PFSweb, Inc. (NASDAQ: PFSW), a global commerce services company, is
reporting results for the fourth quarter and full year ended
December 31, 2020, and is providing a financial outlook for 2021.
“Our fourth quarter financial performance reflects the
operational momentum we built throughout 2020, with record holiday
fulfillment volumes in PFS and continued execution in LiveArea,”
said Mike Willoughby, CEO of PFSweb. “We generated strong growth
across both business units as we continued to experience robust
eCommerce and holiday demand tailwinds. While we operated at an
even larger scale than usual throughout the year—particularly
during the holiday season—our teams delivered high levels of
performance for our clients and their customers. We are proud to
have built such a flexible and differentiated platform to support
our clients during an unprecedented year and are excited about our
continued opportunities for growth in both business segments.”
Q4 2020 Highlights vs. Q4 2019
- Total revenues increased 25% to
$106.3 million.
- Service fee equivalent (SFE) revenue
(a non-GAAP measure defined and reconciled below) increased 29% to
$81.5 million.
- Service fee gross margin was 27.1%
compared to 32.5%.
- Net loss was $1.5 million or $(0.07)
per share, compared to a net income of $1.6 million or $0.08.
- Adjusted EBITDA (a non-GAAP measure
defined and reconciled below) was $4.5 million compared to $6.3
million.
Full Year 2020 Highlights vs. Full Year
2019
- Total revenues increased 16% to
$342.5 million.
- Service fee equivalent (SFE) revenue
(a non-GAAP measure defined and reconciled below) increased 20% to
$258.9 million.
- Service fee gross margin was 31.9%
compared to 33.9%.
- Net loss was $5.5 million or $(0.28)
per share, compared to a net loss of $2.2 million or $(0.11).
- Adjusted EBITDA (a non-GAAP measure
defined and reconciled below) increased 18% to $19.1 million
compared to $16.2 million.
Willoughby continued: “In PFS, our operational agility allowed
us to quickly scale and ramp our resources to meet heightened
holiday order volumes. Less than three months after opening, our
new PFS fulfillment center in Dallas was operating at full
capacity, and our new fulfillment center in Liège also performed at
high levels to accommodate accelerating European volumes. We
deployed our CloudPickTM based solution into one of our global
client’s European distribution facilities to augment our expanded
capacity for that client and support over 10% of our client’s
European order volume during the holiday period. We also rapidly
deployed our RetailConnectTM solution into five stores for an
existing client during the holiday period to enable our client to
scale up orders fulfilled from their stores, leading to a full
production roll-out of RetailConnectTM across their US store
footprint in 2021.
“Throughout the year, we took further measures to maintain our
continuous sanitation practices needed to keep our facilities
optimally safe and productive. While these COVID-19 safety measures
and increased fulfillment-related labor rates for both permanent
and temporary frontline workers pressured our margins over the
period, preserving the health of our team and ensuring high levels
of performance for our clients were our top priorities.
“The strategic investments we have made in LiveArea have further
expanded the resources we can offer our clients and prospects as
they adapt to an evolving eCommerce environment. Under our
strengthened sales and marketing leadership, our fourth quarter
LiveArea bookings rebounded to their second highest level in
company history. Our sales cycle continues to recover strongly from
the pandemic-related disruptions we faced in the middle of 2020.
With the strong backlog and record sales pipeline we have built
going into 2021, we look forward to leveraging our comprehensive
platform to support our growth as we offer premium digital customer
experiences around the globe.
“As we look to the rest of 2021, we believe our operational
discipline and adaptability have positioned both segments for
continued strong execution. We currently expect to perform within
our targeted range of 10-15% for LiveArea service fee revenue
growth, and we also expect to perform within our targeted range of
5-10% for PFS service fee revenue growth despite year-over-year
comparisons against a record setting 2020. We are also targeting
moderate PFSweb adjusted EBITDA margin expansion as our revenue mix
in LiveArea increases and we gain operating leverage in PFS, offset
by continued increased fulfillment-related labor rates and
sanitation costs as well as costs associated with opening our new
Las Vegas distribution facility.”
