LightInTheBox Reports First Quarter 2023 Financial Results
- LightInTheBox reports strong Q1 2023 financial results with total revenues increasing by 57.6% YoY to $147.8 million. Apparel sales grew by 77.3% YoY to $119.2 million, accounting for 80.7% of total revenues. Gross margin improved to 55.8%, up 5.1% YoY. Cash resources reached $73.6 million.
- None.
First Quarter 2023 Financial Highlights
Three Months Ended | Year-over- | |||||||||||
March 31, | March 31, | Year % | ||||||||||
In millions, except percentages | 2022 | 2023 | Change | |||||||||
Total revenues | $ | 93.8 | $ | 147.8 | 57.6 | % | ||||||
- Apparel sales | $ | 67.2 | $ | 119.2 | 77.3 | % | ||||||
Apparel sales/total revenues | 71.7 | % | 80.7 | % | 9.0 | % | ||||||
Gross margin | 50.7 | % | 55.8 | % | 5.1 | % | ||||||
Net loss | $ | (5.5) | $ | (4.0) | ||||||||
Adjusted EBITDA | $ | (4.6) | $ | (3.1) |
As of March 31, | As of March 31, | |||||||
In millions | 2022 | 2023 | ||||||
Cash, cash equivalents and restricted cash | $ | 42.8 | $ | 73.6 | ||||
Mr. Jian He, Chairman and CEO of LightInTheBox, commented, "We kicked off 2023 with the strongest first quarter in the Company's history, despite a complex global macroeconomic environment and the seasonality that our business typically experiences during the first couple of months of a year. Our revenues grew
"Our improved financial performance during the first quarter reflects the appeal of our growing business operations, which we have built on a foundation of robust value-for-money offerings, quality customer cohorts, and innovative technologies. In particular, our AI-powered technologies enable us to target consumers' evolving demands efficiently and fulfill their needs through our value-for-money products while also enhancing our operational efficiency. Looking ahead, we will deepen our commitment to creating a better lifestyle for our customers by offering convenient and modern ways to access a wide selection of products at attractive prices. We remain dedicated to providing our growing customer base with a superior online shopping experience that emphasizes product value and increased efficiency. We also look forward to further strengthening our execution capabilities in order to seize the opportunities that lay ahead in this growing industry," Mr. He concluded.
First Quarter 2023 Financial Results
Total revenues increased by
Total cost of revenues was
Gross profit in the first quarter of 2023 was
Total operating expenses in the first quarter of 2023 were
- Fulfillment expenses in the first quarter of 2023 were
, compared with$8.6 million in the same quarter of 2022. As a percentage of total revenues, fulfillment expenses were$6.9 million 5.8% in the first quarter of 2023, compared with7.3% in the same quarter of 2022 and5.7% in the fourth quarter of 2022. - Selling and marketing expenses in the first quarter of 2023 were
, compared with$69.1 million in the same quarter of 2022. As a percentage of total revenues, selling and marketing expenses were$39.0 million 46.8% in the first quarter of 2023, compared with41.6% in the same quarter of 2022 and46.2% in the fourth quarter of 2022. - G&A expenses in the first quarter of 2023 were
, compared with$9.1 million in the same quarter of 2022. As a percentage of total revenues, G&A expenses were$8.1 million 6.1% in the first quarter of 2023, compared with8.6% in the same quarter of 2022 and5.3% in the fourth quarter of 2022. As part of G&A expenses, R&D expenses in the first quarter of 2023 were , compared with$5.2 million in the same quarter of 2022 and$4.6 million in the fourth quarter of 2022.$5.3 million
Loss from operations was
Net loss was
Net loss per American Depository Share ("ADS") was
In the first quarter of 2023, the Company's basic weighted average number of ADSs used in computing the net loss per ADS was 113,330,151.
Adjusted EBITDA was negative
As of March 31, 2023, the Company had cash and cash equivalents and restricted cash of
Business Outlook
For the second quarter of 2023, based on current information available to the Company and business seasonality, the Company expects net revenues to be between
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 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
For more information on the non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Result" set forth at the end of this press release.
