LightInTheBox Reports First Quarter 2018 Financial Results
First Quarter 2018 Financial Results
Net revenues decreased 3.6% year-over-year to
Total orders of product sales were 1.3 million during the first quarter of 2018, compared with 1.6 million in the same quarter of 2017. Total number of product sales customers was 1.0 million, compared with 1.2 million in the same quarter of 2017.
Product sales in the apparel category were
Product sales from
Total cost of revenues was
Gross profit for the first quarter of 2018 was
Total operating expenses in the first quarter of 2018 were
- Fulfillment expenses in the first quarter of 2018 were
$4.5 million , compared with$3.8 million in the same quarter of 2017. As a percentage of total net revenues, fulfillment expenses were 6.4%, compared to 5.2% in the same quarter of 2017 and 5.5% for the fourth quarter of 2017. - Selling and marketing expenses in the first quarter of 2018 were
$16.1 million , compared with$15.2 million in the same quarter of 2017. As a percentage of total net revenues, selling and marketing expenses were 23.0%, compared to 20.9% in the same quarter of 2017 and 19.4% for the fourth quarter of 2017. - General and administrative (G&A) expenses in the first quarter of 2018 were
$8.0 million , compared with$7.8 million in the same quarter of 2017. As a percentage of total net revenues, G&A expenses were 11.4%, compared with 10.8% in the same quarter of 2017 and 8.7% for the fourth quarter of 2017. G&A expenses in the first quarter of 2018 included$3.0 million in technology investments, compared with$2.5 million in the same quarter of 2017.
Loss from operations was
Net loss was
Net loss per American Depository Share ("ADS") was
For the first quarter of 2018, the Company's weighted average number of ADSs used in computing the loss per ADS was 67,100,429.
As of
Share Repurchase Program
On
New Revenue Standard
On
The application of ASC 606 had no material impact on the company's consolidated financial statements as of and for the three month ended
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) |
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As of December 31, |
As of March 31, |
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2017 |
2018 |
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ASSETS |
||||
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Current Assets |
||||
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Cash and cash equivalents |
68,441 |
53,231 |
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Restricted cash |
1,573 |
1,381 |
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Accounts receivable |
3,433 |
3,408 |
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Inventories, net |
11,841 |
13,918 |
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Prepaid expenses and other current assets |
15,696 |
17,560 |
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Total current assets |
100,984 |
89,498 |
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Property and equipment, net |
920 |
1,096 |
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Acquired intangible assets, net |
210 |
209 |
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Goodwill |
690 |
690 |
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Long-term rental deposit |
671 |
684 |
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Long-term investment |
5,262 |
5,519 |
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TOTAL ASSETS |
108,737 |
97,696 |
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LIABILITIES |
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Current Liabilities |
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Accounts payable |
22,430 |
19,456 |
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Advance from customers |
10,110 |
11,425 |
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Accrued expenses and other current liabilities |
20,727 |
21,402 |
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Total current liabilities |
53,267 |
52,283 |
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TOTAL LIABILITIES |
53,267 |
52,283 |
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EQUITY |
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Ordinary shares |
11 |
11 |
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Treasury shares, at cost |
(23,907) |
(26,840) |
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Additional paid-in capital |
238,851 |
239,356 |
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Accumulated deficit |
(159,286) |
(167,139) |
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Accumulated other comprehensive (loss) gain |
(199) |
25 |
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TOTAL EQUITY |
55,470 |
45,413 |
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TOTAL LIABILITIES AND EQUITY |
108,737 |
97,696 |
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LightInTheBox Holding Co., Ltd. |
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Unaudited Condensed Consolidated Statements of Operations |
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(U.S. dollar in thousands, except share data and per share data) |
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Three-month Period Ended |
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March 31, |
March 31, |
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2017 |
2018 |
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Net revenues |
|||||
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Product sales |
64,776 |
65,968 |
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Services and others |
7,925 |
4,086 |
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Total net revenues |
72,701 |
70,054 |
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Cost of revenues |
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Product sales |
(41,032) |
(45,890) |
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Services and others |
(7,458) |
(3,678) |
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Total cost of revenues |
(48,490) |
(49,568) |
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Gross profit |
24,211 |
20,486 |
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Operating expenses |
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Fulfillment |
(3,748) |
(4,480) |
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Selling and marketing |
(15,205) |
(16,078) |
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General and administrative |
(7,834) |
(7,999) |
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Total operating expenses |
(26,787) |
(28,557) |
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Loss from operations |
(2,576) |
(8,071) |
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Exchange loss on offshore bank accounts |
(12) |
(57) |
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Interest income |
145 |
218 |
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Loss before income taxes |
(2,443) |
(7,910) |
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Income taxes expenses |
(8) |
(2) |
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Gain from equity method investments |
56 |
59 |
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Net loss |
(2,395) |
(7,853) |
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Weighted average numbers of shares used in calculating loss per ordinary share |
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-Basic |
137,761,078 |
134,200,859 |
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-Diluted |
137,761,078 |
134,200,859 |
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Net loss per ordinary share |
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-Basic |
(0.02) |
(0.06) |
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-Diluted |
(0.02) |
(0.06) |
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Net loss per ADS (2 ordinary shares equal to 1 ADS) |
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-Basic |
(0.03) |
(0.12) |
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-Diluted |
(0.03) |
(0.12) |
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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 |
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March 31, |
March 31, |
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2017 |
2018 |
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Net loss |
(2,395) |
(7,853) |
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Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation and amortization |
231 |
152 |
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Share-based compensation |
498 |
505 |
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Inventory write-down |
338 |
397 |
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Exchange loss on offshore bank accounts |
12 |
57 |
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Gain from equity method investments |
(56) |
(59) |
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Changes in operating assets and liabilities |
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Accounts receivable |
242 |
53 |
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Inventories |
658 |
(2,456) |
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Prepaid expenses and other current assets |
(1,765) |
(1,844) |
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Accounts payable |
(4,938) |
(2,987) |
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Advance from customers |
3,260 |
1,312 |
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Accrued expense and other current liabilities |
(1,733) |
376 |
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Long-term rental deposit |
(11) |
— |
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Net cash used in operating activities |
(5,659) |
(12,347) |
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Cash flow from investing activity |
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Purchase of property and equipment |
(111) |
(295) |
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Net cash used in investing activity |
(111) |
(295) |
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Cash flow from financing activity |
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Repurchase of ordinary shares |
(236) |
(2,934) |
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Net cash used in financing activity |
(236) |
(2,934) |
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Effect of exchange rate changes on cash and cash equivalents |
17 |
174 |
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Cash, cash equivalents and restricted cash beginning of period |
91,076 |
70,014 |
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Cash, cash equivalents and restricted cash end of period |
85,087 |
54,612 |
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Supplemental Cash Flow Data |
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Reconciliation of cash and cash equivalents to consolidated statements of cash flows: |
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Cash and cash equivalents as presented in consolidated balance sheets |
83,797 |
53,231 |
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Restricted cash and restricted cash equivalents as presented in consolidated balance sheets |
1,290 |
1,381 |
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Cash, cash equivalents and restricted cash as presented in consolidated statements of cash flows |
85,087 |
54,612 |
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