0001484778-22-000072 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40249
Entity Registrant Name	ThredUp Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4009181
Entity Address, Address Line One	969 Broadway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94607
City Area Code	415
Local Phone Number	402-5202
Title of each class	Class A common stock, $0.0001 par value per share
Trading Symbol(s)	TDUP
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001484778
Current Fiscal Year End Date	--12-31
Common stock Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,666,102
Common stock Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,383,662

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 68,597	$ 84,550
Marketable securities	115,189	121,277
Accounts receivable, net	2,971	4,136
Inventory, net	12,025	9,825
Other current assets	9,634	8,625
Total current assets	208,416	228,413
Operating lease right-of-use assets	42,937	39,340
Property and equipment, net	73,132	55,466
Goodwill	12,043	12,238
Intangible assets	12,942	13,854
Other assets	11,558	11,515
Total assets	361,028	360,826
Current liabilities
Accounts payable	19,529	13,336
Accrued and other current liabilities	50,970	45,253
Seller payable	20,640	19,125
Operating lease liabilities, current	4,433	3,931
Current portion of long-term debt	7,780	7,768
Total current liabilities	103,352	89,413
Operating lease liabilities, non-current	42,030	36,997
Long-term debt	25,634	27,559
Other non-current liabilities	2,324	1,123
Total liabilities	173,340	155,092
Commitments and contingencies (Note 11)
Convertible preferred stock: $0.0001 par value; 100,000 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Stockholders’ equity:
#REF!	10	10
Additional paid-in capital	526,533	522,161
Accumulated other comprehensive loss	(2,804)	(1,094)
Accumulated deficit	(336,051)	(315,343)
Total stockholders’ equity	187,688	205,734
Total liabilities, convertible preferred stock and stockholders’ equity	$ 361,028	$ 360,826

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Convertible preferred stock (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Convertible preferred stock, shares issued (in shares)	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,120,000,000	1,120,000,000
Common stock, shares issued (in shares)	98,942,000	98,435,000
Common stock, shares outstanding (in shares)	98,942,000	98,435,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 72,695	$ 55,680
Cost of revenue:
Total cost of revenue	22,467	15,962
Gross profit	50,228	39,718
Operating expenses:
Operations, product and technology	39,161	28,312
Marketing	16,978	15,446
Sales, general and administrative	14,664	10,638
Total operating expenses	70,803	54,396
Operating loss	(20,575)	(14,678)
Interest expense	(423)	(559)
Other income (expense), net	303	(907)
Loss before provision for income taxes	(20,695)	(16,144)
Provision for income taxes	13	27
Net loss	$ (20,708)	$ (16,171)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.21)	$ (0.86)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.21)	$ (0.86)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	98,624	18,701
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	98,624	18,701
Consignment
Revenue:
Total revenue	$ 47,435	$ 44,688
Cost of revenue:
Total cost of revenue	10,049	10,832
Product
Revenue:
Total revenue	25,260	10,992
Cost of revenue:
Total cost of revenue	$ 12,418	$ 5,130

