ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online
resale platforms for apparel, shoes, and accessories, announced
today its financial results for the second quarter ended
June 30, 2024 and updated full year 2024 financial outlook.
“While this quarter presented challenges in both
the U.S. and Europe, we have emerged with a renewed focus,” said
ThredUp CEO and co-founder James Reinhart. “Looking ahead, we are
intent on enhancing our product experience through gen-AI,
improving our unit economics and driving process improvements
throughout our operations. As we become a US only business again,
we expect to grow faster, with structurally higher gross margins,
positive adjusted EBITDA, and free cash flow."
Second Quarter
2024 Financial Highlights
-
Revenue: Total revenue of $79.8 million, a
decrease of 4% year-over-year.
- U.S. revenue of
$66.7 million, flat year-over-year.
- Europe revenue of
$13.0 million, a decrease of 18% year-over-year.
- Gross
Profit and Gross Margin: Gross profit totaled
$56.1 million, an increase of 1% year-over-year. Gross margin
was 70.4% as compared to 67.4% for the second quarter 2023.
- U.S. gross profit
of $52.6 million, an increase of 3% year-over-year. Gross margin
was 78.8% as compared to 76.4% for the second quarter 2023.
- Europe gross profit
of $3.6 million, a decrease of 25% year-over-year. Gross margin was
27.3% as compared to 29.8% for the second quarter 2023.
- Net
Loss: Net loss was $14.0 million, or a negative 17.5%
of revenue, for the second quarter 2024, compared to a net loss of
$18.8 million, or a negative 22.7% of revenue, for the second
quarter 2023.
- Adjusted
EBITDA Loss and Adjusted EBITDA Loss
Margin1: Adjusted EBITDA
loss was $1.5 million, or a negative 1.9% of revenue, for the
second quarter 2024, compared to an Adjusted EBITDA loss of $5.0
million, or a negative 6.1% of revenue, for the second quarter
2023.
- Active
Buyers and Orders: Active Buyers of 1.666 million and
Orders of 1.686 million, representing a decrease of 3% and a
decrease of 6%, respectively, over the second quarter 2023.
_______________________________
1 Adjusted EBITDA loss and Adjusted EBITDA loss
margin are non-GAAP measures. See “Reconciliation of GAAP to
Non-GAAP Financial Measures” for a detailed reconciliation of
Adjusted EBITDA loss and Adjusted EBITDA loss margin to the most
directly comparable GAAP measures and “Non-GAAP Financial Measures”
for a discussion of why we believe these non-GAAP measures are
useful.
Recent Business Highlights
- Evaluating
Strategic Alternatives for its European Business:
Following a review of its European operations, ThredUp intends to
exit the European market and is evaluating strategic alternatives
for its Remix business. In 2023, Remix generated net revenue of
$63.5 million and gross margin of 24.2%.
- Launched
AI-powered Search Features: ThredUp launched a new suite
of AI-enabled search features to personalize the shopping
experience, including improved search, image search, and style
chat. These features are designed to enable ThredUp customers to
easily discover and shop the company inventory of over 4 million
single-SKU items. These algorithms continuously learn and improve,
providing customers with relevant and personalized results.
- Published
Third Annual Impact Report: ThredUp released its third
annual Impact Report in August 2024. Through transparent reporting
and disclosures, the report provides a comprehensive view of
ThredUp’s environmental, social, and governance (ESG) profile,
outlining the company’s business and brand-aligned ESG strategy and
detailing the progress the company made across ESG initiatives in
2023. Read the report here
https://ir.thredup.com/impact-at-thredUp.
Financial Outlook
For the third quarter 2024, ThredUp expects:
- Consolidated
Revenue in the range of $69 million to $71 million.
- U.S. Revenue in the
range of $59 million to $61 million.
- Consolidated Gross
margin in the range of 69.8% to 71.8%.
- U.S. Gross margin
in the range of 77.5% to 79.5%.
- Consolidated
Adjusted EBITDA margin in the range of (6.0)% to (4.0)%
- U.S. Adjusted
EBITDA margin in the range of (1.0)% to 1.0%.
For the fourth quarter 2024, ThredUp
expects:
- Consolidated
Revenue in the range of $70 million to $72 million.
