The RealReal (Nasdaq: REAL)--the world’s largest online marketplace
for authenticated, consigned luxury goods--today reported financial
results for its second quarter ended June 30, 2019.
Second Quarter Financial Highlights
- Gross Merchandise Volume (GMV) increased $65.5 million to
$228.5 million, up 40% year over year.
- Total Revenue increased $24.0 million to $71.0 million, up 51%
year over year.
- Consignment and Service Revenue increased $18.5 million to
$60.7 million, up 44% year over year.
- Direct Revenue increased $5.5 million to $10.3 million, up 114%
year over year.
- Gross Profit increased $15.3 million to $46.1 million, up 50%
year over year.
- Adjusted EBITDA was $(20.9) million or (29.4%) of total
revenue.
- GAAP basic and diluted net loss per share was ($2.83).
- Non-GAAP diluted net loss per share was ($2.50). Assuming the
pro-forma share count is the outstanding common shares immediately
after the IPO, Non-GAAP diluted net loss per share was
($0.28).
- Free cash flow was ($32.1) million.
- At the end of the second quarter, cash, cash equivalents and
short-term investments totaled $66.7 million. Our IPO raised $320.9
million in net proceeds after deducting underwriting discounts and
commissions. Inclusive of the IPO net proceeds, our pro-forma cash
balance was $387.6 million at the end of the second quarter.
- The RealReal’s Registration Statement was declared effective on
June 27, 2019. Our IPO closed on July 2, 2019.
“We are thrilled to report our first quarter as a public
company. We generated 51% year-over-year revenue growth and 40%
year-over-year GMV growth while driving marketing leverage and
making progress with key strategic initiatives,” said Julie
Wainwright, CEO and founder. “As we continue to unlock
supply, invest in our technology platform, and instill trust in our
marketplace, we are revolutionizing luxury resale and delivering
tremendous value to our consignors and buyers.”
Other Second Quarter Highlights
- Trailing twelve months active buyers reached 492,440, up 40%
year over year.
- Orders reached 504,820, up 40% year over year.
- Average Order Value was $452.61 compared to $453.32 in the
second quarter of 2018.
- Take Rate increased 110bps year over year to 36.6%.
- GMV from repeat buyers was 83.1% compared to 82.9% in the
second quarter of 2018.
3Q and 2019 Financial OutlookBased on
information available as of Aug. 13, 2019, we are providing the
following financial guidance for the third quarter and full year
2019.
|
(In Millions) |
|
|
Third Quarter 2019 |
Full Year 2019 |
|
Expected GMV range |
$233mn - $239mn |
$974mn - $988mn |
|
Expected EBITDA Margin
range |
(30%) - (28%) |
(25%) - (24%) |
|
Webcast and Conference CallThe RealReal will
host a conference call and webcast to discuss its second quarter
2019 financial results today at 2 p.m. (PDT). Investors and
participants can access the call by dialing (866) 996-5385 in the
U.S. and (270) 215-9574 internationally. The passcode for the
conference line is 9864827. The call will also be available via
live webcast at investor.therealreal.com along with supporting
slides. An archive of the webcast conference call will be available
shortly after the call ends. The archived webcast will be available
at investor.therealreal.com
About The RealReal, Inc. The RealReal is the
world’s largest online marketplace for authenticated, consigned
luxury goods. With an expert behind every item, we provide a safe
and reliable platform for consumers to buy and sell their luxury
items. We have 100+ in-house gemologists, horologists and brand
authenticators who inspect thousands of items available online each
day. As a sustainable company, we give new life to pieces by brands
from Gucci to Cartier, and hundreds more, supporting the circular
economy. We make consigning effortless with free in-home pickup,
drop-off service and direct shipping for both individual consignors
and estates. At our stores in Los Angeles as well as SoHo and the
Upper East Side NYC, customers can shop and consign and meet with
our experts to learn more about luxury authenticity and
sustainability. At our 11 Luxury Consignment Offices, three of
which are located in our retail stores, our expert staff provides
free valuations for high-value pieces.