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,708)	$ (16,171)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(708)	0
Unrealized loss on available-for-sale debt securities	(1,002)	0
Total comprehensive loss	$ (22,418)	$ (16,171)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020	65,971,000
Beginning balance at Dec. 31, 2020	$ 247,041
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock conversion to Class B common stock (in shares)	(65,971,000)
Preferred stock conversion to Class B common stock	$ (247,041)
Ending balance (in shares) at Mar. 31, 2021	0
Ending balance at Mar. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020		12,890,000
Beginning balance at Dec. 31, 2020	(222,177)	$ 1	$ 29,989	$ 0	$ (252,167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,458,000
Exercise of stock options	1,875		1,875
Stock-based compensation	3,498		3,498
Conversion of preferred stock warrants to Class B common stock warrants	1,827		1,827
Preferred stock conversion to Class B common stock (in shares)		65,971,000
Preferred stock conversion to Class B common stock	247,041	$ 7	247,034
Sale of Class A common stock upon initial public offering, net of issuance costs (in shares)		13,800,000
Sale of Class A common stock upon initial public offering, net of issuance costs	175,534	$ 1	175,533
Cashless exercise of common stock warrant (in shares)		25,000
Net loss	(16,171)				(16,171)
Ending balance (in shares) at Mar. 31, 2021		94,144,000
Ending balance at Mar. 31, 2021	$ 191,427	$ 9	459,756	0	(268,338)
Beginning balance (in shares) at Dec. 31, 2021	0
Beginning balance at Dec. 31, 2021	$ 0
Ending balance (in shares) at Mar. 31, 2022	0
Ending balance at Mar. 31, 2022	$ 0
Beginning balance (in shares) at Dec. 31, 2021	98,435,000	98,435,000
Beginning balance at Dec. 31, 2021	$ 205,734	$ 10	522,161	(1,094)	(315,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		334,000
Exercise of stock options	754		754
Stock-based compensation	3,618		3,618
Issuance of common stock to settle restricted stock units (in shares)		173,000
Other comprehensive loss	(1,710)			(1,710)
Net loss	$ (20,708)				(20,708)
Ending balance (in shares) at Mar. 31, 2022	98,942,000	98,942,000
Ending balance at Mar. 31, 2022	$ 187,688	$ 10	$ 526,533	$ (2,804)	$ (336,051)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (20,708)	$ (16,171)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	3,271	2,038
Stock-based compensation expense	3,523	3,498
Reduction in the carrying amount of right-of-use assets	1,398	1,318
Changes in fair value of convertible preferred stock warrants and others	481	1,048
Changes in operating assets and liabilities:
Accounts receivable, net	1,143	97
Inventory, net	(2,313)	37
Other current and non-current assets	(2,162)	(457)
Accounts payable	1,601	4,722
Accrued and other current liabilities	4,912	4,784
Seller payable	1,521	1,470
Operating lease liabilities	539	(1,311)
Other non-current liabilities	115	4
Net cash (used in) provided by operating activities	(6,679)	1,077
Cash flows from investing activities
Maturities of marketable securities	4,726	0
Purchase of property and equipment	(12,638)	(4,099)
Net cash used in investing activities	(7,912)	(4,099)
Cash flows from financing activities
Proceeds from debt issuance	0	4,625
Repayment of debt	(2,000)	0
Proceeds from issuance of Class A common stock, net of underwriting discounts and commissions	0	180,284
Proceeds from exercise of common stock options	809	1,875
Payment of costs for the initial public offering	0	(1,733)
Net cash (used in) provided by financing activities	(1,191)	185,051
Effect of exchange rate changes on cash and cash equivalents	(172)	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(15,954)	182,029
Cash, cash equivalents and restricted cash
Beginning of period	91,840	67,539
End of period	$ 75,886	$ 249,568

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business ThredUp Inc. (“ThredUp” or the “Company”) was formed as a corporation in the State of Delaware in January 2009. ThredUp is a large resale platform that enables consumers to buy and sell primarily secondhand women’s and kid’s apparel, shoes and accessories. The Company has corporate offices in Oakland, California, Scottsdale, Arizona and Bulgaria, distribution centers in Pennsylvania, Georgia, Arizona and Bulgaria and processing centers in Texas and Tennessee. We have additional distribution centers in Texas and Bulgaria under construction.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, the useful lives of property and equipment and intangibles, allowance for sales returns, allowance for bad debts, breakage on loyalty points and rewards and valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles and income taxes.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2022, and the results of operations and cash flows for the interim periods presented.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 22, 2022.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company deposits cash at major financial institutions, and at times, such cash may exceed federally insured limits. The credit risk is believed to be minimal due to the financial position of the depository institutions in which those deposits are held. The Company has never experienced any losses on deposits since inception. The Company’s investment policy restricts cash investments to highly liquid, short to intermediate-term, high grade fixed income securities, and as a result, the Company believes its cash equivalents and marketable securities represent minimal credit risk.

