LightInTheBox Reports Fourth Quarter and Full Year 2021 Financial Results
LightInTheBox reported its Q4 and full year 2021 financial results on March 30, 2022. Total revenues for Q4 decreased by 14.8% year-over-year to $113.2 million, but full-year revenues increased by 12.0% to $446.1 million. Apparel sales surged by 25.2% in Q4, constituting 70.5% of product sales. Notably, net income for Q4 was $8.7 million, reversing a loss of $3.2 million in Q4 2020. The gross margin improved to 47.2% in Q4. The company also invested $20 million in technology, anticipating future growth.
- Full year total revenues increased by 12.0% to $446.1 million.
- Apparel sales surged by 73.6% year-over-year to $274.2 million.
- Improved gross margin at 46.3% for the full year 2021.
- Q4 total revenues decreased 14.8% year-over-year to $113.2 million.
- Loss from operations was $7.5 million in Q4 2021, compared to a loss of $2.7 million in Q4 2020.
- Total operating expenses increased to $222.8 million for the full year 2021.
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 | December | December | Year- | December | December | Year- | ||||||||||||||||||
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
"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
Total cost of revenues was
Gross profit in the fourth quarter of 2021 was
Total operating expenses in the fourth quarter of 2021 were
- 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 were6.7% in the fourth quarter of 2021, compared with6.7% in the same quarter of 2020 and7.3% 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 were36.3% for the fourth quarter of 2021, compared with33.1% in the same quarter of 2020 and34.4% 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 were11.1% for the fourth quarter of 2021, compared with7.9% in the same quarter of 2020 and9.4% 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
Other income, net in the fourth quarter of 2021 was
Net income was
Net income per American Depository Share ("ADS") was
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
As of December 31, 2021, the Company had cash and cash equivalents and restricted cash of
Full Year 2021 Financial Results
Total revenues increased by
Total cost of revenues was
Gross profit for the full year of 2021 was
Total operating expenses for the full year of 2021 were
- 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 were6.6% for the full year of 2021, compared with7.0% 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 were34.6% for the full year of 2021, compared with28.2% 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 were8.9% for the full year of 2021, compared with8.3% 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
Other income, net was
Net income was
Net income per American Depository Share ("ADS") was
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
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 | (3,192) | 8,455 | 13,317 | 13,129 | ||||
Weighted average numbers of shares used in calculating | ||||||||
—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 | ||||||||
—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 | ||||||||
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SOURCE LightInTheBox Holding Co., Ltd.
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