Rent the Runway, Inc. (“Rent the Runway” or "RTR") (NASDAQ: RENT),
the world’s first and largest shared designer closet platform,
today reported financial results for the fiscal quarter ended
April 30, 2024.
Fiscal First Quarter and Recent Business
Highlights
- Record low quarterly free cash
flow consumption of less than $2M, which is $11M lower
than Q1 2023 and $27M lower than Q1 2022. We are reiterating our
guidance to be free cash flow breakeven this year.
- Strong retention
rates fueled by enhanced inventory and product experiences
and new lifecycle marketing strategies. We believe that strong,
sustained in-stock rates, combined with improved merchandising
through use-case hubs, have made it easier for her to get dressed
for every occasion.
- Strong rejoin rates
of pausers and former customers driven by multi-channel lifecycle
marketing and customer segmentation initiatives.
- Return to in-real-life events
and customer interactions kicked off in our Flagship NYC
store and in Atlanta, GA. The success of these events have informed
our plans to return to retail and officially re-open our Flagship
NYC store this summer.
- Transformed marketing strategy
and team to significantly increase our in-house expertise
in brand marketing, creative, content and lifecycle. The new talent
is bringing fresh innovative solutions to RTR and an enhanced, more
aspirational look and feel as we plan to reignite growth across all
of our products and services.
"Rent the Runway had a strong start to fiscal
2024,” said Jennifer Hyman, Co-Founder, President, and CEO, Rent
the Runway. “I am excited about our progress in reigniting our
growth engine. Our renewed focus on marketing and digital product
innovation puts our customer at the center of everything we do. We
are committed to delivering her a luxury rental experience that is
magical. Our initiatives across expanding selection and styling are
only the beginning as we expect to roll out significant
improvements in merchandising and life cycle marketing in the
quarters to come. Equally exciting is our renewed emphasis on the
Rent the Runway brand, powerful and engaging content, and in-person
customer interactions through our stores and events. I'm confident
that the combination of our improved financial position and
customer focused orientation will lead Rent the Runway to realize
the significant opportunities ahead.”
“Our business exhibited improved momentum in Q1
2024,” said Sid Thacker, Chief Financial Officer, Rent the Runway.
“Ending active subscribers grew year over year during the quarter
and we added almost 20,000 subscribers since Q4 2023. Our Reserve
business has shown improved year over year trends this quarter
relative to the past three quarters. Resale continued to be strong
in the quarter. We also made noticeable progress on profitability
with record low free cash flow consumption during Q1 2024. We are
reiterating our Revenue growth expectations and our commitment to
achieving free cash flow breakeven for FY24.”
First Quarter 2024 Key Metrics and
Financial Highlights
- Revenue was $75.0 million, a 1.1%
increase year-over-year from $74.2 million in the first quarter of
fiscal year 2023.
- 145,837 ending Active Subscribers, up
slightly year-over-year from 145,220 at the end of the first
quarter of fiscal year 2023.
- 135,896 Average Active Subscribers,
relatively flat year-over-year from 135,966 at the end of the first
quarter of fiscal year 2023.
- 185,346 ending Total Subscribers,
relatively flat year-over-year from 185,720 at the end of the first
quarter of fiscal year 2023.
- Gross Profit was $28.4 million,
representing a change of (9.6)% from $31.4 million in the first
quarter of fiscal year 2023. Gross Margin was 37.9%, as compared to
42.3% in the first quarter of fiscal year 2023.
- Net Loss was $(22.0) million, as
compared to $(30.1) million in the first quarter of fiscal year
2023. Net Loss as a percentage of revenue was (29.3)%, as compared
to (40.6)% in the first quarter of fiscal year 2023.
- Adjusted EBITDA was $6.5 million, as
compared to $4.5 million in the first quarter of fiscal year 2023.
Adjusted EBITDA margin was 8.7%, as compared to 6.1% in the first
quarter of fiscal year 2023.
