PFSweb, Inc. (NASDAQ: PFSW), a global commerce services company, is
reporting results for the third quarter ended September 30, 2020.
“We continue to experience robust eCommerce demand and
significantly elevated fulfillment volumes as we support our
clients through a dynamic online retail environment ahead of the
holiday season,” said Mike Willoughby, CEO of PFSweb. “This led to
strong growth for each business unit and double-digit
year-over-year increases in consolidated SFE revenue and adjusted
EBITDA for the quarter. Through a combination of our at-home
professional services, contact center and corporate teams, along
with our front-line fulfillment center personnel, our global
workforce is operating at high levels of productivity, while
closely adhering to COVID-19 protocols and precautions to enhance
employee safety. I am proud of our adaptability and operational
strength across both our PFS and LiveArea segments of our
business.”
Q3
2020 Highlights
vs. Q3
2019
- Total revenues increased 13% to
$77.1 million.
- Service fee equivalent (SFE) revenue
(a non-GAAP measure defined and reconciled below) increased 21% to
$60.4 million.
- Service fee gross margin was 32.1%
compared to 34.9%.
- Net loss was $2.8 million or $(0.14)
per share, compared to a net loss of $1.6 million or $(0.08).
- Adjusted EBITDA (a non-GAAP measure
defined and reconciled below) increased 10% to $3.4 million
compared to $3.1 million.
“We have been making both operational and strategic investments
across both business segments. Strategically, we recently announced
the opening of two new PFS fulfillment centers, added key LiveaArea
leadership personnel and expanded our service offerings to new
geographies, all in preparation for what we anticipate will be
durable eCommerce tailwinds as we head into 2021.
“Operationally, we are ramping our front-line work force across
our fulfillment centers and expanding our at-home call center teams
ahead of what we anticipate will be a record holiday season. While
this has increased our PFS operating costs during the quarter, as
expected, I believe we are well-positioned for the holiday peak
fulfillment period as well as sustained long-term growth for both
PFS and LiveArea as the eCommerce landscape continues to
evolve.
“As a result of continued heightened PFS fulfillment volumes and
strong momentum in LiveArea, we are increasing our 2020 outlook and
now expect consolidated SFE revenue growth to be in the mid-teens
and continue to expect adjusted EBITDA margin expansion compared to
2019.”
Third Quarter
2020 Financial
ResultsTotal revenues in the third quarter of 2020
increased 13% to $77.1 million compared to $68.0 million in the
same period of 2019. Service fee revenue in the third quarter
increased 21% to $60.2 million compared to $49.6 million in the
third quarter of last year. Product revenue from the company’s last
remaining client under this legacy business model was $4.2 million
compared to $6.6 million in the same period of 2019.
SFE revenue in the third quarter of 2020 increased 21% to $60.4
million compared to $49.9 million in the year-ago quarter. The
increase was primarily driven by ongoing elevated fulfillment
activity in PFS, as well as double-digit growth in LiveArea.
Service fee gross margin in the third quarter of 2020 was 32.1%
compared to 34.9% in the same period of 2019. The decrease was
primarily attributable to changes in revenue mix and increased
fulfillment labor costs during the quarter. Gross margins for both
segments continued to be within the guidance range of 25% to 30%
for the PFS segment and 40% to 50% for the LiveArea segment.
Net loss in the third quarter of 2020 was $2.8 million or
$(0.14) per share compared to a net loss of $1.6 million or $(0.08)
in the same period of 2019. Net loss included the impact of $3.2
million of stock-based compensation expense in the third quarter of
2020 as compared to $0.9 million in the same period in the prior
year.
Adjusted EBITDA in the third quarter increased 10% to $3.4
million compared to $3.1 million in the year-ago quarter. The
increase was primarily due to sustained strength in SFE revenue
growth, partially offset by expected increased costs in the PFS
segment applicable to fulfillment-related labor costs and
preparations for the holiday season. As a percentage of SFE
revenue, adjusted EBITDA margin was 5.7% compared to 6.3% in the
same period of 2019.
Non-GAAP net income (a non-GAAP measure defined and reconciled
below) increased to $0.7 million in the third quarter of 2020
compared to $0.4 million in the third quarter of 2019.
At September 30, 2020, net debt (a non-GAAP measure defined and
reconciled below as total debt, excluding operating lease
liabilities, less cash and cash equivalents) was $29.1 million
compared to $25.4 million at December 31, 2019.
