LightInTheBox Holding Co., Ltd.

Good morning, everyone, and welcome to the third quarter 2020 earnings conference call for Light in the Box Holding Company Limited. Today's conference is being recorded. At this time, I'd like to turn the call over to Mr. Tip Fleming for opening remarks and introductions. Please go ahead, sir.

Thank you, operator. Hello, everyone, and welcome to Light in the Box's third quarter 2020 earnings conference call. The company's earnings results were released earlier today and are available on the company's IR website as well as through PR Newswire. Today, you will hear from Light in the Box's CEO, Mr. Jian He, who will give an overview of the company's strategies and recent developments, followed by Ms. Yuanjun Ye, the company's chief financial officer, who will go over the financial results. Together with him today is Ms. Wenyu Liu, the company's chief growth officer. All will be available for Q&A at the end. Before we proceed, I would like to remind you of the safe harbor statement. Please note the discussion today may contain certain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Mitigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations. To understand the factors that could cause results, materially differ from those in the forelooking statements, please refer to the company's Form 20F filed with the Securities and Exchange Commission on May 1, 2020. The company does not assume any obligation to update any forelooking statements except as required under applicable law. With that, I'd like to turn the call over to Mr. Ho. Mr. Ho, please go ahead.

Thanks, Stephen, and thank you, everyone, for joining us today. We are pleased to report another solid quarter as total revenue reached $100 million, up 67% year-over-year. In line with our prior guidance, we continue to see healthy demand of our value for money products. Across the regions where we operate, including North America, Europe, and Southeast Asia, Benefiting from our consistent efforts to optimize our supply chain and product mix, we maintained our gross margin as a health deliverer, achieving 43% during the quarter, compared with 42% the same period of last year. We maintained a profitability net income for the quarter of $7.3 million. Our standard financial performance reflects successful execution of our strategy as we better position ourselves in the intensive and competitive cross-border commerce. We relentlessly focused on a number of key initiatives. For example, optimizing product and category mix, enhancing supply chain management, and improving customer satisfaction to increase new and repeat patches on the platform. Best IOIG's supply chain management. Stationing from our competitiveness advantages in supply chain has always been a pursuit of ours. Providing overseas consumers with valuable money for us is the foundation of our business expansion. Therefore, we continue to deepen our relationship with premium suppliers and specifically increase our order volumes So as to continuously reduce costs, we are ensuring product quality. This costs the saving benefit customers, thereby enhancing the competitiveness of our products. Second, we continue to focus on variety and relevance. Our firm is committed to providing consumers with a full range of products. including apparel, horsewear, electronics, sports, toys, and hobbies products, et cetera. So as to create a one-stop shopping experience, in addition, we continue to capitalize on more cross-sell opportunities. Not only does this allow us to maximize sales from each shopper, but increasing customers' lifetime value but it also enhances long-term customer relationships and improves our operational efficiency. Third, while we continue to drive revenue growth, we also maintain a reasonable level of operating expenses. We have built up a healthy and solid foundation for future growth right on the heels of achieving biocompatibility requirements of GAAP. profitability from the third quarter of 2019. Looking ahead, we expect to continue to achieve sustainable and profitable growth. For cross-border e-commerce, the strongest sales season has arrived. We have noticed that although COVID-19 is still highly affecting some countries and regions, consumer demand for value for money products feel strong. Therefore, please remain optimistic about the holiday season. I will now turn the call over to Yuanjun to go through the financials for the quarter.