ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online
resale platforms for apparel, shoes, and accessories, announced
today its financial results for the third quarter ended
September 30, 2023.
"We achieved another quarter of strong financial
performance, in the face of a highly dynamic environment," said
thredUP CEO and co-founder James Reinhart. "Despite this backdrop,
thredUP is executing at a high level, and we plan to carry that
momentum into 2024."
Third Quarter
2023 Financial Highlights
- Revenue: Total revenue of $82.0 million,
an increase of 21% year-over-year.
- Gross Profit and Gross Margin: Gross profit
totaled $56.6 million, representing an increase of 27%
year-over-year. Gross margin was 69.0% as compared to 65.5% for the
third quarter 2022.
- Net Loss: Net loss was $18.1 million, or
a negative 22.0% of revenue, for the third quarter 2023, compared
to a net loss of $23.7 million, or a negative 34.8% of
revenue, for the third quarter 2022.
- Adjusted EBITDA Loss and EBITDA Loss
Margin1: Adjusted EBITDA
loss was $3.6 million, or a negative 4.4% of revenue, for the
third quarter 2023, compared to an Adjusted EBITDA loss of $11.0
million, or a negative 16.2% of revenue, for the third quarter
2022.
- Active Buyers and Orders: Active Buyers of
1.8 million and Orders of 1.8 million, representing an
increase of 4% and an increase of 11%, respectively, over the
comparable quarter last year.
Recent Business Highlights
- Resale-as-a-Service®
(“RaaS®”): thredUP continued to
grow its RaaS client roster, launching new resale programs with
Beyond Yoga, Smartwool, and Journeys.
- Thrift Promise Improves Retention: Thrift
Promise envisions a customer journey that aims to achieve the
highest levels of customer satisfaction on thredUP. As a result, we
reduced our Q3 return rate and generated millions of dollars in
logistics cost savings.
- Industry Honors and Recognition: thredUP was
named to TIME100's Most Influential Companies of 2023 for its
environmental impact and Digiday’s WorkLife50 Award for its
exemplary workplace and company culture.
Financial Outlook
For the fourth quarter 2023, thredUP
expects:
- Revenue in the range of $79.0 million to
$81.0 million
- Gross margin in the range of 61.0% to 63.0%
- Adjusted EBITDA loss margin in the range of 2.0% to 0.0%
For the full fiscal year 2023, thredUP
expects:
- Revenue in the range of $319.5 million to
$321.5 million
- Gross margin in the range of 66.2% to 66.7%
- Adjusted EBITDA loss margin in the range of 5.3% to 4.7%
Conference Call and Webcast
Information
- The live and
archived webcast and all related earnings materials will be
available at thredUP’s investor relations website:
ir.thredup.com/news-events/events-and-presentations.
