$REAL
TheRealReal, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026114 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $98.82M $78.03M
YoY Change 26.64% 10.55%
Cost Of Revenue $40.48M $29.04M
YoY Change 39.38% 2.99%
Gross Profit $58.34M $48.99M
YoY Change 19.09% 15.58%
Gross Profit Margin 59.04% 62.78%
Selling, General & Admin $43.62M $35.10M
YoY Change 24.25% 57.28%
% of Gross Profit 74.76% 71.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.435M $4.145M
YoY Change 31.12% 47.61%
% of Gross Profit 9.32% 8.46%
Operating Expenses $111.1M $88.76M
YoY Change 25.18% 35.32%
Operating Profit -$52.77M -$39.78M
YoY Change 32.67% 71.35%
Interest Expense $3.296M $20.00K
YoY Change 16380.0% -84.73%
% of Operating Profit
Other Income/Expense, Net $17.00K $8.000K
YoY Change 112.5% -102.84%
Pretax Income -$55.97M -$38.50M
YoY Change 45.35% 65.8%
Income Tax $28.00K $0.00
% Of Pretax Income
Net Earnings -$55.99M -$38.50M
YoY Change 45.43% 65.8%
Net Earnings / Revenue -56.66% -49.35%
Basic Earnings Per Share -$0.62
Diluted Earnings Per Share -$0.62 -$444.6K
COMMON SHARES
Basic Shares Outstanding 90.04M shares 86.53M
Diluted Shares Outstanding 90.04M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $547.9M $303.3M
YoY Change 80.65% 194.47%
Cash & Equivalents $547.9M $134.7M
Short-Term Investments $0.00 $168.6M
Other Short-Term Assets $15.30M $11.30M
YoY Change 35.4% -6.61%
Inventory $49.50M $24.90M
Prepaid Expenses
Receivables $5.994M $3.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $618.6M $342.5M
YoY Change 80.62% 150.18%
LONG-TERM ASSETS
Property, Plant & Equipment $66.64M $184.0M
YoY Change -63.78% 422.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.156M $3.000M
YoY Change -28.13% -79.87%
Total Long-Term Assets $212.1M $187.0M
YoY Change 13.44% 272.51%
TOTAL ASSETS
Total Short-Term Assets $618.6M $342.5M
Total Long-Term Assets $212.1M $187.0M
Total Assets $830.7M $529.5M
YoY Change 56.89% 183.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.260M $9.900M
YoY Change -6.46% 90.38%
Accrued Expenses $54.48M $87.90M
YoY Change -38.02% 16.73%
Deferred Revenue $2.008M $3.690M
YoY Change -45.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.4M $101.6M
YoY Change 40.16% 12.51%
LONG-TERM LIABILITIES
Long-Term Debt $336.1M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $142.3M $121.2M
YoY Change 17.41% 1434.18%
Total Long-Term Liabilities $478.4M $121.2M
YoY Change 294.72% 1065.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.4M $101.6M
Total Long-Term Liabilities $478.4M $121.2M
Total Liabilities $620.8M $222.8M
YoY Change 178.64% 121.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $209.9M $304.9M
YoY Change
Total Liabilities & Shareholders Equity $830.7M $529.5M
YoY Change 56.88% 183.0%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$55.99M -$38.50M
YoY Change 45.43% 65.8%
Depreciation, Depletion And Amortization $5.435M $4.145M
YoY Change 31.12% 47.61%
Cash From Operating Activities -$47.81M -$54.97M
YoY Change -13.03% 143.55%
INVESTING ACTIVITIES
Capital Expenditures $5.925M $6.486M
YoY Change -8.65% 73.28%
Acquisitions
YoY Change
Other Investing Activities $4.000M $40.74M
YoY Change -90.18% 216.55%
Cash From Investing Activities -$4.330M $32.77M
YoY Change -113.21% 340.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $249.2M 2.413M
YoY Change 10225.36% -96.54%
NET CHANGE
Cash From Operating Activities -$47.81M -54.97M
Cash From Investing Activities -$4.330M 32.77M
Cash From Financing Activities $249.2M 2.413M
Net Change In Cash $197.0M -19.78M
YoY Change -1095.82% -136.25%
FREE CASH FLOW
Cash From Operating Activities -$47.81M -$54.97M
Capital Expenditures $5.925M $6.486M
Free Cash Flow -$53.73M -$61.46M
YoY Change -12.57% 133.55%

Facts In Submission

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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, valuation of inventory, software development costs, incremental borrowing rates related to lease liability, fair value of the liability component of convertible senior notes, valuation of deferred taxes, 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>
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CY2021Q1 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%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, 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</span><span style="color:#000000;">. </span></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, 2021 and December 31, 2020, there were no customers that represented 10% or more of the Company’s accounts receivable balance and there were no customers that individually exceeded 10% of the Company’s total revenue for each of the three months ended March 31, 2021 and 2020. </p>
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Year Three
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedYearThree
692000
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Year Four
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedYearFour
575000
CY2021Q1 real Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
547859000
CY2021Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
547859000
CY2020Q4 real Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
350846000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
350846000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
4006000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
11000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
4017000
CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2020Q4 real Site Credit Liability
SiteCreditLiability
5475000
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
7246000
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6870000
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Year Thereafter
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedYearThereafter
1907000
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalized
5001000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
113976000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
105401000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47339000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
41947000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66637000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
63454000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5400000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4100000
CY2021Q1 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
14479000
CY2020Q4 real Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
18327000
CY2021Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
16786000
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
13406000
CY2021Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
9947000
CY2020Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
10790000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2008000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1617000
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
1685000
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
216000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5084000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5161000
CY2021Q1 real Other Accrued And Current Liabilities
OtherAccruedAndCurrentLiabilities
63394000
CY2020Q4 real Other Accrued And Current Liabilities
OtherAccruedAndCurrentLiabilities
61862000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10919000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3410000
CY2021Q1 real Stock Based Compensation Capitalized To Proprietary Software Development Costs
StockBasedCompensationCapitalizedToProprietarySoftwareDevelopmentCosts
400000
CY2020Q1 real Stock Based Compensation Capitalized To Proprietary Software Development Costs
StockBasedCompensationCapitalizedToProprietarySoftwareDevelopmentCosts
0
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
7300000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6000000.0
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1300000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
900000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
17216000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
26796000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
25388000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
25134000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
25810000
CY2021Q1 real Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
78814000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
199158000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
43108000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
156050000
CY2021Q1 us-gaap Lessor Operating Lease Lease Not Yet Commenced Description
LessorOperatingLeaseLeaseNotYetCommencedDescription
As of March 31, 2021, the Company has entered into operating lease agreements that have not yet commenced.
CY2021Q1 real Estimated Undiscounted Lease Payments Not Yet Commenced Description
EstimatedUndiscountedLeasePaymentsNotYetCommencedDescription
As of March 31, 2021, the Company’s estimated undiscounted lease payments for leases that have not yet commenced
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Remainder Of Fiscal Year
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedRemainderOfFiscalYear
342000
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Year One
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedYearOne
725000
CY2021Q1 real Lessor Operating Undiscounted Lease Payments Not Yet Commenced Expected To Be Capitalized Year Two
LessorOperatingUndiscountedLeasePaymentsNotYetCommencedExpectedToBeCapitalizedYearTwo
760000
CY2021Q1 real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
6541000
CY2020Q1 real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
4597000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29950000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
18122000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2021Q1 real Grant Liability Annual Installment
GrantLiabilityAnnualInstallment
500000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-55993000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38503000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90044082
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86588796
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.62
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.44
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30399762
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9741022

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