LightInTheBox Reports 9.4% Revenue Growth for Full Year 2017
Full Year 2017 Highlights
- Net revenues increased 9.4% year-over-year to
$319.9 million - Net revenues from product sales increased 12.2% year-over-year
- Product sales in the apparel category increased 11.1% year-over-year
- Sales made through mobile devices increased 22.1% year-over-year. Sales made through the Company's mobile app increased 73.6% year-over-year
- General and Administrative expenses as a percentage of total net revenues decreased to 9.3% from 11.8% in 2016
- Fulfillment expenses as a percentage of total net revenues dropped to 5.4% from 5.8% in 2016
- Revenues from
South America andRussia increased 51.2% and 21.1% year-over-year, respectively
Full Year 2017 Financial Results
Net revenues increased 9.4% year-over-year to
Total orders of product sales were 6.7 million for the full year of 2017, compared with 6.6 million in 2016. Total number of product sales customers was 4.9 million for the full year of 2017, flat with 2016.
Product sales in the apparel category were
Product sales from
Total cost of revenues was
Gross profit for the full year of 2017 was
Total operating expenses in the full year of 2017 were
- Fulfillment expenses in the full year of 2017 were
$17.3 million , compared with$17.1 million in 2016. As a percentage of total net revenues, fulfillment expenses were 5.4% for the full year of 2017, compared to 5.8% in 2016. - Selling and marketing expenses in the full year of 2017 were
$68.9 million , compared with$61.1 million in 2016. As a percentage of total net revenues, selling and marketing expenses were 21.5% for the full year of 2017, compared to 20.9% in 2016. - General and administrative (G&A) expenses in the full year of 2017 were
$29.6 million , compared with$34.5 million in 2016. As a percentage of total net revenues, G&A expenses were 9.3% for the full year of 2017, compared with 11.8% in 2016. G&A expenses in the full year of 2017 included$10.4 million in technology investments, compared with$12.8 million in 2016.
Loss from operations was
Net loss was
Net loss per American Depository Share ("ADS") was
Fourth Quarter 2017 Financial Results
Net revenues decreased 3.7% year-over-year to
Total orders of product sales were 1.7 million for the fourth quarter of 2017, compared with 2.2 million in the same quarter of 2016. Total number of product sales customers was 1.4 million for the fourth quarter of 2017, compared with 1.7 million in the same quarter of 2016.
Product sales in the apparel category were
Product sales from
Total cost of revenues was
Gross profit for the fourth quarter of 2017 was
Total operating expenses in the fourth quarter of 2017 were
- Fulfillment expenses in the fourth quarter of 2017 were
$5.0 million , compared with$4.6 million in the same quarter of 2016. As a percentage of total net revenues, fulfillment expenses were 5.5% for the fourth quarter of 2017, compared to 4.8% in the same quarter of 2016 and 5.4% in the third quarter of 2017. - Selling and marketing expenses in the fourth quarter of 2017 were
$17.8 million , compared with$19.5 million in the same quarter of 2016. As a percentage of total net revenues, selling and marketing expenses were 19.4% for the fourth quarter of 2017, compared to 20.5% in the same quarter of 2016 and 23.1% in the third quarter of 2017. - General and administrative (G&A) expenses in the fourth quarter of 2017 were
$8.0 million , compared with$10.1 million in the same quarter of 2016. As a percentage of total net revenues, G&A expenses were 8.7% for the fourth quarter of 2017, compared with 10.6% in the same quarter of 2016 and 8.6% in the third quarter of 2017. G&A expenses in the fourth quarter of 2017 included$2.7 million in technology investments, compared with$3.1 million in the same quarter of 2016.
Loss from operations was
Net loss was
Net loss per ADS was
For the fourth quarter of 2017, the Company's weighted average number of ADSs used in computing loss per ADS was 68,565,927.
As of
Share Repurchase Program Extension
On
About
For more information, please visit www.lightinthebox.com.
Investor Relations Contact
Christensen
Ms.
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com
OR
Christensen
Ms.