Cash and cash equivalents at September 30, 2020 totaled $10.4
million compared to $12.4 million at December 31, 2019, and total
debt was $39.5 million compared to $37.8 million at the end of last
year.
2020 OutlookIn light of
ongoing high demand in the company’s PFS segment, as well as
LiveArea’s continued strong performance and record pipeline, PFSweb
has increased its expectations for consolidated SFE revenue growth
to be in the mid-teens compared to 2019 (previously expected
between 9% and 12% growth), while continuing to expect growth for
each of its business units in 2020. Coupled with a sustained focus
on prudent cost management, PFSweb also expects adjusted EBITDA
margin improvement in 2020 when compared to the prior year.
COVID-19 ResponsePFSweb maintains information
related to its ongoing response to the COVID-19 crisis on its
corporate website at www.pfsweb.com/covid-19-response/.
Conference CallPFSweb will conduct a conference
call today at 8:30 a.m. Eastern time to discuss its results for the
third quarter ended September 30, 2020.
PFSweb management will host the conference call, followed by a
question and answer period.
Date: Friday, November 6, 2020Time: 8:30 a.m. Eastern time (5:30
a.m. Pacific time)Toll-free dial-in number: (866)
220-4153International dial-in number: (864) 663-5228Conference ID:
1176494
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
1-949-574-3860.
The conference call will be broadcast live and available for
replay here and via the investor relations section of the company’s
website at www.pfsweb.com.
A replay of the conference call will be available after 11:30
a.m. Eastern time on the same day through November 20, 2020.
Toll-free replay number: (855) 859-2056International replay
number: (404) 537-3406Replay ID: 1176494
About PFSweb,
Inc.PFSweb (NASDAQ: PFSW) is a global commerce services
company that manages the online customer shopping experience on
behalf of major branded manufacturers and retailers. Across two
business units – LiveArea for data-driven marketing and omnichannel
experience design through technology selection, platform
implementation and orchestrated services, and PFS for order
fulfillment, contact center, payment processing/fraud management,
and order management services – they provide solutions to a broad
range of Fortune 500® companies and household brand names such as
Procter & Gamble, L’Oréal USA, ASICS, Pandora, Ralph Lauren,
Shiseido Americas, the United States Mint, and many more. PFSweb
enables these brands to provide a more convenient and brand-centric
online shopping experience through both traditional and online
business channels. The company is headquartered in Allen, TX with
additional locations around the globe. For more information, visit
www.pfsweb.com.
Non-GAAP Financial MeasuresThis news release
contains certain non-GAAP measures, including non-GAAP net income
(loss), net debt, earnings before interest, income taxes,
depreciation and amortization (EBITDA), adjusted EBITDA and service
fee equivalent revenue.
Non-GAAP net income (loss) represents net income (loss)
calculated in accordance with U.S. GAAP as adjusted for the impact
of non-cash stock-based compensation expense, acquisition-related,
restructuring and other costs (including certain client related
bankruptcy costs), amortization of acquisition-related intangible
assets and deferred tax expense for goodwill amortization.
EBITDA represents earnings (or losses) before interest, income
taxes, depreciation, and amortization. Adjusted EBITDA further
eliminates the effect of stock-based compensation, as well as
acquisition-related, restructuring, and other costs (including
certain client related bankruptcy costs).
Service fee equivalent revenue represents service fee revenue
plus the gross profit earned on product revenue and does not alter
existing revenue recognition.
Non-GAAP net income (loss), EBITDA, adjusted EBITDA and service
fee equivalent revenue are used by management, analysts, investors
and other interested parties in evaluating our operating
performance compared to that of other companies in our industry.
The calculation of non-GAAP net income (loss) eliminates the effect
of stock-based compensation, acquisition-related, restructuring and
other costs (including certain client related bankruptcy costs),
amortization of acquisition-related intangible assets, and deferred
tax expense for goodwill amortization, and EBITDA and adjusted
EBITDA further eliminate the effect of financing, remaining income
taxes and the accounting effects of capital spending, which items
may vary from different companies for reasons unrelated to overall
operating performance. Service fee equivalent revenue allows client
contracts with similar operational support models but different
financial models to be combined as if all contracts were being
operated on a service fee revenue basis.
Net debt represents total debt, excluding operating lease
liabilities, less cash and cash equivalents.
PFS believes these non-GAAP measures provide useful information
to both management and investors by focusing on certain operational
metrics and excluding certain expenses in order to present its core
operating performance and results. These measures should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results. The non-GAAP measures included in this press release have
been reconciled to the GAAP results in the attached tables.
