SINGAPORE, Sept. 15,
2023 /PRNewswire/ -- LightInTheBox Holding
Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), an
apparel e-commerce retailer that ships products to consumers
worldwide, today announced its unaudited financial results for the
second quarter ended June 30,
2023.
Second Quarter and First Half 2023 Financial
Highlights
|
|
Three
Months Ended
|
|
|
Year-over-
|
|
|
Six
Months Ended
|
|
|
Year-over-
|
|
In millions,
|
|
June 30,
|
|
|
June 30,
|
|
|
Year
%
|
|
|
June 30,
|
|
|
June 30,
|
|
|
Year
%
|
|
except
percentages
|
|
2022
|
|
|
2023
|
|
|
Change
|
|
|
2022
|
|
|
2023
|
|
|
Change
|
|
Total
revenues
|
|
$
|
132.4
|
|
|
$
|
191.8
|
|
|
|
44.9
|
%
|
|
$
|
226.1
|
|
|
$
|
339.5
|
|
|
|
50.2
|
%
|
- Apparel
sales
|
|
$
|
108.7
|
|
|
$
|
163.2
|
|
|
|
50.1
|
%
|
|
$
|
175.9
|
|
|
$
|
282.5
|
|
|
|
60.5
|
%
|
Apparel
sales/total
revenues
|
|
|
82.1
|
%
|
|
|
85.1
|
%
|
|
|
3.0
|
%
|
|
|
77.8
|
%
|
|
|
83.2
|
%
|
|
|
5.4
|
%
|
Gross margin
|
|
|
55.3
|
%
|
|
|
57.5
|
%
|
|
|
2.2
|
%
|
|
|
53.4
|
%
|
|
|
56.7
|
%
|
|
|
3.3
|
%
|
Net loss
|
|
$
|
(2.4)
|
|
|
$
|
(1.5)
|
|
|
|
|
|
|
$
|
(7.9)
|
|
|
$
|
(5.4)
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(1.5)
|
|
|
$
|
(0.7)
|
|
|
|
|
|
|
$
|
(6.1)
|
|
|
$
|
(3.8)
|
|
|
|
|
|
|
|
As of
June 30,
|
|
|
As of June 30,
|
|
In millions
|
|
2022
|
|
|
2023
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
65.7
|
|
|
$
|
94.6
|
|
|
|
|
|
|
|
|
|
|
Mr. Jian He, Chairman and CEO of LightInTheBox, commented,
"We're pleased to deliver a strong operational and financial
performance in the second quarter of 2023. Amid a complex macro
environment, we achieved the highest quarterly revenue in our
history, primarily driven by apparel sales growth of 50% over one
year ago. Meanwhile, our efforts to enhance operating efficiency
paid off, evidenced by improved profitability with fulfillment and
G&A expenses as a percentage of revenue at an all-time low.
Furthermore, our cash balance was $95
million as of the end of this quarter, illustrating our
robust free cash flow generation ability.
"These solid results once again demonstrate our effective
business strategy, as well as our core competitive advantages
across our value-for-money offerings, quality customer cohorts, and
innovative technologies. As we move into the third quarter 2023, we
are seeing that macroeconomic turbulence, together with normal
seasonality in the apparel sector, is impacting on our top-line
performance. Nevertheless, we will continue to execute our proven
business strategy and refine our operations to navigate the
evolving market dynamics as we strive to deliver sustainable value
to all of our stakeholders in the long run," Mr. He concluded.
Second Quarter 2023 Financial Results
Total revenues increased by 44.9% year-over-year to
$191.8 million from $132.4 million in the same quarter of 2022. Sales
from apparel increased by 50.1% to $163.2
million in the second quarter of 2023, compared with
$108.7 million in the same quarter of
2022. Revenues from apparel represented 85.1% of total revenues in
the second quarter of 2023 and 82.1% in the same quarter of
2022.
Total cost of revenues was $81.6
million in the second quarter of 2023, compared with
$59.2 million in the same quarter of
2022.
