PFSweb, Inc. (NASDAQ: PFSW) (the “Company"), a global commerce
services company, today reported results for the second quarter
ended June 30, 2022.
“We maintained our momentum as a
fulfillment-oriented business during the second quarter, performing
at high levels for clients across our core verticals of health and
beauty, fashion and apparel, jewelry, and consumer packaged goods,”
said Mike Willoughby, CEO of PFSweb. “Our PFS Operations service
fee equivalent revenue increased 13% year-over-year, driven by
continued strong fulfillment demand among both new and existing
clients. From a gross margin perspective, we began implementing
contracted price arrangements to help offset wage inflation
impacts. Additionally, we have continued to work toward
re-allocating client support activities to more cost-effective
operations and further optimizing our overall cost structure. We
believe these measures will help us operate with greater
profitability as macroeconomic conditions evolve. As we progress
into the second half of 2022, we remain focused on further
supporting our client growth and driving value for our shareholders
through improved financial performance, as well as our ongoing
strategic alternatives review process.”
Q2 2022 Summary vs. Q2 2021
Results and comparisons reflect the
classification of LiveArea as a discontinued operation; all
comparisons are to the comparable period in 2021.
- Total revenues increased 6% to
$64.6 million.
- PFS Operations service fee
equivalent (SFE) revenue (a non-GAAP measure defined and reconciled
below) increased 13% to $45.3 million.
- PFS Operations service fee gross
margin, excluding certain LiveArea-related activity, was 21%
compared to 25%.
- Net loss from continuing operations
was $4.5 million or $(0.20) per share, compared to net loss from
continuing operations of $4.5 million or $(0.21) per share.
- Consolidated adjusted EBITDA from
continuing operations (a non-GAAP measure defined and reconciled
below) improved to $(0.4) million compared to $(1.7) million.
- PFS Operations adjusted EBITDA from
continuing operations (a non-GAAP measure defined and reconciled
below) increased 28% to $4.7 million compared to $3.6 million.
Q2 2022 Operational
Highlights
- Recorded 10
bookings worth an estimated $11 million in annual contract value
(ACV), comprising new North American fulfillment engagements, as
well as existing client expansions for fulfillment and order
management.
- For the first and
second quarter of 2022 combined, net new clients accounted for 82%
of recorded ACV compared to 68% for the same period in 2021.
Zach Thomann, COO of PFSweb, commented: “Through
the second quarter, consumer demand has remained strong within our
core verticals, particularly among luxury brands and retailers.
Despite macroeconomic recessionary pressures—as well as slowing
consumer spending patterns noted among major big-box and eCommerce
retailers—many luxury brand customers have maintained or even
increased their usual purchase volumes. Amid these trends, we have
continued to experience equally strong pipeline demand for our
services from our existing clients, as well as from new clients and
prospects, adding 10 bookings worth an estimated $11 million in ACV
during the second quarter. Our new client additions also carry a
higher average ACV, with 82% of our bookings ACV coming from net
new clients in the first half of this year. As branded
manufacturers and their customers seek a tailored and convenient
commerce experience, our high-touch, branded approach and
multi-node fulfillment strategy make us well-positioned to support
our current partners and continue growing our client base.
“We have also continued to make solid progress
with expanding the reach and capabilities of our fulfillment
footprint as we look to continue leveraging our multi-node
fulfillment strategy and enhance our operational efficiency to
support additional client growth. Our second Las Vegas fulfillment
center remains on track to open within approximately one month, and
we believe this additional capacity will strengthen our multi-node
infrastructure for our West Coast clients. In fact, given our new
client growth through the first half of this year, we currently
expect the second Las Vegas facility to reach over 75% utilization
by year-end. Subsequent to the quarter, we announced the initial
deployment of Vimaan’s innovative inventory management technology
using drones at one of our Memphis facilities, which we believe
will enhance the accuracy and traceability of our clients’ product
inventory. As we continue to optimize our fulfillment operations,
our focus on innovation and agility remains at the core of our
initiatives.”
