The RealReal (Nasdaq: REAL)--the world’s largest online marketplace
for authenticated, consigned luxury goods--today reported financial
results for its third quarter ended Sept. 30, 2019.
Third Quarter Financial Highlights
- Gross Merchandise Volume (GMV) increased $81.8 million to
$252.8 million, up 48% year over year.
- Total Revenue increased $28.7 million to $80.5 million, up 55%
year over year.
- Consignment and Service Revenue increased $24.0 million to
$69.8 million, up 53% year over year.
- Direct Revenue increased $4.6 million to $10.7 million, up 75%
year over year.
- Gross Profit increased $18.9 million to $52.2 million, up 57%
year over year.
- Adjusted EBITDA was $(20.9) million or (26.0%) of total
revenue.
- GAAP basic and diluted net loss per share was ($0.30).
- Non-GAAP diluted net loss per share was ($0.27).
- Free cash flow was ($20.8) million.
- At the end of the third quarter, cash, cash equivalents and
short-term investments totaled $370.3 million.
“Q3 was a very strong quarter and speaks to the health and
vibrancy of our marketplace. GMV and revenue growth accelerated,
and we saw increased leverage in marketing as well as operations
and technology,” said Julie Wainwright, CEO and founder. “We are
proud of the accelerating growth and operating leverage we
demonstrated during the quarter, which we believe speaks to several
unique aspects of our model including high buyer repeat rates and
our flywheel where buyers become consignors and consignors become
buyers.”
Other Third Quarter Highlights
- Trailing 12 months active buyers reached 542,987, up 43% year
over year.
- Orders reached 577,421, up 41% year over year.
- Average Order Value was $438 compared to $418 in the third
quarter of 2018.
- Take Rate increased 40bps year over year to 36.8%.
- GMV from repeat buyers was 81.8% compared to 82.9% in the third
quarter of 2018.
4Q and 2019 Financial OutlookBased on
information available as of Nov. 4, 2019, we are providing the
following financial guidance for the fourth quarter as well as
updated guidance for the full year 2019.
|
|
|
|
|
|
|
(in
Millions) |
|
Fourth
Quarter 2019 |
|
Full Year
2019 |
|
Low |
High |
|
Low |
High |
Expected GMV
Range |
$292 |
$300 |
|
$997 |
$1,005 |
Implied Y/Y Growth |
34% |
37% |
|
40% |
41% |
Expected
EBITDA % of Revenue Range |
(15%) |
(14%) |
|
(24%) |
(23%) |
Webcast and Conference CallThe RealReal will
host a conference call and webcast to discuss its third quarter
2019 financial results today at 2 p.m. (PST). 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 8141249. 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 nine 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, including statements about future
operating results, our ability to drive revenue growth and our
ability to drive operating leverage. 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. Our future results
may be different from those described in our forward-looking
statements for a variety of reasons, including any failure to
generate a supply of consigned goods, pricing pressure on the
consignment market resulting from discounting in the market for new
