Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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, $0.0001 par value per share | |
Trading Symbol(s) | TDUP | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001484778 | |
Current Fiscal Year End Date | --12-31 | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 65,594,295 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 34,487,761 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 52,197 | $ 84,550 |
Marketable securities | 96,326 | 121,277 |
Accounts receivable, net | 3,368 | 4,136 |
Inventory, net | 13,941 | 9,825 |
Other current assets | 11,862 | 8,625 |
Total current assets | 177,694 | 228,413 |
Operating lease right-of-use assets | 49,420 | 39,340 |
Property and equipment, net | 84,045 | 55,466 |
Goodwill | 11,312 | 12,238 |
Intangible assets | 11,522 | 13,854 |
Other assets | 11,905 | 11,515 |
Total assets | 345,898 | 360,826 |
Current liabilities: | ||
Accounts payable | 16,183 | 13,336 |
Accrued and other current liabilities | 48,590 | 45,253 |
Seller payable | 22,564 | 19,125 |
Operating lease liabilities, current | 5,014 | 3,931 |
Current portion of long-term debt | 7,791 | 7,768 |
Total current liabilities | 100,142 | 89,413 |
Operating lease liabilities, non-current | 51,497 | 36,997 |
Long-term debt, net of current portion | 23,705 | 27,559 |
Other non-current liabilities | 2,625 | 1,123 |
Total liabilities | 177,969 | 155,092 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of June 30, 2022 and December 31, 2021; 99,953 and 98,435 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 10 | 10 |
Additional paid-in capital | 537,760 | 522,161 |
Accumulated other comprehensive loss | (5,391) | (1,094) |
Accumulated deficit | (364,450) | (315,343) |
Total stockholders’ equity | 167,929 | 205,734 |
Total liabilities and stockholders’ equity | $ 345,898 | $ 360,826 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 99,953,000 | 98,435,000 |
Common stock, shares outstanding (in shares) | 99,953,000 | 98,435,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 76,421 | $ 59,959 | $ 149,116 | $ 115,639 |
Cost of revenue: | ||||
Total cost of revenue | 23,773 | 15,827 | 46,240 | 31,789 |
Gross profit | 52,648 | 44,132 | 102,876 | 83,850 |
Operating expenses: | ||||
Operations, product and technology | 43,961 | 31,062 | 83,122 | 59,374 |
Marketing | 19,640 | 15,957 | 36,618 | 31,403 |
Sales, general and administrative | 17,380 | 10,999 | 32,044 | 21,637 |
Total operating expenses | 80,981 | 58,018 | 151,784 | 112,414 |
Operating loss | (28,333) | (13,886) | (48,908) | (28,564) |
Interest expense | (238) | (573) | (661) | (1,132) |
Other income (expense), net | 181 | 93 | 484 | (814) |
Loss before provision for income taxes | (28,390) | (14,366) | (49,085) | (30,510) |
Provision for income taxes | 9 | 13 | 22 | 40 |
Net loss | $ (28,399) | $ (14,379) | $ (49,107) | $ (30,550) |
Net loss per share, basic (in dollars per share) | $ (0.29) | $ (0.15) | $ (0.50) | $ (0.54) |
Net loss per share, diluted (in dollars per share) | $ (0.29) | $ (0.15) | $ (0.50) | $ (0.54) |
Weighted-average shares used in computing net loss per share, basic (in shares) | 99,331 | 94,435 | 98,979 | 56,777 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 99,331 | 94,435 | 98,979 | 56,777 |
Consignment | ||||
Revenue: | ||||
Total revenue | $ 48,536 | $ 48,597 | $ 95,971 | $ 93,285 |
Cost of revenue: | ||||
Total cost of revenue | 10,218 | 10,687 | 20,267 | 21,519 |
Product | ||||
Revenue: | ||||
Total revenue | 27,885 | 11,362 | 53,145 | 22,354 |
Cost of revenue: | ||||
Total cost of revenue | $ 13,555 | $ 5,140 | $ 25,973 | $ 10,270 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (28,399) | $ (14,379) | $ (49,107) | $ (30,550) |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (2,333) | 0 | (3,041) | 0 |
Unrealized loss on available-for-sale debt securities | (254) | (36) | (1,256) | (36) |
Total comprehensive loss | $ (30,986) | $ (14,415) | $ (53,404) | $ (30,586) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ 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 | ||||
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) | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
Net loss | (16,171) | (16,171) | |||
Ending balance (in shares) at Mar. 31, 2021 | 94,144 | ||||
Ending balance at Mar. 31, 2021 | $ 191,427 | $ 9 | 459,756 | 0 | (268,338) |
Beginning balance (in shares) at Dec. 31, 2020 | 65,971 | ||||
Beginning balance at Dec. 31, 2020 | $ 247,041 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | ||||
Ending balance at Jun. 30, 2021 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 12,890 | ||||
Beginning balance at Dec. 31, 2020 | (222,177) | $ 1 | 29,989 | 0 | (252,167) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (30,550) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 94,780 | ||||
Ending balance at Jun. 30, 2021 | $ 180,838 | $ 9 | 463,582 | (36) | (282,717) |
Beginning balance (in shares) at Mar. 31, 2021 | 0 | ||||
Beginning balance at Mar. 31, 2021 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | ||||
Ending balance at Jun. 30, 2021 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 94,144 | ||||
