$REAL
TheRealReal, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019040491 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $81.52M $51.84M $46.99M
YoY Change 57.25%
Cost Of Revenue $29.29M $18.51M $16.21M
YoY Change 58.23%
Gross Profit $52.23M $33.33M $30.78M
YoY Change 56.7%
Gross Profit Margin 64.07% 64.29% 65.51%
Selling, General & Admin $28.44M $55.21M $14.38M
YoY Change -48.49%
% of Gross Profit 54.45% 165.65% 46.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.550M $2.350M $2.140M
YoY Change 51.06%
% of Gross Profit 6.8% 7.05% 6.95%
Operating Expenses $79.23M $55.21M $46.65M
YoY Change 43.51%
Operating Profit -$27.01M -$21.88M -$15.87M
YoY Change 23.42%
Interest Expense $60.00K $230.0K $526.0K
YoY Change -73.91%
% of Operating Profit
Other Income/Expense, Net -$119.0K -$210.0K -$1.280M
YoY Change -43.33%
Pretax Income -$25.28M -$21.85M -$17.60M
YoY Change 15.71%
Income Tax -$8.000K $37.00K $0.00
% Of Pretax Income
Net Earnings -$25.27M -$21.89M -$17.60M
YoY Change 15.49%
Net Earnings / Revenue -31.0% -42.22% -37.45%
Basic Earnings Per Share
Diluted Earnings Per Share -$298.6K -$264.7K -$212.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.3M
YoY Change
Cash & Equivalents $365.0M $54.70M $91.22M
Short-Term Investments $5.300M
Other Short-Term Assets $13.10M
YoY Change
Inventory $13.80M
Prepaid Expenses
Receivables $8.900M
Other Receivables $0.00
Total Short-Term Assets $406.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $45.70M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M
YoY Change
Total Long-Term Assets $47.30M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $406.1M
Total Long-Term Assets $47.30M
Total Assets $453.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.700M
YoY Change
Accrued Expenses $78.80M
YoY Change
Deferred Revenue $3.582M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $88.10M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.050M
YoY Change
Total Long-Term Liabilities $8.050M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $88.10M
Total Long-Term Liabilities $8.050M
Total Liabilities $96.13M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$333.1M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $357.2M -$233.5M -$210.2M
YoY Change
Total Liabilities & Shareholders Equity $453.4M
YoY Change

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$25.27M -$21.89M -$17.60M
YoY Change 15.49%
Depreciation, Depletion And Amortization $3.550M $2.350M $2.140M
YoY Change 51.06%
Cash From Operating Activities -$11.95M -$10.92M -$13.74M
YoY Change 9.43%
INVESTING ACTIVITIES
Capital Expenditures -$8.850M -$6.580M -$3.210M
YoY Change 34.5%
Acquisitions
YoY Change
Other Investing Activities $8.080M -$22.02M $0.00
YoY Change -136.69%
Cash From Investing Activities -$770.0K -$28.60M -$3.210M
YoY Change -97.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 312.7M 8.570M 99.64M
YoY Change 3548.77%
NET CHANGE
Cash From Operating Activities -11.95M -10.92M -13.74M
Cash From Investing Activities -770.0K -28.60M -3.210M
Cash From Financing Activities 312.7M 8.570M 99.64M
Net Change In Cash 300.0M -30.95M 82.69M
YoY Change -1069.24%
FREE CASH FLOW
Cash From Operating Activities -$11.95M -$10.92M -$13.74M
Capital Expenditures -$8.850M -$6.580M -$3.210M
Free Cash Flow -$3.100M -$4.340M -$10.53M
YoY Change -28.57%

