EX-99.1 2 ftch-ex991_6.htm EX-99.1 ftch-ex991_6.htm

Exhibit 99.1

 

Farfetch Announces First Quarter 2019 Results

 

 

Q1 2019 Platform Gross Merchandise Value (“GMV”) increased 44% Year-Over-Year to $415 million, or approximately 50% Growth on Constant Currency Basis

 

Generated $1.53 billion GMV over Last Twelve Months

 

Q1 2019 Revenue Grew 39% with Platform Services Revenue Up 43% Year-Over-Year

 

Active Consumers Up 64% Year-Over-Year in Q1 2019

 

LONDON, U.K. May 15, 2019 – Farfetch Limited (NYSE: FTCH), the leading global technology platform for the luxury fashion industry, today reported financial results for the first quarter ended March 31, 2019.

 

José Neves, Farfetch Founder, CEO and Co-Chair said: “Farfetch enjoyed excellent growth in first quarter 2019, with Platform GMV rising 44% to $415 million, or approximately 50% growth on a constant currency basis. This outpaced both our expectations and, by some distance, growth in the online personal luxury goods sector as we continued to gain market share.

 

In addition to strong operational execution, we reached some important strategic milestones that position us for continued strong growth in 2020 and beyond. This included launching the Augmented Retail pilot in Chanel’s new Paris flagship boutique at 19 Rue Cambon. We are also thrilled to be entering the sneaker resale market, and launching Farfetch on JD.com’s platform through our recent acquisitions of Stadium Goods and Toplife, both of which are on pace to be operationally integrated ahead of schedule.

 

Overall, we are very well-positioned to continue capturing share of the significant opportunity in the online personal luxury goods market.”

 

Elliot Jordan, CFO of Farfetch, said: “I am very pleased with the strong start we have made to the year, with the first quarter 2019 results demonstrating a well-executed quarter. Our rapid growth, which far exceeds the growth of the online luxury industry, enables our continued investment in both nearer-term customer engagement and longer-term platform development, underpinning our continued future growth. Moreover, we also delivered Adjusted EBITDA margin in line with expectations.”

 

1


Consolidated Financial Summary and Key Operating Metrics (in thousands, except per share data or as otherwise stated):

  

 

Three months ended March 31,

 

 

 

2018

 

 

2019

 

Consolidated Group:

 

 

 

 

 

 

 

 

Gross Merchandise Value (“GMV”)

 

$

292,692

 

 

$

419,273

 

Revenue

 

 

125,617

 

 

 

174,064

 

Adjusted Revenue

 

 

103,082

 

 

 

146,374

 

Loss After Tax

 

 

(50,727

)

 

 

(109,275

)

Adjusted EBITDA

 

 

(23,657

)

 

 

(30,236

)

Adjusted EBITDA Margin

 

(22.9%)

 

 

(20.7%)

 

Earnings Per Share (“EPS”)

 

$

(0.20

)

 

$

(0.36

)

Adjusted EPS

 

$

(0.18

)

 

$

(0.22

)

Platform:

 

 

 

 

 

 

 

 

Platform GMV

 

$

288,671

 

 

$

414,737

 

Platform Services Revenue

 

 

99,061

 

 

 

141,838

 

Platform Gross Profit

 

 

59,365

 

 

 

80,941

 

Platform Order Contribution

 

 

40,002

 

 

 

49,518

 

Platform Order Contribution Margin

 

40.4%

 

 

34.9%

 

Active Consumers1

 

 

1,034.4

 

 

 

1,699.3

 

Average Order Value (“AOV”) - Marketplace (actual)

 

$

647.1

 

 

$

601.0

 

Average Order Value - Stadium Goods (actual)

 

$

 

 

$

299.7

 

 

1

See “Revision to our Operating Metrics Definitions” below for an explanation regarding changes to the previously reported metrics.