Forward-Looking StatementsThe matters discussed
herein consist of forward-looking information under the Private
Securities Litigation Reform Act of 1995 and is subject to and
involves risks and uncertainties, which could cause actual results
to differ materially from the forward-looking information. You can
identify these forward-looking statements by words such as “may,”
“will,” “would,” “should,” “could,” “expect,” “anticipate,”
“believe,” “intend,” “plan,” “potential,” “project,” “seek,”
“strive,” “predict,” “continue,” “target,” and “estimate” and other
similar expressions. These forward-looking statements involve risks
and uncertainties and may include assumptions as to how we may
perform in the future, including the impact of the COVID-19
pandemic on our business, results of operations and global economic
conditions. Although we believe the expectations reflected in our
forward-looking statements are reasonable, we cannot guarantee
these expectations will actually be achieved. PFS' Annual Report on
Form 10-K, as amended, for the year ended December 31, 2019 and any
subsequent amendments or quarterly reports on Form 10-Q identify
certain factors that could cause actual results to differ
materially from those projected in any forward looking statements
made and investors are advised to review the periodic reports of
the company and the Risk Factors described therein. PFS undertakes
no obligation to update publicly any forward-looking statement for
any reason, even if new information becomes available or other
events occur in the future. There may be additional risks that we
do not currently view as material or that are not presently
known.
Company Contact:Michael C. WilloughbyChief
Executive OfficerOrThomas J. MaddenChief Financial
Officer1-972-881-2900
Investor Relations:Sean Mansouri, CFAGateway
Investor Relations1-949-574-3860PFSW@gatewayir.com
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In Thousands,
Except Share Data) |
|
|
|
|
|
(Unaudited) |
|
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
ASSETS |
|
|
|
CURRENT
ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
10,397 |
|
|
$ |
12,434 |
|
Restricted cash |
|
214 |
|
|
|
214 |
|
Accounts receivable, net of allowance for doubtful accounts of
$1,437 and $1,071 at September 30, 2020 and December 31, 2019,
respectively |
|
56,156 |
|
|
|
72,262 |
|
Inventories, net of reserves of $128 and $291 at September 30, 2020
and December 31, 2019, respectively |
|
5,086 |
|
|
|
3,281 |
|
Other receivables |
|
3,199 |
|
|
|
3,324 |
|
Prepaid expenses and other current assets |
|
7,213 |
|
|
|
6,954 |
|
Total current assets |
|
82,265 |
|
|
|
98,469 |
|
|
|
|
|
PROPERTY AND
EQUIPMENT, net |
|
19,546 |
|
|
|
18,436 |
|
OPERATING
LEASE RIGHT-OF-USE ASSETS, net |
|
36,529 |
|
|
|
36,403 |
|
IDENTIFIABLE
INTANGIBLES, net |
|
772 |
|
|
|
1,135 |
|
GOODWILL |
|
45,192 |
|
|
|
45,393 |
|
OTHER
ASSETS |
|
3,919 |
|
|
|
3,772 |
|
Total assets |
$ |
188,223 |
|
|
$ |
203,608 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Trade accounts payable |
$ |
22,907 |
|
|
$ |
44,640 |
|
Accrued expenses |
|
23,431 |
|
|
|
21,625 |
|
Current portion of operating lease liabilities |
|
9,491 |
|
|
|
8,904 |
|
Current portion of long-term debt and capital lease
obligations |
|
3,155 |
|
|
|
2,971 |
