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, 2020.
“Since we reported our Q1 results in early May, GMV trends have
improved significantly with May GMV down approximately 19% Y/Y, and
June GMV down 8% Y/Y. Importantly, improvements have
continued into July with GMV decreasing by only 2% Y/Y for the
month,” said Julie Wainwright, CEO of The RealReal. “Our GMV
recovery prompted us to begin reinvesting in growth in Q2 earlier
than previously expected. While Q2 was challenging, the pandemic
has been a catalyst for reinvention and innovation at The RealReal.
With the normalization of our processing capacity and the evolution
of our supply acquisition strategy, we are now laser focused on
returning to sustained growth.”
Together, virtual appointments and vendor channel performance
have markedly improved the company’s ability to source supply.
Supply Y/Y growth trends improved each month in Q2, and continued
into July with Y/Y growth turning positive for the month. In April,
the company pivoted to virtual appointments to continue delivering
personalized consignment consultations and support consignors
monetizing assets in their homes during these uncertain times. The
company conducted approximately 25,000 virtual appointments in Q2.
In addition, The RealReal B2B vendor program continued to
demonstrate resilience and registered GMV growth of 19% Y/Y in
Q2.
On the demand side, traffic trends remained healthy in Q2 with
sessions up 20% Y/Y despite a significant reduction in advertising
spend early in Q2. The company’s four day sell-through continued to
trend at pre-COVID levels, which demonstrates that supply continues
to sell quickly.
“We have never been more optimistic about our long-term
opportunity. We are confident that supply will ramp over the coming
months as we continue to lean into the digital experience, remove
friction from the consignment process, invest in advertising and
optimize our operations,” continued Wainwright.
Second Quarter Financial Highlights
- Gross Merchandise Volume (GMV) was $182.8 million, a decrease
of 20% year over year.
- Total Revenue was $57.4 million, a decrease of 21% year over
year.
- Consignment and Service Revenue was $46.9 million, a decrease
of 22% year over year.
- Gross Profit was $35.8 million, a decrease of 22% year over
year.
- Net Loss was ($42.9) million.
- Adjusted EBITDA was ($31.8) million or (55.4%) of total
revenue.
- Adjusted EBITDA includes $2.9 million of COVID related expenses
such as higher payroll expenses, personal protective equipment,
deep cleanings, medical personnel at our facilities, transportation
services, etc.
- GAAP basic and diluted net loss per share was ($0.49).
- Non-GAAP basic and diluted net loss per share was
($0.42).
- At the end of the second quarter, cash, cash equivalents and
short-term investments totaled $410.3 million.
Other Second Quarter Financial Highlights and Key
Operating Metrics
- Raised $143.3 million in net proceeds, inclusive of capped call
costs, through a convertible note offering to bolster our already
strong balance sheet.
- Trailing 12 months active buyers reached 611,845, an increase
of 24% year over year.
- Orders reached 438,440, a decrease of 13% year over year.
- Average Order Value was $417 compared to $453 in the second
quarter of 2019.
- Consignment Take Rate decreased 60bps year over year to
36.0%.
- GMV from repeat buyers was 82.3% compared to 83.1% in the
second quarter of 2019.
- Since inception through June 30, consignment with The RealReal
saved 15,040 metric tons of carbon and 698 million liters of
water.
Financial OutlookGiven limited near-term
visibility, the company elects to not provide an updated financial
outlook.
Webcast and Conference CallThe RealReal will
post a stockholder letter on its investor relations website at
https://investor.therealreal.com/financial-information/quarterly-results
in lieu of a live presentation and host a conference call at 2 p.m.
PDT to answer questions regarding its second quarter 2020 financial
results, the stockholder letter and the supporting slides.
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 9053887. The call will also be
available via live webcast at https://investor.therealreal.com
along with the stockholder letter and the supporting slides. An
archive of the webcast conference call will be available shortly
after the call ends. The archived webcast will be available at
https://investor.therealreal.com.
About The RealReal, Inc. The RealReal is the
world’s largest online marketplace for authenticated, consigned
luxury goods. With a rigorous authentication process overseen by
experts, The RealReal provides a safe and reliable platform for
consumers to buy and sell their luxury items. We have 150+ in-house
gemologists, horologists and brand authenticators who inspect
thousands of items each day. As a sustainable company, we give new
life to pieces by hundreds of brands, from Gucci to Cartier,
supporting the circular economy. We make consigning effortless with
free in-home pickup, drop-off service, virtual appointments and
direct shipping for individual consignors and estates. At our
stores in LA, NYC and San Francisco, customers can shop, consign,
and meet with our experts. At our 10 Luxury Consignment Offices,
four of which are in our retail stores, our expert staff provides
free valuations.