 

Recent Business Highlights

 

 

Continued to add breadth & depth to the Marketplace offering with new brands and boutiques:

 

o

Added new fashion labels, Jil Sander, Etro, and Mulberry as direct brand partners

 

o

Expanded direct supply with several existing top brands including Versace, Maison Margiela, Valentino, Phillip Plein, Zegna, and Pucci, among others

 

o

Added 30 new boutique partners including category specialists in fine jewelry & watches, and kidswear; and our first boutique partner in Puerto Rico

 

o

Expanded department store relationships, adding On Pedder and Joyce of the Lane Crawford Joyce Group, the premier luxury department store group in Greater China

 

Launched Farfetch Communities to inspire and help customers find things they love by showcasing bespoke editorial content created by Farfetch's fashion-loving creators, curators and consumers, featuring their influential tastes, collections and fashion viewpoints

 

Completed the global rollout of Farfetch's Access loyalty program, enabling all eligible customers to take advantage of a portfolio of benefits designed to reward frequent and increased spend

 

Launched its first Store of the Future augmented retail pilot for shareholder, Chanel, in its new Paris flagship boutique just 15 months after entering an exclusive partnership

 

Farfetch Platform Solutions launched a site for fashion label, 3.1 Phillip Lim, on its white-label platform, providing the brand with an e-commerce solution with the same technology, features, and ongoing innovations as the Farfetch Marketplace

 

Launched a localized Farfetch site in Denmark, expanding Farfetch's global reach to include 22 localized sites in 15 different languages

2

 


 

Introduced Positively Farfetch, Farfetch's mission to become the global platform for good in the luxury fashion industry. In conjunction with this initiative:

 

o

Began piloting Second Life buyback program enabling customers to trade their designer handbags for credit towards future Farfetch purchases

 

o

Dream Assembly, Farfetch’s technology accelerator, turned the full focus of its second cohort to sustainability as it welcomed for-profit startups focused on making fashion a "force for good", in partnership with Stella McCartney and Burberry

 

o

Partnered with Kiva to empower Farfetchers to provide financial support to entrepreneurs in need across more than 80 countries

 

First Quarter 2019 Results Summary

 

Gross Merchandise Value and Platform GMV

 

Gross Merchandise Value (“GMV”) increased by $126.6 million from $292.7 million to $419.3 million in first quarter 2019, representing year-over-year growth of 43.2%. Platform GMV increased by $126.1 million from $288.7 million to $414.7 million, representing year-over-year growth of 43.7%. Excluding the impact of changes in foreign exchange rates, Platform GMV would have increased by approximately 50%.

 

The increases in GMV and Platform GMV were primarily driven by an increase of 64.3% in Active Consumers to 1.7 million, and increases in average number of orders per Active Consumer and total number of orders on the Farfetch Marketplace. Other contributing factors include an increase in the number of clients supported by our white-label solution, growth in transactions through these managed websites, and the addition of Stadium Goods, our sneaker and streetwear marketplace.

 

Revenue

 

Revenue increased by $48.4 million year-over-year from $125.6 million in first quarter 2018 to $174.1 million in first quarter 2019, representing growth of 38.6%. The increase was primarily driven by 43.2% growth in Platform Services Revenue to $141.8 million, 22.9% growth in Platform Fulfilment Revenue to $27.7 million and 12.8% growth in In-Store Revenue to $4.5 million.

 

The increase in Platform Services Revenue was driven by 43.7% growth in Platform GMV, partially offset by lower Third-Party Take Rate; as well as growth in first-party GMV, which is included in Platform Services Revenue at 100% of the GMV.

 

Platform Fulfillment Revenue is derived from the pass-through of delivery and duties charges incurred by our global logistics solutions. The growth of Platform Fulfillment Revenue represents the increase year-over-year of these costs due to the increase in the number of orders, offset by an increase in the number of orders qualifying for free-shipping through our customer incentives.  

 

Revenue by type of good or service (in thousands):

 

  

 

Three months ended March 31,

 

 

 

2018

 

 

2019

 

Platform Services Revenue

 

$

99,061

 

 

$

141,838

 

Platform Fulfilment Revenue

 

 

22,535

 

 

 

27,690

 

In-Store Revenue

 

 

4,021

 

 

 

4,536

 

Revenue

 

$

125,617

 

 

$

174,064

 

3

 


Cost of Revenue

 

Cost of revenue increased by $26.3 million, or 40.9% year-over-year from $64.4 million in first quarter 2018 to $90.8 million in first quarter 2019. The increase was primarily driven by the increases in delivery, packaging and transaction processing expenditures incurred as a result of an increased number of orders as well as an increase in cost of goods associated with first-party sales.