Phone: +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
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LightInTheBox Holding Co., Ltd. |
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|
Unaudited Condensed Consolidated Balance Sheets |
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|
(U.S. dollar in thousands) |
||||
|
As of December 31, |
As of December 31, |
|||
|
2016 |
2017 |
|||
|
ASSETS |
||||
|
Current Assets |
||||
|
Cash and cash equivalents |
89,517 |
68,441 |
||
|
Restricted cash |
1,559 |
1,573 |
||
|
Accounts receivable |
2,401 |
3,433 |
||
|
Inventories, net |
10,587 |
11,841 |
||
|
Prepaid expenses and other current assets |
9,674 |
15,696 |
||
|
Total current assets |
113,738 |
100,984 |
||
|
Property and equipment, net |
1,071 |
920 |
||
|
Acquired intangible assets, net |
215 |
210 |
||
|
Goodwill |
690 |
690 |
||
|
Long-term rental deposit |
638 |
671 |
||
|
Long-term investment |
1,849 |
5,262 |
||
|
TOTAL ASSETS |
118,201 |
108,737 |
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|
LIABILITIES |
||||
|
Current Liabilities |
||||
|
Accounts payable |
22,523 |
22,430 |
||
|
Advance from customers |
8,758 |
10,110 |
||
|
Accrued expenses and other current liabilities |
21,084 |
20,727 |
||
|
Total current liabilities |
52,365 |
53,267 |
||
|
TOTAL LIABILITIES |
52,365 |
53,267 |
||
|
EQUITY |
||||
|
Ordinary shares |
10 |
11 |
||
|
Treasury shares, at cost |
(20,806) |
(23,907) |
||
|
Additional paid-in capital |
236,949 |
238,851 |
||
|
Accumulated deficit |
(149,738) |
(159,286) |
||
|
Accumulated other comprehensive loss |
(579) |
(199) |
||
|
TOTAL EQUITY |
65,836 |
55,470 |
||
|
TOTAL LIABILITIES AND EQUITY |
118,201 |
108,737 |
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|
LightInTheBox Holding Co., Ltd. |
||||||||
|
Unaudited Condensed Consolidated Statements of Operations |
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|
(U.S. dollar in thousands, except share data and per share data) |
||||||||
|
Three-month Period Ended |
Twelve-month Period Ended |
|||||||
|
December 31, |
December 31, |
December 31, |
December 31, |
|||||
|
2016 |
2017 |
2016 |
2017 |
|||||
|
Net revenues |
||||||||
|
Product sales |
84,749 |
83,140 |
262,083 |
293,951 |
||||
|
Services and others |
10,431 |
8,471 |
30,404 |
25,930 |
||||
|
Total net revenues |
95,180 |
91,611 |
292,487 |
319,881 |
||||
|
Cost of revenues |
||||||||
|
Product sales |
(53,566) |
(56,665) |
(160,566) |
(189,816) |
||||
|
Services and others |
(9,795) |
(7,775) |
(28,371) |
(24,445) |
||||
|
Total Cost of revenues |
(63,361) |
(64,440) |
(188,937) |
(214,261) |
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|
Gross profit |
31,819 |
27,171 |
103,550 |
105,620 |
||||
|
Operating expenses |
||||||||
|
Fulfillment |
(4,586) |
(5,028) |
(17,052) |
(17,291) |
||||
|
Selling and marketing |
(19,526) |
(17,756) |
(61,090) |
(68,891) |
||||
|
General and administrative |
(10,073) |
(7,978) |
(34,492) |
(29,605) |
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|
Total operating expenses |
(34,185) |
(30,762) |
(112,634) |
(115,787) |
||||
|
Loss from operations |
(2,366) |
(3,591) |
(9,084) |
(10,167) |
||||
|
Exchange loss on offshore bank accounts |
(190) |
(46) |
(120) |
(89) |
||||
|
Interest income |
112 |
70 |
518 |
581 |
||||
|
Loss before income taxes |
(2,444) |
(3,567) |
(8,686) |
(9,675) |
||||
|
Income taxes expenses |
(12) |
(51) |
(54) |
(81) |
||||
|
Gain from equity method investments |
