ThredUp (TDUP) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	TDUP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001484778
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		77,290,731
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,959,781

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 68,552	$ 38,029
Marketable securities	5,575	66,902
Accounts receivable, net	5,993	4,669
Inventory	18,173	17,519
Other current assets	7,199	7,076
Total current assets	105,492	134,195
Operating lease right-of-use assets	43,090	46,153
Property and equipment, net	90,270	92,482
Goodwill	11,455	11,592
Intangible assets	8,460	10,499
Other assets	6,621	7,027
Total assets	265,388	301,948
Current liabilities:
Accounts payable	12,426	7,800
Accrued and other current liabilities	40,225	50,155
Seller payable	21,516	16,166
Operating lease liabilities, current	6,383	6,413
Current portion of long-term debt	3,834	3,879
Total current liabilities	84,384	84,413
Operating lease liabilities, non-current	45,257	48,727
Long-term debt, net of current portion	22,968	25,788
Other non-current liabilities	3,231	3,019
Total liabilities	155,840	161,947
Commitments and contingencies (Note 10)
Stockholders’ equity:
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of September 30, 2023 and December 31, 2022; 106,837 and 101,532 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	11	10
Additional paid-in capital	577,740	551,852
Accumulated other comprehensive loss	(3,941)	(4,234)
Accumulated deficit	(464,262)	(407,627)
Total stockholders’ equity	109,548	140,001
Total liabilities and stockholders’ equity	$ 265,388	$ 301,948

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	106,837,000	101,532,000
Common stock, shares outstanding (in shares)	106,837,000	101,532,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 82,049	$ 67,945	$ 240,629	$ 217,061
Cost of revenue:
Total cost of revenue	25,422	23,449	77,177	69,689
Gross profit	56,627	44,496	163,452	147,372
Operating expenses:
Operations, product, and technology	40,355	38,702	118,473	121,824
Marketing	19,406	14,752	54,919	51,370
Sales, general, and administrative	15,058	15,232	47,147	47,276
Total operating expenses	74,819	68,686	220,539	220,470
Operating loss	(18,192)	(24,190)	(57,087)	(73,098)
Interest expense	732	103	1,530	764
Other income, net	(845)	(624)	(2,006)	(1,108)
Loss before provision for income taxes	(18,079)	(23,669)	(56,611)	(72,754)
Provision for income taxes	3	9	24	31
Net loss	$ (18,082)	$ (23,678)	$ (56,635)	$ (72,785)
Loss per share, basic (in dollars per share)	$ (0.17)	$ (0.24)	$ (0.54)	$ (0.73)
Loss per share, diluted (in dollars per share)	$ (0.17)	$ (0.24)	$ (0.54)	$ (0.73)
Weighted-average shares used in computing loss per share, basic (in shares)	105,898	100,253	103,918	99,409
Weighted-average shares used in computing loss per share, diluted (in shares)	105,898	100,253	103,918	99,409
Consignment
Revenue:
Total revenue	$ 57,838	$ 41,553	$ 157,732	$ 137,524
Cost of revenue:
Total cost of revenue	10,131	9,087	28,931	29,354
Product
Revenue:
Total revenue	24,211	26,392	82,897	79,537
Cost of revenue:
Total cost of revenue	$ 15,291	$ 14,362	$ 48,246	$ 40,335