 

Selling, general and administrative expenses by type (in thousands):

 

 

Three months ended March 31,

 

 

 

2018

 

 

2019

 

Demand generation expense

 

$

19,363

 

 

$

31,423

 

Technology expense

 

 

13,896

 

 

 

20,159

 

Depreciation and amortization

 

 

4,875

 

 

 

14,106

 

Share based payments

 

 

6,567

 

 

 

38,714

 

General and administrative

 

 

51,571

 

 

 

61,945

 

Other items

 

 

 

 

 

2,493

 

Selling, general and administrative expense

 

$

96,272

 

 

$

168,840

 

 

First quarter 2019 demand generation expense increased 62.3% year-over-year to $31.4 million, or 22.2% of Platform Services Revenue. The increase in spend has contributed to the increased number of orders and Active Consumers as described above as we continued to invest in customer acquisition and retention efforts to support our continued growth in Platform GMV and Platform Services Revenue.

 

Technology expense, which is primarily related to research and development and operations of our platform features and services, increased by $6.3 million, or 45.1%, year-over-year in first quarter 2019, primarily driven by a 28.3% increase in technology staff headcount, as well as higher software, hosting and infrastructure expenses, to support the continued growth of the business. We currently operate three globally distributed data centers, which support the processing of our growing base of transactions, including one in Shanghai dedicated to serving our Chinese customers.

 

Depreciation and amortization expense increased by $9.2 million or 189.4% year-over-year from $4.9 million to $14.1 million in first quarter 2019. Amortization expense increased principally due to our continued technology investment, in which we capitalize qualifying technology development costs and amortize them over a three-year period, as well as the additional amortization recognized on intangible assets acquired in recent acquisitions. The increase in depreciation expense was driven by the first-time adoption of the new leasing accounting standard, IFRS 16, on January 1, 2019, whereby $4.3 million of depreciation related to right-of-use assets was recognized in first quarter 2019. In first quarter 2018, the comparative expense for operating leases was included in general and administrative expense.  

 

Share based payments increased by $32.1 million, or 489.5%, year-over-year in first quarter 2019, primarily due to the fair value re-measurement of our cash-settled share based payment awards and provision for employment related taxes on share based payment awards. Other contributing factors include the award of employee incentives following the Stadium Goods acquisition, key-contributor grants as part of the Farfetch annual compensation scheme as well as employment tax expenses related to option exercises.

 

4

 


General and administrative expense increased by $10.4 million, or 20.1%, year-over-year in first quarter 2019, primarily driven by a 29.8% increase in non-technology headcount across a number of areas to support the expansion of the business. General and administrative costs as a percentage of Adjusted Revenue decreased from 50.0% in first quarter 2018 to 42.3% in first quarter 2019, reflecting improved efficiency of our semi-variable and fixed costs as well as the impact of adopting IFRS 16 in first quarter 2019, as described above.

 

Other items comprises $2.5 million of acquisition-related related expenses. There were no such items in first quarter 2018.

 

Adjusted EBITDA and Adjusted EBITDA Margin

 

Adjusted EBITDA loss increased by $6.6 million, or 27.8%, year-over-year in first quarter 2019, to $30.2 million. Adjusted EBITDA Margin improved from (22.9%) to (20.7%) over the same period, primarily due to the impact of adopting IFRS 16 in first quarter 2019, as described above.

 

Loss After Tax

 

Loss after tax increased by $58.5 million, or 115.4% year-over-year in first quarter 2019 to $109.3 million. This was largely driven by a year-over-year increase in the operating loss from $35.1 million to $85.5 million combined with an increase in unrealized foreign exchange losses primarily driven by the impact of a stronger U.S. dollar on the revaluation of our foreign currency-denominated balances in first quarter 2019.

 

Outlook

 

The following forward-looking statement reflects Farfetch’s expectations as of May 15, 2019:

For second quarter 2019, Platform GMV is expected to grow approximately 40% - 42% year-over-year, and Adjusted EBITDA Margin is expected to be approximately (19%) - (21%).

For full year 2019, Platform GMV is expected to grow approximately 41%, and Adjusted EBITDA Margin is expected to be approximately (16%) - (17%).

The expected Adjusted EBITDA Margin for both periods include the estimated impact from the adoption of IFRS 16, which became effective on January 1, 2019.

