Friday, December 9, 2022

LightInTheBox Reviews Third Quarter 2022 Monetary Outcomes

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SINGAPORE, Nov. 25, 2022 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Firm”), a cross-border e-commerce platform that delivers merchandise on to customers around the globe, at this time introduced its unaudited monetary outcomes for the third quarter ended September 30, 2022.

Third Quarter and First 9 Months 2022 Monetary Highlights

Three Months Ended

12 months-
over-

9 Months Ended

12 months-
over-

September
30,

September
30,

12 months %

September
30,

September
30,

12 months %

In tens of millions, besides
percentages

2021

2022

Change

2021

2022

Change

Whole revenues

$

98.7

$

121.0

22.6

%

$

333.0

$

347.2

4.3

%

– Attire gross sales

$

61.9

$

99.6

60.8

%

$

196.3

$

275.6

40.4

%

Attire gross sales/complete revenues

62.7

%

82.3

%

59.0

%

79.4

%

Gross margin

44.5

%

57.9

%

46.0

%

54.9

%

Web (loss) / revenue

$

(6.1)

$

(0.4)

$

4.7

$

(8.3)

Adjusted EBITDA

$

(5.1)

$

0.4

$

11.7

$

(5.7)

 

As of
September 30,

As of 
September 30,

In tens of millions

2021

2022

Money, money equivalents and restricted money

$

50.2

$

57.0

Mr. Jian He, Chief Government Officer of LightInTheBox, commented, “We delivered stable monetary efficiency within the third quarter of 2022 regardless of macro headwinds together with rampant inflation, overseas alternate volatility, excessive power costs and consumption contraction in lots of our markets. Income development accelerated with a 23% year-over-year improve, adjusted EBITDA was $0.4 million, and web loss narrowed additional to $0.4 million. That is once more a testomony to our confirmed technique, sturdy execution capabilities and differentiated competitiveness, making us stand out in a tricky market. This improved efficiency is primarily the results of our ongoing product shift to primarily apparels. Going ahead, we are going to embark on a marketing campaign to re-position our model amongst our valued prospects in keeping with this our product technique. We are going to proceed to consolidate our strengths in provide chain administration, optimize operational effectivity and buyer expertise to navigate by uncertainties and ship long-term development.”

Third Quarter 2022 Monetary Outcomes

Whole revenues elevated by 22.6% year-over-year to $121.0 million from $98.7 million in the identical quarter of 2021. Gross sales from attire elevated by 60.8% to $99.6 million within the third quarter of 2022, in contrast with $61.9 million in the identical quarter of 2021. Revenues from attire represented 82.3% of complete revenues within the third quarter of 2022, and 62.7% in the identical quarter of 2021.

Whole value of revenues was $51.0 million within the third quarter of 2022, in contrast with $54.8 million in the identical quarter of 2021.

Gross revenue within the third quarter of 2022 was $70.0 million, in contrast with $43.9 million in the identical quarter of 2021. Gross margin was 57.9% within the third quarter of 2022, in contrast with 44.5% in the identical quarter of 2021. The rise in gross margin was a results of the Firm’s steady efforts to optimize its product combine to attire gross sales.

Whole working bills within the third quarter of 2022 had been $70.5 million, in contrast with $50.5 million in the identical quarter of 2021.

  • Success bills within the third quarter of 2022 had been $7.1 million, in contrast with $7.2 million in the identical quarter of 2021. As a share of complete revenues, success bills had been 5.9% within the third quarter of 2022, in contrast with 7.3% in the identical quarter of 2021 and 5.9% within the second quarter of 2022.

  • Promoting and advertising and marketing bills within the third quarter of 2022 had been $53.1 million, in contrast with $34.0 million in the identical quarter of 2021. As a share of complete revenues, promoting and advertising and marketing bills had been 43.9% for the third quarter of 2022, in contrast with 34.4% in the identical quarter of 2021 and 44.0% within the second quarter of 2022.