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,082)	$ (23,678)	$ (56,635)	$ (72,785)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,080)	(2,217)	(772)	(5,258)
Unrealized gain (loss) on available-for-sale securities	152	(28)	1,065	(1,284)
Total other comprehensive income (loss)	(928)	(2,245)	293	(6,542)
Total comprehensive loss	$ (19,010)	$ (25,923)	$ (56,342)	$ (79,327)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of 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, 2021		98,435
Beginning balance at Dec. 31, 2021	$ 205,734	$ 10	$ 522,161	$ (1,094)	$ (315,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		507
Issuance of common stock from exercise of stock options and restricted stock units	754		754
Stock-based compensation	3,618		3,618
Net loss	(20,708)				(20,708)
Other comprehensive income (loss)	(1,710)			(1,710)
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		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	(72,785)
Other comprehensive income (loss)	(6,542)
Ending balance (in shares) at Sep. 30, 2022		100,732
Ending balance at Sep. 30, 2022	149,695	$ 10	545,449	(7,636)	(388,128)
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]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		1,030
Issuance of common stock from exercise of stock options and restricted stock units	1,031		1,031
Stock-based compensation	10,353		10,353
Shares withheld for net share settlement (in shares)		(19)
Shares withheld for net share settlement	(157)		(157)
Net loss	(28,399)				(28,399)
Other comprehensive income (loss)	(2,587)			(2,587)
Ending balance (in shares) at Jun. 30, 2022		99,953
Ending balance at Jun. 30, 2022	167,929	$ 10	537,760	(5,391)	(364,450)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		779
Issuance of common stock from exercise of stock options and restricted stock units	229		229
Stock-based compensation	7,460		7,460
Net loss	(23,678)				(23,678)
Other comprehensive income (loss)	(2,245)			(2,245)
Ending balance (in shares) at Sep. 30, 2022		100,732
Ending balance at Sep. 30, 2022	$ 149,695	$ 10	545,449	(7,636)	(388,128)
Beginning balance (in shares) at Dec. 31, 2022	101,532	101,532
Beginning balance at Dec. 31, 2022	$ 140,001	$ 10	551,852	(4,234)	(407,627)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		1,484
Issuance of common stock from exercise of stock options and restricted stock units	275		275
Stock-based compensation	9,720		9,720
Shares withheld for net share settlement (in shares)		(180)
Shares withheld for net share settlement	(270)		(270)
Net loss	(19,793)				(19,793)
Other comprehensive income (loss)	1,154			1,154
Ending balance (in shares) at Mar. 31, 2023		102,836
Ending balance at Mar. 31, 2023	$ 131,087	$ 10	561,577	(3,080)	(427,420)
Beginning balance (in shares) at Dec. 31, 2022	101,532	101,532
Beginning balance at Dec. 31, 2022	$ 140,001	$ 10	551,852	(4,234)	(407,627)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(56,635)
Other comprehensive income (loss)	$ 293
Ending balance (in shares) at Sep. 30, 2023	106,837	106,837
Ending balance at Sep. 30, 2023	$ 109,548	$ 11	577,740	(3,941)	(464,262)
Beginning balance (in shares) at Mar. 31, 2023		102,836
Beginning balance at Mar. 31, 2023	131,087	$ 10	561,577	(3,080)	(427,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		2,663
Issuance of common stock from exercise of stock options and restricted stock units	594	$ 1	593
Stock-based compensation	7,958		7,958
Shares withheld for net share settlement (in shares)		(164)
Shares withheld for net share settlement	(348)		(348)
Net loss	(18,760)				(18,760)
Other comprehensive income (loss)	67			67
Ending balance (in shares) at Jun. 30, 2023		105,335
Ending balance at Jun. 30, 2023	120,598	$ 11	569,780	(3,013)	(446,180)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		1,673
Issuance of common stock from exercise of stock options and restricted stock units	490		490
Stock-based compensation	8,190		8,190
Shares withheld for net share settlement (in shares)		(171)
Shares withheld for net share settlement	(720)		(720)
Net loss	(18,082)				(18,082)
Other comprehensive income (loss)	$ (928)			(928)
Ending balance (in shares) at Sep. 30, 2023	106,837	106,837
Ending balance at Sep. 30, 2023	$ 109,548	$ 11	$ 577,740	$ (3,941)	$ (464,262)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (56,635)	$ (72,785)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,881	10,217
Stock-based compensation expense	24,907	20,758
Reduction in carrying amount of right-of-use assets	4,788	4,820
Other	59	1,409
Changes in operating assets and liabilities:
Accounts receivable, net	(1,373)	795
Inventory	(873)	(6,222)
Other current and non-current assets	1,055	(1,732)
Accounts payable	4,049	(3,000)
Accrued and other current liabilities	(4,331)	6,918
Seller payable	5,358	(380)
Operating lease liabilities	(5,426)	2,396
Other non-current liabilities	(75)	(133)
Net cash used in operating activities	(14,616)	(36,939)
Cash flows from investing activities:
Purchases of marketable securities	(9,851)	(3,475)
Maturities of marketable securities	71,979	35,830
Purchases of property and equipment	(13,775)	(39,316)
Net cash provided by (used in) investing activities	48,353	(6,961)
Cash flows from financing activities:
Proceeds from debt, net of discount	0	491
Repayment of debt	(3,000)	(5,333)
Proceeds from issuance of stock-based awards	3,761	3,878
Payment of withholding taxes on stock-based awards	(3,744)	(1,958)
Net cash used in financing activities	(2,983)	(2,922)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(230)	(918)
Net change in cash, cash equivalents, and restricted cash	30,524	(47,740)
Cash, cash equivalents, and restricted cash, beginning of period	44,051	91,840
Cash, cash equivalents, and restricted cash, end of period	$ 74,575	$ 44,100

