REAL - Earnings call 4 2023 | The RealReal, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the RealReal Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Caitlin Howe, Senior Vice President of Finance. ahead. go Please

Caitlin Howe

operator. Thank you,

and today ended to Officer, for me Suko. Rati our Koryl; Chief Officer Legal Officer, discuss XX, XXXX, period Todd Levesque; Officer, December Operating Executive and the Chief and Financial President and Joining Chief results Interim our John Chief

Before uncertainties. statements, that known which today's we and like we call, unknown you I remind would and involve will begin, risks to during make forward-looking

in actual results materially differ statements. Our from those such suggested may

about these could information reports uncertainties and results You the that more can XX-Q. recent quarterly risks, other factors and affect in find on Form subsequent operating our Form company's most XX-K

to include which GAAP measures the Today's also certain presentation release. for financial in our and historical earnings measures, will we both press measures, forward-looking reconciliations most historical financial comparable non-GAAP provided have

In website. press addition a our John the Officer of earlier today, we available would RealReal. of the Chief shareholder Executive over I Investor turn now letter issued on to which to call are earnings both Relations Koryl, release, the to like

John Koryl

welcome Caitlin, Today, results financial reported quarter earnings year the our fourth Thanks, we for and call. full to and XXXX.

first time a quarter well IPO positive in since XXXX, full positive as ever we as flow. adjusted reported EBITDA quarter first our of our of the cash For free

high Our midpoint of the exceeded of QX range. and our EBITDA GMV exceeded and revenue end the our adjusted the QX QX guidance range guidance

which capital prepared for our Importantly, remarks. of I'll further we details announced a today in structure, provide later my reworking

Additionally, we leadership announced updates. recently exciting two

as introducing future. in a e-commerce forward us with ] marketplace. with Ajay CFO, March. in Ajay CFO an strong Ajay [ to two experience as him look new side background our near join extensive We an the Gopal as well First, brings will

is of also Board Group the that Neiman Chairperson. and CEO our member is Katz current Marcus Karen at ] newly who our appointed [ We former ], a Board announced [

business XXXX from operations starting solid believe and Taken with RealReal a perspective. together, that the momentum off we organizational

consignment refined financial to in growth We profitable with business. model by were strategic our XXXX results on improved driven our our supply. shift focus Our core refocus on a

revenue sales part efforts, commission to As these half, and approach structure reduced overhauled consignor marketing. revamped and by our we our of direct

our of as to ahead, virtual previously new trusted has unlock from consignment potential dropship to supply Looking initiative incremental referred the consignment partners.

XXXX profitability. Operationally, to significant results our on path in were our forward a step

beginning our investments product are in and efficiencies We technological enhancing are we on and centers in and the automating authentication to capabilities deliver from In our authentication. intelligence. our artificial focused automation improve further processes to XXXX, our flow

initiatives to QX the we While to small a a in superior will these require investment of continue enable It on benefits. our authentication best-in-class us and deliver our year, are experience to enhance this customers. long-term bullish

private, certain announced capital and debt with separately transactions of a entered structure. notes exchange our our Today, into holders we Regarding in convertible XXXX XXXX. senior that we negotiated due

result to of the flexibility indebtedness our we by execute than reduced a structure million, on strategic our As $XX substantial for capital transactions creating more runway and us debt vision. exchange total

in to track consignors profitable exceptional deliver breakeven efficiencies operational driving QX in full believe supply Today, financial provided we XXXX. a delivering we XXXX that to on growing and buyers, Through project EBITDA forward, year are service guidance. and that, resale. capitalize open adjusted we our on we leader Looking of we to continue year XXXX and progress With believe we our can XXXX. in as trajectory the and excited bottom our significant position business the growth make call to continue for questions. let's line the luxury about as I'm we on reaccelerate the will

Operator

Instructions]. Thank you. [Operator

from Baird. of line the from comes question first Altschwager Our Mark

Mark Altschwager

the this results quarter. on Congrats

tailwinds especially to more there's as love relates past as should of aspirational the online. would and as your as perspective luxury it say, there, a I discussion slowdown your view in little and Do the over buyer headwinds engagement. both been And bit apparel, goods you here or of trends picture business consumer, quality a the intensity well of bigger supply general? few So in quality months, resale lot for these for of promotional supply