goods, failure to efficiently and effectively operate our
merchandising and fulfillment operations and other reasons. 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 Form 10Q and 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 September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue: |
|
|
|
|
|
|
|
Consignment and service revenue |
$ |
69,790 |
|
|
$ |
45,744 |
|
|
$ |
186,740 |
|
|
$ |
128,921 |
|
Direct revenue |
|
10,695 |
|
|
|
6,095 |
|
|
|
33,976 |
|
|
|
16,362 |
|
Total revenue |
|
80,485 |
|
|
|
51,839 |
|
|
|
220,716 |
|
|
|
145,283 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
Cost of consignment and service revenue |
|
19,446 |
|
|
|
13,157 |
|
|
|
52,593 |
|
|
|
37,083 |
|
Cost of direct revenue |
|
8,811 |
|
|
|
5,352 |
|
|
|
27,464 |
|
|
|
13,486 |
|
Total cost of revenue |
|
28,257 |
|
|
|
18,509 |
|
|
|
80,057 |
|
|
|
50,569 |
|
Gross
profit |
|
52,228 |
|
|
|
33,330 |
|
|
|
140,659 |
|
|
|
94,714 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Marketing |
|
13,390 |
|
|
|
10,624 |
|
|
|
36,838 |
|
|
|
29,534 |
|
Operations and technology |
|
37,407 |
|
|
|
28,257 |
|
|
|
103,271 |
|
|
|
72,586 |
|
Selling, general and administrative |
|
28,436 |
|
|
|
16,325 |
|
|
|
76,110 |
|
|
|
44,226 |
|
Total operating expenses (1) |
|
79,233 |
|
|
|
55,206 |
|
|
|
216,219 |
|
|
|
146,346 |
|
Loss from
operations |
|
(27,005 |
) |
|
|
(21,876 |
) |
|
|
(75,560 |
) |
|
|
(51,632 |
) |
Interest
income |
|
1,902 |
|
|
|
437 |
|
|
|
2,918 |
|
|
|
602 |
|
Interest
expense |
|
(60 |
) |
|
|
(204 |
) |
|
|
(572 |
) |
|
|
(927 |
) |
Other
expense, net |
|
(119 |
) |
|
|
(205 |
) |
|
|
(2,106 |
) |
|
|
(1,592 |
) |
Loss before
provision for income taxes |
|
(25,282 |
) |
|
|
(21,848 |
) |
|
|
(75,320 |
) |
|
|
(53,549 |
) |
Provision
(benefit) for income taxes |
|
(8 |
) |
|
|
37 |
|
|
|
51 |
|
|
|
37 |
|
Net
loss |
$ |
(25,274 |
) |
|
$ |
(21,885 |
) |
|
$ |
(75,371 |
) |
|
$ |
(53,586 |
) |
Accretion of
redeemable convertible preferred stock to redemption value |
$ |
— |
|
|
$ |
(3,200 |
) |
|
$ |
(3,355 |
) |
|
$ |
(5,651 |
) |
Net loss
attributable to common stockholders |
$ |
(25,274 |
) |
|
$ |
(25,085 |
) |
|
$ |
(78,726 |
) |
|
$ |
(59,237 |
) |
Net loss per
share attributable to common stockholders, basic and diluted |
$ |
(0.30 |
) |
|
$ |
(3.00 |
) |
|
$ |
(2.28 |
) |
|
$ |
(7.12 |
) |
Shares used
to compute net loss per share attributable to common stockholders,
basic and diluted |
|
84,634,956 |
|
|
|
8,349,403 |
|
|
|
34,556,485 |
|
|
|
8,321,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation as follows: |
|
|
|
|
|
|
|
Marketing |
$ |
145 |
|
|
$ |
42 |
|
|
$ |
287 |
|
|
$ |
115 |
|
Operating and technology |
|
1,098 |
|
|
|
239 |
|
|
|
2,064 |
|
|
|
775 |
|
Selling, general and administrative (2) |
|
1,277 |
|
|
|
1,306 |
|
|
|
3,384 |
|
|
|
1,923 |
|
Total |
$ |
2,520 |
|
|
$ |
1,587 |
|
|
$ |
5,735 |
|
|
$ |
2,813 |
|
|
|
|
|
|
|
|
|
(2) Includes
compensation expense related to stock sales by current and former
employees in September 2018 and March 2019. |
|
|
|
|
|
|
|
|
THE
REALREAL, INC. |
Condensed
Balance Sheets |
(in
thousands, except share and per share data) |
(unaudited) |
|