Fourth Quarter 2020 Financial ResultsTotal
revenues in the fourth quarter of 2020 increased 25% to $106.3
million compared to $85.4 million in the same period of 2019.
Service fee revenue in the fourth quarter increased 29% to $81.5
million compared to $63.0 million in the same period of 2019.
Product revenue from the company’s last remaining client under this
legacy business model was $5.2 million compared to $6.4 million in
the same period of 2019.
SFE revenue in the fourth quarter of 2020 increased 29% to $81.5
million compared to $63.4 million in the same period of 2019. The
increase was primarily driven by robust levels of fulfillment
activity in PFS, as well as continued growth in LiveArea.
Service fee gross margin in the fourth quarter of 2020 was 27.1%
compared to 32.5% in the same period of 2019. The decrease was
primarily attributable to changes in revenue mix, with the lower
gross margin PFS segment generating an increased percentage of the
overall service fee revenue, and increased fulfillment-related
labor rates and sanitation costs during the quarter. Additionally,
our gross margin for the PFS segment was negatively impacted by
reduced IT related project, startup and technology related
activity. As a result, fourth quarter gross margin for PFS came in
below the segment’s typical 25% to 30% guidance range, while
LiveArea’s gross margin remained within the segment’s typical 40%
to 50% range.
Net loss in the fourth quarter of 2020 was $1.5 million or
$(0.07) per share compared to a net income of $1.6 million or $0.08
in the same period of 2019. Net loss included the impact of $1.9
million of stock-based compensation expense in the fourth quarter
of 2020 as compared to $0.8 million of stock-based compensation
expense in the same period of 2019.
Adjusted EBITDA in the fourth quarter of 2020 was $4.5 million
compared to $6.3 million in the same period of 2019. The decrease
was primarily driven by expected cost increases in the PFS segment
applicable to fulfillment-related labor rates and sanitation costs
and other preparations for the holiday season, as well as reduced
IT related project, startup and technology related activity.
Additionally, operating expenses increased as compared to the prior
year primarily related to increased personnel related expenses,
including costs associated with supporting the ongoing growth and
strategic investments in the LiveArea segment. As a percentage of
SFE revenue, adjusted EBITDA margin was 5.5% compared to 9.9% in
the same period of 2019.
Non-GAAP net income (a non-GAAP measure defined and reconciled
below) in the fourth quarter of 2020 was $1.6 million compared to
$3.0 million in the same period of 2019.
At December 31, 2020, net debt (a non-GAAP measure defined and
reconciled below as total debt, excluding operating lease
liabilities, less cash and cash equivalents) was $31.7 million
compared to $25.4 million at December 31, 2019.
Cash and cash equivalents at December 31, 2020 totaled $10.8
million compared to $12.4 million at December 31, 2019, and total
debt was $42.5 million compared to $37.8 million at the end of last
year.
Full Year 2020 Financial ResultsTotal revenues
in 2020 increased 16% to $342.5 million compared to $294.0 million
in 2019. Service fee revenue in 2020 increased 20% to $257.7
million compared to $214.4 million in 2019. Product revenue from
the company’s last remaining client under this legacy business
model was $22.9 million compared to $26.6 million in 2019.
SFE revenue in 2020 increased 20% to $258.9 million compared to
$215.8 million in 2019. The increase was primarily driven by
heightened fulfillment activity in PFS throughout the year, as well
as double-digit growth in LiveArea.
Service fee gross margin in 2020 was 31.9% compared to 33.9% in
2019. The decrease was primarily attributable to changes in revenue
mix and increased fulfillment-related costs throughout the year, as
well as reduced IT project, startup and technology related activity
in the PFS segment. 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 2020 was $5.5 million or $(0.28) per share compared
to a net loss of $2.2 million or $(0.11) in 2019.
Adjusted EBITDA in 2020 increased 18% to $19.1 million compared
to $16.2 million in 2019. The increase was primarily due to the
aforementioned strong growth in SFE revenue. As a percentage of SFE
revenue, adjusted EBITDA margin was 7.4% compared to 7.5% in
2019.
