EX-99.1 2 real-ex991_6.htm EX-99.1 real-ex991_6.htm

Exhibit 99.1

 

The RealReal Announces Second Quarter 2019 Results

Q2 Total Revenue Increased 51% Year over Year to $71.0 million

Q2 Gross Merchandise Value Increased 40% Year over Year to $228.5 million

SAN FRANCISCO, Aug. 13 2019 -- The RealReal (Nasdaq: REAL)-- the world’s largest online marketplace for authenticated, consigned luxury goods-- today reported financial results for its second quarter ended June 30, 2019.

Second Quarter Financial Highlights

 

Gross Merchandise Volume (GMV) increased $65.5 million to $228.5 million, up 40% year over year.

 

Total Revenue increased $24.0 million to $71.0 million, up 51% year over year.

 

Consignment and Service Revenue increased $18.5 million to $60.7 million, up 44% year over year.

 

Direct Revenue increased $5.5 million to $10.3 million, up 114% year over year.

 

Gross Profit increased $15.3 million to $46.1 million, up 50% year over year.

 

Adjusted EBITDA was $(20.9) million or (29.4%) of total revenue.

 

GAAP basic and diluted net loss per share was ($2.83).

 

Non-GAAP diluted net loss per share was ($2.50). Assuming the pro-forma share count is the outstanding common shares immediately after the IPO, Non-GAAP diluted net loss per share was ($0.28).

 

Free cash flow was ($32.1) million.

 

At the end of the second quarter, cash, cash equivalents and short-term investments totaled $66.7 million. Our IPO raised $320.9 million in net proceeds after deducting underwriting discounts and commissions. Inclusive of the IPO net proceeds, our pro-forma cash balance was $387.6 million at the end of the second quarter.

 

The RealReal’s Registration Statement was declared effective on June 27, 2019. Our IPO closed on July 2, 2019.

“We are thrilled to report our first quarter as a public company.  We generated 51% year-over-year revenue growth and 40% year over year GMV growth while driving marketing leverage and making progress with key strategic initiatives,” said Julie Wainwright, CEO and founder.   “As we continue to unlock supply, invest in our technology platform, and instill trust in our marketplace, we are revolutionizing luxury resale and delivering tremendous value to our consignors and buyers.”

Other Second Quarter Highlights

 

Trailing twelve months active buyers reached 492,440, up 40% year over year.

 

Orders reached 504,820, up 40% year over year.

 

Average Order Value was $452.61 compared to $453.32 in the second quarter of 2018.

 

Take Rate increased 110bps year over year to 36.6%.

 

GMV from repeat buyers was 83.1% compared to 82.9% in the second quarter of 2018.

1


3Q and 2019 Financial Outlook

Based on information available as of Aug. 13, 2019, we are providing the following financial guidance for the third quarter and full year 2019.  

 

 

 

(In Millions)

 

 

Third Quarter

2019

 

Full Year

2019

Expected GMV range

 

$233mn - $239mn

 

$974mn - $988mn

Expected EBITDA Margin range

 

(30%) - (28%)

 

(25%) - (24%)

 

Webcast and Conference Call

The RealReal will host a conference call and webcast to discuss its second quarter 2019 financial results today at 2 p.m. (PDT). Investors and participants can access the call by dialing (866) 996-5385 in the U.S. and (270) 215-9574 internationally. The passcode for the conference line is 9864827. The call will also be available via live webcast at investor.therealreal.com along with supporting slides. An archive of the webcast conference call will be available shortly after the call ends. The archived webcast will be available at investor.therealreal.com

About The RealReal, Inc.

The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods. With an expert behind every item, we provide a safe and reliable platform for consumers to buy and sell their luxury items. We have 100+ in-house gemologists, horologists and brand authenticators who inspect thousands of items available online each day. As a sustainable company, we give new life to pieces by brands from Gucci to Cartier, and hundreds more, supporting the circular economy. We make consigning effortless with free in-home pickup, drop-off service and direct shipping for both individual consignors and estates. At our stores in Los Angeles as well as SoHo and the Upper East Side NYC, customers can shop and consign and meet with our experts to learn more about luxury authenticity and sustainability. At our 11 Luxury Consignment Offices, three of which are located in our retail stores, our expert staff provides free valuations for high-value pieces.

