PFSweb (NASDAQ: PFSW) (the “Company"), a global commerce services
company, today reported results for the fourth quarter and full
year ended December 31, 2021. As previously communicated, the
results were delayed as a result of the complex tax implications
and labor-intensive closing process associated with the sale of the
LiveArea global business to Merkle for approximately $250 million
in gross proceeds, which was completed on August 25, 2021, and the
required financial reporting and accounting segmentation of
previously commingled business entities. The delay was not related
to any historical issues with PFSweb’s accounting practices or
fundamental business.
Mike Willoughby, PFSweb Chief Executive Officer,
stated: “We are pleased to be able to report today’s results as we
successfully work to become fully current with our quarterly and
annual financial filings – in keeping with the timeline we have
indicated. As we previously noted, 2021 was a strong year for the
Company, and we have seen positive momentum in our PFS business in
2022 as we strive to maximize value for all shareholders. Looking
ahead, we will continue to execute on our plans to leverage the
substantial eCommerce fulfillment tailwinds in our industry and
expand our current fulfillment services in 2022.”
Q4 2021 Highlights vs. Q4
2020
Results and comparisons reflect the
classification of LiveArea as a discontinued operation.
- Total revenues increased 6% to
$94.2 million.
- PFS Operations service fee
equivalent (SFE) revenue (a non-GAAP measure defined and reconciled
below) increased 3% to $63.1 million.
- PFS Operations service fee gross
margin, excluding certain LiveArea-related activity, increased 310
basis points to 24.2%, compared to 21.1%.
- Net loss from continuing operations
improved to $0.9 million or $(0.04) per share, compared to net loss
from continuing operations of $1.6 million, or $(0.08) per
share.
- Consolidated adjusted EBITDA from
continuing operations (a non-GAAP measure defined and reconciled
below) increased to $5.0 million, compared to $2.2 million.
- PFS Operations adjusted EBITDA from
continuing operations (a non-GAAP measure defined and reconciled
below) increased to $9.2 million, compared to $8.0 million.
Full Year 2021 Highlights
Results and comparisons reflect the
classification of LiveArea as a discontinued operation.
- Total revenues increased 2% to
$277.3 million.
- PFS Operations service fee
equivalent (SFE) revenue increased 7% to $187.7 million, compared
to $176.1 million.
- PFS Operations service fee gross
margin, excluding certain LiveArea-related activity, was 24.4%,
compared to 25.5%.
- Net loss from continuing operations
was $13.6 million or $(0.64) per share, compared to net loss from
continuing operations of $6.2 million, or $(0.31) per share.
- Consolidated adjusted EBITDA from
continuing operations was $3.0 million, compared to $7.6
million.
- PFS Operations adjusted EBITDA from
continuing operations was $22.6 million, compared to $25.4
million.
- The two-year PFS Operations SFE
revenue compounded annual growth rate was approximately 15% as
compared to 2019.
- Estimated 2021 PFS pro forma
standalone AEBITDA percentage of service fee revenue was
approximately 9%, which is the mid-point of our previously
estimated target of 8% to 10%.
At the end of 2021, with the benefit from the
net proceeds generated from the LiveArea sale combined with the
business’s standalone operational cash balance, the Company had
approximately $152 million of total cash and less than $1 million
of debt. This December 2021 year-end cash balance reflects that the
Company incurred approximately $15 million in cash-based
transaction related costs during 2021 and used proceeds of
approximately $35 million to make estimated income tax payments
related to the LiveArea Transaction, of which approximately $30
million was paid during the quarter ended December 31, 2021.
Zach Thomann, PFSweb Chief Operating Officer,
commented: “We closed out 2021 with strong operational performance
and continued momentum from sales bookings – with 15 new bookings
for the year worth $27.1 million in estimated average annual
contract value. Through the first quarter of 2022, we have
booked seven new engagements worth approximately $6.8 million in
average annual contract value, underscoring the exciting growth
within the business. We have undertaken specific productivity
enhancements that allow us to remain confident in our guidance
despite an inflationary wage environment. As such, we remain
confident in our full year 2022 revenue and AEBITDA guidance.”