Non-GAAP net income (a non-GAAP measure defined and reconciled
below) increased 100% to $7.9 million in 2020 compared to $3.9
million in 2019.
2021 OutlookWith strong eCommerce demand
driving heightened fulfillment volumes in the company’s PFS
segment, as well as LiveArea’s record and expanding pipeline,
PFSweb expects to achieve 2021 LiveArea service fee revenue growth
of 10% to 15% compared to 2020. For the PFS segment, the company
expects to generate 5% to 10% service fee revenue growth compared
to 2020. In line with its continued focus on cost management,
PFSweb also expects moderate consolidated adjusted EBITDA margin
expansion in 2021 when compared to the prior year.
Conference CallPFSweb will conduct a conference
call today at 8:30 a.m. Eastern time to discuss its results for the
fourth quarter and full year ended December 31, 2020.
PFSweb management will host the conference call, followed by a
question and answer period.
Date: Thursday March 25, 2021Time: 8:30 a.m. Eastern time (5:30
a.m. Pacific time)Toll-free dial-in number: (866)
220-4153International dial-in number: (864) 663-5228 Conference ID:
2475935
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 April 8, 2021.
Toll-free replay number: (855) 859-2056International replay
number: (404) 537-3406Replay ID: 2475935
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) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
10,751 |
|
|
$ |
12,434 |
|
Restricted cash |
|
214 |
|
|
|
214 |
|
Accounts receivable, net of allowance for doubtful accounts of
$1,465 and $1,071 at December 31, 2020 and December 31, 2019,
respectively |
|
80,778 |
|
|
|
72,262 |
|
Related party receivable |
|
730 |
|
|
|
- |
|
Inventories, net of reserves of $96 and $291 at December 31, 2020
and December 31, 2019, respectively |
|
3,644 |
|
|
|
3,281 |
|
Other receivables |
|
3,758 |
|
|
|
3,324 |
|
Prepaid expenses and other current assets |
|
8,694 |
|
|
|
6,954 |
|
Total current assets |
|
108,569 |
|
|
|
98,469 |
|
|
|
|
|
Property and
equipment, net |
|
19,178 |
|
|
|
18,436 |
|
Operating
lease right-of-use assets, net |
|
34,982 |
|
|
|
36,403 |
|
Identifiable
intangibles, net |
|
665 |
|
|
|
1,135 |
|
Goodwill |
|
45,615 |
|
|
|
45,393 |
|
Other
assets |
|
4,152 |
|
|
|
3,772 |
|
Total assets |
$ |
213,161 |
|
|
$ |
203,608 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Trade accounts payable |
$ |
35,648 |
|
|
$ |
44,640 |
|
Accrued expenses |
|
30,881 |
|
|
|
21,625 |
|
Current portion of operating lease liabilities |
|
9,487 |
|
|
|
8,904 |
|
Current portion of long-term debt and capital lease
obligations |
|
3,414 |
|
|
|
2,971 |
|
Deferred revenues |
|
5,115 |
|
|
|
6,058 |
|
Total current liabilities |
|
84,545 |
|
|
|
84,198 |
|
|
|
|
|
Long-term
debt and capital lease obligations, less current portion |
|
39,073 |
|
|
|
34,829 |
|
Deferred
revenue, less current portion |
|
1,341 |
|
|
|
1,398 |
|
Operating
lease liabilities |
|
30,553 |
|
|
|
33,295 |
|
Other
liabilities |
|
5,286 |
|
|
|
3,046 |
|
Total liabilities |
|
160,798 |
|
|
|
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;
20,408,558 and 19,465,877 issued at December 31, 2020 and December
31, 2019, respectively; and 20,375,091 and 19,432,410 outstanding