  • G&A bills within the third quarter of 2022 had been $10.3 million, in contrast with $9.3 million in the identical quarter of 2021. As a share of complete revenues, G&A bills had been 8.5% for the third quarter of 2022, in contrast with 9.4% in the identical quarter of 2021 and seven.3% within the second quarter of 2022. Included in G&A bills, R&D bills within the third quarter of 2022 had been $4.8 million, in contrast with $5.5 million in the identical quarter of 2021 and $4.7 million within the second quarter of 2022.

Loss from operations was $0.5 million within the third quarter of 2022, in contrast with $6.6 million in the identical quarter of 2021.

Web loss was $0.4 million within the third quarter of 2022, in contrast with $6.1 million in the identical quarter of 2021.

Web loss per American Depository Share (“ADS”) was nil within the third quarter of 2022, in contrast with web loss per ADS of $0.05 in the identical quarter of 2021. Every ADS represents two odd shares. The diluted web loss per ADS within the third quarter of 2022 was nil, in contrast with the diluted web loss per ADS of $0.05 in the identical quarter of 2021.

Within the third quarter of 2022, the Firm’s fundamental weighted common variety of ADSs utilized in computing the online loss per ADS was 113,120,919.

Adjusted EBITDA, which represents revenue/(loss) from operations earlier than share-based compensation expense, curiosity revenue, curiosity expense, revenue tax expense and depreciation and amortization bills, was $0.4 million within the third quarter of 2022, in contrast with a lack of $5.1 million in the identical quarter of 2021.

As of September 30, 2022, the Firm had money and money equivalents and restricted money of $57.0 million, in contrast with $50.2 million as of September 30, 2021.

First 9 Months of 2022 Monetary Outcomes

Whole revenues elevated 4.3% year-over-year to $347.2 million from $333.0 million in the identical interval of 2021. Revenues from attire elevated by 40.4% to $275.6 million within the first 9 months of 2022, in contrast with $196.3 million in the identical interval of 2021, representing 79.4% of complete revenues within the first 9 months of 2022, and 59.0% in the identical interval of 2021.

Whole value of revenues was $156.5 million within the first 9 months of 2022, in contrast with $179.6 million in the identical interval of 2021.

Gross revenue within the first 9 months of 2022 was $190.7 million, in contrast with $153.3 million in the identical interval of 2021. Gross margin was 54.9% within the first 9 months of 2022, in contrast with 46.0% in the identical interval of 2021. The rise in gross margin was a results of the Firm’s steady efforts to modify our product combine to apparels with increased margins.

Whole working bills within the first 9 months of 2022 had been $200.0 million, in contrast with $161.9 million in the identical interval of 2021.

  • Success bills within the first 9 months of 2022 had been $21.8 million, in contrast with $22.1 million in the identical interval of 2021. As a share of complete revenues, success bills had been 6.3% within the first 9 months of 2022, in contrast with 6.6% in the identical interval of 2021.

  • Promoting and advertising and marketing bills within the first 9 months of 2022 had been $150.4 million, in contrast with $113.1 million in the identical interval of 2021. As a share of complete revenues, promoting and advertising and marketing bills had been 43.3% for the primary 9 months of 2022, in contrast with 34.0% in the identical interval of 2021.

  • G&A bills within the first 9 months of 2022 had been $28.0 million, in contrast with $27.2 million in the identical interval of 2021. As a share of complete revenues, G&A bills had been 8.1% for the primary 9 months of 2022, in contrast with 8.2% in the identical interval of 2021. Included in G&A bills, R&D bills within the first 9 months of 2022 had been $14.1 million, in contrast with $15.5 million in the identical interval of 2021.

Loss from operations was $9.3 million within the first 9 months of 2022, in contrast with $8.6 million in the identical interval of 2021.