- U.S. Revenue in the
range of $57 million to $59 million.
- Consolidated Gross
margin in the range of 68.8% to 70.8%.
- U.S. Gross margin
in the range of 77.5% to 79.5%.
- Consolidated
Adjusted EBITDA margin in the range of (4.5)% to (2.5)%
- U.S. Adjusted
EBITDA margin in the range of 0.0% to 2.0%.
For the full fiscal year 2024, ThredUp
expects:
- Consolidated
Revenue in the range of $298 million to $302 million.
- U.S. Revenue in the
range of $247 million to $251 million.
- Consolidated Gross
margin in the range of 69.6% to 70.6%.
- U.S. Gross margin
in the range of 78.5% to 79.5%.
- Consolidated
Adjusted EBITDA margin in the range of (3.3)% to (2.3)%
- U.S. Adjusted
EBITDA margin in the range of 1.0% to 2.0%.
ThredUp is not providing a quantitative
reconciliation of forward-looking guidance of the Non-GAAP measure
Adjusted EBITDA loss to net loss because certain items are out of
ThredUp’s control or cannot be reasonably predicted. Historically,
these items have included, but are not limited to, stock-based
compensation expense, depreciation and amortization, severance and
other reorganization costs, interest expense, provision (benefit)
for income taxes, acquisition and offering-related expenses, and
impairment of non-marketable equity investment. Accordingly, a
reconciliation for Adjusted EBITDA loss in order to calculate
forward-looking Adjusted EBITDA loss margin is not available
without unreasonable effort. However, for the third and the fourth
quarters of 2024 and full year 2024, depreciation and amortization
is expected to be $4.8 million, $4.8 million and
$19.4 million, respectively. In addition, for the third and
the fourth quarters of 2024 and full year 2024, stock-based
compensation expense is expected to be $6.9 million, $6.8 million
and $28.0 million, respectively. These items are uncertain,
depend on various factors, and could result in projected net loss
being materially less than is indicated by the currently estimated
Adjusted EBITDA loss margin.
ThredUp is not providing a quantitative
reconciliation for free cash flow estimates on a forward-looking
basis because it is unable, without making unreasonable efforts, to
provide a meaningful or reasonably accurate calculation or
estimation of net cash provided by (used in) operating activities
and certain reconciling items on a forward-looking basis, which
could be significant to the Company's results.
Conference Call and Webcast
Information
- The live and
archived webcast and all related earnings materials will be
available at ThredUp’s investor relations website:
ir.thredup.com/news-events/events-and-presentations.
|
ThredUp Inc.Condensed Consolidated Balance
Sheets(unaudited) |
|
|
|
June 30,2024 |
|
December 31,2023 |
|
|
(in thousands) |
ASSETS |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
44,755 |
|
|
$ |
56,084 |
|
Marketable securities |
|
|
10,525 |
|
|
|
8,100 |
|
Accounts receivable, net |
|
|
5,888 |
|
|
|
7,813 |
|
Inventory |
|
|
10,313 |
|
|
|
15,687 |
|
Other current assets |
|
|
6,698 |
|
|
|
6,204 |
|
Total current assets |
|
|
78,179 |
|
|
|
93,888 |
|
Operating lease right-of-use assets |
|
|
45,624 |
|
|
|
42,118 |
|
Property and equipment, net |
|
|
82,839 |
|
|
|
87,672 |
|
Goodwill |
|
|
11,608 |
|
|
|
11,957 |
|
Intangible assets |
|
|
6,628 |
|
|
|
8,156 |
|
Other assets |
|
|
6,333 |
|
|
|
6,176 |
|
Total assets |
|
$ |
231,211 |
|
|
$ |
249,967 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,897 |