Rati Levesque

Thanks, Yes. Rati. Mark. This is

far as health in the of consumer a saw So goes, the little QX, blip. as we

of I We think we And the in the up. in it quite going didn't into QX, then October. the definitely both will also about see the promotional side. demand happy we being with supply and picked spoke that say, more on consumer October. I consumer about that, slightly for After talked rest the there, quarter.

both of So the sides marketplace.

looks of the the in. the way GMV we to and to appointments all And look or again, healthy. supply coming very funnel top Our at opportunities revenue

Mark Altschwager

follow-up a respect guidance. maybe the And Excellent. with to

years, Over an year perspective few back guide QX. past point I has the think, much the The low of EBITDA marked seem improvement. to QX, in the imply doesn't especially initial improvement half, with from here the

at loss with revenue the but QX, breakeven us for especially QX. this midpoint at year. the walk the midpoint the I the Maybe some through I some think of implying that after full think acceleration $X different, are in million guide, dynamics a year nice

Caitlin Howe

the Mark. is This for Caitlin. question, Thanks Yes.

I And the negative X%. say midpoint is so guidance what would of there QX the is

which really business seasonality, so of our back a cadence, this our are return both And typical and loaded line. top of expecting to of a we're is terms what we for line type more bottom in half year typical

think QX line of been some bottom accelerates making kind And over then in a year, to it and back typically anomalies that, company, the line, and QX year. kind of the even throughout the So you're business. we pretty were excluding and the changes going which are When look top historically, so between I course time of the had last see of you because we've that public right?

of think year this that's So too. I we're it. kind about thinking how

last have comps, we value, other that year. where just we're of I had QX about supply would lot then of kind comp I brought a is in we through kind but think of value direct. in And we as we right, that moved low minimizing through, do of factor we our acceleration So We a see we've minimizing think of year. are, tough we feeling were good because some the low the

think that too. throughout I we So year, going as the accelerate you're to see

Operator

Our next the from question Anna from of Andreeva comes Needham. line

Anna Andreeva

discussed wanted where timing guys. in new opportunities. the And as are of profitability, the streams guys you in upside reach the -- in secondly, rather. I plan profitability warranty year. the go and with on to came quarter what's remind quarter, we that us also the biggest Maybe ads you versus the check through sponsored have and revenue where Congrats P&L the to the the fourth second

Caitlin Howe

again. first the can then and is and Thanks, Caitlin don't new Why Koryl comment Ana. the take I streams. This on revenue one team the

expectations, trends mentioned, as general October, we saw I more of kind was concern just or kind some what versus there in think broadly. So for our demand watching of Rati QX out

What QX. weren't to exception did we that. a in we is so an saw on And line acceleration we nice see top through the

a I perspective, so QX. with pleased up think And were ended in where line we from we top

beat And -- split then between from evenly I our about and the profit flow-through, roughly gross as would OpEx. versus we was expectations think say

that. through talk let's so And

again, expected, perspective So year, and change what the the while we in earlier XX% in QX, shrinking than a from a a helped made favorability consignment that grew more is margin bit quarter year. We last gross versus into which, revenue more we direct this prior little purposeful [indiscernible]. us mix direct than had

late I within And continue that would on in then in, inventory commission in thought the things. to bit that the make a progress favorable made little take would quarter then the say XXXX, efficiencies transportation those of we change helped products margin terms rate kind function of quarter, that's we of we say, versus more order the of the sold we land other with mix was importance, and shipping control, thing structure was costs, and where a that types than and in we'd of anticipated combined of favorable I

On would support just disciplined really were is on OpEx, being we what OpEx. in the the of I say terms favorable that

sales nice like spend, just more support but ops support we OpEx. less quarter, right, and but we and healthy, when of and on we supply about we where when we in a came an So really talk disciplined expected, had is the supply spending, or bit little sales and area were versus healthy a to so that's ops, maybe where

John Koryl

And in capability. terms of launching QX the drop ship new is a revenue,

QX impact didn't reported. that all that at So we

QX from So I've learned bit we was results. XXXX. for you perspective, our a in business been have of to We've of site of the at very But And It's right? need a be our impact is anything at careful that will that from core little see that. distracts a we on all our year. business, whatsoever learning advertising something half not what probably time a But in not all material perspective business. an experience sign nice end huge focusing core with. day, the it the from spend is to a

as now, as seeing that making the in efficiency the And investing operational that sure we're all with and sales focusing our really team core much warehouse in right marketing need we So investing again, we're business right and the on means we're tailwind on providing that. side. just in way authentication our and

is truly only our QX, is but core about this not story business. outlook So XXXX our a

