蘭亭集勢 (LITB) 2024 Q2 法說會逐字稿

Hello ladies and gentlemen. Thank you for standing by for LightInTheBox's second quarter 2024 earnings conference call. (Operator Instructions) Today's conference is call is being recorded. I will now turn the call over to your host, Ms. Jenny Cai. Please go ahead, Jenny.

女士們、先生們，大家好。感謝您參加 LightInTheBox 2024 年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。現在我將電話轉給主持人 Jenny Cai 女士。請繼續，珍妮。

Thank you, operator. Hello everyone and welcome to LightInTheBox's second quarter 2024 earnings conference call. The Company's earnings results were released via newswire services earlier today and are available on the Company's IR website at: ir.lightinthebox.com.

謝謝您，接線生。大家好，歡迎參加 LightInTheBox 2024 年第二季財報電話會議。該公司的獲利結果已於今天稍早透過新聞通訊社發布，並可在該公司的 IR 網站上查閱：ir.lightinthebox.com。

On the call from LightInTheBox today are Mr. Jian He, Chairman and CEO, Ms. Yuanjun Ye, Chief Financial Officer, and Ms. Wenyu Liu, Chief Growth Officer. Mr. He will provide an overview of the Company's strategies and recent developments, followed by Ms. Ye, who will go over its financial results. Following our prepared remarks, we'll open the call to questions.

今天蘭亭集勢電話會議的參與者有董事長兼執行長何健先生、財務長葉元君女士和首席成長官劉文宇女士。何先生將概述公司的策略和最新發展，隨後葉女士將介紹公司的財務表現。在我們準備好發言之後，我們將開始提問。

Before we proceed, please note that today's discussion may contain forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the Company's current expectations. To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the Company's Form 20-F filed with the Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law.

在我們繼續之前，請注意，今天的討論可能包含根據 1995 年美國私人證券訴訟改革法案的「安全港」條款做出的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與公司目前預期有重大差異。若要了解可能導致結果與前瞻性陳述有重大差異的因素，請參閱本公司向美國證券交易委員會提交的 20-F 表格。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that LightInTheBox's earnings press release and this conference call include the discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the Company's earnings press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

另請注意，LightInTheBox 的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標的討論。請參閱本公司的收益新聞稿，其中包含未經審計的非 GAAP 指標與未經審計的 GAAP 指標的對帳。

Now I'd like to turn the call over to LightInTheBox's Chairman and CEO. Mr. He. Please go ahead.

現在我想將電話轉給LightInTheBox的董事長兼執行長。何先生。請繼續。

Good morning and good evening, everyone. Thank you for joining our second quarter 2024 earnings conference call today. The second quarter of 2024 was a challenging one, with intensified competition and high traffic acquisition costs in the global e-commerce market is continuing to weigh on our topline. However, the strategic adjustments we made to prioritize profitability in the first quarter proved effective, resulting in a net income of $0.6 million for the second quarter of 2024, a turnaround from a net loss for the same period of last year and the first quarter of this year.

大家早安，晚上好。感謝您今天參加我們 2024 年第二季財報電話會議。2024 年第二季度是一個充滿挑戰的季度，全球電子商務市場的競爭加劇和高昂的流量獲取成本繼續對我們的營收造成壓力。然而，我們在第一季實施的優先獲利的策略調整被證明是有效的，使得2024年第二季的淨收入達到60萬美元，扭轉了去年同期和今年第一季的淨虧損。

We are pleased to see our determination, discipline and a strong execution paying off in our bottom-line performance, and we will remain agile amid the evolving competitive environment to sustain this momentum and drive a high-quality development.

我們很高興看到我們的決心、紀律和強大的執行力在我們的獲利表現中獲得了回報，我們將在不斷變化的競爭環境中保持敏捷，以保持這一勢頭並推動高品質的發展。

Meanwhile, we continued to proactively elevate our product quality and refine our differentiation strategy. Our strategic focus remained on strengthening our localized operation in key markets to precisely identify our target customers, better define our competitive advantages and explore potential breakthrough points, as we strive to strengthen our brand awareness and cultivate a loyal customer base. We are making progress with certain product lines and will update you on further developments in due course.

同時，我們持續積極提升產品質量，完善差異化策略。我們的策略重點仍是加強重點市場的在地化運營，精準識別目標客戶，明確競爭優勢，挖掘潛在突破點，努力提升品牌知名度和培育忠誠的客戶群。我們在某些​​產品線方面正在取得進展，並將在適當的時候向您通報進一步的發展。

We are encouraged by the results of our profitability and product optimization initiatives thus far, and we intend to double down on these core strategies in light of the dynamic global market. Operational efficiency and the profitability enhancement will remain our top priorities in the near-to mid-term. At the same time, we will expand our efforts to upgrade our products, services and the customer experience, as well as our localized operations, to differentiate ourselves and build brand recognition and loyalty. As always, we are committed to driving high-quality development and delivering sustainable, long-term value to all stakeholders.