ThredUp Inc.Condensed Consolidated Balance
Sheets(unaudited) |
|
|
September 30,2023 |
|
December 31,2022 |
|
|
(in thousands) |
ASSETS |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
68,552 |
|
|
$ |
38,029 |
|
Marketable securities |
|
|
5,575 |
|
|
|
66,902 |
|
Accounts receivable, net |
|
|
5,993 |
|
|
|
4,669 |
|
Inventory |
|
|
18,173 |
|
|
|
17,519 |
|
Other current assets |
|
|
7,199 |
|
|
|
7,076 |
|
Total current assets |
|
|
105,492 |
|
|
|
134,195 |
|
Operating lease right-of-use
assets |
|
|
43,090 |
|
|
|
46,153 |
|
Property and equipment,
net |
|
|
90,270 |
|
|
|
92,482 |
|
Goodwill |
|
|
11,455 |
|
|
|
11,592 |
|
Intangible assets |
|
|
8,460 |
|
|
|
10,499 |
|
Other assets |
|
|
6,621 |
|
|
|
7,027 |
|
Total assets |
|
$ |
265,388 |
|
|
$ |
301,948 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
12,426 |
|
|
$ |
7,800 |
|
Accrued and other current liabilities |
|
|
40,225 |
|
|
|
50,155 |
|
Seller payable |
|
|
21,516 |
|
|
|
16,166 |
|
Operating lease liabilities, current |
|
|
6,383 |
|
|
|
6,413 |
|
Current portion of long-term debt |
|
|
3,834 |
|
|
|
3,879 |
|
Total current liabilities |
|
|
84,384 |
|
|
|
84,413 |
|
Operating lease liabilities,
non-current |
|
|
45,257 |
|
|
|
48,727 |
|
Long-term debt, net of current
portion |
|
|
22,968 |
|
|
|
25,788 |
|
Other non-current
liabilities |
|
|
3,231 |
|
|
|
3,019 |
|
Total liabilities |
|
|
155,840 |
|
|
|
161,947 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock |
|
|
11 |
|
|
|
10 |
|
Additional paid-in capital |
|
|
577,740 |
|
|
|
551,852 |
|
Accumulated other comprehensive loss |
|
|
(3,941 |
) |
|
|
(4,234 |
) |
Accumulated deficit |
|
|
(464,262 |
) |
|
|
(407,627 |
) |
Total stockholders’
equity |
|
|
109,548 |
|
|
|
140,001 |
|
Total liabilities and
stockholders’ equity |
|
$ |
265,388 |
|
|
$ |
301,948 |
|
ThredUp Inc.Condensed Consolidated Statements of
Operations(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
|
|
(in thousands, except per share amounts) |
Revenue: |
|
|
|
|
|
|
|
|
Consignment |
|
$ |
57,838 |
|
|
$ |
41,553 |
|
|
$ |
157,732 |
|
|
$ |
137,524 |
|
Product |
|
|
24,211 |
|
|
|
26,392 |
|
|
|
82,897 |
|
|
|
79,537 |
|
Total revenue |
|
|
82,049 |
|
|
|
67,945 |
|
|
|
240,629 |
|
|
|
217,061 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Consignment |
|
|
10,131 |
|
|
|
9,087 |
|
|
|
28,931 |
|
|
|
29,354 |
|
Product |
|
|
15,291 |
|
|
|
14,362 |
|
|
|
48,246 |
|
|
|
40,335 |
|
Total cost of revenue |
|
|
25,422 |
|
|
|
23,449 |
|
|
|
77,177 |
|
|
|
69,689 |
|
Gross profit |
|
|
56,627 |
|
|
|
44,496 |
|
|
|
163,452 |
|
|
|
147,372 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Operations, product, and technology |
|
|
40,355 |
|
|
|
38,702 |
|
|
|
118,473 |
|
|
|
121,824 |
|
Marketing |
|
|
19,406 |
|
|
|
14,752 |
|
|
|
54,919 |
|
|
|
51,370 |
|
Sales, general, and administrative |
|
|
15,058 |
|
|
|
15,232 |
|
|
|
47,147 |
|
|
|
47,276 |
|
Total operating expenses |
|
|
74,819 |
|
|
|
68,686 |
|
|
|
220,539 |
|
|
|
220,470 |
|
Operating loss |
|
|
(18,192 |
) |
|
|
(24,190 |
) |
|
|
(57,087 |
) |
|
|
(73,098 |
) |
Interest expense |
|
|
732 |
|
|
|
103 |
|
|
|
1,530 |
|
|
|
764 |
|
Other income, net |
|
|
(845 |
) |
|
|
(624 |
) |
|
|
(2,006 |
) |
|
|
(1,108 |
) |
Loss before provision for
income taxes |
|
|
(18,079 |
) |
|
|
(23,669 |
) |
|
|
(56,611 |
) |
|
|
(72,754 |
) |
Provision for income
taxes |
|
|
3 |
|
|
|
9 |
|
|
|
24 |
|
|
|
31 |
|
Net loss |
|
$ |
(18,082 |
) |
|
$ |
(23,678 |
) |
|
$ |
(56,635 |
) |