Different revenue, web was $1.0 million within the first 9 months of 2022, in contrast with $17.6 million in the identical interval of 2021. Included in different revenue, web, change in truthful worth on our fairness funding was $0.8 million within the first 9 months of 2022, in contrast with $17.1 million in the identical interval of 2021. The achieve in truthful worth change on our fairness funding, after respective revenue tax of $nil, was $0.8 million within the first 9 months of 2022, in contrast with $12.8 million after respective revenue tax of $4.3 million in the identical interval of 2021.

Web loss was $8.3 million within the first 9 months of 2022, in contrast with web revenue of $4.7 million in the identical interval of 2021.

Web loss per American Depository Share (“ADS”) was $0.07 within the first 9 months of 2022, in contrast with web revenue per ADS of $0.04 in the identical interval of 2021. Every ADS represents two odd shares. The diluted web loss per ADS for the primary 9 months of 2022 was $0.07, in contrast with the diluted web revenue per ADS of $0.04 in the identical interval of 2021.

Within the first 9 months of 2022, the Firm’s fundamental weighted common variety of ADSs utilized in computing the online loss per ADS was 113,077,340.

Adjusted EBITDA, which represents (loss) / revenue from operations earlier than share-based compensation expense, curiosity revenue, curiosity expense, revenue tax expense and depreciation and amortization bills, was adverse $5.7 million within the first 9 months of 2022, in contrast with revenue of $11.7 million in the identical interval of 2021.

Non-GAAP Monetary Measures

To complement our consolidated monetary statements, that are ready and introduced in accordance with U.S. GAAP, we use the next non-GAAP monetary measures to assist consider our working efficiency:

“Adjusted EBITDA” represents revenue from operations earlier than share-based compensation expense, curiosity revenue, curiosity expense, revenue tax expense and depreciation and amortization bills. Though different corporations could calculate adjusted EBITDA otherwise or not current it in any respect, we imagine that the adjusted EBITDA helps to establish underlying traits in our working outcomes, and facilitate buyers’ understanding of the previous efficiency and future prospect.

Latest Improvement

On October 28, 2022, the Firm acquired a letter from the New York Inventory Alternate (“NYSE”), indicating that the Firm is “beneath standards” because of the common closing worth of the Firm’s ADSs being lower than $1.00 over a consecutive 30-trading-day interval pursuant to Part 802.01C of the NYSE Listed Firm Handbook.

The Firm can regain compliance at any time throughout the six-month treatment interval if on the final buying and selling day of any calendar month throughout the treatment interval the Firm has a closing share worth of at the least $1.00 and a median closing share worth of at the least $1.00 over the 30 trading-day interval ending on the final buying and selling day of that month. Within the occasion that on the expiration of the six-month treatment interval, each a $1.00 closing share worth on the final buying and selling day of the treatment interval and a $1.00 common closing share worth over the 30 trading-day interval ending on the final buying and selling day of the treatment interval are usually not attained, the NYSE will begin suspension and delisting procedures.

The Firm notified the NYSE on November 8, 2022 of its intent to treatment the deficiency. The Firm’s ADSs will proceed to be listed and traded on the NYSE, topic to compliance with different NYSE continued itemizing requirements and different rights of the NYSE to delist the ADSs. The Firm is at the moment in compliance with all different NYSE continued itemizing requirements. The NYSE notification doesn’t have an effect on the Firm’s enterprise operations or its Securities and Alternate Fee reporting necessities.

Convention Name

The Firm will maintain a convention name to debate the outcomes at 8:00 a.m. Japanese Time on November 25, 2022 (9:00 p.m. Beijing Time on the identical day).

Preregistration Data

Members can register for the convention name by navigating to https://s1.c-conf.com/diamondpass/10026943-hf85yq.html. As soon as preregistration has been accomplished, individuals will obtain dial-in numbers, an occasion passcode, and a novel registrant ID.

To hitch the convention, merely dial the quantity within the calendar invite you obtain after preregistering, enter the occasion passcode adopted by your distinctive registrant ID, and you’ll be joined to the convention immediately.

