$REAL
TheRealReal, Inc.

2023 Q3 Form 10-Q Financial Statement

#000157322123000074 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $133.2M $130.9M $154.4M
YoY Change -6.68% -15.27% 47.2%
Cost Of Revenue $39.10M $44.68M $66.75M
YoY Change -31.31% -33.06% 60.84%
Gross Profit $94.07M $86.17M $87.69M
YoY Change 9.67% -1.73% 38.28%
Gross Profit Margin 70.64% 65.85% 56.78%
Selling, General & Admin $44.79M $44.33M $138.7M
YoY Change -4.42% -68.03% 213.28%
% of Gross Profit 47.61% 51.44% 158.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.740M $7.965M $6.696M
YoY Change 7.57% 18.95% 5.18%
% of Gross Profit 8.23% 9.24% 7.64%
Operating Expenses $116.6M $127.1M $138.7M
YoY Change -11.23% -8.33% 8.16%
Operating Profit -$22.49M -$40.94M -$50.98M
YoY Change -50.6% -19.69% -21.32%
Interest Expense $2.673M $2.678M -$2.415M
YoY Change -0.07% -210.89% -140.21%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $266.0K
YoY Change -100.0% -100.0%
Pretax Income -$22.90M -$41.22M -$53.13M
YoY Change -51.47% -22.43% -24.84%
Income Tax $47.00K $114.0K $33.00K
% Of Pretax Income
Net Earnings -$22.95M -$41.33M -$53.17M
YoY Change -51.44% -22.26% -24.83%
Net Earnings / Revenue -17.23% -31.58% -34.43%
Basic Earnings Per Share -$0.22 -$0.41 -$0.56
Diluted Earnings Per Share -$0.22 -$0.41 -$560.2K
COMMON SHARES
Basic Shares Outstanding 102.1M shares 100.2M shares 94.37M shares
Diluted Shares Outstanding 102.6M shares 101.0M shares 94.90M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.8M $188.9M $315.9M
YoY Change -43.15% -40.2% -35.75%
Cash & Equivalents $170.8M $188.9M $69.50M
Short-Term Investments
Other Short-Term Assets $20.90M $18.87M $20.72M
YoY Change -22.86% -8.93% 17.47%
Inventory $24.66M $25.90M $74.03M
Prepaid Expenses
Receivables $13.56M $5.994M $6.364M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $230.0M $239.7M $417.0M
YoY Change -42.4% -42.53% -27.37%
LONG-TERM ASSETS
Property, Plant & Equipment $106.8M $105.8M $228.6M
YoY Change 7.34% -53.73% 192.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.473M $5.468M $2.790M
YoY Change 96.87% 95.99% -0.92%
Total Long-Term Assets $222.7M $219.1M $231.4M
YoY Change -5.29% -5.34% 4.08%
TOTAL ASSETS
Total Short-Term Assets $230.0M $239.7M $417.0M
Total Long-Term Assets $222.7M $219.1M $231.4M
Total Assets $452.7M $458.7M $648.4M
YoY Change -28.65% -29.26% -18.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.088M $13.15M $8.052M
YoY Change -18.3% 63.35% -40.5%
Accrued Expenses $66.53M $61.84M $154.3M
YoY Change -7.31% -59.93% 180.38%
Deferred Revenue $1.646M $1.872M
YoY Change -55.49%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $176.9M $168.0M $172.2M
YoY Change -8.84% -2.46% 7.06%
LONG-TERM LIABILITIES
Long-Term Debt $451.8M $451.1M $448.3M
YoY Change 0.63% 0.63% 31.78%
Other Long-Term Liabilities $4.097M $3.071M $135.0M
YoY Change 58.92% -97.73% 7563.11%
Total Long-Term Liabilities $4.097M $3.071M $583.3M
YoY Change 58.92% -99.47% 33006.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $176.9M $168.0M $172.2M
Total Long-Term Liabilities $4.097M $3.071M $583.3M
Total Liabilities $742.7M $734.3M $755.5M
YoY Change -4.25% -2.81% 17.64%
SHAREHOLDERS EQUITY
Retained Earnings -$1.098B -$1.075B
YoY Change 20.32%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$290.0M -$275.6M -$107.1M
YoY Change
Total Liabilities & Shareholders Equity $452.7M $458.7M $648.4M
YoY Change -28.65% -29.26% -18.59%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$22.95M -$41.33M -$53.17M
YoY Change -51.44% -22.26% -24.83%
Depreciation, Depletion And Amortization $7.740M $7.965M $6.696M
YoY Change 7.57% 18.95% 5.18%
Cash From Operating Activities -$10.93M -$30.42M -$38.55M
YoY Change 48.69% -21.08% -4.83%
INVESTING ACTIVITIES
Capital Expenditures $8.120M $11.36M -$7.772M
YoY Change -180.91% -246.14% -54.64%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$8.120M -$11.36M -$7.772M
YoY Change -19.09% 46.14% -54.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K 333.0K 1.205M
YoY Change -104.13% -72.37% -15.79%
NET CHANGE
Cash From Operating Activities -10.93M -30.42M -38.55M
Cash From Investing Activities -8.120M -11.36M -7.772M
Cash From Financing Activities -80.00K 333.0K 1.205M
Net Change In Cash -19.13M -41.45M -45.12M
YoY Change 23.81% -8.13% -19.73%
FREE CASH FLOW
Cash From Operating Activities -$10.93M -$30.42M -$38.55M
Capital Expenditures $8.120M $11.36M -$7.772M
Free Cash Flow -$19.05M -$41.78M -$30.78M
YoY Change -809.5% 35.76% 31.68%

