The RealReal (Nasdaq: REAL)—the world’s largest online marketplace
for authenticated, resale luxury goods—today reported financial
results for its first quarter ended March 31, 2021. The company
returned to growth in Q1, recording its highest quarterly gross
merchandise volume (GMV) to date, with Q1 GMV increasing 27% Y/Y, a
significant improvement from the 1% Y/Y decline in Q4. In Q1, The
RealReal also added the greatest quarterly number of new consignors
to its marketplace to date, and, as of April, surpassed the
milestone of $2 billion in cumulative consignor commission payouts.
“After more than a year of navigating the tough challenges
created by COVID, we are incredibly pleased to report our return to
growth. As we build on our recent momentum and march toward
profitability, we remain focused on driving scale and operating
efficiency gains. While the pandemic limits our visibility, with
our return to growth and widespread vaccine distribution, we are
optimistic our performance will continue to improve significantly
throughout 2021,” said Julie Wainwright, founder and CEO of The
RealReal.
The RealReal continues to execute on its strategy to extend its
physical presence via smaller footprint neighborhood stores that
enable the company to engage with its most valuable customers. The
company is on track to operate a total of 10 neighborhood stores by
the end of Q2, having opened stores in Brooklyn, N.Y.; Newport
Beach, Calif.; and Greenwich, Conn., in Q1 and kicked off Q2
expanding to Texas with locations in Austin and Dallas. Q1 store
highlights included:
- Buyers who purchased in-store in Q1
spent 4.4 times more compared to online-only buyers; and
- Buyers who purchased in-store in Q1
generated AOVs approximately 2.6 times higher than online-only
buyers.
In addition to engaging consignors through neighborhood stores,
the company resumed at-home concierge appointments in select
markets in early March and nationwide in early April with
comprehensive safety protocols. The early performance of at-home
concierge appointments is very encouraging and we believe is
indicative of pent up consignor supply.
The RealReal also had a number of milestone achievements in its
work to extend the life of luxury and create a more sustainable,
circular future. Resale through The RealReal has saved
approximately 896 million liters of water and 18,732 metric tons of
carbon from its inception through March 31, 2021.1 At the end of
Q1, the company expanded its efforts beyond resale and repairs,
launching upcycling program ReCollection to give new life to items
that can’t live on in their current state. The program’s first
collection, ReCollection 01, was created in partnership with
A-COLD-WALL*, Balenciaga, Dries Van Noten, Jacquemus, Simone Rocha,
Stella McCartney, Ulla Johnson and Zero + Maria Cornejo to
collectively promote the importance of creating an afterlife for
clothing. On Earth Day, the company announced it has paid out more
than $2 billion in commissions for the 18+ million items it has
kept in circulation and achieved carbon neutrality a year ahead of
its goal.
“We’ve brought more than 22 million members into our circular
marketplace, educating them about the lasting value of luxury goods
and driving a shift toward more conscious consumption,” added
Wainwright. “We’ve helped our community earn billions of dollars in
commission by monetizing the pieces they’re no longer wearing or
using.”
The RealReal also announced today that Matt Gustke, Chief
Financial Officer (CFO), has decided to leave the company. “Matt
and I have worked closely together over the past eight years and I
have a deep appreciation and high regard for his counsel and
leadership as we raised capital, scaled our business and took The
RealReal public,” said Wainwright. “Over the past year, Matt and I
have talked about his desire to leave the company to pursue other
interests and we reached a mutual decision that this was the right
time to make a change as The RealReal transitions to a new phase of
growth.”
Gustke will continue to serve as CFO until his departure,
anticipated at the end of the year, or until a successor is found
and will assist in the transition to his successor. The RealReal
has retained the services of an executive recruitment firm and a
search for a new CFO is underway.
“Being on the inside of becoming an industry leader and building
a massive movement to grow the circular economy and reinvent luxury
resale has been immensely gratifying. It’s been an honor to work
with such a talented and passionate team, and I leave knowing The
RealReal’s best days are ahead,” said Gustke.
First Quarter Financial Highlights
- Gross Merchandise Volume (GMV) was $327.3 million, an increase
of 27% Y/Y.
- Total Revenue was $98.8 million, an increase of 27% Y/Y.
- Consignment and Service Revenue was $75.1 million, an increase
of 15% Y/Y.