 

Conference Call Information

 

Farfetch will host a conference call today, May 15, 2019 at 4:30 p.m. Eastern Time to discuss the Company’s results as well as expectations about Farfetch’s business. Listeners may access the live conference call via audio webcast at http://farfetchinvestors.com, where listeners can also access Farfetch’s earnings press release and slide presentation. Following the call, a replay of the webcast will be available at the same website for 30 days.


5

 


 

Unaudited interim condensed consolidated statement of operations

 

 

 

 

 

for the three months ended March 31

 

 

 

 

 

(in $ thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2019

 

Revenue

 

 

125,617

 

 

 

174,064

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

(64,444

)

 

 

(90,773

)

Gross profit

 

 

61,173

 

 

 

83,291

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(96,272

)

 

 

(168,840

)

Share of results of associates

 

 

-

 

 

 

15

 

Operating loss

 

 

(35,099

)

 

 

(85,534

)

 

 

 

 

 

 

 

 

 

Net finance expense

 

 

(15,101

)

 

 

(23,181

)

Loss before tax

 

 

(50,200

)

 

 

(108,715

)

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(527

)

 

 

(560

)

Loss after tax

 

 

(50,727

)

 

 

(109,275

)

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

Basic and diluted

 

 

(0.20

)

 

 

(0.36

)

 

 

 

 

 

 

 

 

 

Weighted-average ordinary shares outstanding

 

 

 

 

 

 

 

 

Basic and diluted

 

 

249,791,183

 

 

 

304,444,601

 

 


6

 


 

Unaudited interim condensed consolidated statement of comprehensive loss

 

 

 

 

 

for the three months ended March 31

 

 

 

 

 

(in $ thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2019

 

Loss for the period

 

 

(50,727

)

 

 

(109,275

)

 

 

 

 

 

 

 

 

 

Other comprehensive income/(expense):

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to consolidated

statement of operations (net of tax):

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

19,798

 

 

 

29,448

 

Loss on cash flow hedges

 

 

-

 

 

 

(267

)

 

 

 

 

 

 

 

 

 

Other comprehensive income for the period, net of tax

 

 

19,798

 

 

 

29,181

 

Total comprehensive loss for the period, net of tax

 

 

(30,929

)

 

 

(80,094

)

 

7

 


 

Unaudited interim condensed consolidated statement of financial position

 

 

 

 

 

(in $ thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

2018

 

 

March 31,

2019

 

Non-current assets

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

10,458

 

 

 

12,145

 

Intangible assets

 

 

103,345

 

 

 

305,426

 

Property, plant and equipment

 

 

37,528

 

 

 

39,024

 

Right-of-use assets

 

 

-

 

 

 

94,224

 

Investments

 

 

566

 

 

 

6,086

 

Investments in associates

 

 

86

 

 

 

104

 

Total non-current assets

 

 

151,983

 

 

 

457,009

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

60,954

 

 

 

76,751

 

Trade and other receivables

 

 

93,670

 

 

 

109,598

 

Cash and cash equivalents

 

 

1,044,786

 

 

 

794,658

 

Total current assets

 

 

1,199,410

 

 

 

981,007

 

Total assets

 

 

1,351,393

 

 

 

1,438,016

 

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

11,994

 

 

 

12,283

 

Share premium

 

 

772,300

 

 

 

824,275

 

Merger reserve

 

 

783,529

 

 

 

783,529

 

Foreign exchange reserve

 

 

(23,509

)

 

 

5,939

 

Other reserves

 

 

67,474

 

 

 

48,875

 

Accumulated losses

 

 

(483,357

)

 

 

(588,297

)

Total equity

 

 

1,128,431

 

 

 

1,086,604

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Provisions

 

 

13,462

 

 

 

31,298

 

Lease liabilities

 

 

-

 

 

 

80,210

 

Other liabilities

 

 

15,342

 

 

 

25,444

 

Total non-current liabilities

 

 

28,804

 

 

 

136,952

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

194,158

 

 

 

199,610

 

Lease liabilities

 

 

-

 

 

 

14,850

 

Total current liabilities

 

 

194,158

 

 

 

214,460

 

Total liabilities

 

 

222,962

 

 

 

351,412

 

Total equity and liabilities

 

 

1,351,393

 

 

 

1,438,016

 

 

8

 


Unaudited interim condensed consolidated statement of cash flows

 

 

 

 

 

 

 

 

for the three months ended March 31

 

 

 

 

 

 

 

 

(in $ thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Loss before tax

 

 

(50,200

)

