CEO Good ThredUp's joining and quarter for of James Thank you Reinhart, call. ThredUp. XXXX I'm afternoon, Co-Founder third everyone. earnings
We financial are share to and from ThredUp's business third excited key quarter. highlights results our
for key addition In contributing to on to results, then in through over financial of a Sobers, provide with detail growth, our on will our I and more talk it out EBITDA update close financials provide company-specific fiscal session. question-and-answer XXXX thoughts third XXXX. ongoing our our quarter to will and some Chief an hand our we Officer, and call Financial quarter adjusted today's to early year expansion outlook the XXXX. We'll Sean fourth initiatives
financial We number achieved first despite outperformed gross dynamic QX results. inflected of with a start the me this quarter for margin of revenue achieve Let growth, We to environment. highly buyers. our our performance on strong buyer year another account active delivered a active time record and accelerating
year-over-year. revenue Our XX% an increase is $XX million of of
XX% of at another margin U.S. record our in expectations XX.X%. and exceeded margin driven business gross consolidated Our by gross
same We a X% competitive such our year. quarter returned are active buyer compared that reaching environment, especially $X.X million, account to growth to retail proud record in up the last
$X.X as a achieve our scale. driving year-over-year just We million technology, efficiency posted we prior from improvement best across loss X%, note, improvement growth we illustrates of increasing XX% profit quarter. Of and with operations, for marketplace points the products basis and while improvements gross revenue and and this at adjusted expenses growth. continue We XX% be pleased increased point EBITDA to the X,XXX to sequential to basis our XXX a just of believe ability
U.S. business first EBITDA time history. our record gross of cash breakeven in top for generated free and on company's Finally, reached I our flow the share adjusted that in margins, to QX want
work in breakeven, some one original on have have are on on success. While on towards few a to reaching reasons quarter XXXX. Europe initial provide for goal progress sight year, to clear confident left consolidated fiscal quarterly I'd our increasingly do With in a some yield to Europe, There in thoughts now we are line. an time QX and this. our just our we that we like will of update our similar still U.S. EBITDA our executing playbook achieving breakeven not basis primary EBITDA but on
a Europe. not consignment-based Since business business our First, to European are in manage there there levers accelerating yet, is fewer are headwinds margins. gross
over change consignment. to it as transition headwind is to our margins. consolidated presenting in this expect meantime, a we But to We time the
an way goals and to enable is short-term continuing of both short-term that pressure environment, continued optics landscape we is to given extremely of difficult We be anticipated. a EBITDA business the rather progress in into and we're future, with be to business. year. of these faced resulting promotional after growth to us of extended and Quarter key to a a growth quarter, it in uncertainty the an underlying ongoing quarter points. as and U.S. the that to in weaker of our making committed and only and in we've in we basis, made a still XXXX, consumer executing up of best us success for an It company uncertain to towards business breakeven retail fuel building expansion expect malaise, active expand macro positive guidance our at to our promotional we discretionary competitive one level types that nearly will QX margins decisions buyer the has decisions. extinguish to is of And that slowest QX for this not Second momentum and and chosen with endures view demonstrated consumer milestone. U.S. returning Europe, growth X,XXX revenue and remain are a the annual remain we'll be backdrop, generation-defining has than active sustainable what's maintain decisions proof again in With this. our point growth margin in grow thus optimize while on strengthened beyond continue than XXXX pursuit We at challenging proud in face returning, momentum At order confident to buyer on set challenging we'll the to The the environment, total despite had growth third, U.S. the and expanding expect building profitability midpoint incrementally for the we've when spending been consumer we being of term that goals. for decision make backdrop by to breaking engine long best XXXX. based we even on buyer grappling we performing historically companies our a this be XXXX, annual long revenue in the our in high next our arriving more a basis the for XX% EBITDA ThredUp for company basis
we breakeven basis. the both the while accelerate to XXXX, in current into on and look achieving pursue to we U.S. Europe, opportunity momentum clear full As plan a our year
the value retail choppy this manage to we're highly continues and landscape confident competitive, deals, in ability resale in to the as team's and consumers believe we remains seek benefits business and be environment. While to consumer prioritize the continue
what's behalf shows of make of of and are into drive I'd times every delivering we maintain we of to key have exceptional As initiatives expansion. on of now on our in and during the our to an the service the head steady active spend on the growth willingness day controllables. different we invent the at some in the focus and this we grateful ThredUp approach revenue year, decisions I'm final How keep growth, enabling quality company our quarter the customers and the to learning will us time who we the that buyer time, like provide grit to uncertainty, margin urgency controlling around. of our update commitment team to goals.