- Direct Revenue was $23.7 million, an increase of 83% Y/Y.
- Gross Profit was $58.3 million, an increase of 19% Y/Y.
- Gross Profit per Order of $85 was flat Y/Y.
- Net Loss was ($56.0 million).
- Adjusted EBITDA was ($35.6) million or (36.1%) of total
revenue. Adjusted EBITDA includes $1.0 million of COVID-related
expenses.
- GAAP basic and diluted net loss per share was ($0.62).
- Non-GAAP basic and diluted net loss per share was ($0.49).
- The company raised $244.5 million in net proceeds inclusive of
capped call costs through a convertible debt offering in
March.
- At the end of the first quarter, cash, cash equivalents and
short-term investments totaled $547.9 million.
Other First Quarter Financial Highlights and Key
Operating Metrics
- Trailing 12 months active buyers reached 687K, an increase of
14% Y/Y.
- New buyer growth accelerated to 34% Y/Y versus 21% Y/Y in
Q4.
- Orders reached 690K, an increase of 20% Y/Y.
- Average Order Value (AOV) was $474, an increase of 6% Y/Y. The
primary driver of the higher AOV was a 10% Y/Y increase in average
selling price (ASP). ASP benefitted from strength in the Fine
Jewelry category and strong demand in high-value handbags. Units
per transaction (UPT) decreased 4% Y/Y.
- Consignment Take Rate decreased 190bps Y/Y to 34.3%, reflecting
strong performance on a relative basis from structurally
lower-take-rate categories such as handbags, fine jewelry and
sneakers.
- GMV from repeat buyers was 83.6% compared to 84.4% in the first
quarter of 2020.
____________________________1 Based on data from The RealReal’s
Sustainability Calculator, which quantifies the positive impact of
consignment – measuring the greenhouse gases, energy output and
water usage saved by the resale of women’s and men’s items.
Financial OutlookWe anticipate Q2 GMV will be
in the range of $320 million to $330 million, representing 75% to
80% Y/Y growth.
Webcast and Conference Call
The 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 2:00
p.m. Pacific Time (5:00 p.m. Eastern Time) to answer questions
regarding its first quarter financial results, the stockholder
letter and the supporting slides. Investors and analysts can access
the call by dialing (866) 996-5385 in the U.S. or (270) 215-9574
internationally. The passcode for the call is 8157017. The call
will also be available via live webcast at 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 at
https://investor.therealreal.com.
About The RealReal, Inc. The RealReal is the
world’s largest online marketplace for authenticated, resale luxury
goods, with more than 20 million members. 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 hundreds of 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 thousands
of brands across numerous categories—including women's and men's
fashion, fine jewelry and watches, art and home—in support of the
circular economy. We make selling effortless with free virtual
appointments, in-home pickup, drop-off and direct shipping. We do
all of the work for consignors, including authenticating, using AI
and machine learning to determine optimal pricing, photographing
and listing their items, as well as handling shipping and customer
service. At our 16 retail locations, including our 11 shoppable
stores, customers can sell, meet with our experts and receive free
valuations.
Investor Relations Contact:Paul BieberHead of
Investor Relations and Capital
Marketspaul.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 for the year ended December 31, 2020, a copy 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, Adjusted EBITDA as a
percentage of total net revenue ("Adjusted EBITDA Margin"), free
cash flow, non-GAAP net loss attributable to common stockholders,
non-GAAP net loss per share attributable to common stockholders,
basic and diluted, and Contribution Profit. 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 (benefit) for income taxes, depreciation and
amortization, further adjusted to exclude stock-based compensation,
employer payroll tax on employee stock transactions, and certain
one-time expenses. The employer payroll tax expense related to
employee stock transactions are tied to the vesting or exercise of
underlying equity awards and the price of our common stock at the
time of vesting, which may vary from period to period independent
of the operating performance of our business. 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 stock-based compensation and the
related employer payroll tax on employee stock transactions,
excludes an item that we do not consider to be indicative of our
core operating performance. Investors should, however, understand
that stock-based compensation and the related employer payroll tax
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 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 (benefit) for income taxes, and
non-recurring items divided by weighted average shares outstanding.
