$REAL
TheRealReal, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022977 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $78.03M $70.58M
YoY Change 10.55% 51.92%
Cost Of Revenue $29.04M $28.20M
YoY Change 2.99% 77.92%
Gross Profit $48.99M $42.38M
YoY Change 15.58% 38.46%
Gross Profit Margin 62.78% 60.05%
Selling, General & Admin $35.10M $22.32M
YoY Change 57.28% -49.83%
% of Gross Profit 71.66% 52.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.145M $2.808M
YoY Change 47.61% 40.4%
% of Gross Profit 8.46% 6.63%
Operating Expenses $88.76M $65.60M
YoY Change 35.32% 47.44%
Operating Profit -$39.78M -$23.21M
YoY Change 71.35% 67.25%
Interest Expense $20.00K $131.0K
YoY Change -84.73% -219.09%
% of Operating Profit
Other Income/Expense, Net $8.000K -$282.0K
YoY Change -102.84% 156.36%
Pretax Income -$38.50M -$23.22M
YoY Change 65.8% 64.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$38.50M -$23.22M
YoY Change 65.8% 64.62%
Net Earnings / Revenue -49.35% -32.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$444.6K -$280.8K
COMMON SHARES
Basic Shares Outstanding 86.53M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $303.3M $103.0M
YoY Change 194.47%
Cash & Equivalents $134.7M $88.79M
Short-Term Investments $168.6M $14.20M
Other Short-Term Assets $11.30M $12.10M
YoY Change -6.61%
Inventory $24.90M $10.50M
Prepaid Expenses
Receivables $3.100M $11.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $342.5M $136.9M
YoY Change 150.18%
LONG-TERM ASSETS
Property, Plant & Equipment $184.0M $35.20M
YoY Change 422.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M $14.90M
YoY Change -79.87%
Total Long-Term Assets $187.0M $50.20M
YoY Change 272.51%
TOTAL ASSETS
Total Short-Term Assets $342.5M $136.9M
Total Long-Term Assets $187.0M $50.20M
Total Assets $529.5M $187.1M
YoY Change 183.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.900M $5.200M
YoY Change 90.38%
Accrued Expenses $87.90M $75.30M
YoY Change 16.73%
Deferred Revenue $3.690M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.800M
YoY Change
Total Short-Term Liabilities $101.6M $90.30M
YoY Change 12.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.500M
YoY Change -100.0%
Other Long-Term Liabilities $121.2M $7.900M
YoY Change 1434.18%
Total Long-Term Liabilities $121.2M $10.40M
YoY Change 1065.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.6M $90.30M
Total Long-Term Liabilities $121.2M $10.40M
Total Liabilities $222.8M $100.7M
YoY Change 121.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $304.9M -$281.0M
YoY Change
Total Liabilities & Shareholders Equity $529.5M $187.1M
YoY Change 183.0%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$38.50M -$23.22M
YoY Change 65.8% 64.62%
Depreciation, Depletion And Amortization $4.145M $2.808M
YoY Change 47.61% 40.4%
Cash From Operating Activities -$54.97M -$22.57M
YoY Change 143.55% 50.77%
INVESTING ACTIVITIES
Capital Expenditures $6.486M $3.743M
YoY Change 73.28% -216.97%
Acquisitions
YoY Change
Other Investing Activities $40.74M $12.87M
YoY Change 216.55% 3.71%
Cash From Investing Activities $32.77M $7.444M
YoY Change 340.27% -19.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.413M 69.71M
YoY Change -96.54% -9918.45%
NET CHANGE
Cash From Operating Activities -54.97M -22.57M
Cash From Investing Activities 32.77M 7.444M
Cash From Financing Activities 2.413M 69.71M
Net Change In Cash -19.78M 54.58M
YoY Change -136.25% -943.65%
FREE CASH FLOW
Cash From Operating Activities -$54.97M -$22.57M
Capital Expenditures $6.486M $3.743M
Free Cash Flow -$61.46M -$26.31M
YoY Change 133.55% 123.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q1 real Accretion Of Debt Discounts
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CY2019Q1 real Increase Decrease In Accrued Consignor Payable
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CY2020Q1 us-gaap Use Of Estimates
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<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, incremental borrowing rates related to lease liability, 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> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The Company is not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require it to update its estimates, assumptions or revise the carrying value of its assets or liabilities. Its estimates may change, however, as new events occur and additional information is obtained; any such changes will be recognized in the financial statements. Actual results could differ from estimates, and any such differences may be material to the financial statements.</font></p>
CY2020Q1 us-gaap Concentration Risk Credit Risk
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<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, accounts receivable, and investments. At times, such amount may exceed federally-insured limits. The Company reduces credit risk by placing its cash and cash equivalents, restricted cash and investments with major 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 March 31, 2020 and December 31, 2019, 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 months ended March 31, 2020 and 2019. </p>
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0
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2020Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
96100000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
88624000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
36463000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32793000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4100000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2800000
CY2020Q1 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
10662000
CY2019Q4 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
17005000
CY2020Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
8745000
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
11626000
CY2020Q1 real Site Credit Liability
SiteCreditLiability
5784000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
19610000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
18307000
CY2019Q4 real Site Credit Liability
SiteCreditLiability
5080000
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
3984000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6132000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3690000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
4767000
CY2020Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
8728000
CY2019Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
6830000
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2348000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3127000
CY2020Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
100000
CY2020Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2019Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
115185867
CY2019Q1 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
114960357
CY2019Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
367406000
CY2019Q1 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
376007000
CY2019Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
114960357
CY2020Q1 real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
3410000
CY2019Q1 real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
1109000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6000000
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
4100000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
16603000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24123000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21464000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
20087000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
19678000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
71506000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
173461000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39078000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
134383000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
20530000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
22059000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
17957000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
67208000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
165671000
CY2020Q1 real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
4597000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
18122000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2020Q1 real Grant Liability
GrantLiability
500000
CY2019Q4 real Grant Liability
GrantLiability
900000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9741022
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67677239

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