Gross profit in the second quarter of 2023 was
$110.2 million, compared with
$73.2 million in the same quarter of
2022. Gross margin was 57.5% in the second quarter of 2023,
compared with 55.3% in the same quarter of 2022. The increase in
gross margin was a result of the increase in the percentage of
sales represented by apparel, which grew from 82.1% to 85.1%.
Apparel typically has higher margins than other product types.
Total operating expenses in the second quarter of
2023 were $111.8 million, compared
with $75.6 million in the same
quarter of 2022.
- Fulfillment expenses in the second quarter of 2023 were
$9.9 million, compared with
$7.8 million in the same quarter of
2022. As a percentage of total revenues, fulfillment expenses were
5.2% in the second quarter of 2023, compared with 5.9% in the same
quarter of 2022 and 5.8% in the first quarter of 2023.
- Selling and marketing expenses in the second quarter of 2023
were $94.0 million, compared with
$58.2 million in the same quarter of
2022. As a percentage of total revenues, selling and marketing
expenses were 49.0% in the second quarter of 2023, compared with
44.0% in the same quarter of 2022 and 46.8% in the first quarter of
2023.
- G&A expenses in the second quarter of 2023 were
$8.2 million, compared with
$9.7 million in the same quarter of
2022. As a percentage of total revenues, G&A expenses were 4.3%
in the second quarter of 2023, compared with 7.3% in the same
quarter of 2022 and 6.1% in the first quarter of 2023. As part of
G&A expenses, R&D expenses in the second quarter of 2023
were $5.1 million, compared with
$4.7 million in the same quarter of
2022 and $5.2 million in the first
quarter of 2023.
Loss from operations was $1.6
million in the second quarter of 2023, compared with
$2.5 million in the same quarter of
2022.
Net loss was $1.5 million
in the second quarter of 2023, compared with $2.4 million in the same quarter of 2022.
Net loss per American Depository Share ("ADS") was
$0.01 in the second quarter of 2023,
compared with $0.02 in the same
quarter of 2022. Each ADS represents two ordinary shares. The
diluted net loss per ADS in the second quarter of 2023 was
$0.01, compared with $0.02 in the same quarter of 2022.
In the second quarter of 2023, the Company's basic weighted
average number of ADSs used in computing the net loss per ADS was
113,369,462.
Adjusted EBITDA was negative $0.7
million in the second quarter of 2023, compared with
negative $1.5 million in the same
quarter of 2022.
As of June 30, 2023, the Company
had cash and cash equivalents and restricted cash of $94.6 million, compared with $65.7 million as of June
30, 2022.
First Half 2023 Financial Results
Total revenues increased by 50.2% year-over-year to
$339.5 million from $226.1 million in the same period of 2022. Sales
from apparel increased by 60.5% to $282.5
million in the first half of 2023, compared with
$175.9 million in the same period of
2022. Revenues from apparel represented 83.2% of total revenues in
the first half of 2023 and 77.8% in the same period of 2022.
Total cost of revenues was $146.9
million in the first half of 2023, compared with
$105.5 million in the same period of
2022.
Gross profit in the first half of 2023 was $192.7 million, compared with $120.7 million in the same period of 2022. Gross
margin was 56.7% in the first half of 2023, compared with 53.4% in
the same period of 2022. The increase in gross margin was a result
of the increase in the percentage of sales represented by apparel,
which grew from 77.8% to 83.2%. Apparel typically has higher
margins than other product types.
Total operating expenses in the first half of 2023 were
$198.2 million, compared with
$129.5 million in the same period of
2022.
- Fulfillment expenses in the first half of 2023 were
$18.5 million, compared with
$14.6 million in the same period of
2022. As a percentage of total revenues, fulfillment expenses were
5.5% in the first half of 2023, compared with 6.5% in the same
period of 2022.
- Selling and marketing expenses in the first half of 2023 were
$163.2 million, compared with
$97.3 million in the same period of
2022. As a percentage of total revenues, selling and marketing
expenses were 48.0% for the first half of 2023, compared with 43.0%
in the same period of 2022.
- G&A expenses in the first half of 2023 were $17.2 million, compared with $17.7 million in the same period of 2022. As a
percentage of total revenues, G&A expenses were 5.1% for the
first half of 2023, compared with 7.8% in the same period of 2022.
