10-K Filing

THREDUP INC. CIK: 1484778 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001484778-24-000035`
Period End Date	20231231
Filing Date	20240305
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	tdup-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 20 Comprehensive Income 10

Balance Sheet 67 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
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`	$38.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.08M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	101.53M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	108.78M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	108.78M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$66.90M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$8.10M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	101.53M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.81M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.67M	USD	Point-in-time
Inventory	`InventoryNet`	$17.52M	USD	Point-in-time
Inventory	`InventoryNet`	$15.69M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.08M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$134.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$93.89M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$42.12M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$46.15M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$92.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$87.67M	USD	Point-in-time
Goodwill	`Goodwill`	$11.59M	USD	Point-in-time
Goodwill	`Goodwill`	$11.96M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$8.16M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$10.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.18M	USD	Point-in-time
Total assets	`Assets`	$301.95M	USD	Point-in-time
Total assets	`Assets`	$249.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.80M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$35.93M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$50.16M	USD	Point-in-time
Seller payable	`SellerPayableCurrent`	$21.50M	USD	Point-in-time
Seller payable	`SellerPayableCurrent`	$16.17M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$5.95M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$6.41M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.84M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$76.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$84.41M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$48.73M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$44.62M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$25.79M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$22.01M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$3.02M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$146.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$161.95M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of December 31, 2023 and 2022; 108,784 and 101,532 shares issued and outstanding as of December 31, 2023 and 2022, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of December 31, 2023 and 2022; 108,784 and 101,532 shares issued and outstanding as of December 31, 2023 and 2022, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$585.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$551.85M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.38M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-407.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-478.88M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$103.92M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$205.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$140.00M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$249.97M	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`	$322.02M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$288.38M	USD	Annual
Total cost of revenue	`CostOfRevenue`	$96.04M	USD	Annual
Total cost of revenue	`CostOfRevenue`	$108.22M	USD	Annual
Gross profit	`GrossProfit`	$192.34M	USD	Annual
Gross profit	`GrossProfit`	$213.81M	USD	Annual
Operations, product and technology	`OperationsProductAndTechnologyExpense`	$155.64M	USD	Annual
Operations, product and technology	`OperationsProductAndTechnologyExpense`	$156.71M	USD	Annual
Marketing	`MarketingExpense`	$64.37M	USD	Annual
Marketing	`MarketingExpense`	$66.27M	USD	Annual
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$62.66M	USD	Annual
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$61.81M	USD	Annual
Total operating expenses	`OperatingExpenses`	$285.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$281.82M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-71.84M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-89.49M	USD	Annual
Interest expense	`InterestExpense`	$2.24M	USD	Annual
Interest expense	`InterestExpense`	$805.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.96M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$2.85M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-92.25M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-71.23M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$35.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$19.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-71.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-92.28M	USD	Annual
Loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.68	USD	Annual
Loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.92	USD	Annual
Loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.92	USD	Annual
Loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.68	USD	Annual
Weighted-average shares used in computing loss per share, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	99.82M	shares	Annual
Weighted-average shares used in computing loss per share, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	104.88M	shares	Annual
Weighted-average shares used in computing loss per share, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.82M	shares	Annual
Weighted-average shares used in computing loss per share, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.88M	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-71.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-92.28M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.03M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.73M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$26.82M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$31.68M	USD	Annual
Reduction in carrying amount of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$6.47M	USD	Annual
Reduction in carrying amount of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$6.36M	USD	Annual
Other	`OtherNoncashIncomeExpense`	$-857.00K	USD	Annual
Other	`OtherNoncashIncomeExpense`	$-5.59M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.13M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$530.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$7.89M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-2.21M	USD	Annual
Other current and non-current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-893.00K	USD	Annual
Other current and non-current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.18M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.98M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.70M	USD	Annual
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-9.09M	USD	Annual
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.75M	USD	Annual
Seller payable	`IncreaseDecreaseInSellerPayable`	$5.31M	USD	Annual
Seller payable	`IncreaseDecreaseInSellerPayable`	$-2.94M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$924.00K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-7.09M	USD	Annual
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-960.00K	USD	Annual
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-54.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.59M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-52.10M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$3.48M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$17.91M	USD	Annual
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$77.58M	USD	Annual
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$55.65M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.25M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.98M	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.92M	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$43.68M	USD	Annual
Proceeds from debt, net of discount	`ProceedsFromDebtNetOfIssuanceCosts`	$391.00K	USD	Annual
Proceeds from debt, net of discount	`ProceedsFromDebtNetOfIssuanceCosts`	-	USD	Annual
Repayment of debt	`RepaymentsOfDebt`	$4.00M	USD	Annual
Repayment of debt	`RepaymentsOfDebt`	$6.33M	USD	Annual
Proceeds from issuance of stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$5.16M	USD	Annual
Proceeds from issuance of stock-based awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$4.20M	USD	Annual
Payments of withholding taxes on stock-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.76M	USD	Annual
Payments of withholding taxes on stock-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.20M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.60M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.94M	USD	Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-672.00K	USD	Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-68.00K	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-47.79M	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.42M	USD	Annual
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`	$61.47M	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`	$91.84M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.47M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.05M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.06M	USD	Annual
Cash paid for interest	`InterestPaidNet`	$2.71M	USD	Annual
Purchases of property and equipment included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$5.68M	USD	Annual
Purchases of property and equipment included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$100.00K	USD	Annual
Right-of-use assets obtained in exchange for new lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$13.38M	USD	Annual
Right-of-use assets obtained in exchange for new lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$2.10M	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	108.78M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	101.53M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$103.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$205.73M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$140.00M	USD	Point-in-time
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.18M	USD	Annual
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.18M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$32.91M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$27.75M	USD	Annual
Shares withheld for net share settlement	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.78M	USD	Annual
Shares withheld for net share settlement	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$236.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-71.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-92.28M	USD	Annual
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.86M	USD	Annual
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-3.14M	USD	Annual
Ending balance (in shares)	`CommonStockSharesOutstanding`	108.78M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	101.53M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$103.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$205.73M	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`	$-71.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-92.28M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$777.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.42M	USD	Annual
Unrealized gain (loss) on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.08M	USD	Annual
Unrealized gain (loss) on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-722.00K	USD	Annual
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.86M	USD	Annual
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-3.14M	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-95.42M	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-69.39M	USD	Annual

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