Investor Relations Contact:Paul BieberHead of
Investor Relationspaul.bieber@therealreal.com
Press Contact:Erin SantyHead of
Communicationspr@therealreal.com
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of federal
and state securities laws. All statements other than statements of
historical fact contained in this press release, including
statements regarding the strength of our product offering, the
expansion of our logistics network, our future results of
operations and financial position, our business strategy and our
plans and objectives of management for future operations, are
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "could," "intends,"
"target," "projects," "contemplates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of these
terms or other similar expressions. Forward-looking statements are
based on current expectations of future events. We cannot guarantee
that any forward-looking statement will be accurate, although we
believe that we have been reasonable in our expectations and
assumptions. Investors should realize that if underlying
assumptions prove inaccurate or that known or unknown risks or
uncertainties materialize, actual results could vary materially
from our expectations and projections. Investors are therefore
cautioned not to place undue reliance on any forward-looking
statements. These forward-looking statements speak only as of the
date of this press release and, except as required by applicable
law, we undertake no obligation to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events or otherwise. A list and
description of risks, uncertainties and other factors that could
cause or contribute to differences in our results can be found in
our filings with the Securities and Exchange Commission, including
our S-1 filing. We qualify all of our forward-looking statements by
these cautionary statements.
Non-GAAP Financial MeasuresTo supplement our
unaudited and condensed financial statements presented in
accordance with generally accepted accounting principles ("GAAP"),
this earnings release and the accompanying tables and the related
earnings conference call contain certain non-GAAP financial
measures, including Adjusted EBITDA, Adjusted EBITDA as a
percentage of total net revenue ("Adjusted EBITDA Margin"), free
cash flow and non-GAAP net loss and diluted net loss per share. We
have provided a reconciliation of these non-GAAP financial measures
to the most directly comparable GAAP financial measure in this
earnings release.
We do not, nor do we suggest that investors should, consider
such non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. Investors should also note that non-GAAP financial measures
we use may not be the same non-GAAP financial measures, and may not
be calculated in the same manner, as that of other companies,
including other companies in our industry.
Adjusted EBITDA is a key performance measure
that our management uses to assess our operating performance.
Because Adjusted EBITDA facilitates internal comparisons of our
historical operating performance on a more consistent basis, we use
this measure as an overall assessment of our performance, to
evaluate the effectiveness of our business strategies and for
business planning purposes. Adjusted EBITDA may not be comparable
to similarly titled metrics of other companies.
We calculate Adjusted EBITDA as net loss before
net interest expense, income tax provision, depreciation and
amortization, and remeasurement of preferred stock warrant
liability included in other expense, further adjusted to exclude
stock-based compensation, and certain one-time expenses. Adjusted
EBITDA has certain limitations as the measure excludes the impact
of certain expenses that are included in our statements of
operations that are necessary to run our business and should not be
considered as an alternative to net loss or any other measure of
financial performance calculated and presented in accordance with
GAAP.
In particular, the exclusion of certain expenses in calculating
Adjusted EBITDA and Adjusted EBITDA Margin facilitates operating
performance comparisons on a period-to-period basis and, in the
case of exclusion of the impact of equity-based compensation and
related taxes, excludes an item that we do not consider to be
indicative of our core operating performance. Investors should,
however, understand that equity-based compensation will be a
significant recurring expense in our business and an important part
of the compensation provided to our employees. Accordingly, we
believe that Adjusted EBITDA and Adjusted EBITDA Margin provide
useful information to investors and others in understanding and
evaluating our operating results in the same manner as our
management and board of directors.
Free cash flow is a non-GAAP financial measure
that is calculated as net cash (used in) provided by operating
activities less net cash used to purchase property and equipment
and capitalized proprietary software development costs. We believe
free cash flow is an important indicator of our business
performance, as it measures the amount of cash we generate.
Accordingly, we believe that free cash flow provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management.
Non-GAAP diluted net loss per share is a
non-GAAP financial measure that is calculated as GAAP net loss plus
equity-based compensation expense and related taxes, (benefit from)
provision for income taxes, and nonrecurring items divided by
weighted average shares. We believe that adding back equity-based
compensation expense and related taxes and (benefit from) provision
for income taxes, and non-recurring items as adjustments to our
GAAP diluted net loss, before calculating per share amounts for all
periods presented provides a more meaningful comparison between our
operating results from period to period.