2022 Outlook
The Company is reiterating its previously stated
2022 financial outlook, which continues to target 2022 PFS annual
SFE revenue growth in the range of 5% to 10%. Through a combination
of expected continued organic growth from existing clients, strong
bookings and a robust sales pipeline, the Company is optimistic
that it can achieve SFE revenue growth at the upper end of this
targeted range. The Company also continues to expect 2022 estimated
PFS pro forma standalone AEBITDA percentage of service fee revenue
to be within the range of 8 to 10%.
Strategic Alternatives Process and
Near-Term Capital Allocation and Restructuring
Priorities
PFSweb continues to work with its financial
advisor, Raymond James, on a review of a full range of strategic
alternatives for its PFS business. The Company has also
substantially concluded its obligations to Merkle under a
Transition Services Agreement. Further, PFSweb has concluded its
engagement with G2 Capital Advisors and has identified and taken
demonstrable actions to optimize its business structure to meet the
needs of the PFS business and align with the strategic alternatives
process.
PFSweb does not currently have a specific
timeline for the completion of its strategic review process, and it
does not intend to comment further regarding the review process
unless or until a specific transaction is approved by its Board of
Directors, the review process is concluded, or it has otherwise
determined that further disclosure is appropriate or required by
law.
Update on NASDAQ Compliance
Process
As previously communicated, PFSweb received a
notice from the Nasdaq Stock Market on March 18, 2022, notifying
the Company that it was not in compliance with the periodic filing
requirements for continued listing set forth in in Nasdaq Listing
Rule 5250(c)(1) because the Company's Annual Report on Form 10-K
for the year ended December 31, 2021 (the "2021 10-K") was not
filed with the Securities and Exchange Commission (“SEC”) by the
required due date of March 16, 2022.
Nasdaq provided the Company with 60 calendar
days, until May 17, 2022, to submit a plan to regain compliance.
With the Company’s filing of the 2021 10-K on May 9, 2022, the
Company has regained compliance.
However, as a result of the delayed filing with
the SEC of the Company’s 2021 10-K, it is expected that the filing
with the SEC of the Quarterly Report on Form 10-Q for the period
ended March 31, 2022 (the “1Q 2022”), due on May 10, 2022, will be
delayed for the same reasons that caused the delays of the 2021
10-K filing. The Company continues to work diligently to complete
its 1Q 2022 and continues to target filing the report with the SEC
by mid-June 2022, after which the Company anticipates maintaining
compliance with its SEC reporting obligations and Nasdaq listing
requirements.
Conference Call
PFSweb will conduct a conference call tomorrow,
May 10, at 8:30 a.m. Eastern time to discuss its results for the
fourth quarter and full year ended December 31, 2021.
PFSweb management will host the conference call, followed by a
question and answer period.
Date: Tuesday, May 10, 2022Time: 8:30 a.m. Eastern time (5:30
a.m. Pacific time)Toll-free dial-in number: (800)
584-2088International dial-in number: (212) 231-2931Conference ID:
22018684
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 Group 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.pfscommerce.com.
A replay of the conference call will be available after 11:30
a.m. Eastern time on the same day through May 31, 2022.
Toll-free replay number: (844) 512-2921International replay
number: (412) 317-6671Replay ID: 22018684
Forward-Looking Information
This press release contains 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,” “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 risk that Nasdaq may delist our common stock if we do
not meet Nasdaq’s continued listing standards. the impact of the
COVID-19 pandemic on our business and 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. The
Company’s 2021 10-K, and any subsequent amendments thereto and our
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.
The Company 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.
Financial Statement Presentation
Matters
The LiveArea segment has been presented as a
discontinued operation for all periods presented in this news
release.
