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spk04: Hello, ladies and gentlemen. Thank you for standing by for Light in the Box's first quarter of 2024 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded. I would now like to turn the call over to your host, Ms. Jenny Cai. Please go ahead, Jenny.
spk01: Thank you, operator. Hello everyone and welcome to Lighting the Box first quarter 2024 earnings conference call. The company's earnings results were released via Newswire services earlier today and are available on the company's IR website at ir.lightingthebox.com. On the call from Lighting the Box today are Mr. Jian He, Chairman and CEO, Ms. Yuan Junye, Chief Financial Officer, and Ms. Wenyu Liu, Chief Growth Officer. Mr. He will provide an overview of the company's strategies and recent developments, followed by Ms. Ye, who will go over its financial results. Following our prepared remarks, we'll open the call to questions. Before we proceed, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of the U.S. 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 the company's current expectations. To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's firm 20F filed with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under the applicable law. Please also note that, like in the box, earnings precedents and this conference call include the discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings precedents which concerns a reconciliation of the audited non-GAAP measures to the audited GAAP measures. Now, I'd like to turn the call over to Light in the Box chairman and CEO, Mr. He. Please go ahead.
spk00: Good morning and good evening, everyone. Thank you for joining our first quarter of the 2014 Earnings Conference Sports Day. We face macroeconomics having an increasing competition in the first quarter of 2024. This complex landscape shows an increase in traffic acquisition costs and the rate of our sales. We adjust the challenges with our development strategy, pivoting from prioritizing sales growth to focusing on profitability improvement. We also strive to grow our brand values with high-quality products and optimize consumption experience. We expect a rapidly evolving and prevalent operating environment as we move through 2024. In response, we will maintain our focus on high-quality development and profitability. We are fostering new brands and initiating a series of strategy adjustments. Based on our industrial know-how, we aim to further differentiated our offerings and better aligned them with consumer preferences and demands. Additionally, we will continue to refine our localized operations and marketing campaigns in key markets, such as the United States, to bring on-chain products to more customers. We believe this initiative will optimize marketing ROI, drive user trust design, cultivate a loyal customer base over time, strengthening our brand recognition and overall competitiveness. We will keep you updated on our progress in the future course. Delivering high-quality development and a sustainable long-term value for all stakeholders remains our ultimate goal. I will now hand the call over to Yuanjun to go through our financial results.
spk02: Thank you, Mr. He. Good morning and good evening, everyone. Before we start a detailed discussion of our financials, please note that unless otherwise stated, all the financials we'll present today are in U.S. dollar terms. Now let me share our financial performance for the quarter. In the first quarter, Our total revenues decreased by 52% year over year to $71 million, primarily due to the macro headwinds and intensive competition. Our total operating expenses decreased by 47% year over year to $45 million from $87 million in the same period of last year. The decrease was mainly due to decrease of our revenues. Specifically, fulfillment expenses decreased by 33% year over year to $5.7 million. Selling and marketing expenses decreased by 53% year over year to $33 million. G&A expenses decreased by 20% year over year to $7.3 million. As part of the G&A expenses, R&D expenses in the first quarter of 2024 were 4.6 million compared with 5.2 million in the same quarter of last year. Going forward, we will execute our optimized grant strategy while leveraging our proprietary technologies to enhance our operational efficiency and customer service. Turning to our bottom line, net loss narrowed to 3.8 million. from $4 million in the same quarter of 2023. Adjusted EBITDA was a loss of $3.1 million compared with a loss of $3.1 million in the first quarter of 2024. As Mr. He mentioned, enhancing profitability will be our strategic priority this year. We are also dedicated to returning value to our shareholders for our share repurchase program. Since April 17, 2024, the company has repurchased 3.2 million ADS with a total aggregate value of approximately 3.5 million. Moving to a guidance. Moving to the guidance. For the second quarter of 2024, Based on information currently available and business seasonality, we expect total revenues to be between 60 million and 70 million. This concludes our prepared remarks. We'll be happy to take some questions now.
spk01: Operator, please continue.
spk03: Thank you.
spk04: If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask your question. And once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. As there are no questions, I'm now able to turn the call back over to Jenny Kai for closing remarks.
spk01: Thank you once again for joining us today. If you have further questions, please feel free to contact Light in the Box Investor Relations through the contact information provided on our website or PNCity Financial Communications. Have a great day.
spk04: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect your line.
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