Beginning balance at Mar. 31, 2021 | 191,427 | $ 9 | 459,756 | 0 | (268,338) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 525 | ||||
Exercise of stock options | 959 | 959 | |||
Stock-based compensation | 2,896 | 2,896 | |||
Cashless exercise of common stock warrant (in shares) | 104 | ||||
Issuance of common stock to settle restricted stock units (in shares) | 8 | ||||
Withholding taxes for the net share settlement of restricted stock units (in shares) | (1) | ||||
Withholding taxes for the net share settlement of restricted stock units | (29) | (29) | |||
Other comprehensive loss | (36) | (36) | |||
Net loss | (14,379) | (14,379) | |||
Ending balance (in shares) at Jun. 30, 2021 | 94,780 | ||||
Ending balance at Jun. 30, 2021 | $ 180,838 | $ 9 | 463,582 | (36) | (282,717) |
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 | 98,435 | |||
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 | ||||
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 | ||||
Other comprehensive loss | (1,710) | (1,710) | |||
Net loss | (20,708) | (20,708) | |||
Ending balance (in shares) at Mar. 31, 2022 | 98,942 | ||||
Ending balance at Mar. 31, 2022 | $ 187,688 | $ 10 | 526,533 | (2,804) | (336,051) |
Beginning balance (in shares) at Dec. 31, 2021 | 0 | ||||
Beginning balance at Dec. 31, 2021 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | ||||
Ending balance at Jun. 30, 2022 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 98,435 | 98,435 | |||
Beginning balance at Dec. 31, 2021 | $ 205,734 | $ 10 | 522,161 | (1,094) | (315,343) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ (49,107) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 99,953 | 99,953 | |||
Ending balance at Jun. 30, 2022 | $ 167,929 | $ 10 | 537,760 | (5,391) | (364,450) |
Beginning balance (in shares) at Mar. 31, 2022 | 0 | ||||
Beginning balance at Mar. 31, 2022 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | ||||
Ending balance at Jun. 30, 2022 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2022 | 98,942 | ||||
Beginning balance at Mar. 31, 2022 | 187,688 | $ 10 | 526,533 | (2,804) | (336,051) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 160 | ||||
Exercise of stock options | 874 | 874 | |||
Stock-based compensation | 10,353 | 10,353 | |||
Issuance of common stock to settle restricted stock units (in shares) | 685 | ||||
Issuance of common stock from employee stock purchase plan (in shares) | 166 | ||||
Other comprehensive loss | (2,587) | (2,587) | |||
Net loss | $ (28,399) | (28,399) | |||
Ending balance (in shares) at Jun. 30, 2022 | 99,953 | 99,953 | |||
Ending balance at Jun. 30, 2022 | $ 167,929 | $ 10 | $ 537,760 | $ (5,391) | $ (364,450) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (49,107) | $ (30,550) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,678 | 3,899 |
Stock-based compensation expense | 13,581 | 6,394 |
Reduction in the carrying amount of right-of-use assets | 2,905 | 2,384 |
Changes in fair value of convertible preferred stock warrants and others | 1,138 | 1,179 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 682 | 278 |
Inventory, net | (4,703) | (843) |
Other current and non-current assets | (4,799) | (3,364) |
Accounts payable | 1,954 | 2,716 |
Accrued and other current liabilities | 749 | 8,171 |
Seller payable | 3,465 | 2,985 |
Operating lease liabilities | 2,602 | (2,343) |
Other non-current liabilities | 20 | 4 |
Net cash used in operating activities | (24,835) | (9,090) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (3,475) | (57,418) |
Maturities of marketable securities | 26,294 | 0 |
Purchase of property and equipment | (27,583) | (8,999) |
Net cash used in investing activities | (4,764) | (66,417) |
Cash flows from financing activities: | ||
Proceeds from debt issuance | 0 | 4,625 |
Repayment of debt | (4,000) | 0 |
Proceeds from issuance of Class A common stock, net of underwriting discounts and commissions | 0 | 180,284 |
Proceeds from stock issued under incentive and purchase plans, net of forfeitures | 1,668 | 2,805 |
Payment of costs for the initial public offering | 0 | (3,633) |
Net cash provided by (used in) financing activities | (2,332) | 184,081 |
Effect of exchange rate changes on cash and cash equivalents | (521) | 0 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (32,452) | 108,574 |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 91,840 | 67,539 |