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
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 operates a large resale platform that enables consumers to buy and sell primarily secondhand apparel, shoes, and accessories.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited 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 may be condensed or omitted. The preparation of consolidated financial statements in accordance 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; breakage on loyalty points and rewards, and gift cards; valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangible assets, 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 September 30, 2023, 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”). Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU changes the impairment model for most financial assets, requiring the use of an expected loss model that requires entities to estimate the lifetime expected credit loss on financial assets measured at amortized cost. Such credit losses will be recorded as an allowance to offset the amortized cost of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In addition, credit losses relating to available-for-sale debt securities will now be recorded through an allowance for credit losses rather than as a direct write-down to the security. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance during the first quarter of 2023 did not have a material impact on the Company’s condensed consolidated financial statements. Revenue from Loyalty Reward Redemption and Expiration The Company has a customer loyalty program, which allows end-customers to earn and accumulate points with each qualifying purchase. Earned points can be redeemed for reward coupons, such as discounts, free shipping, or waived restocking fee, which can be applied to future purchases or returns. Unredeemed points expire after one year from the date the points were earned. Reward coupons expire six months from the date the reward is claimed. Points earned on purchases are a material right, representing a separate performance obligation. The allocated consideration for the points earned through qualifying purchase transactions is deferred based on the standalone selling price of the points and recorded within deferred revenue under accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue is recognized for these performance obligations at a point in time when rewards are redeemed by the end customer or expired. As of September 30, 2023 and December 31, 2022, the Company had a deferred revenue liability of $3.4 million and $3.3 million, respectively, related to its customer loyalty program, which is included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. The Company recognized revenue from loyalty reward redemption of $2.1 million and $2.2 million for the three months ended September 30, 2023 and 2022, respectively, and $6.7 million and $7.4 million for the nine months ended September 30, 2023 and 2022, respectively. As our loyalty points expire in 12 months and coupon rewards expire in six months, the revenue for the remaining performance obligation is expected to be recognized within a 12-month period. Gift Cards and Site Credits The Company sells thredUP gift cards on its e-commerce website and may also convert site credits to thredUP gift cards after one year at the discretion of the Company. thredUP gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a gift card liability at the time a gift card is delivered to the customer. As of September 30, 2023 and December 31, 2022, $8.9 million and $10.9 million, respectively, of gift card liability was included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue from gift cards is generally recognized when the gift cards are redeemed by the customer and amounted to $0.5 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $1.7 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively. The Company issues site credits for returns, which can be applied toward future charges but may not be converted into cash. Site credits may also be converted to thredUP gift cards after one year at the discretion of the Company. These credits are recognized as revenue when used. As of September 30, 2023 and December 31, 2022, $4.8 million and $7.2 million, respectively, of such customer site credits were included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue recognized from the redemption of site credits was $10.2 million and $11.9 million for the three months ended September 30, 2023 and 2022, respectively, and $30.1 million and $35.9 million for the nine months ended September 30, 2023 and 2022, respectively. The Company recognizes breakage revenue when it determines that the redemption of gift cards is remote. Breakage revenue was $1.9 million and $2.3 million for the three and nine months ended September 30, 2023, respectively. Breakage revenue was not material for the three and nine months ended September 30, 2022. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows: September 30, December 31, (in thousands) Cash and cash equivalents $ 68,552 $ 38,029 Restricted cash included in Other current assets 644 383 Restricted cash included in Other assets 5,379 5,639 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 74,575 $ 44,051 Fair Value Measurements The Company applies the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures , for its financial and non-financial assets and liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 inputs are unobservable inputs for the asset or liability. The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its condensed consolidated financial statements. As of September 30, 2023 and December 31, 2022, the carrying amounts of the Company’s accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair values due to their relatively short maturities. Management believes the terms of its long-term variable-rate debt reflect current market conditions for an instrument with similar terms and maturity, and as such, the carrying value of the Company’s long-term debt approximated its fair value as of September 30, 2023 and December 31, 2022.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 10,096 $ — $ — $ 10,096 U.S. treasury securities — 17,571 — 17,571 Commercial paper — 19,333 — 19,333 U.S. government agency discount notes — 2,874 — 2,874 Total cash equivalents 10,096 39,778 — 49,874 Marketable securities: U.S. treasury securities — 2,480 — 2,480 U.S. government agency bonds — 3,095 — 3,095 Total marketable securities — 5,575 — 5,575 Total assets at fair value $ 10,096 $ 45,353 $ — $ 55,449 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 1,110 $ — $ — $ 1,110 Commercial paper — 14,460 — 14,460 Total cash equivalents 1,110 14,460 — 15,570 Marketable securities: Corporate debt securities 25,488 — — 25,488 U.S. treasury securities 19,176 — — 19,176 U.S. government agency bonds 22,238 — — 22,238 Total marketable securities 66,902 — — 66,902 Total assets at fair value $ 68,012 $ 14,460 $ — $ 82,472 The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of September 30, 2023 and December 31, 2022: September 30, 2023 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) U.S. treasury securities 2,482 — (2) 2,480 U.S. government agency bonds 3,110 — (15) 3,095 Total $ 5,592 $ — $ (17) $ 5,575 December 31, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) Corporate debt securities $ 25,774 $ — $ (286) $ 25,488 U.S. treasury securities 19,531 — (355) 19,176 U.S. government agency bonds 22,679 — (441) 22,238 Total $ 67,984 $ — $ (1,082) $ 66,902 As of September 30, 2023 and December 31, 2022, 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 the Company’s marketable securities, which were all classified as available-for-sale, 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 determined that the declines in the fair value of its marketable securities were not driven by credit-related factors. During the three and nine months ended September 30, 2023 and 2022, the Company did not recognize any losses on its marketable securities due to credit-related factors. As of September 30, 2023, the Company’s money market funds were valued using Level 1 inputs because they were valued using quoted prices in active markets. The Company’s U.S. treasury securities, commercial paper, U.S. government agency discount notes, and U.S. government agency bonds were valued using Level 2 inputs because they were 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. As of September 30, 2023, there were no transfers into or out of Level 3 during the three and nine months ended September 30, 2023. As of September 30, 2023, of the $5.6 million carrying amount of marketable securities, all had a contractual maturity date of less than one year.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: September 30, December 31, (in thousands) Property and equipment $ 133,980 $ 124,412 Less: accumulated depreciation and amortization (43,710) (31,930) Property and equipment, net $ 90,270 $ 92,482 Depreciation and amortization expense of property and equipment was $4.7 million and $2.9 million for the three months ended September 30, 2023 and 2022, respectively, and $11.9 million and $8.3 million for the nine months ended September 30, 2023 and 2022, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2023
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 reviewed for impairment at least annually, absent any interim indicators of impairment. Goodwill was $11.5 million and $11.6 million as of September 30, 2023 and December 31, 2022, respectively. The decrease in goodwill during the nine months ended September 30, 2023 was due to foreign currency translation adjustments. The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in years) (in thousands) Customer relationships 8 $ 4,757 $ (1,178) $ 3,579 Developed technology 3 4,482 (2,959) 1,523 Trademarks 9 4,305 (947) 3,358 Total $ 13,544 $ (5,084) $ 8,460 December 31, 2022 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in years) (in thousands) Customer relationships 8 $ 4,814 $ (742) $ 4,072 Developed technology 3 4,536 (1,864) 2,672 Trademarks 9 4,351 (596) 3,755 Total $ 13,701 $ (3,202) $ 10,499 The changes in the gross carrying amounts were due to foreign currency translation adjustments. Amortization expense related to developed technology, customer relationships, and trademarks is recorded within operations, product, and technology; sales, general, and administrative; and marketing expense, respectively, within the Company’s condensed consolidated statements of operations. Amortization expense of intangible assets with determinable lives was $0.7 million and $0.6 million for the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $1.9 million for the nine months ended September 30, 2023 and 2022, respectively.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Inventories consisted of the following: September 30, December 31, (in thousands) Work in process $ 3,222 $ 2,639 Finished goods 14,951 14,880 Total $ 18,173 $ 17,519 Work in process inventory relates to items that are currently undergoing preparation for sale, including itemization, cleaning, and repair. Accrued and other current liabilities consisted of the following: September 30, December 31, (in thousands) Gift card and site credit liabilities $ 13,784 $ 18,101 Deferred revenue 6,807 7,582 Accrued compensation 4,751 4,993 Accrued taxes 4,500 4,326 Accrued vendor liabilities 4,303 9,116 Allowance for returns 4,195 4,907 Accrued other 1,885 1,130 Total $ 40,225 $ 50,155

