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The RealReal Announces Third Quarter 2022 Results

The RealReal
The RealReal

Q3 2022 Gross Merchandise Value Increased 20% Year-Over-Year
Q3 2022 Total Revenue Increased 20% Year-Over-Year
Cash & Cash Equivalents at Quarter-End was $300 million

SAN FRANCISCO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL)—the world’s largest online marketplace for authenticated, resale luxury goods—today reported financial results for its third quarter ended September 30, 2022. The company reported top-line growth and continued to deliver operating expense leverage.

“As we continue to focus on profitable growth, our objective is to accelerate our timeline to profitability and demonstrate the efficacy of our business model. We believe there are levers in the business that may enable us to reach profitability with lower top-line growth than previously projected. To this end, we are focused on the following strategic initiatives: (1) overhauling our consignor commission structure, (2) further optimizing our pricing, (3) taking a more aggressive approach on costs, and (4) capitalizing on potential new revenue streams. We are confident that these strategic initiatives will have a meaningful positive impact on our business. However, it may take a quarter or two for these initiatives to be fully reflected in our financial results.” said Rati Sahi Levesque, Co-Interim Chief Executive Officer (“CEO”) and President of The RealReal.

Robert Julian, Co-Interim CEO and Chief Financial Officer of The RealReal, stated, “During the third quarter, both GMV and total revenue grew 20% year-over-year. For the third quarter in a row, compared to the prior year, we narrowed our Adjusted EBITDA loss and improved Adjusted EBITDA margin, despite a more challenging business environment. We continued to see strong demand in our business in the third quarter, especially for ready-to-wear, handbags, men’s, and branded fine jewelry. We also saw strong trends in new buyers and new members. We continue to project that we are on track to achieve Adjusted EBITDA profitability on a full year basis in 2024 and our Vision 2025 Adjusted EBITDA target, assuming top-line growth, variable cost productivity and fixed cost leverage.”

Third Quarter Financial Highlights

  • GMV was $441 million, an increase of 20% compared to the same period in 2021

  • Total Revenue was $143 million, an increase of 20% compared to the same period in 2021

  • Net Loss was $(47.3) million or (33.1)% of total revenue compared to $(57.2) million or (48.1)% in the same period in 2021

  • Adjusted EBITDA was $(28.2) million or (19.7)% of total revenue compared to $(31.5) million or (26.5)% of total revenue in the third quarter of 2021

  • GAAP basic and diluted net loss per share was $(0.49) compared to $(0.62) in the prior year period

  • Non-GAAP basic and diluted net loss per share was $(0.38) compared to $(0.47) in the prior year period

  • Top-line-related Metrics

    • Trailing 12 months (TTM) active buyers reached 950,000, an increase of 23% compared to the same period in 2021

    • Orders reached 952,000 in the third quarter, an increase of 26% compared to the same period in 2021

    • Average order value (AOV) was $463, a decrease of 5% compared to the same period in 2021

    • Lower AOV was driven by a year-over-year decrease in average selling prices (ASPs) driven by a shift in demand from high value items to more ready-to-wear items, partially offset by higher units per transaction (UPT).

    • GMV from repeat buyers was 84% which was stable year-over-year

Q4 2022 Guidance
Based on market conditions as of November 8, 2022, we are providing the following guidance for the fourth quarter 2022 GMV, total revenue and Adjusted EBITDA, which is a Non-GAAP financial measure.

 

Q4 2022

 

GMV

$480 - $510 million

 

Total Revenue

$145 - $165 million

 

Adjusted EBITDA

$(27) - $(23) million

 

We have not reconciled forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations including payroll tax expense on employee stock transactions that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss).

Webcast and Conference Call
The RealReal will post a stockholder letter on its investor relations website at investor.therealreal.com/financial-information/quarterly-results and host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to answer questions regarding its results. Investors and analysts can access the call at   https://register.vevent.com/register/BI570798c65d2445ef80ad275df793378d. The call will also be available via live webcast at investor.therealreal.com along with the stockholder letter and supporting slides.

An archive of the webcast conference call will be available shortly after the call ends at investor.therealreal.com.

About The RealReal, Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 30 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 19 retail locations, including our 16 shoppable stores, customers can sell, meet with our experts and receive free valuations.

