Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. “Digital Platform Order Contribution Margin” means Digital Platform Order Contribution calculated as a percentage of Digital Platform Services Revenue. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Remeasurement (losses)/gains on put and call option liabilities, Fair value losses on embedded derivative liabilities, Change in fair value of acquisition related consideration, Impairment losses on property, plant and equipment, Selling, general and administrative expenses, Losses on items held at fair value and remeasurements, Exchange differences (loss)/gain on translation of foreign operations, Gain on cash flow hedges recognized in equity, Gain on cash flow hedges recognized in equity - time value, Less: Loss on cash flow hedges reclassified and reported in net loss, Gains/(losses) on items held at fair value and remeasurements, Loss on cash flow hedges recognized in equity. Other items of $17.1 million in fourth quarter 2020 primarily reflect transaction-related legal and advisory expenses, largely associated with our issuance of the $600 million convertible note to Alibaba and Richemont. “Digital Platform Revenue” means the sum of Digital Platform Services Revenue and Digital Platform Fulfilment Revenue. Factors involving COVID-19 that could potentially impact our future performance include, among others: Farfetch will host a conference call today, February 25, 2021 at 4:30 p.m. Eastern Time to discuss the Company’s results as well as expectations about Farfetch’s business. Susannah Clark The number of Active Consumers is an indicator of our ability to attract and retain our consumer base to our platform and of our ability to convert platform visits into sale orders. “In-Store GMV” and “In-Store Revenue” mean revenue generated in our retail stores which include Browns, Stadium Goods and New Guards’ directly operated stores. • Group GMV exceeds $1 billion, up 28% year-over-year and more than double compared to Q3 2019. As a percentage of Digital Platform Service Revenue, fourth quarter 2020 demand generation expense improved from 22.6% to 19.4%. During the specified. Farfetch reports under International Financial Reporting Standards (“IFRS”). Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. GMV does not represent revenue earned by us, although GMV and revenue are correlated. Farfetch Announces Second Quarter 2022 Results - Yahoo Finance Our results for first, second, and part of third quarter 2019 do not include New Guards’ performance. We also believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance because they take into account demand generation expense and are used by management to analyze the operating performance of our digital platform for the periods presented. “Brand Platform Gross Profit” means Brand Platform Revenue less the direct cost of goods sold relating to Brand Platform Revenue. Credit: Andrew Neel / Unsplash. Following the call, a replay of the webcast will be available at the same website for at least 30 days. The number of Active Consumers is an indicator of our ability to attract and retain our consumer base to our platform and of our ability to convert platform visits into sale orders. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. NYSE:FTCH Earnings and Revenue Growth April 18th 2021. We also believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance because they take into account demand generation expense and are used by management to analyze the operating performance of our digital platform for the periods presented. “Digital Platform GMV” means GMV excluding In-Store GMV and Brand Platform GMV. Loss after tax increased by $2,170.9 million year-over-year to $2,281.0 million in fourth quarter 2020, which in addition to losses during the year, drove total equity from $1,337.8 million at December 31, 2019 to $(1,676.1) million as at December 31, 2020. The increase in GMV primarily reflects the growth in Digital Platform GMV driven by strong order growth and new consumer acquisition. On February 1, 2022, the Group completed the acquisition of Violet Grey Inc., a luxury beauty online retailer, for consideration of approximately $44.4 million, subject to customary completion accounts price adjustments, comprised of $43.5 million in cash and $0.9 million in Farfetch shares based on the Farfetch share price as at the acquisition date. “Digital Platform Order Contribution” means Digital Platform Gross Profit after deducting demand generation expense, which includes fees that we pay for our various marketing channels. Cost of revenue increased by $84.9 million, or 41.2%, year-over-year from $206.1 million in fourth quarter 2019 to $291.0 million in fourth quarter 2020 in line with Revenue growth. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: purchasers of luxury products may not choose to shop online in sufficient numbers; the effect of the COVID-19 global pandemic on our business and results of operations; our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the volatility and difficulty in predicting the luxury fashion industry; our reliance on a limited number of luxury sellers for the supply of products on our Marketplace; our reliance on luxury sellers to anticipate, identify and respond quickly to new and changing fashion trends, consumer preferences and other factors; our reliance on retailers and brands to make products available to our consumers on our Marketplace and to set their own prices for such products; New Guards’ dependence on its production, inventory management and fulfilment processes and systems; the operation of retail stores subjects us to numerous risks, some of which are beyond our control; our ability to acquire or retain consumers and to promote and sustain the Farfetch brand; our reliance on highly complex software, which may contain undetected errors; our ability or the ability of third-parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information; our reliance on information technologies and our ability to adapt to technological developments; our reliance on third-party providers to host certain websites and applications; our ability to successfully utilize our data; our ability to manage our growth effectively; the increased focus on social, environmental and sustainability matters could increase our costs, harm our reputation and adversely affect our financial results, and our ability