|
$ |
(72,785 |
) |
Loss per share, basic and
diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.73 |
) |
Weighted-average shares used
in computing loss per share, basic and diluted |
|
|
105,898 |
|
|
|
100,253 |
|
|
|
103,918 |
|
|
|
99,409 |
|
ThredUp Inc.Condensed Consolidated Statements of
Comprehensive Loss(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
|
|
(in thousands) |
Net loss |
|
$ |
(18,082 |
) |
|
$ |
(23,678 |
) |
|
$ |
(56,635 |
) |
|
$ |
(72,785 |
) |
Other comprehensive income
(loss), net of tax: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(1,080 |
) |
|
|
(2,217 |
) |
|
|
(772 |
) |
|
|
(5,258 |
) |
Unrealized gain (loss) on available-for-sale securities |
|
|
152 |
|
|
|
(28 |
) |
|
|
1,065 |
|
|
|
(1,284 |
) |
Total other comprehensive
income (loss) |
|
|
(928 |
) |
|
|
(2,245 |
) |
|
|
293 |
|
|
|
(6,542 |
) |
Total comprehensive loss |
|
$ |
(19,010 |
) |
|
$ |
(25,923 |
) |
|
$ |
(56,342 |
) |
|
$ |
(79,327 |
) |
ThredUp Inc.Condensed Consolidated Statements of
Cash Flows(unaudited) |
|
|
Nine Months Ended |
|
|
September 30,2023 |
|
September 30,2022 |
|
|
(in thousands) |
Cash flows from operating
activities: |
|
|
|
|
Net loss |
|
$ |
(56,635 |
) |
|
$ |
(72,785 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
13,881 |
|
|
|
10,217 |
|
Stock-based compensation expense |
|
|
24,907 |
|
|
|
20,758 |
|
Reduction in carrying amount of right-of-use assets |
|
|
4,788 |
|
|
|
4,820 |
|
Other |
|
|
59 |
|
|
|
1,409 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable, net |
|
|
(1,373 |
) |
|
|
795 |
|
Inventory |
|
|
(873 |
) |
|
|
(6,222 |
) |
Other current and non-current assets |
|
|
1,055 |
|
|
|
(1,732 |
) |
Accounts payable |
|
|
4,049 |
|
|
|
(3,000 |
) |
Accrued and other current liabilities |
|
|
(4,331 |
) |
|
|
6,918 |
|
Seller payable |
|
|
5,358 |
|
|
|
(380 |
) |
Operating lease liabilities |
|
|
(5,426 |
) |
|
|
2,396 |
|
Other non-current liabilities |
|
|
(75 |
) |
|
|
(133 |
) |
Net cash used in operating
activities |
|
|
(14,616 |
) |
|
|
(36,939 |
) |
Cash flows from investing
activities: |
|
|
|
|
Purchases of marketable securities |
|
|
(9,851 |
) |
|
|
(3,475 |
) |
Maturities of marketable securities |
|
|
71,979 |
|
|
|
35,830 |
|
Purchases of property and equipment |
|
|
(13,775 |
) |
|
|
(39,316 |
) |
Net cash provided by (used in)
investing activities |
|
|
48,353 |
|
|
|
(6,961 |
) |
Cash flows from financing
activities: |
|
|
|
|
Proceeds from debt, net of discount |
|
|
— |
|
|
|
491 |
|
Repayment of debt |
|
|
(3,000 |
) |
|
|
(5,333 |
) |
Proceeds from issuance of stock-based awards |
|
|
3,761 |
|
|
|
3,878 |
|
Payment of withholding taxes on stock-based awards |
|
|
(3,744 |
) |
|
|
(1,958 |
) |
Net cash used in financing
activities |
|
|
(2,983 |
) |
|
|
(2,922 |
) |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
|
(230 |
) |
|
|
(918 |
) |
Net change in cash, cash
equivalents, and restricted cash |
|
|
30,524 |
|
|
|
(47,740 |
) |
Cash, cash equivalents, and
restricted cash, beginning of period |
|
|
44,051 |
|
|
|
91,840 |
|
Cash, cash equivalents, and
restricted cash, end of period |
|
$ |
74,575 |
|
|
$ |
44,100 |
|
ThredUp Inc.Reconciliation of GAAP to Non-GAAP
Financial Measures(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
|
|
(in thousands) |
Net loss |
|
$ |
(18,082 |
) |
|
$ |
(23,678 |
) |
|
$ |
(56,635 |
) |
|
$ |
(72,785 |
) |
Interest expense |
|
|
732 |
|
|
|
103 |
|
|
|
1,530 |
|
|
|
764 |
|
Provision for income
taxes |
|
|
3 |
|
|
|
9 |
