LightInTheBox Holding Co., Ltd.

Good morning, everyone, and welcome to the first quarter of 2021 earnings conference call for Light in the Box Holding Company Limited. Today's conference is being recorded. At this time, I would like to turn the call over to Mr. Rene van der Steen for opening remarks and instructions. Please go ahead, sir.

Thank you, Annie. Hello, everyone, and welcome to Light in the Box first quarter 2021 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 CEO, Mr. Jian He, who will give an overview of the company's strategies and recent developments, followed by Ms. Yang Yun, the company's Chief Financial Officer, who will go over financial results. Together with them today is Min-Wen Liu, the company's Chief Growth Officer. All will be available for Q&A at the end of this presentation. Before we proceed, I would like to remind you of our safe harbor statement. Please note that the discussion today may contain certain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. To understand the factors that could cause results to materially differ from those in the forward-looking statements, please refer to our Form 20-F filed with the Securities and Exchange Commission on April 21st, 2021. We do not assume any obligation to update any forward-looking statements except as required under applicable law. At this point, I'd like to turn the call over to Mr. He. Mr. He, please go ahead.

Thanks, Rene, and thank you, everyone, for joining us today. We have a solid domestic order. Starting this year, the revenue of $105 million up 118% from the same period of 2020, and in line with our prior guidance. As we continue to execute our established strategy, we are pleased to see the growth across all of our major operating regions. Our growth margin in Q1 was 46.6%, largely flat compared with the same period of 2020, while adjusted EBITDA rose by close to 60% year-over-year. Product sales increased 119% compared to Q1 last year, and revenue from apparel increased 156%. Among all categories, apparel is still the largest which contributed 53% of the total product sales in Q1, compared with 43% in Q1 last year. This category has a full spectrum ranging from adult fashion, casual wear, sportswear, children's clothes, and so on, which covers customers' daily needs for various occasions. We have been leveraging our technology to improve operation efficiency and build a strong foundation for cross-border e-commerce. R&D spending came to $49 million in Q1 2021, compared with $3.5 million in the same quarter last year. As we continue to invest in R&D, we have better insights in our customers' needs and wants, which drives the improvement of selection in terms of product quality, design, and production cycle. We can also be more proactive to the fast changing and diversified consumer needs with the help of technology. For 2021, we will continue to implement strategies to achieve sustainable growth and enhance our platform to be more responsive and user-friendly, so that customers will enjoy the convenience of online shopping even more on other websites and mobile apps. I will now call over to Yangjun to go through the financial results.