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 relating to, among other
things, the future performance of The RealReal that are based on
the company's current expectations, forecasts and assumptions and
involve risks and uncertainties. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “could,” “expect,” “plan,” anticipate,” “believe,”
“estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing”
or the negative of these terms or other comparable terminology.
These statements include, but are not limited to, statements about
future operating results, including the amounts of our operating
expense and capital expenditure investments or reductions and our
strategies, plans, commitments, objectives and goals, in particular
in the context of the impacts of the COVID-19 pandemic and the
recent social unrest. Actual results could differ materially from
those predicted or implied and reported results should not be
considered as an indication of future performance. Other factors
that could cause or contribute to such differences include, but are
not limited to, the impact of the COVID-19 pandemic and the recent
social unrest on our operations and our business environment, 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.
More information about factors that could affect the company's
operating results is included under the captions “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and
Results of Operations” in the company's most recent Annual Report
on Form 10-K and subsequent quarterly reports on Form 10-Q, copies
of which may be obtained by visiting the company's Investor
Relations website at https://investor.therealreal.com or the SEC's
website at www.sec.gov. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to the company on the date hereof. The
company assumes no obligation to update such 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, free cash flow, non-GAAP net
loss attributable to common stockholders, and non-GAAP net loss per
share attributable to common stockholders, basic and diluted. We
have provided a reconciliation of these non-GAAP financial measures
to the most directly comparable GAAP financial measures 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
interest income, interest expense, other (income) expense net,
provision for income taxes, depreciation and amortization, 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 facilitates operating performance comparisons on a
period-to-period basis and, in the case of exclusion of the impact
of stock-based compensation, excludes an item that we do not
consider to be indicative of our core operating performance.
Investors should, however, understand that stock-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 provides 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 net loss per share attributable to common
stockholders, basic and diluted is a non-GAAP financial
measure that is calculated as GAAP net loss plus stock-based
compensation expense, provision for income taxes, and nonrecurring
items divided by weighted average shares outstanding. We believe
that adding back stock-based compensation expense, provision for
income taxes, and non-recurring items as adjustments to our GAAP
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
|
|
|
Consignment and service revenue |
$ |
46,866 |
|
|
$ |
60,070 |
|
|
$ |
112,163 |
|
|
$ |
115,645 |
|
Direct revenue |
|
10,523 |
|
|
|
12,139 |
|
|
|
23,466 |
|
|
|
27,146 |
|
Total revenue |
|
57,389 |
|
|
|
72,209 |
|
|
|
135,629 |
|
|
|
142,791 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of consignment and service revenue |
|
12,860 |
|
|
|
17,200 |
|
|
|
30,949 |
|
|
|
33,146 |
|
Cost of direct revenue |
|
8,760 |
|
|
|
8,959 |
|
|
|
19,714 |
|
|
|
21,213 |
|