Revenue from Loyalty Reward Redemption or Expiration

As of March 31, 2022 and December 31, 2021, the Company had a liability of $3.4 million and $4.0 million, respectively, related to the loyalty program which is included in accrued and other current liabilities in the consolidated balance sheets. The Company recognized $2.7 million and $3.3 million of

revenue from loyalty reward redemption or expiration for the three months ended March 31, 2022 and 2021, respectively.

Net Loss Per Share Attributable to Common Stockholders

The Company follows the two-class method when computing net loss per common share when shares issued meet the definition of participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	68,597	$	84,550
Restricted cash, current	560		560
Restricted cash, non-current	6,729		6,730
Total cash, cash equivalents and restricted cash	$	75,886	$	91,840

Restricted cash, non-current of $6.7 million and $6.7 million is included in the other assets in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively.

Fair Value Measurements

Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). As of March 31, 2022 and December 31, 2021, the carrying amount of accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. Management believes the terms of its long-term debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximated its fair value.

Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted prices in active markets included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

New Accounting Pronouncements Recently Issued But Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, ASU 2020-03 and ASU 2022-02 which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company has not early adopted this standard and is currently evaluating the impact of this standard on its consolidated financial statements.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The following table provides the financial instruments measured at fair value (in thousands):


	Fair Value as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	8,858	$	—	$	—	$	8,858
U.S. treasury securities	4,798		—		—		4,798
Commercial paper	—		18,532		—		18,532
U.S. government agency bonds	2,450		—		—		2,450
Total cash equivalents	$	16,106	$	18,532	$	—	$	34,638

Marketable securities
Corporate debt securities	$	50,573	$	—	$	—	$	50,573
U.S. treasury securities	36,873		—		—		36,873
U.S. government agency bonds	27,743		—		—		27,743
Total marketable securities	$	115,189	$	—	$	—	$	115,189

Total	$	131,295	$	18,532	$	—	$	149,827


	Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	41,376	$	—	$	—	$	41,376
Commercial paper	—		12,098		—		12,098
Total cash equivalents	$	41,376	$	12,098	$	—	$	53,474

Marketable securities
Corporate debt securities	$	55,921	$	—	$	—	$	55,921
U.S. treasury securities	37,190		—		—		37,190
U.S. government agency bonds	28,166		—		—		28,166
Total marketable securities	$	121,277	$	—	$	—	$	121,277

Total	$	162,653	$	12,098	$	—	$	174,751

The following tables summarize the cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
Corporate debt securities	$	51,106	$	—	$	(533)	$	50,573
U.S. treasury securities	37,267		—		(394)		36,873
U.S. government agency bonds	28,183		—		(440)		27,743
Total	$	116,556	$	—	$	(1,367)	$	115,189


	December 31, 2021
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
Corporate debt securities	$	56,098	$	—	$	(177)	$	55,921
U.S. treasury securities	37,286		—		(96)		37,190
U.S. government agency bonds	28,258		—		(92)		28,166
Total	$	121,642	$	—	$	(365)	$	121,277

As of March 31, 2022 and December 31, 2021, the amortized cost of the Company’s cash equivalents approximate their estimated fair value. As such, there are no unrealized gains or losses related to the Company’s cash equivalents.

For all of the marketable securities, the Company utilizes third-party pricing services to obtain fair value. Third-party pricing methodologies incorporate bond terms and conditions, current performance

data, proprietary pricing models, real-time quotes from contributing dealers, trade prices and other market data.

The Company’s money market funds, U.S. treasury securities, corporate debt securities and U.S. government agency bonds were valued using Level 1 inputs because they are valued using quoted market prices.

The Company’s commercial papers were valued using Level 2 inputs because they are valued using quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

There were no transfers between levels during the three months ended March 31, 2022. As of March 31, 2022, of the $115.2 million carrying amount of marketable securities, $71.6 million had a contractual maturity date of less than one year and $43.6 million had a contractual maturity date between one to two years.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	March 31,		December 31,
	2022		2021

Property and equipment	$	96,316	$	76,028
Less: accumulated depreciation and amortization	(23,184)		(20,562)
Property and equipment, net	$	73,132	$	55,466

Depreciation and amortization expense of property and equipment was $2.6 million and $2.0 million for the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The goodwill is primarily attributable to the planned growth in the combined business after the acquisition of Remix Global EAD (“Remix”). Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually, absent any interim indicators of impairment. The carrying amount of goodwill was $12.0 million as of March 31, 2022 and $12.2 million as of December 31, 2021. The change is due to the foreign currency translation adjustments.

