Financial Data and Key Metrics Changes - Revenue for Q3 2023 was $82 million, representing a 21% year-over-year increase [9][32] - Consolidated gross margin was 69%, a 350 basis point increase compared to the same quarter last year [34] - Adjusted EBITDA loss was $3.6 million, showing a significant improvement of 1,180 basis points year-over-year [36] - GAAP net loss was $18.1 million, compared to a loss of $23.7 million in the same quarter last year [36] - Cash and marketable securities decreased from $82.6 million to $80.2 million, with only $2.5 million used in Q3 [37] Business Line Data and Key Metrics Changes - Consignment revenue grew by 39% year-over-year, while product revenue decreased by 8% [32] - Active buyer count reached 1.8 million, up 4% year-over-year, marking the first growth in active buyers this year [9][33] - Orders increased by 11% year-over-year to 1.8 million [33] Market Data and Key Metrics Changes - The U.S. business achieved adjusted EBITDA breakeven and generated free cash flow for the first time in company history [10] - The European business is facing headwinds due to its non-consignment model, impacting consolidated margins [11] Company Strategy and Development Direction - The company aims to achieve full-year EBITDA breakeven in 2024 while focusing on long-term growth rather than short-term gains [12][20] - Strategic initiatives include enhancing customer satisfaction through the Thrift Promise and improving logistics efficiency [21][22] - The transition to a consignment model is expected to improve gross margins and expand the selection of high-quality supply in the long term [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing consumer uncertainty and a competitive retail environment but expressed confidence in the company's ability to navigate these challenges [13][20] - The company plans to maintain a promotional strategy to drive active buyer growth into 2024 [18][67] - Management expects the promotional environment to persist into 2024, impacting margins but prioritizing active buyer engagement [67][68] Other Important Information - ThredUp was recognized as one of TIME's 100 Most Influential Companies of 2023, highlighting its social impact and workplace culture [27] - The company is leveraging artificial intelligence to enhance its distribution network and product experience [26] Q&A Session Summary Question: What is the outlook for 2024 considering the headwinds? - Management indicated that the Q4 revenue guidance serves as a baseline for 2024, with expectations for increased consignment revenue [46][50] Question: How is the promotional environment affecting margins? - Management acknowledged a more promotional strategy in Q4 to maintain active buyer growth, which may impact margins [57][68] Question: What is the impact of new competitors in the resale market? - Management noted no significant incremental pressure from new resale players, focusing instead on maintaining active buyer engagement [67] Question: What are the expectations for return rates and their impact on EBITDA? - Management reported a 700 basis point improvement in return rates, contributing positively to EBITDA [94][95] Question: How is the company addressing the budget versus premium consumer segments? - Management confirmed a successful strategy in attracting more premium buyers, with no significant changes in budget shopper behavior [107][108]

Q3 2023 FY 2021 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|-------|-------|-------|--------|--------|--------| | GAAP Operations, Product and Technology Expense | $33.8 | $38.3 | $39.8 | $40.4 | $101.4 | $128.1 | $155.6 | | Less SBC, Operations, Product and Technology Expense | $2.2 | $3.7 | $2.9 | $2.9 | $3.7 | $4.2 | $10.0 | | Non-GAAP Operations, Product and Technology Expense | $31.6 | $34.7 | $36.9 | $37.5 | $97.7 | ...

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, 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) (State ...

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 ...