September 30,2019 |
|
December 31,2018 |
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
364,995 |
|
|
$ |
34,393 |
|
Short-term investments |
|
5,290 |
|
|
|
27,131 |
|
Accounts receivable |
|
8,935 |
|
|
|
7,571 |
|
Inventory, net |
|
13,846 |
|
|
|
10,355 |
|
Prepaid expenses and other current assets |
|
13,071 |
|
|
|
9,696 |
|
Total current assets |
|
406,137 |
|
|
|
89,146 |
|
Property and
equipment, net |
|
45,715 |
|
|
|
33,286 |
|
Restricted
cash |
|
— |
|
|
|
11,234 |
|
Other
assets |
|
1,518 |
|
|
|
1,751 |
|
Total assets |
$ |
453,370 |
|
|
$ |
135,417 |
|
Liabilities, Redeemable Convertible Preferred Stock,
Convertible Preferred Stock and Stockholders’ Equity
(Deficit) |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
5,666 |
|
|
$ |
5,149 |
|
Accrued consignor payable |
|
39,870 |
|
|
|
35,259 |
|
Other accrued and current liabilities |
|
42,548 |
|
|
|
41,956 |
|
Long-term debt, current portion |
|
— |
|
|
|
5,990 |
|
Total current liabilities |
|
88,084 |
|
|
|
88,354 |
|
Long-term
debt, net of current portion |
|
— |
|
|
|
3,249 |
|
Other
noncurrent liabilities |
|
8,050 |
|
|
|
7,304 |
|
Total liabilities |
|
96,134 |
|
|
|
98,907 |
|
Commitments
and contingencies |
|
|
|
Redeemable
convertible preferred stock, $0.00001 par value; no and 31,053,601
shares authorized as of September 30, 2019 and December 31, 2018,
respectively; no and 31,053,601 shares issued and outstanding as of
September 30, 2019 and December 31, 2018, respectively |
|
— |
|
|
|
151,381 |
|
Convertible
preferred stock $0.00001 par value; no and 73,950,153 shares
authorized as of September 30, 2019 and December 31, 2018,
respectively; no and 73,724,645 shares issued and outstanding as of
September 30, 2019 and December 31, 2018, respectively |
|
— |
|
|
|
142,819 |
|
Stockholders’ equity (deficit): |
|
|
|
Common stock, $0.00001 par value; 500,000,000 and 145,467,774
shares authorized as of September 30, 2019 and December 31, 2018,
respectively; 85,759,021 and 8,593,077 shares issued and
outstanding as of September 30, 2019 and December 31, 2018,
respectively |
|
1 |
|
|
|
— |
|
Additional paid-in capital |
|
690,365 |
|
|
|
— |
|
Accumulated comprehensive income (loss) |
|
1 |
|
|
|
(25 |
) |
Accumulated deficit |
|
(333,131 |
) |
|
|
(257,665 |
) |
Total stockholders’ equity (deficit) |
|
357,236 |
|
|
|
(257,690 |
) |
Total liabilities, redeemable convertible preferred stock,
convertible preferred stock and stockholders’ equity (deficit) |
$ |
453,370 |
|
|
$ |
135,417 |
|
|
|
|
|
THE
REALREAL, INC. |
Condensed
Statements of Cash Flows |
(unaudited) |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(75,371 |
) |
|
$ |
(53,586 |
) |
Adjustments to reconcile net loss to cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
9,537 |
|
|
|
6,489 |
|
Stock-based compensation expense |
|
4,916 |
|
|
|
1,966 |
|
Change in fair value of convertible note derivative liability |
|
— |
|
|
|
1,248 |
|
Bad debt expense |
|
1,208 |
|
|
|
609 |
|
Compensation expense related to stock sales by current and former
employees |
|
819 |
|
|
|
847 |
|
Change in fair value of convertible preferred stock warrant
liability |
|
2,100 |
|
|
|
388 |