Investor Relations Contact:

Paul Bieber

Head of Investor Relations

paul.bieber@therealreal.com

Press Contact:

Erin Santy

Head of Communications

pr@therealreal.com

2


Forward Looking Statements

This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding the strength of our product offering, the expansion of our logistics network, our future results of operations and financial position, our business strategy and our plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise. A list and description of risks, uncertainties and other factors that could cause or contribute to differences in our results can be found in our filings with the Securities and Exchange Commission, including our S-1 filing. We qualify all of our forward-looking statements by these cautionary statements.

Non-GAAP Financial Measures

To supplement our unaudited and condensed financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA as a percentage of total net revenue ("Adjusted EBITDA Margin"), free cash flow and non-GAAP net loss and diluted net loss per share. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.

We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.

Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. Adjusted EBITDA may not be comparable to similarly titled metrics of other companies.

3


We calculate Adjusted EBITDA as net loss before net interest expense, income tax provision, depreciation and amortization, and remeasurement of preferred stock warrant liability included in other expense, further adjusted to exclude stock-based compensation, and certain one-time expenses. Adjusted EBITDA has certain limitations as the measure excludes the impact of certain expenses that are included in our statements of operations that are necessary to run our business and should not be considered as an alternative to net loss or any other measure of financial performance calculated and presented in accordance with GAAP.

In particular, the exclusion of certain expenses in calculating Adjusted EBITDA and Adjusted EBITDA Margin facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation and related taxes, excludes an item that we do not consider to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Free cash flow is a non-GAAP financial measure that is calculated as net cash (used in) provided by operating activities less net cash used to purchase property and equipment and capitalized proprietary software development costs. We believe free cash flow is an important indicator of our business performance, as it measures the amount of cash we generate. Accordingly, we believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

Non-GAAP diluted net loss per share is a non-GAAP financial measure that is calculated as GAAP net loss plus equity-based compensation expense and related taxes, (benefit from) provision for income taxes, and nonrecurring items divided by weighted average shares. We believe that adding back equity-based compensation expense and related taxes and (benefit from) provision for income taxes, and non-recurring items as adjustments to our GAAP diluted net loss, before calculating per share amounts for all periods presented provides a more meaningful comparison between our operating results from period to period.

4


THE REALREAL, INC.

Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consignment and service revenue

 

$

60,713

 

 

$

42,178

 

 

$

116,950

 

 

$

83,177

 

Direct revenue

 

 

10,263

 

 

 

4,807

 

 

 

23,281

 

 

 

10,267

 

Total revenue

 

 

70,976

 

 

 

46,985

 

 

 

140,231

 

 

 

93,444

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of consignment and service revenue

 

 

17,200

 

 

 

12,349

 

 

 

33,147

 

 

 

23,926

 

Cost of direct revenue

 

 

7,726

 

 

 

3,857

 

 

 

18,652

 

 

 

8,134

 

Total cost of revenue

 

 

24,926

 

 

 

16,206

 

 

 

51,799

 

 

 

32,060

 

Gross profit

 

 

46,050

 

 

 

30,779

 

 

 

88,432

 

 

 

61,384

 

Operating expenses (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

11,715

 

 

 

9,276

 

 

 

23,448

 

 

 

18,910

 

Operations and technology

 

 

34,320

 

 

 

22,997

 

 

 

65,865

 

 

 

44,329

 

Selling, general and administrative

 

 

25,355

 

 

 

14,377

 

 

 

47,674

 

 

 

27,901

 

Total operating expenses

 

 

71,390

 

 

 

46,650

 

 

 

136,987

 

 

 

91,140

 

Loss from operations

 

 

(25,340

)

 

 

(15,871

)

 

 

(48,555

)

 

 

(29,756

)

Interest income

 

 

610

 

 

 

81

 

 

 

1,015

 

 

 

165

 

Interest expense

 

 

(380

)

 

 

(526

)

 

 

(511

)

 

 

(723

)

Other expense, net

 

 

(1,706

)

 

 

(1,279

)

 

 

(1,987

)

 

 

(1,387

)

Loss before provision for income taxes

 

 

(26,816

)

 

 

(17,595

)

 

 

(50,038

)

 

 

(31,701

)

Provision for income taxes

 

 

59

 

 

 

 

 

 

59

 

 

 

 

Net loss

 

$

(26,875

)