Investor Relations Contact:
Caitlin Howe
Vice President, Investor Relations
IR@therealreal.com

Press Contact:
Laura Hogya
Head of Communications
pr@therealreal.com

Forward-Looking Statements
This 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 and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the impacts of recent geopolitical events and uncertainty surrounding macro-economic trends, inflation and the COVID-19 pandemic, and our financial guidance, timeline to profitability, 2025 vision and long-range financial targets and projections. 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 on our operations and our business environment, inflation, macroeconomic uncertainty, geopolitical instability, 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, labor shortages 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, 2021 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 Measures
To 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 and Adjusted EBITDA as a percentage of total revenue ("Adjusted EBITDA Margin"). 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, restructuring charges, CEO transition costs, 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 September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

Consignment revenue

$

93,874

 

 

$

78,373

 

 

$

274,780

 

 

$

215,712

 

Direct revenue

 

34,005

 

 

 

29,387

 

 

 

125,474

 

 

 

75,582

 

Shipping services revenue

 

14,824

 

 

 

11,078

 

 

 

43,584

 

 

 

31,273

 

Total revenue

 

142,703

 

 

 

118,838

 

 

 

443,838

 

 

 

322,567

 

Cost of revenue:

 

 

 

 

 

 

 

Cost of consignment revenue

 

15,206

 

 

 

10,162

 

 

 

43,193

 

 

 

29,872

 

Cost of direct revenue

 

28,721

 

 

 

25,025

 

 

 

105,415

 

 

 

65,365

 

Cost of shipping services revenue

 

12,999

 

 

 

12,552

 

 

 

43,149

 

 

 

34,480

 

Total cost of revenue

 

56,926

 

 

 

47,739

 

 

 

191,757

 

 

 

129,717

 

Gross profit

 

85,777

 

 

 

71,099

 

 

 

252,081

 

 

 

192,850

 

Operating expenses:

 

 

 

 

 

 

 

Marketing

 

13,511

 

 

 

15,708

 

 

 

48,469

 

 

 

44,378

 

Operations and technology

 

70,782

 

 

 

61,135

 

 

 

207,311

 

 

 

172,906

 

Selling, general and administrative

 

46,860

 

 

 

44,912

 

 

 

147,063

 

 

 

132,504

 

Legal settlement

 

152

 

 

 

500

 

 

 

456

 

 

 

11,788

 

Total operating expenses(1)

 

131,305

 

 

 

122,255

 

 

 

403,299

 

 

 

361,576

 

Loss from operations

 

(45,528

)

 

 

(51,156

)

 

 

(151,218

)

 

 

(168,726

)

Interest income

 

1,002

 

 

 

55

 

 

 

1,360

 

 

 

249

 

Interest expense

 

(2,675

)

 

 

(6,072

)

 

 

(8,014

)

 

 

(15,374

)

Other income (expense), net

 

6

 

 

 

5

 

 

 

133

 

 

 

22

 

Loss before provision for income taxes

 

(47,195

)

 

 

(57,168

)

 

 

(157,739

)

 

 

(183,829

)

Provision for income taxes

 

63

 

 

 

28

 

 

 

96

 

 

 

83

 

Net loss attributable to common stockholders

$

(47,258

)

 

$

(57,196

)

 

$

(157,835

)

 

$

(183,912

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.49

)

 

$

(0.62

)

 

$

(1.66

)

 

$

(2.02

)

Weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

96,696,417

 

 

 

91,859,603

 

 

 

95,036,618

 

 

 

90,995,285

 

 

 

 

 

 

 

 

 

(1)Includes stock-based compensation as follows:

 

 

 

 

 

 

 

Marketing

$

567

 

 

$

628

 

 

$

1,774

 

 

$

1,924

 

Operations and technology

 

5,038

 

 

 

5,543

 

 

 

15,903

 

 

 

15,789

 

Selling, general and administrative

 

5,236

 

 

 

6,421

 

 

 

19,343

 

 

 

18,611

 

Total

$

10,841

 

 

$

12,592

 

 

$

37,020

 

 

$

36,324

 


