ThredUp Inc. (NASDAQ:TDUP) Q2 2023 Earnings Conference Call August 8, 2023 4:30 PM ET Company Participants James Reinhart - Co Founder and Chief Executive Officer Sean Sobers - Chief Financial Officer Alon Rotem - Chief Legal Officer Conference Call Participants Ike Boruchow - Wells Fargo Trevor Young - Barclays Dylan Carden - William Blair Anna Andreeva - Needham & Company Ed Yruma - Piper Sandler Dana Telsey - Telsey Advisory Group Pierre Martinez - Goldman Sachs Ashley Owens - KeyBanc Rick Patel - Raymon ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40249 ThredUp Inc. (Exact name of registrant as specified in its charter) Delaware 26- ...

ThredUp Inc. (NASDAQ:TDUP) Q1 2023 Results Conference Call May 9, 2023 4:30 PM ET Company Participants Lauren Frasch - Head, IR James Reinhart - CEO and Co-Founder Sean Sobers - CFO Conference Call Participants Ike Boruchow - Wells Fargo Tom Nikic - Wedbush Dylan Carden - William Blair Anna Andreeva - Needham & Company Alexandra Steiger - Goldman Sachs Trevor Young - Barclays Rick Patel - Raymond James Ed Yruma - Piper Sandler Lauren Schenk - Morgan Stanley Operator Good afternoon, ladies and gentlemen, and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40249 ThredUp Inc. (Exact name of registrant as specified in its charter) Indicate by ...

Growth and Financial Performance - The company relies on attracting new buyers and retaining existing ones to sustain growth, with a focus on appealing to those who typically purchase new retail items [56]. - The company has experienced rapid growth, but future growth rates may not be indicative of past performance, raising concerns about effective growth management [54]. - Revenue for the year ended December 31, 2022, was $288.4 million, representing a 15% increase from $251.8 million in 2021 and a 35% increase from $186.0 million in 2020 [73]. - Net losses were $92.3 million, $63.2 million, and $47.9 million for the years ended December 31, 2022, 2021, and 2020, respectively [76]. - Total revenue for 2022 was $288.4 million, an increase of 14.5% year-over-year [252]. - Gross profit totaled $192.3 million, representing an increase of 8.0% year-over-year, with a gross margin decrease of 405 basis points to 66.7% [252]. - Net loss attributable to common stockholders was $92.3 million, or a negative 32.0% of revenue, compared to a net loss of $63.2 million, or a negative 25.1% of revenue in 2021 [253]. - Non-GAAP Adjusted EBITDA loss was $43.4 million, or a negative 15.0% of revenue, compared to a loss of $36.5 million, or a negative 14.5% of revenue in 2021 [254]. - Active Buyers totaled 1.65 million, a decline of 2.4%, while Orders increased by 22.1% to 6.51 million in 2022 [254]. - The company experienced slowing revenue and Order growth beginning in June 2022 due to global economic uncertainty and rising inflation [272]. Operating Expenses and Profitability - The company anticipates increasing operating expenses and has a history of losses, which may hinder its ability to achieve and maintain profitability [54]. - The company anticipates significant increases in operating expenses as it expands operations and invests in marketing initiatives and technology [76]. - Future growth may require significant capital expenditures, which could adversely affect results of operations [72]. - The company has incurred substantial net operating losses (NOLs) which may be limited in their future utilization due to ownership changes [175]. Market and Economic Conditions - Economic downturns and macroeconomic conditions could adversely affect consumer discretionary spending, impacting the company's results [61]. - Economic uncertainties, including inflation and geopolitical instability, could negatively affect the company's revenue growth and operational results [105]. - The competitive landscape for secondhand and resale items is intensifying, with established companies posing significant challenges [63]. Risks and Challenges - The company faces risks related to sourcing, warehousing, and shipping secondhand items, which could lead to fluctuations in supply and costs [59]. - The company may require additional capital for growth, which could dilute existing shareholders or come with unfavorable terms [54]. - The dual-class structure of the company's common stock limits the influence of public shareholders on corporate matters, potentially affecting stock price [54]. - The company is subject to risks associated with data security and privacy, which could lead to unexpected expenses and harm its reputation [53]. - The company faces risks related to potential damage to its distribution centers from natural disasters, which could disrupt operations and harm financial results [96][97]. - The company may face challenges in attracting and retaining personnel necessary for efficient operations [83]. - The company may face challenges in recruiting and retaining workforce due to evolving COVID-19 regulations and public health concerns [91]. - The company faces heightened risks of cybersecurity incidents due to political uncertainty and military actions associated with Russia's invasion of Ukraine [122]. Technology and Operations - The company aims to enhance automation and data science capabilities to improve distribution center operations [72]. - The company is investing in technology and automation to drive efficiencies, but these investments may not yield expected results [88]. - The company relies on data science to predict buyer and seller preferences, and inaccuracies in these predictions could harm its business and financial condition [95]. - The company relies on third-party infrastructure services, including Amazon Web Services (AWS) and Shopify, which are critical for operations and may pose risks if service interruptions occur [131]. - The company is dependent on mobile operating systems and networks for mobile device transactions, which have increased significantly, and any issues in this area could harm business operations [133]. Legal and Compliance - The company is subject to various employee claims that could result in litigation and regulatory proceedings, creating risks and uncertainties [167]. - The company faces risks related to compliance with laws and regulations governing the resale of secondhand items, which could lead to fines or operational changes [151]. - The company is subject to anti-corruption and anti-bribery laws, and non-compliance could result in significant fines and harm its business and reputation [163]. - The company has implemented indemnification provisions for its directors and officers, which may discourage stockholder lawsuits but could also harm stockholder investments [161]. Corporate Governance and Structure - The dual-class structure of the common stock may limit the ability of Class A common stockholders to influence corporate matters [194]. - The holders of Class B common stock collectively owned shares representing approximately 81.3% of the voting power of the outstanding capital stock as of December 31, 2022 [195]. - The company’s amended and restated bylaws include provisions that could discourage changes in control and affect stockholder rights [206]. Future Outlook - The company has limited experience in acquiring other businesses, which may result in unforeseen operating difficulties and expenditures during integration [111]. - The company expects to issue additional capital stock in the future, which will result in dilution for existing stockholders [203]. - The company does not intend to pay dividends on its Class A common stock in the foreseeable future, relying instead on stock price appreciation for returns [204].