Included in G&A expenses, R&D expenses in the first half of
2023 were $10.3 million, compared
with $9.3 million in the same period
of 2022.
Loss from operations was $5.6
million in the first half of 2023, compared with
$8.9 million in the same period of
2022.
Net loss was $5.4 million
in the first half of 2023, compared with $7.9 million in the same period of 2022.
Net loss per American Depository Share ("ADS") was
$0.05 in the first half of 2023,
compared with $0.07 in the same
period of 2022. Each ADS represents two ordinary shares. The
diluted net loss per ADS for the first half of 2023 was
$0.05, compared with $0.07 in the same period of 2022.
In the first half of 2023, the Company's basic weighted average
number of ADSs used in computing the net loss per ADS was
113,349,914.
Adjusted EBITDA was negative $3.8
million in the first half of 2023, compared with negative
$6.1 million in the same period of
2022.
Share Repurchase Program
On June 27, 2023, the Company's board of directors
authorized a share repurchase program under which the Company may
repurchase up to $10 million of its
ordinary shares in the form of ADSs no later than December 31,
2023. As of September 12, 2023, the
Company has repurchased 517,240 ADSs with a total aggregate value
of approximately $0.7 million.
Business Outlook
For the third quarter of 2023, based on current information
available to the Company and business seasonality, the Company
expects net revenues to be between $145
million and $160 million.
Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses a
non-GAAP measure, Adjusted EBITDA, as a supplemental measure to
review and assess operating performance. The presentation of this
non-GAAP financial measure is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"). The Company's non-GAAP financial
measure excludes share-based compensation expenses, depreciation
and amortization expenses, interest income, interest expenses and
income tax expense.
The Company presents this non-GAAP financial measure because it
is used by management to evaluate operating performance and
formulate business plans. The Company believes that the non-GAAP
financial measure helps identify underlying trends in its business.
The Company also believes that the non-GAAP financial measure could
provide further information about the Company's results of
operations and enhance the overall understanding of the Company's
past performance and future prospects.
The non-GAAP financial measure is not defined under U.S. GAAP
and is not presented in accordance with U.S. GAAP. The non-GAAP
financial measure has limitations as an analytical tool. The
Company's non-GAAP financial measure does not reflect all items of
income and expenses that affect the Company's operations and does
not represent the residual cash flow available for discretionary
expenditures. Further, the non-GAAP measure may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for the limitations by reconciling the non-GAAP
financial measure to the nearest U.S. GAAP performance measure, all
of which should be considered when evaluating performance. The
Company encourages you to review the Company's financial
information in its entirety and not rely on a single financial
measure.
For more information on the non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliations of GAAP and
Non-GAAP Result" set forth at the end of this press release.
Conference Call
The Company's management will hold an earnings conference call
at 8:00 a.m. Eastern Time on September 15, 2023
(8:00 p.m. Hong Kong/Singapore Time on the same day).
Preregistration Information
Participants can register for the conference call by going
to https://s1.c-conf.com/diamondpass/10033153-fue64r.html.
Upon registration, 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 connected to
the conference instantly.
A telephone replay will be available two hours after the
conclusion of the conference call through September 22, 2023. The dial-in details are:
|
US/Canada:
|
+1-855-883-1031
|
|
Singapore:
|
800-101-3223
|
|
Hong Kong,
China:
|
800-930-639
|
|
Replay PIN:
|
10033153
|
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 an apparel e-commerce retailer that ships
products to consumers worldwide. With a focus on serving its
middle-aged and senior customers, LightInTheBox leverages its
global supply chain and logistics networks, along with its in-house
R&D and design capabilities to offer a wide selection of
comfortable, aesthetically pleasing and visually interesting
apparels that bring fresh joy to customers. LightInTheBox operates
its business through www.lightinthebox.com, www.miniinthebox.com,
www.ezbuy.sg and other websites as well as mobile
applications, which are available in over 20 major languages and
over 140 countries and regions. The Company is headquartered in
Singapore, with additional offices
in California, Shanghai and Beijing.
For more information, please visit www.lightinthebox.com.