38 |
79 |
17 |
208 |
||||
|
Net loss |
(2,418) |
(3,539) |
(8,723) |
(9,548) |
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|
Weighted average numbers of shares used in calculating |
||||||||
|
--Basic |
137,888,454 |
137,131,854 |
127,180,801 |
137,641,562 |
||||
|
--Diluted |
137,888,454 |
137,131,854 |
127,180,801 |
137,641,562 |
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|
Net loss per ordinary share |
||||||||
|
--Basic |
(0.02) |
(0.03) |
(0.07) |
(0.07) |
||||
|
--Diluted |
(0.02) |
(0.03) |
(0.07) |
(0.07) |
||||
|
Net loss per ADS (2 ordinary shares equal to 1 ADS) |
||||||||
|
--Basic |
(0.04) |
(0.05) |
(0.14) |
(0.14) |
||||
|
--Diluted |
(0.04) |
(0.05) |
(0.14) |
(0.14) |
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LightInTheBox Holding Co., Ltd. |
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Unaudited Condensed Consolidated Statements of Cash Flows |
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|
(U.S. dollar in thousands) |
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|
Three-month Period Ended |
Twelve-month Period Ended |
|||||||
|
December 31, |
December 31, |
December 31, |
December 31, |
|||||
|
2016 |
2017 |
2016 |
2017 |
|||||
|
Net loss |
(2,418) |
(3,539) |
(8,723) |
(9,548) |
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|
Adjustments to reconcile net loss to net cash used in |
||||||||
|
Depreciation and amortization |
255 |
170 |
1,395 |
769 |
||||
|
Share-based compensation |
495 |
411 |
2,317 |
1,865 |
||||
|
Inventory write-down |
474 |
458 |
3,286 |
2,065 |
||||
|
Exchange loss on offshore bank accounts |
190 |
46 |
120 |
89 |
||||
|
Gain from equity method investments |
(38) |
(79) |
(17) |
(208) |
||||
|
Changes in operating assets and liabilities |
||||||||
|
Accounts receivable |
139 |
(1,143) |
(1,707) |
(973) |
||||
|
Inventories |
(2,159) |
(945) |
(2,642) |
(3,293) |
||||
|
Prepaid expenses and other current assets |
(2,094) |
(329) |
(4,659) |
(5,985) |
||||
|
Accounts payable |
8,681 |
7,501 |
(6,813) |
(108) |
||||
|
Advance from customers |
(1,960) |
(2,570) |
476 |
1,345 |
||||
|
Accrued expense and other current liabilities |
1,450 |
1,140 |
1,635 |
(837) |
||||
|
Long-term rental deposit |
1 |
12 |
(2) |
(12) |
||||
|
Net cash provided by (used in) operating activities |
3,016 |
1,133 |
(15,334) |
(14,831) |
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|
Cash flows from investing activities |
||||||||
|
Purchase of property and equipment |
(95) |
(238) |
(334) |
(556) |
||||
|
(Increase)decrease in restricted cash |
(479) |
(136) |
47 |
(15) |
||||
|
Payment for long term investment |
- |
- |
- |
(2,950) |
||||
|
Net cash used in investing activities |
(574) |
(374) |
(287) |
(3,521) |
||||
|
Cash flows from financing activities |
||||||||
|
Issuance of ordinary shares |
- |
- |
76,499 |
- |
||||
|
Cash proceeds from exercise of option |
- |
14 |
22 |
37 |
||||
|
Payment of private placement offering expenses |
(153) |
- |
(1,076) |
- |
||||
|
Repurchase of ordinary shares |
(462) |
(2,070) |
(810) |
(3,101) |
||||
|
Net cash (used in) provided by financing activities |
(615) |
(2,056) |
74,635 |
(3,064) |
||||
|
Effect of exchange rate changes on cash and cash |
(378) |
108 |
(398) |
340 |
||||
|
Cash and cash equivalents at beginning of period |
88,068 |
69,630 |
30,901 |
89,517 |
||||
|
Cash and cash equivalents at end of period |
89,517 |
68,441 |
89,517 |
68,441 |
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