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    Newegg Announces First Half 2021 Financial Results

    8/30/21 6:00:00 AM ET
    $NEGG
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    Reports first half 2021 increases of 39.9% and 33.9% in net sales and gross margin, respectively

    Newegg Commerce, Inc. (NASDAQ:NEGG), a leading tech-focused e-retailer in North America, announced its financial results for the six months ended June 30, 2021.

    First Half 2021 vs. First Half 2020 Financial Highlights (unaudited)

    • Net sales increased 39.9% to $1,206.9 million from $862.7 million
    • Gross profit increased 33.9% to $166.9 million from $124.6 million
    • Net income increased 14.0% to $21.6 million (or $0.05 per diluted share) compared to net income of $18.9 million (or $0.05 per diluted share)

    Operational Highlights as of June 30, 2021

    • Unique active customers: 4.2 million
    • Repeat purchases: 32.5%
    • Average value per order: $359

    Newegg's CEO, Anthony Chow noted, "Over the last two years, we focused on innovation and growth-oriented initiatives to position Newegg for success in the years ahead. As a result, we diversified our revenue sources and strengthened the company's business and operational structure. And by optimizing and expanding our vendor relationships, we enhanced our product offering and grew our geographic footprint."

    Mr. Chow added, "Our first half 2021 results were a strong validation of this strategy as we were able to grow our net sales and gross margin by 39.9% and 33.9%, respectively, as compared to the same period in 2020. We optimized products that were in high demand and promoted high-margin services. We refined Newegg's product selection, improved relationships with suppliers by establishing a "quarterly strategic partnership execution program" ("QSPEP") and shared market intelligence data with our vendors to help them make strategic decisions in providing the right products, to the right customers, at the right time. We also invested in new technologies to improve customer experience, order fulfillment and delivery times. Additionally, we made significant investments to expand our global infrastructure with the opening of our 43,000 sq. ft. warehouse in the Yangshan Free Trade Zone in Shanghai earlier this year. This warehouse acts as a freight collection and fulfillment center for our marketplace vendors and third-party logistics clients from which we transport merchandise to North America by freight and air. As a result of these additional expenses, our income from operations and net income increased by 26.9% and 14.0%, respectively."

    Mr. Chow concluded, "Today, due to the successful execution of our strategy, Newegg is a much stronger organization and well positioned to take advantage of several growth opportunities, create additional revenue sources, improve margins, expand our geographic footprint and provide higher returns to our shareholders."

    Operational Highlights by Revenue Stream

    Direct sales business: Part of our strategy was to execute our QSPEP program designed to help us gain market share. We focused on establishing a strict validation process in selecting our suppliers and making sure that our end-customers were paying the best price for high-quality products purchased through our platform, supported by superb customer service.

    Marketplace business: Through the Global Seller initiative, we recruited quality APAC sellers, specifically from China, into our platform and thus substantially broadened our product offerings. Newegg worked aggressively to build a platform that charges competitive, and at times, the lowest commission to vendors.

    Newegg Partner Services ("NPS") business: We recently launched several new services designed to support our vendor partners by providing them with the necessary resources to improve operations and logistics, marketing and advertising, customer service and finance, all aiming to help them increase sales and customer reach.

    About Newegg Commerce, Inc.

    Newegg Commerce, Inc., headquartered in the City of Industry, California, is a leading tech-focused e-retailer in North America and serves a global customer base throughout Europe, Asia Pacific, Latin America and the Middle East. Founded in 2001, the company offers direct sales and an online marketplace platform for PC and IT hardware, consumer electronics, automotive, gaming products and finished goods. Newegg also offers an extensive portfolio of technology, marketing, logistics and other partner services to help companies grow their business. For more information, please visit https://www.newegg.com/.

    Forward-Looking Statements

    This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Newegg believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

     

    NEWEGG COMMERCE, INC.