THE REALREAL, INC. |
Statements of Operations |
(in thousands, except share and per share
data) |
(unaudited) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue: |
|
|
|
|
|
|
|
Consignment and service revenue |
$ |
60,713 |
|
|
$ |
42,178 |
|
|
$ |
116,950 |
|
|
$ |
83,177 |
|
Direct revenue |
|
10,263 |
|
|
|
4,807 |
|
|
|
23,281 |
|
|
|
10,267 |
|
Total revenue |
|
70,976 |
|
|
|
46,985 |
|
|
|
140,231 |
|
|
|
93,444 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of consignment and service revenue |
|
17,200 |
|
|
|
12,349 |
|
|
|
33,147 |
|
|
|
23,926 |
|
Cost of direct revenue |
|
7,726 |
|
|
|
3,857 |
|
|
|
18,652 |
|
|
|
8,134 |
|
Total cost of revenue |
|
24,926 |
|
|
|
16,206 |
|
|
|
51,799 |
|
|
|
32,060 |
|
Gross profit |
|
46,050 |
|
|
|
30,779 |
|
|
|
88,432 |
|
|
|
61,384 |
|
Operating expenses (1): |
|
|
|
|
|
|
|
Marketing |
|
11,715 |
|
|
|
9,276 |
|
|
|
23,448 |
|
|
|
18,910 |
|
Operations and technology |
|
34,320 |
|
|
|
22,997 |
|
|
|
65,865 |
|
|
|
44,329 |
|
Selling, general and administrative |
|
25,355 |
|
|
|
14,377 |
|
|
|
47,674 |
|
|
|
27,901 |
|
Total operating expenses |
|
71,390 |
|
|
|
46,650 |
|
|
|
136,987 |
|
|
|
91,140 |
|
Loss from operations |
|
(25,340 |
) |
|
|
(15,871 |
) |
|
|
(48,555 |
) |
|
|
(29,756 |
) |
Interest income |
|
610 |
|
|
|
81 |
|
|
|
1,015 |
|
|
|
165 |
|
Interest expense |
|
(380 |
) |
|
|
(526 |
) |
|
|
(511 |
) |
|
|
(723 |
) |
Other expense, net |
|
(1,706 |
) |
|
|
(1,279 |
) |
|
|
(1,987 |
) |
|
|
(1,387 |
) |
Loss before provision for income taxes |
|
(26,816 |
) |
|
|
(17,595 |
) |
|
|
(50,038 |
) |
|
|
(31,701 |
) |
Provision for income taxes |
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
Net loss |
$ |
(26,875 |
) |
|
$ |
(17,595 |
) |
|
$ |
(50,097 |
) |
|
$ |
(31,701 |
) |
Accretion of redeemable convertible preferred stock to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
redemption value |
|
— |
|
|
$ |
(1,342 |
) |
|
$ |
(3,355 |
) |
|
$ |
(2,451 |
) |
Net loss attributable to common stockholders |
$ |
(26,875 |
) |
|
$ |
(18,937 |
) |
|
$ |
(53,452 |
) |
|
$ |
(34,152 |
) |
Net loss per share attributable to common stockholders, basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and diluted |
$ |
(2.83 |
) |
|
$ |
(2.28 |
) |
|
$ |
(5.87 |
) |
|
$ |
(4.11 |
) |
Shares used to compute net loss per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stockholders, basic and diluted |
|
9,494,447 |
|
|
|
8,314,251 |
|
|
|
9,102,234 |
|
|
|
8,307,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
Marketing |
|
74 |
|
|
|
39 |
|
|
|
143 |
|
|
|
72 |
|
Operating and technology |
|
476 |
|
|
|
263 |
|
|
|
966 |
|
|
|
536 |
|
Selling, general and administrative (2) |
|
737 |
|
|
|
379 |
|
|
|
2,107 |
|
|
|
618 |
|
Total |
|
1,287 |
|
|
|
681 |
|
|
|
3,216 |
|
|
|
1,226 |
|
|
|
|
|
|
|
|
|
(2) Includes
compensation expense related to stock sales by current and former
employees in March 2019. |
|
|
|
|
|
|
|
|
THE REALREAL, INC. |
Condensed Balance Sheets |
(in thousands, except share and per share
data) |
(unaudited) |
|
June 30, |
|
December 31, |
|
2019 |
|
2018 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
53,314 |
|
|
$ |
34,393 |
|
Short-term investments |
|
13,372 |
|
|
|
27,131 |
|
Accounts receivable |
|
9,517 |
|
|
|
7,571 |
|
Inventory, net |
|
12,664 |
|
|
|
10,355 |
|
Prepaid expenses and other current assets |
|
10,563 |
|
|
|
9,696 |
|
Total current assets |
|