A phone replay can be out there two hours after the conclusion of the convention name by December 2, 2022. The dial-in particulars are:

US/Canada:

+1-855-883-1031

Hong Kong:

800-930-639

Replay PIN:

10026943

Moreover, a dwell and archived webcast of the convention name can be out there on the Firm’s Investor Relations web site at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a cross-border e-commerce platform that delivers merchandise on to customers around the globe. The Firm affords prospects a handy approach to buy a wide array of merchandise at engaging costs by its www.lightinthebox.com/, www.miniinthebox.com, www.ezbuy.sg and different web sites and cellular purposes, which can be found in 25 main languages and canopy greater than 140 nations.

For extra info, please go to www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 1548
E-mail: ir@lightinthebox.com

OR
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com

Ahead-Wanting Statements

This announcement comprises forward-looking statements. These statements are made underneath the “secure harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward-looking statements could be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “proceed,” “ongoing,” “targets” and comparable statements. Amongst different issues, statements that aren’t historic info, together with statements about LightInTheBox’s beliefs and expectations, the enterprise outlook and quotations from administration on this announcement, in addition to LightInTheBox’s strategic and operational plans, are or comprise forward-looking statements.

LightInTheBox may additionally make written or oral forward-looking statements in its periodic studies to the U.S. Securities and Alternate Fee (the “SEC”), in press releases and different written supplies and in oral statements made by its officers, administrators or workers to fourth events. Ahead-looking statements contain inherent dangers and uncertainties. Quite a lot of elements may trigger precise outcomes to vary materially from these contained in any forward- trying assertion, together with however not restricted to the next: LightInTheBox’s objectives and methods; LightInTheBox’s future enterprise improvement, outcomes of operations and monetary situation; the anticipated development of the worldwide on-line retail market; LightInTheBox’s skill to draw prospects and additional improve buyer expertise and product choices; LightInTheBox’s skill to strengthen its provide chain effectivity and optimize its logistics community; LightInTheBox’s expectations concerning demand for and market acceptance of its merchandise; competitors; fluctuations generally financial and enterprise circumstances and assumptions underlying or associated to any of the foregoing. Additional info concerning these and different dangers is included in LightInTheBox’s filings with the SEC. All info offered on this press launch and within the attachments is as of the date of this press launch, and LightInTheBox doesn’t undertake any obligation to replace any forward-looking assertion, besides as required underneath relevant regulation.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Steadiness Sheets

(U.S. {dollars} in 1000’s, or in any other case famous)

 As of December 31, 

 As of September 30, 

2021

2022

ASSETS

Present Property

Money and money equivalents

55,942

52,469

Restricted money

3,660

4,566

Accounts receivable, web of allowance for credit score losses

1,625

735

Quantities due from associated events

2,730

Inventories

11,997

11,248

Pay as you go bills and different present belongings

7,947

9,877

Whole present belongings

83,901

78,895

Property and gear, web

3,312

2,993

Intangible belongings, web

8,232

6,008

Goodwill

30,440

27,342

Working lease right-of-use belongings

11,584

11,435

Lengthy-term rental deposits

1,218

1,173

Lengthy-term investments

56,383

57,232

Different non-current belongings

296

79

TOTAL ASSETS

195,366

185,157

LIABILITIES AND EQUITY

Present Liabilities

Accounts payable

23,535

17,588

Advance from prospects

24,789

26,581

Working lease liabilities

3,784

4,857

Accrued bills and different present liabilities

57,819

63,614

Whole present liabilities

109,927

112,640

Working lease liabilities

7,864

7,388

Lengthy-term payable

78

42

Deferred tax liabilities

517

519

Unrecognized tax advantages

13,101

11,740

TOTAL LIABILITIES

131,487

132,329

EQUITY

Unusual shares

17

17

Further paid-in capital

282,382

282,457

Treasury shares

(29,309)