 

$

(17,595

)

 

$

(50,097

)

 

$

(31,701

)

Accretion of redeemable convertible preferred stock

   to redemption value

 

 

 

 

$

(1,342

)

 

$

(3,355

)

 

$

(2,451

)

Net loss attributable to common stockholders

 

$

(26,875

)

 

$

(18,937

)

 

$

(53,452

)

 

$

(34,152

)

Net loss per share attributable to common

   stockholders, basic and diluted

 

$

(2.83

)

 

$

(2.28

)

 

$

(5.87

)

 

$

(4.11

)

Shares used to compute net loss per share

   attributable to common stockholders, basic

   and diluted

 

 

9,494,447

 

 

 

8,314,251

 

 

 

9,102,234

 

 

 

8,307,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

74

 

 

 

39

 

 

 

143

 

 

 

72

 

Operating and technology

 

 

476

 

 

 

263

 

 

 

966

 

 

 

536

 

Selling, general and administrative (2)

 

 

737

 

 

 

379

 

 

 

2,107

 

 

 

618

 

Total

 

 

1,287

 

 

 

681

 

 

 

3,216

 

 

 

1,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes compensation expense related to stock sales by current and former employees in March 2019.

 

 

5


THE REALREAL, INC.

Condensed Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

 

June 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

53,314

 

 

$

34,393

 

Short-term investments

 

 

13,372

 

 

 

27,131

 

Accounts receivable

 

 

9,517

 

 

 

7,571

 

Inventory, net

 

 

12,664

 

 

 

10,355

 

Prepaid expenses and other current assets

 

 

10,563

 

 

 

9,696

 

Total current assets

 

 

99,430

 

 

 

89,146

 

Property and equipment, net

 

 

40,427

 

 

 

33,286

 

Restricted cash

 

 

11,700

 

 

 

11,234

 

Other assets

 

 

6,573

 

 

 

1,751

 

Total assets

 

$

158,130

 

 

$

135,417

 

Liabilities, Redeemable Convertible Preferred Stock, Convertible

   Preferred Stock and Stockholders’ Deficit

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,469

 

 

$

5,149

 

Accrued consignor payable

 

 

33,404

 

 

 

35,259

 

Other accrued and current liabilities

 

 

42,475

 

 

 

41,956

 

Long-term debt, current portion

 

 

6,498

 

 

 

5,990

 

Total current liabilities

 

 

86,846

 

 

 

88,354

 

Long-term debt, net of current portion

 

 

 

 

 

3,249

 

Other noncurrent liabilities

 

 

10,076

 

 

 

7,304

 

Total liabilities

 

 

96,922

 

 

 

98,907

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.00001 par value; 37,403,946

   and 31,053,601 shares authorized as of June 30, 2019  and December

   31, 2018, respectively; 37,403,946 and 31,053,601 shares issued and

   outstanding as of June 30, 2019 and December 31, 2018, respectively

 

 

198,228

 

 

 

151,381

 

Convertible preferred stock $0.00001 par value; 77,781,921 and 73,950,153

   shares authorized as of June 30, 2019 and December 31, 2018,

   respectively; 77,556,411 and 73,724,645 shares issued and outstanding

   as of June 30, 2019  and December 31, 2018, respectively

 

 

169,102

 

 

 

142,819

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

Common stock, $0.00001 par value; 155,649,887 and 145,467,774

   shares authorized as of June 30, 2019 and December 31, 2018,

   respectively; 9,701,266 and 8,593,077 shares issued and

   outstanding as of June 30, 2019  and December 31, 2018,

   respectively

 

 

1

 

 

 

 

Additional paid-in capital

 

 

1,729

 

 

 

 

Accumulated comprehensive income (loss)

 

 

5

 

 

 

(25

)

Accumulated deficit

 

 

(307,857

)

 

 

(257,665

)

Total stockholders’ deficit

 

 

(306,122

)

 

 

(257,690

)

Total liabilities, redeemable convertible preferred stock, convertible

   preferred stock and stockholders’ deficit

 

$

158,130

 

 

$

135,417

 

 

6


THE REALREAL, INC.

