Rent the Runway, Inc. (NASDAQ:RENT) Q3 2024 Earnings Conference Call December 9, 2024 8:30 AM ET

Corporate Participants

Cara Schembri - Chief Legal and Administrative Officer
Jennifer Hyman - Co-Founder, Chief Executive Officer and Chair
Siddharth Thacker - Chief Financial Officer

Conference Call Participants

Andrew Boone - Citizens JMP Securities
Ashley Helgans - Jefferies

Operator

Welcome to Rent the Runway's Third Quarter 2024 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Rent the Runway's Chief Legal and Administrative Officer, Cara Schembri. Thank you. You may begin.

Cara Schembri

Good morning, everyone, and thanks for joining us today. During this call, we will make references to our Q3 2024 earnings presentation, which can be found in the Events and Presentations section of our Investor Relations website.

Before we begin, we would 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 today's press release as well as our filings with the SEC, including our Form 10-Q that we plan to file later today. We undertake no obligation to update any forward-looking statements or information, except as required by law.

During this call, we will also reference 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 turn it over to Jen.

Jennifer Hyman

Thanks, Cara, and thank you, everyone, for joining. We entered 2024 laser focused on bringing our business to free cash flow breakeven and returning Rent the Runway to growth. I'm pleased to report that we were well that we are well on our way on both fronts and are reiterating our guidance that we will be free cash flow breakeven this fiscal year.

This is a huge accomplishment for a business that burned $70 million in cash last year and we believe it proves that our business model is sustainable and our margins are attractive. On the growth front, the most important work that we've done is realigning our organization around growth.