(29,309)

Amassed different complete revenue

2,737

(73)

Amassed deficit

(192,072)

(200,264)

Non-controlling pursuits

124

TOTAL EQUITY

63,879

52,828

TOTAL LIABILITIES AND EQUITY

195,366

185,157

 

 

 

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. {dollars} in 1000’s, besides per share information, or in any other case famous)

Three Months Ended

9 Months Ended

September 30,

September 30,

September 30,

September 30,

2021

2022

2021

2022

Revenues

Product gross sales

95,961

117,980

324,720

339,151

Companies and others

2,744

3,047

8,233

7,999

Whole revenues

98,705

121,027

332,953

347,150

Price of revenues

Product gross sales

(54,018)

(49,570)

(177,051)

(152,854)

Companies and others

(784)

(1,437)

(2,592)

(3,604)

Whole Price of revenues

(54,802)

(51,007)

(179,643)

(156,458)

Gross revenue

43,903

70,020

153,310

190,692

Working bills

Success

(7,196)

(7,116)

(22,061)

(21,754)

Promoting and advertising and marketing

(33,991)

(53,100)

(113,113)

(150,357)

Common and administrative

(9,310)

(10,315)

(27,220)

(28,042)

Different working revenue

37

39

445

131

Whole working bills

(50,460)

(70,492)

(161,949)

(200,022)

Loss from operations

(6,557)

(472)

(8,639)

(9,330)

Curiosity revenue

27

20

47

37

Curiosity expense

(3)

(1)

(11)

(4)

Different revenue, web

368

45

17,577

990

Whole different revenue 

392

64

17,613

1,023

(Loss) / Revenue earlier than revenue taxes 

(6,165)

(408)

8,974

(8,307)

Revenue tax profit / (expense)

29

(4,260)

(9)

Web (loss) / revenue

(6,136)

(408)

4,714

(8,316)

Much less: Web (loss) / revenue attributable to non-
controlling pursuits

(121)

40

Web (loss) / revenue attributable to LightInTheBox
Holding Co., Ltd.

(6,015)

(408)

4,674

(8,316)

Weighted common numbers of shares utilized in
calculating (loss) / revenue per odd share

—Primary

224,320,504

226,241,837

224,220,060

226,154,680

—Diluted

224,320,504

226,241,837

226,615,330

226,154,680

Web (loss) / revenue per odd share

—Primary

(0.03)

(0.00)

0.02

(0.04)

—Diluted

(0.03)

(0.00)

0.02

(0.04)

Web (loss) / revenue per ADS (2 odd shares
equal to 1 ADS)

—Primary

(0.05)

(0.00)

0.04

(0.07)

—Diluted

(0.05)

(0.00)

0.04

(0.07)

 

 

 

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Outcomes

(U.S. {dollars} in 1000’s, or in any other case famous)

Three Months Ended

9 Months Ended

September 30,

September 30,

September 30,

September 30,

2021

2022

2021

2022

Web (loss) / revenue

(6,136)

(408)

4,714

(8,316)

Much less: Curiosity revenue

27

20

47

37

        Curiosity expense

(3)

(1)

(11)

(4)

        Revenue tax expense

29

0

(4,260)

(9)

        Depreciation and amortization

(990)

(854)

(2,482)

(2,568)

EBITDA

(5,199)

427

11,420

(5,772)

Much less: Share-based compensation

(57)

(9)

(255)

(75)

Adjusted EBITDA*

(5,142)

436

11,675

(5,697)

* Adjusted EBITDA represents revenue / (loss) from operations earlier than share-based compensation expense, curiosity
revenue, curiosity expense, revenue tax expense and depreciation and amortization bills.

 

  

Cision

Cision

View unique content material:https://www.prnewswire.com/news-releases/lightinthebox-reports-third-quarter-2022-financial-results-301687061.html

SOURCE LightInTheBox Holding Co., Ltd.



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