We believe that adding back stock-based compensation expense and
related payroll tax, provision (benefit) 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 March 31, |
|
|
2021 |
|
|
|
2020 |
|
Revenue: |
|
|
|
Consignment and service revenue |
$ |
75,082 |
|
|
$ |
65,086 |
|
Direct revenue |
|
23,735 |
|
|
|
12,942 |
|
Total revenue |
|
98,817 |
|
|
|
78,028 |
|
Cost of
revenue: |
|
|
|
Cost of consignment and service revenue |
|
20,114 |
|
|
|
18,088 |
|
Cost of direct revenue |
|
20,365 |
|
|
|
10,954 |
|
Total cost of revenue |
|
40,479 |
|
|
|
29,042 |
|
Gross
profit |
|
58,338 |
|
|
|
48,986 |
|
Operating
expenses: |
|
|
|
Marketing |
|
15,561 |
|
|
|
12,922 |
|
Operations and technology |
|
51,934 |
|
|
|
40,737 |
|
Selling, general and administrative |
|
43,616 |
|
|
|
35,104 |
|
Total operating expenses (1) |
|
111,111 |
|
|
|
88,763 |
|
Loss from
operations |
|
(52,773 |
) |
|
|
(39,777 |
) |
Interest
income |
|
87 |
|
|
|
1,286 |
|
Interest
expense |
|
(3,296 |
) |
|
|
(20 |
) |
Other income
(expense), net |
|
17 |
|
|
|
8 |
|
Loss before
provision for income taxes |
|
(55,965 |
) |
|
|
(38,503 |
) |
Provision
(benefit) for income taxes |
|
28 |
|
|
|
— |
|
Net loss
attributable to common stockholders |
$ |
(55,993 |
) |
|
$ |
(38,503 |
) |
Net loss per
share attributable to common stockholders, basic and diluted |
$ |
(0.62 |
) |
|
$ |
(0.44 |
) |
Weighted
average shares used to compute net loss per share attributable to
common stockholders, basic and diluted |
|
90,044,082 |
|
|
|
86,588,796 |
|
(1) Includes
stock-based compensation as follows: |
|
|
|
Marketing |
$ |
736 |
|
|
$ |
188 |
|
Operating and technology |
|
4,696 |
|
|
|
1,478 |
|
Selling, general and administrative |
|
5,487 |
|
|
|
1,744 |
|
Total |
$ |
10,919 |
|
|
$ |
3,410 |
|
|
|
|
|
|
THE
REALREAL, INC. |
Condensed
Balance Sheets |
(In
thousands, except share and per share data) |
(Unaudited) |
|
March 31, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
547,859 |
|
|
$ |
350,846 |
|
Short-term investments |
|
— |
|
|
|
4,017 |
|
Accounts receivable, net |
|
5,994 |
|
|
|
7,213 |
|
Inventory |
|
49,502 |
|
|
|
42,321 |
|
Prepaid expenses and other current assets |
|
15,267 |
|
|
|
17,072 |
|
Total current assets |
|
618,622 |
|
|
|
421,469 |
|
Property and
equipment, net |
|
66,637 |
|
|
|
63,454 |
|
Operating
lease right-of-use assets |
|
143,331 |
|
|
|
118,136 |
|
Other
assets |
|
2,156 |
|
|
|
2,050 |
|
Total assets |
$ |
830,746 |
|
|
$ |
605,109 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
9,260 |
|
|
$ |
14,346 |
|
Accrued consignor payable |
|
54,484 |
|
|
|
57,053 |
|
Operating lease liabilities, current portion |
|
15,275 |
|
|
|
14,999 |
|
Other accrued and current liabilities |
|
63,394 |
|
|
|
61,862 |
|
Total current liabilities |
|
142,413 |
|
|
|
148,260 |
|
Operating
lease liabilities, net of current portion |
|
140,775 |
|
|
|
115,084 |
|
Convertible
senior notes, net |
|
336,112 |
|
|
|
149,188 |
|
Other
noncurrent liabilities |
|
1,541 |
|
|
|
1,284 |
|
Total liabilities |
|
620,841 |
|
|
|
413,816 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.00001 par value; 500,000,000 shares authorized as
of March 31, 2021 and December 31, 2020; 90,675,268 and 89,301,664
shares issued and outstanding as of March 31, 2021 and December 31,
2020, respectively |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
797,918 |
|
|
|
723,302 |
|
Accumulated other comprehensive income |
|
— |
|
|
|
11 |
|
Accumulated deficit |
|
(588,014 |
) |
|
|
(532,021 |
) |
Total stockholders’ equity |
|
209,905 |
|
|
|
191,293 |
|
Total liabilities and stockholders’ equity |