The consolidated financial statements in this
news release have been revised to correct for an immaterial error
related to deferred income taxes that were incorrectly recorded in
prior periods.
Non-GAAP Financial MeasuresThis
news release contains certain non-GAAP measures, including non-GAAP
net income (loss) from continuing operations, earnings before
interest, income taxes, depreciation and amortization (EBITDA) from
continuing operations, adjusted EBITDA from continuing operations
and service fee equivalent revenue.
Non-GAAP net income (loss) from continuing
operations represents net income (loss) from continuing operations
calculated in accordance with U.S. GAAP as adjusted for the impact
of non-cash stock-based compensation expense, restructuring and
other costs.
EBITDA from continuing operations represents
earnings (or losses) before interest, income taxes, depreciation,
and amortization. Adjusted EBITDA from continuing operations
further eliminates the effect of stock-based compensation, as well
as restructuring and other.
Non-GAAP net income (loss) from continuing
operations, EBITDA from continuing operations, adjusted EBITDA from
continuing operations 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,
restructuring and other costs, and EBITDA from continuing
operations and adjusted EBITDA from continuing operations 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.
The Company has presented non-GAAP financial
measures for the PFS Operations business including total Direct
contribution, EBITDA, adjusted EBITDA and service fee equivalent
revenue which include adjustments for certain LiveArea related
revenue activity and unallocated corporate costs. Such measures are
reconciled below.
The Company 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.
About PFSPFS, the business unit
of PFSweb, Inc. (NASDAQ: PFSW) is a premier eCommerce order
fulfillment provider. We facilitate each operational step of an
eCommerce order in support of DTC and B2B retail brands and
specialize in health & beauty, fashion & apparel, jewelry,
and consumer packaged goods. Our scalable solutions support
customized pick/pack/ship services that deliver on brand ethos with
each order. A proven order management platform, as well as
high-touch customer care, reinforce our operation. With 20+ years
as an industry leader, PFS is the BPO of choice for brand-centric
companies and household brand names, such as L’Oréal USA, Champion,
Pandora, Shiseido Americas, Kendra Scott, the United States Mint,
and many more. The company is headquartered in Allen, TX with
additional locations around the globe. For more information, visit
www.pfscommerce.com or ir.pfsweb.com for investor information.
For Media: Longacre Square Partners Dan
Zacchei/Joe Germani/Ashley Areopagita PFSweb@longacresquare.com
For Investors: Cody Slach or
Jackie KeshnerGateway Group, Inc. 1-949-574-3860
PFSW@gatewayir.com
PFSWEB, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In Thousands, Except Share
Data)
|
December 31,2021 |
|
December 31,2020 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
152,332 |
|
|
$ |
10,359 |
|
Restricted cash |
|
214 |
|
|
|
214 |
|
Accounts receivable, net of allowance for doubtful accounts of $867
and $611 at December 31, 2021 and December 31, 2020,
respectively |
|
78,024 |
|
|
|
