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10-Q Filing

THREDUP INC. CIK: 1484778 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001484778-23-000107
Period End Date 20230331
Filing Date 20230509
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance tdup-20230331_htm.xml
Balance Sheet 68 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $38.03M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.12B shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.12B shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $50.74M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $42.73M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 102.84M shares Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $66.90M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 101.53M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 102.84M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $4.67M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 101.53M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $4.23M USD Point-in-time
Inventory InventoryNet $17.52M USD Point-in-time
Inventory InventoryNet $20.93M USD Point-in-time
Other current assets OtherAssetsCurrent $6.34M USD Point-in-time
Other current assets OtherAssetsCurrent $7.08M USD Point-in-time
Total current assets AssetsCurrent $124.97M USD Point-in-time
Total current assets AssetsCurrent $134.19M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $45.18M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $46.15M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $95.81M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $92.48M USD Point-in-time
Goodwill Goodwill $11.59M USD Point-in-time
Goodwill Goodwill $11.80M USD Point-in-time
Intangible assets FiniteLivedIntangibleAssetsNet $10.50M USD Point-in-time
Intangible assets FiniteLivedIntangibleAssetsNet $10.04M USD Point-in-time
Other assets OtherAssetsNoncurrent $6.96M USD Point-in-time
Other assets OtherAssetsNoncurrent $7.03M USD Point-in-time
Total assets Assets $294.77M USD Point-in-time
Total assets Assets $301.95M USD Point-in-time
Accounts payable AccountsPayableCurrent $7.80M USD Point-in-time
Accounts payable AccountsPayableCurrent $12.75M USD Point-in-time
Accrued and other current liabilities AccruedLiabilitiesCurrent $50.16M USD Point-in-time
Accrued and other current liabilities AccruedLiabilitiesCurrent $47.98M USD Point-in-time
Seller payable SellerPayableCurrent $16.17M USD Point-in-time
Seller payable SellerPayableCurrent $17.87M USD Point-in-time
Operating lease liabilities, current OperatingLeaseLiabilityCurrent $5.79M USD Point-in-time
Operating lease liabilities, current OperatingLeaseLiabilityCurrent $6.41M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $3.88M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $3.88M USD Point-in-time
Total current liabilities LiabilitiesCurrent $84.41M USD Point-in-time
Total current liabilities LiabilitiesCurrent $88.27M USD Point-in-time
Operating lease liabilities, non-current OperatingLeaseLiabilityNoncurrent $48.73M USD Point-in-time
Operating lease liabilities, non-current OperatingLeaseLiabilityNoncurrent $47.52M USD Point-in-time
Long-term debt, net of current portion LongTermDebtNoncurrent $24.83M USD Point-in-time
Long-term debt, net of current portion LongTermDebtNoncurrent $25.79M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $3.07M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $3.02M USD Point-in-time
Total liabilities Liabilities $163.68M USD Point-in-time
Total liabilities Liabilities $161.95M USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of March 31, 2023 and December 31, 2022; 102,836 and 101,532 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $10.00K USD Point-in-time
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of March 31, 2023 and December 31, 2022; 102,836 and 101,532 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $10.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $561.58M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $551.85M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-4.23M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.08M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-427.42M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-407.63M USD Point-in-time
Total stockholders equity StockholdersEquity $131.09M USD Point-in-time
Total stockholders equity StockholdersEquity $205.73M USD Point-in-time
Total stockholders equity StockholdersEquity $187.69M USD Point-in-time
Total stockholders equity StockholdersEquity $140.00M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $294.77M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $301.95M USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $72.69M USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $75.92M USD 1 Quarter
Total cost of revenue CostOfRevenue $24.83M USD 1 Quarter
Total cost of revenue CostOfRevenue $22.47M USD 1 Quarter
Gross profit GrossProfit $50.23M USD 1 Quarter
Gross profit GrossProfit $51.09M USD 1 Quarter
Operations, product, and technology OperationsProductAndTechnologyExpense $38.35M USD 1 Quarter
Operations, product, and technology OperationsProductAndTechnologyExpense $39.16M USD 1 Quarter
Marketing MarketingExpense $16.87M USD 1 Quarter
Marketing MarketingExpense $16.98M USD 1 Quarter
Sales, general, and administrative SellingGeneralAndAdministrativeExpense $16.06M USD 1 Quarter
Sales, general, and administrative SellingGeneralAndAdministrativeExpense $14.66M USD 1 Quarter
Total operating expenses OperatingExpenses $70.80M USD 1 Quarter
Total operating expenses OperatingExpenses $71.28M USD 1 Quarter
Operating loss OperatingIncomeLoss $-20.18M USD 1 Quarter
Operating loss OperatingIncomeLoss $-20.57M USD 1 Quarter
Interest expense InterestExpense $77.00K USD 1 Quarter
Interest expense InterestExpense $423.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $476.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $303.00K USD 1 Quarter
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-19.78M USD 1 Quarter
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-20.70M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $9.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $13.00K USD 1 Quarter
Net loss NetIncomeLoss $-20.71M USD 1 Quarter
Net loss NetIncomeLoss $-19.79M USD 1 Quarter
Loss per share, basic (in dollars per share) EarningsPerShareBasic $-0.19 USD 1 Quarter
Loss per share, basic (in dollars per share) EarningsPerShareBasic $-0.21 USD 1 Quarter
Loss per share, diluted (in dollars per share) EarningsPerShareDiluted $-0.19 USD 1 Quarter
