Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40249 | |
Entity Registrant Name | ThredUp Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4009181 | |
Entity Address, Address Line One | 969 Broadway | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Oakland | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94607 | |
City Area Code | 415 | |
Local Phone Number | 402-5202 | |
Title of each class | Class A common stock, $0.0001 par value per share | |
Trading Symbol(s) | TDUP | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001484778 | |
Current Fiscal Year End Date | --12-31 | |
Common stock Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 58,666,102 | |
Common stock Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,383,662 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 68,597 | $ 84,550 |
Marketable securities | 115,189 | 121,277 |
Accounts receivable, net | 2,971 | 4,136 |
Inventory, net | 12,025 | 9,825 |
Other current assets | 9,634 | 8,625 |
Total current assets | 208,416 | 228,413 |
Operating lease right-of-use assets | 42,937 | 39,340 |
Property and equipment, net | 73,132 | 55,466 |
Goodwill | 12,043 | 12,238 |
Intangible assets | 12,942 | 13,854 |
Other assets | 11,558 | 11,515 |
Total assets | 361,028 | 360,826 |
Current liabilities | ||
Accounts payable | 19,529 | 13,336 |
Accrued and other current liabilities | 50,970 | 45,253 |
Seller payable | 20,640 | 19,125 |
Operating lease liabilities, current | 4,433 | 3,931 |
Current portion of long-term debt | 7,780 | 7,768 |
Total current liabilities | 103,352 | 89,413 |
Operating lease liabilities, non-current | 42,030 | 36,997 |
Long-term debt | 25,634 | 27,559 |
Other non-current liabilities | 2,324 | 1,123 |
Total liabilities | 173,340 | 155,092 |
Commitments and contingencies (Note 11) | ||
Convertible preferred stock: $0.0001 par value; 100,000 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Stockholders’ equity: | ||
#REF! | 10 | 10 |
Additional paid-in capital | 526,533 | 522,161 |
Accumulated other comprehensive loss | (2,804) | (1,094) |
Accumulated deficit | (336,051) | (315,343) |
Total stockholders’ equity | 187,688 | 205,734 |
Total liabilities, convertible preferred stock and stockholders’ equity | $ 361,028 | $ 360,826 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Liabilities, Convertible Preferred Stock and Stockholders’ Equity | ||
Convertible preferred stock (in dollars per share) | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Convertible preferred stock, shares issued (in shares) | 0 | 0 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 0 |
Stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,120,000,000 | 1,120,000,000 |
Common stock, shares issued (in shares) | 98,942,000 | 98,435,000 |
Common stock, shares outstanding (in shares) | 98,942,000 | 98,435,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Total revenue | $ 72,695 | $ 55,680 |
Cost of revenue: | ||
Total cost of revenue | 22,467 | 15,962 |
Gross profit | 50,228 | 39,718 |
Operating expenses: | ||
Operations, product and technology | 39,161 | 28,312 |
Marketing | 16,978 | 15,446 |
Sales, general and administrative | 14,664 | 10,638 |
Total operating expenses | 70,803 | 54,396 |
Operating loss | (20,575) | (14,678) |
Interest expense | (423) | (559) |
Other income (expense), net | 303 | (907) |
Loss before provision for income taxes | (20,695) | (16,144) |
Provision for income taxes | 13 | 27 |
Net loss | $ (20,708) | $ (16,171) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.21) | $ (0.86) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.21) | $ (0.86) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 98,624 | 18,701 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 98,624 | 18,701 |
Consignment | ||
Revenue: | ||
Total revenue | $ 47,435 | $ 44,688 |
Cost of revenue: | ||
Total cost of revenue | 10,049 | 10,832 |
Product | ||
Revenue: | ||
Total revenue | 25,260 | 10,992 |
Cost of revenue: | ||
Total cost of revenue | $ 12,418 | $ 5,130 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (20,708) | $ (16,171) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustments | (708) | 0 |
Unrealized loss on available-for-sale debt securities | (1,002) | 0 |
Total comprehensive loss | $ (22,418) | $ (16,171) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 65,971,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 247,041 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Preferred stock conversion to Class B common stock (in shares) | (65,971,000) | ||||
Preferred stock conversion to Class B common stock | $ (247,041) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | ||||
Ending balance at Mar. 31, 2021 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 12,890,000 | ||||
Beginning balance at Dec. 31, 2020 | (222,177) | $ 1 | $ 29,989 | $ 0 | $ (252,167) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 1,458,000 | ||||
Exercise of stock options | 1,875 | 1,875 | |||
Stock-based compensation | 3,498 | 3,498 | |||