69,594 |
|
Inventories, net of reserves of $57 and $96 at December 31,
2021 and December 31, 2020, respectively |
|
3,133 |
|
|
|
3,644 |
|
Other receivables |
|
7,005 |
|
|
|
3,314 |
|
Prepaid expenses and other current assets |
|
7,244 |
|
|
|
7,524 |
|
Current assets of discontinued operations |
|
— |
|
|
|
13,920 |
|
Total current assets |
|
247,952 |
|
|
|
108,569 |
|
Property and equipment, net |
|
19,315 |
|
|
|
17,517 |
|
Operating lease right-of-use assets, net |
|
35,370 |
|
|
|
34,349 |
|
Goodwill |
|
22,218 |
|
|
|
22,358 |
|
Other
assets |
|
1,611 |
|
|
|
386 |
|
Long-term assets of discontinued operations |
|
— |
|
|
|
31,717 |
|
Total assets |
$ |
326,466 |
|
|
$ |
214,896 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
36,450 |
|
|
$ |
34,613 |
|
Accrued expenses |
|
31,643 |
|
|
|
26,242 |
|
Current portion of operating lease liabilities |
|
10,104 |
|
|
|
9,399 |
|
Current portion of long-term debt and finance lease
obligations |
|
222 |
|
|
|
3,411 |
|
Deferred revenue |
|
4,391 |
|
|
|
4,595 |
|
Current liabilities of discontinued operations |
|
— |
|
|
|
6,285 |
|
Total current liabilities |
|
82,810 |
|
|
|
84,545 |
|
Long-term debt and finance lease obligations, less current
portion |
|
89 |
|
|
|
39,069 |
|
Deferred revenue, less current portion |
|
833 |
|
|
|
1,341 |
|
Operating lease liabilities |
|
30,393 |
|
|
|
30,012 |
|
Other
liabilities |
|
2,565 |
|
|
|
5,286 |
|
Current liabilities of discontinued operations |
|
— |
|
|
|
545 |
|
Total liabilities |
|
116,690 |
|
|
|
160,798 |
|
|
|
|
|
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;
22,131,546 and 20,408,558 issued at December 31, 2021 and
December 31, 2020, respectively; and 22,098,079 and 20,375,091
outstanding at December 31, 2021 and December 31, 2020,
respectively |
|
21 |
|
|
|
20 |
|
Additional paid-in capital |
|
177,511 |
|
|
|
168,244 |
|
Retained earnings (accumulated deficit) |
|
33,522 |
|
|
|
(113,712 |
) |
Accumulated other comprehensive loss |
|
(1,153 |
) |
|
|
(329 |
) |
Treasury stock at cost, 33,467 shares |
|
(125 |
) |
|
|
(125 |
) |
Total shareholders’ equity |
|
209,776 |
|
|
|
54,098 |
|
Total liabilities and shareholders’ equity |
$ |
326,466 |
|
|
$ |
214,896 |
|
PFSWEB, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS(In Thousands, Except Per
Share Data)
|
(Unaudited)Three Months
EndedDecember 31, |
|
Twelve Months EndedDecember
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
62,711 |
|
|
$ |
64,056 |
|
|
$ |
195,516 |
|
|
$ |
188,016 |
|
Product revenue, net |
|
4,717 |
|
|
|
5,188 |
|
|
|
17,612 |
|
|
|
22,865 |
|
Pass-through revenue |
|
26,731 |
|
|
|
19,926 |
|
|
|
64,174 |
|
|
|
61,979 |
|
Total revenues |
|
94,159 |
|
|
|
89,170 |
|
|
|
277,302 |
|
|
|
272,860 |
|
Costs
of Revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
47,524 |
|
|
|
49,928 |
|
|
|
146,311 |
|
|
|
138,285 |
|
Cost of product revenue |
|
4,315 |
|
|
|
4,862 |
|
|
|
16,580 |
|
|
|
21,594 |
|
Cost of pass-through revenue |
|
26,731 |
|
|
|
19,926 |
|
|
|
64,174 |
|
|
|
61,979 |
|
Total costs of revenues |
|
78,570 |
|
|
|
74,716 |
|
|
|
227,065 |
|
|
|
221,858 |
|
Gross profit |
|
15,589 |
|
|
|
14,454 |
|
|
|
50,237 |
|
|
|
51,002 |
|
Selling, general and
administrative expenses |
|
16,272 |
|
|
|
15,189 |
|
|
|
61,040 |
|
|
|
54,348 |
|
Loss
from operations |