$ |
830,746 |
|
|
$ |
605,109 |
|
|
|
|
|
|
THE
REALREAL, INC. |
Condensed
Statements of Cash Flows |
(In thousands) |
(Unaudited) |
|
Three Months Ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(55,993 |
) |
|
$ |
(38,503 |
) |
Adjustments to reconcile net loss to cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
5,435 |
|
|
|
4,145 |
|
Stock-based compensation expense |
|
10,919 |
|
|
|
3,410 |
|
Reduction of operating lease right-of-use assets |
|
4,755 |
|
|
|
4,121 |
|
Bad debt expense |
|
— |
|
|
|
455 |
|
Accrued interest on convertible notes |
|
1,469 |
|
|
|
— |
|
Accretion of debt discounts and issuance costs |
|
1,815 |
|
|
|
— |
|
Other adjustments |
|
5 |
|
|
|
(184 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
1,219 |
|
|
|
4,235 |
|
Inventory |
|
(7,181 |
) |
|
|
(1,106 |
) |
Prepaid expenses and other current assets |
|
1,769 |
|
|
|
2,356 |
|
Other assets |
|
(106 |
) |
|
|
(365 |
) |
Operating lease liability |
|
(3,983 |
) |
|
|
(2,721 |
) |
Accounts payable |
|
(5,072 |
) |
|
|
(2,206 |
) |
Accrued consignor payable |
|
(2,569 |
) |
|
|
(19,331 |
) |
Other accrued and current liabilities |
|
(547 |
) |
|
|
(8,865 |
) |
Other noncurrent liabilities |
|
257 |
|
|
|
(412 |
) |
Net cash used in operating activities |
|
(47,808 |
) |
|
|
(54,971 |
) |
Cash
flow from investing activities: |
|
|
|
Purchases of short-term investments |
|
— |
|
|
|
(73,280 |
) |
Proceeds from maturities of short-term investments |
|
4,000 |
|
|
|
114,020 |
|
Capitalized proprietary software development costs |
|
(2,405 |
) |
|
|
(1,480 |
) |
Purchases of property and equipment |
|
(5,925 |
) |
|
|
(6,486 |
) |
Net cash (used in) provided by investing activities |
|
(4,330 |
) |
|
|
32,774 |
|
Cash
flow from financing activities: |
|
|
|
Proceeds from issuance of convertible senior notes, net of issuance
costs |
|
278,844 |
|
|
|
— |
|
Purchase of capped calls |
|
(33,666 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
3,973 |
|
|
|
2,564 |
|
Taxes paid related to restricted stock vesting |
|
— |
|
|
|
(151 |
) |
Net cash provided by financing activities |
|
249,151 |
|
|
|
2,413 |
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
197,013 |
|
|
|
(19,784 |
) |
Cash, cash equivalents, and restricted cash |
|
|
|
Beginning of period |
|
350,846 |
|
|
|
154,446 |
|
End of period |
$ |
547,859 |
|
|
$ |
134,662 |
|
|
|
|
|
|
|
|
|
The following table reflects the reconciliation of net loss to
Adjusted EBITDA for each of the periods indicated (in
thousands):
|
Three Months Ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
Adjusted EBITDA Reconciliation: |
|
|
|
Net loss |
$ |
(55,993 |
) |
|
$ |
(38,503 |
) |
Depreciation and amortization |
|
5,435 |
|
|
|
4,145 |
|
Stock-based compensation |
|
10,919 |
|
|
|
3,410 |
|
Payroll tax expense on employee stock transactions (1) |
|
506 |
|
|
|
— |
|
Legal settlement |
|
288 |
|
|
|
1,110 |
|
Interest income |
|
(87 |
) |
|
|
(1,286 |
) |
Interest expense |
|
3,296 |
|
|
|
20 |
|
Other (income) expense, net |
|
(17 |
) |
|
|
(8 |
) |
Provision for income taxes |
|
28 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(35,625 |
) |
|
$ |
(31,112 |
) |
(1) We exclude employer payroll tax expense related to employee
stock-based transactions because we believe that excluding this
item provides meaningful supplemental information regarding our
operating results. In particular, this expense is dependent on the
price of our common stock at the time of vesting or exercise, which
may vary from period to period, and other factors that are beyond
our control and do not correlate to the operation of the business.