Facts In Submission

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, standalone selling price related to revenue transactions, valuation of inventory, software development costs, stock-based compensation, incremental borrowing rates related to lease liability, 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. The disclosures provided herein should be read in conjunction with the audited financial statements and notes thereto included in our 2022 Form 10-K. See “Part II - Item 8. Financial Statements and Supplementary Data - Note 2” in our 2022 Form 10-K for a complete summary of our significant accounting policies.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risks</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, restricted cash and accounts receivable. At times, such amount may exceed federally-insured limits. The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally. The Company reduces credit risk by placing its cash, cash equivalents, restricted cash and investments with major financial institutions with high credit ratings within the United States. The Company has not experienced any realized losses on cash, cash equivalents and restricted cash to date; however, no assurances can be provided.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023 and 2022.</span></div>
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AllocatedShareBasedCompensationExpense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13665000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17757000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26179000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
200000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
400000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
400000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
5600000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
7300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
12800000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
14500000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1300000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1300000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2600000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2800000 usd
CY2023Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
600000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
26300000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
14040000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
28073000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
28213000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
27772000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
21409000 usd
CY2023Q2 real Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
38007000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
157514000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24544000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
132970000 usd
real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
15623000 usd
real Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
13193000 usd
real Right Of Use Asset Obtained In Exchange For Operating Lease Liability Including Remeasurement Of Right Of Use Asset And Lease Liabilities
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityIncludingRemeasurementOfRightOfUseAssetAndLeaseLiabilities
-1487000 usd
real Right Of Use Asset Obtained In Exchange For Operating Lease Liability Including Remeasurement Of Right Of Use Asset And Lease Liabilities
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityIncludingRemeasurementOfRightOfUseAssetAndLeaseLiabilities
8000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
2 flagship_store
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
2 neighborhood_store
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
2 consignment_office
us-gaap Restructuring Charges
RestructuringCharges
38300000 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
255200000 usd
CY2023Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
291800000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2700000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-41330000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-41330000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-53165000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-53165000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-123830000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-123830000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-110577000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-110577000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100973105 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100973105 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94901943 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94901943 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100294359 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100294359 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94192963 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94192963 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.17
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35852946 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34450799 shares

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