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 first quarter ended
March 31, 2024 and updated full year 2024 financial outlook.
“We delivered another quarter of strong
financial performance, demonstrating healthy gross profit growth
and bottom-line leverage,” said ThredUp CEO and co-founder James
Reinhart. “Looking ahead, we are focused on reshaping ThredUp into
an AI-powered resale company by increasing investments in product,
operations, and marketing, while reducing operating expenses and
accelerating our path to free cash flow.”
First Quarter
2024 Financial Highlights
-
Revenue: Total revenue of $79.6 million, an
increase of 5% year-over-year.
- Gross
Profit and Gross Margin: Gross profit totaled
$55.3 million, representing an increase of 8% year-over-year.
Gross margin was 69.5% as compared to 67.3% for the first quarter
2023.
- Net
Loss: Net loss was $16.6 million, or a negative 20.8%
of revenue, for the first quarter 2024, compared to a net loss of
$19.8 million, or a negative 26.1% of revenue, for the first
quarter 2023.
- Adjusted
EBITDA Loss and Adjusted EBITDA Loss
Margin1: Adjusted EBITDA
loss was $0.7 million, or a negative 0.9% of revenue, for the
first quarter 2024, compared to an Adjusted EBITDA loss of $6.6
million, or a negative 8.7% of revenue, for the first quarter
2023.
- Active
Buyers and Orders: Active Buyers of 1.729 million and
Orders of 1.651 million, representing an increase of 4% and an
increase of 9%, respectively, over the first 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
-
Reorganization to Support AI-Driven Operating
Model: ThredUp reorganized several parts of the business,
enabling it to take advantage of the emergent technological shifts
in generative AI, which the company believes uniquely benefit its
single-SKU model. As part of its strategic realignment, the company
reduced its annualized operating expenses by approximately
$17 million and its global corporate headcount by
approximately 20%. As a result, the company will invest more in AI
product developments, boost processing in its distribution centers,
and increase marketing spend.
- AI
Innovation: ThredUp launched a new AI search experience,
as well as two new AI-powered tools that allow customers to thrift
any style that inspires them.
- Launched
Online Concept Store: As ThredUp accelerates its
innovation pipeline, the company launched thredup.com/concept, an
online concept store that provides a first look at new and upcoming
product features and enhancements in its marketplace.
- Hired a New
General Manager in Europe: ThredUp announced the
appointment of Florin Filote as the company’s General Manager of
Europe. Florin brings nearly two decades of experience in retail
and ecommerce with an emphasis on building and scaling marketplace
businesses and will oversee the company’s European business
operations, which currently span nine countries in Central and
Eastern Europe.
-
Resale-as-a-Service® (RaaS®): ThredUp continued to
grow its RaaS client roster, launching eight new resale programs
with brands including ELOQUII, Veda, and Goldie. The company is
looking to expand its RaaS footprint in Europe.
- Published
12th Annual Resale Report: In partnership with GlobalData,
ThredUp released the results of its 2024 Resale Report, revealing
that the U.S. secondhand market grew 7 times faster than the
broader retail clothing market in 2023 and is set to reach $73
billion by 2028. The report also includes new insights about trends
driving online resale’s growth, momentum in branded resale, and a
special section about the government’s role in reducing fashion’s
impact.
Financial Outlook
For the second quarter 2024, ThredUp
expects:
- Revenue in the
range of $81.0 million to $83.0 million.
- Gross margin in the
range of 71.0% to 73.0%, representing gross profit dollar growth of
6% year over year at the midpoint of revenue and gross margin
guidance.
- Adjusted EBITDA
margin in the range of 1.0% to 3.0%.
For the full fiscal year 2024, ThredUp
expects:
- Revenue in the
range of $328.0 million to $338.0 million.
- Gross margin in the
range of 71.0% to 72.0%, representing gross profit dollar growth of
11% year over year at the midpoint of revenue and gross margin
guidance.
- Adjusted EBITDA
margin in the range of 2.0% to 4.0%.