Outlook
For the fiscal second quarter of 2024, Rent the
Runway expects:
- Revenue of between $76 million and $78
million
- Adjusted EBITDA Margin of 14% to
15%
For fiscal year 2024, Rent the Runway continues to
expect:
- Revenue growth of between 1% to 6%
versus fiscal year 2023
- Adjusted EBITDA Margin of 15% to
16%
- Free Cash Flow Breakeven on a full
year basis
Please see our first quarter 2024 earnings
presentation at https://investors.renttherunway.com/ under the
“Presentations” section for supplemental guidance.
Earnings Presentation, Conference Call and
Webcast
The first quarter 2024 Earnings Presentation is
now accessible through the Investor Relations section of Rent the
Runway’s website at https://investors.renttherunway.com/ under the
“Presentations” section.
Rent the Runway will host a conference call and
webcast to discuss its first quarter 2024 financial results and
provide a business update today, June 6, 2024, at 4:30 pm ET.
The financial results and live webcast will be
accessible through the Investor Relations section of Rent the
Runway’s website at https://investors.renttherunway.com/ under the
“Events” section. To access the call through a conference line,
dial 1-877-407-3982 (in the U.S.) or 1-201-493-6780 (international
callers).
A replay of the conference call will be posted
shortly after the call and will be available for at least fourteen
days. To access the replay, dial 1-844-512-2921 (in the U.S.) or
1-412-317-6671 (international callers). The access code for the
replay is 13746504.
About Rent the Runway, Inc.
Founded in 2009, Rent the Runway is disrupting
the trillion-dollar fashion industry and changing the way women get
dressed through the Closet in the Cloud, the world’s first and
largest shared designer closet. RTR’s mission has remained the same
since its founding: powering women to feel their best every day.
Through RTR, customers can subscribe, rent items a-la-carte and
shop resale from hundreds of designer brands. The Closet in the
Cloud offers a wide assortment of millions of items for every
occasion, from evening wear and accessories to ready-to-wear,
workwear, denim, casual, maternity, outerwear, blouses, knitwear,
loungewear, jewelry, handbags, activewear and ski wear. RTR has
built a two-sided discovery engine, which connects deeply engaged
customers and differentiated brand partners on a powerful platform
built around its brand, data, logistics and technology. Under CEO
and Co-Founder Jennifer Hyman’s leadership, RTR has been named to
CNBC’s “Disruptor 50” five times in ten years, and has been placed
on Fast Company’s Most Innovative Companies list four times, while
Hyman herself has been named to the “TIME 100: Most Influential
People in the World" and as one of People Magazine’s “Women
Changing the World."
Forward-Looking Statements:
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements. These statements include, but are not limited to,
statements regarding our future results of operations, financial
position, revenue and free cash flow, business objectives and
strategic initiatives, including our plans to reduce fixed costs
and reignite growth, marketing and digital product innovation
plans, and expectations regarding subscriber trends, customer
retention and satisfaction. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. In some cases, you can identify
forward-looking statements because they contain words such as
“aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “target,” “toward,” “will,” or
“would,” or the negative of these words or other similar terms or
expressions. You should not put undue reliance on any
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at
the time those statements are made and were based on current
expectations, estimates, forecasts, and projections as well as the
beliefs and assumptions of management as of that time with respect
to future events. These statements are subject to risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control, that could cause actual performance or
results to differ materially from those expressed in or suggested
by the forward-looking statements. In light of these risks and
uncertainties, the forward-looking events and circumstances
discussed in this press release may not occur and actual results
could differ materially from those anticipated or implied in the
forward-looking statements. These risks and uncertainties include
our ability to drive future growth or manage our growth
effectively; the highly competitive and rapidly changing nature of
the global fashion industry; risks related to the macroeconomic
environment; our ability to cost-effectively grow our customer
base; any failure to retain customers; our ability to accurately
forecast customer demand, acquire and manage our offerings
effectively and plan for future expenses; risks arising from the
restructuring of our operations; our reliance on the effective
operation of proprietary technology systems and software as well as
those of third-party vendors and service providers; risks related
to shipping, logistics and our supply chain; our ability to
remediate our material weaknesses in our internal control over
financial reporting; laws and regulations applicable to our
business; our reliance on the experience and expertise of our
senior management and other key personnel; our ability to
adequately obtain, maintain, protect and enforce our intellectual
property and proprietary rights; compliance with data privacy, data
security, data protection and consumer protection laws and industry
standards; risks associated with our brand and manufacturing
partners; our reliance on third parties to provide payment
processing infrastructure underlying our business; our dependence
on online sources to attract consumers and promote our business
which may be affected by third-party interference or cause our
customer acquisition costs to rise; failure by us, our brand
partners, or third party manufacturers to comply with our vendor
code of conduct or other laws; risks related to the Company's debt,
including the Company's ability to comply with covenants in the
Company's credit facility; risks related to our Class A capital
stock and ownership structure; and risks related to future
pandemics or public health crises.
