ThredUp Inc. Files Q3 2024 10-Q

TL;DR

ThredUp's Q3 10-Q is in. Check financials for resale market performance.

AI Summary

ThredUp Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for these periods are presented, reflecting the company's performance in the resale apparel market.

Why It Matters

This filing provides investors with an update on ThredUp's financial health and operational performance, crucial for understanding the company's trajectory in the competitive resale market.

Risk Assessment

Risk Level: medium — The company operates in the volatile retail sector, subject to consumer spending shifts and competitive pressures.

Key Players & Entities

• ThredUp Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241104 (date) — Filing date
• 001-40249 (dollar_amount) — 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-20240930.htm (10-Q) — 1057KB
• exhibit311q32024.htm (EX-31.1) — 10KB
• exhibit312q32024.htm (EX-31.2) — 10KB
• exhibit321q32024.htm (EX-32.1) — 5KB
• exhibit322q32024.htm (EX-32.2) — 5KB
• tdup-20240930_g1.jpg (GRAPHIC) — 195KB
• 0001484778-24-000149.txt ( ) — 5629KB
• tdup-20240930.xsd (EX-101.SCH) — 30KB
• tdup-20240930_cal.xml (EX-101.CAL) — 60KB
• tdup-20240930_def.xml (EX-101.DEF) — 150KB
• tdup-20240930_lab.xml (EX-101.LAB) — 489KB
• tdup-20240930_pre.xml (EX-101.PRE) — 333KB
• tdup-20240930_htm.xml (XML) — 672KB

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 10 Notes to Unaudited Condensed Consolidated Financial Statements 11

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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 36 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," "possible" 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;

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THREDUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 (in thousands, except par value amounts) ASSETS Current assets: Cash and cash equivalents $ 43,715 $ 56,084 Marketable securities 11,581 8,100 Accounts receivable, net 5,717 7,813 Inventory 7,375 15,687 Other current assets 4,977 6,204 Total current assets 73,365 93,888 Operating lease right-of-use assets 44,804 42,118 Property and equipment, net 76,432 87,672 Goodwill 12,121 11,957 Intangible assets 1,995 8,156 Other assets 6,227 6,176 Total assets $ 214,944 $ 249,967 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 13,125 $ 9,457 Accrued and other current liabilities 34,170 35,934 Seller payable 19,802 21,495 Operating lease liabilities, current 5,455 5,949 Current portion of long-term debt 3,851 3,838 Total current liabilities 76,403 76,673 Operating lease liabilities, non-current 47,147 44,621 Long-term debt, net of current portion 19,116 22,006 Other non-current liabilities 3,006 2,750 Total liabilities 145,672 146,050 Commitments and contingencies (Note 10) Stockholders' equity: Class A and B common stock, $ 0.0001 par value; 1,120,000 shares authorized as of September 30, 2024 and December 31, 2023; 113,758 and 108,784 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 11 11 Additional paid-in capital 605,687 585,156 Accumulated other comprehensive loss ( 2,272 ) ( 2,375 ) Accumulated deficit ( 534,154 ) ( 478,875 ) Total stockholders' equity 69,272 103,917 Total liabilities and stockholders' equity $ 214,944 $ 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 Sep

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View this 10-Q filing on SEC EDGAR