|
|
$ |
9,457 |
|
Accrued and other current liabilities |
|
|
34,210 |
|
|
|
35,934 |
|
Seller payable |
|
|
19,182 |
|
|
|
21,495 |
|
Operating lease liabilities, current |
|
|
5,513 |
|
|
|
5,949 |
|
Current portion of long-term debt |
|
|
3,847 |
|
|
|
3,838 |
|
Total current liabilities |
|
|
73,649 |
|
|
|
76,673 |
|
Operating lease liabilities, non-current |
|
|
48,068 |
|
|
|
44,621 |
|
Long-term debt, net of current portion |
|
|
20,080 |
|
|
|
22,006 |
|
Other non-current liabilities |
|
|
2,925 |
|
|
|
2,750 |
|
Total liabilities |
|
|
144,722 |
|
|
|
146,050 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Class A and B common stock, $0.0001 par value;
1,120,000 shares authorized as of June 30, 2024 and
December 31, 2023; 112,386 and 108,784 shares issued and
outstanding as of June 30, 2024 and December 31, 2023,
respectively |
|
|
11 |
|
|
|
11 |
|
Additional paid-in capital |
|
|
599,333 |
|
|
|
585,156 |
|
Accumulated other comprehensive loss |
|
|
(3,472 |
) |
|
|
(2,375 |
) |
Accumulated deficit |
|
|
(509,383 |
) |
|
|
(478,875 |
) |
Total stockholders’ equity |
|
|
86,489 |
|
|
|
103,917 |
|
Total liabilities and stockholders’ equity |
|
$ |
231,211 |
|
|
$ |
249,967 |
|
ThredUp Inc.Condensed Consolidated
Statements of Operations(unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
(in thousands, except per share amounts) |
Revenue: |
|
|
|
|
|
|
|
|
Consignment |
|
$ |
63,855 |
|
|
$ |
53,415 |
|
|
$ |
125,080 |
|
|
$ |
99,894 |
|
Product |
|
|
15,900 |
|
|
|
29,243 |
|
|
|
34,263 |
|
|
|
58,686 |
|
Total revenue |
|
|
79,755 |
|
|
|
82,658 |
|
|
|
159,343 |
|
|
|
158,580 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Consignment |
|
|
12,266 |
|
|
|
9,580 |
|
|
|
22,768 |
|
|
|
18,800 |
|
Product |
|
|
11,369 |
|
|
|
17,346 |
|
|
|
25,129 |
|
|
|
32,955 |
|
Total cost of revenue |
|
|
23,635 |
|
|
|
26,926 |
|
|
|
47,897 |
|
|
|
51,755 |
|
Gross profit |
|
|
56,120 |
|
|
|
55,732 |
|
|
|
111,446 |
|
|
|
106,825 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Operations, product, and technology |
|
|
38,921 |
|
|
|
39,771 |
|
|
|
79,972 |
|
|
|
78,118 |
|
Marketing |
|
|
16,053 |
|
|
|
18,643 |
|
|
|
29,466 |
|
|
|
35,513 |
|
Sales, general, and administrative |
|
|
15,440 |
|
|
|
16,030 |
|
|
|
33,013 |
|
|
|
32,089 |
|
Total operating expenses |
|
|
70,414 |
|
|
|
74,444 |
|
|
|
142,451 |
|
|
|
145,720 |
|
Operating loss |
|
|
(14,294 |
) |
|
|
(18,712 |
) |
|
|
(31,005 |
) |
|
|
(38,895 |
) |
Interest expense |
|
|
(652 |
) |
|
|
(721 |
) |
|
|
(1,329 |
) |
|
|
(798 |
) |
Other income, net |
|
|
998 |
|
|
|
685 |
|
|
|
1,843 |
|
|
|
1,161 |
|
Loss before provision for income taxes |
|
|
(13,948 |
) |
|
|
(18,748 |
) |
|
|
(30,491 |
) |
|
|
(38,532 |
) |
Provision for income taxes |
|
|
6 |
|
|
|
12 |
|
|
|
17 |
|
|
|
21 |
|
Net loss |
|
$ |
(13,954 |
) |
|
$ |
(18,760 |
) |
|
$ |
(30,508 |
) |
|
$ |
(38,553 |
) |
Loss per share, basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.37 |
) |
Weighted-average shares used in computing loss per share, basic and
diluted |
|
|
110,997 |
|
|
|
103,905 |
|
|
|
110,145 |
|
|
|
102,911 |
|
ThredUp Inc.Condensed Consolidated
Statements of Comprehensive
Loss(unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
(in thousands) |
Net loss |
|
$ |
(13,954 |
) |
|
$ |
(18,760 |
) |
|
$ |
(30,508 |
) |
|
$ |
(38,553 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(231 |