progress make that create vision our marketplace customer highest experience towards to the levels First, continuing a we're of satisfaction. to achieves
tactics customer of Over the our the we days with right And or QX, promise in initial do which I've to in to doorstep shared less. aims delivery delivering order. quarters, related purchase goal the every by last our to promise, X with debuted few shift shipping
delivering of to a but retention, is delightful dedication post-order business. our not Our profile only improving margin experience improving the also
year. launched XXX same in And since of Our logistics points return first we've generated decreased Drift rate last quarter by millions more in we to QX compared than basis dollars promise, savings. the
people focus online. deepening to a we're on to our apparel with sellers our resell way most providing community of convenient Second, for renewed the easiest and commitment
seeking a service customer seller offering everyday an sellers. of We diverse just expedited of the have all or expanding whether it house, resell to your cement We're go-to destination you're client types a in seller sellers for to get to processing the a as ThredUp out our but base, favorite credit times brands. getting wants a as who interested VIT
primary significantly Levi more discuss Third, improve from added Corporation business, for minute. Of to business European revenue Long as margins, including out which we continue expand Europe. VF to of treatment, we're buyers Resale-as-a-Service more Keep U.S. supply rolled of our the driving we the our to Beyond consignment several note, accounting the in part learnings credit apply growth. new our business, client Strauss high-quality gross Yoga, Journeys. yield active European due consignment to seeing real RAAS to and sales. with term, its consignment to progress the will meaningful to has company Smartwool, term, a will markets shift we've will selection the present part a revenue ongoing made our roster, after the in of Fourth, transition and success net or to brands and Short U.S., in ultimately headwind Sean
amplifies scalable return supply reminder, enables marketplace to recurring sources Trade's By by their to a resell long-term leveraging adding metrics retailers As and increases our and on revenue. and our infrastructure, RAAS assets of profitability sell-through high-margin experiences customizable RAAS advantage, our deliver expand customers. and brands
to product lead that faster. of will network to across millions give new greater and our catalog robust find to continuing value assortment artificial an these against surface economic through more we're unique you enterprise costs executing personalized applications with we're initiatives, from over customers to we and to experience, deploy items Finally, value. items we example, build time. inventory, we processing that believe vast product By that a intelligence and and lower AI have a distribution shift seeking all create evolving To to allowing seamlessly our center selection using our
and XXXX, In proud planet. for the and Times impact In company recognized creation and also has impact. to to awards. and our pursuit Digiday of business ThredUp our like enterprise culture QX, XXX profitability, companies we're our the in named its communities people, social on most influential Turning workplace of of us exemplary value X work our was
equal believe team, aim As think and of with in profit mission balance a our to holding and importance to to inspire furthering critical a is new we consumers first. purpose secondhand generation these
excited headed our on the excited will it about always is more Sean financial of Before I'm to our close want afraid scrutiny to momentum over been I come, we've of the detail. turn go XXXX. how QX over I we far our challenge remains long-term out and to to results focused the I'm initiatives guidance more and persevered to we're of we've strength The expect that, performance landscape but right reemphasize into demands environment about I things but short-term and and and turn through it now we're tough. macro and retail value highly in With get believe the as promotional, when importantly, Sean, have next. strategic positive where never We balancing uncertain a creation. year the commitment