Conversion of preferred stock warrants to Class B common stock warrants | 1,827 | 1,827 | |||
Preferred stock conversion to Class B common stock (in shares) | 65,971,000 | ||||
Preferred stock conversion to Class B common stock | 247,041 | $ 7 | 247,034 | ||
Sale of Class A common stock upon initial public offering, net of issuance costs (in shares) | 13,800,000 | ||||
Sale of Class A common stock upon initial public offering, net of issuance costs | 175,534 | $ 1 | 175,533 | ||
Cashless exercise of common stock warrant (in shares) | 25,000 | ||||
Net loss | (16,171) | (16,171) | |||
Ending balance (in shares) at Mar. 31, 2021 | 94,144,000 | ||||
Ending balance at Mar. 31, 2021 | $ 191,427 | $ 9 | 459,756 | 0 | (268,338) |
Beginning balance (in shares) at Dec. 31, 2021 | 0 | ||||
Beginning balance at Dec. 31, 2021 | $ 0 | ||||
Ending balance (in shares) at Mar. 31, 2022 | 0 | ||||
Ending balance at Mar. 31, 2022 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 98,435,000 | 98,435,000 | |||
Beginning balance at Dec. 31, 2021 | $ 205,734 | $ 10 | 522,161 | (1,094) | (315,343) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 334,000 | ||||
Exercise of stock options | 754 | 754 | |||
Stock-based compensation | 3,618 | 3,618 | |||
Issuance of common stock to settle restricted stock units (in shares) | 173,000 | ||||
Other comprehensive loss | (1,710) | (1,710) | |||
Net loss | $ (20,708) | (20,708) | |||
Ending balance (in shares) at Mar. 31, 2022 | 98,942,000 | 98,942,000 | |||
Ending balance at Mar. 31, 2022 | $ 187,688 | $ 10 | $ 526,533 | $ (2,804) | $ (336,051) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (20,708) | $ (16,171) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 3,271 | 2,038 |
Stock-based compensation expense | 3,523 | 3,498 |
Reduction in the carrying amount of right-of-use assets | 1,398 | 1,318 |
Changes in fair value of convertible preferred stock warrants and others | 481 | 1,048 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,143 | 97 |
Inventory, net | (2,313) | 37 |
Other current and non-current assets | (2,162) | (457) |
Accounts payable | 1,601 | 4,722 |
Accrued and other current liabilities | 4,912 | 4,784 |
Seller payable | 1,521 | 1,470 |
Operating lease liabilities | 539 | (1,311) |
Other non-current liabilities | 115 | 4 |
Net cash (used in) provided by operating activities | (6,679) | 1,077 |
Cash flows from investing activities | ||
Maturities of marketable securities | 4,726 | 0 |
Purchase of property and equipment | (12,638) | (4,099) |
Net cash used in investing activities | (7,912) | (4,099) |
Cash flows from financing activities | ||
Proceeds from debt issuance | 0 | 4,625 |
Repayment of debt | (2,000) | 0 |
Proceeds from issuance of Class A common stock, net of underwriting discounts and commissions | 0 | 180,284 |
Proceeds from exercise of common stock options | 809 | 1,875 |
Payment of costs for the initial public offering | 0 | (1,733) |
Net cash (used in) provided by financing activities | (1,191) | 185,051 |
Effect of exchange rate changes on cash and cash equivalents | (172) | 0 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (15,954) | 182,029 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 91,840 | 67,539 |
End of period | $ 75,886 | $ 249,568 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business ThredUp Inc. (“ThredUp” or the “Company”) was formed as a corporation in the State of Delaware in January 2009. ThredUp is a large resale platform that enables consumers to buy and sell primarily secondhand women’s and kid’s apparel, shoes and accessories. The Company has corporate offices in Oakland, California, Scottsdale, Arizona and Bulgaria, distribution centers in Pennsylvania, Georgia, Arizona and Bulgaria and processing centers in Texas and Tennessee. We have additional distribution centers in Texas and Bulgaria under construction. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, the useful lives of property and equipment and intangibles, allowance for sales returns, allowance for bad debts, breakage on loyalty points and rewards and valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles and income taxes. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2022, and the results of operations and cash flows for the interim periods presented. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 22, 2022. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company deposits cash at major financial institutions, and at times, such cash may exceed federally insured limits. The credit risk is believed to be minimal due to the financial position of the depository institutions in which those deposits are held. The Company has never experienced any losses on deposits since inception. The Company’s investment policy restricts cash investments to highly liquid, short to intermediate-term, high grade fixed income securities, and as a result, the Company believes its cash equivalents and marketable securities represent minimal credit risk. Revenue from Loyalty Reward Redemption or Expiration As of March 31, 2022 and December 31, 2021, the Company had a liability of $3.4 million and $4.0 million, respectively, related to the loyalty program which is included in accrued and other current liabilities in the consolidated balance sheets. The Company recognized $2.7 million and $3.3 million of revenue from loyalty reward redemption or expiration for the three months ended March 31, 2022 and 2021, respectively. Net Loss Per Share Attributable to Common Stockholders The Company follows the two-class method when computing net loss per common share when shares issued meet the definition of participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, December 31, 2022 2021 Cash and cash equivalents $ 68,597 $ 84,550 Restricted cash, current 560 560 Restricted cash, non-current 6,729 6,730 Total cash, cash equivalents and restricted cash $ 75,886 $ 91,840 Restricted cash, non-current of $6.7 million and $6.7 million is included in the other assets in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively . Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). As of March 31, 2022 and December 31, 2021, the carrying amount of accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. Management believes the terms of its long-term debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximated its fair value. Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices in active markets included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The following table provides the financial instruments measured at fair value (in thousands): Fair Value as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 8,858 $ — $ — $ 8,858 U.S. treasury securities 4,798 — — 4,798 Commercial paper — 18,532 — 18,532 U.S. government agency bonds 2,450 — — 2,450 Total cash equivalents $ 16,106 $ 18,532 $ — $ 34,638 Marketable securities Corporate debt securities $ 50,573 $ — $ — $ 50,573 U.S. treasury securities 36,873 — — 36,873 U.S. government agency bonds 27,743 — — 27,743 Total marketable securities $ 115,189 $ — $ — $ 115,189 Total $ 131,295 $ 18,532 $ — $ 149,827 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 41,376 $ — $ — $ 41,376 Commercial paper — 12,098 — 12,098 Total cash equivalents $ 41,376 $ 12,098 $ — $ 53,474 Marketable securities Corporate debt securities $ 55,921 $ — $ — $ 55,921 U.S. treasury securities 37,190 — — 37,190 U.S. government agency bonds 28,166 — — 28,166 Total marketable securities $ 121,277 $ — $ — $ 121,277 Total $ 162,653 $ 12,098 $ — $ 174,751 The following tables summarize the cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses Corporate debt securities $ 51,106 $ — $ (533) $ 50,573 U.S. treasury securities 37,267 — (394) 36,873 U.S. government agency bonds 28,183 — (440) 27,743 Total $ 116,556 $ — $ (1,367) $ 115,189 December 31, 2021 Cost or Amortized Cost Unrealized Fair Value Gains Losses Corporate debt securities $ 56,098 $ — $ (177) $ 55,921 U.S. treasury securities 37,286 — (96) 37,190 U.S. government agency bonds 28,258 — (92) 28,166 Total $ 121,642 $ — $ (365) $ 121,277 As of March 31, 2022 and December 31, 2021, the amortized cost of the Company’s cash equivalents approximate their estimated fair value. As such, there are no unrealized gains or losses related to the Company’s cash equivalents. For all of the marketable securities, the Company utilizes third-party pricing services to obtain fair value. Third-party pricing methodologies incorporate bond terms and conditions, current performance data, proprietary pricing models, real-time quotes from contributing dealers, trade prices and other market data. The Company’s money market funds, U.S. treasury securities, corporate debt securities and U.S. government agency bonds were valued using Level 1 inputs because they are valued using quoted market prices. The Company’s commercial papers were valued using Level 2 inputs because they are valued using quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. There were no transfers between levels during the three months ended March 31, 2022. As of March 31, 2022, of the $115.2 million carrying amount of marketable securities, $71.6 million had a contractual maturity date of less than one year and $43.6 million had a contractual maturity date between one to two years. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Property and equipment $ 96,316 $ 76,028 Less: accumulated depreciation and amortization (23,184) (20,562) Property and equipment, net $ 73,132 $ 55,466 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The goodwill is primarily attributable to the planned growth in the combined business after the acquisition of Remix Global EAD (“Remix”). Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually, absent any interim indicators of impairment. The carrying amount of goodwill was $12.0 million as of March 31, 2022 and $12.2 million as of December 31, 2021. The change is due to the foreign currency translation adjustments. The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands): As of March 31, 2022 Intangible assets with determinable lives Amortization Period (years) Gross carrying amount Accumulated Carrying amount, net Customer relationships 8 $ 5,001 $ (301) $ 4,700 Developed technology 3 4,712 (753) 3,959 Trademarks 9 4,520 (237) 4,283 Total $ 14,233 $ (1,291) $ 12,942 As of December 31, 2021 Intangible assets with determinable lives Amortization Period (years) Gross carrying amount Accumulated Carrying amount, net Customer relationships 8 $ 5,092 $ (150) $ 4,942 Developed technology 3 4,798 (373) 4,425 Trademarks 9 4,602 (115) 4,487 Total $ 14,492 $ (638) $ 13,854 The changes in the gross carrying amounts are due to foreign currency translation. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventories consist of the following (in thousands): March 31, December 31, 2022 2021 Finished goods $ 9,907 $ 8,247 Raw materials 1,450 908 Work in progress 668 670 $ 12,025 $ 9,825 Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Gift card and site credit liabilities $ 13,770 $ 13,223 Accrued vendor liabilities 9,398 6,031 Allowance for returns 7,366 6,209 Accrued compensation 6,795 6,438 Deferred revenue 6,213 5,878 Accrued taxes 5,419 5,728 Accrued other 2,009 1,746 $ 50,970 $ 45,253 |
Lease Agreements
Lease Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements The Company’s operating lease expense was $2.4 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively. Maturities of operating lease liabilities were as follows as of March 31, 2022 (in thousands): Amount Remainder of 2022 $ 6,804 2023 8,487 2024 7,543 2025 6,740 2026 6,386 Thereafter 29,947 Total lease payments 65,907 Less: imputed interest (14,934) Less: tenant improvement allowance yet to be received (4,510) Total lease liabilities 46,463 Less: current lease liabilities (4,433) Total non-current lease liabilities $ 42,030 In December 2021, the Company entered into an agreement to lease a distribution center in Sofia, Bulgaria. The leased property, which contains both logistics and office areas, is divided into three spaces with separate commencement dates of March 1, 2022 and targeted dates in May 2022 and June 2023. The base rent for the first stage space is approximately €6.1 million or $6.8 million, estimated at March 31, 2022 Euro to USD spot rate, in aggregate over the original term of 10 years from the commencement date. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt The Company entered into a loan and security agreement (“Term Loan”) with Western Alliance Bank for an aggregate amount up to $40.0 million to refinance its Loan and Security Agreement with Silicon Valley Bank in February 2019. The Term Loan was amended five times before December 31, 2021. The amended interest rate on the Term Loan is the prime rate published in The Wall Street Journal plus 1.5% with a floor of 5.50% per annum. As of March 31, 2022, the nominal interest rate was 5.50% and the effective interest rate was 6.65%. The Company is in compliance with the covenants as of March 31, 2022. The Company has repaid $6.0 million of the Term Loan as of March 31, 2022. The remaining maturities of the loan agreement as of March 31, 2022 are as follows (in thousands): Amount Remainder of 2022 $ 6,000 2023 8,000 2024 20,000 Thereafter — Total future principal 34,000 Less: unamortized debt discount (586) Less: current portion of long-term debt (7,780) Non-current portion of long-term debt $ 25,634 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Stock | Common Stock Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock. The table below summarizes the Class A common stock and Class B common stock issued and outstanding as of March 31, 2022. As of March 31, 2022 Authorized Issued and Outstanding (in thousands) Common stock Class A 1,000,000 58,558 Common stock Class B 120,000 40,384 Total common stock 1,120,000 98,942 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's stock-based compensation plans are described in more detail in Note 11, Stock-Based Compensation Plans, to the consolidated financial statements in the 2021 Form 10-K. 2021 Stock Option and Ince ntive Plan In February 2021, in connection with the Initial Public Offering (“IPO”), the Company’s board of directors adopted the 2021 Stock Option and Incentive Plan (“2021 Plan”) to replace the Second Amended and Restated 2010 Stock Plan, which was subsequently approved by the Company’s stockholders in March 2021. The 2021 Plan became effective on March 24, 2021. 