Investor Relations Contact
Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@lightinthebox.com
Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com
Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.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 third 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 Jun 30,
|
|
|
|
2022
|
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
88,575
|
|
|
|
88,157
|
|
Restricted
cash
|
|
|
5,993
|
|
|
|
6,451
|
|
Accounts receivable,
net of allowance for credit losses
|
|
|
695
|
|
|
|
1,424
|
|
Inventories
|
|
|
14,260
|
|
|
|
9,427
|
|
Prepaid expenses and
other current assets
|
|
|
6,452
|
|
|
|
18,120
|
|
Total current
assets
|
|
|
115,975
|
|
|
|
123,579
|
|
Property and equipment,
net
|
|
|
2,946
|
|
|
|
2,794
|
|
Intangible assets,
net
|
|
|
5,630
|
|
|
|
4,404
|
|
Goodwill
|
|
|
28,177
|
|
|
|
26,835
|
|
Operating lease
right-of-use assets
|
|
|
10,874
|
|
|
|
8,728
|
|
Long-term rental
deposits
|
|
|
1,211
|
|
|
|
1,259
|
|
TOTAL ASSETS
|
|
|
164,813
|
|
|
|
167,599
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
/ (DEFICIT)
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
26,518
|
|
|
|
38,981
|
|
Advance from
customers
|
|
|
32,241
|
|
|
|
27,559
|
|
Operating lease
liabilities
|
|
|
4,993
|
|
|
|
5,184
|
|
Accrued expenses and
other current liabilities
|
|
|
90,357
|
|
|
|
94,671
|
|
Total current
liabilities
|
|
|
154,109
|
|
|
|
166,395
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
|
6,576
|
|
|
|
4,103
|
|
Long-term
payable
|
|
|
34
|
|
|
|
10
|
|
Deferred tax
liabilities
|
|
|
111
|
|
|
|
150
|
|
Unrecognized tax
benefits
|
|
|
107
|
|
|
|
107
|
|
TOTAL
LIABILITIES
|
|
|
160,937
|
|
|
|
170,765
|
|
|
|
|
|
|
|
|
|
|
EQUITY /
(DEFICIT)
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
17
|
|
|
|
17
|
|
Additional paid-in
capital
|
|
|
282,722
|
|
|
|
282,805
|
|
Treasury
shares
|
|
|
(28,615)
|
|
|
|
(28,105)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,024)
|
|
|
|
(2,754)
|
|
Accumulated
deficit
|
|
|
(249,224)
|
|
|
|
(255,129)
|
|
TOTAL EQUITY /
(DEFICIT)
|
|
|
3,876
|
|
|
|
(3,166)
|
|
TOTAL LIABILITIES AND
EQUITY / (DEFICIT)
|
|
|
164,813
|
|
|
|
167,599
|
|
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
|
|
|
Six
Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
|
129,828
|
|
|
|
189,730
|
|
|
|
221,171
|
|
|
|
334,331
|
|
Services and
others
|
|
|
2,527
|
|
|
|
2,037
|
|
|
|
4,952
|
|
|
|
5,217
|
|
Total
revenues
|
|
|
132,355
|
|
|
|
191,767
|
|
|
|
226,123
|
|
|
|
339,548
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
|
(58,214)
|
|
|
|
(81,142)
|
|
|
|
(103,284)
|
|
|
|
(145,318)
|
|
Services and
others
|
|
|
(983)
|
|
|
|
(435)
|
|
|
|
(2,167)
|
|
|
|
(1,538)
|
|
Total Cost of
revenues
|
|
|
(59,197)
|
|
|
|
(81,577)
|
|
|
|
(105,451)
|
|
|
|
(146,856)
|
|
Gross profit
|
|
|
73,158
|
|
|
|
110,190
|
|
|
|
120,672
|
|
|
|
192,692
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
|
|
|
(7,774)
|
|
|
|
(9,906)
|
|
|
|
(14,638)
|
|
|
|
(18,542)
|
|
Selling and