THE REALREAL, INC.
Condensed Balance Sheets
(In thousands, except share and per share data)
(Unaudited)

 

September 30,
2022

 

December 31,
2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

300,439

 

 

$

418,171

 

Accounts receivable, net

 

8,753

 

 

 

7,767

 

Inventory, net

 

62,974

 

 

 

71,015

 

Prepaid expenses and other current assets

 

27,095

 

 

 

20,859

 

Total current assets

 

399,261

 

 

 

517,812

 

Property and equipment, net

 

99,506

 

 

 

89,286

 

Operating lease right-of-use assets

 

132,869

 

 

 

145,311

 

Other assets

 

2,780

 

 

 

2,535

 

Total assets

$

634,416

 

 

$

754,944

 

Liabilities and Stockholders’ Equity (Deficit)

 

 

 

Current liabilities

 

 

 

Accounts payable

$

9,900

 

 

$

4,503

 

Accrued consignor payable

 

71,771

 

 

 

71,042

 

Operating lease liabilities, current portion

 

20,444

 

 

 

18,253

 

Other accrued and current liabilities

 

91,974

 

 

 

94,188

 

Total current liabilities

 

194,089

 

 

 

187,986

 

Operating lease liabilities, net of current portion

 

130,050

 

 

 

143,159

 

Convertible senior notes, net

 

448,954

 

 

 

348,380

 

Other noncurrent liabilities

 

2,578

 

 

 

2,291

 

Total liabilities

 

775,671

 

 

 

681,816

 

Stockholders’ equity (deficit):

 

 

 

Common stock, $0.00001 par value; 500,000,000 shares
authorized as of September 30, 2022, and December 31, 2021;
97,927,443 and 92,960,066 shares issued and outstanding
as of September 30, 2022, and December 31, 2021,
respectively

 

1

 

 

 

1

 

Additional paid-in capital

 

771,287

 

 

 

841,255

 

Accumulated deficit

 

(912,543

)

 

 

(768,128

)

Total stockholders’ equity (deficit)

 

(141,255

)

 

 

73,128

 

Total liabilities and stockholders’ equity (deficit)

$

634,416

 

 

$

754,944

 

 

 

 

 


THE REALREAL, INC.
Condensed Statements of Cash Flows
(In thousands)
(Unaudited)

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(157,835

)

 

$

(183,912

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

Depreciation and amortization

 

20,255

 

 

 

17,840

 

Stock-based compensation expense

 

37,020

 

 

 

36,324

 

Reduction of operating lease right-of-use assets

 

14,598

 

 

 

14,765

 

Bad debt expense

 

1,133

 

 

 

637

 

Accrued interest on convertible notes

 

575

 

 

 

1,525

 

Accretion of debt discounts and issuance costs

 

1,942

 

 

 

9,854

 

Loss on disposal/sale of property and equipment and impairment of capitalized proprietary software

 

432

 

 

 

404

 

Other adjustments

 

 

 

 

10

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

(2,119

)

 

 

(194

)

Inventory, net

 

8,041

 

 

 

(21,555

)

Prepaid expenses and other current assets

 

(6,543

)

 

 

(5,330

)

Other assets

 

(391

)

 

 

(807

)

Operating lease liability

 

(13,074

)

 

 

(12,548

)

Accounts payable

 

4,067

 

 

 

(6,220

)

Accrued consignor payable

 

729

 

 

 

3,313

 

Other accrued and current liabilities

 

(4,494

)

 

 

21,951

 

Other noncurrent liabilities

 

409

 

 

 

556

 

Net cash used in operating activities

 

(95,255

)

 

 

(123,387

)

Cash flow from investing activities:

 

 

 

Proceeds from maturities of short-term investments

 

 

 

 

4,000

 

Capitalized proprietary software development costs

 

(9,847

)

 

 

(7,455

)

Purchases of property and equipment

 

(16,408

)

 

 

(30,303

)

Net cash used in investing activities

 

(26,255

)

 

 

(33,758

)

Cash flow from financing activities:

 

 

 

Proceeds from issuance of 2028 convertible senior notes, net of issuance costs

 

 

 

 

278,234

 

Purchase of capped calls in conjunction with the issuance of the 2028 convertible senior notes

 

 