2021 Employee Stock Purchase Plan In February 2021, the Company’s board of directors adopted the Employee Stock Purchase Plan (“ESPP”), which was subsequently approved by the stockholders in March 2021. The ESPP became effective on March 24, 2021. There was $0.2 million and zero in stock-based compensation related to the ESPP for the three months ended March 31, 2022 and 2021 , respectively. Restricted Stock Units The Company issues service-based and performance-based restricted stock units (“RSU”) to employees. The RSUs automatically convert to shares of the Company’s common stock on a one-for-one basis as the awards vest. RSUs granted to newly hired employees typically vest 25% annually over 4 years commencing on the date of grant. The RSUs are measured at grant date fair value, at the market price of the Company’s Class A common stock on the grant date. The Company records stock-based compensation expense related to the RSUs ratably over the employee’s respective requisite service period. During the three months ended March 31, 2022, the Company granted 749,842 shares of RSUs with a weighted average grant date fair value at $8.81 under the 2021 Plan. Stock-based Compensation Total stock-based compensation expense by department is as follows (in thousands): Three Months Ended 2022 2021 Operations, product and technology $ 1,392 $ 1,350 Marketing 333 437 Sales, general and administrative 1,798 1,711 Total stock-based compensation expense $ 3,523 $ 3,498 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Contingencies The Company is subject to litigation claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe quarterly income tax provision reflects an estimate of the corresponding quarter’s state taxes in the United States. The provision for income tax expense for the three months ended March 31, 2022 and 2021 was determined based upon estimates of the Company’s annual effective tax rate for the years ending December 31, 2022 and 2021, respectively. Since the Company is in a full valuation allowance position, due to losses incurred since inception, the provision for taxes consist solely of certain state income taxes. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following participating securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive: As of March 31, 2022 2021 (in thousands) Outstanding stock options 18,825 22,068 Restricted stock units 1,830 96 Delayed share issuance related to acquisition 130 — Employee stock purchase plan 105 — Outstanding Class B common stock warrants — 138 Total 20,890 22,302 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted. |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, the useful lives of property and equipment and intangibles, allowance for sales returns, allowance for bad debts, breakage on loyalty points and rewards and valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles and income taxes. |
Concentrations of Credit Risk | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company deposits cash at major financial institutions, and at times, such cash may exceed federally insured limits. The credit risk is believed to be minimal due to the financial position of the depository institutions in which those deposits are held. The Company has never experienced any losses on deposits since inception. The Company’s investment policy restricts cash investments to highly liquid, short to intermediate-term, high grade fixed income securities, and as a result, the Company believes its cash equivalents and marketable securities represent minimal credit risk. |
Net Loss Per Share Attributable to Common Stockholders | The Company follows the two-class method when computing net loss per common share when shares issued meet the definition of participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
Fair Value Measurements | Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). As of March 31, 2022 and December 31, 2021, the carrying amount of accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. Management believes the terms of its long-term debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximated its fair value. Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices in active markets included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
New Accounting Pronouncements Recently Issue But Not Yet Adopted | New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, December 31, 2022 2021 Cash and cash equivalents $ 68,597 $ 84,550 Restricted cash, current 560 560 Restricted cash, non-current 6,729 6,730 Total cash, cash equivalents and restricted cash $ 75,886 $ 91,840 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, December 31, 2022 2021 Cash and cash equivalents $ 68,597 $ 84,550 Restricted cash, current 560 560 Restricted cash, non-current 6,729 6,730 Total cash, cash equivalents and restricted cash $ 75,886 $ 91,840 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following table provides the financial instruments measured at fair value (in thousands): Fair Value as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 8,858 $ — $ — $ 8,858 U.S. treasury securities 4,798 — — 4,798 Commercial paper — 18,532 — 18,532 U.S. government agency bonds 2,450 — — 2,450 Total cash equivalents $ 16,106 $ 18,532 $ — $ 34,638 Marketable securities Corporate debt securities $ 50,573 $ — $ — $ 50,573 U.S. treasury securities 36,873 — — 36,873 U.S. government agency bonds 27,743 — — 27,743 Total marketable securities $ 115,189 $ — $ — $ 115,189 Total $ 131,295 $ 18,532 $ — $ 149,827 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 41,376 $ — $ — $ 41,376 Commercial paper — 