99,430 |
|
|
|
89,146 |
|
Property and equipment, net |
|
40,427 |
|
|
|
33,286 |
|
Restricted cash |
|
11,700 |
|
|
|
11,234 |
|
Other assets |
|
6,573 |
|
|
|
1,751 |
|
Total assets |
$ |
158,130 |
|
|
$ |
135,417 |
|
Liabilities,
Redeemable Convertible Preferred Stock, Convertible Preferred Stock
and |
|
|
|
Stockholders’ Deficit |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
4,469 |
|
|
$ |
5,149 |
|
Accrued consignor payable |
|
33,404 |
|
|
|
35,259 |
|
Other accrued and current liabilities |
|
42,475 |
|
|
|
41,956 |
|
Long-term debt, current portion |
|
6,498 |
|
|
|
5,990 |
|
Total current liabilities |
|
86,846 |
|
|
|
88,354 |
|
Long-term debt, net of current portion |
|
— |
|
|
|
3,249 |
|
Other noncurrent liabilities |
|
10,076 |
|
|
|
7,304 |
|
Total liabilities |
|
96,922 |
|
|
|
98,907 |
|
Commitments and contingencies |
|
|
|
Redeemable convertible preferred stock, $0.00001 par value;
37,403,946 and |
|
|
|
|
|
|
|
31,053,601 shares authorized as of June 30, 2019 and December
31, 2018, |
|
|
|
|
|
|
|
respectively; 37,403,946 and 31,053,601 shares issued and
outstanding |
|
|
|
|
|
|
|
as of June 30, 2019 and December 31, 2018, respectively |
|
198,228 |
|
|
|
151,381 |
|
Convertible preferred stock $0.00001 par value; 77,781,921 and
73,950,153 |
|
|
|
|
|
|
|
shares authorized as of June 30, 2019 and December 31, 2018, |
|
|
|
|
|
|
|
respectively; 77,556,411 and 73,724,645 shares issued and
outstanding |
|
|
|
|
|
|
|
as of June 30, 2019 and December 31, 2018, respectively |
|
169,102 |
|
|
|
142,819 |
|
Stockholders’ deficit: |
|
|
|
Common stock, $0.00001 par value; 155,649,887 and 145,467,774
shares |
|
|
|
|
|
|
|
authorized as of June 30, 2019 and December 31, 2018, |
|
|
|
|
|
|
|
respectively; 9,701,266 and 8,593,077 shares issued and
outstanding |
|
|
|
|
|
|
|
as of June 30, 2019 and December 31, 2018, respectively |
|
1 |
|
|
|
— |
|
Additional paid-in capital |
|
1,729 |
|
|
|
— |
|
Accumulated comprehensive income (loss) |
|
5 |
|
|
|
(25 |
) |
Accumulated deficit |
|
(307,857 |
) |
|
|
(257,665 |
) |
Total stockholders’ deficit |
|
(306,122 |
) |
|
|
(257,690 |
) |
Total liabilities, redeemable convertible preferred stock,
convertible preferred stock |
|
|
|
|
|
|
|
and stockholders’ deficit |
$ |
158,130 |
|
|
$ |
135,417 |
|
|
|
|
|
THE REALREAL, INC. |
Condensed Statements of Cash Flows |
(unaudited) |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(50,097 |
) |
|
$ |
(31,701 |
) |
Adjustments to reconcile net loss to cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
5,993 |
|
|
|
4,136 |
|
Stock-based compensation expense |
|
2,397 |
|
|
|
1,226 |
|
Change in fair value of convertible note derivative liability |
|
— |
|
|
|
1,248 |
|
Bad debt expense |
|
681 |
|
|
|
333 |
|
Compensation expense related to stock sales by current and former
employees |
|
819 |
|
|
|
— |
|
Change in fair value of convertible preferred stock warrant
liability |
|
2,100 |
|
|
|
183 |
|
Accrued interest on convertible notes |
|
— |
|
|
|
223 |
|
Accretion of unconditional endowment grant liability |
|
44 |
|
|
|
53 |
|
Accretion of debt discounts |
|
9 |
|
|
|
97 |
|
Amortization of premiums on short-term investments |
|
42 |
|
|
|
15 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(2,627 |
) |
|
|
918 |
|
Inventory, net |
|
(2,309 |
) |
|
|
(1,453 |
) |
Prepaid expenses and other current assets |
|
(867 |
) |
|
|
(3,913 |
) |
Other assets |
|
411 |