) |
|
|
(236 |
) |
|
|
(1,095 |
) |
|
|
308 |
|
Unrealized gain (loss) on available-for-sale securities |
|
|
4 |
|
|
|
303 |
|
|
|
(2 |
) |
|
|
913 |
|
Total other comprehensive income (loss) |
|
|
(227 |
) |
|
|
67 |
|
|
|
(1,097 |
) |
|
|
1,221 |
|
Total comprehensive loss |
|
$ |
(14,181 |
) |
|
$ |
(18,693 |
) |
|
$ |
(31,605 |
) |
|
$ |
(37,332 |
) |
ThredUp Inc.Condensed Consolidated
Statements of Cash Flows(unaudited) |
|
|
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
|
(in thousands) |
Cash flows from operating activities: |
|
|
|
|
Net loss |
|
$ |
(30,508 |
) |
|
$ |
(38,553 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
9,798 |
|
|
|
8,517 |
|
Stock-based compensation expense |
|
|
14,220 |
|
|
|
17,019 |
|
Reduction in carrying amount of right-of-use assets |
|
|
3,093 |
|
|
|
3,177 |
|
Other |
|
|
(691 |
) |
|
|
291 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable, net |
|
|
1,842 |
|
|
|
916 |
|
Inventory |
|
|
5,029 |
|
|
|
(2,670 |
) |
Other current and non-current assets |
|
|
(10 |
) |
|
|
(699 |
) |
Accounts payable |
|
|
1,105 |
|
|
|
177 |
|
Accrued and other current liabilities |
|
|
(1,635 |
) |
|
|
(1,750 |
) |
Seller payable |
|
|
(2,293 |
) |
|
|
3,301 |
|
Operating lease liabilities |
|
|
(3,585 |
) |
|
|
(4,240 |
) |
Other non-current liabilities |
|
|
56 |
|
|
|
(325 |
) |
Net cash used in operating activities |
|
|
(3,579 |
) |
|
|
(14,839 |
) |
Cash flows from investing activities: |
|
|
|
|
Purchases of marketable securities |
|
|
(15,153 |
) |
|
|
(7,878 |
) |
Maturities of marketable securities |
|
|
13,000 |
|
|
|
49,479 |
|
Purchases of property and equipment |
|
|
(2,790 |
) |
|
|
(12,292 |
) |
Net cash provided by (used in) investing activities |
|
|
(4,943 |
) |
|
|
29,309 |
|
Cash flows from financing activities: |
|
|
|
|
Repayment of debt |
|
|
(2,000 |
) |
|
|
(2,000 |
) |
Proceeds from issuance of stock-based awards |
|
|
1,788 |
|
|
|
2,136 |
|
Payments of withholding taxes on stock-based awards |
|
|
(2,450 |
) |
|
|
(1,885 |
) |
Net cash used in financing activities |
|
|
(2,662 |
) |
|
|
(1,749 |
) |
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
|
(160 |
) |
|
|
324 |
|
Net change in cash, cash equivalents, and restricted cash |
|
|
(11,344 |
) |
|
|
13,045 |
|
Cash, cash equivalents, and restricted cash, beginning of
period |
|
|
61,469 |
|
|
|
44,051 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
50,125 |
|
|
$ |
57,096 |
|
ThredUp Inc.Reconciliation of GAAP to
Non-GAAP Financial
Measures(unaudited) |
|
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
(in thousands) |
Net loss |
|
$ |
(13,954 |
) |
|
$ |
(18,760 |
) |
|
$ |
(30,508 |
) |
|
$ |
(38,553 |
) |
Stock-based compensation expense |
|
|
7,009 |
|
|
|
7,628 |
|
|
|
14,220 |
|
|
|
17,019 |
|
Depreciation and amortization |
|
|
4,865 |
|
|
|
4,836 |
|
|
|
9,798 |
|
|
|
8,517 |
|
Severance and other reorganization costs |
|
|
(122 |
) |
|
|
551 |
|
|
|
2,864 |
|
|
|
551 |
|
Interest expense |
|
|
652 |
|
|
|
721 |
|
|
|
1,329 |
|
|
|
798 |
|
Provision for income taxes |
|
|
6 |
|
|
|
12 |
|
|
|
17 |
|
|
|
21 |
|
Non-GAAP Adjusted EBITDA loss |
|
$ |
(1,544 |
) |
|
$ |
(5,012 |
) |
|
$ |
(2,280 |
) |
|
$ |
(11,647 |
) |
Total revenue |
|
$ |
79,755 |
|
|
$ |
82,658 |
|
|
$ |
159,343 |
|
|
$ |
158,580 |
|
Non-GAAP Adjusted EBITDA loss margin |
|
|
(1.9 |
)% |
|
|
(6.1 |
)% |
|
|
(1.4 |
)% |
|
|
(7.3 |
)% |
Free Cash Flow Reconciliation |