Facts In Submission

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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
35000
real Issuance Of Convertible Preferred Stock Upon Extinguishment Of Convertible Notes
IssuanceOfConvertiblePreferredStockUponExtinguishmentOfConvertibleNotes
10557000
real Issuance Of Redeemable Convertible Preferred Stock Upon Extinguishment Of Convertible Notes
IssuanceOfRedeemableConvertiblePreferredStockUponExtinguishmentOfConvertibleNotes
5642000
real Accretion Of Redeemable Convertible Preferred Stock To Redemption Value
AccretionOfRedeemableConvertiblePreferredStockToRedemptionValue
3355000
real Accretion Of Redeemable Convertible Preferred Stock To Redemption Value
AccretionOfRedeemableConvertiblePreferredStockToRedemptionValue
5651000
real Loss On Extinguishment Of Convertible Notes
LossOnExtinguishmentOfConvertibleNotes
370000
real Purchase Of Property And Equipment Included In Accounts Payable
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayable
-877000
real Purchase Of Property And Equipment Included In Accounts Payable
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayable
-767000
real Deferred Offering Costs In Accounts Payable And Accrued Liabilities
DeferredOfferingCostsInAccountsPayableAndAccruedLiabilities
28000
real Conversion Of Convertible Preferred Stock Warrants In Connection With Initial Public Offering
ConversionOfConvertiblePreferredStockWarrantsInConnectionWithInitialPublicOffering
2710000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to revenue recognition, including the returns reserve and material right related to the Company&#8217;s tiered consignor commission plan, valuation of inventory, stock-based compensation, redemption value of redeemable convertible preferred stock, and other contingencies. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risks </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, such amount may exceed federally-insured limits. The Company reduces credit risk by placing its cash and cash equivalents with major credit-worthy financial institutions within the United States. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2019 and December&#160;31, 2018, there were no customers that represented 10% or more of the Company&#8217;s accounts receivable balance and there were no customers that individually exceeded 10% of the&#160;Company&#8217;s total revenue for each of the three and nine months ended September 30, 2019 and 2018. </p>
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
364995000
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
5289000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
34393000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
27156000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
25000
CY2019Q3 real Percentage Of Reverse Repurchase Agreement Collateralized Received
PercentageOfReverseRepurchaseAgreementCollateralizedReceived
1.02
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
11200000
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54704000
CY2018Q3 us-gaap Restricted Cash
RestrictedCash
11234000
CY2019Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1400000
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
700000
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2019Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2018Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
74659000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
52765000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28944000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19479000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3500000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2400000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6500000
CY2019Q3 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
12163000
CY2018Q4 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
14311000
CY2019Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
8134000
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
8078000
CY2019Q3 real Site Credit Liability
SiteCreditLiability
5612000
CY2018Q4 real Site Credit Liability
SiteCreditLiability
4700000
CY2019Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
4703000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4476000
CY2019Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3582000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3184000
CY2019Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
4963000
CY2018Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
4152000
CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3391000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3055000
CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
100000
CY2018Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
200000
us-gaap Interest Expense Debt
InterestExpenseDebt
600000
us-gaap Interest Expense Debt
InterestExpenseDebt
500000
CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2018Q2 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
14400000
CY2018Q2 real Debt Instrument Minimum Threshold Percentage To Extend Maturity Date On Outstanding Convertible Notes
DebtInstrumentMinimumThresholdPercentageToExtendMaturityDateOnOutstandingConvertibleNotes
0.80
CY2018Q2 real Debt Instrument Conversion Of Convertible Notes Minimum Qualified Financing
DebtInstrumentConversionOfConvertibleNotesMinimumQualifiedFinancing
25000000
CY2018Q2 real Debt Instrument Conversion Of Convertible Notes Maximum Non Qualified Financing
DebtInstrumentConversionOfConvertibleNotesMaximumNonQualifiedFinancing
25000000
CY2018Q2 us-gaap Convertible Debt
ConvertibleDebt
14600000
CY2018Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
4.7565
CY2018Q2 real Loss On Extinguishment Of Convertible Notes
LossOnExtinguishmentOfConvertibleNotes
400000
CY2018Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
105003754
CY2018Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
104778246
CY2018Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
294200000
CY2018Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
301346000
CY2018Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
104778246
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2520000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
740000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4916000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6900000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
4728000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
19439000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
19455000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
16733000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
15539000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
64537000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
140431000
CY2019Q3 real Grant Liability
GrantLiability
900000

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