2022 Outlook
PFSweb is maintaining its previously stated 2022
financial outlook, which targets 2022 PFS Operations annual SFE
revenue growth in the range of 5% to 10%. The Company remains
optimistic that it can achieve SFE revenue growth at the upper end
of this targeted range, driven by expected continued organic growth
from current clients, strong bookings and a robust sales pipeline.
PFSweb also continues to target 2022 estimated PFS Operations pro
forma standalone adjusted EBITDA percentage of service fee revenue
to be within the range of 8% to 10%.
Strategic Alternatives
Process
The Company continues to work with its financial
advisor, Raymond James, on a review of a full range of strategic
alternatives for its PFSweb business. As previously disclosed,
PFSweb has also concluded its obligations to Merkle under a
Transition Services Agreement as of April 2022.
The Company 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.
Conference Call
PFSweb will conduct a conference call today,
August 8, at 5:00 p.m. Eastern time to discuss its results for the
second quarter ended June 30, 2022.
PFSweb management will host the conference call,
followed by a question-and-answer period.
Date: Monday, August 8, 2022Time: 5:00 p.m.
Eastern time (2:00 p.m. Pacific time)Toll-free dial-in number:
(800) 715-9871International dial-in number: (646)
307-1963Conference ID: 7345539
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.ir.pfsweb.com.
A replay of the conference call will be
available after 9:00 p.m. Eastern time on the same day through
August 22, 2022.
Toll-free replay number: (800)
770-2030International replay number: (609) 800-9909Replay ID:
7345539
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, 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 Annual Report on Form 10-K for the year
ended December 31, 2021, 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.
Non-GAAP Financial Measures
This 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 costs.
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 (SFE) 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
(SFE) 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 PFS
PFS, 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.
Investor Relations:Cody Slach
and Jackie KeshnerGateway Group, Inc.
1-949-574-3860PFSW@gatewayir.com
PFSWEB, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(In Thousands, Except Share
Data)
|
Unaudited June 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
148,171 |
|
|
$ |
152,332 |
|
Restricted cash |
|
— |
|
|
|
214 |
|
Accounts receivable, net of allowance for doubtful accounts of $507
and $867 at June 30, 2022 and December 31, 2021,
respectively |
|
49,550 |
|
|
|
78,024 |
|
Inventories, net of reserves of $0 and $57 at June 30, 2022
and December 31, 2021, respectively |
|
— |
|
|
|
3,133 |
|
Other receivables |
|
7,849 |
|
|
|
7,005 |
|
Prepaid expenses and other current assets |
|
6,930 |
|
|
|
7,244 |
|
Total current assets |
|
212,500 |
|
|
|
247,952 |
|
Property and equipment,
net |
|
19,434 |
|
|
|
19,315 |
|
Operating lease right-of-use
assets, net |
|
31,133 |
|
|
|
35,371 |
|
Goodwill |
|
21,438 |
|
|
|
22,218 |
|
Other assets |
|
1,666 |
|
|
|
1,610 |
|
Total assets |
$ |
286,171 |
|
|
$ |
326,466 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
27,257 |
|
|
