ThredUp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ThredUp Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and business operations.</b>

AI Summary

ThredUp Inc. (TDUP) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. ThredUp Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is classified under RETAIL-CATALOG & MAIL-ORDER HOUSES (SIC 5961). ThredUp Inc. is incorporated in Delaware with its fiscal year ending December 31. The filing was submitted on May 6, 2024.

Why It Matters

For investors and stakeholders tracking ThredUp Inc., this filing contains several important signals. This filing provides investors with up-to-date financial information on ThredUp's performance in the first quarter of 2024, crucial for assessing its current financial health and future prospects. As a 10-Q filing, it contains detailed financial statements and management's discussion and analysis, offering insights into the company's strategies, challenges, and operational efficiency in the competitive resale market.

Risk Assessment

Risk Level: medium — ThredUp Inc. shows moderate risk based on this filing. The company operates in the highly competitive online resale market, which is subject to rapid changes in consumer preferences and economic conditions, potentially impacting revenue and profitability.

Analyst Insight

Monitor ThredUp's revenue growth and profitability trends in subsequent filings to gauge its ability to navigate the competitive resale market.

Key Numbers

• 2024-05-06 — Filing Date (Date the 10-Q was filed)
• 2024-03-31 — Reporting Period End Date (End date of the reporting quarter)
• 2024-01-01 — Reporting Period Start Date (Start date of the reporting quarter)
• 1231 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• ThredUp Inc. (company) — Filer name
• 969 BROADWAY SUITE 200 (address) — Business and mail address
• OAKLAND (location) — City for business and mail address
• CA (location) — State for business and mail address
• 94607 (postal_code) — ZIP code for business and mail address
• 415-402-5202 (phone_number) — Business phone number
• DE (location) — State of incorporation
• 2024-03-31 (date) — Conformed period of report

FAQ

Risk Factors

• Competition [high — market]: The online resale market is highly competitive, with numerous players and evolving consumer preferences, which could adversely affect the company's business and results of operations.
• Reliance on Third-Party Logistics Providers [medium — operational]: The company relies on third-party logistics providers for shipping and delivery, and any disruption or increased costs from these providers could impact its operations.
• Profitability and Cash Flow [high — financial]: The company has a history of net losses and may not achieve or maintain profitability, which could impact its ability to fund operations and future growth.

Key Dates

• 2024-05-06: 10-Q Filing — Submission of the quarterly report for the period ending March 31, 2024.

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value per share TDUP The Nasdaq Sto

Filing Documents

• tdup-20240331.htm (10-Q) — 869KB
• exhibit311q12024.htm (EX-31.1) — 10KB
• exhibit312q12024.htm (EX-31.2) — 10KB
• exhibit321q12024.htm (EX-32.1) — 5KB
• exhibit322q12024.htm (EX-32.2) — 5KB
• tdup-20240331_g1.jpg (GRAPHIC) — 195KB
• 0001484778-24-000073.txt (&nbsp;) — 5374KB
• tdup-20240331.xsd (EX-101.SCH) — 31KB
• tdup-20240331_cal.xml (EX-101.CAL) — 62KB
• tdup-20240331_def.xml (EX-101.DEF) — 172KB
• tdup-20240331_lab.xml (EX-101.LAB) — 480KB
• tdup-20240331_pre.xml (EX-101.PRE) — 330KB
• tdup-20240331_htm.xml (XML) — 683KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 5 Unaudited Condensed Consolidated Balance Sheets 5 Unaudited Condensed Consolidated Statements of Operations 6 Unaudited Condensed Consolidated Statements of Comprehensive Loss 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity 8 Unaudited Condensed Consolidated Statements of Cash Flows 9 Notes to Unaudited Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 32 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our future financial performance, including our revenue, cost of revenue and operating expenses and our ability to achieve and maintain future profitability; the sufficiency of our cash, cash equivalents and capital resources to meet our liquidity needs; our ability to effectively manage or sustain our growth and to effectively expand our operations; our strategies, plans, objectives and goals, including our expectations regarding future infrastructure investments as well as reorganization activities; our ability to effectively deploy new and evolving technologies, such as artificial intelligence and machine learning, in our offerings; our ability to attract and retain buyers and sellers and the continued impact of network effects as we scale our platform; our ability to continue to generate revenue from new Resale-as-a-Service ("RaaS") offerings as sources of revenue; trends in our key financi

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THREDUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (in thousands, except par value amounts) ASSETS Current assets: Cash and cash equivalents $ 50,112 $ 56,084 Marketable securities 12,399 8,100 Accounts receivable, net 6,929 7,813 Inventory 11,582 15,687 Other current assets 5,834 6,204 Total current assets 86,856 93,888 Operating lease right-of-use assets 47,138 42,118 Property and equipment, net 85,083 87,672 Goodwill 11,677 11,957 Intangible assets 7,329 8,156 Other assets 6,196 6,176 Total assets $ 244,279 $ 249,967 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,133 $ 9,457 Accrued and other current liabilities 37,541 35,934 Seller payable 21,037 21,495 Operating lease liabilities, current 5,517 5,949 Current portion of long-term debt 3,843 3,838 Total current liabilities 77,071 76,673 Operating lease liabilities, non-current 49,750 44,621 Long-term debt, net of current portion 21,044 22,006 Other non-current liabilities 2,884 2,750 Total liabilities 150,749 146,050 Commitments and contingencies (Note 10) Stockholders' equity: Class A and B common stock, $ 0.0001 par value; 1,120,000 shares authorized as of March 31, 2024 and December 31, 2023; 110,217 and 108,784 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 11 11 Additional paid-in capital 592,193 585,156 Accumulated other comprehensive loss ( 3,245 ) ( 2,375 ) Accumulated deficit ( 495,429 ) ( 478,875 ) Total stockholders' equity 93,530 103,917 Total liabilities and stockholders' equity $ 244,279 $ 249,967 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents THREDUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 (in thousands, except per share amounts) Revenue: Consign

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View this 10-Q filing on SEC EDGAR