|
Deferred revenues |
|
3,031 |
|
|
|
6,058 |
|
Total current liabilities |
|
62,015 |
|
|
|
84,198 |
|
|
|
|
|
LONG-TERM
DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
|
36,334 |
|
|
|
34,829 |
|
DEFERRED
REVENUES, less current portion |
|
1,528 |
|
|
|
1,398 |
|
OPERATING
LEASE LIABILITIES |
|
31,777 |
|
|
|
33,295 |
|
OTHER
LIABILITIES |
|
5,828 |
|
|
|
3,046 |
|
Total liabilities |
|
137,482 |
|
|
|
156,766 |
|
|
|
|
|
COMMITMENTS
AND CONTINGENCIES |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Preferred stock, $1.00 par value; 1,000,000 shares authorized; none
issued or outstanding |
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 35,000,000 shares authorized;
20,281,638 and 19,465,877 issued at September 30, 2020 and December
31, 2019, respectively; and 20,248,171 and 19,432,410 outstanding
at September 30, 2020 and December 31, 2019, respectively |
|
20 |
|
|
|
19 |
|
Additional paid-in capital |
|
166,204 |
|
|
|
158,192 |
|
Accumulated deficit |
|
(113,980 |
) |
|
|
(109,943 |
) |
Accumulated other comprehensive income |
|
(1,378 |
) |
|
|
(1,301 |
) |
Treasury stock at cost, 33,467 shares |
|
(125 |
) |
|
|
(125 |
) |
Total shareholders' equity |
|
50,741 |
|
|
|
46,842 |
|
Total liabilities and shareholders' equity |
$ |
188,223 |
|
|
$ |
203,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
|
Unaudited Condensed
Consolidated Statements of Operations |
|
(In Thousands,
Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Service fee revenue |
$ |
60,194 |
|
|
$ |
49,602 |
|
|
$ |
176,488 |
|
|
$ |
151,371 |
|
|
Product revenue, net |
|
4,229 |
|
|
|
6,579 |
|
|
|
17,677 |
|
|
|
20,216 |
|
|
Pass-through revenue |
|
12,661 |
|
|
|
11,810 |
|
|
|
42,053 |
|
|
|
37,063 |
|
|
Total revenues |
|
77,084 |
|
|
|
67,991 |
|
|
|
236,218 |
|
|
|
208,650 |
|
|
|
|
|
|
|
|
|
|
|
COSTS OF
REVENUES: |
|
|
|
|
|
|
|
|
Cost of service fee revenue |
|
40,877 |
|
|
|
32,296 |
|
|
|
116,358 |
|
|
|
99,062 |
|
|
Cost of product revenue |
|
4,019 |
|
|
|
6,250 |
|
|
|
16,732 |
|
|
|
19,117 |
|
|
Cost of pass-through revenue |
|
12,661 |
|
|
|
11,810 |
|
|
|
42,053 |
|
|
|
37,063 |
|
|
Total costs of revenues |
|
57,557 |
|
|
|
50,356 |
|
|
|
175,143 |
|
|
|
155,242 |
|
|
Gross profit |
|
19,527 |
|
|
|
17,635 |
|
|
|
61,075 |
|
|
|
53,408 |
|
|
SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES |
|
21,389 |
|
|
|
18,886 |
|
|
|
62,301 |
|
|
|
55,329 |
|
|
Loss from operations |
|
(1,862 |
) |
|
|
(1,251 |
) |
|
|
(1,226 |
) |
|
|
(1,921 |
) |
|
INTEREST
EXPENSE, net |
|
365 |
|
|
|
458 |
|
|
|
1,154 |
|
|
|
1,418 |
|
|
Loss before income taxes |
|
(2,227 |
) |
|
|
(1,709 |
) |
|
|
(2,380 |
) |
|
|
(3,339 |
) |
|
INCOME TAX
EXPENSE (BENEFIT), net |
|
592 |
|
|
|
(71 |
) |
|
|
1,657 |
|
|
|
438 |
|
|
NET
LOSS |
|
(2,819 |
) |
|
|
(1,638 |
) |
|
|
(4,037 |
) |
|
|
(3,777 |
) |
|
NON-GAAP NET
INCOME |
$ |
687 |
|
|
$ |
357 |
|
|
$ |
6,295 |
|
|
$ |
976 |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER
SHARE: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.14 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.19 |
) |
|
Diluted |
$ |
(0.14 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
Basic |
|
20,211 |
|
|
|
19,432 |
|
|
|
19,899 |
|
|
|
19,454 |
|
|
Diluted |
|
20,211 |
|
|
|
19,432 |
|
|
|
19,899 |
|
|