End of period | $ 59,388 | $ 176,113 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessThredUp 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 Sofia, Bulgaria; distribution centers in Pennsylvania, Georgia, Arizona and Bulgaria; and a processing center in Texas. We have additional distribution centers in Texas and Bulgaria under construction. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 the United States ("U.S.") Generally Accepted Accounting Principles ("GAAP") 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 June 30, 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. Reclassifications Certain reclassifications were made to the prior period condensed consolidated statement of operations to conform to the current period presentation. The Company reclassified interest expense from Interest and other (expense) income, net to a separate line item within the condensed consolidated statements of operations. 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 June 30, 2022 and December 31, 2021, the Company had a liability of $3.3 million and $4.0 million, respectively, related to the loyalty program which is included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. The Company recognized $2.5 million and $3.4 million of revenue from loyalty reward redemption or expiration for the three months ended June 30, 2022 and June 30, 2021, respectively, and $5.2 million and $6.7 million for the six months ended June 30, 2022 and June 30, 2021, respectively. Net Loss Per Share The Company follows the two-class method when computing net loss per 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 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 is the same as basic net loss per share , 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: June 30, December 31, 2022 2021 (in thousands) Cash and cash equivalents $ 52,197 $ 84,550 Restricted cash, current 660 560 Restricted cash, non-current 6,531 6,730 Total cash, cash equivalents and restricted cash $ 59,388 $ 91,840 Restricted cash, non-current of $6.5 million and $6.7 million is included in the other assets in the condensed consolidated balance sheets as of June 30, 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 within the Company’s condensed consolidated financial statements on a recurring basis (at least annually). As of June 30, 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 within the Company’s condensed 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, ASU 2020-03 and ASU 2022-02 which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a material impact on its condensed consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The following tables provide information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such values: Fair Value as of June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 11,157 $ — $ — $ 11,157 Commercial paper — 9,590 — 9,590 Total cash equivalents 11,157 9,590 — 20,747 Marketable securities: Corporate debt securities 35,725 — — 35,725 U.S. treasury securities 30,131 — — 30,131 Commercial paper — 2,399 — 2,399 U.S. government agency bonds 28,071 — — 28,071 Total marketable securities 93,927 2,399 — 96,326 Total $ 105,084 $ 11,989 $ — $ 117,073 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) 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 June 30, 2022 and December 31, 2021: June 30, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) Corporate debt securities $ 36,319 $ — $ (594) $ 35,725 U.S. treasury securities 30,625 — (494) 30,131 Commercial paper 2,399 — — 2,399 U.S. government agency bonds 28,604 1 (534) 28,071 Total $ 97,947 $ 1 $ (1,622) $ 96,326 December 31, 2021 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) 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 June 30, 2022 and December 31, 2021, the amortized cost of the Company’s cash equivalents approximated 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 six months ended June 30, 2022. As of June 30, 2022, of the $96.3 million carrying amount of marketable securities, $78.7 million had a contractual maturity date of less than one year and $17.6 million had a contractual maturity date between one to two years. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following: June 30, December 31, 2022 2021 (in thousands) Property and equipment $ 110,018 $ 76,028 Less: accumulated depreciation and amortization (25,973) (20,562) Property and equipment, net $ 84,045 $ 55,466 Depreciation and amortization expense of property and equipment was $2.8 million and $1.9 million for the three months ended June 30, 2022 and June 30, 2021, respectively, and $5.4 million and $3.9 million for the six months ended June 30, 2022 and June 30, 2021, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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 $11.3 million as of June 30, 2022 and $12.2 million as of December 31, 2021. The change is due to foreign currency translation adjustments. The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows: As of June 30, 2022 Amortization Period Gross carrying amount Accumulated Carrying amount, net (in years) (in thousands) Customer relationships 8 $ 4,697 $ (428) $ 4,269 Developed technology 3 4,426 (1,075) 3,351 Trademarks 9 4,246 (344) 3,902 Total $ 13,369 $ (1,847) $ 11,522 As of December 31, 2021 Amortization Period Gross carrying amount Accumulated Carrying amount, net (in years) (in thousands) 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. Developed technology, customer relationships, and trademarks intangibles amortization is recorded within operations, product and technology, sales general and administrative, and marketing expense lines, respectively, within the consolidated statements of operations. The amortization expense of intangible assets with determinable lives was $0.6 million and zero for the three months ended June 30, 2022 and June 30, 2021, respectively, and $1.3 million and zero for the six months ended June 30, 2022 and June 30, 2021, respectively. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventories consist of the following: June 30, December 31, 2022 2021 (in thousands) Finished goods $ 11,939 $ 8,247 Raw materials 1,416 908 Work in progress 586 670 Total $ 13,941 $ 9,825 Accrued and other current liabilities consist of the following: June 30, December 31, 2022 2021 (in thousands) Gift card and site credit liabilities $ 15,191 $ 13,223 Accrued vendor liabilities 10,580 6,031 Allowance for returns 5,860 6,209 Accrued compensation 5,572 6,438 Deferred revenue 5,277 5,878 Accrued taxes 4,822 5,728 Accrued other 1,288 1,746 Total $ 48,590 $ 45,253 |
Lease Agreements
Lease Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements The Company’s operating lease expense was $2.5 million and $1.8 million for the three months ended June 30, 2022 and June 30, 2021, respectively, and $4.9 million and $3.9 million for the six months ended June 30, 2022 and June 30, 2021, respectively. Future maturities of operating lease liabilities were as follows as of June 30, 2022: Amount (in thousands) 2022 $ 5,659 2023 9,611 2024 8,667 2025 7,864 2026 7,509 Thereafter 35,927 Total lease payments 75,237 Less: imputed interest (17,275) Less: tenant improvement allowance yet to be received (1,451) Total lease liabilities 56,511 Less: current lease liabilities (5,014) Total non-current lease liabilities $ 51,497 In December 2021, the Company entered into a ten-year agreement to lease a distribution center in Sofia, Bulgaria. The leased property, which contains both logistics and office areas, is divided into three stages of delivery. The base rent and maintenance for the first stage, commenced in March 2022, was approximately €6.1 million, or $6.4 million translated at the June 30, 2022 spot rate, over the life of the lease. The base rent and maintenance for the second stage, commenced in May 2022, was approximately €6.0 million, or $6.3 million translated at the June 30, 2022 spot rate, over the life of the lease. The targeted commencement date for the third stage is June 2023. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt In February 2019, the Company entered into a loan and security agreement (“Term Loan”) with Western Alliance Bank for an aggregate amount of up to $40.0 million to refinance its prior loan and security agreement with Silicon Valley Bank. As of December 31, 2021, the amended interest rate on the Term Loan was the prime rate published in The Wall Street Journal plus a margin of 1.5%, with a floor of 5.50%. The Term Loan was amended five times before December 31, 2021. As of June 30, 2022, the nominal interest rate was 6.25% and the effective interest rate was 6.65%. As of June 30, 2022 and December 31, 2021, the Company was in compliance with its debt covenants under the Term Loan. During the six months ended June 30, 2022, the Company repaid a total of $4.0 million on amounts outstanding under the Term Loan. During the six months ended June 30, 2021, the Company did not make any repayments on amounts outstanding under the Term Loan. As of June 30, 2022 and December 31, 2021, the amount outstanding under the Term Loan was $32.0 million and $36.0 million, respectively. During the three months ended June 30, 2022 and June 30, 2021, the Company recognized $0.2 million and $0.6 million, respectively, of interest expense relating to the Term Loan. During the six months ended June 30, 2022 and June 30, 2021, the Company recognized $0.7 million and $1.1 million, respectively, of interest expense relating to the Term Loan. As of June 30, 2022, future annual scheduled principal payments of the Term Loan were as follows: Amount (in thousands) 2022 $ 4,000 2023 8,000 2024 20,000 Thereafter — Total future principal 32,000 Less: unamortized debt discount (504) Less: current portion of long-term debt (7,791) Non-current portion of long-term debt $ 23,705 On July 14, 2022, the Term Loan was amended. Refer to Note 14, Subsequent Events , for additional information. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 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 June 30, 2022. As of June 30, 2022 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 65,465 Class B common stock 120,000 34,488 Total common stock 1,120,000 99,953 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 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 Incentive 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. The Company recognized $0.2 million and $0.2 million in stock-based compensation expense related to the ESPP for the three months ended June 30, 2022 and June 30, 2021, respectively, and $0.4 million and $0.2 million for the six months ended June 30, 2022 and June 30, 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 four 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 six months ended June 30, 2022, the Company granted 9,444,468 shares of RSUs with a weighted average grant date fair value at $7.43 under the 2021 Plan. Stock-Based Compensation Total stock-based compensation expense by department is as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Operations, product and technology $ 3,970 $ 984 $ 5,362 $ 2,334 Marketing 1,226 289 1,559 726 Sales, general and administrative 4,862 1,623 6,660 3,334 Total stock-based compensation expense $ 10,058 $ 2,896 $ 13,581 $ 6,394 |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 consists solely of certain state income taxes. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following participating securities have been excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive: As of June 30, 2022 2021 (in thousands) Outstanding stock options 18,514 21,600 Restricted stock units 9,285 218 Delayed share issuance related to acquisition 131 — Employee stock purchase plan 59 101 Total 27,989 21,919 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Events On July 14, 2022, (the “Closing Date”), the Company entered into a Second Amended and Restated Loan and Security Agreement (the “Second Amended Term Loan”), which amends and restates the Term Loan to, among other things, increase the aggregate borrowing ability to $70.0 million, reduce the applicable margin for borrowings under the Term Loan to the prime rate published in The Wall Street Journal plus a margin of 1.25%, with a floor of 6.00%, and extend the maturity date of the outstanding Term Loan to July 14, 2027. The Second Amended Term Loan contains several financial covenants, including cash availability and cash holding requirements, minimum revenue amounts and, beginning in the first quarter of fiscal year 2025, a minimum Fixed Charge Coverage Ratio. The Second Amended Term Loan provides for an aggregate principal amount of $70.0 million of term loans, to be made available as either the “Term A Loan” or “Term B Loan.” The Term A Loan is for an aggregate principal amount of $32.0 million and was fully advanced on the Closing Date to refinance the outstanding obligations under the Term Loan. The Term B Loan is for an aggregate principal amount of $38.0 million. The Term B Loan is available to be drawn by the Company through the four-year anniversary of the Closing Date to finance the purchase price of eligible equipment purchased by the Company. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 the United States ("U.S.") Generally Accepted Accounting Principles ("GAAP") 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. |
Reclassifications | Certain reclassifications were made to the prior period condensed consolidated statement of operations to conform to the current period presentation. The Company reclassified interest expense from Interest and other (expense) income, net to a separate line item within the condensed consolidated statements of operations. |
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 | The Company follows the two-class method when computing net loss per 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 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 is the same as basic net loss per share , 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 within the Company’s condensed consolidated financial statements on a recurring basis (at least annually). As of June 30, 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 within the Company’s condensed 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. |
New Accounting Pronouncements | In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, ASU 2020-03 and ASU 2022-02 which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a material impact on its condensed consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2022 2021 (in thousands) Cash and cash equivalents $ 52,197 $ 84,550 Restricted cash, current 660 560 Restricted cash, non-current 6,531 6,730 Total cash, cash equivalents and restricted cash $ 59,388 $ 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: June 30, December 31, 2022 2021 (in thousands) Cash and cash equivalents $ 52,197 $ 84,550 Restricted cash, current 660 560 Restricted cash, non-current 6,531 6,730 Total cash, cash equivalents and restricted cash $ 59,388 $ 91,840 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following tables provide information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such values: Fair Value as of June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 11,157 $ — $ — $ 11,157 Commercial paper — 9,590 — 9,590 Total cash equivalents 11,157 9,590 — 20,747 Marketable securities: Corporate debt securities 35,725 — — 35,725 U.S. treasury securities 30,131 — — 30,131 Commercial paper — 2,399 — 2,399 U.S. government agency bonds 28,071 — — 28,071 Total marketable securities 93,927 2,399 — 96,326 Total $ 105,084 $ 11,989 $ — $ 117,073 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) 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 June 30, 2022 and December 31, 2021: June 30, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) Corporate debt securities $ 36,319 $ — $ (594) $ 35,725 U.S. treasury securities 30,625 — (494) 30,131 Commercial paper 2,399 — — 2,399 U.S. government agency bonds 28,604 1 (534) 28,071 Total $ 97,947 $ 1 $ (1,622) $ 96,326 December 31, 2021 