Total cost of revenue |
|
21,620 |
|
|
|
26,159 |
|
|
|
50,663 |
|
|
|
54,359 |
|
Gross profit |
|
35,769 |
|
|
|
46,050 |
|
|
|
84,966 |
|
|
|
88,432 |
|
Operating expenses: |
|
|
|
|
|
|
|
Marketing |
|
9,639 |
|
|
|
11,715 |
|
|
|
22,561 |
|
|
|
23,448 |
|
Operations and technology |
|
36,543 |
|
|
|
34,320 |
|
|
|
77,280 |
|
|
|
65,865 |
|
Selling, general and administrative |
|
32,559 |
|
|
|
25,355 |
|
|
|
67,663 |
|
|
|
47,674 |
|
Total operating expenses (1) |
|
78,741 |
|
|
|
71,390 |
|
|
|
167,504 |
|
|
|
136,987 |
|
Loss from operations |
|
(42,972 |
) |
|
|
(25,340 |
) |
|
|
(82,538 |
) |
|
|
(48,555 |
) |
Interest income |
|
616 |
|
|
|
610 |
|
|
|
1,902 |
|
|
|
1,015 |
|
Interest expense |
|
(384 |
) |
|
|
(380 |
) |
|
|
(404 |
) |
|
|
(511 |
) |
Other income (expense), net |
|
(97 |
) |
|
|
(1,706 |
) |
|
|
(89 |
) |
|
|
(1,987 |
) |
Loss before provision for income taxes |
|
(42,837 |
) |
|
|
(26,816 |
) |
|
|
(81,129 |
) |
|
|
(50,038 |
) |
Provision for income taxes |
|
55 |
|
|
|
59 |
|
|
|
55 |
|
|
|
59 |
|
Net loss |
$ |
(42,892 |
) |
|
$ |
(26,875 |
) |
|
$ |
(81,184 |
) |
|
$ |
(50,097 |
) |
Accretion of redeemable convertible preferred stock to redemption
value |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,355 |
) |
Net loss attributable to common stockholders |
$ |
(42,892 |
) |
|
$ |
(26,875 |
) |
|
$ |
(81,184 |
) |
|
$ |
(53,452 |
) |
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.49 |
) |
|
$ |
(2.83 |
) |
|
$ |
(0.94 |
) |
|
$ |
(5.87 |
) |
Weighted average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
87,064,384 |
|
|
|
9,494,447 |
|
|
|
86,826,590 |
|
|
|
9,102,234 |
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
Marketing |
$ |
335 |
|
|
$ |
74 |
|
|
$ |
523 |
|
|
$ |
143 |
|
Operating and technology |
|
2,852 |
|
|
|
476 |
|
|
|
4,330 |
|
|
|
966 |
|
Selling, general and administrative (2) |
|
2,942 |
|
|
|
737 |
|
|
|
4,686 |
|
|
|
2,107 |
|
Total |
$ |
6,129 |
|
|
$ |
1,287 |
|
|
$ |
9,539 |
|
|
$ |
3,216 |
|
|
|
|
|
|
|
|
|
(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, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
304,348 |
|
|
$ |
154,446 |
|
Short-term investments |
|
105,934 |
|
|
|
208,811 |
|
Accounts receivable |
|
6,312 |
|
|
|
7,779 |
|
Inventory, net |
|
20,705 |
|
|
|
23,599 |
|
Prepaid expenses and other current assets |
|
14,950 |
|
|
|
13,804 |
|
Total current assets |
|
452,249 |
|
|
|
408,439 |
|
Property and equipment, net |
|
60,000 |
|
|
|
55,831 |
|
Operating lease right-of-use assets |
|
118,798 |
|
|
|
— |
|
Other assets |
|
3,013 |
|
|
|
2,660 |
|
Total assets |
$ |
634,060 |
|
|
$ |
466,930 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
5,989 |
|
|
$ |
11,159 |
|
Accrued consignor payable |
|
34,883 |
|
|
|
52,820 |
|
Operating lease liabilities, current portion |
|
15,045 |
|
|
|
— |
|
Other accrued and current liabilities |
|
46,636 |
|
|
|
54,567 |
|
Total current liabilities |
|
102,553 |
|
|
|
118,546 |
|
Operating lease liabilities, net of current portion |
|
115,608 |
|
|
|
— |
|
Convertible senior notes, net |
|
146,958 |
|
|
|
— |
|
Other noncurrent liabilities |
|
1,040 |
|
|
|
9,456 |
|
Total liabilities |
|
366,159 |
|
|
|
128,002 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.00001 par value; 500,000,000 shares authorized as
of June 30, 2020 and December 31, 2019; 87,348,241 and 85,872,320
shares issued and outstanding as of June 30, 2020 and December 31,
2019, respectively |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
703,189 |
|
|
|
693,426 |
|
Accumulated other comprehensive income |
|
401 |
|
|
|
7 |
|
Accumulated deficit |
|
(435,690 |
) |
|
|
(354,506 |
) |
Total stockholders’ equity |
|
267,901 |
|
|
|
338,928 |
|
Total liabilities and stockholders’ equity |
$ |
634,060 |
|
|
$ |