|
(683 |
) |
|
|
(735 |
) |
|
|
(10,803 |
) |
|
|
(3,346 |
) |
Interest expense, net |
|
6 |
|
|
|
332 |
|
|
|
879 |
|
|
|
1,486 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
Loss from continuing
operations before income taxes |
|
(689 |
) |
|
|
(1,067 |
) |
|
|
(12,108 |
) |
|
|
(4,832 |
) |
Income tax expense, net |
|
254 |
|
|
|
520 |
|
|
|
1,530 |
|
|
|
1,340 |
|
Net
loss from continuing operations |
|
(943 |
) |
|
|
(1,587 |
) |
|
|
(13,638 |
) |
|
|
(6,172 |
) |
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes |
|
— |
|
|
|
16 |
|
|
|
196,508 |
|
|
|
1,401 |
|
Income tax expense (benefit), net |
|
(679 |
) |
|
|
(238 |
) |
|
|
35,636 |
|
|
|
198 |
|
Net
income from discontinued operations |
|
679 |
|
|
|
254 |
|
|
|
160,872 |
|
|
|
1,203 |
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
(264 |
) |
|
$ |
(1,333 |
) |
|
$ |
147,234 |
|
|
$ |
(4,969 |
) |
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share: |
|
|
|
|
|
|
|
Net loss from continuing operations per share |
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.31 |
) |
Net income from discontinued operations per share |
|
0.03 |
|
|
|
0.01 |
|
|
|
7.51 |
|
|
|
0.06 |
|
Basic earnings (loss) per share |
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
6.87 |
|
|
$ |
(0.25 |
) |
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
Net loss from continuing operations per share |
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.31 |
) |
Net income from discontinued operations per share |
|
0.03 |
|
|
|
0.01 |
|
|
|
7.51 |
|
|
|
0.06 |
|
Diluted earnings (loss) per share |
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
6.87 |
|
|
$ |
(0.25 |
) |
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
22,152 |
|
|
|
20,323 |
|
|
|
21,410 |
|
|
|
20,005 |
|
Diluted |
|
22,152 |
|
|
|
20,323 |
|
|
|
21,410 |
|
|
|
20,005 |
|
Comprehensive income |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(264 |
) |
|
$ |
(1,333 |
) |
|
$ |
147,234 |
|
|
$ |
(4,969 |
) |
Foreign currency translation adjustment, net of taxes |
|
(155 |
) |
|
|
1,049 |
|
|
|
(497 |
) |
|
|
972 |
|
Reclassifications of foreign currency translation adjustment
realized upon disposal of business |
|
— |
|
|
|
— |
|
|
|
(327 |
) |
|
$ |
— |
|
Total comprehensive income (loss) |
$ |
(419 |
) |
|
$ |
(284 |
) |
|
$ |
146,410 |
|
|
$ |
(3,997 |
) |
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
1,182 |
|
|
$ |
1,377 |
|
|
$ |
(3,186 |
) |
|
$ |
4,258 |
|
Adjusted EBITDA from
continuing operations |
$ |
5,046 |
|
|
$ |
2,246 |
|
|
$ |
2,996 |
|
|
$ |
7,564 |
|
PFSWEB, INC. AND
SUBSIDIARIESUnaudited Reconciliation of Certain Non-GAAP
Items to GAAP(In Thousands)
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net loss from continuing
operations |
$ |
(943 |
) |
|
$ |
(1,587 |
) |
|
$ |
(13,638 |
) |
|
$ |
(6,172 |
) |
Income tax expense, net |
|
254 |
|
|
|
520 |
|
|
|
1,530 |
|
|
|
1,340 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
Interest expense, net |
|
6 |
|
|
|
332 |
|
|
|
879 |
|
|
|
1,486 |
|
Depreciation and amortization |
|
1,865 |
|
|
|
2,112 |
|
|
|
7,617 |
|
|
|
7,604 |
|
EBITDA from continuing
operations |
|
1,182 |
|
|
|
1,377 |
|
|
|
(3,186 |
) |
|
|
4,258 |
|
Gross margin on LiveArea activity (1) |
|
— |
|
|
|
(1,321 |
) |
|
|
(3,615 |
) |
|
|
(5,138 |
) |