 

 

(33,666

)

Proceeds from exercise of stock options

 

2,906

 

 

 

5,452

 

Proceeds from issuance of stock in connection with the Employee Stock Purchase Program

 

900

 

 

 

1,092

 

Taxes paid related to restricted stock vesting

 

(28

)

 

 

(4

)

Net cash provided by financing activities

 

3,778

 

 

 

251,108

 

Net increase (decrease) in cash and cash equivalents

 

(117,732

)

 

 

93,963

 

Cash and cash equivalents

 

 

 

Beginning of period

 

418,171

 

 

 

350,846

 

End of period

$

300,439

 

 

$

444,809

 


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,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Adjusted EBITDA Reconciliation:

 

 

 

 

 

 

 

Net loss

$

(47,258

)

 

$

(57,196

)

 

$

(157,835

)

 

$

(183,912

)

Depreciation and amortization

 

7,195

 

 

 

6,034

 

 

 

20,255

 

 

 

17,840

 

Stock-based compensation(1)

 

10,841

 

 

 

12,592

 

 

 

37,020

 

 

 

36,324

 

CEO separation benefits(2)

 

 

 

 

 

 

 

902

 

 

 

 

CEO transition costs(3)

 

452

 

 

 

 

 

 

1,018

 

 

 

 

Payroll taxes expense on employee stock transactions

 

137

 

 

 

245

 

 

 

412

 

 

 

967

 

Legal fees reimbursement benefit(4)

 

(1,400

)

 

 

(500

)

 

 

(1,400

)

 

 

(500

)

Legal settlement(5)

 

152

 

 

 

500

 

 

 

456

 

 

 

11,788

 

Restructuring charges(6)

 

 

 

 

811

 

 

 

275

 

 

 

2,314

 

Interest income

 

(1,002

)

 

 

(55

)

 

 

(1,360

)

 

 

(249

)

Interest expense

 

2,675

 

 

 

6,072

 

 

 

8,014

 

 

 

15,374

 

Other (income) expense, net

 

(6

)

 

 

(5

)

 

 

(133

)

 

 

(22

)

Provision for income taxes

 

63

 

 

 

28

 

 

 

96

 

 

 

83

 

Adjusted EBITDA

$

(28,151

)

 

$

(31,474

)

 

$

(92,280

)

 

$

(99,993

)

 

 

 

 

 

 

 

 

(1) The stock-based compensation expense for the nine months ended September 30, 2022 includes a one-time charge of $1.0M related to the modification of certain equity awards pursuant to the terms of the transition and separation agreement entered into with our founder, Julie Wainwright, in connection with her resignation as Chief Executive Officer ("CEO") on June 6, 2022 (the "Separation Agreement").

(2) The separation benefit charges for the nine months ended September 30, 2022 consists of base salary, bonus and benefits for the 2022 fiscal year, as well as an additional twelve months of base salary and benefits payable to Julie Wainwright pursuant to the Separation Agreement. In addition, see footnote 1 for disclosure regarding the incremental stock-based compensation expense incurred in connection with the Separation Agreement.

(3) The CEO transition charges for the three and nine months ended September 30, 2022 consist of general and administrative fees, including legal and recruiting expenses, as well as retention bonuses for certain executives incurred in connection with our founder's resignation on June 6, 2022.

(4) During the three and nine months ended September 30, 2022, we received insurance reimbursement of $1.4 million related to a legal settlement expense.

(5) The legal settlement charges for the nine months ended September 30, 2021 reflects legal settlement expenses arising from the settlement of a putative shareholder class action and derivative case.

(6) The restructuring charges for the nine months ended September 30, 2022 consists of employee severance payments and benefits. The restructuring charges for the three and nine months ended September 30, 2021 consist of the costs to transition operations from the Brisbane warehouse to our new Phoenix warehouse.