466,930 |
|
|
THE REALREAL, INC. |
Condensed Statements of Cash Flows |
(In thousands) |
(Unaudited) |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(81,184 |
) |
|
$ |
(50,097 |
) |
Adjustments to reconcile net loss to cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
8,756 |
|
|
|
5,993 |
|
Stock-based compensation expense |
|
9,539 |
|
|
|
2,397 |
|
Reduction of operating lease right-of-use assets |
|
8,059 |
|
|
|
— |
|
Bad debt expense |
|
474 |
|
|
|
681 |
|
Compensation expense related to stock sales by current and former
employees |
|
— |
|
|
|
819 |
|
Change in fair value of convertible preferred stock warrant
liability |
|
— |
|
|
|
2,100 |
|
Accretion of unconditional endowment grant liability |
|
27 |
|
|
|
44 |
|
Accretion of debt discounts and issuance costs |
|
169 |
|
|
|
9 |
|
Amortization of premiums (discounts) on short-term investments |
|
(251 |
) |
|
|
42 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
993 |
|
|
|
(2,627 |
) |
Inventory, net |
|
2,894 |
|
|
|
(2,309 |
) |
Prepaid expenses and other current assets |
|
(1,321 |
) |
|
|
(867 |
) |
Other assets |
|
(394 |
) |
|
|
411 |
|
Operating lease liability |
|
(4,842 |
) |
|
|
— |
|
Accounts payable |
|
(5,529 |
) |
|
|
157 |
|
Accrued consignor payable |
|
(17,937 |
) |
|
|
(1,855 |
) |
Other accrued and current liabilities |
|
(5,624 |
) |
|
|
(1,744 |
) |
Other noncurrent liabilities |
|
(410 |
) |
|
|
672 |
|
Net cash used in operating activities |
|
(86,581 |
) |
|
|
(46,174 |
) |
Cash flow from investing activities: |
|
|
|
Purchases of short-term investments |
|
(73,280 |
) |
|
|
(9,151 |
) |
Proceeds from maturities of short-term investments |
|
176,802 |
|
|
|
22,898 |
|
Capitalized proprietary software development costs |
|
(3,779 |
) |
|
|
(3,887 |
) |
Purchases of property and equipment |
|
(10,861 |
) |
|
|
(10,042 |
) |
Net cash provided by (used in) investing activities |
|
88,882 |
|
|
|
(182 |
) |
Cash flow from financing activities: |
|
|
|
Proceeds from issuance of redeemable convertible preferred stock,
net of issuance costs |
|
— |
|
|
|
43,492 |
|
Proceeds from issuance of convertible preferred stock, net of
issuance costs |
|
— |
|
|
|
26,283 |
|
Proceeds from issuance of convertible senior notes, net of issuance
costs |
|
166,314 |
|
|
|
— |
|
Purchase of capped calls |
|
(22,546 |
) |
|
|
— |
|
Proceeds from exercise of stock options and common stock
warrants |
|
4,354 |
|
|
|
1,775 |
|
Payment of deferred offering costs |
|
— |
|
|
|
(3,057 |
) |
Taxes paid related to restricted stock vesting |
|
(521 |
) |
|
|
— |
|
Repayment of debt |
|
— |
|
|
|
(2,750 |
) |
Net cash provided by financing activities |
|
147,601 |
|
|
|
65,743 |
|
Net increase in cash, cash equivalents and restricted cash |
|
149,902 |
|
|
|
19,387 |
|
Cash, cash equivalents, and restricted cash |
|
|
|
Beginning of period |
|
154,446 |
|
|
|
45,627 |
|
End of period |
$ |
304,348 |
|
|
$ |
65,014 |
|
|
|
|
|
|
|
|
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Adjusted EBITDA Reconciliation: |
|
|
|
|
|
|
|
Net loss |
$ |
(42,892 |
) |
|
$ |
(26,875 |
) |
|
$ |
(81,184 |
) |
|
$ |
(50,097 |
) |
Depreciation and amortization |
|
4,611 |
|
|
|
3,185 |
|
|
|
8,756 |
|
|
|
5,993 |
|
Stock-based compensation |
|
6,129 |
|
|
|
1,287 |
|
|
|
9,539 |
|
|
|
2,397 |
|
Legal settlement |
|
— |
|
|
|
— |
|
|
|
1,110 |
|
|
|
— |
|
Restructuring charges |
|
442 |
|
|
|
— |
|
|
|
442 |
|
|
|
— |
|
Compensation expense related to stock sales by current and former
employees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
819 |
|
Interest income |
|
(616 |
) |
|
|
(610 |
) |
|
|
(1,902 |
) |
|
|
(1,015 |
) |
Interest expense |
|
384 |
|
|
|
380 |
|
|
|
404 |
|
|
|
511 |
|
Other (income) expense, net |
|
97 |
|
|
|
1,706 |
|
|
|
89 |