|
|
|
|
|
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
|
(in thousands) |
Net cash used in operating activities |
|
$ |
(3,579 |
) |
|
$ |
(14,839 |
) |
Less: Purchases of property and equipment |
|
|
(2,790 |
) |
|
|
(12,292 |
) |
Non-GAAP free cash flow |
|
$ |
(6,369 |
) |
|
$ |
(27,131 |
) |
Investorsir@thredup.com
Mediamedia@thredup.com
About ThredUp
ThredUp is transforming resale with technology
and a mission to inspire the world to think secondhand first. By
making it easy to buy and sell secondhand, ThredUp has become one
of the world's largest online resale platforms for apparel, shoes
and accessories. Sellers enjoy ThredUp because we make it easy to
clean out their closets and unlock value for themselves or for the
charity of their choice while doing good for the planet. Buyers
enjoy shopping value, premium and luxury brands all in one place,
at up to 90% off estimated retail price. Our proprietary operating
platform is the foundation for our managed marketplace and consists
of distributed processing infrastructure, proprietary software and
systems and data science expertise. With ThredUp’s
Resale-as-a-Service, some of the world's leading brands and
retailers are leveraging our platform to deliver customizable,
scalable resale experiences to their customers. ThredUp has
processed over 200 million unique secondhand items from 60,000
brands across 100 categories. By extending the life cycle of
clothing, ThredUp is changing the way consumers shop and ushering
in a more sustainable future for the fashion industry.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws, which
are statements that involve substantial risks and uncertainties.
Forward-looking statements generally relate to future events or our
future financial or operating performance. In some cases, you can
identify forward-looking statements because they contain words such
as “may,” “will,” “shall,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential”,
“looking ahead”, “seeking” or “continue” or the negative of these
words or other similar terms or expressions that concern our
expectations, strategy, plans or intentions. Forward-looking
statements in this release include, but are not limited to,
guidance on financial results for the third and the fourth quarters
and full year of 2024; the Company’s intention to exit the European
market and to seek strategic alternatives for its European
business; statements about future operating results, capital
expenditures and other developments in our business, our long term
growth and the focus of the Company’s resources and attention in
the United States; trends, consumer demand and growth in the global
and U.S. online resale markets; the momentum of our business; our
investments in technology and infrastructure, including with
respect to AI technologies such as AI enabled search features; our
ability to successfully integrate and realize the benefits of our
past or future strategic acquisitions, investments or
reorganization activities, including our intention to reshape
ThredUp into an AI-powered resale company; the impact, including on
an annualized basis, of our reduction in corporate expenses and
headcount; the success and expansion of our RaaS® model and the
timing and plans for future RaaS® clients; and our ability to
attract new Active Buyers.
Forward-looking statements are neither
historical facts nor assurances of future performance.