$ |
36,450 |
|
Accrued expenses |
|
21,571 |
|
|
|
31,643 |
|
Current portion of operating lease liabilities |
|
9,584 |
|
|
|
10,104 |
|
Current portion of finance lease obligations |
|
98 |
|
|
|
222 |
|
Deferred revenue |
|
2,949 |
|
|
|
4,391 |
|
Total current liabilities |
|
61,459 |
|
|
|
82,810 |
|
Finance lease obligations,
less current portion |
|
54 |
|
|
|
89 |
|
Deferred revenue, less current
portion |
|
571 |
|
|
|
833 |
|
Operating lease liabilities,
less current portion |
|
25,714 |
|
|
|
30,393 |
|
Other liabilities |
|
2,663 |
|
|
|
2,565 |
|
Total liabilities |
|
90,461 |
|
|
|
116,690 |
|
|
|
|
|
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;
22,676,595 and 22,131,546 issued and 22,643,128 and 22,098,079
outstanding at June 30, 2022 and December 31, 2021,
respectively |
|
22 |
|
|
|
21 |
|
Additional paid-in capital |
|
177,008 |
|
|
|
177,511 |
|
Retained earnings |
|
21,732 |
|
|
|
33,522 |
|
Accumulated other comprehensive loss |
|
(2,927 |
) |
|
|
(1,153 |
) |
Treasury stock at cost, 33,467 shares |
|
(125 |
) |
|
|
(125 |
) |
Total shareholders’ equity |
|
195,710 |
|
|
|
209,776 |
|
Total liabilities and shareholders’ equity |
$ |
286,171 |
|
|
$ |
326,466 |
|
PFSWEB, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS(In Thousands, Except Per Share
Data)
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
45,234 |
|
|
$ |
43,009 |
|
|
$ |
90,765 |
|
|
$ |
88,529 |
|
Product revenue, net |
|
122 |
|
|
|
4,492 |
|
|
|
3,319 |
|
|
|
8,800 |
|
Pass-through revenue |
|
19,278 |
|
|
|
13,598 |
|
|
|
37,037 |
|
|
|
24,474 |
|
Total revenues |
|
64,634 |
|
|
|
61,099 |
|
|
|
131,121 |
|
|
|
121,803 |
|
Costs of Revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
35,645 |
|
|
|
31,863 |
|
|
|
72,137 |
|
|
|
65,393 |
|
Cost of product revenue |
|
104 |
|
|
|
4,284 |
|
|
|
3,055 |
|
|
|
8,370 |
|
Cost of pass-through revenue |
|
19,278 |
|
|
|
13,598 |
|
|
|
37,037 |
|
|
|
24,474 |
|
Total costs of revenues |
|
55,027 |
|
|
|
49,745 |
|
|
|
112,229 |
|
|
|
98,237 |
|
Gross profit |
|
9,607 |
|
|
|
11,354 |
|
|
|
18,892 |
|
|
|
23,566 |
|
Selling, general and
administrative expenses |
|
14,077 |
|
|
|
15,678 |
|
|
|
30,505 |
|
|
|
28,609 |
|
Loss from operations |
|
(4,470 |
) |
|
|
(4,324 |
) |
|
|
(11,613 |
) |
|
|
(5,043 |
) |
Interest (income) expense, net |
|
(151 |
) |
|
|
333 |
|
|
|
(145 |
) |
|
|
708 |
|
Loss from continuing
operations before income taxes |
|
(4,319 |
) |
|
|
(4,657 |
) |
|
|
(11,468 |
) |
|
|
(5,751 |
) |
Income tax expense (benefit), net |
|
184 |
|
|
|
(155 |
) |
|
|
502 |
|
|
|
124 |
|
Net loss from continuing
operations |
|
(4,503 |
) |
|
|
(4,502 |
) |
|
|
(11,970 |
) |
|
|
(5,875 |
) |
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations before income taxes |
|
180 |
|
|
|
(590 |
) |
|
|
180 |
|
|
|
(1,410 |
) |
Income tax expense, net |
|
— |
|
|
|
2,528 |
|
|
|
— |
|
|
|
2,557 |
|
Income (loss) from
discontinued operations |
|
180 |
|
|
|
(3,118 |
) |
|
|
180 |
|
|
|
(3,967 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(4,323 |
) |
|
$ |
(7,620 |
) |
|
$ |
(11,790 |
) |
|
$ |
(9,842 |
) |
|
|
|
|
|
|
|
|
Basic loss per share |
|
|
|
|
|
|
|
Loss from continuing operations per share |
$ |
(0.20 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.28 |
) |
Income (loss) from discontinued operations per share |
