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Pfsweb Inc (PFSW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Pfsweb Inc

CIK: 1095315 Ticker: PFSW
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Exhibit 99.1
PFSweb Reports Third Quarter 2021 Results

Q3 results provide further insight into strong 2021 performance
Regains compliance with NASDAQ listing requirements
Strategic review process remains ongoing
Company nears completion of work with G2 Capital Advisors to continue optimizing business structure

ALLEN, Texas – March 10, 2022 – PFS (NASDAQ: PFSW) (the “Company"), a premier eCommerce order fulfillment provider, today reported results for the third quarter ended September 30, 2021. The results had been delayed as a result of the complex tax implications and labor-intensive closing process associated with the sale of the LiveArea global business to Merkle for approximately $250 million in gross proceeds, which was completed on August 25, 2021, and the required financial reporting and accounting segmentation of previously commingled business entities. The delay was not related to any historical issues with PFSweb’s accounting practices or fundamental business.

Mike Willoughby, PFSweb Chief Executive Officer, stated: “We are pleased to report Q3 2021 results and become current with our quarterly financial filings. The third quarter provides additional insight into the tremendous value we were able to generate through the LiveArea transaction. As we previously noted, 2021 was a strong year for the business, and the Q3 results help illustrate how we got there. We have continued to see positive momentum in our PFS business this year as we strive to maximize value for all shareholders and execute on our plans to leverage the substantial eCommerce fulfillment tailwinds in our industry and transition to a more fulfillment-oriented Company in 2022.”

Q3 2021 Highlights

Results and comparisons reflect the classification of LiveArea as a discontinued operation.

Total service fee revenue increased to $44.3 million compared to $42.4 million during the same period in 2020.
PFS Operations SFE revenue increased to $42.0 million compared to $39.5 million during the same period in 2020.
Service fee gross margin, excluding certain LiveArea-related activity, was 23.6% compared to 24.6%.
Net loss from continuing operations was $6.8 million or $0.32 per share, compared to net loss of $3.6 million or $0.18 per share.
Consolidated Adjusted EBITDA from continuing operations (a non-GAAP measure defined and reconciled below) was $(1.3) million compared to ($0.1) million.
PFS Operations Adjusted EBITDA from continuing operations (a non-GAAP measure defined and reconciled below) was $3.8 million compared to $5.0 million.

Additional Full Year 2021 Business and Operational Guidance

Results and comparisons reflect the classification of LiveArea as a discontinued operation.

PFS SFE revenue for the nine months ended September 30, 2021 increased to $124.6 million compared to $115.1 million in the same period of 2020.
2021 PFS SFE revenue is expected to increase 6% to approximately $187 million.
The Company anticipates a two-year PFS SFE revenue compounded annual growth rate of approximately 15% as compared to 2019.
Estimated 2021 PFS pro forma standalone AEBITDA percentage of service fee revenue is expected to be within prior guidance of 8-10%.


The following information was filed by Pfsweb Inc (PFSW) on Thursday, March 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pfsweb Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Debt Obligations
Debt Obligations (Tables)
Debt Obligations - Summary Of Outstanding Debt And Capital Lease Obligations (Details)
Debt Obligations - U.S. Credit Agreement - Additional Information (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Reconciliation Amount (Details)
Discontinued Operations - Significant Noncash Operating (Details)
Earnings Per Share
Earnings Per Share - Additional Information (Details)
Employee Savings Plan
Employee Savings Plan - Additional Information (Details)
Goodwill
Goodwill - Additional Information (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of The Deferred Tax Asset (Liability) (Details)
Income Taxes - Consolidated Income (Loss) From Operations Before Income Taxes, By Domestic And Foreign Entities (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Summary Of Current And Deferred Income Tax Expense (Benefit) (Details)
Inventory Financing
Inventory Financing - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Cost (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Consolidated Cash Flows (Details)
Long Lived Assets
Long Lived Assets (Tables)
Long Lived Assets - Geographic Information By Area (Details)
Overview And Basis Of Presentation
Overview And Basis Of Presentation (Tables)
Overview And Basis Of Presentation - Balance Sheet (Details)
Overview And Basis Of Presentation - Cash Flow (Details)
Overview And Basis Of Presentation - Narrative (Details)
Overview And Basis Of Presentation - Operation And Comprehensive Loss (Details)
Overview And Basis Of Presentation - Stockholder's Equity (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue From Contracts With Clients And Customers
Revenue From Contracts With Clients And Customers (Tables)
Revenue From Contracts With Clients And Customers - Additional Information (Details)
Revenue From Contracts With Clients And Customers - Additional Information, Performance Obligations (Details)
Revenue From Contracts With Clients And Customers - Summary Of Contract Balances (Details)
Revenue From Contracts With Clients And Customers - Summary Of Revenues Disaggregated By Revenue Source, Timing Of Revenue Recognition And Region (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Details)
Stock And Stock Options
Stock And Stock Options (Tables)
Stock And Stock Options - Additional Information (Details)
Stock And Stock Options - Summary Of Deferred Stock Unit Activity (Details)
Stock And Stock Options - Summary Of Market-Based Restricted Stock And Unit Award Activity (Details)
Stock And Stock Options - Summary Of Market-Based Restricted Stock And Unit Award Grant Estimated Under The Plans (Details)
Stock And Stock Options - Summary Of Performance-Based Restricted Stock And Unit Award Activity (Details)
Stock And Stock Options - Summary Of Service-Based Restricted Stock And Unit Award Activity (Details)
Stock And Stock Options - Summary Of Stock Option Activity Under The Plans (Details)
Stock And Stock Options - Summary Of Stock Option Activity Under The Stock Option Plans (Details)
Subsequent Events
Ticker: PFSW
CIK: 1095315
Form Type: 10-K Annual Report
Accession Number: 0001095315-22-000054
Submitted to the SEC: Mon May 09 2022 4:07:07 PM EST
Accepted by the SEC: Mon May 09 2022
Period: Friday, December 31, 2021
Industry: Business Services

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