Rent the Runway, Inc. (NASDAQ:RENT) Q2 2022 Earnings Conference Call September 12, 2022 5:00 PM ET
Company Participants
Janine Stichter - VP, IR
Jenn Hyman - Co-Founder, Chairman and CEO
Scarlett O'Sullivan - CFO
Conference Call Participants
Ike Boruchow - Wells Fargo
Ashley Helgans - Jefferies
Edward Yruma - Piper Sandler
Lauren Schenk - Morgan Stanley
Ross Sandler - Barclays
Michael Binetti - Credit Suisse
Rick Patel - Raymond James
Andrew Boone - JMP Securities
Dana Telsey - Telsey Advisory Group
Noah Zatzkin - KeyBanc
Operator
Greetings, and welcome to the Rent the Runway Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Janine Stichter, Vice President, Investor Relations. Thank you, Janine. You may begin.
Janine Stichter
Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway second quarter 2020 results. Before we begin, we'd like to remind you that this call will include forward-looking statements. These statements include our future expectations regarding financial results, guidance and targets, market opportunities and our growth. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially. These risks, uncertainties and assumptions are detailed in this afternoon's press release, as well as our SEC filings, including our Form 10-Q that we filed in the next few days. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.
During this call, we also referenced certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in our press release, slide presentation posted on our investor website and in our SEC filings.
And with that, I'll hand over to Jen.
Jenn Hyman
Thanks for joining us today. I'm going to focus my remarks on two important topics: First is my confidence in the long-term demand outlook and strength of our customer proposition. Second is my commitment to building Rent the Runway into a business that is profitable, has strong margins and it's self-funding. The restructuring actions we announced today are an important step towards meeting those goals, and Scarlett and I will review the details with you today.
Let's begin with the customer. Our revenue grew 64% year-over-year to $76.5 million, our highest quarterly revenue to date. We also were adjusted EBITDA positive for the first time since our IPO, significantly ahead of plan, generating $1.8 million and a 2.4% margin. Subscription and reserve revenue grew 63% and quarter ending active subscribers grew 27% versus the prior year.