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, 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 second quarter of 2024 and full year 2024,
depreciation and amortization is expected to be $5.0 million and
$19.7 million, respectively. In addition, for the second
quarter of 2024 and full year 2024, stock-based compensation
expense is expected to be $7.2 million and $28.7 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) |
|
|
|
March 31,2024 |
|
December 31,2023 |
|
|
(in thousands) |
ASSETS |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
50,112 |
|
|
$ |
56,084 |
|
Marketable securities |
|
|
12,399 |
|
|
|
8,100 |
|
Accounts receivable, net |
|
|
6,929 |
|
|
|
7,813 |
|
Inventory |
|
|
11,582 |
|
|
|
15,687 |
|
Other current assets |
|
|
5,834 |
|
|
|
6,204 |
|
Total current assets |
|
|
86,856 |
|
|
|
93,888 |
|
Operating lease right-of-use assets |
|
|
47,138 |
|
|
|
42,118 |
|
Property and equipment, net |
|
|
85,083 |
|
|
|
87,672 |
|
Goodwill |
|
|
11,677 |
|
|
|
11,957 |
|
Intangible assets |
|
|
7,329 |
|
|
|
8,156 |
|
Other assets |
|
|
6,196 |
|
|
|
6,176 |
|
Total assets |
|
$ |
244,279 |
|
|
$ |
249,967 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,133 |
|
|
$ |
9,457 |
|
Accrued and other current liabilities |
|
|
37,541 |
|
|
|
35,934 |
|
Seller payable |
|
|
21,037 |
|
|
|
21,495 |
|
Operating lease liabilities, current |
|
|
5,517 |
|
|
|
5,949 |
|
Current portion of long-term debt |
|
|
3,843 |
|
|
|
3,838 |
|
Total current liabilities |
|
|
77,071 |
|
|
|
76,673 |
|
Operating lease liabilities, non-current |
|
|
49,750 |
|
|
|
44,621 |
|
Long-term debt, net of current portion |
|
|
21,044 |
|
|
|
22,006 |
|
Other non-current liabilities |
|
|
2,884 |
|
|
|
2,750 |
|
Total liabilities |
|
|
150,749 |
|
|
|
146,050 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Class A and B common stock, $0.0001 par value;
1,120,000 shares authorized as of March 31, 2024 and
December 31, 2023; 110,217 and 108,784 shares issued and
outstanding as of March 31, 2024 and December 31, 2023,
respectively |
|
|
11 |
|
|
|
11 |
|
Additional paid-in capital |
|
|
592,193 |
|
|
|
585,156 |
|
Accumulated other comprehensive loss |
|
|
(3,245 |
) |
|
|
(2,375 |
) |
Accumulated deficit |
|
|
(495,429 |
) |
|
|
(478,875 |
) |
Total stockholders’ equity |
|
|
93,530 |
|
|
|
103,917 |
|
Total liabilities and stockholders’ equity |
|
$ |
244,279 |
|
|
$ |
249,967 |
|
ThredUp Inc.Condensed Consolidated
Statements of Operations(unaudited) |
|
|
|
Three Months Ended |
|
|
March 31,2024 |
|
March 31,2023 |
|
|
(in thousands, except per share amounts) |
Revenue: |
|
|
|
|
Consignment |
|
$ |
61,225 |
|
|
$ |
46,479 |
|
Product |
|
|
18,363 |
|
|
|
29,443 |
|
Total revenue |
|
|
79,588 |
|
|
|
75,922 |
|
Cost of revenue: |
|
|
|
|
Consignment |
|
|
10,502 |
|
|
|
9,220 |
|
Product |
|
|
13,760 |
|
|
|
15,609 |
|
Total cost of revenue |
|
|
24,262 |
|
|
|
24,829 |
|
Gross profit |
|
|
55,326 |
|
|
|
51,093 |
|
Operating expenses: |
|
|
|
|
Operations, product, and technology |
|
|
41,051 |
|
|
|
38,347 |
|
Marketing |
|
|
13,413 |
|
|
|
16,870 |
|
Sales, general, and administrative |
|
|
17,573 |
|
|
|
16,059 |
|
Total operating expenses |
|
|
72,037 |
|
|
|
71,276 |
|
Operating loss |
|
|
(16,711 |
) |
|
|
(20,183 |
) |
Interest expense |
|
|
(677 |
) |
|
|
(77 |
) |
Other income, net |
|
|
845 |
|
|
|
476 |
|
Loss before provision for income taxes |
|
|
(16,543 |
) |
|
|
(19,784 |
) |
Provision for income taxes |
|
|
11 |
|
|
|
9 |
|
Net loss |
|
$ |
(16,554 |
) |
|
$ |
(19,793 |
) |
Loss per share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.19 |
) |
Weighted-average shares used in computing loss per share, basic and
diluted |
|
|
109,292 |
|
|
|
101,984 |
|
ThredUp Inc.Condensed Consolidated
Statements of Comprehensive
Loss(unaudited) |
|
|
|
Three Months Ended |
|
|
March 31,2024 |
|
March 31,2023 |
|
|
(in thousands) |
Net loss |
|
$ |
(16,554 |
) |
|
$ |
(19,793 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
Foreign currency translation adjustments |
|
|
(864 |
) |
|
|
544 |
|
Unrealized gain (loss) on available-for-sale securities |
|
|
(6 |
) |
|
|
610 |
|
Total other comprehensive income (loss) |
