Pfsweb Inc (PFSW) 10K Annual Reports & 10Q SEC Filings

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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1095315/000109531522000054/pfsw-20211231.htm

View differences made from one year to another to evaluate Pfsweb Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Pfsweb Inc.

Continue

Assess how Pfsweb Inc's management team is paid from their Annual Proxy

Pfsweb Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Revenue

Financial

M & A

Legal

Other

Filter by Subcategory:

All

Product

Expense

Geography

Earnings

Cash Flow

Debt

Income

Other

Inside Pfsweb Inc's 10-K Annual Report:

Revenue - Product Highlight
To obtain any necessary additional financing in the future, in addition to our current cash position, we continue to evaluate our needs in light of various financing alternatives potentially available including the sale of equity, utilizing capital or operating leases, or entering into new debt agreements.

Financial - Expense Highlight
Additionally, we incurred approximately $15 million in cash-based transaction related costs in 2021 and used proceeds of approximately $35 million to make estimated income tax payments related to the LiveArea Transaction.
Other - Other Highlight
When we determine these set-up and integration services do not meet the criteria for recognition as a separate performance obligation, any start up fees received represent a non-refundable up-front fee and are allocated to the other performance obligations within that contract.
Revenue - Product Highlight
Product revenue declined as it was primarily dependent on one client, which restructured its operations and discontinued certain product lines.
Revenue - Geography Highlight
While many of the related restrictions have been lifted, we have also seen a resurgence of the virus (including new variants) in many geographic regions, which could have a negative impact on our business and adversely affect the Company's results of operations, cash flows and financial position as well as that of our clients.
Other - Other
Our cash and liquidity positions...Read more
Other - Other
The LiveArea Transaction generated gross...Read more
Financial - Expense
The Company incurred approximately $15...Read more
Financial - Earnings
Growth is a key element...Read more
Other - Other
Given the structure of this...Read more
Revenue - Product
We focus our sales efforts...Read more
Financial - Cash Flow
Cash Flows from Investing Activities...Read more
Other - Other
To maintain our current operating...Read more
Other - Other
PFS provides services to support...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Other - Other
New Accounting Pronouncements See Note...Read more
Financial - Debt
Our improved cash position, as...Read more
Other - Other
If there is a significant...Read more
Financial - Expense
These reimbursable expenses include pass-through...Read more
Other - Other
In order to reach appropriate...Read more
Financial - Earnings
Gross margin decreased to 18.1%...Read more
M & A - Other
The IBM Credit Facility contains...Read more
Financial - Expense
However, our cash position could...Read more
Revenue - Product
Currently, we are targeting growth...Read more
Financial - Income
These increases were slightly offset...Read more
Other - Other
These estimates and judgments include...Read more
Financial - Income
Income Taxes During the twelve...Read more
Other - Other
Liquidity and Capital Resources In...Read more
Other - Other
However, we do expect potential...Read more
Financial - Earnings
While we are targeting our...Read more
Other - Other
To the extent a contract...Read more
Revenue - Geography
If, in the future, we...Read more
Revenue - Geography
A valuation allowance has been...Read more
Financial - Cash Flow
Cash Flows from Financing Activities...Read more
Revenue - Product
If actual sales returns, allowances...Read more
Financial - Shares
Stock Compensation We utilize our...Read more
Financial - Debt
We currently believe our cash...Read more
Financial - Expense
We continue to monitor and...Read more
Other - Other
Inventory Financing Supplies Distributors, an...Read more
Legal - Other
Changes in tax laws, regulations,...Read more
Financial - Expense
A loss is recognized when...Read more
Financial - Expense
However, for the year ended...Read more
Revenue - Product
The Company recognizes revenue for...Read more
Revenue - Product
Pass-through revenue for the year...Read more
Revenue - Product
Such cash use and benefit...Read more
Revenue - Product
Product revenue, net, for the...Read more
Financial - Expense
In the interim, we are...Read more
Revenue - Product
Total revenues for the year...Read more
Revenue - Product
If these criteria are not...Read more
Other - Other
We offer our services as...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Pfsweb Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.110: Material Contract

Exhibit 10.12.3: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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