|
|
|
70 |
|
Accounts payable |
|
157 |
|
|
|
(1,480 |
) |
Accrued consignor payable |
|
(1,855 |
) |
|
|
(3,872 |
) |
Other accrued and current liabilities |
|
(1,744 |
) |
|
|
4,516 |
|
Other noncurrent liabilities |
|
672 |
|
|
|
695 |
|
Net cash used in operating activities |
|
(46,174 |
) |
|
|
(28,706 |
) |
Cash flow from investing activities: |
|
|
|
Purchases of investments |
|
(9,151 |
) |
|
|
(2,211 |
) |
Proceeds from maturities of short-term investments |
|
22,898 |
|
|
|
7,600 |
|
Proceeds from sale of short-term investments |
|
— |
|
|
|
7,023 |
|
Capitalized proprietary software development costs |
|
(3,887 |
) |
|
|
(2,245 |
) |
Purchases of property and equipment |
|
(10,042 |
) |
|
|
(4,164 |
) |
Net cash (used in) provided by investing activities |
|
(182 |
) |
|
|
6,003 |
|
Cash flow from financing activities: |
|
|
|
Proceeds from issuance of redeemable convertible preferred stock,
net of issuance costs |
|
43,492 |
|
|
|
86,640 |
|
Proceeds from issuance of convertible preferred stock, net of
issuance costs |
|
26,283 |
|
|
|
— |
|
Proceeds from issuance convertible notes, net of issuance
costs |
|
— |
|
|
|
14,273 |
|
Proceeds from exercise of stock options and common stock
warrants |
|
1,774 |
|
|
|
63 |
|
Payment of deferred offering costs |
|
(3,056 |
) |
|
|
— |
|
Issuance cost paid related to conversion of convertible notes |
|
— |
|
|
|
(545 |
) |
Repayment of debt |
|
(2,750 |
) |
|
|
(1,500 |
) |
Net cash provided by financing activities |
|
65,743 |
|
|
|
98,931 |
|
Net increase in cash, cash equivalents and restricted cash |
|
19,387 |
|
|
|
76,228 |
|
Cash, cash equivalents, and restricted cash |
|
|
|
Beginning of period |
|
45,627 |
|
|
|
20,660 |
|
End of period |
$ |
65,014 |
|
|
$ |
96,888 |
|
|
The following table reflects the reconciliation of net loss to
Adjusted EBITDA for each of the periods indicated (in
thousands):
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Adjusted EBITDA Reconciliation: |
|
|
|
|
|
|
|
Net loss |
$ |
(26,875 |
) |
|
$ |
(17,595 |
) |
|
$ |
(50,097 |
) |
|
$ |
(31,701 |
) |
Depreciation and amortization |
|
3,185 |
|
|
|
2,138 |
|
|
|
5,993 |
|
|
|
4,136 |
|
Stock-based compensation |
|
1,287 |
|
|
|
681 |
|
|
|
2,397 |
|
|
|
1,226 |
|
Compensation expense related to stock sales by current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and former employees |
|
— |
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
Interest income |
|
(610 |
) |
|
|
(81 |
) |
|
|
(1,015 |
) |
|
|
(165 |
) |
Interest expense |
|
380 |
|
|
|
526 |
|
|
|
511 |
|
|
|
723 |
|
Other expense, net |
|
1,706 |
|
|
|
1,279 |
|
|
|
1,987 |
|
|
|
1,387 |
|
Provision for income taxes |
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(20,868 |
) |
|
$ |
(13,052 |
) |
|
$ |
(39,346 |
) |
|
$ |
(24,394 |
) |
|
A reconciliation of GAAP net loss to non-GAAP diluted net loss,
the most directly comparable GAAP financial measure, in order to
calculate non-GAAP diluted net loss per share, is as follows (in
thousands, except per share data):
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator |
|
|
|
|
|
|
|
Net loss |
$ |
(26,875 |
) |
|
$ |
(17,595 |
) |
|
$ |
(50,097 |
) |
|
$ |
(31,701 |
) |
Stock-based compensation, including compensation expense related to
stock sales by current and former employees |
|
1,287 |
|
|
|
681 |
|
|
|
3,216 |
|
|
|
1,226 |
|
Provision for income taxes |
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