Additional information regarding these and other
risks and uncertainties that could cause actual results to differ
materially from the Company’s expectations is included in our
Annual Report on Form 10-K for the year ended January 31, 2024, as
will be updated in our Quarterly Report on Form 10-Q for the
quarter ended April 30, 2024. Except as required by law, we do not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
Key Business and Financial
Metrics
Active Subscribers is defined as the number of
subscribers with an active membership as of the last day of any
given period and excludes paused subscribers.
Average Active Subscribers is defined as the mean
of the beginning of quarter and end of quarter Active Subscribers
for a quarterly period; and for other periods, represents the mean
of the Average Active Subscribers of every quarter within that
period.
Gross Profit is defined as total revenue less costs
related to activities to fulfill customer orders and rental product
acquisition costs, presented as fulfillment and rental product
depreciation and revenue share, respectively, on the consolidated
statement of operations. We depreciate owned apparel assets over
three years and owned accessory assets over two years, net of 20%
and 30% salvage values, respectively, and recognize the
depreciation on a straight line basis and remaining cost of items
when sold or retired on our consolidated statement of operations.
Rental product depreciation expense is time-based and reflects all
rental product items we own. We use Gross Profit and Gross Profit
as a percentage of revenue, or Gross Margin, to measure the
continued efficiency of our business after the cost of our products
and fulfillment costs are included.
Non-GAAP Financial Measures
This press release and the accompanying tables
contain the non-GAAP financial measures of Adjusted EBITDA,
Adjusted EBITDA margin, free cash flow, and free cash flow margin.
In addition to our results determined in accordance with GAAP, we
believe that Adjusted EBITDA and Adjusted EBITDA margin are useful
in evaluating our performance and free cash flow and free cash flow
margin are useful in evaluating our performance and liquidity.
Adjusted EBITDA is a key performance measure used by management to
assess our operating performance and the operating leverage of our
business prior to capital expenditures. These non-GAAP financial
metrics are not meant to be considered as indicators of our
financial performance in isolation from or as a substitute for our
financial information prepared in accordance with GAAP and should
be read only in conjunction with financial information presented on
a GAAP basis. There are limitations to the use of the non-GAAP
financial metrics presented in this press release. For example, our
non-GAAP financial metrics may not be comparable to similarly
titled measures of other companies. Other companies, including
companies in our industry, may calculate non-GAAP financial metrics
differently than we do, limiting the usefulness of those measures
for comparative purposes.
We define Adjusted EBITDA as net loss, adjusted to
exclude interest expense, rental product depreciation, other
depreciation and amortization, share-based compensation expense,
write-off of liquidated rental product assets, restructuring
charges, income tax (benefit) expense, other income and expense,
and other gains / losses. Adjusted EBITDA margin is defined as
Adjusted EBITDA calculated as a percentage of total revenue, net
for a period.
We define free cash flow as net cash used in
operating activities and net cash used in investing activities on a
combined basis. Free cash flow margin is defined as free cash flow
as a percentage of revenue.