Operator

comes James. the one from of Patel line next Rick Our from Raymond

Rakesh Patel

economics provide drop any ship the consignment? afternoon, on context how first everyone. this where good touch much you, the positive year. can Just opportunity curious And can and profitability. Thank in you unpack can contribution you the versus understand quarter Can the just volume to as about if for curious of you of help think ramp the end by you us drop ship can if the secondly, it then towards

Rati Levesque

again. Sure. Rati Rick, it's

is well. revenue we're small in a confident that this not learning, going drop really like when are are about this we're about this Its small channel and and and it forecast a Paul learn, think very generate and growth in mentioned, has you're 'XX. to year. test -- we us a with the really ship as year, So We -- we're for new thinking see baked how very few that's next about early, it years. huge streams, But a impact it is it, a for excited we other

Rakesh Patel

on aggregate, perspective then mechanics interest anything there XXXX refi we to impact as the think it. can from debt the in cash going in and will expense modeling also following count for the be changes flow help share contemplate cash with beyond? about the of impact Got forward? the is And a the And you what us

Caitlin Howe

Yes.

refi a large the So portion XXXX. lot have modeling you of debt. inexpensive of from a led from still and a We perspective, really perspective, free But feel had in here. a especially clearly, so we jump in to that, Todd, that,

are a those coupon. X% So

inexpensive very debt. significant And interest has so the debt structure still a rate portion our environment of but capital is on capital our of side changed. structure

And I have so we'll will have to that. be cash And incremental pay. some expense if commentary you that there know Todd, don't around

Todd Suko

expenses, And the Yes. of The about reasonably not cost check. that average interest your X.X% our I'm year. or $X.XX question. think we weighted low $X.XX incremental answers if in debt sure at cash, stays first

Rakesh Patel

about forward? anything share And context. helpful count That's to Yes. think for going the

Matthew Gustke

For sure.

I approximately. just that amount the it's -- warrants that the were the So were in but total million of say issued would agreement, $X.X

X% year-end you over dilution share count. bit little So the use when

Caitlin Howe

as And a I is little we would were saw transaction, delever Rick, bit other favorable. only the the able we thing just add which to

Operator

Our next UBS. line Madhukar the of from Kunal question comes from

Jason Napier

from This questions. is Kunal Jason Couple on of UBS. for

provide release, I components of but first press in the in much which, the compared of year-on-year charge million this details side line about change? your could we modeling around some things. to pretty follow-up. footnote the the And how one underlying can have XXXX $X of and on guidance? item restructuring XQ see So of terms speaking the dollars please a better-than-expected is you for in think EBITDA drove that the I And the

Caitlin Howe

Yes.

really we QX the crest estate. to some exiting with real do had charge the that of So restructuring took in

did And so incur additional we expenses.

your think you're types ongoing So I operations. when spending estate It's those I exit bit part what of not it you that's little because to a it's would drove differently. -- exclude characterize of real things favorability. don't our

would it. characterize that's how So I

Jason Napier

Got it.

helpful. of and levels inventory levels question think can Second XXXX to about margin this year? is Any really sort compared on for color the be that how we gross would

Caitlin Howe

Yes.

assume I there talking owned about So inventory. you're

XX if of So balance million at the at we inventory And our owned was peaked to remember, about XX $XX million. inventory end $XX ago. of you months XXXX

minimizing that I what of is in would say those transactions. business, minimizing really reflective that's us inventory So direct the owned

And to less consider be or more so this for I new a would us. normal

ways through are it's there that acquire So inventory, we still and out-of-policy really returns.

our balance then consignor, something, take that back returns good the in certain out somebody buyers. already Really sheet paid if repeat we So we've onto will circumstances.

with obviously, more we grow business. -- all amount. that's will a small So assume It's dollar less a in small, the that or

some now, customer offering. which there are get a really then also is And paid really,

brands watches, pay So where consignor typically some then pay them high-end circumstances, of in less. is we certain There categories high-end very categories, bags. limited a on a we high-end upfront situations few will and

So those you'll more. we us, goods. with end think discount if up you risk are can really But sign those to of having low earning

So of during what did buy we kind COVID this that's done at those go two will really but minimized and continue, out and to inventory, point.

or thinking total how now. revenue, less forward. will inventory it So going more We it's that we're as assume going owned to that range of X% a X% stay about and percent forward inventory is right in

Operator

the comes question Marvin of from next Fong Our BTIG from line LLC.