|
|
|
24 |
|
|
|
31 |
|
Depreciation and
amortization |
|
|
5,364 |
|
|
|
3,539 |
|
|
|
13,881 |
|
|
|
10,217 |
|
Stock-based compensation
expense |
|
|
7,888 |
|
|
|
7,177 |
|
|
|
24,907 |
|
|
|
20,758 |
|
Severance and other |
|
|
507 |
|
|
|
1,809 |
|
|
|
1,058 |
|
|
|
3,470 |
|
Non-GAAP Adjusted EBITDA
loss |
|
$ |
(3,588 |
) |
|
$ |
(11,041 |
) |
|
$ |
(15,235 |
) |
|
$ |
(37,545 |
) |
Total revenue |
|
|
82,049 |
|
|
|
67,945 |
|
|
|
240,629 |
|
|
|
217,061 |
|
Non-GAAP Adjusted EBITDA loss
margin |
|
|
(4.4 |
)% |
|
|
(16.2 |
)% |
|
|
(6.3 |
)% |
|
|
(17.3 |
)% |
Investorsir@thredup.com
Mediamedia@thredup.com
About thredUP
thredUP is transforming resale with technology
and a mission to inspire a new generation of consumers to think
secondhand first. By making it easy to buy and sell secondhand,
thredUP has become one of the world's largest online resale
platforms for apparel, shoes and accessories. Sellers love thredUP
because we make it easy to clean out their closets and unlock value
for themselves or for the charity of their choice while doing good
for the planet. Buyers love shopping value, premium and luxury
brands all in one place, at up to 90% off estimated retail price.
Our proprietary operating platform is the foundation for our
managed marketplace and consists of distributed processing
infrastructure, proprietary software and systems and data science
expertise. With thredUP’s Resale-as-a-Service, some of the world's
leading brands and retailers are leveraging our platform to deliver
customizable, scalable resale experiences to their customers.
thredUP has processed over 172 million unique secondhand items
from 55,000 brands across 100 categories. By extending the life
cycle of clothing, thredUP is changing the way consumers shop and
ushering in a more sustainable future for the fashion industry.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws, 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 in this release include, but
are not limited to, guidance on financial results for the fourth
quarter and full year of 2023; statements about future operating
results and our long term growth; the momentum of our business; the
growth rates in the markets in which we compete; the impact of
inflationary pressures, increased interest rates, climate change
and general global economic uncertainty on consumer behavior and
our business; our investments in technology and infrastructure; our
ability to successfully integrate and realize the benefits of our
past or future strategic acquisitions, investments or restructuring
activities; the success and expansion of our RaaS® model and the
timing and plans for future RaaS® clients; and our ability to
attract new Active Buyers.
More information on these risks and other
potential factors that could affect the Company’s business,
reputation, results of operations, financial condition, and stock
price is included in the Company’s filings with the Securities and
Exchange Commission (“SEC”), including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Company’s most recently
filed periodic reports on Form 10-K and Form 10-Q and
subsequent filings. The forward-looking statements in this release
are based on information available to us as of the date hereof, and
we disclaim any obligation to update any forward-looking
statements, except as required by law. These forward-looking
statements should not be relied upon as representing thredUP’s
views as of any date subsequent to the date of this press
release.
