Rent the Runway, Inc. (RENT) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.057 or information except as required by law. During this call, we will also reference 00:00:05.057 -- 00:00:10.202 certain non-GAAP financial information. The presentation of this non-GAAP financial information 00:00:10.202 -- 00:00:15.328 is not intended to be considered in isolation or as a substitute for financial information 00:00:15.328 -- 00:00:20.434 presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be 00:00:20.434 -- 00:00:25.079 found in our press release, slide presentations posted on our Investor Relations website, 00:00:25.079 -- 00:00:28.752 and our SEC filings. And with that, I'll turn it over to Jen. 00:00:28.752 -- 00:00:31.796 Thanks, Cara, and thank you everyone for joining. 00:00:31.796 -- 00:00:35.080 We've been laser focused on two clear priorities. 00:00:35.080 -- 00:00:39.967 First, completing the strategic recapitalization of the business to significantly strengthen 00:00:39.967 -- 00:00:44.873 our balance sheet. Second, bringing the business back to growth through a new inventory 00:00:44.873 -- 00:00:50.241 strategy, increased product innovation, and improved connection to our core customer. 00:00:50.241 -- 00:00:55.448 Now that we are here in Q3, I'm pleased to say we've delivered on both of these goals. 00:00:55.448 -- 00:01:00.534 We've strengthened our financial foundation by reducing our total debt from approximately 00:01:00.534 -- 00:01:05.760 $319 million to approximately $120 million and extending 00:01:05.760 -- 00:01:10.126 the maturity to 2029, giving us years of additional runway. 00:01:10.126 -- 00:01:14.611 With the recapitalization to highly respected private equity firms with deep experience 00:01:14.611 -- 00:01:19.737 in the consumer retail space, Nexus and...