Marvin Fong

about like October. saying the believe said January, you even I'd back guess signs Congratulations you're what pretty that was I to And though were after kind that circle on elsewhere quarter. the Rati happy of consumer bumpy with there back. improvement pull to the the I

was could -- like with you on the if curious why resonating are guys I doing guys Or that thoughts did So -- do you of kind yourselves anything saw your proposition the like you it just that that? with consumer? have feel or Was something value it's is with improvement? you marketing just you it any

John Koryl

the question. for thanks Marvin,

I think of it's the all above.

people of customer. we how capabilities have personalize the what forget with think I a relationship our is to on lot didn't

from "Hey, a year And Marvin while. haven't now gotten a say, something couldn't that in at we heard really we we've good is ago,

offer him that so he have something We it make let's can capability. now that Here to consign."

We have capability side. customer the the same exact on

just marketing one So that's side. example on the

we're of tenure the past knew in with sales in our business, And the always and relationship We done and team sticktuitiveness but ultimately, relationship On the the Rati consignor were the efficiency is the in our other lot that team. coming the the tenure and sales through really [ year. the ] of increases have from increasing that's increases, really as side relationship of coin, incredible customer seeing job a an of the we representatives. RealReal's of good.

customers. relationships have into it Rati? lot to of turning we're and marketing and lot even continuity We into seeing consignors a But of consignors those business stickier, goes sales lot have a made so customers still lot a as more and from a add, a perspective opportunities Anything a of are the forward.

Rati Levesque

investments I would working, are program. our Well, say the We just affiliate right? have also,

We our more have a referral program. We're offering events, consumer event.

and year I then investments So now to and year can't forward personalized like we are oral, better sales we efficiency full have investments. promotions. like look working more And Don our this of of a and mentioned, are -- kind tactics overemphasize marketing our in because the together, working these

future. how who and from, it and need we know we it to Now that's to and a get get

Marvin Fong

That's terrific. And maybe follow-up.

observed So that were and you quarter. I year fourth provided guys guidance the the in down buyers obviously full active

of of of could flush you out finally growth buyer active as cycling just count? active what secondly, talk about GMV just of year the thinking first And you're final you the kind a buyer So through AOV full is, went just versus growth providing guidance? kind that buyers your is about part low-value

Rati Levesque

Sure. can one, that Yes, Marvin. I take

So are decelerate QX. active buyers in

We inventory, expected of the value, all is changes unprofitable categories, low unprofitable we direct This business. made moving that that. moving out the out

forecasted. have something it's we that So

quality the value that's way this kind year. year what think on. half consumer, the same is focused quality see into order going to product of [indiscernible] the we're this of going going the You're and back we the about of this definitely same really the into turn average And of of --

Operator

Fargo. of question line comes next Ike from Boruchow from Wells Our the

Irwin Boruchow

me. from questions Two

demand the First, on side.

February. and to talk you of of January, thus talked to soft companies curious lot Have far season. start lines intra-quarter Just this February, the seen consumer seen some -- earnings in do late out softness listening coming stabilization to you've you companies early other about A have volatility QX.

but mirror I'm granular, to seeing? kind what of you're kind is curious just your get curious, of how flowed. not I'm business of Just too Or kind has just that

Caitlin Howe

Yes.

kind month going an saw, this the month urge I think we're the far general the I where But about lose. And I week the to or giving is think by by week think throughout think QX. is saw [indiscernible]. of of And resist principle optimistic acceleration momentum we've cautiously feeling we're we seen so right? what QX, maybe We pretty good business is. overall, optimistic, I

Irwin Boruchow

and then the guidance Got if it. And margins revenue. the just shift can to on I

margin. first on the So just

call, last the said like a said low I you XXs I you think like normal. the gross had margin, new it's think

the we of a low gross kind great we throughout we year? margin? had of of obviously gross expecting margin as seasonality should Is the kind be think XXs there model should You