Accretion of redeemable convertible preferred stock |
|
— |
|
|
|
(1,342 |
) |
|
|
(3,355 |
) |
|
|
(2,451 |
) |
Remeasurement of preferred stock warrant liability |
|
1,820 |
|
|
|
79 |
|
|
|
2,100 |
|
|
|
183 |
|
Non-GAAP net loss attributable to common stockholders per share,
basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and diluted |
$ |
(23,709 |
) |
|
$ |
(18,177 |
) |
|
$ |
(48,077 |
) |
|
$ |
(32,743 |
) |
Denominator |
|
|
|
|
|
|
|
Weighted-average common shares outstanding used to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
calculate Non-GAAP net loss attributable to common stockholders
per |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share, basic and diluted |
|
9,494,447 |
|
|
|
8,314,251 |
|
|
|
9,102,234 |
|
|
|
8,307,010 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(2.50 |
) |
|
$ |
(2.19 |
) |
|
$ |
(5.28 |
) |
|
$ |
(3.94 |
) |
Common shares outstanding used to |
|
|
|
|
|
|
|
|
|
|
|
calculate Non-GAAP net loss attributable to common stockholders
per |
|
|
|
|
|
|
|
|
|
|
|
share, basic and diluted at the close of the IPO on July 2nd |
|
85,314,872 |
|
|
|
|
|
85,314,872 |
|
|
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.28 |
) |
|
|
|
$ |
(0.56 |
) |
|
|
|
The following table presents a reconciliation of net cash used
in operating activities to free cash flow for each of the periods
indicated (in thousands):
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net cash used by operating activities |
$ |
(23,603 |
) |
|
$ |
(13,734 |
) |
|
$ |
(46,174 |
) |
|
$ |
(28,706 |
) |
Purchase of property and equipment and capitalized proprietary
software development costs |
|
(8,500 |
) |
|
|
(3,207 |
) |
|
|
(13,929 |
) |
|
|
(6,409 |
) |
Free Cash Flow |
$ |
(32,103 |
) |
|
$ |
(16,941 |
) |
|
$ |
(60,103 |
) |
|
$ |
(35,115 |
) |
|
The following table presents a reconciliation of pro-forma share
count as of June 30, 2019:
|
|
|
|
Pro Forma Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Post-Split |
|
Conversion of |
|
Issuance |
|
Pro Forma |
|
6/30/19 Actual |
|
Preferred Stock |
|
upon IPO |
|
June 30, 2019 |
Total Common Stock Issued and Outstanding |
9,701,266 |
|
58,363,606 |
|
17,250,000 |
|
85,314,872 |
|
Key Financial and Operating Metrics:
|
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except AOV and percentages) |
|
|
GMV |
$ |
158,378 |
|
|
$ |
162,954 |
|
|
$ |
170,923 |
|
|
$ |
218,495 |
|
|
$ |
224,116 |
|
|
$ |
228,487 |
|
NMV |
$ |
113,347 |
|
|
$ |
115,916 |
|
|
$ |
123,550 |
|
|
$ |
153,775 |
|
|
$ |
160,538 |
|
|
$ |
164,782 |
|
Consignment and Services Revenue |
$ |
40,999 |
|
|
$ |
42,178 |
|
|
$ |
45,744 |
|
|
$ |
55,070 |
|
|
$ |
56,236 |
|
|
$ |
60,713 |
|
Direct Revenue |
$ |
5,460 |
|
|
$ |
4,807 |
|
|
$ |
6,095 |
|
|
$ |
7,023 |
|
|
$ |
13,019 |
|
|
$ |
10,263 |
|
Number of Orders |
|
356 |
|
|
|
359 |
|
|
|
409 |
|
|
|
471 |
|
|
|
498 |
|
|
|
505 |
|
Take Rate |
|
35.1 |
% |
|
|
35.5 |
% |
|
|
36.4 |
% |
|
|
34.9 |
% |
|
|
35.3 |
% |
|
|
36.6 |
% |
Active Buyers |
|
326 |
|
|
|
352 |
|
|
|
379 |
|
|
|
416 |
|
|
|
455 |
|
|
|
492 |
|
AOV |
$ |
445 |
|
|
$ |
453 |
|
|
$ |
418 |
|
|
$ |
464 |
|
|
$ |
450 |
|
|
$ |
453 |
|
% of GMV from Repeat Buyers |
|
81.5 |
% |
|
|
82.9 |
% |
|
|
82.9 |
% |
|
|
81.6 |
% |
|
|
82.4 |
% |
|
|
83.1 |
% |
RealReal (NASDAQ:REAL)
Historical Stock Chart
From Jun 2024 to Jul 2024
RealReal (NASDAQ:REAL)
Historical Stock Chart
From Jul 2023 to Jul 2024