 

 

(108,715

)

Adjustments for:

 

 

 

 

 

 

 

 

Depreciation

 

 

1,453

 

 

 

6,136

 

Amortization

 

 

3,422

 

 

 

7,970

 

Non-cash employee benefits expense

 

 

6,567

 

 

 

24,064

 

Net loss on sale of non-current assets

 

 

-

 

 

 

84

 

Share of results of associates

 

 

-

 

 

 

(15

)

Net finance expense

 

 

15,101

 

 

 

23,181

 

Net exchange differences

 

 

340

 

 

 

(5

)

Change in the fair value of derivatives

 

 

(6

)

 

 

776

 

Change in working capital

 

 

 

 

 

 

 

 

Increase in receivables

 

 

(32,169

)

 

 

(11,375

)

Increase in inventories

 

 

(6,829

)

 

 

(15,255

)

Decrease in payables

 

 

(19,849

)

 

 

(734

)

Change in other assets and liabilities

 

 

 

 

 

 

 

 

Increase in non-current receivables

 

 

(513

)

 

 

(1,443

)

Interest paid

 

 

-

 

 

 

(95

)

Income taxes paid

 

 

-

 

 

 

(295

)

Net cash outflow from operating activities

 

 

(82,683

)

 

 

(75,721

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Acquisition of subsidiary, net of cash acquired

 

 

-

 

 

 

(148,522

)

Payments for property, plant and equipment

 

 

(5,168

)

 

 

(5,082

)

Payments for intangible assets

 

 

(8,681

)

 

 

(16,721

)

Interest received

 

 

1,273

 

 

 

2,554

 

Payments for equity investments

 

 

-

 

 

 

(5,520

)

Net cash outflow from investing activities

 

 

(12,576

)

 

 

(173,291

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from issue of shares, net of issue costs

 

 

82,269

 

 

 

1,013

 

Principal elements of lease payments

 

 

-

 

 

 

(3,683

)

Net cash inflow/ (outflow) from financing activities

 

 

82,269

 

 

 

(2,670

)

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(12,990

)

 

 

(251,682

)

Cash and cash equivalents at the beginning of the period

 

 

384,002

 

 

 

1,044,786

 

Effects of exchange rate changes on cash and cash equivalents

 

 

332

 

 

 

1,554

 

Cash and cash equivalents at end of period

 

 

371,344

 

 

 

794,658

 

 

 

9

 


 

Unaudited interim condensed consolidated statement of changes in equity

 

(in $ thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

Share premium

 

 

Merger reserve

 

 

Foreign exchange reserve

 

 

Other reserves

 

 

Accumulated losses

 

 

Total equity

 

Balance at January 1, 2018

 

 

9,298

 

 

 

677,674

 

 

 

-

 

 

 

633

 

 

 

38,475

 

 

 

(329,177

)

 

 

396,903

 

Changes in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue of share capital

 

 

340

 

 

 

81,928

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

82,268

 

Total comprehensive income/ (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

19,798

 

 

 

-

 

 

 

(50,727

)

 

 

(30,929

)

Share based payment – equity settled

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,737

 

 

 

-

 

 

 

5,737

 

Balance at March 31, 2018

 

 

9,638

 

 

 

759,602

 

 

 

-

 

 

 

20,431

 

 

 

44,212

 

 

 

(379,904

)

 

 

453,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

 

11,994

 

 

 

772,300

 

 

 

783,529

 

 

 

(23,509

)

 

 

67,474

 

 

 

(483,357

)

 

 

1,128,431

 

Changes in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue of share capital

 

 

289

 

 

 

51,975

 

 

 

-

 

 

 

-

 

 

 

26,920

 

 

 

-

 

 

 

79,184

 

Share based payment – reverse vesting shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(48,839

)

 

 

 

 

 

 

(48,839

)

Total comprehensive income/ (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,448

 

 

 

(267

)

 

 

(109,275

)

 

 

(80,094

)

Share based payment – equity settled

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,587

 

 

 

4,335

 

 

 

7,922

 

Balance at March 31, 2019

 

 

12,283

 

 

 

824,275

 

 

 

783,529

 

 

 

5,939

 

 

 

48,875

 

 

 

(588,297

)

 

 

1,086,604

 

 

 

 

10


Farfetch Limited

Supplemental Metrics

 

2017

 

 