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) 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) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, December 31, 2022 2021 (in thousands) Property and equipment $ 110,018 $ 76,028 Less: accumulated depreciation and amortization (25,973) (20,562) Property and equipment, net $ 84,045 $ 55,466 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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: As of June 30, 2022 Amortization Period Gross carrying amount Accumulated Carrying amount, net (in years) (in thousands) Customer relationships 8 $ 4,697 $ (428) $ 4,269 Developed technology 3 4,426 (1,075) 3,351 Trademarks 9 4,246 (344) 3,902 Total $ 13,369 $ (1,847) $ 11,522 As of December 31, 2021 Amortization Period Gross carrying amount Accumulated Carrying amount, net (in years) (in thousands) 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) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Components [Abstract] | |
Schedule of Inventory | Inventories consist of the following: June 30, December 31, 2022 2021 (in thousands) Finished goods $ 11,939 $ 8,247 Raw materials 1,416 908 Work in progress 586 670 Total $ 13,941 $ 9,825 |
Schedule of Other Current Liabilities | Accrued and other current liabilities consist of the following: June 30, December 31, 2022 2021 (in thousands) Gift card and site credit liabilities $ 15,191 $ 13,223 Accrued vendor liabilities 10,580 6,031 Allowance for returns 5,860 6,209 Accrued compensation 5,572 6,438 Deferred revenue 5,277 5,878 Accrued taxes 4,822 5,728 Accrued other 1,288 1,746 Total $ 48,590 $ 45,253 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Maturities of Operating Lease Liabilities | Future maturities of operating lease liabilities were as follows as of June 30, 2022: Amount (in thousands) 2022 $ 5,659 2023 9,611 2024 8,667 2025 7,864 2026 7,509 Thereafter 35,927 Total lease payments 75,237 Less: imputed interest (17,275) Less: tenant improvement allowance yet to be received (1,451) Total lease liabilities 56,511 Less: current lease liabilities (5,014) Total non-current lease liabilities $ 51,497 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Debt | As of June 30, 2022, future annual scheduled principal payments of the Term Loan were as follows: Amount (in thousands) 2022 $ 4,000 2023 8,000 2024 20,000 Thereafter — Total future principal 32,000 Less: unamortized debt discount (504) Less: current portion of long-term debt (7,791) Non-current portion of long-term debt $ 23,705 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022. As of June 30, 2022 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 65,465 Class B common stock 120,000 34,488 Total common stock 1,120,000 99,953 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense by department is as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Operations, product and technology $ 3,970 $ 984 $ 5,362 $ 2,334 Marketing 1,226 289 1,559 726 Sales, general and administrative 4,862 1,623 6,660 3,334 Total stock-based compensation expense $ 10,058 $ 2,896 $ 13,581 $ 6,394 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Participating Securities Excluded From the Computation of Diluted Net Loss Per Share | The following participating securities have been excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive: As of June 30, 2022 2021 (in thousands) Outstanding stock options 18,514 21,600 Restricted stock units 9,285 218 Delayed share issuance related to acquisition 131 — Employee stock purchase plan 59 101 Total 27,989 21,919 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||
Liability | $ 15,191 | $ 15,191 | $ 13,223 | ||
Restricted cash, non-current | 6,531 | 6,531 | 6,730 | ||
Loyalty Program | |||||
Revenue from External Customer [Line Items] | |||||
Revenue recognized | 2,500 | $ 3,400 | 5,200 | $ 6,700 | |
Loyalty Program | Transferred over Time | |||||
Revenue from External Customer [Line Items] | |||||
Liability | $ 3,300 | $ 3,300 | $ 4,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 52,197 | $ 84,550 | ||
Restricted cash, current | 660 | 560 | ||
Restricted cash, non-current | 6,531 | 6,730 | ||
Total cash, cash equivalents and restricted cash | $ 59,388 | $ 91,840 | $ 176,113 | $ 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable securities: | ||
Marketable securities | $ 96,326 | $ 121,277 |
Fair Value, Recurring | ||
Cash equivalents: | ||
Total cash equivalents | 20,747 | 53,474 |
Marketable securities: | ||
Marketable securities | 96,326 | 121,277 |
Total | 117,073 | 174,751 |
Fair Value, Recurring | Corporate debt securities | ||
Marketable securities: | ||
Marketable securities | 35,725 | 55,921 |
Fair Value, Recurring | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 30,131 | 37,190 |
Fair Value, Recurring | Commercial paper | ||
Marketable securities: | ||
Marketable securities | 2,399 | |
Fair Value, Recurring | U.S. government agency bonds | ||
Marketable securities: | ||
Marketable securities | 28,071 | 28,166 |
Fair Value, Recurring | Money market funds | ||
Cash equivalents: | ||
Total cash equivalents | 11,157 | 41,376 |