Forward-looking statements involve substantial risks and
uncertainties that may cause actual results to differ materially
from those that we expect. These risks and uncertainties include,
but are not limited to: our ability to exit our European business
and identify and execute a strategic alternative for our European
business; our ability to attract new users and convert users into
buyers and Active Buyers; our ability to achieve profitability; the
sufficiency of our cash, cash equivalents and capital resources to
meet our liquidity needs; our ability to effectively manage or
sustain our growth and to effectively expand our operations; our
ability to continue to generate revenue from new RaaS® offerings as
sources of revenue; risks from an intensely competitive market; our
ability to effectively deploy new and evolving technologies, such
as artificial intelligence and machine learning, in our offerings;
risks arising from economic and industry trends, including the
effects of foreign currency exchange rate fluctuations,
inflationary pressures, increased interest rates, changing consumer
habits, climate change and general global economic uncertainty; our
ability to comply with applicable laws and regulations; and our
ability to successfully integrate and realize the benefits of our
past or future strategic acquisitions or investments. More
information on these risks and other potential factors that could
affect the Company’s business, reputation, results of operations,
financial condition, and stock price is included in the Company’s
filings with the Securities and Exchange Commission (“SEC”),
including in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the Company’s most recently filed periodic reports on Form 10-K
and Form 10-Q and subsequent filings. The forward-looking
statements in this release are based on information available to us
as of the date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law. These
forward-looking statements should not be relied upon as
representing ThredUp’s views as of any date subsequent to the date
of this press release.
Additional information regarding these and other
factors that could affect ThredUp's results is included in
ThredUp’s SEC filings, which may be obtained by visiting our
Investor Relations website at ir.thredup.com or the SEC's website
at www.sec.gov.
Channels for Disclosure of
Information
ThredUp intends to announce material information
to the public through the ThredUp Investor Relations website
ir.thredup.com, SEC filings, press releases, public conference
calls, and public webcasts. ThredUp uses these channels, as well as
social media, to communicate with its investors, customers, and the
public about the company, its offerings, and other issues. It is
possible that the information ThredUp posts on social media could
be deemed to be material information. As such, ThredUp encourages
investors, the media, and others to follow the channels listed
above, including the social media channels listed on ThredUp’s
investor relations website, and to review the information disclosed
through such channels.
Non-GAAP Financial Measures and Other
Operating and Business Metrics
This press release and the accompanying tables
contain non-GAAP financial measures, including: Adjusted EBITDA
loss and Adjusted EBITDA loss margin, free cash flow and other
operating and business metrics. In addition to our results
determined in accordance with GAAP, we believe that these non-GAAP
measures and other operating and business metrics, are useful in
evaluating our operating performance and enhancing an overall
understanding of our financial position. We use these measures and
metrics to evaluate and assess our operating performance, and for
internal planning and forecasting purposes. We believe that these
non-GAAP measures, when taken collectively with our GAAP results,
may be helpful to investors because they provide consistency and
comparability with past financial performance and assist in
comparisons with other companies, some of which use similar
non-GAAP financial information to supplement their GAAP results.
Our non-GAAP measures and other operating and business metrics are
presented for supplemental informational purposes only, should not
be considered a substitute for financial information presented in
accordance with GAAP and may be different from similarly-titled
non-GAAP measures and other operating and business metrics used by
other companies.
We encourage investors to review our results
determined in accordance with GAAP and the accompanying
reconciliations for more information.
A reconciliation is provided above for Adjusted
EBITDA loss to net loss, the most directly comparable financial
measure stated in accordance with GAAP. We calculate Adjusted
EBITDA loss as net loss adjusted to exclude, where applicable in a
given period, stock-based compensation expense, depreciation and
amortization, severance and other reorganization costs, interest
expense, and provision for income taxes. Non-GAAP Adjusted EBITDA
loss margin represents Non-GAAP Adjusted EBITDA loss divided by
total revenue for the same period.
A reconciliation is provided above for free cash
flow to cash flows from operations, the most directly comparable
financial measure stated in accordance with GAAP. We calculate free
cash flow as Net cash used in operating activities adjusted to
exclude Purchases of property and equipment.
An Active Buyer is a ThredUp buyer who has made
at least one purchase in the last twelve months. A ThredUp buyer is
a customer who has created an account and purchased in our
marketplaces, including through our RaaS® clients, and is
identified by a unique email address. A single person could have
multiple ThredUp accounts and count as multiple Active Buyers.
Orders are defined as the total number of orders
placed by buyers across our marketplaces, including through our
RaaS® clients, in a given period, net of cancellations.
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