And versus those revenue? on line moving rate help Any QX trend the would GMV direct revenue then, be full for the supposed through can Caitlin, guidance two, just you or help on items between is with guide, the great. those How year? to us pieces some maybe take that the just of year

Caitlin Howe

Great absolutely. Yes, question.

through GMV hit So there think of if on. that you flowing a about factors of total couple revenue, you the kind

and take product. So then rate mix also of

And GMV Direct for so talking mix, direct. revenue. consignment flows when dollar I versus say dollar about from to I'm through

a bit direct. exited year a there's year I as saw still And of headwind last XXXX think so of bit little we or that. this you little

QX comping in then But You're direct to, total once going is of to that lower percent we going start we believe, see a still shrink. will direct.

to GM consistent a to total see flow more I from revenue. Bobby you're going through think

the that really, at consignor the XXXX. And by rate. change forward, we was think to I should that there going QX, as take of normalize. it think exit in points Take basis business, then XXX a noise So again, end continue rate but card up I of rate right, just little direct mostly made bit commission were we the we saw driven you

we product so sell saw card guys P&L had came to in you of see the But under in half we then -- saw of through first rate a the the old XXXX. half you And that clean of in the the year. back kind

higher And just sold So this quarter. say take now will I normal that's a rate level. is mix a within given here, product would at is is what of the new from what change

to pressure or highest flow-through good ASP is getting QX. higher the be you see it units. so And But the a up higher, what a going to QX, little little bit on in in as those be AOV It rate. to you're tends year of tends end out on take goes

So line. asked about that other that's kind margin. margin of top the you gross then And -- piece was

here's I normal. in would pretty will it is Again, that say what were QX. And And our is the mix has I high has think the we say based high low feeling XX% a of But is kind pleased that. that new gross we vary about I would plus products Consignment pretty XXs gross that we sell. think on margin pretty business of we're quarter-to-quarter good inherently. with a margin

as so margin gross on good to and consignment about overall pretty into the growth be. the we I And top will return where we feel think line, mix that more

Operator

Our Capital next question of comes KeyBanc from the Owens from Ashley line Markets.

Ashley Owens

Great.

we made to have been changes the about EBITDA this quarter. really So see business, encouraging to the positive that talked the

to little more confidence growth gives guidance behaviors firm? range that trajectory think the kind low in revenue And that will in this growth of that we'll year, today, of terms you mid-single-digit today this kind the on shopper given persist. the of website that you double-digit momentum the Just seeing bit is what are and see here you a

Rati Levesque

We we And going consumer, strong, mentioned the where the that let I'll add strong. jewelry and earlier, based it year Yes. for I say, based pretty and on the the start on missed. value are would I'll Sure. the consumer anything feel I with is fine health quite into Actually, I confident, John high of supply like on starts then funnel, all is us. based

works And won't the we QX, we've that in than of So the any at for seeing tested optimistic. about that I healthy going QX that talked then launching into growth give all more us. in really are are we're guidance programs but that supply, look quite we we QX.

working Those rep into between marketing and sales, QX, and sales of quite investments, marketing that that team I and around sales realignment like of mentioned, value QX, is in the healthy quality going for us. started really is it tenure all the

So into we're we're QX. of and pay that seeing continue off, these seeing investments kind growth

John Koryl

double-digit and goods year low-value it's business, said. QX think grower developing really tough supply-constrained team against definitely lot and up in last really pretty direct clearing comps, doing from obviously, this the job I a with is well good of supply. see I as a We're a No, low We out some of goods. we're the said,

So year. a did last we even negative margin

we terms more in this longer-term to in of comps business year, to there, see sustainable, especially half from date. our been easy, be the as going we've but of than much growth of model back aren't So the profitable we've the as being the said, running

Operator

question. Our next

Our question from from comes next the Tom line Wedbush. Nikic of

Tom Nikic

I wanted to the ask debt transaction. about

least to where that feel structure be? step So now to like years this do next Or exactly of couple the come? it big is you get at want tranches until need essentially, of this, do you you're kind to kind you've a the done you like another then transaction of set like for one kind now like capital this and good of