|
|
|
1,987 |
|
Provision for income taxes |
|
55 |
|
|
|
59 |
|
|
|
55 |
|
|
|
59 |
|
Adjusted EBITDA |
$ |
(31,790 |
) |
|
$ |
(20,868 |
) |
|
$ |
(62,691 |
) |
|
$ |
(39,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of GAAP net loss to non-GAAP net loss
attributable to common stockholders, the most directly comparable
GAAP financial measure, in order to calculate non-GAAP net loss
attributable to common stockholders per share, basic and diluted,
is as follows (in thousands, except share and per share data):
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net loss |
$ |
(42,892 |
) |
|
$ |
(26,875 |
) |
|
$ |
(81,184 |
) |
|
$ |
(50,097 |
) |
Stock-based compensation |
|
6,129 |
|
|
|
1,287 |
|
|
|
9,539 |
|
|
|
2,397 |
|
Compensation expense related
to stock sales by current and former employees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
819 |
|
Accretion of redeemable
convertible preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,355 |
) |
Remeasurement of preferred
stock warrant liability |
|
— |
|
|
|
1,820 |
|
|
|
— |
|
|
|
2,100 |
|
Legal settlement |
|
— |
|
|
|
— |
|
|
|
1,110 |
|
|
|
— |
|
Restructuring charges |
|
442 |
|
|
|
— |
|
|
|
442 |
|
|
|
— |
|
Provision for income
taxes |
|
55 |
|
|
|
59 |
|
|
|
55 |
|
|
|
59 |
|
Non-GAAP net loss attributable
to common stockholders |
$ |
(36,266 |
) |
|
$ |
(23,709 |
) |
|
$ |
(70,038 |
) |
|
$ |
(48,077 |
) |
Weighted-average common shares
outstanding used to calculate Non-GAAP net loss attributable to
common stockholders per share, basic and diluted |
|
87,064,384 |
|
|
|
9,494,447 |
|
|
|
86,826,590 |
|
|
|
9,102,234 |
|
Non-GAAP net loss attributable
to common stockholders per share, basic and diluted |
$ |
(0.42 |
) |
|
$ |
(2.50 |
) |
|
$ |
(0.81 |
) |
|
$ |
(5.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash used in operating activities |
$ |
(31,610 |
) |
|
$ |
(23,603 |
) |
|
$ |
(86,581 |
) |
|
$ |
(46,174 |
) |
Purchase of property and equipment and capitalized proprietary
software development costs |
|
(6,674 |
) |
|
|
(8,500 |
) |
|
|
(14,640 |
) |
|
|
(13,929 |
) |
Free Cash Flow |
$ |
(38,284 |
) |
|
$ |
(32,103 |
) |
|
$ |
(101,221 |
) |
|
$ |
(60,103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Financial and Operating Metrics:
|
|
|
|
|
|
|
|
|
|
|
June 30,2018 |
September 30,2018 |
December 31,2018 |
March 31,2019 |
June 30,2019 |
September 30,2019 |
December 31,2019 |
March 31,2020 |
June 30,2020 |
|
(In thousands, except AOV and percentages) |
GMV |
$ |
162,954 |
|
$ |
170,923 |
|
$ |
218,495 |
|
$ |
224,116 |
|
$ |
228,487 |
|
$ |
252,766 |
|
$ |
302,975 |
|
$ |
257,606 |
|
$ |
182,771 |
|
NMV |
$ |
115,916 |
|
$ |
123,550 |
|
$ |
153,776 |
|
$ |
160,538 |
|
$ |
164,782 |
|
$ |
186,617 |
|
$ |
219,508 |
|
$ |
184,625 |
|
$ |
139,797 |
|
Consignment and Services Revenue |
$ |
41,426 |
|
$ |
44,968 |
|
$ |
53,894 |
|
$ |
55,575 |
|
$ |
60,070 |
|
$ |
69,245 |
|
$ |
82,522 |
|
$ |
65,297 |
|
$ |
46,866 |
|
Direct Revenue |
$ |
7,021 |
|
$ |
8,255 |
|
$ |
10,449 |
|
$ |
15,007 |
|
$ |
12,139 |
|
$ |
12,271 |
|
$ |
11,209 |
|
$ |
12,942 |
|
$ |
10,523 |
|
Number of Orders |
|
359 |
|
|
409 |
|
|
471 |
|
|
498 |
|
|
505 |
|
|
577 |
|
|
637 |
|
|
574 |
|
|
438 |
|
Take Rate |
|
35.5 |
% |
|
36.4 |
% |
|
34.9 |
% |
|
35.3 |
% |
|
36.6 |
% |
|
36.8 |
% |
|
36.2 |
% |
|
36.2 |
% |
|
36.0 |
% |
Active Buyers |
|
352 |
|
|
379 |
|
|
416 |
|
|
456 |
|
|
492 |
|
|
543 |
|
|
582 |
|
|
602 |
|
|
612 |
|
AOV |
$ |
453 |
|
$ |
418 |
|
$ |
464 |
|
$ |
450 |
|
$ |
453 |
|
$ |
438 |
|
$ |
476 |
|
$ |
449 |
|
$ |
417 |
|
% of GMV from Repeat Buyers |
|
82.9 |
% |
|
82.9 |
% |
|
81.6 |
% |
|
82.4 |
% |
|
83.1 |
% |
|
81.8 |
% |
|
82.9 |
% |
|
84.4 |
% |
|
82.3 |
% |
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