|
Accrued interest on convertible notes |
|
— |
|
|
|
223 |
|
Accretion of unconditional endowment grant liability |
|
70 |
|
|
|
85 |
|
Accretion of debt discounts |
|
11 |
|
|
|
104 |
|
Amortization of premiums on short-term investments |
|
38 |
|
|
|
27 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(2,572 |
) |
|
|
(2,854 |
) |
Inventory, net |
|
(3,491 |
) |
|
|
(1,607 |
) |
Prepaid expenses and other current assets |
|
(3,375 |
) |
|
|
(10,060 |
) |
Other assets |
|
136 |
|
|
|
445 |
|
Accounts payable |
|
1,394 |
|
|
|
2,752 |
|
Accrued consignor payable |
|
4,611 |
|
|
|
1,537 |
|
Other accrued and current liabilities |
|
494 |
|
|
|
10,000 |
|
Other noncurrent liabilities |
|
1,356 |
|
|
|
1,762 |
|
Net cash used in operating activities |
|
(58,119 |
) |
|
|
(39,625 |
) |
Cash
flow from investing activities: |
|
|
|
Purchases of short-term investments |
|
(12,169 |
) |
|
|
(24,237 |
) |
Proceeds from maturities of short-term investments |
|
33,998 |
|
|
|
7,600 |
|
Proceeds from sale of short-term investments |
|
— |
|
|
|
7,023 |
|
Capitalized proprietary software development costs |
|
(6,670 |
) |
|
|
(4,204 |
) |
Purchases of property and equipment |
|
(16,111 |
) |
|
|
(8,781 |
) |
Net cash used in investing activities |
|
(952 |
) |
|
|
(22,599 |
) |
Cash
flow from financing activities: |
|
|
|
Proceeds from issuance of common stock in initial public offering,
net of issuance costs of $5,428 |
|
315,486 |
|
|
|
— |
|
Proceeds from issuance of redeemable convertible preferred stock,
net of issuance costs of $166 |
|
43,492 |
|
|
|
86,640 |
|
Proceeds from issuance of convertible preferred stock, net of
issuance costs of $63 |
|
26,283 |
|
|
|
9,627 |
|
Proceeds from issuance of convertible notes, net of issuance costs
of $59 |
|
— |
|
|
|
14,273 |
|
Proceeds from exercise of stock options and common stock
warrants |
|
2,448 |
|
|
|
257 |
|
Taxes paid related to net share settlement of equity awards |
|
(20 |
) |
|
|
— |
|
Issuance cost paid related to conversion of convertible notes |
|
— |
|
|
|
(545 |
) |
Repayment of debt |
|
(9,250 |
) |
|
|
(2,750 |
) |
Net cash provided by financing activities |
|
378,439 |
|
|
|
107,502 |
|
Net increase in cash, cash equivalents and restricted cash |
|
319,368 |
|
|
|
45,278 |
|
Cash, cash equivalents, and restricted cash |
|
|
|
Beginning of period |
|
45,627 |
|
|
|
20,660 |
|
End of period |
$ |
364,995 |
|
|
$ |
65,938 |
|
|
|
|
|
The following table reflects the reconciliation of net loss to
Adjusted EBITDA for each of the periods indicated (in
thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Adjusted EBITDA Reconciliation: |
|
|
|
|
|
|
|
Net loss |
$ |
(25,274 |
) |
|
$ |
(21,885 |
) |
|
$ |
(75,371 |
) |
|
$ |
(53,586 |
) |
Depreciation and amortization |
|
3,545 |
|
|
|
2,353 |
|
|
|
9,537 |
|
|
|
6,489 |
|
Stock-based compensation |
|
2,520 |
|
|
|
740 |
|
|
|
4,916 |
|
|
|
1,966 |
|
Vendor services settlement |
|
— |
|
|
|
2,000 |
|
|
|
— |
|
|
|
2,000 |
|
Compensation expense related to stock sales by current and former
employees |
|
— |
|
|
|
847 |
|
|
|
819 |
|
|
|
847 |
|
Interest income |
|
(1,902 |
) |
|
|
(437 |
) |
|
|
(2,918 |
) |