at December 31, 2020 and December 31, 2019, respectively |
|
20 |
|
|
|
19 |
|
Additional paid-in capital |
|
168,244 |
|
|
|
158,192 |
|
Accumulated deficit |
|
(115,447 |
) |
|
|
(109,943 |
) |
Accumulated other comprehensive income |
|
(329 |
) |
|
|
(1,301 |
) |
Treasury stock at cost, 33,467 shares |
|
(125 |
) |
|
|
(125 |
) |
Total shareholders' equity |
|
52,363 |
|
|
|
46,842 |
|
Total liabilities and shareholders' equity |
$ |
213,161 |
|
|
$ |
203,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Unaudited Condensed
Consolidated Statements of Operations |
(In Thousands,
Except Per Share Data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
2020 |
|
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
80,400 |
|
|
$ |
63,010 |
|
$ |
256,615 |
|
|
$ |
214,382 |
|
Product revenue, net |
|
5,188 |
|
|
|
6,397 |
|
|
22,865 |
|
|
|
26,613 |
|
Pass-through revenue |
|
19,926 |
|
|
|
15,964 |
|
|
61,979 |
|
|
|
53,027 |
|
Related party revenue |
|
773 |
|
|
|
- |
|
|
1,046 |
|
|
|
- |
|
Total revenues |
|
106,287 |
|
|
|
85,371 |
|
|
342,505 |
|
|
|
294,022 |
|
|
|
|
|
|
|
|
|
Costs of
revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
59,168 |
|
|
|
42,553 |
|
|
175,526 |
|
|
|
141,616 |
|
Cost of product revenue |
|
4,862 |
|
|
|
6,041 |
|
|
21,594 |
|
|
|
25,158 |
|
Cost of pass-through revenue |
|
19,926 |
|
|
|
15,964 |
|
|
61,979 |
|
|
|
53,027 |
|
Total costs of revenues |
|
83,956 |
|
|
|
64,558 |
|
|
259,099 |
|
|
|
219,801 |
|
Gross profit |
|
22,331 |
|
|
|
20,813 |
|
|
83,406 |
|
|
|
74,221 |
|
Selling,
general and administrative expenses |
|
23,050 |
|
|
|
18,005 |
|
|
85,351 |
|
|
|
73,334 |
|
Income (loss) from operations |
|
(719 |
) |
|
|
2,808 |
|
|
(1,945 |
) |
|
|
887 |
|
Interest
expense, net |
|
332 |
|
|
|
484 |
|
|
1,486 |
|
|
|
1,896 |
|
Income (loss) before income taxes |
|
(1,051 |
) |
|
|
2,324 |
|
|
(3,431 |
) |
|
|
(1,009 |
) |
Income tax
expense |
|
416 |
|
|
|
722 |
|
|
2,073 |
|
|
|
1,161 |
|
Net income
(loss) |
|
(1,467 |
) |
|
$ |
1,602 |
|
$ |
(5,504 |
) |
|
|
(2,170 |
) |
Non-GAAP net
income |
$ |
1,600 |
|
|
$ |
2,965 |
|
$ |
7,896 |
|
|
$ |
3,946 |
|
|
|
|
|
|
|
|
|
Net income
(loss) per share |
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
0.08 |
|
$ |
(0.28 |
) |
|
$ |
(0.11 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
0.08 |
|
$ |
(0.28 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
20,323 |
|
|
|
19,435 |
|
|
20,005 |
|
|
|
19,449 |
|
Diluted |
|
20,323 |
|
|
|
19,912 |
|
|
20,005 |
|
|
|
19,449 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
1,669 |
|
|
$ |
5,233 |
|
$ |
6,721 |
|
|
$ |
11,254 |
|
Adjusted
EBITDA |
$ |
4,498 |
|
|
$ |
6,303 |
|
$ |
19,127 |
|
|
$ |
16,188 |
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Unaudited
Reconciliation of Certain Non-GAAP Items to GAAP |
(In Thousands) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
(1,467 |
) |
|
$ |
1,602 |
|
|
|
(5,504 |
) |
|
|
(2,170 |
) |
Income tax expense |
|
416 |
|
|
|
722 |
|
|
|
2,073 |
|
|
|
1,161 |
|
Interest expense, net |
|
332 |
|
|
|
484 |
|
|
|
1,486 |
|
|
|
1,896 |
|
Depreciation and amortization |
|
2,388 |
|
|
|
2,425 |
|
|
|
8,666 |
|
|
|
10,367 |
|
EBITDA |
|
1,669 |
|
|
|
5,233 |
|
|
|
6,721 |
|
|