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands):


		As of March 31, 2022
Intangible assets with determinable lives	Amortization Period (years)	Gross carrying amount		Accumulated amortization		Carrying amount, net

Customer relationships	8	$	5,001	$	(301)	$	4,700
Developed technology	3	4,712		(753)		3,959
Trademarks	9	4,520		(237)		4,283
Total		$	14,233	$	(1,291)	$	12,942


		As of December 31, 2021
Intangible assets with determinable lives	Amortization Period (years)	Gross carrying amount		Accumulated amortization		Carrying amount, net

Customer relationships	8	$	5,092	$	(150)	$	4,942
Developed technology	3	4,798		(373)		4,425
Trademarks	9	4,602		(115)		4,487
Total		$	14,492	$	(638)	$	13,854

The changes in the gross carrying amounts are due to foreign currency translation.

Developed technology, customer relationships, and trademarks intangibles amortization is recorded within operations, product and technology, sales general and administrative, and marketing expense lines, respectively, within the consolidated statements of operations. The amortization expense of intangible assets with determinable lives was $0.7 million and zero for the three months ended as of March 31, 2022 and 2021, respectively.

Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Components [Abstract]

Balance Sheet Components

Inventories consist of the following (in thousands):


	March 31,		December 31,
	2022		2021

Finished goods	$	9,907	$	8,247
Raw materials	1,450		908
Work in progress	668		670
	$	12,025	$	9,825

Accrued and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2022		2021

Gift card and site credit liabilities	$	13,770	$	13,223
Accrued vendor liabilities	9,398		6,031
Allowance for returns	7,366		6,209
Accrued compensation	6,795		6,438
Deferred revenue	6,213		5,878
Accrued taxes	5,419		5,728
Accrued other	2,009		1,746
	$	50,970	$	45,253

Lease Agreements

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease Agreements

The Company’s operating lease expense was $2.4 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively.

Maturities of operating lease liabilities were as follows as of March 31, 2022 (in thousands):


	Amount
Remainder of 2022	$	6,804
2023	8,487
2024	7,543
2025	6,740
2026	6,386
Thereafter	29,947
Total lease payments	65,907
Less: imputed interest	(14,934)
Less: tenant improvement allowance yet to be received	(4,510)
Total lease liabilities	46,463
Less: current lease liabilities	(4,433)
Total non-current lease liabilities	$	42,030

In December 2021, the Company entered into an agreement to lease a distribution center in Sofia, Bulgaria. The leased property, which contains both logistics and office areas, is divided into three spaces with separate commencement dates of March 1, 2022 and targeted dates in May 2022 and June 2023. The base rent for the first stage space is approximately €6.1 million or $6.8 million, estimated at March 31, 2022 Euro to USD spot rate, in aggregate over the original term of 10 years from the commencement date.

In January 2022, the Company entered into an agreement to lease office space in Sofia, Bulgaria. The Company anticipates delivery of the leased property, accounting commencement and recording of the related right of use asset and liability to occur during the second quarter of 2022. The base rent is approximately €4.3 million or $4.7 million, estimated at March 31, 2022 Euro to USD spot rate, in aggregate over the original term of 10 years from the commencement date.

Long-term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

The Company entered into a loan and security agreement (“Term Loan”) with Western Alliance Bank for an aggregate amount up to $40.0 million to refinance its Loan and Security Agreement with Silicon Valley Bank in February 2019. The Term Loan was amended five times before December 31, 2021. The amended interest rate on the Term Loan is the prime rate published in The Wall Street Journal plus 1.5% with a floor of 5.50% per annum.

As of March 31, 2022, the nominal interest rate was 5.50% and the effective interest rate was 6.65%. The Company is in compliance with the covenants as of March 31, 2022.

