ThredUp(TDUP) - 2023 Q4 - Earnings Call Presentation

Market Opportunity and Strategy - The U.S. resale market is projected to grow to $42 billion by 2027, with the mass market total addressable market (TAM) being 6 times larger than the luxury segment[4] - ThredUp’s international strategy is accelerated by European acquisitions, which expanded the TAM by 135%[1, 87] - The company operates a "land and expand" Resale-as-a-Service (RaaS) strategy, closing 2022 with 42 brand clients and over 50 active trade-in programs[53, 56, 70, 81] Financial Performance - Annual revenue reached $322 million in 2023, representing a 12% annual growth rate[41, 140] - Gross profit for 2023 was $214 million, with a gross margin of 66%[41, 117] - Non-GAAP Adjusted EBITDA loss improved significantly to $17.4 million in 2023, compared to $43.4 million in 2022[122, 124] - The company targets a long-term model with a gross margin of 75-78% and a Non-GAAP Adjusted EBITDA margin of 20-25%[151] Operational Scale and Impact - The platform has processed over 172 million unique secondhand items to date[65, 80] - Infrastructure includes 5 strategic global distribution centers with a capacity for 9 million unique items[28, 41] - Environmental impact efforts have displaced 666 million pounds of carbon emissions and saved 7 billion gallons of water[7, 41]