Loss per share, diluted (in dollars per share) EarningsPerShareDiluted $-0.21 USD 1 Quarter
Weighted-average shares used in computing loss per share, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 98.62M shares 1 Quarter
Weighted-average shares used in computing loss per share, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 101.98M shares 1 Quarter
Weighted-average shares used in computing loss per share, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 98.62M shares 1 Quarter
Weighted-average shares used in computing loss per share, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 101.98M shares 1 Quarter
Cash Flow Statement 54 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-20.71M USD 1 Quarter
Net loss NetIncomeLoss $-19.79M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.27M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.68M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $3.52M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $9.39M USD 1 Quarter
Reduction in carrying amount of right-of-use assets OperatingLeaseRightOfUseAssetAmortizationExpense $1.21M USD 1 Quarter
Reduction in carrying amount of right-of-use assets OperatingLeaseRightOfUseAssetAmortizationExpense $1.40M USD 1 Quarter
Other OtherNoncashIncomeExpense $-481.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-41.00K USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-1.01M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-1.14M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $2.31M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $3.16M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $2.16M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $-22.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $4.10M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.60M USD 1 Quarter
Accrued and other current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-1.85M USD 1 Quarter
Accrued and other current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $4.91M USD 1 Quarter
Seller payable IncreaseDecreaseInSellerPayable $1.52M USD 1 Quarter
Seller payable IncreaseDecreaseInSellerPayable $1.70M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $539.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-2.06M USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $115.00K USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $1.25M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-6.68M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-4.46M USD 1 Quarter
Maturities of marketable securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $24.58M USD 1 Quarter
Maturities of marketable securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $4.73M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $12.64M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.68M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $18.90M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-7.91M USD 1 Quarter
Repayment of debt RepaymentsOfDebt $1.00M USD 1 Quarter
Repayment of debt RepaymentsOfDebt $2.00M USD 1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $446.00K USD 1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $965.00K USD 1 Quarter
Payment of withholding taxes on stock-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $638.00K USD 1 Quarter
Payment of withholding taxes on stock-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $156.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.19M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.19M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-172.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-540.00K USD 1 Quarter
Net change in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-15.95M USD 1 Quarter
Net change in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $12.71M USD 1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $75.89M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.76M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $91.84M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $44.05M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $75.89M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.76M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $91.84M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $44.05M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning balance (in shares) CommonStockSharesOutstanding 102.84M shares Point-in-time
Beginning balance (in shares) CommonStockSharesOutstanding 101.53M shares Point-in-time
Beginning balance StockholdersEquity $131.09M USD Point-in-time
Beginning balance StockholdersEquity $205.73M USD Point-in-time
Beginning balance StockholdersEquity $187.69M USD Point-in-time
Beginning balance StockholdersEquity $140.00M USD Point-in-time
Issuance of common stock from exercise of stock options and restricted stock units StockIssuedDuringPeriodValueStockOptionsExercised $275.00K USD 1 Quarter
Issuance of common stock from exercise of stock options and restricted stock units StockIssuedDuringPeriodValueStockOptionsExercised $754.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.72M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.62M USD 1 Quarter
Shares withheld related to net share settlement AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $270.00K USD 1 Quarter
Net income NetIncomeLoss $-20.71M USD 1 Quarter
Net income NetIncomeLoss $-19.79M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.71M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.15M USD 1 Quarter
Ending balance (in shares) CommonStockSharesOutstanding 102.84M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 101.53M shares Point-in-time
Ending balance StockholdersEquity $131.09M USD Point-in-time
Ending balance StockholdersEquity $205.73M USD Point-in-time
Ending balance StockholdersEquity $187.69M USD Point-in-time
Ending balance StockholdersEquity $140.00M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-20.71M USD 1 Quarter
Net loss NetIncomeLoss $-19.79M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-708.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $544.00K USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $610.00K USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-1.00M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.71M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.15M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-22.42M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-18.64M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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