When evaluating the performance of our business and making
operating plans, we do not consider these items. Similar charges
were not adjusted in prior periods as they were not material.
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 March 31, |
|
|
2021 |
|
|
|
2020 |
|
Net loss |
$ |
(55,993 |
) |
|
$ |
(38,503 |
) |
Stock-based compensation |
|
10,919 |
|
|
|
3,410 |
|
Payroll tax expense on employee stock transactions |
|
506 |
|
|
|
— |
|
Legal settlement |
|
288 |
|
|
|
1,110 |
|
Provision for income taxes |
|
28 |
|
|
|
— |
|
Non-GAAP net loss attributable to common stockholders |
$ |
(44,252 |
) |
|
$ |
(33,983 |
) |
Weighted-average common shares outstanding used to calculate
Non-GAAP net loss attributable to common stockholders per share,
basic and diluted |
|
90,044,082 |
|
|
|
86,588,796 |
|
Non-GAAP net loss attributable to common stockholders per share,
basic and diluted |
$ |
(0.49 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
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 March 31, |
|
|
2021 |
|
|
|
2020 |
|
Net cash
used in operating activities |
$ |
(47,808 |
) |
|
$ |
(54,971 |
) |
Purchase of property and equipment and capitalized proprietary
software development costs |
|
(8,330 |
) |
|
|
(7,966 |
) |
Free Cash
Flow |
$ |
(56,138 |
) |
|
$ |
(62,937 |
) |
|
|
|
|
|
|
|
|
Key Financial and Operating Metrics:
|
March 31,2019 |
June 30,2019 |
September 30,2019 |
December 31,2019 |
March 31,2020 |
June 30,2020 |
September 30,2020 |
December 31,2020 |
March 31,2021 |
|
(In thousands, except AOV and percentages) |
|
|
GMV |
$ |
224,116 |
|
$ |
228,487 |
|
$ |
252,766 |
|
$ |
302,975 |
|
$ |
257,606 |
|
$ |
182,771 |
|
$ |
245,355 |
|
$ |
301,219 |
|
$ |
327,327 |
|
NMV |
$ |
160,538 |
|
$ |
164,782 |
|
$ |
186,617 |
|
$ |
219,508 |
|
$ |
184,625 |
|
$ |
139,797 |
|
$ |
189,059 |
|
$ |
223,390 |
|
$ |
244,162 |
|
Consignment
and Services Revenue |
$ |
55,386 |
|
$ |
59,890 |
|
$ |
69,067 |
|
$ |
81,386 |
|
$ |
65,086 |
|
$ |
46,768 |
|
$ |
64,152 |
|
$ |
71,320 |
|
$ |
75,082 |
|
Direct
Revenue |
$ |
15,007 |
|
$ |
12,139 |
|
$ |
12,271 |
|
$ |
11,209 |
|
$ |
12,942 |
|
$ |
10,523 |
|
$ |
13,645 |
|
$ |
15,512 |
|
$ |
23,735 |
|
Number of
Orders |
|
498 |
|
|
505 |
|
|
577 |
|
|
637 |
|
|
574 |
|
|
438 |
|
|
550 |
|
|
671 |
|
|
690 |
|
Take
Rate |
|
35.3% |
|
|
36.6% |
|
|
36.8% |
|
|
36.2% |
|
|
36.2% |
|
|
36.0% |
|
|
35.4% |
|
|
35.7% |
|
|
34.3% |
|
Active
Buyers |
|
456 |
|
|
492 |
|
|
543 |
|
|
582 |
|
|
602 |
|
|
612 |
|
|
617 |
|
|
649 |
|
|
687 |
|
AOV |
$ |
450 |
|
$ |
453 |
|
$ |
438 |
|
$ |
476 |
|
$ |
449 |
|
$ |
417 |
|
$ |
446 |
|
$ |
449 |
|
$ |
474 |
|
% of GMV
from Repeat Buyers |
|
82.4% |
|
|
83.1% |
|
|
81.8% |
|
|
82.9% |
|
|
84.4% |
|
|
82.3% |
|
|
82.9% |
|
|
82.4% |
|
|
83.6% |
|
|
|
|
|
|
|
|
|
|
|
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