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  "documentTitle": "The RealReal | Results Presentation Deck | 41 slides",
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  "authorName": "The RealReal",
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  "presentationDate": "2020-05-01 00:00:00",
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  "notes": "The slide uses three distinct bar charts to illustrate expense trends, with specific callouts explaining the 2019 performance for each category.",
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      "kind": "callout",
      "text": "Marketing: '19 leverage driven by healthy retention trends and a ~20% Y/Y decline in BAC; ~500bps Y/Y leverage in 2019",
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      "kind": "callout",
      "text": "Ops & Tech: '19 leverage driven by automation, improved outbound efficiencies and fixed expense leverage; ~400bps Y/Y leverage in 2019",
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      "text": "SG&A: '19 deleverage driven by investments in public company costs, headcount and a $3.2 million donation to establish the TRR Foundation",
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      "text": "Note: Buyer Acquisition Cost or BAC for a given period is comprised of our total advertising spend divided by the number of buyers acquired in that period. (1) Excluding the $3.2 million donation to establish The RealReal Foundation and $0.3 million in abandoned offering costs, SG&A as a percent of revenue was 33.7% in 2019",
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