The Company has repaid $6.0 million of the Term Loan as of March 31, 2022. The remaining maturities of the loan agreement as of March 31, 2022 are as follows (in thousands):


	Amount
Remainder of 2022	$	6,000
2023	8,000
2024	20,000
Thereafter	—
Total future principal	34,000
Less: unamortized debt discount	(586)
Less: current portion of long-term debt	(7,780)
Non-current portion of long-term debt	$	25,634

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Common Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common Stock

Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock.

The table below summarizes the Class A common stock and Class B common stock issued and outstanding as of March 31, 2022.


	As of March 31, 2022

	Authorized	Issued and Outstanding
	(in thousands)
Common stock Class A	1,000,000	58,558
Common stock Class B	120,000	40,384
Total common stock	1,120,000	98,942

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

The Company's stock-based compensation plans are described in more detail in Note 11, Stock-Based Compensation Plans, to the consolidated financial statements in the 2021 Form 10-K.

2021 Stock Option and Incentive Plan

In February 2021, in connection with the Initial Public Offering (“IPO”), the Company’s board of directors adopted the 2021 Stock Option and Incentive Plan (“2021 Plan”) to replace the Second Amended and Restated 2010 Stock Plan, which was subsequently approved by the Company’s stockholders in March 2021. The 2021 Plan became effective on March 24, 2021.

2021 Employee Stock Purchase Plan

In February 2021, the Company’s board of directors adopted the Employee Stock Purchase Plan (“ESPP”), which was subsequently approved by the stockholders in March 2021. The ESPP became effective on March 24, 2021. There was $0.2 million and zero in stock-based compensation related to the ESPP for the three months ended March 31, 2022 and 2021, respectively.

Restricted Stock Units

The Company issues service-based and performance-based restricted stock units (“RSU”) to employees. The RSUs automatically convert to shares of the Company’s common stock on a one-for-one basis as the awards vest. RSUs granted to newly hired employees typically vest 25% annually over 4 years commencing on the date of grant. The RSUs are measured at grant date fair value, at the market price of the Company’s Class A common stock on the grant date. The Company records stock-based compensation expense related to the RSUs ratably over the employee’s respective requisite service

period. During the three months ended March 31, 2022, the Company granted 749,842 shares of RSUs with a weighted average grant date fair value at $8.81 under the 2021 Plan.

Stock-based Compensation

Total stock-based compensation expense by department is as follows (in thousands):


	Three Months Ended March 31,
	2022		2021

Operations, product and technology	$	1,392	$	1,350
Marketing	333		437
Sales, general and administrative	1,798		1,711
Total stock-based compensation expense	$	3,523	$	3,498

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies The Company is subject to litigation claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe quarterly income tax provision reflects an estimate of the corresponding quarter’s state taxes in the United States. The provision for income tax expense for the three months ended March 31, 2022 and 2021 was determined based upon estimates of the Company’s annual effective tax rate for the years ending December 31, 2022 and 2021, respectively. Since the Company is in a full valuation allowance position, due to losses incurred since inception, the provision for taxes consist solely of certain state income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following participating securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive:


	As of March 31,
	2022	2021
	(in thousands)
Outstanding stock options	18,825	22,068
Restricted stock units	1,830	96
Delayed share issuance related to acquisition	130	—
Employee stock purchase plan	105	—
Outstanding Class B common stock warrants	—	138
Total	20,890	22,302