    Consolidated Statements of Income

    (In thousands, except per share data) (Unaudited)

     

    Six Months Ended

    June 30,

     

    2021

    2020

    Net sales

    $

    1,206,872

     

    $

    862,700

     

    Cost of sales

     

    1,039,946

     

     

    738,122

     

    Gross profit

     

    166,926

     

     

    124,578

     

    Other operating income

     

    -

     

     

    264

    Selling, general, and administrative expenses

     

    144,463

     

     

    107,138

     

    Income from operations

     

    22,463

     

    17,704

    Interest income

     

    567

     

     

    590

     

    Interest expense

     

    (312

    )

     

    (378

    )

    Other income, net

     

    495

     

     

    2,790

     

    Gain from disposal of subsidiary

     

    2,043

     

     

    -

     

    Change in fair value of warrants liabilities

     

    (1,270)

     

     

    -

     

    Income before provision for income taxes

     

    23,986

     

     

    20,706

     

    Provision for income taxes

    2,395

    1,767

    Net income

    $

    21,591

     

    $

    18,939

     

    Basic earnings per share

    $

    0.06

    $

    0.05

    Diluted earnings per share

    $

    0.05

    $

    0.05

    Weighted average shares used in computation of earnings per share:

     

     

     

     

     

     

    Basic

     

    364,493

     

     

    363,326

     

    Diluted

     

    425,542

     

     

    379,901

     

    NEWEGG COMMERCE, INC.

    Consolidated Balance Sheets

    (In thousands, except par value) (Unaudited)

     

     

    June 30,

    2021

    December 31,

    2020

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    124,526

     

    $

    156,635

     

    Restricted cash

     

    4,777

     

     

    1,111

     

    Accounts receivable, net

     

    41,510

     

     

    66,465

     

    Inventories

     

    207,373

     

     

    182,056

     

    Income taxes receivable

     

    2,509

     

     

    2,510

     

    Prepaid expenses and other current assets

     

    19,080

     

     

    19,834

     

    Total current assets

     

    399,775

     

     

    428,611

     

     

     

     

     

     

     

     

    Property and equipment, net

     

    47,306

     

     

    46,466

     

    Noncurrent deferred tax assets

     

    680

     

     

    669

     

    Equity investment

     

    9,655

     

     

    9,655

     

    Investment at cost

     

    15,000

     

     

    15,000

     

    Right of use assets

     

    42,368

     

     

    46,557

     

    Other noncurrent assets

     

    10,825

     

     

    10,510

     

    Total assets

    $

    525,609

     

    $

    557,468

     

    Liabilities and Equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

    $

    202,095

     

    $

    241,502

     

    Accrued liabilities

     

    72,300

     

     

    83,939

     

    Deferred revenue

     

    33,482

     

     

    47,398

     

    Line of credit

     

    6,148

     

     

    5,276

     

    Current portion of long-term debt

     

    289

     

     

    281

     

    Lease liabilities – current

     

    8,989

     

     

    9,695

     

    Total current liabilities

     

    323,303

     

     

    388,091

     

     

     

     

     

     

     

     

    Long-term debt, less current portion

     

    1,982

     

     

    2,088

     

    Income taxes payable

     

    696

     

     

    696

     

    Lease liabilities – noncurrent

     

    35,974

     

     

    39,043

     

    Warrants liabilities

     

    2,422

     

     

    -

     

    Other liabilities

     

    53

     

     

    53

     

    Total liabilities

     

    364,430

     

     

    429,971

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Equity:

     

     

     

     

     

     

    Common Stock, $0.021848 par value; unlimited shares authorized as of June 30, 2021 and December 31, 2020; 368,299 and 363,326 shares issued and outstanding as of June 30, 2021 and December 31, 2020

     

    8,047

     

     

    7,938

     

    Additional paid-in capital

     

    192,658

     

     

    182,230

     

    Notes receivable

     

    (15,189

    )

     

    (15,186

    )

    Accumulated other comprehensive income

     

    4,614

     

     

    3,057

     

    Accumulated deficit

     

    (28,951

    )

     

    (50,542

    )

    Total equity

     

    161,179

     

     

    127,497

     

    Total liabilities and equity

    $

    525,609

     

    $

    557,468

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20210830005227/en/

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