ThredUp Inc. Files Q2 2024 10-Q

TL;DR

ThredUp's Q2 2024 10-Q is in. Check financials for resale market performance.

AI Summary

ThredUp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the resale market.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for ThredUp, crucial for understanding the company's current performance and future outlook in the competitive resale market.

Risk Assessment

Risk Level: medium — The company operates in a competitive and evolving resale market, subject to consumer spending trends and inventory management challenges.

Key Players & Entities

• ThredUp Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240805 (date) — Filing date
• 001-40249 (other) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• tdup-20240630.htm (10-Q) — 991KB
• ex31tdup-publiccompanyrest.htm (EX-3.1) — 101KB
• exhibit311q22024.htm (EX-31.1) — 10KB
• exhibit312q22024.htm (EX-31.2) — 10KB
• exhibit321q22024.htm (EX-32.1) — 5KB
• exhibit322q22024.htm (EX-32.2) — 5KB
• tdup-20240630_g1.jpg (GRAPHIC) — 195KB
• 0001484778-24-000117.txt ( ) — 5585KB
• tdup-20240630.xsd (EX-101.SCH) — 30KB
• tdup-20240630_cal.xml (EX-101.CAL) — 59KB
• tdup-20240630_def.xml (EX-101.DEF) — 160KB
• tdup-20240630_lab.xml (EX-101.LAB) — 485KB
• tdup-20240630_pre.xml (EX-101.PRE) — 327KB
• tdup-20240630_htm.xml (XML) — 658KB

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

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 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 31 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 identify and execute a strategic alternative for our European operations conducted through our Remix subsidiary; our ability to attract and retain buyers and sellers and the continued impact of network effects as we scale our platform; our ability

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THREDUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 (in thousands, except par value amounts) ASSETS Current assets: Cash and cash equivalents $ 44,755 $ 56,084 Marketable securities 10,525 8,100 Accounts receivable, net 5,888 7,813 Inventory 10,313 15,687 Other current assets 6,698 6,204 Total current assets 78,179 93,888 Operating lease right-of-use assets 45,624 42,118 Property and equipment, net 82,839 87,672 Goodwill 11,608 11,957 Intangible assets 6,628 8,156 Other assets 6,333 6,176 Total assets $ 231,211 $ 249,967 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,897 $ 9,457 Accrued and other current liabilities 34,210 35,934 Seller payable 19,182 21,495 Operating lease liabilities, current 5,513 5,949 Current portion of long-term debt 3,847 3,838 Total current liabilities 73,649 76,673 Operating lease liabilities, non-current 48,068 44,621 Long-term debt, net of current portion 20,080 22,006 Other non-current liabilities 2,925 2,750 Total liabilities 144,722 146,050 Commitments and contingencies (Note 10) Stockholders' equity: Class A and B common stock, $ 0.0001 par value; 1,120,000 shares authorized as of June 30, 2024 and December 31, 2023; 112,386 and 108,784 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 11 11 Additional paid-in capital 599,333 585,156 Accumulated other comprehensive loss ( 3,472 ) ( 2,375 ) Accumulated deficit ( 509,383 ) ( 478,875 ) Total stockholders' equity 86,489 103,917 Total liabilities and stockholders' equity $ 231,211 $ 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (in thousands, exc

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View this 10-Q filing on SEC EDGAR