared with $192.7 million in the same period of 2023. Gross margin was
60.3% in the first half of 2024, compared with 56.7% in the same period of 2023.
Total
operating expenses in the first half of 2024 were $88.1 million, compared with $198.2 million in the same period of 2023.
| · | Fulfillment expenses in the first half of 2024 were $10.8 million, compared with $18.5 million in the
same period of 2023. As a percentage of total revenues, fulfillment expenses were 7.7% in the first half of 2024, compared with 5.5% in
the same period of 2023. |
| · | Selling and marketing expenses in the first half of 2024 were $64.3 million, compared with $163.2 million
in the same period of 2023. As a percentage of total revenues, selling and marketing expenses were 45.7% for the first half of 2024, compared
with 48.0% in the same period of 2023. |
| · | G&A expenses in the first half of 2024 were $13.7 million, compared with $17.2 million in the same
period of 2023. As a percentage of total revenues, G&A expenses were 9.7% for the first half of 2024, compared with 5.1% in the same
period of 2023. Included in G&A expenses, R&D expenses in the first half of 2024 were $8.6 million, compared with $10.3 million
in the same period of 2023. |
Loss
from operations was $3.4 million in the first half of 2024, compared with $5.6 million in the same period of 2023.
Net
loss was $3.2 million in the first half of 2024, compared with $5.4 million in the same period of 2023.
Net
loss per American Depository Share ("ADS") was $0.03 in the first half of 2024, compared with $0.05 in the same period
of 2023. Each ADS represents two ordinary shares. The diluted net loss per ADS for the first half of 2024 was $0.03, compared with $0.05
in the same period of 2023.
In the first half of 2024, the Company's basic
weighted average number of ADSs used in computing the net loss per ADS was 110,802,352.
Adjusted
EBITDA was a loss of $1.9 million in the first half of 2024, compared with $3.8 million in the same period of 2023.
Non-GAAP Financial Measure
In evaluating the business, the Company considers
and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of
this 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, interest
income, interest expenses and income tax expense.
The Company presents this non-GAAP financial measure
because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP
financial measure helps 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 measure is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool.
The Company’s non-GAAP financial measure does not reflect all items of income and expenses that affect the Company’s operations
and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP measure 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 the limitations by reconciling the non-GAAP financial measure 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 Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this
press release.
Conference Call
The Company’s management will hold an earnings
conference call at 9:00 a.m. Eastern Time on August 2, 2024 (9:00 p.m. Hong Kong/Singapore Time on the same day).
Preregistration Information
Participants
can register for the conference call by going to https://s1.c-conf.com/diamondpass/10040986-jh7t5r.html.
Upon registration, participants will receive dial-in numbers, an event passcode, and a unique access PIN.
To join the conference, simply dial the number
in the calendar invite you receive after preregistering, enter the event passcode followed by your unique access PIN, and you will be
connected to the conference instantly.
A telephone replay will be available two hours
after the conclusion of the conference call through August 9, 2024. The dial-in details are:
| |
US/Canada: |
+1-855-883-1031 |
| |
Singapore: |
800-101-3223 |
| |
Hong Kong, China: |
800-930-639 |
| |
Replay PIN: |
10040986 |
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 an apparel e-commerce retailer
that ships products to consumers worldwide. With a focus on serving its middle-aged and senior customers, LightInTheBox leverages its
global supply chain and logistics networks, along with its in-house R&D and design capabilities to offer a wide selection of comfortable,
aesthetically pleasing and visually interesting apparel that brings fresh joy to customers. LightInTheBox operates its business through
www.lightinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages
and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing.
For
more information, please visit www.lightinthebox.com.
Investor Relations Contact
Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@lightinthebox.com
Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com
Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.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 third 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, | |
| | |
2023 | |
2024 | |
| ASSETS | |
| |
| |
| Current Assets | |
| |
| |
| Cash and cash equivalents | |
66,425 | |
25,287 | |
| Restricted cash | |
5,279 | |
2,624 | |
| Accounts receivable, net of allowance for credit losses | |