Conference Call
The Company's management will hold an earnings conference call at 8:00 a.m. Eastern Time on May 26, 2023 (8:00 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/10030748-hf84u6.html. Upon registration, 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 June 2, 2023. The dial-in details are:
US/ | +1-855-883-1031 | |
800-101-3223 | ||
800-930-639 | ||
Replay PIN: | 10030748 |
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, LigthInTheBox 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 apparels that bring fresh joy to customers. LigthInTheBox operates its business through www.lightinthebox.com, www.miniinthebox.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
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
LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the
LightInTheBox Holding Co., Ltd. Unaudited Condensed Consolidated Balance Sheets ( | ||||||||
As of December 31, | As of March 31, | |||||||
2022 | 2023 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | 88,575 | 68,252 | ||||||
Restricted cash | 5,993 | 5,311 | ||||||
Accounts receivable, net of allowance for credit losses | 695 | 370 | ||||||
Inventories | 14,260 | 10,972 | ||||||
Prepaid expenses and other current assets | 6,452 | 9,662 | ||||||
Total current assets | 115,975 | 94,567 | ||||||
Property and equipment, net | 2,946 | 2,918 | ||||||
Intangible assets, net | 5,630 | 5,131 | ||||||
Goodwill | 28,177 | 28,296 | ||||||
Operating lease right-of-use assets | 10,874 | 10,234 | ||||||
Long-term rental deposits | 1,211 | 1,299 | ||||||
TOTAL ASSETS | 164,813 | 142,445 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | 26,518 | 18,258 | ||||||
Advance from customers | 32,241 | 31,425 | ||||||
Operating lease liabilities | 4,993 | 5,280 | ||||||
Accrued expenses and other current liabilities | 90,357 | 81,455 | ||||||
Total current liabilities | 154,109 | 136,418 | ||||||
Operating lease liabilities | 6,576 | 5,617 | ||||||
Long-term payable | 34 | 22 | ||||||
Deferred tax liabilities | 111 | 153 | ||||||
Unrecognized tax benefits | 107 | 107 | ||||||
TOTAL LIABILITIES | 160,937 | 142,317 | ||||||
EQUITY | ||||||||
Ordinary shares | 17 | 17 | ||||||
Additional paid-in capital | 282,722 | 282,727 | ||||||
Treasury shares | (28,615) | (28,425) | ||||||
Accumulated other comprehensive loss | (1,024) | (866) | ||||||
Accumulated deficit | (249,224) | (253,325) | ||||||
TOTAL EQUITY | 3,876 | 128 | ||||||
TOTAL LIABILITIES AND EQUITY | 164,813 | 142,445 |
LightInTheBox Holding Co., Ltd. Unaudited Condensed Consolidated Statements of Operations (
| ||||||||
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2022 | 2023 | |||||||
Revenues | ||||||||
Product sales | 91,343 | 144,601 | ||||||
Services and others | 2,425 | 3,180 | ||||||
Total revenues | 93,768 | 147,781 | ||||||
Cost of revenues | ||||||||
Product sales | (45,070) | (64,176) | ||||||
Services and others | (1,184) | (1,103) | ||||||
Total Cost of revenues | (46,254) | (65,279) | ||||||
Gross profit | 47,514 | 82,502 | ||||||
Operating expenses | ||||||||
Fulfillment | (6,864) | (8,636) | ||||||
Selling and marketing | (39,032) | (69,112) | ||||||
General and administrative | (8,066) | (9,057) | ||||||
Other operating income | 66 | 345 | ||||||
Total operating expenses | (53,896) | (86,460) | ||||||
Loss from operations | (6,382) | (3,958) | ||||||
Interest income | 10 | 30 | ||||||
Interest expense | (2) | (1) | ||||||
Other income, net | 862 | 21 | ||||||
Total other income | 870 | 50 | ||||||
Loss before income taxes | (5,512) | (3,908) | ||||||
Income tax expense | - | (48) | ||||||
Net loss | (5,512) | (3,956) | ||||||
Net loss attributable to LightInTheBox Holding Co., Ltd. | (5,512) | (3,956) | ||||||
Weighted average numbers of shares used in calculating loss per ordinary share | ||||||||
—Basic | 226,107,269 | 226,660,302 | ||||||
—Diluted | 226,107,269 | 226,660,302 | ||||||
Net loss per ordinary share | ||||||||
—Basic | (0.02) | (0.02) | ||||||
—Diluted | (0.02) | (0.02) | ||||||
Net loss per ADS ( 2 ordinary shares equal to 1 ADS ) | ||||||||
—Basic | (0.05) | (0.03) | ||||||
—Diluted | (0.05) | (0.03) |
LightInTheBox Holding Co., Ltd. Unaudited Reconciliations of GAAP and Non-GAAP Results ( | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2022 | 2023 | ||||||||
Net loss | (5,512) | (3,956) | |||||||
Less: | Interest income | 10 | 30 | ||||||
Interest expense | (2) | (1) | |||||||
Income tax expense | - | (48) | |||||||
Depreciation and amortization | (858) | (829) | |||||||
EBITDA | (4,662) | (3,108) | |||||||
Less: Share-based compensation | (36) | (5) | |||||||
Adjusted EBITDA* | (4,626) | (3,103) |
* Adjusted EBITDA represents loss from operations before impairment loss on investment, share-based compensation expense, interest income, interest expense, income tax expense and depreciation and amortization expenses. |
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SOURCE LightInTheBox Holding Co., Ltd.
FAQ
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