|
19,454 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
167 |
|
|
$ |
1,423 |
|
|
$ |
5,052 |
|
|
$ |
6,021 |
|
|
ADJUSTED
EBITDA |
$ |
3,427 |
|
|
$ |
3,121 |
|
|
$ |
14,629 |
|
|
$ |
9,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Unaudited
Reconciliation of Certain Non-GAAP Items to GAAP |
(In Thousands) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
NET
LOSS |
$ |
(2,819 |
) |
|
$ |
(1,638 |
) |
|
$ |
(4,037 |
) |
|
$ |
(3,777 |
) |
Income tax expense (benefit), net |
|
592 |
|
|
|
(71 |
) |
|
|
1,657 |
|
|
|
438 |
|
Interest expense, net |
|
365 |
|
|
|
458 |
|
|
|
1,154 |
|
|
|
1,418 |
|
Depreciation and amortization |
|
2,029 |
|
|
|
2,674 |
|
|
|
6,278 |
|
|
|
7,942 |
|
EBITDA |
|
167 |
|
|
|
1,423 |
|
|
|
5,052 |
|
|
|
6,021 |
|
Stock-based compensation |
|
3,235 |
|
|
|
852 |
|
|
|
8,934 |
|
|
|
2,181 |
|
Acquisition-related, restructuring and other costs |
|
25 |
|
|
|
846 |
|
|
|
643 |
|
|
|
1,682 |
|
ADJUSTED
EBITDA |
$ |
3,427 |
|
|
$ |
3,121 |
|
|
$ |
14,629 |
|
|
$ |
9,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
NET
LOSS |
$ |
(2,819 |
) |
|
$ |
(1,638 |
) |
|
$ |
(4,037 |
) |
|
$ |
(3,777 |
) |
Stock-based compensation |
|
3,235 |
|
|
|
852 |
|
|
|
8,934 |
|
|
|
2,181 |
|
Amortization of acquisition-related intangible assets |
|
116 |
|
|
|
167 |
|
|
|
361 |
|
|
|
501 |
|
Acquisition-related, restructuring and other costs |
|
25 |
|
|
|
846 |
|
|
|
643 |
|
|
|
1,682 |
|
Deferred tax expense - goodwill amortization |
|
130 |
|
|
|
130 |
|
|
|
394 |
|
|
|
389 |
|
NON-GAAP NET
INCOME |
$ |
687 |
|
|
$ |
357 |
|
|
$ |
6,295 |
|
|
$ |
976 |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES |
$ |
77,084 |
|
|
$ |
67,991 |
|
|
$ |
236,218 |
|
|
$ |
208,650 |
|
Pass-through revenue |
|
(12,661 |
) |
|
|
(11,810 |
) |
|
|
(42,053 |
) |
|
|
(37,063 |
) |
Cost of product revenue |
|
(4,019 |
) |
|
|
(6,250 |
) |
|
|
(16,732 |
) |
|
|
(19,117 |
) |
SERVICE FEE
EQUIVALENT REVENUE |
$ |
60,404 |
|
|
$ |
49,931 |
|
|
$ |
177,433 |
|
|
$ |
152,470 |
|
|
|
PFSweb, Inc.
and Subsidiaries |
|
Unaudited
Consolidated Segment Information |
|
and Reconciliation
of Certain Non-GAAP Items to GAAP |
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
The segment financial
data for the three and nine months ended September 30, 2020 and
2019, reflect the financial performance for each of the segments
based on the current financial presentation reviewed by the
company’s Chief Operating Decision Makers. The company is
continuing to evaluate its segregation of costs among the business
units, including an effort to further allocate certain Corporate
costs into the two operating business units to enhance cost focus
and responsibility. |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
PFS
Operations |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Service fee revenue |
$ |
39,339 |
|
|
$ |
31,176 |
|
|
$ |
114,184 |
|
|
$ |
95,930 |
|
|
Product revenue, net |
|
4,229 |
|
|
|
6,579 |
|
|
|
17,677 |
|
|
|
20,216 |
|
|
Pass-through revenue |
|
11,836 |
|
|
|
10,760 |
|
|
|
39,708 |
|
|
|
35,049 |
|
|
Total revenues |
|
55,404 |
|
|
|
48,515 |
|
|
|
171,569 |
|
|
|
151,195 |
|
|
Costs of
revenues: |
|
|
|
|
|
|
|
|
Cost of service fee revenue |
|
29,658 |
|
|
|
22,349 |
|
|
|
82,397 |
|
|
|
69,023 |
|
|
Cost of product revenue |