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
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. The Term Loan was subsequently amended several times, with the most recent amendment taking place in July 2022. As amended, the Term Loan matures on July 14, 2027 and provides for an aggregate borrowing amount of up to $70.0 million, which bears interest at the prime rate published in the Wall Street Journal plus a margin of 1.25%, with a floor of 6.00%. The Company incurred an immaterial amount of debt issuance costs in connection with the amendment. For accounting purposes, pursuant to FASB ASC Topic 470, Debt , this transaction was accounted for as a modification of the Term Loan. The debt issuance costs were recognized in interest expense within the Company’s condensed consolidated statement of operations during the third quarter of 2022. The Term Loan requires the Company to comply with certain financial covenants, including, among other things, liquidity requirements, minimum cash deposits with Western Alliance Bank, performance metrics, and a debt service coverage ratio. The Term Loan also contains affirmative and negative covenants customary for financings of this type, including, among other things, limitations or prohibitions on repurchasing common shares, declaring and paying dividends and other distributions, redeeming and repurchasing certain other indebtedness, loans and investments, additional indebtedness, liens, mergers, asset sales and transactions with affiliates. In addition, the Term Loan contains customary events of default. As of September 30, 2023 and December 31, 2022, the Company was in compliance with its debt covenants under the Term Loan. The Term Loan is payable in consecutive monthly installments. Interest is due monthly on amounts outstanding under the Term Loan. The Company is permitted to make voluntary prepayments without penalty or premium at any time. As of September 30, 2023 and December 31, 2022, the effective interest rate for borrowings under the Term Loan was 10.73% and 9.70%, respectively. During the nine months ended September 30, 2023, the Company did not make any borrowings under the Term Loan and repaid a total of $3.0 million on amounts outstanding under the Term Loan. During the nine months ended September 30, 2022, the Company borrowed $0.7 million under the Term Loan and repaid a total of $5.3 million on amounts outstanding under the Term Loan. As of September 30, 2023 and December 31, 2022, the amounts outstanding under the Term Loan were $27.3 million and $30.3 million, respectively. During the three months ended September 30, 2023 and 2022, the Company incurred $0.7 million and $0.6 million, respectively, of interest costs relating to the Term Loan. There was no capitalized interest during the three months ended September 30, 2023 and $0.5 million was capitalized as part of an asset for the three month ended September 30, 2022. During the nine months ended September 30, 2023 and 2022, the Company incurred $2.0 million and $1.8 million, respectively, of interest costs relating to the Term Loan, of which $0.6 million and $1.0 million, respectively, were capitalized as part of an asset. As of September 30, 2023, the future annual principal payments of the Term Loan were as follows: Amount (in thousands) 2023 $ 1,000 2024 4,000 2025 4,000 2026 4,000 2027 14,333 Total principal payments 27,333 Less: unamortized debt discount (531) Less: current portion of long-term debt (3,834) Non-current portion of long-term debt $ 22,968

Common Stock and Stockholders_

Common Stock and Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Common Stock and Stockholders’ Equity	Common Stock and Stockholders’ Equity 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 authorized, issued and outstanding as of September 30, 2023 and December 31, 2022: September 30, 2023 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 76,866 Class B common stock 120,000 29,971 Total 1,120,000 106,837 December 31, 2022 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 70,723 Class B common stock 120,000 30,809 Total 1,120,000 101,532