John Koryl

model. adjusted my able role. particulars. what what from X-plus And And on this Carl. Yes. be better. partners then is we breakeven to in our perspective, us to time we my is and 'XX then how what the And to And that us give right I'll right me then we John you've and a what quarters in what give this path, the or honestly, Todd in to do get that can us can Tom, do the prove into time is on X and out. Give -- is build with model us the let were about was quarter it. years From the our the that the I'll EBITDA previous that? team perspective, I could incredibly we're talk runway challenge give runway and to this was the prove prove seen they is important But

of specifics exactly to to able But the the we transaction, the prove the in deal Todd. timing forward. got terms I'll being of going the So we it want business what of will turn over of out that

Todd Suko

this question see capital how going about Tom, Todd. we your do I the is structure mean think forward. to I

I right have for think as flexibility in deal that now, we'll we making have of options to of And improves, this future. lots think decisions. the plenty good that I that with

Tom Nikic

just right. make Great. a terms. I And I All sure if ask could quick follow-up. kind I to just want understand the of

interest on the debt the is total is and Is is X.XX% which X.X% X.XX% the... So cash? pick rate that of

John Koryl

Tom, it's and $X.XX cash $X.XX.

Operator

Piper Our A from from the next quick of me. ones Edward question Edward from Yruma KWMLLC. for of comes Yruma It's couple line Sandler.

Just I I XX notional. think, First, were, the housekeeping converts recall a question. If XXX

seen in on hard easing out, So kind like but pricing triggers promotions even takes has And We've luxury, the And your a impacted how I deterioration picture seen guess then have bigger And question. XXX. some growth? consignment, you assume I this revenue versus of maybe watches. of then them cash pricing? largely things guess, what I I a it know tick interest.

Matthew Gustke

Yes.

So I'll part. the take first

$XXX $XXX.X. replace XX plus face we another how note. XXXX the those of notes So to deleverage. senior And took And of with that we million million $XXX.X secured the get out that's the $XX of value was of the million million $X.X

Rati Levesque

Edward. as consumer seeing that, far piece where of of it The part squeezing their. second pricing as the the take I and then we're And

data. smarter for We've selling price is items gone We're average and ML of like-for-like concerned. far as have as Attribution years getting got XX up. Our pricing.

real and so kind and pricing we better and the models more It's more this prices, now for are over feel algorithm the and to throughout And consignor. of really higher about our test better expanding good continuing for higher categories year.

about happy the there. progress we're So

wear consumer as by we're healthy, to quite luxury and seeing mentioned items the before, is back. high far like is I value well jury We're doing where ready with overall. As

John Koryl

Yes.

That's -- pile on. Just

year, million honesty, and seeing month we the amount putting every unique been but the the history a X lot that think together, amazing. I data all benefits, of a the really only it's I've power SKUs but SKUs only here all million of still of pricing unique in this have not it. per providing month. makes it's years, XX X knowledge in

of seen category. per just lot We billion, website everything push signal from actually X before X.X category then we've try So get can year. from up it, visitors we our billion about pricing and our website by the a

So you that obsess you perform top it, this then but wonderful have have people while, combination builds product seeing of actually algorithm have in of how many you actual of experience the an the the on how their in honesty, to of of I it lot add all able a people of many on intelligence cart, competitive type offset of those a softness to our -- we've side. things. been And think lot with all

Tom Nikic

discretion? is on And just tabulate at makes the Is cash it? versus what you pick interest, your

John Koryl

not discretion. it's No,

then the accrues. [indiscernible] and So X.XX% cash just it's

Tom Nikic

plus X.X% the... It's

John Koryl

Yes, correct. It's I'm plus [indiscernible]. maybe sorry, the

Operator

now conference time, for John the At to CEO, to back this like closing turn remarks. over would I Koryl,

John Koryl

Yes. Thank you joining for us today.

experience their have your fashion without thank in Thank team I luxury XX any XXXX. phase to dedication the relentless to and of the you. make like milestones our growth entire at We to like closing team. for we'd progress our results call, the accomplished couldn't these honestly delivering significant in hard to Before work efforts RealReal operations sustainable. and We to to in more next as in deliver thank extend of preeminent the more of our our the We'd on join consignors forward to life also and beyond. . resale the look members XXXX and our million mission they and us our buyers. than luxury

Operator

for participating. you Thank call. conference today's concludes This

disconnect. now You may

The RealReal, Inc. (REAL) 29 Feb 242023 Q4 Earnings call transcript