634 | |
994 | |
| Inventories | |
5,767 | |
4,480 | |
| Prepaid expenses and other current assets | |
6,875 | |
9,098 | |
| Total current assets | |
84,980 | |
42,483 | |
| Property and equipment, net | |
2,789 | |
2,145 | |
| Intangible assets, net | |
3,604 | |
3,089 | |
| Goodwill | |
27,393 | |
26,778 | |
| Operating lease right-of-use assets | |
6,559 | |
6,934 | |
| Long-term rental deposits | |
392 | |
312 | |
| Long-term investment | |
- | |
74 | |
| Other non-current assets | |
592 | |
- | |
| TOTAL ASSETS | |
126,309 | |
81,815 | |
| | |
| |
| |
| LIABILITIES AND EQUITY / (DEFICIT) | |
| |
| |
| Current Liabilities | |
| |
| |
| Accounts payable | |
15,846 | |
14,227 | |
| Advance from customers | |
17,001 | |
13,258 | |
| Operating lease liabilities | |
5,046 | |
4,049 | |
| Accrued expenses and other current liabilities | |
94,622 | |
61,891 | |
| Total current liabilities | |
132,515 | |
93,425 | |
| | |
| |
| |
| Operating lease liabilities | |
1,915 | |
1,650 | |
| Deferred tax liabilities | |
154 | |
150 | |
| Unrecognized tax benefits | |
107 | |
107 | |
| TOTAL LIABILITIES | |
134,691 | |
95,332 | |
| | |
| |
| |
| EQUITY / (DEFICIT) | |
| |
| |
| Ordinary shares | |
17 | |
17 | |
| Additional paid-in capital | |
283,137 | |
282,862 | |
| Treasury shares | |
(30,359 | ) |
(31,045 | ) |
| Accumulated other comprehensive loss | |
(1,856 | ) |
(2,823 | ) |
| Accumulated deficit | |
(259,321 | ) |
(262,528 | ) |
| TOTAL EQUITY / (DEFICIT) | |
(8,382 | ) |
(13,517 | ) |
| TOTAL LIABILITIES AND EQUITY / (DEFICIT) | |
126,309 | |
81,815 | |
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 June 30, | |
Six Months Ended June 30, | |
| | |
2023 | |
2024 | |
2023 | |
2024 | |
| Revenues | |
| |
| |
| |
| |
| Product sales | |
189,730 | |
67,152 | |
334,331 | |
134,983 | |
| Services and others | |
2,037 | |
2,210 | |
5,217 | |
5,548 | |
| Total revenues | |
191,767 | |
69,362 | |
339,548 | |
140,531 | |
| Cost of revenues | |
| |
| |
| |
| |
| Product sales | |
(81,142 | ) |
(25,513 | ) |
(145,318 | ) |
(54,583 | ) |
| Services and others | |
(435 | ) |
(559 | ) |
(1,538 | ) |
(1,209 | ) |
| Total Cost of revenues | |
(81,577 | ) |
(26,072 | ) |
(146,856 | ) |
(55,792 | ) |
| Gross profit | |
110,190 | |
43,290 | |
192,692 | |
84,739 | |
| Operating expenses | |
| |
| |
| |
| |
| Fulfillment | |
(9,906 | ) |
(5,010 | ) |
(18,542 | ) |
(10,756 | ) |
| Selling and marketing | |
(94,038 | ) |
(31,527 | ) |
(163,150 | ) |
(64,268 | ) |
| General and administrative | |
(8,176 | ) |
(6,411 | ) |
(17,233 | ) |
(13,670 | ) |
| Other operating income | |
332 | |
277 | |
677 | |
563 | |
| Total operating expenses | |
(111,788 | ) |
(42,671 | ) |
(198,248 | ) |
(88,131 | ) |
| (Loss) / income from operations | |
(1,598 | ) |
619 | |
(5,556 | ) |
(3,392 | ) |
| Interest income | |
143 | |
14 | |
173 | |
84 | |
| Interest expense | |
(1 | ) |
- | |
(2 | ) |
- | |
| Other (expense) / income, net | |
(1 | ) |
(9 | ) |
20 | |
102 | |
| Total other income | |
141 | |
5 | |
191 | |
186 | |
| (Loss) / income before income taxes | |
(1,457 | ) |
624 | |
(5,365 | ) |
(3,206 | ) |
| Income tax expense | |
- | |
(1 | ) |
(48 | ) |
(1 | ) |
| Net (loss) / income | |
(1,457 | ) |
623 | |
(5,413 | ) |
(3,207 | ) |
| Net (loss) / income attributable to LightInTheBox Holding Co., Ltd. | |
(1,457 | ) |
623 | |
(5,413 | ) |
(3,207 | ) |
| | |
| |
| |
| |
| |
| Weighted average numbers of shares used in calculating (loss) / income per ordinary share | |
| |
| |
| |
| |
| -Basic | |
226,738,924 | |
220,684,859 | |
226,699,828 | |
221,604,704 | |
| -Diluted | |
226,738,924 | |
221,451,741 | |
226,699,828 | |
221,604,704 | |
| | |
| |
| |
| |
| |
| Net (loss) / income per ordinary share | |
| |
| |
| |
| |
| -Basic | |
(0.01 | ) |
0.00 | |
(0.02 | ) |
(0.01 | ) |
| -Diluted | |
(0.01 | ) |
0.00 | |
(0.02 | ) |
(0.01 | ) |
| | |
| |
| |
| |
| |
| Net (loss) / income per ADS (2 ordinary shares equal to 1 ADS) | |
| |
| |
| |
| |
| -Basic | |
(0.01 | ) |
0.01 | |
(0.05 | ) |
(0.03 | ) |
| -Diluted | |
(0.01 | ) |
0.01 | |
(0.05 | ) |
(0.03 | ) |
LightInTheBox Holding Co., Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP
Results
(U.S. dollars in thousands, or otherwise noted)
| | |
Three
Months Ended June 30, | |
Six Months Ended June 30, | |
| | |
2023 | |
2024 | |
2023 | |
2024 | |
| Net (loss) / income | |
(1,457 | ) |
623 | |
(5,413 | ) |
(3,207 | ) |
| Less: Interest income | |
143 | |
14 | |
173 | |
84 | |
| Interest expense | |
(1 | ) |
- | |
(2 | ) |
- | |
| Income tax expense | |
- | |
(1 | ) |
(48 | ) |
(1 | ) |
| Depreciation and amortization | |
(826 | ) |
(521 | ) |
(1,655 | ) |
(1,147 | ) |
| EBITDA | |
(773 | ) |
1,131 | |
(3,881 | ) |
(2,143 | ) |
| Less: Share-based compensation | |
(78 | ) |
(52 | ) |
(83 | ) |
(276 | ) |
| Adjusted EBITDA* | |
(695 | ) |
1,183 | |
(3,798 | ) |
(1,867 | ) |
*
Adjusted EBITDA represents net (loss) / income before share-based compensation expense, interest income, interest expense, income
tax expense and depreciation and amortization expenses.
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