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationThe Company has stock-based compensation plans, which are more fully described in Note 11, Stock-Based Compensation Plans, to the Consolidated Financial Statements included in the 2022 10-K. During the nine months ended September 30, 2023, the Company granted restricted stock units subject to service conditions. Stock-Based Compensation Expense The following table provides information about stock-based compensation expense by financial statement line item: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (in thousands) Operations, product, and technology $ 2,858 $ 2,480 $ 9,442 $ 7,842 Marketing 1,264 818 3,392 2,377 Sales, general, and administrative 3,766 3,879 12,073 10,539 Total stock-based compensation expense $ 7,888 $ 7,177 $ 24,907 $ 20,758 Stock-based compensation expense capitalized in internal use software was not material for the three months ended September 30, 2023 and 2022, respectively, and was $0.5 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively. Stock Options The following table summarizes the activities for all stock options under the Company’s share-based compensation plans for the nine months ended September 30, 2023: Number of Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) (in thousands) (in thousands) Outstanding as of December 31, 2022 17,872 $ 1.97 5.20 years $ 1,442 Granted — $ — Exercised (505) $ 1.86 Forfeited or expired (347) $ 3.36 Outstanding as of September 30, 2023 17,020 $ 1.95 4.50 years $ 36,049 Exercisable as of September 30, 2023 15,128 $ 1.91 4.21 years $ 32,498 (1) The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards. There were no options granted during the three and nine months ended September 30, 2023 and 2022. The total intrinsic value of stock options exercised during the nine months ended September 30, 2023 was $0.6 million. As of September 30, 2023, the total unrecognized compensation cost related to all nonvested stock options was $1.7 million and the related weighted-average period over which it is expected to be recognized was approximately 1.06 years. Restricted Stock Units The following table summarizes the activities for all restricted stock units (“RSUs”) under the Company’s share-based compensation plans for the nine months ended September 30, 2023: Number of Shares Weighted-Average Grant Date Fair Value Per Share (in thousands) Outstanding and nonvested as of December 31, 2022 7,855 $ 8.01 Granted 8,917 $ 1.86 Vested (4,788) $ 5.14 Forfeited (1,075) $ 4.65 Outstanding and nonvested as of September 30, 2023 10,909 $ 4.57 The total vesting date fair value of RSUs that vested during the nine months ended September 30, 2023 was $24.6 million. During the three months ended March 31, 2023, the Company modified the vesting schedule of substantially all RSUs outstanding as of December 31, 2022 from 4 years to 3 years and recognized compensation expense of $2.4 million related to the acceleration of the vesting schedule. As of September 30, 2023, the total unrecognized compensation cost related to all nonvested RSUs was $47.0 million and the related weighted-average period over which it is expected to be recognized was approximately 1.88 years.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2023
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 limited and customary indemnification obligations. 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	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 was determined based upon estimates of the Company’s annual effective tax rate for the years ending December 31, 2023 and 2022, 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.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following participating securities have been excluded from the computation of diluted loss per share for the periods presented because including them would have been anti-dilutive: September 30, September 30, (in thousands) Outstanding stock options 17,020 17,966 Restricted stock units 10,909 8,693 Delayed share issuance related to acquisition — 131 Employee stock purchase plan 97 230 Total 28,026 27,020

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (18,082)	$ (18,760)	$ (19,793)	$ (23,678)	$ (28,399)	$ (20,708)	$ (56,635)	$ (72,785)

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited 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 may be condensed or omitted.
Use of Estimates	The preparation of consolidated financial statements in accordance 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; breakage on loyalty points and rewards, and gift cards; valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangible assets, and income taxes.
Recently Adopted Accounting Pronouncements	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU changes the impairment model for most financial assets, requiring the use of an expected loss model that requires entities to estimate the lifetime expected credit loss on financial assets measured at amortized cost. Such credit losses will be recorded as an allowance to offset the amortized cost of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In addition, credit losses relating to available-for-sale debt securities will now be recorded through an allowance for credit losses rather than as a direct write-down to the security. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance during the first quarter of 2023 did not have a material impact on the Company’s condensed consolidated financial statements.
Revenue from Loyalty Reward Redemption and Expiration, Gift Cards and Site Credits	The Company has a customer loyalty program, which allows end-customers to earn and accumulate points with each qualifying purchase. Earned points can be redeemed for reward coupons, such as discounts, free shipping, or waived restocking fee, which can be applied to future purchases or returns. Unredeemed points expire after one year from the date the points were earned. Reward coupons expire six months from the date the reward is claimed. Points earned on purchases are a material right, representing a separate performance obligation. The allocated consideration for the points earned through qualifying purchase transactions is deferred based on the standalone selling price of the points and recorded within deferred revenue under accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue is recognized for these performance obligations at a point in time when rewards are redeemed by the end customer or expired.
Fair Value Measurements	The Company applies the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures , for its financial and non-financial assets and liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 inputs are unobservable inputs for the asset or liability. The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its condensed consolidated financial statements. As of September 30, 2023 and December 31, 2022, the carrying amounts of the Company’s accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair values due to their relatively short maturities. Management believes the terms of its long-term variable-rate debt reflect current market conditions for an instrument with similar terms and maturity, and as such, the carrying value of the Company’s long-term debt approximated its fair value as of September 30, 2023 and December 31, 2022.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
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 Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows: September 30, December 31, (in thousands) Cash and cash equivalents $ 68,552 $ 38,029 Restricted cash included in Other current assets 644 383 Restricted cash included in Other assets 5,379 5,639 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 74,575 $ 44,051
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows: September 30, December 31, (in thousands) Cash and cash equivalents $ 68,552 $ 38,029 Restricted cash included in Other current assets 644 383 Restricted cash included in Other assets 5,379 5,639 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 74,575 $ 44,051

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 10,096 $ — $ — $ 10,096 U.S. treasury securities — 17,571 — 17,571 Commercial paper — 19,333 — 19,333 U.S. government agency discount notes — 2,874 — 2,874 Total cash equivalents 10,096 39,778 — 49,874 Marketable securities: U.S. treasury securities — 2,480 — 2,480 U.S. government agency bonds — 3,095 — 3,095 Total marketable securities — 5,575 — 5,575 Total assets at fair value $ 10,096 $ 45,353 $ — $ 55,449 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Cash equivalents: Money market funds $ 1,110 $ — $ — $ 1,110 Commercial paper — 14,460 — 14,460 Total cash equivalents 1,110 14,460 — 15,570 Marketable securities: Corporate debt securities 25,488 — — 25,488 U.S. treasury securities 19,176 — — 19,176 U.S. government agency bonds 22,238 — — 22,238 Total marketable securities 66,902 — — 66,902 Total assets at fair value $ 68,012 $ 14,460 $ — $ 82,472 The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of September 30, 2023 and December 31, 2022: September 30, 2023 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) U.S. treasury securities 2,482 — (2) 2,480 U.S. government agency bonds 3,110 — (15) 3,095 Total $ 5,592 $ — $ (17) $ 5,575 December 31, 2022 Cost or Amortized Cost Unrealized Fair Value Gains Losses (in thousands) Corporate debt securities $ 25,774 $ — $ (286) $ 25,488 U.S. treasury securities 19,531 — (355) 19,176 U.S. government agency bonds 22,679 — (441) 22,238 Total $ 67,984 $ — $ (1,082) $ 66,902