The reconciliation of presented non-GAAP financial
metrics to the most directly comparable GAAP financial measure is
presented below. We encourage reviewing the reconciliation in
conjunction with the presentation of the non-GAAP financial metrics
for each of the periods presented. In future periods, we may
exclude similar items, may incur income and expenses similar to
these excluded items, and may include other expenses, costs and
non-recurring items. Reconciliation of Adjusted EBITDA, Adjusted
EBITDA margin and free cash flow expectations for Q2 2024 and
fiscal year 2024 (as applicable) to the closest corresponding GAAP
measure is not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity, and
low visibility with respect to the charges excluded from these
non-GAAP measures, in particular, share-based compensation expense,
and non-recurring expenses, which can have unpredictable
fluctuations based on unforeseen activity that is out of our
control and/or cannot reasonably be predicted.
Investor ContactInvestor Relations
investors@renttherunway.com
Media
ContactPresspress@renttherunway.com
|
Rent the Runway, Inc.Condensed
Consolidated Balance Sheets(in
millions)(unaudited) |
|
|
|
|
|
April 30, |
|
January 31, |
|
2024 |
|
2024 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
82.0 |
|
|
$ |
84.0 |
|
Restricted cash, current |
|
5.2 |
|
|
|
5.2 |
|
Prepaid expenses and other current assets |
|
12.1 |
|
|
|
13.0 |
|
Total current assets |
|
99.3 |
|
|
|
102.2 |
|
Restricted cash |
|
4.8 |
|
|
|
4.8 |
|
Rental product, net |
|
99.7 |
|
|
|
94.0 |
|
Fixed assets, net |
|
33.4 |
|
|
|
35.7 |
|
Intangible assets, net |
|
3.1 |
|
|
|
3.4 |
|
Operating
lease right-of-use assets |
|
33.2 |
|
|
|
33.9 |
|
Other assets |
|
4.9 |
|
|
|
4.5 |
|
Total assets |
$ |
278.4 |
|
|
$ |
278.5 |
|
Liabilities and
Stockholders’ Equity (Deficit) |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
16.4 |
|
|
$ |
5.8 |
|
Accrued expenses and other current liabilities |
|
22.2 |
|
|
|
21.7 |
|
Deferred revenue |
|
13.3 |
|
|
|
10.9 |
|
Customer credit liabilities |
|
6.0 |
|
|
|
6.3 |
|
Operating lease liabilities |
|
3.7 |
|
|
|
3.4 |
|
Total current liabilities |
|
61.6 |
|
|
|
48.1 |
|
Long-term debt, net |
|
313.1 |
|
|
|
306.7 |
|
Operating lease
liabilities |
|
44.3 |
|
|
|
45.3 |
|
Other liabilities |
|
0.7 |
|
|
|
0.7 |
|
Total liabilities |
|
419.7 |
|
|
|
400.8 |
|
|
|
|
|
Stockholders’ equity
(deficit) |
|
|
|
Class A common stock |
|
— |
|
|
|
— |
|
Class B common stock |
|
— |
|
|
|
— |
|
Preferred stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
933.8 |
|
|
|
930.8 |
|
Accumulated deficit |
|
(1,075.1 |
) |
|
|
(1,053.1 |
) |
Total stockholders’ equity
(deficit) |
|
(141.3 |
) |
|
|
(122.3 |
) |
Total liabilities and
stockholders’ equity (deficit) |
$ |
278.4 |
|
|
$ |
278.5 |
|
|
|
|
|
|
|
|
|
|
Rent the Runway, Inc.Condensed
Consolidated Statements of Operations(in millions,
except share and per share amounts)(unaudited) |