Stock-based compensation |
|
981 |
|
|
|
1,432 |
|
|
|
4,784 |
|
|
|
7,049 |
|
Restructuring and other costs |
|
2,882 |
|
|
|
758 |
|
|
|
5,012 |
|
|
|
1,395 |
|
Adjusted EBITDA from
continuing operations |
$ |
5,046 |
|
|
$ |
2,246 |
|
|
$ |
2,996 |
|
|
$ |
7,564 |
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net loss from continuing
operations |
$ |
(943 |
) |
|
$ |
(1,587 |
) |
|
$ |
(13,638 |
) |
|
$ |
(6,172 |
) |
Stock-based compensation |
|
981 |
|
|
|
1,432 |
|
|
|
4,784 |
|
|
|
7,049 |
|
Restructuring and other costs |
|
2,882 |
|
|
|
758 |
|
|
|
5,012 |
|
|
|
1,395 |
|
Non-GAAP net income (loss)
from continuing operations |
$ |
2,921 |
|
|
$ |
603 |
|
|
$ |
(3,841 |
) |
|
$ |
2,272 |
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Total revenues from continuing
operations |
$ |
94,159 |
|
|
$ |
89,170 |
|
|
$ |
277,302 |
|
|
$ |
272,860 |
|
Pass-through revenue |
|
(26,731 |
) |
|
|
(19,926 |
) |
|
|
(64,174 |
) |
|
|
(61,979 |
) |
Cost of product revenue |
|
(4,315 |
) |
|
|
(4,862 |
) |
|
|
(16,580 |
) |
|
|
(21,594 |
) |
Service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(3,372 |
) |
|
|
(8,813 |
) |
|
|
(13,148 |
) |
Service fee equivalent
revenues from continuing operations |
$ |
63,113 |
|
|
$ |
61,010 |
|
|
$ |
187,735 |
|
|
$ |
176,139 |
|
(1) In completing the discontinued operations
presentation, certain LiveArea revenues, costs of revenues and
gross margin related to client contracts that were not fully
transferred to contracts directly operating under the LiveArea
operating entities as of the August 2021 transaction date were
maintained by PFSweb as part of the continuing operations
presentation. As of the LiveArea transaction date, future
activities of certain contracts where we have subcontracted
services to LiveArea are expected to be recorded as pass-through
revenue and pass-through costs, for as long as such contracts
continue to be maintained directly through PFSweb.
PFSWEB, INC. AND
SUBSIDIARIESUNAUDITED NON-GAAP OPERATING INFORMATION(In
Thousands)
The following tables represents the financial information for
PFS Operations for the three and twelve months ended December 31,
2021 and 2020 excluding certain unallocated corporate costs and
certain non-continuing revenues and expenses.
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
PFS Operations (Non-GAAP) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
62,711 |
|
|
$ |
64,056 |
|
|
$ |
195,516 |
|
|
$ |
188,016 |
|
Product revenue, net |
|
4,717 |
|
|
|
5,188 |
|
|
|
17,612 |
|
|
|
22,865 |
|
Pass-through revenue |
|
26,731 |
|
|
|
19,926 |
|
|
|
64,174 |
|
|
|
61,979 |
|
Service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(3,372 |
) |
|
|
(8,813 |
) |
|
|
(13,148 |
) |
Total revenues |
|
94,159 |
|
|
|
85,798 |
|
|
|
268,489 |
|
|
|
259,712 |
|
Costs of Revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
47,524 |
|
|
|
49,928 |
|
|
|
146,311 |
|
|
|
138,285 |
|
Cost of product revenue |
|
4,315 |
|
|
|
4,862 |
|
|
|
16,580 |
|
|
|
21,594 |
|
Cost of pass-through revenue |
|
26,731 |
|
|
|
19,926 |
|
|
|
64,174 |
|
|
|
61,979 |
|
Cost of service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(2,050 |
) |
|
|
(5,198 |
) |
|
|
(8,011 |
) |
Total costs of revenues |
|
78,570 |
|
|
|
72,666 |
|
|
|
221,867 |
|
|
|
213,847 |
|
Gross profit |
|
15,589 |