12,098 — 12,098 Total cash equivalents $ 41,376 $ 12,098 $ — $ 53,474 Marketable securities Corporate debt securities $ 55,921 $ — $ — $ 55,921 U.S. treasury securities 37,190 — — 37,190 U.S. government agency bonds 28,166 — — 28,166 Total marketable securities $ 121,277 $ — $ — $ 121,277 Total $ 162,653 $ 12,098 $ — $ 174,751 The following tables summarize the cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses Corporate debt securities $ 51,106 $ — $ (533) $ 50,573 U.S. treasury securities 37,267 — (394) 36,873 U.S. government agency bonds 28,183 — (440) 27,743 Total $ 116,556 $ — $ (1,367) $ 115,189 December 31, 2021 Cost or Amortized Cost Unrealized Fair Value Gains Losses Corporate debt securities $ 56,098 $ — $ (177) $ 55,921 U.S. treasury securities 37,286 — (96) 37,190 U.S. government agency bonds 28,258 — (92) 28,166 Total $ 121,642 $ — $ (365) $ 121,277 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Property and equipment $ 96,316 $ 76,028 Less: accumulated depreciation and amortization (23,184) (20,562) Property and equipment, net $ 73,132 $ 55,466 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands): As of March 31, 2022 Intangible assets with determinable lives Amortization Period (years) Gross carrying amount Accumulated Carrying amount, net Customer relationships 8 $ 5,001 $ (301) $ 4,700 Developed technology 3 4,712 (753) 3,959 Trademarks 9 4,520 (237) 4,283 Total $ 14,233 $ (1,291) $ 12,942 As of December 31, 2021 Intangible assets with determinable lives Amortization Period (years) Gross carrying amount Accumulated Carrying amount, net Customer relationships 8 $ 5,092 $ (150) $ 4,942 Developed technology 3 4,798 (373) 4,425 Trademarks 9 4,602 (115) 4,487 Total $ 14,492 $ (638) $ 13,854 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Components [Abstract] | |
Schedule of Inventory | Inventories consist of the following (in thousands): March 31, December 31, 2022 2021 Finished goods $ 9,907 $ 8,247 Raw materials 1,450 908 Work in progress 668 670 $ 12,025 $ 9,825 |
Schedule of Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Gift card and site credit liabilities $ 13,770 $ 13,223 Accrued vendor liabilities 9,398 6,031 Allowance for returns 7,366 6,209 Accrued compensation 6,795 6,438 Deferred revenue 6,213 5,878 Accrued taxes 5,419 5,728 Accrued other 2,009 1,746 $ 50,970 $ 45,253 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows as of March 31, 2022 (in thousands): Amount Remainder of 2022 $ 6,804 2023 8,487 2024 7,543 2025 6,740 2026 6,386 Thereafter 29,947 Total lease payments 65,907 Less: imputed interest (14,934) Less: tenant improvement allowance yet to be received (4,510) Total lease liabilities 46,463 Less: current lease liabilities (4,433) Total non-current lease liabilities $ 42,030 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Debt | The remaining maturities of the loan agreement as of March 31, 2022 are as follows (in thousands): Amount Remainder of 2022 $ 6,000 2023 8,000 2024 20,000 Thereafter — Total future principal 34,000 Less: unamortized debt discount (586) Less: current portion of long-term debt (7,780) Non-current portion of long-term debt $ 25,634 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Issued and Outstanding | The table below summarizes the Class A common stock and Class B common stock issued and outstanding as of March 31, 2022. As of March 31, 2022 Authorized Issued and Outstanding (in thousands) Common stock Class A 1,000,000 58,558 Common stock Class B 120,000 40,384 Total common stock 1,120,000 98,942 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense by department is as follows (in thousands): Three Months Ended 2022 2021 Operations, product and technology $ 1,392 $ 1,350 Marketing 333 437 Sales, general and administrative 1,798 1,711 Total stock-based compensation expense $ 3,523 $ 3,498 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Participating Securities Excluded From the Computation of Diluted Net Loss Per Share | The following participating securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive: As of March 31, 2022 2021 (in thousands) Outstanding stock options 18,825 22,068 Restricted stock units 1,830 96 Delayed share issuance related to acquisition 130 — Employee stock purchase plan 105 — Outstanding Class B common stock warrants — 138 Total 20,890 22,302 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Liability | $ 13,770 | $ 13,223 | |
Restricted cash, non-current | 6,729 | 6,730 | |
Loyalty Program | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized | 2,700 | $ 3,300 | |
Loyalty Program | Transferred over Time | |||
Revenue from External Customer [Line Items] | |||
Liability | $ 3,400 | $ 4,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 68,597 | $ 84,550 | ||
Restricted cash, current | 560 | 560 | ||
Restricted cash, non-current | 6,729 | 6,730 | ||
Total cash, cash equivalents and restricted cash | $ 75,886 | $ 91,840 | $ 249,568 | $ 67,539 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Marketable securities | $ 115,189 | $ 121,277 |