|
4,019 |
|
|
|
6,250 |
|
|
|
16,732 |
|
|
|
19,117 |
|
|
Cost of pass-through revenue |
|
11,836 |
|
|
|
10,760 |
|
|
|
39,708 |
|
|
|
35,049 |
|
|
Total costs of revenues |
|
45,513 |
|
|
|
39,359 |
|
|
|
138,837 |
|
|
|
123,189 |
|
|
Gross profit |
|
9,891 |
|
|
|
9,156 |
|
|
|
32,732 |
|
|
|
28,006 |
|
|
Direct
operating expenses |
|
7,353 |
|
|
|
7,454 |
|
|
|
22,702 |
|
|
|
21,649 |
|
|
Direct contribution |
|
2,538 |
|
|
|
1,702 |
|
|
|
10,030 |
|
|
|
6,357 |
|
|
Depreciation
and amortization |
|
1,616 |
|
|
|
2,120 |
|
|
|
4,811 |
|
|
|
6,153 |
|
|
Stock-based
compensation |
|
817 |
|
|
|
144 |
|
|
|
1,757 |
|
|
|
379 |
|
|
Acquisition-related, restructuring and other costs |
|
25 |
|
|
|
914 |
|
|
|
762 |
|
|
|
1,401 |
|
|
ADJUSTED
EBITDA |
$ |
4,996 |
|
|
$ |
4,880 |
|
|
$ |
17,360 |
|
|
$ |
14,290 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES |
$ |
55,404 |
|
|
$ |
48,515 |
|
|
$ |
171,569 |
|
|
$ |
151,195 |
|
|
Pass-through revenue |
|
(11,836 |
) |
|
|
(10,760 |
) |
|
|
(39,708 |
) |
|
|
(35,049 |
) |
|
Cost of product revenue |
|
(4,019 |
) |
|
|
(6,250 |
) |
|
|
(16,732 |
) |
|
|
(19,117 |
) |
|
SERVICE FEE
EQUIVALENT REVENUE |
$ |
39,549 |
|
|
$ |
31,505 |
|
|
$ |
115,129 |
|
|
$ |
97,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Unaudited
Consolidated Segment Information |
and Reconciliation
of Certain Non-GAAP Items to GAAP |
(In Thousands) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
LiveArea Professional Services |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
20,855 |
|
|
$ |
18,426 |
|
|
$ |
62,304 |
|
|
$ |
55,441 |
|
Pass-through revenue |
|
825 |
|
|
|
1,050 |
|
|
|
2,345 |
|
|
|
2,014 |
|
Total revenues |
|
21,680 |
|
|
|
19,476 |
|
|
|
64,649 |
|
|
|
57,455 |
|
Costs of
revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
11,219 |
|
|
|
9,947 |
|
|
|
33,961 |
|
|
|
30,039 |
|
Cost of pass-through revenue |
|
825 |
|
|
|
1,050 |
|
|
|
2,345 |
|
|
|
2,014 |
|
Total costs of revenues |
|
12,044 |
|
|
|
10,997 |
|
|
|
36,306 |
|
|
|
32,053 |
|
Gross profit |
|
9,636 |
|
|
|
8,479 |
|
|
|
28,343 |
|
|
|
25,402 |
|
Direct
operating expenses |
|
7,095 |
|
|
|
5,885 |
|
|
|
22,171 |
|
|
|
18,634 |
|
Direct contribution |
|
2,541 |
|
|
|
2,594 |
|
|
|
6,172 |
|
|
|
6,768 |
|
Depreciation
and amortization |
|
204 |
|
|
|
276 |
|
|
|
633 |
|
|
|
891 |
|
Stock-based
compensation |
|
892 |
|
|
|
261 |
|
|
|
3,283 |
|
|
|
558 |
|
Acquisition-related, restructuring and other costs |
|
- |
|
|
|
53 |
|
|
|
6 |
|
|
|
111 |
|
ADJUSTED
EBITDA |
$ |
3,637 |
|
|
$ |
3,184 |
|
|
$ |
10,094 |
|
|
$ |
8,328 |
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
$ |
(6,941 |
) |
|
$ |
(5,547 |
) |
|
$ |
(17,428 |
) |
|
$ |
(15,046 |
) |
Depreciation
and amortization |
|
209 |
|
|
|
278 |
|
|
|
834 |
|
|
|
898 |
|
EBITDA |
|
(6,732 |
) |
|
|
(5,269 |
) |
|
|
(16,594 |
) |
|
|
(14,148 |
) |
Stock-based
compensation |
|
1,526 |
|
|
|
447 |
|
|
|
3,894 |
|
|
|
1,244 |
|
Acquisition-related, restructuring and other costs |
|
- |
|
|
|
(121 |
) |
|
|
(125 |
) |
|
|
170 |
|
ADJUSTED
EBITDA |
$ |
(5,206 |
) |
|
$ |
(4,943 |
) |
|
$ |
(12,825 |
) |
|
$ |
(12,734 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Lug 2024 a Ago 2024
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Ago 2023 a Ago 2024