|
|
|
13,132 |
|
|
|
46,622 |
|
|
|
45,864 |
|
Direct operating expenses
(2) |
|
8,985 |
|
|
|
7,992 |
|
|
|
33,829 |
|
|
|
30,694 |
|
Direct contribution |
|
6,604 |
|
|
|
5,140 |
|
|
|
12,793 |
|
|
|
15,170 |
|
Depreciation and amortization
(3) |
|
1,728 |
|
|
|
1,929 |
|
|
|
7,044 |
|
|
|
6,740 |
|
Stock-based compensation
(4) |
|
341 |
|
|
|
422 |
|
|
|
1,533 |
|
|
|
2,179 |
|
Restructuring and other costs
(5) |
|
491 |
|
|
|
540 |
|
|
|
1,218 |
|
|
|
1,302 |
|
Adjusted EBITDA |
$ |
9,164 |
|
|
$ |
8,031 |
|
|
$ |
22,588 |
|
|
$ |
25,391 |
|
|
|
|
|
|
|
|
|
Total Revenues |
$ |
94,159 |
|
|
$ |
85,798 |
|
|
$ |
268,489 |
|
|
$ |
259,712 |
|
Pass-through revenue |
|
(26,731 |
) |
|
|
(19,926 |
) |
|
|
(64,174 |
) |
|
|
(61,979 |
) |
Cost of product revenue |
|
(4,315 |
) |
|
|
(4,862 |
) |
|
|
(16,580 |
) |
|
|
(21,594 |
) |
Service fee equivalent
revenue |
$ |
63,113 |
|
|
$ |
61,010 |
|
|
$ |
187,735 |
|
|
$ |
176,139 |
|
(1) In completing the discontinued operations
presentation, certain LiveArea revenues, costs of revenues and
gross profit related to client contracts that were not fully
transferred to contracts directly operating under the LiveArea
operating entities as of the August 2021 transaction date were
maintained by PFSweb as part of the continuing operations
presentation. As of the LiveArea transaction date, future
activities of certain contracts where we have subcontracted
services to LiveArea are expected to be recorded as pass-through
revenue and pass-through costs, for as long as such contracts
continue to be maintained directly through PFSweb.(2) Direct
operating expenses for PFS Operations exclude unallocated corporate
costs included in consolidated selling, general and administrative
expense of $7.3 million and $7.2 million for the three months ended
December 31, 2021 and 2020, respectively and $27.2 million and
$23.7 million for the twelve months ended December 31, 2021 and
2020, respectively.(3) Depreciation and amortization for PFS
Operations exclude depreciation and amortization applicable to
unallocated corporate costs included in consolidated selling,
general and administrative expense of approximately $0.1 million
and $0.3 million for the three months ended December 31, 2021 and
2020, respectively and approximately $0.6 million and $1.0 million
for the twelve months ended December 31, 2021 and 2020,
respectively.(4) Stock based compensation for PFS Operations
exclude stock-based compensation applicable to unallocated
corporate costs included in consolidated selling, general and
administrative expense of $0.6 million and $1.0 million for the
three months ended December 31, 2021 and 2020, respectively and
$3.3 million and $4.9 million for the twelve months ended December
31, 2021 and 2020, respectively.(5) Restructuring and other costs
for PFS Operations exclude restructuring and other costs applicable
to unallocated corporate costs included in consolidated selling,
general and administrative expense of $2.4 million and
$0.2 million for the three months ended December 31, 2021 and
2020, respectively and $3.8 million and $0.1 million for
the twelve months ended December 31, 2020, respectively.
Pfsweb (NASDAQ:PFSW)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Pfsweb (NASDAQ:PFSW)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024