Fair Value, Recurring | ||
Assets | ||
Total cash equivalents | 34,638 | 53,474 |
Marketable securities | 115,189 | 121,277 |
Total | 149,827 | 174,751 |
Fair Value, Recurring | Corporate debt securities | ||
Assets | ||
Marketable securities | 50,573 | 55,921 |
Fair Value, Recurring | U.S. treasury securities | ||
Assets | ||
Marketable securities | 36,873 | 37,190 |
Fair Value, Recurring | U.S. government agency bonds | ||
Assets | ||
Marketable securities | 27,743 | 28,166 |
Fair Value, Recurring | Money market fund | ||
Assets | ||
Total cash equivalents | 8,858 | 41,376 |
Fair Value, Recurring | U.S. treasury securities | ||
Assets | ||
Total cash equivalents | 4,798 | |
Fair Value, Recurring | Commercial paper | ||
Assets | ||
Total cash equivalents | 18,532 | 12,098 |
Fair Value, Recurring | U.S. government agency bonds | ||
Assets | ||
Total cash equivalents | 2,450 | |
Fair Value, Recurring | Level 1 | ||
Assets | ||
Total cash equivalents | 16,106 | 41,376 |
Marketable securities | 115,189 | 121,277 |
Total | 131,295 | 162,653 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Assets | ||
Marketable securities | 50,573 | 55,921 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Assets | ||
Marketable securities | 36,873 | 37,190 |
Fair Value, Recurring | Level 1 | U.S. government agency bonds | ||
Assets | ||
Marketable securities | 27,743 | 28,166 |
Fair Value, Recurring | Level 1 | Money market fund | ||
Assets | ||
Total cash equivalents | 8,858 | 41,376 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Assets | ||
Total cash equivalents | 4,798 | |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. government agency bonds | ||
Assets | ||
Total cash equivalents | 2,450 | |
Fair Value, Recurring | Level 2 | ||
Assets | ||
Total cash equivalents | 18,532 | 12,098 |
Marketable securities | 0 | 0 |
Total | 18,532 | 12,098 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. government agency bonds | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | Money market fund | ||
Assets | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Assets | ||
Total cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets | ||
Total cash equivalents | 18,532 | 12,098 |
Fair Value, Recurring | Level 2 | U.S. government agency bonds | ||
Assets | ||
Total cash equivalents | 0 | |
Fair Value, Recurring | Level 3 | ||
Assets | ||
Total cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. treasury securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. government agency bonds | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market fund | ||
Assets | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. treasury securities | ||
Assets | ||
Total cash equivalents | 0 | |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Assets | ||
Total cash equivalents | 0 | $ 0 |
Fair Value, Recurring | Level 3 | U.S. government agency bonds | ||
Assets | ||
Total cash equivalents | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Amortized Cost, Unrealized Gain (Loss) and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Abstract] | ||
Cost or Amortized Cost | $ 116,556 | $ 121,642 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,367) | (365) |
Fair Value | 115,189 | 121,277 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Cost or Amortized Cost | 51,106 | 56,098 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (533) | (177) |
Fair Value | 50,573 | 55,921 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Cost or Amortized Cost | 37,267 | 37,286 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (394) | (96) |
Fair Value | 36,873 | 37,190 |
U.S. government agency bonds | ||
Debt Securities, Available-for-sale [Abstract] | ||
Cost or Amortized Cost | 28,183 | 28,258 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (440) | (92) |
Fair Value | $ 27,743 | $ 28,166 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current | $ 115,189 | $ 121,277 |
Marketable securities, between one to two years | 71,600 | |
Marketable securities, less than one year | 43,600 | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current | $ 115,189 | $ 121,277 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 96,316 | $ 76,028 |
Less: accumulated depreciation and amortization | (23,184) | (20,562) |
Property and equipment, net | $ 73,132 | $ 55,466 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 2.6 | $ 2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 12,043 | $ 12,238 | |
Amortization | $ 700 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 14,233 | $ 14,492 |
Accumulated amortization | (1,291) | (638) |
Carrying amount, net | $ 12,942 | $ 13,854 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (years) | 8 years | 8 years |
Gross carrying amount | $ 5,001 | $ 5,092 |
Accumulated amortization | (301) | (150) |
Carrying amount, net | $ 4,700 | $ 4,942 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (years) | 3 years | 3 years |
Gross carrying amount | $ 4,712 | $ 4,798 |
Accumulated amortization | (753) | (373) |