|
|
|
Three Months Ended April 30, |
|
2024 |
|
2023 |
Revenue: |
|
|
|
Subscription and Reserve rental revenue |
$ |
66.1 |
|
|
$ |
66.8 |
|
Other revenue |
|
8.9 |
|
|
|
7.4 |
|
Total revenue, net |
|
75.0 |
|
|
|
74.2 |
|
Costs and expenses: |
|
|
|
Fulfillment |
|
20.6 |
|
|
|
21.9 |
|
Technology |
|
9.6 |
|
|
|
13.1 |
|
Marketing |
|
9.0 |
|
|
|
9.3 |
|
General and administrative |
|
22.8 |
|
|
|
26.5 |
|
Rental product depreciation and revenue share |
|
26.0 |
|
|
|
20.9 |
|
Other depreciation and amortization |
|
3.3 |
|
|
|
3.8 |
|
Restructuring charges |
|
0.2 |
|
|
|
— |
|
Total costs and expenses |
|
91.5 |
|
|
|
95.5 |
|
Operating loss |
|
(16.5 |
) |
|
|
(21.3 |
) |
Interest income / (expense), net |
|
(5.6 |
) |
|
|
(8.8 |
) |
Other income / (expense), net |
|
0.1 |
|
|
|
— |
|
Net loss before income tax benefit / (expense) |
|
(22.0 |
) |
|
|
(30.1 |
) |
Income tax benefit / (expense) |
|
— |
|
|
|
— |
|
Net loss |
$ |
(22.0 |
) |
|
$ |
(30.1 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(6.03 |
) |
|
$ |
(9.14 |
) |
Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
3,646,202 |
|
|
|
3,293,295 |
|
|
|
|
|
|
|
|
|
|
Rent the Runway, Inc.Condensed
Consolidated Statements of Cash Flow(in
millions)(unaudited) |
|
|
|
Three Months Ended April 30, |
|
2024 |
|
2023 |
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(22.0 |
) |
|
$ |
(30.1 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
Rental product depreciation and write-offs |
|
11.3 |
|
|
|
9.6 |
|
Write-off of rental product sold |
|
3.6 |
|
|
|
2.5 |
|
Other depreciation and amortization |
|
3.3 |
|
|
|
3.8 |
|
Loss from write-off of fixed assets |
|
— |
|
|
|
0.1 |
|
Proceeds from rental product sold |
|
(6.8 |
) |
|
|
(5.4 |
) |
(Gain) / loss from liquidation of rental product |
|
0.4 |
|
|
|
(0.2 |
) |
Accrual of paid-in-kind interest |
|
— |
|
|
|
7.1 |
|
Amortization of debt discount |
|
6.4 |
|
|
|
1.6 |
|
Share-based compensation expense |
|
3.0 |
|
|
|
8.8 |
|
Changes in operating assets and liabilities: |
|
|
|
Prepaid expenses and other current assets |
|
0.9 |
|
|
|
1.6 |
|
Operating lease right-of-use assets |
|
0.7 |
|
|
|
0.7 |
|
Other assets |
|
(0.4 |
) |
|
|
0.3 |
|
Accounts payable, accrued expenses and other current
liabilities |
|
2.8 |
|
|
|
(3.7 |
) |
Deferred revenue and customer credit liabilities |
|
2.1 |
|
|
|
1.3 |
|
Operating lease liabilities |
|
(0.7 |
) |
|
|
(1.1 |
) |
Other liabilities |
|
— |
|
|
|
(0.2 |
) |
Net cash (used in) provided by operating activities |
|
4.6 |
|
|
|
(3.3 |
) |
INVESTING ACTIVITIES |
|
|
|
Purchases of rental product |
|
(13.1 |
) |
|
|
(14.6 |
) |
Proceeds from liquidation of rental product |
|
1.1 |
|
|
|
1.3 |
|
Proceeds from sale of rental product |
|
6.8 |
|
|
|
5.4 |
|
Purchases of fixed and intangible assets |
|
(0.8 |
) |
|
|
(0.9 |
) |
Net cash (used in) provided by investing activities |
|
(6.0 |
) |
|
|
(8.8 |
) |
FINANCING ACTIVITIES |
|
|
|
