$REAL
TheRealReal, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020038463 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $57.29M $70.98M
YoY Change -19.28% 51.06%
Cost Of Revenue $21.62M $24.93M
YoY Change -13.26% 53.81%
Gross Profit $35.67M $46.05M
YoY Change -22.54% 49.61%
Gross Profit Margin 62.26% 64.88%
Selling, General & Admin $32.56M $25.36M
YoY Change 28.41% 76.36%
% of Gross Profit 91.28% 55.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.610M $3.180M
YoY Change 44.97% 48.6%
% of Gross Profit 12.92% 6.91%
Operating Expenses $78.74M $71.39M
YoY Change 10.3% 53.03%
Operating Profit -$43.07M -$25.34M
YoY Change 69.97% 59.66%
Interest Expense $384.0K $380.0K
YoY Change 1.05% -27.76%
% of Operating Profit
Other Income/Expense, Net -$97.00K -$1.710M
YoY Change -94.33% 33.59%
Pretax Income -$42.94M -$26.82M
YoY Change 60.11% 52.41%
Income Tax $55.00K $59.00K
% Of Pretax Income
Net Earnings -$42.99M -$26.88M
YoY Change 59.96% 52.74%
Net Earnings / Revenue -75.04% -37.86%
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$0.49 -$2.832M
COMMON SHARES
Basic Shares Outstanding 87.06M shares
Diluted Shares Outstanding 87.06M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $410.3M $66.69M
YoY Change 515.27%
Cash & Equivalents $304.3M $53.31M
Short-Term Investments $105.9M $13.37M
Other Short-Term Assets $15.00M $10.60M
YoY Change 41.51%
Inventory $20.70M $12.66M
Prepaid Expenses
Receivables $6.300M $9.517M
Other Receivables $0.00 $0.00
Total Short-Term Assets $452.2M $99.43M
YoY Change 354.79%
LONG-TERM ASSETS
Property, Plant & Equipment $178.8M $40.43M
YoY Change 342.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M $6.573M
YoY Change -54.36%
Total Long-Term Assets $181.9M $58.70M
YoY Change 209.88%
TOTAL ASSETS
Total Short-Term Assets $452.2M $99.43M
Total Long-Term Assets $181.9M $58.70M
Total Assets $634.1M $158.1M
YoY Change 301.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.000M $4.469M
YoY Change 34.26%
Accrued Expenses $94.30M $33.40M
YoY Change 182.3%
Deferred Revenue $2.293M $3.943M
YoY Change -41.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.498M
YoY Change
Total Short-Term Liabilities $102.6M $86.85M
YoY Change 18.14%
LONG-TERM LIABILITIES
Long-Term Debt $147.0M $0.00
YoY Change
Other Long-Term Liabilities $116.6M $10.08M
YoY Change 1057.21%
Total Long-Term Liabilities $263.6M $10.08M
YoY Change 2516.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.6M $86.85M
Total Long-Term Liabilities $263.6M $10.08M
Total Liabilities $366.2M $96.92M
YoY Change 277.83%
SHAREHOLDERS EQUITY
Retained Earnings -$307.9M
YoY Change
Common Stock $1.730M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $265.9M -$306.1M
YoY Change
Total Liabilities & Shareholders Equity $634.1M $158.1M
YoY Change 301.0%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$42.99M -$26.88M
YoY Change 59.96% 52.74%
Depreciation, Depletion And Amortization $4.610M $3.180M
YoY Change 44.97% 48.6%
Cash From Operating Activities -$31.61M -$23.60M
YoY Change 33.94% 71.76%
INVESTING ACTIVITIES
Capital Expenditures -$6.670M -$8.500M
YoY Change -21.53% 164.8%
Acquisitions
YoY Change
Other Investing Activities $62.78M $880.0K
YoY Change 7034.09%
Cash From Investing Activities $56.11M -$7.620M
YoY Change -836.35% 137.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 145.2M -3.970M
YoY Change -3757.18% -103.98%
NET CHANGE
Cash From Operating Activities -31.61M -23.60M
Cash From Investing Activities 56.11M -7.620M
Cash From Financing Activities 145.2M -3.970M
Net Change In Cash 169.7M -35.19M
YoY Change -582.21% -142.56%
FREE CASH FLOW
Cash From Operating Activities -$31.61M -$23.60M
Capital Expenditures -$6.670M -$8.500M
Free Cash Flow -$24.94M -$15.10M
YoY Change 65.17% 43.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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real Compensation Expense Related To Stock Sales By Current And Former Employees
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real Change In Fair Value Of Convertible Preferred Stock Warrant Liability
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real Accretion Of Unconditional Endowment Grant Liability
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real Accretion Of Unconditional Endowment Grant Liability
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real Accretion Of Debt Discounts And Issuance Costs
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real Accretion Of Debt Discounts And Issuance Costs
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real Amortization Of Premiums Discounts On Short Term Investments
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real Increase Decrease In Accrued Consignor Payable
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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real Deferred Offering Costs In Accounts Payable And Accrued Liabilities
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real Issuance Costs Associated With Issuance Of Convertible Senior Notes Included In Other Accrued And Current Liabilities
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real Tax Withholding Liability For Restricted Stock
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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, incremental borrowing rates related to lease liability, fair value of the liability component of convertible senior notes, 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 assessed the impacts of the pandemic on the estimates and assumptions used in preparing these financial statements. In particular, the Company is monitoring its returns reserve and adjusting in response to changing consumer behaviors. Its estimates may change 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>