|
11,254 |
|
Stock-based compensation |
|
1,851 |
|
|
|
846 |
|
|
|
10,785 |
|
|
|
3,028 |
|
Acquisition-related, restructuring and other costs |
|
978 |
|
|
|
224 |
|
|
|
1,621 |
|
|
|
1,906 |
|
Adjusted
EBITDA |
$ |
4,498 |
|
|
$ |
6,303 |
|
|
$ |
19,127 |
|
|
$ |
16,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
(1,467 |
) |
|
$ |
1,602 |
|
|
|
(5,504 |
) |
|
|
(2,170 |
) |
Stock-based compensation |
|
1,851 |
|
|
|
846 |
|
|
|
10,785 |
|
|
|
3,028 |
|
Amortization of acquisition-related intangible assets |
|
109 |
|
|
|
167 |
|
|
|
470 |
|
|
|
668 |
|
Acquisition-related, restructuring and other costs |
|
978 |
|
|
|
224 |
|
|
|
1,621 |
|
|
|
1,906 |
|
Deferred tax expense - goodwill amortization |
|
129 |
|
|
|
126 |
|
|
|
523 |
|
|
|
514 |
|
Non-GAAP net
income |
$ |
1,600 |
|
|
$ |
2,965 |
|
|
$ |
7,896 |
|
|
$ |
3,946 |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Total
revenues |
$ |
106,287 |
|
|
$ |
85,371 |
|
|
$ |
342,505 |
|
|
$ |
294,022 |
|
Pass-through revenue |
|
(19,926 |
) |
|
|
(15,964 |
) |
|
|
(61,979 |
) |
|
|
(53,027 |
) |
Cost of product revenue |
|
(4,862 |
) |
|
|
(6,041 |
) |
|
|
(21,594 |
) |
|
|
(25,158 |
) |
Service fee
equivalent revenue |
$ |
81,499 |
|
|
$ |
63,366 |
|
|
$ |
258,932 |
|
|
$ |
215,837 |
|
|
|
|
|
|
|
|
|
|
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 twelve months ended, December 31,
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 |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
PFS
Operations |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
60,684 |
|
|
$ |
43,559 |
|
|
$ |
174,868 |
|
|
$ |
139,490 |
|
Product revenue, net |
|
5,188 |
|
|
|
6,397 |
|
|
|
22,865 |
|
|
|
26,613 |
|
Pass-through revenue |
|
19,166 |
|
|
|
15,247 |
|
|
|
58,874 |
|
|
|
50,296 |
|
Total revenues |
|
85,038 |
|
|
|
65,203 |
|
|
|
256,607 |
|
|
|
216,399 |
|
Costs of
revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
47,878 |
|
|
|
32,084 |
|
|
|
130,275 |
|
|
|
101,108 |
|
Cost of product revenue |
|
4,862 |
|
|
|
6,041 |
|
|
|
21,594 |
|
|
|
25,158 |
|
Cost of pass-through revenue |
|
19,166 |
|
|
|
15,247 |
|
|
|
58,874 |
|
|
|
50,296 |
|
Total costs of revenues |
|
71,906 |
|
|
|
53,372 |
|
|
|
210,743 |
|
|
|
176,562 |
|
Gross profit |
|
13,132 |
|
|
|
11,831 |
|
|
|
45,864 |
|
|
|
39,837 |
|
Direct
operating expenses |
|
7,992 |
|
|
|
6,668 |
|
|
|
30,694 |
|
|
|
28,292 |
|
Direct contribution |
|
5,140 |
|
|
|
5,163 |
|
|
|
15,170 |
|
|
|
11,545 |
|
Depreciation
and amortization |
|
1,929 |
|
|
|
1,894 |
|
|
|
6,740 |
|
|
|
8,047 |
|
Stock-based
compensation |
|
422 |
|
|
|
98 |
|
|
|
2,179 |
|
|
|
478 |
|
Acquisition-related, restructuring and other costs |
|
540 |
|
|
|
56 |
|
|
|
1,302 |
|
|
|
1,457 |
|
Adjusted
EBITDA |
$ |
8,031 |
|
|
$ |
7,211 |
|
|
$ |
25,391 |
|
|
$ |
21,527 |
|
|
|
|
|
|
|
|
|
Total
Revenues |
$ |
85,038 |
|
|
$ |
65,203 |
|
|
$ |
256,607 |
|
|
$ |
216,399 |
|
Pass-through revenue |
|
(19,166 |
) |
|
|
(15,247 |
) |
|
|
(58,874 |
) |
|
|
(50,296 |
) |
Cost of product revenue |
|
(4,862 |
) |
|
|
(6,041 |
) |
|
|
(21,594 |
) |
|
|
(25,158 |
) |
Service fee
equivalent revenue |
$ |
61,010 |
|
|
$ |
43,915 |
|
|
$ |
176,139 |
|
|
$ |
140,945 |
|
|
|
|
|
|
|
|
|
|
PFSweb, Inc.