Other financing payments |
|
(0.6 |
) |
|
|
(0.1 |
) |
Net cash (used in) provided by financing activities |
|
(0.6 |
) |
|
|
(0.1 |
) |
Net (decrease) increase in cash and cash equivalents and restricted
cash |
|
(2.0 |
) |
|
|
(12.2 |
) |
Cash and cash equivalents and restricted cash at beginning of
period |
|
94.0 |
|
|
|
163.6 |
|
Cash and cash equivalents and restricted cash at end of period |
$ |
92.0 |
|
|
$ |
151.4 |
|
|
|
|
|
|
|
|
|
|
Rent the Runway, Inc.Condensed
Consolidated Statements of Cash Flow(in
millions)(unaudited) |
|
|
|
Three Months Ended April 30, |
|
2024 |
|
2023 |
RECONCILIATION OF CASH
AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED
CONSOLIDATED BALANCE SHEETS: |
|
|
|
Cash and cash equivalents |
$ |
82.0 |
|
|
$ |
141.4 |
|
Restricted cash, current |
|
5.2 |
|
|
|
4.2 |
|
Restricted cash, noncurrent |
|
4.8 |
|
|
|
5.8 |
|
Total cash and cash equivalents and restricted cash |
$ |
92.0 |
|
|
$ |
151.4 |
|
|
|
|
|
Supplemental Cash Flow
Information: |
|
|
|
Cash payments (receipts)
for: |
|
|
|
Fixed operating lease payments, net |
$ |
2.7 |
|
|
$ |
2.8 |
|
Fixed assets and intangibles received in the prior period |
|
0.3 |
|
|
|
0.1 |
|
Rental product received in the prior period |
|
3.3 |
|
|
|
5.4 |
|
Non-cash financing and
investing activities: |
|
|
|
Financing lease right-of-use asset amortization |
$ |
0.1 |
|
|
$ |
0.2 |
|
Purchases of fixed assets and intangibles not yet settled |
|
0.2 |
|
|
|
— |
|
Purchases of rental product not yet settled |
|
12.3 |
|
|
|
13.0 |
|
|
|
|
|
|
|
|
|
|
Rent the Runway, Inc.Reconciliation of
GAAP to Non-GAAP Financial Measures(in
millions)(unaudited) |
|
The following
table presents a reconciliation of net loss, the most comparable
GAAP financial measure, to Adjusted EBITDA for the periods
presented: |
|
|
|
Three Months Ended April 30, |
|
2024 |
|
2023 |
|
(in millions) |
Net loss |
$ |
(22.0 |
) |
|
$ |
(30.1 |
) |
Interest (income) / expense, net(1) |
|
5.6 |
|
|
|
8.8 |
|
Rental product depreciation |
|
14.9 |
|
|
|
12.1 |
|
Other depreciation and amortization(2) |
|
3.3 |
|
|
|
3.8 |
|
Share-based compensation(3) |
|
3.0 |
|
|
|
8.8 |
|
Write-off of liquidated assets(4) |
|
1.6 |
|
|
|
1.0 |
|
Restructuring charges(5) |
|
0.2 |
|
|
|
— |
|
Other (income) / expense, net(6) |
|
(0.1 |
) |
|
|
— |
|
Other (gains) / losses(7) |
|
— |
|
|
|
0.1 |
|
Adjusted EBITDA |
$ |
6.5 |
|
|
$ |
4.5 |
|
Adjusted EBITDA Margin(8) |
|
8.7 |
% |
|
|
6.1 |
% |
(1) |
|
Includes debt discount amortization of $6.4 million in the three
months ended April 30, 2024 and $1.6 million in the three
months ended April 30, 2023. |
(2) |
|
Reflects non-rental product depreciation and capitalized software
amortization. |
(3) |
|
Reflects the non-cash expense for share-based compensation. |
(4) |
|
Reflects the write-off of the remaining book value of liquidated
rental product that had previously been held for sale. |
(5) |
|
Reflects restructuring charges primarily related to severance and