|
0.01 |
|
|
|
(0.15 |
) |
|
|
0.01 |
|
|
|
(0.19 |
) |
Basic loss per share |
$ |
(0.19 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.47 |
) |
Diluted loss per share |
|
|
|
|
|
|
|
Loss from continuing operations per share |
$ |
(0.20 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.28 |
) |
Income (loss) from discontinued operations per share |
|
0.01 |
|
|
|
(0.15 |
) |
|
|
0.01 |
|
|
|
(0.19 |
) |
Diluted loss per share |
$ |
(0.19 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.47 |
) |
Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
22,650 |
|
|
|
21,166 |
|
|
|
22,547 |
|
|
|
21,221 |
|
Diluted |
|
22,650 |
|
|
|
21,166 |
|
|
|
22,547 |
|
|
|
21,221 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
Net loss |
$ |
(4,323 |
) |
|
$ |
(7,620 |
) |
|
$ |
(11,790 |
) |
|
$ |
(9,842 |
) |
Foreign currency translation adjustment |
|
(1,267 |
) |
|
|
46 |
|
|
|
(1,774 |
) |
|
|
(309 |
) |
Total comprehensive loss |
$ |
(5,590 |
) |
|
$ |
(7,574 |
) |
|
$ |
(13,564 |
) |
|
$ |
(10,151 |
) |
|
|
|
|
|
|
|
|
EBITDA from continuing
operations |
$ |
(2,748 |
) |
|
$ |
(2,477 |
) |
|
$ |
(7,936 |
) |
|
$ |
(1,186 |
) |
Adjusted EBITDA from
continuing operations |
$ |
(361 |
) |
|
$ |
(1,660 |
) |
|
$ |
(732 |
) |
|
$ |
(734 |
) |
PFSWEB, INC. AND
SUBSIDIARIESUnaudited Reconciliation of Certain Non-GAAP
Items to GAAP(In Thousands)
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss from continuing
operations |
$ |
(4,503 |
) |
|
$ |
(4,502 |
) |
|
$ |
(11,970 |
) |
|
$ |
(5,875 |
) |
Income tax expense (benefit), net |
|
184 |
|
|
|
(155 |
) |
|
|
502 |
|
|
|
124 |
|
Interest (income) expense, net |
|
(151 |
) |
|
|
333 |
|
|
|
(145 |
) |
|
|
708 |
|
Depreciation and amortization |
|
1,722 |
|
|
|
1,847 |
|
|
|
3,677 |
|
|
|
3,857 |
|
EBITDA from continuing
operations |
|
(2,748 |
) |
|
|
(2,477 |
) |
|
|
(7,936 |
) |
|
|
(1,186 |
) |
Gross margin on LiveArea activity (1) |
|
— |
|
|
|
(1,324 |
) |
|
|
— |
|
|
|
(2,592 |
) |
Stock-based compensation |
|
577 |
|
|
|
1,781 |
|
|
|
1,316 |
|
|
|
2,398 |
|
Restructuring and other costs |
|
1,810 |
|
|
|
360 |
|
|
|
5,888 |
|
|
|
646 |
|
Adjusted EBITDA from
continuing operations |
$ |
(361 |
) |
|
$ |
(1,660 |
) |
|
$ |
(732 |
) |
|
$ |
(734 |
) |
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss from continuing
operations |
$ |
(4,503 |
) |
|
$ |
(4,502 |
) |
|
$ |
(11,970 |
) |
|
$ |
(5,875 |
) |
Stock-based compensation |
|
577 |
|
|
|
1,781 |
|
|
|
1,316 |
|
|
|
2,398 |
|
Restructuring and other costs |
|
1,810 |
|
|
|
360 |
|
|
|
5,888 |
|
|
|
646 |
|
Non-GAAP net loss from
continuing operations |
$ |
(2,116 |
) |
|
$ |
(2,361 |
) |
|
$ |
(4,766 |
) |
|
$ |
(2,831 |
) |
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Total revenues from continuing
operations |
$ |
64,634 |
|
|
$ |
61,099 |
|
|
$ |
131,121 |
|
|
$ |
121,803 |
|
Pass-through revenue |
|
(19,278 |
) |
|
|
(13,598 |
) |
|
|
(37,037 |
) |
|
|
(24,474 |
) |
Cost of product revenue |
|
(104 |
) |
|
|
(4,284 |
) |
|
|
(3,055 |
) |
|
|
(8,370 |
) |
Service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(3,283 |
) |
|
|
— |
|
|
|
(6,372 |
) |
Service fee equivalent
revenues from continuing operations |
$ |
45,252 |
|
|
$ |
39,934 |
|
|
$ |
91,029 |
|
|
$ |
82,587 |
|
(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.