marketing
|
|
|
(58,225)
|
|
|
|
(94,038)
|
|
|
|
(97,257)
|
|
|
|
(163,150)
|
|
General and
administrative
|
|
|
(9,661)
|
|
|
|
(8,176)
|
|
|
|
(17,727)
|
|
|
|
(17,233)
|
|
Other operating
income
|
|
|
26
|
|
|
|
332
|
|
|
|
92
|
|
|
|
677
|
|
Total operating
expenses
|
|
|
(75,634)
|
|
|
|
(111,788)
|
|
|
|
(129,530)
|
|
|
|
(198,248)
|
|
Loss from
operations
|
|
|
(2,476)
|
|
|
|
(1,598)
|
|
|
|
(8,858)
|
|
|
|
(5,556)
|
|
Interest
income
|
|
|
7
|
|
|
|
143
|
|
|
|
17
|
|
|
|
173
|
|
Interest
expense
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(3)
|
|
|
|
(2)
|
|
Other income,
net
|
|
|
83
|
|
|
|
(1)
|
|
|
|
945
|
|
|
|
20
|
|
Total other
income
|
|
|
89
|
|
|
|
141
|
|
|
|
959
|
|
|
|
191
|
|
Loss before income
taxes
|
|
|
(2,387)
|
|
|
|
(1,457)
|
|
|
|
(7,899)
|
|
|
|
(5,365)
|
|
Income tax
expense
|
|
|
(9)
|
|
|
|
-
|
|
|
|
(9)
|
|
|
|
(48)
|
|
Net loss
|
|
|
(2,396)
|
|
|
|
(1,457)
|
|
|
|
(7,908)
|
|
|
|
(5,413)
|
|
Net loss attributable
to LightInTheBox Holding
Co., Ltd.
|
|
|
(2,396)
|
|
|
|
(1,457)
|
|
|
|
(7,908)
|
|
|
|
(5,413)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
numbers of shares used in
calculating loss per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
226,140,929
|
|
|
|
226,738,924
|
|
|
|
226,124,192
|
|
|
|
226,699,828
|
|
—Diluted
|
|
|
226,140,929
|
|
|
|
226,738,924
|
|
|
|
226,124,192
|
|
|
|
226,699,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
(0.01)
|
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
—Diluted
|
|
|
(0.01)
|
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS (
2 ordinary shares equal to 1 ADS )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
(0.02)
|
|
|
|
(0.01)
|
|
|
|
(0.07)
|
|
|
|
(0.05)
|
|
—Diluted
|
|
|
(0.02)
|
|
|
|
(0.01)
|
|
|
|
(0.07)
|
|
|
|
(0.05)
|
|
LightInTheBox
Holding Co., Ltd.
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
(U.S. dollars in
thousands, or otherwise noted)
|
|
|
|
Three
Months Ended
|
|
|
Six
Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
Net loss
|
|
|
(2,396)
|
|
|
|
(1,457)
|
|
|
|
(7,908)
|
|
|
|
(5,413)
|
|
Less: Interest
income
|
|
|
7
|
|
|
|
143
|
|
|
|
17
|
|
|
|
173
|
|
Interest
expense
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(3)
|
|
|
|
(2)
|
|
Income tax
expense
|
|
|
(9)
|
|
|
|
-
|
|
|
|
(9)
|
|
|
|
(48)
|
|
Depreciation and
amortization
|
|
|
(861)
|
|
|
|
(826)
|
|
|
|
(1,719)
|
|
|
|
(1,655)
|
|
EBITDA
|
|
|
(1,532)
|
|
|
|
(773)
|
|
|
|
(6,194)
|
|
|
|
(3,881)
|
|
Less: Share-based
compensation
|
|
|
(30)
|
|
|
|
(78)
|
|
|
|
(66)
|
|
|
|
(83)
|
|
Adjusted
EBITDA*
|
|
|
(1,502)
|
|
|
|
(695)
|
|
|
|
(6,128)
|
|
|
|
(3,798)
|
|
|
* Adjusted EBITDA
represents loss from operations before impairment loss on
investment, share-based
compensation expense, interest income, interest expense, income tax
expense and depreciation and amortization
expenses.
|
View original
content:https://www.prnewswire.com/news-releases/lightinthebox-reports-second-quarter-2023-financial-results-301929004.html
SOURCE LightInTheBox Holding Co., Ltd.