related costs in connection with the January 2024 restructuring
plan. |
(6) |
|
Includes other (income) / expense recognized in the period. |
(7) |
|
Includes gains / losses recognized in relation to foreign exchange,
operating lease terminations and the related surrender of fixed
assets (see “Note 5 - Leases – Lessee Accounting” in the Notes to
the Condensed Consolidated Financial Statements). |
(8) |
|
Adjusted EBITDA Margin calculated as Adjusted EBITDA as a
percentage of revenue. |
|
|
|
|
Rent the Runway, Inc.Reconciliation of
GAAP to Non-GAAP Financial Measures(in
millions) |
|
The following
table presents a reconciliation of net cash (used in) provided by
operating activities, the most comparable GAAP financial measure,
to Free Cash Flow and Free Cash Flow Margin for the periods
presented: |
|
|
|
|
|
Three Months Ended April 30, |
|
|
2024 |
|
2023 |
|
|
(in millions) |
Net cash (used in) provided by operating activities |
|
$ |
4.6 |
|
|
$ |
(3.3 |
) |
Purchases of rental product |
|
|
(13.1 |
) |
|
|
(14.6 |
) |
Proceeds from liquidation of rental product |
|
|
1.1 |
|
|
|
1.3 |
|
Proceeds from sale of rental product |
|
|
6.8 |
|
|
|
5.4 |
|
Purchases of fixed and intangible assets |
|
|
(0.8 |
) |
|
|
(0.9 |
) |
Free Cash Flow |
|
$ |
(1.4 |
) |
|
$ |
(12.1 |
) |
Free Cash Flow Margin |
|
(1.9 |
)% |
|
(16.3 |
)% |
|
|
|
|
|
|
Rent the Runway, Inc.Reconciliation of
GAAP to Non-GAAP Financial Measures(in
millions) |
|
The following
table presents a reconciliation of net loss, the most comparable
GAAP financial measure, to Free Cash Flow and Free Cash Flow Margin
for the periods presented: |
|
|
|
|
|
Three Months Ended April 30, |
|
|
2024 |
|
2023 |
|
|
(in millions) |
Net loss |
|
$ |
(22.0 |
) |
|
$ |
(30.1 |
) |
Interest (income) / expense, net |
|
|
5.6 |
|
|
|
8.8 |
|
Rental product depreciation |
|
|
14.9 |
|
|
|
12.1 |
|
Other depreciation and amortization |
|
|
3.3 |
|
|
|
3.8 |
|
Share-based compensation |
|
|
3.0 |
|
|
|
8.8 |
|
Write-off of liquidated assets |
|
|
1.6 |
|
|
|
1.0 |
|
Restructuring charges |
|
|
0.2 |
|
|
|
— |
|
Other (income) / expense, net |
|
|
(0.1 |
) |
|
|
— |
|
Other (gains) / losses |
|
|
— |
|
|
|
0.1 |
|
Adjusted EBITDA |
|
$ |
6.5 |
|
|
$ |
4.5 |
|
Purchases of rental product |
|
|
(13.1 |
) |
|
|
(14.6 |
) |
Purchases of fixed and intangible assets |
|
|
(0.8 |
) |
|
|
(0.9 |
) |
Cash interest expense |
|
|
— |
|
|
|
(1.5 |
) |
Cash interest earned |
|
|
0.8 |
|
|
|
1.4 |
|
Change in assets and liabilities |
|
|
5.4 |
|
|
|
(1.1 |
) |
Restructuring charges |
|
|
(0.2 |
) |
|
|
— |
|
Other adjustments (1) |
|
|
— |
|
|
|
0.1 |
|
Free Cash Flow |
|
$ |
(1.4 |
) |
|
$ |
(12.1 |
) |
Free Cash Flow Margin |
|
(1.9 |
)% |
|
(16.3 |
)% |
(1) |
|
Other adjustments primarily includes cash tax adjustments and other
cash gains (losses). |
|
|
|
Rent the Runway (NASDAQ:RENT)
過去 株価チャート
から 5 2024 まで 6 2024
Rent the Runway (NASDAQ:RENT)
過去 株価チャート
から 6 2023 まで 6 2024