LightInTheBox Reports Second Quarter 2016 Financial Results

Gross profit for the second quarter of 2016 was $24.4 million, down from $29.5 million in the same period of 2015. Gross margin was 37.2% in the second quarter of 2016, compared with 37.5% in the same quarter of 2015.

Total operating expenses in the second quarter of 2016 were $26.5 million, compared with $35.4 million in the same quarter of 2015.

• Fulfillment expenses in the second quarter of 2016 were $4.1 million, compared with $5.4 million in the same quarter of 2015. Fulfillment expenses per order were $2.99, an increase from $2.68 in the same quarter of 2015 and $2.65 from the first quarter of 2016.
• Selling and marketing expenses in the second quarter of 2016 were $14.1 million, compared with $20.1 million in the same quarter of 2015. Selling and marketing expenses per order increased to $10.35 from $9.97 in the same quarter 2015 and $8.32 from the first quarter of 2016.
• General and administrative (G&A) expenses in the second quarter of 2016 were $8.3 million, compared with $9.8 million in the same quarter of 2015. As a percentage of total net revenues, G&A expenses were 12.7%, compared with 12.5% in the same quarter of 2015 and 12.3% from the first quarter of 2016. G&A expenses in the second quarter of 2016 included $3.1 million in technology investments, compared with $3.9 million in the same quarter of 2015.

Loss from operations was $2.0 million in the second quarter of 2016, compared with a loss from operations of $5.9 million in the same quarter of 2015.

Net loss was $1.9 million in the second quarter of 2016, compared with a net loss of $5.6 million in the same quarter of 2015.

Net loss per American Depository Share ("ADS") was $0.03 in the second quarter of 2016, compared with net loss per ADS of $0.12 in the same quarter of 2015. Each ADS represents two ordinary shares.

Non-GAAP net loss was $1.0 million in the second quarter of 2016, compared with non-GAAP net income of $7.1 million in the same quarter of 2015.

Non-GAAP net loss per ADS was $0.01 in the second quarter of 2016, compared with non-GAAP net income per ADS of $0.15 in the same quarter of 2015.

For the quarter ended June 30, 2016, the Company's weighted average number of ADSs used in computing the loss per ADS was 68,680,447.

As of June 30, 2016, the Company had cash and cash equivalents and restricted cash of $97.3 million, compared with $104.3 million as of March 31, 2016.

Recent Developments

On June 8, 2016, LightInTheBox announced a $10 million share repurchase program. As of June 30, 2016, the Company had repurchased a total of $0.2 million of its ADSs.

On June 22, 2016, LightInTheBox announced the launch of its cross-border fulfillment services business for Chinese manufacturers and merchants. The new e-commerce fulfillment services will be integrated into LanTingZhiTong, the Company's global open cross-border logistics platform, and enable Chinese manufacturers and merchants to store their products in the Company's domestic warehouses and rely on LightInTheBox to manage their inventory and fulfil each order. 

Business Outlook

For the third quarter of 2016, based on current information and seasonality, the Company expects net revenues to be between $61.0 million and $63.0 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call

The Company will hold a conference call at 8:00 a.m. Eastern Time on Monday, September 19, 2016 to discuss its financial results and operating performance for the second quarter of 2016. To participate in the call, please dial the following numbers:

US Toll Free: 1-866-519-4004
Hong Kong Toll Free: 800-906-601
China: 400-620-8038
International: +65-6713-5090
Passcode: 79189909

A telephone replay will be available two hours after the conclusion of the conference call through September 26, 2016. The dial-in details are:

US: +1-646-254-3697
Hong Kong: +852-3051-2780
International: +61-2-8199-0299
Passcode: 79189909

A live and archived webcast of the conference call will be available on the Investor Relations section of LightInTheBox's website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 27 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Use of Non-GAAP Financial Measures

LightInTheBox uses non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP net income (loss) is net income (loss) excluding the foreign exchange impact on net revenues, share-based compensation and one-time expense. Non-GAAP net income (loss) per basic and diluted ADS is non-GAAP net income (loss) divided by weighted average number of basic and diluted ADS, respectively. The Company continuously monitors the impact of currency exchange rates on net revenues given that it is a global company and has exposure to a variety of currencies. Starting in the fourth quarter of 2014, there was a significant impact on net revenues from changes in foreign currency exchange rates against the U.S. dollar. Due to the nature of its business, the Company believes that excluding the impact of such fluctuations more appropriately reflects the Company's results of operations, and provides investors with a better understanding of the Company's business performance. The Company believes that separate analysis and exclusion of foreign exchange impact on net revenues and the non-cash impact of share-based compensation adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of foreign exchange impact on net revenues, non-cash share-based compensation expenses and one-time expense, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net loss for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

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. dollar in thousands)
		As of December 31,		As of June 30,
		2015		2016
ASSETS
Current Assets
Cash and cash equivalents		30,901		96,129
Restricted cash		1,606		1,203
Accounts receivable		920		2,199
Inventories, net		11,261		7,349
Prepaid expenses and other current assets		5,053		4,287
Total current assets		49,741		111,167
Property and equipment, net		2,209		1,390
Acquired intangible assets, net		232		224
Goodwill		690		690
Long-term rental deposit		658		653
Long-term investment		1,963		1,915
TOTAL ASSETS		55,493		116,039
LIABILITIES
Current Liabilities
Accounts payable		29,351		14,638
Advance from customers		8,282		10,213
Accrued expenses and other current liabilities		19,983		20,773
Total current liabilities		57,616		45,624
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