and Subsidiaries |
Unaudited
Consolidated Segment Information |
and Reconciliation
of Certain Non-GAAP Items to GAAP |
(In Thousands) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
LiveArea Professional Services |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
19,716 |
|
|
$ |
19,451 |
|
|
$ |
81,747 |
|
|
$ |
74,892 |
|
Pass-through revenue |
|
760 |
|
|
|
717 |
|
|
|
3,105 |
|
|
|
2,731 |
|
Related party revenue |
|
773 |
|
|
|
- |
|
|
|
1,046 |
|
|
|
- |
|
Total revenues |
|
21,249 |
|
|
|
20,168 |
|
|
|
85,898 |
|
|
|
77,623 |
|
Costs of
revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
11,290 |
|
|
|
10,469 |
|
|
|
45,251 |
|
|
|
40,508 |
|
Cost of pass-through revenue |
|
760 |
|
|
|
717 |
|
|
|
3,105 |
|
|
|
2,731 |
|
Total costs of revenues |
|
12,050 |
|
|
|
11,186 |
|
|
|
48,356 |
|
|
|
43,239 |
|
Gross profit |
|
9,199 |
|
|
|
8,982 |
|
|
|
37,542 |
|
|
|
34,384 |
|
Direct
operating expenses |
|
7,964 |
|
|
|
6,502 |
|
|
|
30,135 |
|
|
|
25,137 |
|
Direct contribution |
|
1,235 |
|
|
|
2,480 |
|
|
|
7,407 |
|
|
|
9,247 |
|
Depreciation
and amortization |
|
264 |
|
|
|
271 |
|
|
|
897 |
|
|
|
1,162 |
|
Stock-based
compensation |
|
412 |
|
|
|
311 |
|
|
|
3,695 |
|
|
|
869 |
|
Acquisition-related, restructuring and other costs |
|
220 |
|
|
|
139 |
|
|
|
226 |
|
|
|
250 |
|
Adjusted
EBITDA |
$ |
2,131 |
|
|
$ |
3,201 |
|
|
$ |
12,225 |
|
|
$ |
11,528 |
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
$ |
(7,094 |
) |
|
$ |
(4,835 |
) |
|
$ |
(24,522 |
) |
|
$ |
(19,905 |
) |
Depreciation
and amortization |
|
195 |
|
|
|
260 |
|
|
|
1,029 |
|
|
|
1,158 |
|
EBITDA |
|
(6,899 |
) |
|
|
(4,575 |
) |
|
|
(23,493 |
) |
|
|
(18,747 |
) |
Stock-based
compensation |
|
1,017 |
|
|
|
437 |
|
|
|
4,911 |
|
|
|
1,681 |
|
Acquisition-related, restructuring and other costs |
|
218 |
|
|
|
29 |
|
|
|
93 |
|
|
|
199 |
|
Adjusted
EBITDA |
$ |
(5,664 |
) |
|
$ |
(4,109 |
) |
|
$ |
(18,489 |
) |
|
$ |
(16,867 |
) |
|
|
|
|
|
|
|
|
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Lug 2023 a Lug 2024