Fair Value, Recurring | Commercial paper | ||
Cash equivalents: | ||
Total cash equivalents | 9,590 | 12,098 |
Fair Value, Recurring | Level 1 | ||
Cash equivalents: | ||
Total cash equivalents | 11,157 | 41,376 |
Marketable securities: | ||
Marketable securities | 93,927 | 121,277 |
Total | 105,084 | 162,653 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Marketable securities: | ||
Marketable securities | 35,725 | 55,921 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 30,131 | 37,190 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Marketable securities: | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 1 | U.S. government agency bonds | ||
Marketable securities: | ||
Marketable securities | 28,071 | 28,166 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Cash equivalents: | ||
Total cash equivalents | 11,157 | 41,376 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Cash equivalents: | ||
Total cash equivalents | 9,590 | 12,098 |
Marketable securities: | ||
Marketable securities | 2,399 | 0 |
Total | 11,989 | 12,098 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Marketable securities: | ||
Marketable securities | 2,399 | |
Fair Value, Recurring | Level 2 | U.S. government agency bonds | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Cash equivalents: | ||
Total cash equivalents | 9,590 | 12,098 |
Fair Value, Recurring | Level 3 | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. treasury securities | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Marketable securities: | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 3 | U.S. government agency bonds | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Cash equivalents: | ||
Total cash equivalents | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Amortized Cost, Unrealized Gain (Loss) and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable securities: | ||
Cost or Amortized Cost | $ 97,947 | $ 121,642 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (1,622) | (365) |
Fair Value | 96,326 | 121,277 |
Corporate debt securities | ||
Marketable securities: | ||
Cost or Amortized Cost | 36,319 | 56,098 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (594) | (177) |
Fair Value | 35,725 | 55,921 |
U.S. treasury securities | ||
Marketable securities: | ||
Cost or Amortized Cost | 30,625 | 37,286 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (494) | (96) |
Fair Value | 30,131 | 37,190 |
Commercial paper | ||
Marketable securities: | ||
Cost or Amortized Cost | 2,399 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 2,399 | |
U.S. government agency bonds | ||
Marketable securities: | ||
Cost or Amortized Cost | 28,604 | 28,258 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (534) | (92) |
Fair Value | $ 28,071 | $ 28,166 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current | $ 96,326 | $ 121,277 |
Marketable securities, between one to two years | 78,700 | |
Marketable securities, less than one year | 17,600 | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current | $ 96,326 | $ 121,277 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 110,018 | $ 76,028 |
Less: accumulated depreciation and amortization | (25,973) | (20,562) |
Property and equipment, net | $ 84,045 | $ 55,466 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 2.8 | $ 1.9 | $ 5.4 | $ 3.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 11,312 | $ 11,312 | $ 12,238 | ||
Amortization | $ 600 | $ 0 | $ 1,300 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 13,369 | $ 14,492 |
Accumulated amortization | (1,847) | (638) |
Carrying amount, net | $ 11,522 | $ 13,854 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 8 years | 8 years |
Gross carrying amount | $ 4,697 | $ 5,092 |
Accumulated amortization | (428) | (150) |
Carrying amount, net | $ 4,269 | $ 4,942 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 3 years | 3 years |
Gross carrying amount | $ 4,426 | $ 4,798 |
Accumulated amortization | (1,075) | (373) |
Carrying amount, net | $ 3,351 | $ 4,425 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 9 years | 9 years |
Gross carrying amount | $ 4,246 | $ 4,602 |
Accumulated amortization | (344) | (115) |
Carrying amount, net | $ 3,902 | $ 4,487 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Components [Abstract] | ||
Finished goods | $ 11,939 | $ 8,247 |
Raw materials | 1,416 | 908 |
Work in progress | 586 | 670 |
Inventory, net | $ 13,941 | $ 9,825 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Components [Abstract] | ||
Gift card and site credit liabilities | $ 15,191 | $ 13,223 |
Accrued vendor liabilities | 10,580 | 6,031 |
Allowance for returns | 5,860 | 6,209 |
Accrued compensation | 5,572 | 6,438 |
Deferred revenue | 5,277 | 5,878 |
Accrued taxes | 4,822 | 5,728 |
Accrued other | 1,288 | 1,746 |
Total | $ 48,590 | $ 45,253 |
Lease Agreements - Narrative (D
Lease Agreements - Narrative (Details) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 space | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease expense | $ 2,500 | $ 1,800 | $ 4,900 | $ 3,900 | ||
Base rent | $ 56,511 | $ 56,511 | ||||