Condensed Statements of Cash Flows

(unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(50,097

)

 

$

(31,701

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,993

 

 

 

4,136

 

Stock-based compensation expense

 

 

2,397

 

 

 

1,226

 

Change in fair value of convertible note derivative liability

 

 

 

 

 

1,248

 

Bad debt expense

 

 

681

 

 

 

333

 

Compensation expense related to stock sales by current and former employees

 

 

819

 

 

 

 

Change in fair value of convertible preferred stock warrant liability

 

 

2,100

 

 

 

183

 

Accrued interest on convertible notes

 

 

 

 

 

223

 

Accretion of unconditional endowment grant liability

 

 

44

 

 

 

53

 

Accretion of debt discounts

 

 

9

 

 

 

97

 

Amortization of premiums on short-term investments

 

 

42

 

 

 

15

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,627

)

 

 

918

 

Inventory, net

 

 

(2,309

)

 

 

(1,453

)

Prepaid expenses and other current assets

 

 

(867

)

 

 

(3,913

)

Other assets

 

 

411

 

 

 

70

 

Accounts payable

 

 

157

 

 

 

(1,480

)

Accrued consignor payable

 

 

(1,855

)

 

 

(3,872

)

Other accrued and current liabilities

 

 

(1,744

)

 

 

4,516

 

Other noncurrent liabilities

 

 

672

 

 

 

695

 

Net cash used in operating activities

 

 

(46,174

)

 

 

(28,706

)

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(9,151

)

 

 

(2,211

)

Proceeds from maturities of short-term investments

 

 

22,898

 

 

 

7,600

 

Proceeds from sale of short-term investments

 

 

 

 

 

7,023

 

Capitalized proprietary software development costs

 

 

(3,887

)

 

 

(2,245

)

Purchases of property and equipment

 

 

(10,042

)

 

 

(4,164

)

Net cash (used in) provided by investing activities

 

 

(182

)

 

 

6,003

 

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of redeemable convertible preferred stock, net of

   issuance costs

 

 

43,492

 

 

 

86,640

 

Proceeds from issuance of convertible preferred stock, net of issuance costs

 

 

26,283

 

 

 

 

Proceeds from issuance convertible notes, net of issuance costs

 

 

 

 

 

14,273

 

Proceeds from exercise of stock options and common stock warrants

 

 

1,774

 

 

 

63

 

Payment of deferred offering costs

 

 

(3,056

)

 

 

 

Issuance cost paid related to conversion of convertible notes

 

 

 

 

 

(545

)

Repayment of debt

 

 

(2,750

)

 

 

(1,500

)

Net cash provided by financing activities

 

 

65,743

 

 

 

98,931

 

Net increase in cash, cash equivalents and restricted cash

 

 

19,387

 

 

 

76,228

 

Cash, cash equivalents, and restricted cash

 

 

 

 

 

 

 

 

Beginning of period

 

 

45,627

 

 

 

20,660

 

End of period

 

$

65,014

 

 

$

96,888

 

 

7


The following table reflects the reconciliation of net loss to Adjusted EBITDA for each of the periods indicated (in thousands):

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted EBITDA Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(26,875

)

 

$

(17,595

)

 

$

(50,097

)

 

$

(31,701

)

Depreciation and amortization

 

 

3,185

 

 

 

2,138

 

 

 

5,993

 

 

 

4,136

 

Stock-based compensation

 

 

1,287

 

 

 

681

 

 

 

2,397

 

 

 

1,226

 

Compensation expense related to stock sales by

   current and former employees

 

 

 

 

 

 

 

 

819

 

 

 

 

Interest income

 

 

(610

)

 

 

(81

)

 

 

(1,015

)

 

 

(165

)

Interest expense

 

 

380

 

 

 

526

 

 

 

511

 

 

 

723

 

Other expense, net

 

 

1,706

 

 

 

1,279

 

 

 

1,987

 

 

 

1,387

 

Provision for income taxes

 

 

59

 

 

 

 

 

 

59

 

 

 

 

Adjusted EBITDA

 

$

(20,868

)

 

$

(13,052

)

 

$

(39,346

)

 

$

(24,394

)

 

A reconciliation of GAAP net loss to non-GAAP diluted net loss, the most directly comparable GAAP financial measure, in order to calculate non-GAAP diluted net loss per share, is as follows (in thousands, except per share data):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(26,875

)

 

$

(17,595

)

 

$

(50,097

)

 

$

(31,701

)

Stock-based compensation, including

   compensation expense related to stock sales

   by current and former employees

 