|
|
(870 |
) |
|
|
1,154 |
|
Total comprehensive loss |
|
$ |
(17,424 |
) |
|
$ |
(18,639 |
) |
ThredUp Inc.Condensed Consolidated
Statements of Cash Flows(unaudited) |
|
|
|
Three Months Ended |
|
|
March 31,2024 |
|
March 31,2023 |
|
|
(in thousands) |
Cash flows from operating activities: |
|
|
|
|
Net loss |
|
$ |
(16,554 |
) |
|
$ |
(19,793 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
4,933 |
|
|
|
3,681 |
|
Stock-based compensation expense |
|
|
7,211 |
|
|
|
9,391 |
|
Reduction in carrying amount of right-of-use assets |
|
|
1,667 |
|
|
|
1,207 |
|
Other |
|
|
28 |
|
|
|
41 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable, net |
|
|
815 |
|
|
|
1,010 |
|
Inventory |
|
|
3,825 |
|
|
|
(3,157 |
) |
Other current and non-current assets |
|
|
312 |
|
|
|
22 |
|
Accounts payable |
|
|
(223 |
) |
|
|
4,102 |
|
Accrued and other current liabilities |
|
|
1,742 |
|
|
|
(1,851 |
) |
Seller payable |
|
|
(442 |
) |
|
|
1,696 |
|
Operating lease liabilities |
|
|
(1,986 |
) |
|
|
(2,062 |
) |
Other non-current liabilities |
|
|
65 |
|
|
|
1,255 |
|
Net cash provided by (used in) operating activities |
|
|
1,393 |
|
|
|
(4,458 |
) |
Cash flows from investing activities: |
|
|
|
|
Purchases of marketable securities |
|
|
(8,665 |
) |
|
|
— |
|
Maturities of marketable securities |
|
|
4,500 |
|
|
|
24,579 |
|
Purchases of property and equipment |
|
|
(1,620 |
) |
|
|
(5,679 |
) |
Net cash provided by (used in) investing activities |
|
|
(5,785 |
) |
|
|
18,900 |
|
Cash flows from financing activities: |
|
|
|
|
Repayment of debt |
|
|
(1,000 |
) |
|
|
(1,000 |
) |
Proceeds from issuance of stock-based awards |
|
|
727 |
|
|
|
446 |
|
Payments of withholding taxes on stock-based awards |
|
|
(1,207 |
) |
|
|
(638 |
) |
Net cash used in financing activities |
|
|
(1,480 |
) |
|
|
(1,192 |
) |
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
|
(115 |
) |
|
|
(540 |
) |
Net change in cash, cash equivalents, and restricted cash |
|
|
(5,987 |
) |
|
|
12,710 |
|
Cash, cash equivalents, and restricted cash, beginning of
period |
|
|
61,469 |
|
|
|
44,051 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
55,482 |
|
|
$ |
56,761 |
|
ThredUp Inc.Reconciliation of GAAP to
Non-GAAP Financial
Measures(unaudited) |
|
|
|
|
|
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
Three Months Ended |
|
|
March 31,2024 |
|
March 31,2023 |
|
|
(in thousands) |
Net loss |
|
$ |
(16,554 |
) |
|
$ |
(19,793 |
) |
Stock-based compensation expense |
|
|
7,211 |
|
|
|
9,391 |
|
Depreciation and amortization |
|
|
4,933 |
|
|
|
3,681 |
|
Severance and other |
|
|
2,986 |
|
|
|
— |
|
Interest expense |
|
|
677 |
|
|
|
77 |
|
Provision for income taxes |
|
|
11 |
|
|
|
9 |
|
Non-GAAP Adjusted EBITDA loss |
|
$ |
(736 |
) |
|
$ |
(6,635 |
) |
Total revenue |
|
|
79,588 |
|
|
|
75,922 |
|
Non-GAAP Adjusted EBITDA loss margin |
|
|
(0.9 |
)% |
|
|
(8.7 |
)% |
Free Cash Flow Reconciliation |
|
|
|
|
|
|
Three Months Ended |
|
|
March 31,2024 |
|
March 31,2023 |
|
|
(in thousands) |
Net cash provided by (used in) investing activities |
|
$ |
1,393 |
|
|
$ |
(4,458 |
) |
Less: Purchases of property and equipment |
|
|
(1,620 |
) |
|
|
(5,679 |
) |
Non-GAAP free cash flow |
|
$ |
(227 |
) |
|
$ |
(10,137 |
) |
|
|
|
|
|
|
|
|
|
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 172 million unique secondhand items from 55,000
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” 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 second quarter and full year of 2024; statements
about future operating results, capital expenditures and other
developments in our business in the U.S. and Europe and our long
term growth; 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; 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 reorganization actions may not have the
desired effects on our business, and may lead to potential
litigation or similar actions and could adversely impact our
business, results of operations and financial condition; 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 provided by (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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