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: September 30, December 31, (in thousands) Property and equipment $ 133,980 $ 124,412 Less: accumulated depreciation and amortization (43,710) (31,930) Property and equipment, net $ 90,270 $ 92,482

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in years) (in thousands) Customer relationships 8 $ 4,757 $ (1,178) $ 3,579 Developed technology 3 4,482 (2,959) 1,523 Trademarks 9 4,305 (947) 3,358 Total $ 13,544 $ (5,084) $ 8,460 December 31, 2022 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in years) (in thousands) Customer relationships 8 $ 4,814 $ (742) $ 4,072 Developed technology 3 4,536 (1,864) 2,672 Trademarks 9 4,351 (596) 3,755 Total $ 13,701 $ (3,202) $ 10,499

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Inventories consisted of the following: September 30, December 31, (in thousands) Work in process $ 3,222 $ 2,639 Finished goods 14,951 14,880 Total $ 18,173 $ 17,519
Schedule of Other Current Liabilities	Accrued and other current liabilities consisted of the following: September 30, December 31, (in thousands) Gift card and site credit liabilities $ 13,784 $ 18,101 Deferred revenue 6,807 7,582 Accrued compensation 4,751 4,993 Accrued taxes 4,500 4,326 Accrued vendor liabilities 4,303 9,116 Allowance for returns 4,195 4,907 Accrued other 1,885 1,130 Total $ 40,225 $ 50,155

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-Term Debt	As of September 30, 2023, the future annual principal payments of the Term Loan were as follows: Amount (in thousands) 2023 $ 1,000 2024 4,000 2025 4,000 2026 4,000 2027 14,333 Total principal payments 27,333 Less: unamortized debt discount (531) Less: current portion of long-term debt (3,834) Non-current portion of long-term debt $ 22,968

Common Stock and Stockholders_2

Common Stock and Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Common Stock Issued and Outstanding	The table below summarizes the Class A common stock and Class B common stock authorized, issued and outstanding as of September 30, 2023 and December 31, 2022: September 30, 2023 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 76,866 Class B common stock 120,000 29,971 Total 1,120,000 106,837 December 31, 2022 Authorized Issued and Outstanding (in thousands) Class A common stock 1,000,000 70,723 Class B common stock 120,000 30,809 Total 1,120,000 101,532

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table provides information about stock-based compensation expense by financial statement line item: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (in thousands) Operations, product, and technology $ 2,858 $ 2,480 $ 9,442 $ 7,842 Marketing 1,264 818 3,392 2,377 Sales, general, and administrative 3,766 3,879 12,073 10,539 Total stock-based compensation expense $ 7,888 $ 7,177 $ 24,907 $ 20,758
Schedule of Stock Option Activity	The following table summarizes the activities for all stock options under the Company’s share-based compensation plans for the nine months ended September 30, 2023: Number of Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) (in thousands) (in thousands) Outstanding as of December 31, 2022 17,872 $ 1.97 5.20 years $ 1,442 Granted — $ — Exercised (505) $ 1.86 Forfeited or expired (347) $ 3.36 Outstanding as of September 30, 2023 17,020 $ 1.95 4.50 years $ 36,049 Exercisable as of September 30, 2023 15,128 $ 1.91 4.21 years $ 32,498 (1) The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.
Schedule of Restricted Stock Unit Activity	The following table summarizes the activities for all restricted stock units (“RSUs”) under the Company’s share-based compensation plans for the nine months ended September 30, 2023: Number of Shares Weighted-Average Grant Date Fair Value Per Share (in thousands) Outstanding and nonvested as of December 31, 2022 7,855 $ 8.01 Granted 8,917 $ 1.86 Vested (4,788) $ 5.14 Forfeited (1,075) $ 4.65 Outstanding and nonvested as of September 30, 2023 10,909 $ 4.57

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	The following participating securities have been excluded from the computation of diluted loss per share for the periods presented because including them would have been anti-dilutive: September 30, September 30, (in thousands) Outstanding stock options 17,020 17,966 Restricted stock units 10,909 8,693 Delayed share issuance related to acquisition — 131 Employee stock purchase plan 97 230 Total 28,026 27,020

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from External Customer [Line Items]
Customer liability	$ 13,784		$ 13,784		$ 18,101
Loyalty Program
Revenue from External Customer [Line Items]
Revenue recognized	$ 2,100	$ 2,200	$ 6,700	$ 7,400
Loyalty Program | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Loyalty Program | Transferred over Time
Revenue from External Customer [Line Items]
Customer liability	$ 3,400		$ 3,400		3,300
Loyalty Points
Revenue from External Customer [Line Items]
Expiration period	12 months		12 months
Coupon Rewards
Revenue from External Customer [Line Items]
Expiration period	6 months		6 months
Gift Card
Revenue from External Customer [Line Items]
Customer liability	$ 8,900		$ 8,900		10,900
Revenue recognized	500	200	$ 1,700	700
Conversion period			1 year
Site Credit
Revenue from External Customer [Line Items]
Customer liability	4,800		$ 4,800		$ 7,200
Conversion period			1 year
Revenue recognized from the redemption	10,200	11,900	$ 30,100	35,900
Gift Card Breakage
Revenue from External Customer [Line Items]
Revenue recognized	$ 1,900	$ 0	$ 2,300	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 68,552	$ 38,029
Restricted cash included in Other current assets	644	383
Restricted cash included in Other assets	5,379	5,639
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 74,575	$ 44,051	$ 44,100	$ 91,840