 

1,287

 

 

 

681

 

 

 

3,216

 

 

 

1,226

 

Provision for income taxes

 

 

59

 

 

 

 

 

 

59

 

 

 

 

Accretion of redeemable convertible preferred

   stock

 

 

 

 

 

(1,342

)

 

 

(3,355

)

 

 

(2,451

)

Remeasurement of preferred stock warrant

   liability

 

 

1,820

 

 

 

79

 

 

 

2,100

 

 

 

183

 

Non-GAAP net loss attributable to common

   stockholders per share, basic and diluted

 

$

(23,709

)

 

$

(18,177

)

 

$

(48,077

)

 

$

(32,743

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares

  outstanding used to calculate Non-GAAP net

  loss attributable to common stockholders

  per share, basic and diluted

 

 

9,494,447

 

 

 

8,314,251

 

 

 

9,102,234

 

 

 

8,307,010

 

Non-GAAP net loss per share, basic and diluted

 

$

(2.50

)

 

$

(2.19

)

 

$

(5.28

)

 

$

(3.94

)

Common shares outstanding used to calculate

   Non-GAAP net loss attributable to common

   stockholders per share, basic and diluted at

   the close of the IPO on July 2nd

 

 

85,314,872

 

 

 

 

 

 

 

85,314,872

 

 

 

 

 

Non-GAAP net loss per share, basic and diluted

 

$

(0.28

)

 

 

 

 

 

$

(0.56

)

 

 

 

 

 

8


The following table presents a reconciliation of net cash used in operating activities to free cash flow for each of the periods indicated (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net cash used by operating activities

 

$

(23,603

)

 

$

(13,734

)

 

$

(46,174

)

 

$

(28,706

)

Purchase of property and equipment and

   capitalized proprietary software development

   costs

 

 

(8,500

)

 

 

(3,207

)

 

 

(13,929

)

 

 

(6,409

)

Free Cash Flow

 

$

(32,103

)

 

$

(16,941

)

 

$

(60,103

)

 

$

(35,115

)

 

The following table presents a reconciliation of pro-forma share count as of June 30, 2019:

 

 

 

 

 

 

 

Pro Forma Adjustments

 

 

 

 

 

 

 

Post-Split

6/30/19

Actual

 

 

Conversion

of Preferred

Stock

 

 

Issuance

upon IPO

 

 

Pro Forma

June 30, 2019

 

Total Common Stock Issued and Outstanding

 

 

9,701,266

 

 

 

58,363,606

 

 

 

17,250,000

 

 

 

85,314,872

 

 

Key Financial and Operating Metrics:

 

 

 

March 31,

2018

 

 

June 30,

2018

 

 

September

30, 2018

 

 

December

31, 2018

 

 

March 31,

2019

 

 

June 30,

2019

 

 

 

(In thousands, except AOV and percentages)

 

GMV

 

$

158,378

 

 

$

162,954

 

 

$

170,923

 

 

$

218,495

 

 

$

224,116

 

 

$

228,487

 

NMV

 

$

113,347

 

 

$

115,916

 

 

$

123,550

 

 

$

153,775

 

 

$

160,538

 

 

$

164,782

 

Consignment and Services

   Revenue

 

$

40,999

 

 

$

42,178

 

 

$

45,744

 

 

$

55,070

 

 

$

56,236

 

 

$

60,713

 

Direct Revenue

 

$

5,460

 

 

$

4,807

 

 

$

6,095

 

 

$

7,023

 

 

$

13,019

 

 

$

10,263

 

Number of Orders

 

 

356

 

 

 

359

 

 

 

409

 

 

 

471

 

 

 

498

 

 

 

505

 

Take Rate

 

 

35.1

%

 

 

35.5

%

 

 

36.4

%

 

 

34.9

%

 

 

35.3

%

 

 

36.6

%

Active Buyers

 

 

326

 

 

 

352

 

 

 

379

 

 

 

416

 

 

 

455

 

 

 

492

 

AOV

 

$

445

 

 

$

453

 

 

$

418

 

 

$

464

 

 

$

450

 

 

$

453

 

% of GMV from Repeat Buyers

 

 

81.5

%

 

 

82.9

%

 

 

82.9

%

 

 

81.6

%

 

 

82.4

%

 

 

83.1

%

 

9