to implement our environmental, sustainability, responsible sourcing, social and inclusion and diversity goals; José Neves, our Chief Executive Officer, has considerable influence over important corporate matters due to his ownership of us, and our dual-class voting structure will limit your ability to influence corporate matters, including a change of control; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2020, as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2021, to be filed with the SEC (the “2021 20-F”), accessible on the SEC’s website at www.sec.gov and on our website at http://farfetchinvestors.com. Digital Platform Gross Profit Margin decreased 116 bps to 53.3% in fourth quarter 2021 from 54.4% in fourth quarter 2020, as Digital Platform Services cost of revenue increased at a higher rate than Digital Platform Services Revenue. Figures prior to 2016 are taken from previous reports also published by the source. The GMV of the company's Digital Platform reached $3.67bn in 2021, compared with $2.75bn a year earlier. Farfetch offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Technology expense increased by $0.9 million, or 3.1%, in fourth quarter 2021 year-over-year driven by an increase in technology staff headcount and software and hosting costs to support growth. Third-party revenue growth was offset by slower growth in Digital Platform Services first-party revenue, which includes first-party original, of 16.4%, with strong performance of Browns’ products on the Digital Platform offset by slower growth in first-party original products following a strategic decision to control markdowns. Fourth quarter 2021 Digital Platform GMV growth reflects order growth across the Marketplace and an increase in AOV from $626 to $635, which was driven by increases in full-priced item mix and number of items per order, partially offset by a higher mix of lower-priced items. A reconciliation of the Company’s Adjusted EBITDA guidance to the most directly comparable IFRS financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in the fair value of cash-settled share-based payment liabilities; foreign exchange gains/(losses) and the other adjustments reflected in our reconciliation of historical non-IFRS financial measures, the amounts of which, could be material. Represents share-based payment expense on a per share basis. New Guards’ portfolio continued to focus on direct-to-consumer channels while creating culturally relevant collections: In February 2022, New Guards further expanded its portfolio of brands with the signing of agreements with Authentic Brands Group to become the exclusive partner to curate, create and bring to market Reebok’s luxury collaborations, as well as a core operating partner for the brand across Europe and distributor of premium Reebok products in the United States, Canada, Europe and certain other key markets. Adjusted EBITDA Margin improved from 2.2% to 6.3% year-over-year, primarily reflecting declines in both general and administrative expenses and in technology expense as percentage of Adjusted Revenue. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. such measures do not reflect revenue related to fulfilment, which is necessary to the operation of our business; such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in our working capital needs; such measures do not reflect our share-based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and. The fair value losses on embedded derivative liabilities in fourth quarter 2020 is comprised of the following revaluation losses on our convertible senior notes: (i) $749.0 million fair value loss related to $250 million 5.00% notes due 2025; (ii) $869.1 million fair value loss related to $400 million 3.75% notes due 2027; and (iii) $272.5 million fair value loss related to $600 million 0.00% notes due 2030. Farfetch - Traffic, Revenue, Competitors, Business Model, Funding There were no such material adverse impacts to our service levels or cost of revenue in fourth quarter 2020, where our increased costs were primarily duty-related, driven by a mix shift in regional sales. The following tables reconcile Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measure, which are profit/(loss) after tax and profit/(loss) after tax margin, respectively: (in $ thousands, except as otherwise noted), (Gains)/losses on items held at fair value and remeasurements (3), Gains on items held at fair value and remeasurements (3). “Digital Platform Fulfilment Revenue” means revenue from shipping and customs clearing services that we provide to our digital consumers, net of Farfetch-funded consumer promotional incentives, such as free shipping and promotional codes. As such, diluted EPS excludes the gains on items held at fair value and interest costs related to the Chalhoub liability, Farfetch China liability and the convertible notes, net of any applicable tax, while including all outstanding equity instruments that have a dilutive impact. Generated third consecutive quarter of record media solutions revenue and partnered with brands to launch innovative showcases of their collections to Farfetch Marketplace visitors, including: In January 2022, ahead of the planned launch of beauty on the Farfetch Marketplace later in the year, announced the acquisition of cult favorite luxury beauty destination Violet Grey, Launched Tmall Luxury Pavilion storefronts for. As a result, Gross Profit margin remained stable year-over-year at 46.1%. dollars)." The company's full-year revenue rose by 35% to $2.3bn compared with 2020. Brand Platform Gross Profit Margin increased 310bps year-over-year to 49.9%. “First-Party Original” refers to brands developed by New Guards and sold direct to consumers on the digital platform. Farfetch revenue rises 35 per cent to $2.3 billion +44 7788 405224, Brunswick Group For fourth quarter 2020, our impairment assessment incorporated current and potential ongoing impacts of COVID-19 across the broader economy. During fourth quarter 2020, we also saw year-over-year growth in transactions through websites managed by Farfetch Platform Solutions, primarily driven from incremental activity from new e-commerce sites launched throughout 2020, including Harrods.com, Off---White.com and Palmangels.com, among others. Show publisher information See “other items” on page 28 for a breakdown of these expenses. (in $ thousands, except per share data, Average Order Value, Active Consumers or otherwise stated): Basic (Loss)/earnings per share (“EPS”) (1), Digital Platform Order Contribution Margin (2), Average Order Value (“AOV”) - Marketplace, Environmental, Social and Governance (“ESG”), Fourth Quarter and Full Year 2021 Results Summary. Non-IFRS and Other Financial and Operating Metrics. Media Contacts: LONDON--(BUSINESS WIRE)-- Farfetch Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, today reported financial results for the second quarter ended June 30, 2021. . Revenue realized from Brand Platform is equal to GMV as such sales are not commission based. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. US: +1 (212) 333 3810 British-Portuguese online luxury fashion retail platform Farfetch has registered $593.4m in revenue for the third quarter (Q3) of fiscal 2022 (FY22). 2016 figures were restated. Due to technical limitations, Active Consumers is unable to fully de-dupe Stadium Goods consumers from consumers on our other sites. Digital Platform Order Contribution Margin was referred to as Platform Order Contribution Margin in previous filings with the SEC. GMV growth was driven by our Digital Platform segment performance. VP Communications, Global This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented. “As we enter 2021, I am more energized than ever by the prospects of leveraging our incredible achievements to date and our unique platform capabilities to go after the significant growth opportunities we see in our vision to be a digital enabler connecting the creators, curators and consumers of the global luxury industry, both online and offline – a nearly $300 billion opportunity we remain laser-focused on and plan to continue investing behind to deliver significant value over the long-term.”, Elliot Jordan, CFO of Farfetch, said: “The strong performance of Farfetch in the fourth quarter completes a remarkable year and is the result of our focused execution against the long-term strategy and the leveraging of our investments to date. Adjusted EBITDA may not be comparable to other similarly titled metrics of other companies. Digital Platform GMV increased by $206.7 million from $939.4 million in fourth quarter 2020 to $1,146.2 million in fourth quarter 2021, representing year-over-year growth of 22.0%. See “other items” on page 28 for a breakdown of these expenses. Selling, general and administrative expenses by type (in thousands): Selling, general and administrative expense. Digital Platform Services cost of revenue increased at a higher rate than Digital Platform Services Revenue primarily driven by the increased mix of first-party revenue where the related cost of revenue includes the production and purchase cost of products. LONDON--(BUSINESS WIRE)--Farfetch Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, today reported financial results for the fourth quarter and full year ended December 31, 2020. The increase was driven by growth in Digital Platform cost of revenue, partially offset by a decrease in Brand Platform cost of revenue. Farfetch Announces Fourth Quarter and Full Year 2019 Results General and administrative expense increased by $14.9 million, or 10.5%, year-over-year in fourth quarter 2021, reflecting investments made to support longer-term strategic initiatives including brand campaigns. As part of the arrangement, the Group is committed to minimum royalty payments of approximately $374 million (€329.9 million) over the 11 year life of the agreement. The remaining $5.8 million impairment charge on intangible assets related to the closure of our direct consumer-facing channels on JD.com and the associated intangible asset held for the Farfetch Level 1 access button. Total Enterprise Value to Total Revenue (ttm) 1.25. Farfetch ecommerce media ad revenue in Europe 2021-2022 Published by Statista Research Department , Apr 19, 2023 In 2022, advertising revenue generated by Farfetch with its retail media. LONDON--(BUSINESS WIRE)-- Farfetch Announces Fourth Quarter and Full Year 2020 Results Profit from the additional features of your individual account. Revenue from first-party sales, which is equal to GMV from first-party sales, means revenue derived from sales on our platform of inventory purchased by us. Active Consumers includes the Farfetch Marketplace, BrownsFashion.com, Stadium Goods, and the New Guards-owned sites operated by Farfetch Platform Solutions plus third-party websites or platforms on which we operate, including Amazon.com and Tmall Luxury Pavilion. Learn more about how Statista can support your business. Digital Platform GMV was referred to as Platform GMV in previous filings with the SEC. “Digital Platform Order Contribution Margin” means Digital Platform Order Contribution calculated as a percentage of Digital Platform Services Revenue. © Copyright 2018 FARFETCH UK Limited. “Brand Platform GMV” and “Brand Platform Revenue” mean revenue relating to the New Guards operations less revenue from New Guards’: (i) owned e-commerce websites, (ii) direct to consumer channel via our Marketplaces and (iii) directly operated stores. Digital Platform Services first-party GMV, which is composed of our sales of owned-inventory including First-Party Original, is included in Digital Platform Services Revenue at 100% of the GMV. You can see Farfetch's historic earnings and revenue below, but keep in mind there's always more to the story. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures. Brand Platform Revenue increased by 2.3%, reflecting a year-over-year shift in timing of Spring-Summer collection shipments. Digital Platform Services Revenue is driven by our Digital Platform GMV, including commissions from third-party sales and revenue from first-party sales. Other items is included within selling, general and administrative expenses. Adjusted EPS may not be comparable to other similarly titled metrics of other companies. This was driven by our investment in acquiring and engaging customers in paid channels, including our redistribution of spend as we continue to implement measures in response to the impact of Apple's recent iOS privacy measures, which exhibited higher unit costs, on average. “Brand Platform GMV” and “Brand Platform Revenue” mean revenue relating to the New Guards operations less revenue from New Guards’: (i) owned e-commerce websites, (ii) direct to consumer channel via our Marketplaces and (iii) directly operated stores.