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,&nbsp;&nbsp;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 June 30, 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 and six months ended June 30, 2020 and 2019. </p>
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real Decrease In Net Revenues Percentage
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CY2020Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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0
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
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
100506000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
88624000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40506000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32793000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4600000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3200000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
8800000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6000000
CY2020Q2 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
12926000
CY2019Q4 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
17005000
CY2020Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
8460000
CY2020Q2 real Site Credit Liability
SiteCreditLiability
5535000
CY2019Q4 real Site Credit Liability
SiteCreditLiability
5080000
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
6647000
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
11626000
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5900000
CY2020Q2 real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
6129000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6132000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2293000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
4767000
CY2020Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
7509000
CY2019Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
6830000
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3266000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3127000
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6700000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
800000
CY2020Q2 us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1
P5Y
CY2020Q2 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.064
CY2020Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
203000
CY2020Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
130000
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
39000
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
372000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2574000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5175000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5175000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5175000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
5175000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
175088000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
198362000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
25862000
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
172500000
CY2020Q2 real Payment To Counterparties For Purchased Calls
PaymentToCounterpartiesForPurchasedCalls
22500000
CY2020Q2 real Common Stock Subject To Adjustment And Exercisable Upon Conversion Of Initial Notes
CommonStockSubjectToAdjustmentAndExercisableUponConversionOfInitialNotes
9705454
CY2020Q2 us-gaap Derivative Cap Price
DerivativeCapPrice
27.88
CY2020Q2 real Derivative Cap Price As Percentage On Common Stock Price Per Share
DerivativeCapPriceAsPercentageOnCommonStockPricePerShare
1.000
CY2020Q2 us-gaap Share Price
SharePrice
13.94
CY2020Q2 real Adjustments To Additional Paid Premium Payments For Capped Call Transactions
AdjustmentsToAdditionalPaidPremiumPaymentsForCappedCallTransactions
22500000
us-gaap Interest Expense Debt
InterestExpenseDebt
0
us-gaap Interest Expense Debt
InterestExpenseDebt
100000
CY2020Q2 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
CY2019Q2 real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
1287000
real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
9539000
real Share Based Compensation Expense Excludes Share Based Compensation Related To Stock Sales By Current And Former Employees
ShareBasedCompensationExpenseExcludesShareBasedCompensationRelatedToStockSalesByCurrentAndFormerEmployees
2397000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6200000
us-gaap Operating Lease Cost
OperatingLeaseCost
12200000
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
4600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
8700000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11158000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
24198000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21540000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
20165000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
19758000
CY2020Q2 real Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
71771000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
168590000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68004868
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
18307000
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
real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
4359000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16513000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
130653000
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 Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
19610000
CY2020Q2 real Grant Liability
GrantLiability
500000
CY2019Q4 real Grant Liability
GrantLiability
900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21679188

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