我們的獲利能力和產品優化措施迄今所取得的成果令我們感到鼓舞，我們打算根據全球市場的動態，加倍實施這些核心策略。營運效率和獲利能力的提高仍將是我們近期至中期的首要任務。同時，我們將加強升級我們的產品、服務和客戶體驗以及在地化運營，以打造差異化並建立品牌知名度和忠誠度。一如既往，我們致力於推動高品質發展，為所有利害關係人提供可持續的長期價值。

With that, I will now hand over the call over to Yuanjun to go through our financial results.

說完這些，我現在將電話交給袁軍，讓他來報告我們的財務表現。

Thank you, Mr. He. Good morning and good evening, everyone. Before we start the detailed discussion of our financials, please note that, unless otherwise stated, all the financials we present today are in US dollar terms.

謝謝何先生。大家早安，晚上好。在我們開始詳細討論我們的財務狀況之前，請注意，除非另有說明，我們今天提供的所有財務狀況均以美元計算。

Now let me share our financial performance for the quarter. In the second quarter, our total revenues decreased by 64% year-over-year to $69 million, primarily due to the intense competition in the global e-commerce industry.

現在讓我分享我們本季的財務表現。第二季度，我們的總營收年減64%至6,900萬美元，主因是全球電子商務產業競爭激烈。

Our gross profit in the second quarter of 2024 was $43 million, compared with $110 million in the same quarter of last year in line with the decrease in sales. However, our gross margin improved to 62.4% this quarter from 57.5% in the same period last year, mainly driven by our well-received product upgrades and supply chain advantages.

我們 2024 年第二季的毛利為 4,300 萬美元，而去年同期的毛利為 1.1 億美元，與銷售額的下降一致。不過，我們的毛利率從去年同期的57.5%改善至本季的62.4%，這主要得益於我們廣受好評的產品升級和供應鏈優勢。

Our total operating expenses decreased by 62% year-over-year to $43 million from $112 million in the same period of last year. The decrease was mainly attributable to the decrease in revenue, while also benefiting from our efforts to enhance overall operational efficiency. Specifically, fulfillment expenses decreased by 49% year-over-year to $5 million.

我們的總營運費用從去年同期的 1.12 億美元下降到 4,300 萬美元，年減 62%。下降主要由於收入減少，同時也受益於我們努力提高整體營運效率。具體而言，履行費用年減 49% 至 500 萬美元。

Selling and marketing expenses decreased by 66% year-over-year to $32 million. G&A expenses decreased by 22% year-over-year to $6 million. As part of G&A expenses, R&D expenses in the second quarter of 2024 were $4 million, compared with $5 million in the same quarter of last year.

銷售和行銷費用較去年同期下降66%至3,200萬美元。費用及一般費用支出較去年同期下降22%至600萬美元。作為 G&A 費用的一部分，2024 年第二季的研發費用為 400 萬美元，而去年同期為 500 萬美元。

We maintained our investment in R&D at a relatively high level as we view R&D and AI as essential for advancing product differentiation and operational efficiency.

我們將研發投入保持在相對較高的水平，因為我們認為研發和人工智慧對於提高產品差異化和營運效率至關重要。

Moving to our bottom line. We turned profitable in the second quarter. We recorded net income of $0.6 million compared with a loss of $1.5 million in the same quarter of last year. Our adjusted EBITDA was an income of $1.2 million, compared with a loss of $0.7 million in the second quarter of 2023. Profitability was mainly attributable to the gross margin improvement, which in turn was driven by our product upgrades and dedicated cost management efforts.

轉向我們的底線。我們在第二季度實現了盈利。我們錄得淨收入 60 萬美元，而去年同期則虧損 150 萬美元。我們的調整後 EBITDA 為營收 120 萬美元，而 2023 年第二季的虧損為 70 萬美元。獲利能力主要歸功於毛利率的提高，而毛利率的提高又得益於我們的產品升級和專注的成本管理努力。

Looking ahead, we will continue to execute our enhanced profitability strategy. Why also further refining our product and customer services.

展望未來，我們將繼續執行增強獲利能力的策略。為什麼還要進一步完善我們的產品和客戶服務。

This concludes our prepared remarks. We'll be happy to take some questions now.

我們的準備好的演講到此結束。現在我們很樂意回答一些問題。

Operator, please continue.

接線員，請繼續。

(Operator Instructions)

（操作員指令）

As there are no questions now I'd like to turn the call back over to the company for closing remarks.

由於現在沒有問題，我想將電話轉回給公司做結束語。

Thank you once again for joining us today. If you have further questions, please feel free to contact LightInTheBox’s investor relations through the contact information provided on our website or Piacente Financial Communications. Have a great day. Thank you.

再次感謝您今天的參與。如果您還有其他問題，請隨時透過我們網站或 Piacente Financial Communications 提供的聯絡資訊聯絡 LightInTheBox 的投資者關係部門。祝你有美好的一天。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。