Carrying amount, net | $ 3,959 | $ 4,425 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (years) | 9 years | 9 years |
Gross carrying amount | $ 4,520 | $ 4,602 |
Accumulated amortization | (237) | (115) |
Carrying amount, net | $ 4,283 | $ 4,487 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Finished goods | $ 9,907 | $ 8,247 |
Raw materials | 1,450 | 908 |
Work in progress | 668 | 670 |
Inventory, net | $ 12,025 | $ 9,825 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Components [Abstract] | ||
Gift card and site credit liabilities | $ 13,770 | $ 13,223 |
Accrued vendor liabilities | 9,398 | 6,031 |
Allowance for returns | 7,366 | 6,209 |
Accrued compensation | 6,795 | 6,438 |
Deferred revenue | 6,213 | 5,878 |
Accrued taxes | 5,419 | 5,728 |
Accrued other | 2,009 | 1,746 |
Total | $ 50,970 | $ 45,253 |
Lease Agreements - Narrative (D
Lease Agreements - Narrative (Details) $ in Thousands, € in Millions | 3 Months Ended | |||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021space | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 2,400 | $ 2,100 | ||
Base rent | $ 46,463 | |||
Bulgaria | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of spaces in leased property | space | 3 | |||
Lease term | 10 years | 10 years | ||
Base rent | $ 6,800 | € 6.1 | ||
Base rent, lease not yet commenced | $ 4,700 | € 4.3 | ||
Lease not yet commenced, term of contract | 10 years | 10 years |
Lease Agreements - Maturities o
Lease Agreements - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of 2022 | $ 6,804 | |
2023 | 8,487 | |
2024 | 7,543 | |
2025 | 6,740 | |
2026 | 6,386 | |
Thereafter | 29,947 | |
Total lease payments | 65,907 | |
Less: imputed interest | (14,934) | |
Less: tenant improvement allowance yet to be received | (4,510) | |
Total lease liabilities | 46,463 | |
Less: current lease liabilities | (4,433) | $ (3,931) |
Total non-current lease liabilities | $ 42,030 | $ 36,997 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | May 14, 2021 | Mar. 31, 2022USD ($)amendment | Mar. 31, 2021USD ($) | Feb. 28, 2021USD ($) |
Debt Instrument [Line Items] | ||||
Number of amendments | amendment | 5 | |||
Repayment of debt | $ 2,000,000 | $ 0 | ||
Medium-term Notes | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 40,000,000 | |||
Debt instrument, floor percentage | 5.50% | |||
Stated interest rate | 5.50% | |||
Effective interest rate | 6.65% | |||
Repayment of debt | $ 6,000,000 | |||
Medium-term Notes | Term Loan | Prime Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.50% |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Remainder of 2022 | $ 6,000 | |
2023 | 8,000 | |
2024 | 20,000 | |
Thereafter | 0 | |
Total future principal | 34,000 | |
Less: unamortized debt discount | (586) | |
Less: current portion of long-term debt | (7,780) | $ (7,768) |
Non-current portion of long-term debt | $ 25,634 | $ 27,559 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022voteshares | |
Common stock Class A | |
Class of Stock [Line Items] | |
Number of votes for each share | 1 |
Common stock Class B | |
Class of Stock [Line Items] | |
Number of votes for each share | 10 |
Conversion of stock (in shares) | shares | 1 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Issued and Outstanding (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Authorized (in shares) | 1,120,000,000 | 1,120,000,000 |
Issued (in shares) | 98,942,000 | 98,435,000 |
Outstanding (in shares) | 98,942,000 | 98,435,000 |
Common stock Class A | ||
Class of Stock [Line Items] | ||
Authorized (in shares) | 1,000,000,000 | |
Issued (in shares) | 58,558,000 | |
Outstanding (in shares) | 58,558,000 | |
Common stock Class B | ||
Class of Stock [Line Items] | ||
Authorized (in shares) | 120,000,000 | |
Issued (in shares) | 40,384,000 | |
Outstanding (in shares) | 40,384,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 3,523 | $ 3,498 |
Employee Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 200 | $ 0 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Conversion of stock (in shares) | 1 | |
Vesting percentage | 25.00% | |
Vesting percentage period | 4 years | |
RSUs granted (in shares) | 749,842 | |
Weighted average grant date fair value (in dollars per share) | $ 8.81 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 3,523 | $ 3,498 |
Operations, product and technology | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,392 | 1,350 |
Marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 333 | 437 |
Sales, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,798 | $ 1,711 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 20,890 | 22,302 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 18,825 | 22,068 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 1,830 | 96 |
Delayed share issuance related to acquisition | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 130 | 0 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 105 | 0 |
Outstanding Class B common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 0 | 138 |