Additional information regarding these and other
factors that could affect thredUP's results is included in
thredUP’s SEC filings, which may be obtained by visiting our
Investor Relations website at ir.thredup.com or the SEC's website
at www.sec.gov.
Operating Metrics
An Active Buyer is a thredUP buyer who has made
at least one purchase in the last twelve months. A thredUP buyer is
a customer who has created an account and purchased in our
marketplaces, including through our RaaS® clients, and is
identified by a unique email address. A single person could have
multiple thredUP accounts and count as multiple Active Buyers.
Orders are defined as the total number of orders
placed by buyers across our marketplaces, including through our
RaaS® clients, in a given period, net of cancellations.
Non-GAAP Financial Measures
This press release and the accompanying tables
contain non-GAAP financial measures: Adjusted EBITDA loss and
Adjusted EBITDA loss margin. In addition to our results determined
in accordance with GAAP, we believe that Adjusted EBITDA loss and
Adjusted EBITDA loss margin, non-GAAP measures, are useful in
evaluating our operating performance. We use Adjusted EBITDA loss
and Adjusted EBITDA loss margin to evaluate and assess our
operating performance and the operating leverage in our business,
and for internal planning and forecasting purposes. We believe that
Adjusted EBITDA loss and Adjusted EBITDA loss margin, when taken
collectively with our GAAP results, may be helpful to investors
because they provide consistency and comparability with past
financial performance and assist in comparisons with other
companies, some of which use similar non-GAAP financial information
to supplement their GAAP results. Adjusted EBITDA loss and Adjusted
EBITDA loss margin are presented for supplemental informational
purposes only, should not be considered a substitute for financial
information presented in accordance with GAAP and may be different
from similarly-titled non-GAAP measures used by other
companies.
A reconciliation is provided above for Adjusted
EBITDA loss to net loss, the most directly comparable financial
measure stated in accordance with GAAP. We calculate Adjusted
EBITDA loss as net loss adjusted to exclude, where applicable in a
given period, interest expense, provision for income taxes,
depreciation and amortization, stock-based compensation expense,
and severance and other.
Investors are encouraged to review our results
determined in accordance with GAAP and the reconciliation of
Adjusted EBITDA loss to net loss. thredUP is not providing a
quantitative reconciliation of forward-looking guidance of Adjusted
EBITDA loss to net loss because certain items are out of thredUP’s
control or cannot be reasonably predicted. Historically, these
items have included, but are not limited to, depreciation and
amortization, stock-based compensation expense, change in fair
value of convertible preferred stock warrant liability and
provision for income taxes. Accordingly, a reconciliation for
Adjusted EBITDA loss in order to calculate forward-looking Adjusted
EBITDA loss margin is not available without unreasonable effort.
However, for the fourth quarter of 2023 and full year 2023,
depreciation and amortization is expected to be $4.8 million and
$18.7 million, respectively. In addition, for the fourth
quarter of 2023 and full year 2023, stock-based compensation
expense is expected to be $7.7 million and $32.6 million,
respectively. These items are uncertain, depend on various factors,
and could result in projected net loss being materially less than
is indicated by the currently estimated Adjusted EBITDA loss
margin.
_________________
1 Adjusted EBITDA loss and Adjusted EBITDA loss
margin are non-GAAP measures. See “Reconciliation of GAAP to
Non-GAAP Financial Measures” for a detailed reconciliation of
Adjusted EBITDA loss to the most directly comparable GAAP measure
and “Non-GAAP Financial Measures” for a discussion of why we
believe these non-GAAP measures are useful.
ThredUp (NASDAQ:TDUP)
Gráfico Histórico do Ativo
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ThredUp (NASDAQ:TDUP)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024