ThredUp (TDUP) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

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