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements – Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable securities:
Total marketable securities	$ 5,575	$ 66,902
Fair Value, Recurring
Cash equivalents:
Total cash equivalents	49,874	15,570
Marketable securities:
Total marketable securities	5,575	66,902
Total assets at fair value	55,449	82,472
Fair Value, Recurring | Corporate debt securities
Marketable securities:
Total marketable securities		25,488
Fair Value, Recurring | U.S. treasury securities
Marketable securities:
Total marketable securities	2,480	19,176
Fair Value, Recurring | U.S. government agency bonds
Marketable securities:
Total marketable securities	3,095	22,238
Fair Value, Recurring | Money market funds
Cash equivalents:
Total cash equivalents	10,096	1,110
Fair Value, Recurring | U.S. treasury securities
Cash equivalents:
Total cash equivalents	17,571
Fair Value, Recurring | Commercial paper
Cash equivalents:
Total cash equivalents	19,333	14,460
Fair Value, Recurring | U.S. government agency discount notes
Cash equivalents:
Total cash equivalents	2,874
Level 1 | Fair Value, Recurring
Cash equivalents:
Total cash equivalents	10,096	1,110
Marketable securities:
Total marketable securities	0	66,902
Total assets at fair value	10,096	68,012
Level 1 | Fair Value, Recurring | Corporate debt securities
Marketable securities:
Total marketable securities		25,488
Level 1 | Fair Value, Recurring | U.S. treasury securities
Marketable securities:
Total marketable securities	0	19,176
Level 1 | Fair Value, Recurring | U.S. government agency bonds
Marketable securities:
Total marketable securities	0	22,238
Level 1 | Fair Value, Recurring | Money market funds
Cash equivalents:
Total cash equivalents	10,096	1,110
Level 1 | Fair Value, Recurring | U.S. treasury securities
Cash equivalents:
Total cash equivalents	0
Level 1 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Total cash equivalents	0	0
Level 1 | Fair Value, Recurring | U.S. government agency discount notes
Cash equivalents:
Total cash equivalents	0
Level 2 | Fair Value, Recurring
Cash equivalents:
Total cash equivalents	39,778	14,460
Marketable securities:
Total marketable securities	5,575	0
Total assets at fair value	45,353	14,460
Level 2 | Fair Value, Recurring | Corporate debt securities
Marketable securities:
Total marketable securities		0
Level 2 | Fair Value, Recurring | U.S. treasury securities
Marketable securities:
Total marketable securities	2,480	0
Level 2 | Fair Value, Recurring | U.S. government agency bonds
Marketable securities:
Total marketable securities	3,095	0
Level 2 | Fair Value, Recurring | Money market funds
Cash equivalents:
Total cash equivalents	0	0
Level 2 | Fair Value, Recurring | U.S. treasury securities
Cash equivalents:
Total cash equivalents	17,571
Level 2 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Total cash equivalents	19,333	14,460
Level 2 | Fair Value, Recurring | U.S. government agency discount notes
Cash equivalents:
Total cash equivalents	2,874
Level 3 | Fair Value, Recurring
Cash equivalents:
Total cash equivalents	0	0
Marketable securities:
Total marketable securities	0	0
Total assets at fair value	0	0
Level 3 | Fair Value, Recurring | Corporate debt securities
Marketable securities:
Total marketable securities		0
Level 3 | Fair Value, Recurring | U.S. treasury securities
Marketable securities:
Total marketable securities	0	0
Level 3 | Fair Value, Recurring | U.S. government agency bonds
Marketable securities:
Total marketable securities	0	0
Level 3 | Fair Value, Recurring | Money market funds
Cash equivalents:
Total cash equivalents	0	0
Level 3 | Fair Value, Recurring | U.S. treasury securities
Cash equivalents:
Total cash equivalents	0
Level 3 | Fair Value, Recurring | Commercial paper
Cash equivalents:
Total cash equivalents	0	$ 0
Level 3 | Fair Value, Recurring | U.S. government agency discount notes
Cash equivalents:
Total cash equivalents	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Amortized Cost, Unrealized Gain (Loss), and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable securities:
Cost or Amortized Cost	$ 5,592	$ 67,984
Unrealized Gains	0	0
Unrealized Losses	(17)	(1,082)
Fair Value	5,575	66,902
Corporate debt securities
Marketable securities:
Cost or Amortized Cost		25,774
Unrealized Gains		0
Unrealized Losses		(286)
Fair Value		25,488
U.S. treasury securities
Marketable securities:
Cost or Amortized Cost	2,482	19,531
Unrealized Gains	0	0
Unrealized Losses	(2)	(355)
Fair Value	2,480	19,176
U.S. government agency bonds
Marketable securities:
Cost or Amortized Cost	3,110	22,679
Unrealized Gains	0	0
Unrealized Losses	(15)	(441)
Fair Value	$ 3,095	$ 22,238

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 5,575	$ 66,902
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 5,575	$ 66,902

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and equipment	$ 133,980	$ 124,412
Less: accumulated depreciation and amortization	(43,710)	(31,930)
Property and equipment, net	$ 90,270	$ 92,482

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 4.7	$ 2.9	$ 11.9	$ 8.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 11,455		$ 11,455		$ 11,592
Amortization expense	$ 700	$ 600	$ 2,000	$ 1,900