Safe Harbor A reconciliation is provided below for Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. We calculate Adjusted EBITDA as net loss adjusted to exclude, where applicable in a given period, stock-based compensation expense, depreciation and amortization, impairment of non-marketable equity investment, restructuring charges, interest expense, acquisition-related expenses, provision for income taxes, change in fair value of convertible preferr ...

thredUp Inc. (NASDAQ:TDUP) Q4 2022 Earnings Conference Call March 6, 2023 4:30 PM ET Company Participants Lauren Frasch - Head, Investor Relations James Reinhart - Co-Founder and CEO Sean Sobers - Chief Financial Officer Conference Call Participants Trevor Young - Barclays Kate Fitzsimons - Wells Fargo Anna Andreeva - Needham & Company Dylan Carden - William Blair Alexandra Steiger - Goldman Sachs Tom Nikic - Wedbush Securities Rick Patel - Raymond James Blake Anderson - Jefferies Ed Yruma - Piper Sandler D ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $67.9 million, representing a 7% year-over-year increase [38] - Active buyers rose 18% year-over-year to 1.7 million, while orders increased 24% year-over-year to 1.6 million [41] - GAAP net loss for Q3 2022 was $23.7 million, compared to a net loss of $14.7 million in the same quarter last year [43] - Adjusted EBITDA loss was $11 million, primarily due to planned investments in operating infrastructure and technology [11][43] Business Line Data and Key Metrics Changes - Consignment revenue decreased year-over-year, while product revenue grew by 74%, driven by the growth of the RaaS supply and the European acquisition [39] - Gross margin for U.S. operations declined slightly to 72.4%, a 40 basis point decrease year-over-year [41] - Consolidated gross margin was 65.5%, a 740 basis point decline due to the consolidation of the lower-margin European business [42] Market Data and Key Metrics Changes - The company observed a deterioration in consumer health towards the end of Q2, which continued into Q3, impacting revenue [12] - The promotional environment in Q4 is expected to be highly competitive, affecting revenue projections [48] Company Strategy and Development Direction - The company aims to reach adjusted EBITDA breakeven in the second half of 2023, assuming quarterly revenue of $80 million to $85 million [45] - Investments are being made to improve the buying experience and enhance the RaaS business model, which is expected to drive long-term profitability [30][27] - The company is focusing on expense management and reducing operating costs while maintaining strong unit economics [25][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging consumer environment and believes that the resale market will gain share as retail inventory positions improve [15][36] - The company anticipates that the hyper-promotional landscape will subside, allowing it to compete effectively once again [51] - Management noted that consumer behavior is changing, with a growing expectation for lower prices, which could benefit resale in the long term [15] Other Important Information - The company is making significant improvements to its infrastructure, including a new high-tech processing and distribution center in Bulgaria [28] - The company released its inaugural impact report, highlighting its commitment to environmental, social, and governance (ESG) initiatives [32] Q&A Session Summary Question: What macro expectations underpin the view of flat growth in the first half of 2023? - Management indicated that the plan assumes the extreme promotional environment and inventory excess will have subsided [54] Question: How have budget value consumers trended in Q4? - Management noted that both budget and premium shoppers are currently sitting out, impacted by early promotions and a competitive environment [57] Question: What is the outlook for return rates in Q4? - Management expects return rates to remain elevated, similar to Q3, which negatively impacted revenue by approximately $3 million [71] Question: What are the expectations for the RaaS business in 2023? - Management is optimistic about RaaS growth, expecting more retailers to consider circular economy strategies as inventory positions improve [74] Question: How is the marketing budget planned for next year? - Management sees attractive acquisition costs and plans to ramp up marketing efforts in Q1 after the holiday season [82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40249 ThredUp Inc. (Exact name of registrant as specified in its charter) Delawar ...

| --- | --- | |-----------------------|----------------------------------------------------------------------------------------| | INVESTOR PRESENTATION | | | Second Quarter 2022 | The following contains confidential information. Do not distribute without permission. | Safe Harbor This presentation 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 ...