|
|
(602 |
) |
Interest expense |
|
60 |
|
|
|
204 |
|
|
|
572 |
|
|
|
927 |
|
Other expense, net |
|
119 |
|
|
|
205 |
|
|
|
2,106 |
|
|
|
1,592 |
|
Provision for income taxes |
|
(8 |
) |
|
|
37 |
|
|
|
51 |
|
|
|
37 |
|
Adjusted EBITDA |
$ |
(20,940 |
) |
|
$ |
(15,936 |
) |
|
$ |
(60,288 |
) |
|
$ |
(40,330 |
) |
|
|
|
|
|
|
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator |
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
$ |
(25,274 |
) |
|
$ |
(25,085 |
) |
|
$ |
(78,726 |
) |
|
$ |
(59,237 |
) |
Stock-based compensation, including compensation expense related to
stock sales by current and former employees |
|
2,520 |
|
|
|
1,587 |
|
|
|
5,735 |
|
|
|
2,813 |
|
Provision for income taxes |
|
(8 |
) |
|
|
37 |
|
|
|
51 |
|
|
|
37 |
|
Accretion of redeemable convertible preferred stock |
|
— |
|
|
|
(3,200 |
) |
|
|
(3,355 |
) |
|
|
(5,651 |
) |
Remeasurement of preferred stock warrant liability |
|
— |
|
|
|
206 |
|
|
|
2,100 |
|
|
|
338 |
|
Non-GAAP net loss attributable to common stockholders per share,
basic and diluted |
$ |
(22,762 |
) |
|
$ |
(26,455 |
) |
|
$ |
(74,195 |
) |
|
$ |
(61,700 |
) |
Denominator |
|
|
|
|
|
|
|
Weighted-average common shares outstanding used to calculate
Non-GAAP net loss attributable to common stockholders per share,
basic and diluted |
|
84,634,956 |
|
|
|
8,349,403 |
|
|
|
34,556,485 |
|
|
|
8,321,296 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.27 |
) |
|
$ |
(3.17 |
) |
|
$ |
(2.15 |
) |
|
$ |
(7.41 |
) |
|
|
|
|
|
|
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net cash used by operating activities |
$ |
(11,945 |
) |
|
$ |
(10,919 |
) |
|
$ |
(58,119 |
) |
|
$ |
(39,625 |
) |
Purchase of property and equipment and capitalized proprietary
software development costs |
|
(8,852 |
) |
|
|
(6,576 |
) |
|
|
(22,781 |
) |
|
|
(12,985 |
) |
Free Cash
flow |
$ |
(20,797 |
) |
|
$ |
(17,495 |
) |
|
$ |
(80,900 |
) |
|
$ |
(52,610 |
) |
|
|
|
|
|
|
|
|
Key Financial and Operating Metrics:
|
March 31,2018 |
|
June 30,2018 |
|
September 30,2018 |
|
December 31,2018 |
|
March 31,2019 |
|
June 30,2019 |
|
September 30,2019 |
|
(In
thousands, except AOV and percentages) |
GMV |
$ |
158,378 |
|
$ |
162,954 |
|
$ |
170,923 |
|
$ |
218,495 |
|
$ |
224,116 |
|
$ |
228,487 |
|
$ |
252,765 |
NMV |
$ |
113,347 |
|
$ |
115,916 |
|
$ |
123,550 |
|
$ |
153,775 |
|
$ |
160,538 |
|
$ |
164,782 |
|
$ |
186,617 |
Consignment
and Services Revenue |
$ |
40,999 |
|
$ |
42,178 |
|
$ |
45,744 |
|
$ |
55,070 |
|
$ |
56,236 |
|
$ |
60,713 |
|
$ |
69,790 |
Direct
Revenue |
$ |
5,460 |
|
$ |
4,807 |
|
$ |
6,095 |
|
$ |
7,023 |
|
$ |
13,019 |
|
$ |
10,263 |
|
$ |
10,695 |
Number of
Orders |
|
356 |
|
|
359 |
|
|
409 |
|
|
471 |
|
|
498 |
|
|
505 |
|
|
577 |
Take
Rate |
|
35.1% |
|
|
35.5% |
|
|
36.4% |
|
|
34.9% |
|
|
35.3% |
|
|
36.6% |
|
|
36.8% |
Active
Buyers |
|
326 |
|
|
352 |
|
|
379 |
|
|
416 |
|
|
455 |
|
|
492 |
|
|
543 |
AOV |
$ |
445 |
|
$ |
453 |
|
$ |
418 |
|
$ |
464 |
|
$ |
450 |
|
$ |
453 |
|
$ |
438 |
% of GMV
from Repeat Buyers |
|
81.5% |
|
|
82.9% |
|
|
82.9% |
|
|
81.6% |
|
|
82.4% |
|
|
83.1% |
|
|
81.8% |
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