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 13,544	$ 13,701
Accumulated Amortization	(5,084)	(3,202)
Net Carrying Amount	$ 8,460	$ 10,499
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years	8 years
Gross Carrying Amount	$ 4,757	$ 4,814
Accumulated Amortization	(1,178)	(742)
Net Carrying Amount	$ 3,579	$ 4,072
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period	3 years	3 years
Gross Carrying Amount	$ 4,482	$ 4,536
Accumulated Amortization	(2,959)	(1,864)
Net Carrying Amount	$ 1,523	$ 2,672
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization Period	9 years	9 years
Gross Carrying Amount	$ 4,305	$ 4,351
Accumulated Amortization	(947)	(596)
Net Carrying Amount	$ 3,358	$ 3,755

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Work in process	$ 3,222	$ 2,639
Finished goods	14,951	14,880
Inventory	$ 18,173	$ 17,519

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Gift card and site credit liabilities	$ 13,784	$ 18,101
Deferred revenue	6,807	7,582
Accrued compensation	4,751	4,993
Accrued taxes	4,500	4,326
Accrued vendor liabilities	4,303	9,116
Allowance for returns	4,195	4,907
Accrued other	1,885	1,130
Total	$ 40,225	$ 50,155

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 14, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 31, 2022	Feb. 28, 2019
Debt Instrument [Line Items]
Repayment of debt				$ 3,000	$ 5,333
Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000
Debt issuance costs							$ 0
Term Loan | Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 40,000
Debt instrument, floor percentage	6%
Effective interest rate		10.73%		10.73%		9.70%
Repayment of debt				$ 3,000	5,300
Borrowed amount				0	700
Principal outstanding		$ 27,300		27,300		$ 30,300
Interest costs incurred relating to the Term Loan		700	$ 600	2,000	1,800
Interest costs capitalized as part of an asset		$ 0	$ 500	$ 600	$ 1,000
Term Loan | Medium-term Notes | Prime Rate
Debt Instrument [Line Items]
Variable interest rate	1.25%

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 1,000
2024	4,000
2025	4,000
2026	4,000
2027	14,333
Total principal payments	27,333
Less: unamortized debt discount	(531)
Less: current portion of long-term debt	(3,834)	$ (3,879)
Non-current portion of long-term debt	$ 22,968	$ 25,788

Common Stock and Stockholders_3

Common Stock and Stockholders’ Equity - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 vote shares
Class of Stock [Line Items]
Conversion of stock (in shares) | shares	1
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

Common Stock and Stockholders_4

Common Stock and Stockholders’ Equity - Schedule of Common Stock Issued and Outstanding (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Authorized (in shares)	1,120,000,000	1,120,000,000
Issued (in shares)	106,837,000	101,532,000
Outstanding (in shares)	106,837,000	101,532,000
Class A common stock
Class of Stock [Line Items]
Authorized (in shares)	1,000,000,000	1,000,000,000
Issued (in shares)	76,866,000	70,723,000
Outstanding (in shares)	76,866,000	70,723,000
Class B common stock
Class of Stock [Line Items]
Authorized (in shares)	120,000,000	120,000,000
Issued (in shares)	29,971,000	30,809,000
Outstanding (in shares)	29,971,000	30,809,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,888	$ 7,177	$ 24,907	$ 20,758
Operations, product, and technology
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	2,858	2,480	9,442	7,842
Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,264	818	3,392	2,377
Sales, general, and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,766	$ 3,879	$ 12,073	$ 10,539

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options Outstanding
Options outstanding, beginning balance (in shares) | shares	17,872,000
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(505,000)
Options forfeited or expired (in shares) | shares	(347,000)
Options outstanding, ending balance (in shares) | shares	17,020,000	17,872,000
Options exercisable (in shares) | shares	15,128,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 1.97
Options granted (in dollars per share) | $ / shares	0
Options exercised (in dollars per share) | $ / shares	1.86
Options forfeited or expired (in dollars per share) | $ / shares	3.36
Ending balance (in dollars per share) | $ / shares	1.95	$ 1.97
Options exercisable (in dollars per share) | $ / shares	$ 1.91
Weighted-Average Remaining Contractual Life
Options outstanding	4 years 6 months	5 years 2 months 12 days
Options exercisable	4 years 2 months 15 days
Aggregate Intrinsic Value
Options outstanding | $	$ 36,049	$ 1,442
Options exercisable | $	$ 32,498

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation capitalized costs	$ 0		$ 0	$ 0.5	$ 0.4
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value of stock options exercised				0.6
Unrecognized compensation expense	1.7			$ 1.7
Weighted average period unrecognized stock-based compensation expense				1 year 21 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 47			$ 47
Weighted average period unrecognized stock-based compensation expense				1 year 10 months 17 days
Stock-based compensation vesting expense				$ 24.6
Award vesting period (in years)		3 years				4 years
Accelerated compensation expense		$ 2.4

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) | shares	7,855
Granted (in shares) | shares	8,917
Vested (in shares) | shares	(4,788)
Forfeited (in shares) | shares	(1,075)
Outstanding at end of period (in shares) | shares	10,909
Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 8.01
Granted (in dollars per share) | $ / shares	1.86
Vested (in dollars per share) | $ / shares	5.14
Forfeited (in dollars per share) | $ / shares	4.65
Outstanding at end of period (in dollars per share) | $ / shares	$ 4.57

Loss Per Share (Details)

Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	28,026	27,020
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	17,020	17,966
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	10,909	8,693
Delayed share issuance related to acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	131
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	97	230