LightInTheBox Reports Third Quarter 2018 Financial Results
Third Quarter 2018 Financial Results
Net revenues decreased 42.3% year-over-year to
Total orders of product sales were 0.8 million during the third quarter of 2018, compared with 1.7 million in the same quarter of 2017. Total number of customers for product sales was 0.7 million for the third quarter of 2018, compared with 1.3 million in the same quarter of 2017.
Product sales in the apparel category were
Product sales in
Total cost of revenues was
Gross profit for the third quarter of 2018 was
Total operating expenses in the third quarter of 2018 were
- Fulfillment expenses in the third quarter of 2018 were
$3.4 million , compared with$4.2 million in the same quarter of 2017. As a percentage of total net revenues, fulfillment expenses were 7.6% for the third quarter of 2018, compared to 5.4% in the same quarter of 2017 and 6.7% in the second quarter of 2018. - Selling and marketing expenses in the third quarter of 2018 were
$11.3 million , compared with$17.8 million in the same quarter of 2017. As a percentage of total net revenues, selling and marketing expenses were 25.4% for the third quarter of 2018, compared to 23.1% in the same quarter of 2017 and 20.4% in the second quarter of 2018. - General and administrative (G&A) expenses in the third quarter of 2018 were
$10.1 million , compared with$6.6 million in the same quarter of 2017. As a percentage of total net revenues, G&A expenses were 22.7% for the third quarter of 2018, compared with 8.6% in the same quarter of 2017 and 15.7% in the second quarter of 2018. G&A expenses in the third quarter of 2018 included$2.5 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 third quarter of 2018, the Company's weighted average number of ADSs used in computing the loss per ADS was 66,639,467.
As of
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 September 30, |
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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 |
37,506 |
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Restricted cash |
1,573 |
825 |
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Accounts receivable |
3,433 |
1,557 |
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Inventories, net |
11,841 |
5,267 |
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Prepaid expenses and other current assets |
15,696 |
9,843 |
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Total current assets |
100,984 |
54,998 |
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Property and equipment, net |
920 |
780 |
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Acquired intangible assets, net |
210 |
210 |
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Goodwill |
690 |
690 |
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Long-term rental deposit |
671 |
662 |
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Long-term investment |
5,262 |
5,171 |
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TOTAL ASSETS |
108,737 |
62,511 |
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LIABILITIES |
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Current Liabilities |
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Accounts payable |
22,430 |
14,907 |
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Advance from customers |
10,110 |
10,186 |
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Accrued expenses and other current liabilities |
20,727 |
19,299 |
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Total current liabilities |
53,267 |
44,392 |
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TOTAL LIABILITIES |
53,267 |
44,392 |
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EQUITY |
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Ordinary shares |
11 |
11 |
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Treasury shares, at cost |
(23,907) |
(27,261) |
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Additional paid-in capital |
238,851 |
240,415 |
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Accumulated deficit |
(159,286) |
(194,491) |
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Accumulated other comprehensive loss |
(199) |
(555) |
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TOTAL EQUITY |
55,470 |
18,119 |
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TOTAL LIABILITIES AND EQUITY |
108,737 |
62,511 |
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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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September 30, |
September 30, |
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2017 |
2018 |
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Net revenues |
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Product sales |
72,383 |
42,910 |
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Services and others |
4,694 |
1,593 |
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Total net revenues |
77,077 |
44,503 |
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Cost of revenues |
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Product sales |
(45,946) |
(36,336) |
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Services and others |
(4,513) |
(1,442) |
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Total cost of revenues |
(50,459) |
(37,778) |
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Gross profit |
26,618 |
6,725 |
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Operating expenses |
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Fulfillment |
(4,168) |
(3,400) |
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Selling and marketing |
(17,839) |
(11,316) |
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General and administrative |
(6,613) |
(10,087) |
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Total operating expenses |
(28,620) |
(24,803) |
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Loss from operations |
(2,002) |
(18,078) |
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Exchange (loss) gain on offshore bank accounts |
(9) |
20 |
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Interest income |
176 |
205 |
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Loss before income taxes |
(1,835) |
(17,853) |
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Income taxes expenses |
(9) |
(3) |
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Gain from equity method investments |
35 |
46 |
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Net loss |
(1,809) |
(17,810) |
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Weighted average numbers of shares used in calculating loss per |
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--Basic |
137,634,221 |
133,278,934 |
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--Diluted |
137,634,221 |
133,278,934 |
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Net loss per ordinary share |
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--Basic |
(0.01) |
(0.13) |
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--Diluted |
(0.01) |
(0.13) |
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Net loss per ADS (2 ordinary shares equal to 1 ADS) |
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--Basic |
(0.03) |
(0.27) |
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--Diluted |
(0.03) |
(0.27) |
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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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September 30, |
September 30, |
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2017 |
2018 |
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Net loss |
(1,809) |
(17,810) |
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Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation and amortization |
174 |
133 |
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Share-based compensation |
441 |
532 |
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Bad debt expense |
- |
533 |
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Inventory write-down |
701 |
666 |
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Exchange loss (gain) on offshore bank accounts |
9 |
(20) |
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Gain from equity method investments |
(35) |
(46) |
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Changes in operating assets and liabilities |
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Accounts receivable |
(187) |
718 |
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Inventories |
(2,314) |
5,940 |
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Prepaid expenses and other current assets |
(2,247) |
4,123 |
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Accounts payable |
(2,284) |
2,402 |
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Advance from customers |
(83) |
173 |
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Accrued expense and other current liabilities |
(785) |
(480) |
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Long-term rental deposit |
(15) |
(3) |
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Net cash used in operating activities |
(8,434) |
(3,139) |
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Cash flows from investing activities |
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Purchase of property and equipment |
(67) |
(16) |
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Net cash used in investing activities[1] |
(67) |
(16) |
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Cash flows from financing activities |
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Repurchase of ordinary shares |
(451) |
- |
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Net cash used in financing activities |
(451) |
- |
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Effect of exchange rate changes on cash and cash equivalents |
102 |
(177) |
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Cash, cash equivalents and restricted cash beginning of period |
79,917 |
41,663 |
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Cash, cash equivalents and restricted cash end of period |
71,067 |
38,331 |
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Supplemental Cash Flow Data |
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Reconciliation of cash and cash equivalents to consolidated statements of |
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Cash and cash equivalents as presented in consolidated balance sheets |
69,630 |
37,506 |
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Restricted cash and restricted cash equivalents as presented in |
1,437 |
825 |
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Cash, cash equivalents and restricted cash as presented in consolidated |
71,067 |
38,331 |
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[1] Note: As a result of new accounting standard adopted on January 1, 2018, the consolidated statements of cash |
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