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 September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss

$

(47,258

)

 

$

(57,196

)

 

$

(157,835

)

 

$

(183,912

)

Stock-based compensation

 

10,841

 

 

 

12,592

 

 

 

37,020

 

 

 

36,324

 

CEO separation benefits

 

 

 

 

 

 

 

902

 

 

 

 

CEO transition costs

 

452

 

 

 

 

 

 

1,018

 

 

 

 

Payroll tax expense on employee stock transactions

 

137

 

 

 

245

 

 

 

412

 

 

 

967

 

Legal fees reimbursement benefit

 

(1,400

)

 

 

(500

)

 

 

(1,400

)

 

 

(500

)

Legal settlement

 

152

 

 

 

500

 

 

 

456

 

 

 

11,788

 

Restructuring charges

 

 

 

 

811

 

 

 

275

 

 

 

2,314

 

Provision for income taxes

 

63

 

 

 

28

 

 

 

96

 

 

 

83

 

Non-GAAP net loss attributable to common stockholders

$

(37,013

)

 

$

(43,520

)

 

$

(119,056

)

 

$

(132,936

)

Weighted-average common shares outstanding used to calculate Non-GAAP net loss attributable to common stockholders per share, basic and diluted

 

96,696,417

 

 

 

91,859,603

 

 

 

95,036,618

 

 

 

90,995,285

 

Non-GAAP net loss attributable to common stockholders per share, basic and diluted

$

(0.38

)

 

$

(0.47

)

 

$

(1.25

)

 

$

(1.46

)


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,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net cash used in operating activities

$

(7,351

)

 

$

(35,071

)

 

$

(95,255

)

 

$

(123,387

)

Purchase of property and equipment and capitalized proprietary software development costs

 

(10,036

)

 

 

(12,295

)

 

 

(26,255

)

 

 

(37,758

)

Free Cash Flow

$

(17,387

)

 

$

(47,366

)

 

$

(121,510

)

 

$

(161,145

)


Key Financial and Operating Metrics:

 

 

September 30, 
2020

 

December 31,
2020

 

March 31,
2021

 

June 30,
2021

 

September 30,
2021

 

December 31,
2021

 

March 31,
2022

 

June 30,
2022

 

September 30,
2022

 

(in thousands, except for AOV and percentages)

GMV

$

245,355

 

 

$

301,219

 

 

$

327,327

 

 

$

350,001

 

 

$

367,925

 

 

$

437,179

 

 

$

428,206

 

 

$

454,163

 

 

$

440,659

 

NMV

$

189,059

 

 

$

223,390

 

 

$

244,162

 

 

$

256,509

 

 

$

273,417

 

 

$

318,265

 

 

$

310,511

 

 

$

332,508

 

 

$

325,105

 

Consignment Revenue

$

55,850

 

 

$

61,285

 

 

$

64,887

 

 

$

72,452

 

 

$

78,373

 

 

$

86,508

 

 

$

83,989

 

 

$

96,917

 

 

$

93,874

 

Direct Revenue

$

13,645

 

 

$

15,512

 

 

$

23,735

 

 

$

22,460

 

 

$

29,387

 

 

$

45,262

 

 

$

48,823

 

 

$

42,646

 

 

$

34,005

 

Shipping Services Revenue

$

8,302

 

 

$

10,035

 

 

$

10,195

 

 

$

10,000

 

 

$

11,078

 

 

$

13,355

 

 

$

13,888

 

 

$

14,872

 

 

$

14,824

 

Number of Orders

 

550

 

 

 

671

 

 

 

690

 

 

 

673

 

 

 

757

 

 

 

861

 

 

 

878

 

 

 

934

 

 

 

952

 

Take Rate

 

35.4

%

 

 

35.7

%

 

 

34.3

%

 

 

34.5

%

 

 

34.9

%

 

 

35.0

%

 

 

35.7

%

 

 

36.1

%

 

 

36.0

%

Active Buyers

 

617

 

 

 

649

 

 

 

687

 

 

 

730

 

 

 

772

 

 

 

797

 

 

 

828

 

 

 

889

 

 

 

950

 

AOV

$

446

 

 

$

449

 

 

$

474

 

 

$

520

 

 

$

486

 

 

$

508

 

 

$

487

 

 

$

486

 

 

$

463

 

% of GMV from Repeat Buyers

 

82.9

%

 

 

82.4

%

 

 

83.6

%

 

 

84.5

%

 

 

84.1

%

 

 

83.8

%

 

 

85.0

%

 

 

84.7

%

 

 

84.2

%



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