PFSWEB, INC. AND
SUBSIDIARIESUNAUDITED NON-GAAP OPERATING INFORMATION(In
Thousands)
The following table represents the financial information for PFS
Operations for the three and six months ended June 30, 2022 and
2021 excluding certain unallocated corporate costs and certain
non-continuing revenues and expenses.
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
PFS Operations (Non-GAAP) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
Service fee revenue |
$ |
45,234 |
|
|
$ |
43,009 |
|
|
$ |
90,765 |
|
|
$ |
88,529 |
|
Product revenue, net |
|
122 |
|
|
|
4,492 |
|
|
|
3,319 |
|
|
|
8,800 |
|
Pass-through revenue |
|
19,278 |
|
|
|
13,598 |
|
|
|
37,037 |
|
|
|
24,474 |
|
Service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(3,283 |
) |
|
|
— |
|
|
|
(6,372 |
) |
Total revenues |
|
64,634 |
|
|
|
57,816 |
|
|
|
131,121 |
|
|
|
115,431 |
|
Costs of Revenues: |
|
|
|
|
|
|
|
Cost of service fee revenue |
|
35,645 |
|
|
|
31,863 |
|
|
|
72,137 |
|
|
|
65,393 |
|
Cost of product revenue |
|
104 |
|
|
|
4,284 |
|
|
|
3,055 |
|
|
|
8,370 |
|
Cost of pass-through revenue |
|
19,278 |
|
|
|
13,598 |
|
|
|
37,037 |
|
|
|
24,474 |
|
Cost of service fee revenue related to LiveArea activity (1) |
|
— |
|
|
|
(1,959 |
) |
|
|
— |
|
|
|
(3,780 |
) |
Total costs of revenues |
|
55,027 |
|
|
|
47,786 |
|
|
|
112,229 |
|
|
|
94,457 |
|
Gross profit |
|
9,607 |
|
|
|
10,030 |
|
|
|
18,892 |
|
|
|
20,974 |
|
Direct operating expenses
(2) |
|
7,109 |
|
|
|
9,080 |
|
|
|
14,566 |
|
|
|
16,309 |
|
Direct contribution |
|
2,498 |
|
|
|
950 |
|
|
|
4,326 |
|
|
|
4,665 |
|
Depreciation and amortization
(3) |
|
1,677 |
|
|
|
1,722 |
|
|
|
3,656 |
|
|
|
3,607 |
|
Stock-based compensation
(4) |
|
228 |
|
|
|
602 |
|
|
|
357 |
|
|
|
754 |
|
Restructuring and other costs
(5) |
|
253 |
|
|
|
360 |
|
|
|
598 |
|
|
|
646 |
|
Adjusted EBITDA |
$ |
4,656 |
|
|
$ |
3,634 |
|
|
$ |
8,937 |
|
|
$ |
9,672 |
|
|
|
|
|
|
|
|
|
Total Revenues |
$ |
64,634 |
|
|
$ |
57,816 |
|
|
$ |
131,121 |
|
|
$ |
115,431 |
|
Pass-through revenue |
|
(19,278 |
) |
|
|
(13,598 |
) |
|
|
(37,037 |
) |
|
|
(24,474 |
) |
Cost of product revenue |
|
(104 |
) |
|
|
(4,284 |
) |
|
|
(3,055 |
) |
|
|
(8,370 |
) |
Service fee equivalent
revenue |
$ |
45,252 |
|
|
$ |
39,934 |
|
|
$ |
91,029 |
|
|
$ |
82,587 |
|
(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 $7.0 million and $6.6 million for the three
months ended June 30, 2022 and 2021, respectively, and
$15.9 million and $12.3 million for the six months ended
June 30, 2022 and 2021, 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 $0.0 million and $0.1 million for the three
months ended June 30, 2022 and 2021, respectively, and
$0.0 million and $0.3 million for the six months ended
June 30, 2022 and 2021, 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 $0.3 million and
$1.2 million for the three months ended June 30, 2022 and
2021, respectively, and $1.0 million and $1.6 million for
the six months ended June 30, 2022 and 2021, 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 $1.6 million and $0.0 million for the three
months ended June 30, 2022 and 2021, respectively, and
$5.3 million and $0.0 million for the six months ended
June 30, 2022 and 2021, respectively.
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