Bulgaria | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease term | 10 years | 10 years | 10 years | |||
Number of stages in delivery | space | 3 | |||||
Lease not yet commenced, term of contract | 10 years | 10 years | 10 years | |||
Base rent, lease not yet commenced | $ 5,200 | $ 5,200 | € 5 | |||
Bulgaria | First Stage, Commenced In March 2022 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Base rent | 6,400 | 6,400 | 6.1 | |||
Bulgaria | Second Stage, Commenced In May 2022 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Base rent | $ 6,300 | $ 6,300 | € 6 |
Lease Agreements - Maturities o
Lease Agreements - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 5,659 | |
2023 | 9,611 | |
2024 | 8,667 | |
2025 | 7,864 | |
2026 | 7,509 | |
Thereafter | 35,927 | |
Total lease payments | 75,237 | |
Less: imputed interest | (17,275) | |
Less: tenant improvement allowance yet to be received | (1,451) | |
Total lease liabilities | 56,511 | |
Less: current lease liabilities | (5,014) | $ (3,931) |
Total non-current lease liabilities | $ 51,497 | $ 36,997 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2021 USD ($) amendment | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Feb. 28, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayment of debt | $ 4,000,000 | $ 0 | ||||
Medium-term Notes | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 40,000,000 | |||||
Debt instrument, floor percentage | 5.50% | |||||
Number of amendments | amendment | 5 | |||||
Stated interest rate | 6.25% | 6.25% | ||||
Effective interest rate | 6.65% | 6.65% | ||||
Repayment of debt | $ 4,000,000 | 0 | ||||
Principal outstanding | $ 36,000,000 | $ 32,000,000 | 32,000,000 | |||
Interest expense | $ 200,000 | $ 600,000 | $ 700,000 | $ 1,100,000 | ||
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 4,000 | |
2023 | 8,000 | |
2024 | 20,000 | |
Thereafter | 0 | |
Total future principal | 32,000 | |
Less: unamortized debt discount | (504) | |
Less: current portion of long-term debt | (7,791) | $ (7,768) |
Non-current portion of long-term debt | $ 23,705 | $ 27,559 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 vote shares | |
Class A common stock | |
Class of Stock [Line Items] | |
Number of votes for each share | 1 |
Class B common stock | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Authorized (in shares) | 1,120,000,000 | 1,120,000,000 |
Issued (in shares) | 99,953,000 | 98,435,000 |
Outstanding (in shares) | 99,953,000 | 98,435,000 |
Class A common stock | ||
Class of Stock [Line Items] | ||
Authorized (in shares) | 1,000,000,000 | |
Issued (in shares) | 65,465,000 | |
Outstanding (in shares) | 65,465,000 | |
Class B common stock | ||
Class of Stock [Line Items] | ||
Authorized (in shares) | 120,000,000 | |
Issued (in shares) | 34,488,000 | |
Outstanding (in shares) | 34,488,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 10,058 | $ 2,896 | $ 13,581 | $ 6,394 |
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 200 | $ 200 | $ 400 | $ 200 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion of stock (in shares) | 1 | |||
Vesting percentage | 25% | |||
Vesting percentage period | 4 years | |||
RSUs granted (in shares) | 9,444,468 | |||
Weighted average grant date fair value (in dollars per share) | $ 7.43 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 10,058 | $ 2,896 | $ 13,581 | $ 6,394 |
Operations, product and technology | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,970 | 984 | 5,362 | 2,334 |
Marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,226 | 289 | 1,559 | 726 |
Sales, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 4,862 | $ 1,623 | $ 6,660 | $ 3,334 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 27,989 | 21,919 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 18,514 | 21,600 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 9,285 | 218 |
Delayed share issuance related to acquisition | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 131 | 0 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 59 | 101 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 14, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Feb. 28, 2021 |
Subsequent Event [Line Items] | ||||
Outstanding principal | $ 32,000,000 | |||
Medium-term Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 70,000,000 | |||
Term Loan | Medium-term Notes | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 40,000,000 | |||
Debt instrument, floor percentage | 5.50% | |||
Term Loan | Medium-term Notes | Minimum | Prime Rate | ||||
Subsequent Event [Line Items] | ||||
Variable interest rate | 1.50% | |||
Term Loan | Medium-term Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Outstanding principal | $ 70,000,000 | |||
Debt instrument, floor percentage | 6% | |||
Term Loan | Medium-term Notes | Subsequent Event | Minimum | Prime Rate | ||||
Subsequent Event [Line Items] | ||||
Variable interest rate | 1.25% | |||
Term A Loan | Medium-term Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Outstanding principal | $ 32,000,000 | |||
Term B Loan | Medium-term Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Outstanding principal | $ 38,000,000 | |||
Debt term | 4 years |