2018

 

 

 

2019

 

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

 

First Quarter

 

 

 

(in thousands, except per share data or otherwise stated)

 

Consolidated Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Merchandise Value (“GMV”)

 

$

217,806

 

 

$

204,601

 

 

$

310,718

 

 

$

292,692

 

 

$

338,543

 

 

$

309,973

 

 

$

466,490

 

 

 

$

419,273

 

Revenue

 

 

93,146

 

 

 

86,913

 

 

 

126,482

 

 

 

125,617

 

 

 

146,693

 

 

 

134,541

 

 

 

195,533

 

 

 

 

174,064

 

Adjusted Revenue

 

 

75,514

 

 

 

70,487

 

 

 

102,486

 

 

 

103,082

 

 

 

118,677

 

 

 

112,742

 

 

 

170,089

 

 

 

 

146,374

 

In-Store Revenue

 

 

3,616

 

 

 

4,339

 

 

 

3,764

 

 

 

4,021

 

 

 

3,170

 

 

 

4,090

 

 

 

4,314

 

 

 

 

4,536

 

Demand Generation Expense

 

 

(16,694

)

 

 

(16,824

)

 

 

(23,255

)

 

 

(19,363

)

 

 

(21,895

)

 

 

(22,103

)

 

 

(33,934

)

 

 

 

(31,423

)

Technology Expense

 

 

(6,050

)

 

 

(8,335

)

 

 

(12,148

)

 

 

(13,896

)

 

 

(17,135

)

 

 

(19,034

)

 

 

(18,159

)

 

 

 

(20,159

)

Share Based Payments

 

 

(4,752

)

 

 

(5,249

)

 

 

(7,715

)

 

 

(6,567

)

 

 

(5,956

)

 

 

(38,475

)

 

 

(2,821

)

 

 

 

(38,714

)

Depreciation and Amortization

 

 

(2,706

)

 

 

(2,932

)

 

 

(3,029

)

 

 

(4,875

)

 

 

(5,463

)

 

 

(6,014

)

 

 

(7,185

)

 

 

 

(14,106

)

General and Administrative

 

 

(38,610

)

 

 

(41,150

)

 

 

(52,735

)

 

 

(51,571

)

 

 

(62,080

)

 

 

(58,561

)

 

 

(56,679

)

 

 

 

(61,945

)

Other Items

 

 

(3,823

)

 

 

-

 

 

 

(126

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(2,493

)

Loss After Tax

 

 

(19,947

)

 

 

(28,179

)

 

 

(54,816

)

 

 

(50,727

)

 

 

(17,681

)

 

 

(77,255

)

 

 

(9,912

)

 

 

 

(109,275

)

Adjusted EBITDA

 

 

(9,860

)

 

 

(20,620

)

 

 

(23,409

)

 

 

(23,657

)

 

 

(25,417

)

 

 

(32,311

)

 

 

(14,575

)

 

 

 

(30,236

)

Adjusted EBITDA Margin

 

(13.1%)

 

 

(29.3%)

 

 

(22.8%)

 

 

(22.9%)

 

 

(21.4%)

 

 

(28.7%)

 

 

(8.6%)

 

 

 

(20.7%)

 

Earnings Per Share (“EPS”)

 

$

(0.10

)

 

$

(0.13

)

 

$

(0.25

)

 

$

(0.20

)

 

$

(0.07

)

 

$

(0.30

)

 

$

(0.03

)

 

 

$

(0.36

)

Adjusted EPS

 

$

(0.05

)

 

$

(0.10

)

 

$

(0.21

)

 

$

(0.18

)

 

$

(0.05

)

 

$

(0.15

)

 

$

(0.02

)

 

 

$

(0.22

)

Platform:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform GMV

 

$

214,190

 

 

$

200,263

 

 

$

306,954

 

 

$

288,671

 

 

$

335,373

 

 

$

305,884

 

 

$

462,176

 

 

 

$

414,737

 

Platform Services Revenue

 

 

71,898

 

 

 

66,148

 

 

 

98,722

 

 

 

99,061

 

 

 

115,507

 

 

 

108,652

 

 

 

165,775

 

 

 

 

141,838

 

Platform Fulfilment Revenue

 

 

17,632

 

 

 

16,426

 

 

 

23,996

 

 

 

22,535

 

 

 

28,016

 

 

 

21,799