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted.
Use of Estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, the useful lives of property and equipment and intangibles, allowance for sales returns, allowance for bad debts, breakage on loyalty points and rewards and valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles and income taxes.
Concentrations of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company deposits cash at major financial institutions, and at times, such cash may exceed federally insured limits. The credit risk is believed to be minimal due to the financial position of the depository institutions in which those deposits are held. The Company has never experienced any losses on deposits since inception. The Company’s investment policy restricts cash investments to highly liquid, short to intermediate-term, high grade fixed income securities, and as a result, the Company believes its cash equivalents and marketable securities represent minimal credit risk.
Net Loss Per Share Attributable to Common Stockholders	The Company follows the two-class method when computing net loss per common share when shares issued meet the definition of participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Fair Value Measurements	Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). As of March 31, 2022 and December 31, 2021, the carrying amount of accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. Management believes the terms of its long-term debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company’s debt approximated its fair value. Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices in active markets included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
New Accounting Pronouncements Recently Issue But Not Yet Adopted	New Accounting Pronouncements Recently Issued But Not Yet AdoptedIn June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, ASU 2020-03 and ASU 2022-02 which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company has not early adopted this standard and is currently evaluating the impact of this standard on its consolidated financial statements.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	68,597	$	84,550
Restricted cash, current	560		560
Restricted cash, non-current	6,729		6,730
Total cash, cash equivalents and restricted cash	$	75,886	$	91,840

Restrictions on Cash and Cash Equivalents


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	68,597	$	84,550
Restricted cash, current	560		560
Restricted cash, non-current	6,729		6,730
Total cash, cash equivalents and restricted cash	$	75,886	$	91,840

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table provides the financial instruments measured at fair value (in thousands):


	Fair Value as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	8,858	$	—	$	—	$	8,858
U.S. treasury securities	4,798		—		—		4,798
Commercial paper	—		18,532		—		18,532
U.S. government agency bonds	2,450		—		—		2,450
Total cash equivalents	$	16,106	$	18,532	$	—	$	34,638

Marketable securities
Corporate debt securities	$	50,573	$	—	$	—	$	50,573
U.S. treasury securities	36,873		—		—		36,873
U.S. government agency bonds	27,743		—		—		27,743
Total marketable securities	$	115,189	$	—	$	—	$	115,189

Total	$	131,295	$	18,532	$	—	$	149,827


	Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	41,376	$	—	$	—	$	41,376
Commercial paper	—		12,098		—		12,098
Total cash equivalents	$	41,376	$	12,098	$	—	$	53,474

Marketable securities
Corporate debt securities	$	55,921	$	—	$	—	$	55,921
U.S. treasury securities	37,190		—		—		37,190
U.S. government agency bonds	28,166		—		—		28,166
Total marketable securities	$	121,277	$	—	$	—	$	121,277

Total	$	162,653	$	12,098	$	—	$	174,751


	March 31, 2022
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
Corporate debt securities	$	51,106	$	—	$	(533)	$	50,573
U.S. treasury securities	37,267		—		(394)		36,873
U.S. government agency bonds	28,183		—		(440)		27,743
Total	$	116,556	$	—	$	(1,367)	$	115,189


	December 31, 2021
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
Corporate debt securities	$	56,098	$	—	$	(177)	$	55,921
U.S. treasury securities	37,286		—		(96)		37,190
U.S. government agency bonds	28,258		—		(92)		28,166
Total	$	121,642	$	—	$	(365)	$	121,277

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	March 31,		December 31,
	2022		2021

Property and equipment	$	96,316	$	76,028
Less: accumulated depreciation and amortization	(23,184)		(20,562)
Property and equipment, net	$	73,132	$	55,466

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands):


		As of March 31, 2022
Intangible assets with determinable lives	Amortization Period (years)	Gross carrying amount		Accumulated amortization		Carrying amount, net

Customer relationships	8	$	5,001	$	(301)	$	4,700
Developed technology	3	4,712		(753)		3,959
Trademarks	9	4,520		(237)		4,283
Total		$	14,233	$	(1,291)	$	12,942


		As of December 31, 2021
Intangible assets with determinable lives	Amortization Period (years)	Gross carrying amount		Accumulated amortization		Carrying amount, net

Customer relationships	8	$	5,092	$	(150)	$	4,942
Developed technology	3	4,798		(373)		4,425
Trademarks	9	4,602		(115)		4,487
Total		$	14,492	$	(638)	$	13,854

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2022

Balance Sheet Components [Abstract]

Schedule of Inventory

Inventories consist of the following (in thousands):


	March 31,		December 31,
	2022		2021

Finished goods	$	9,907	$	8,247
Raw materials	1,450		908
Work in progress	668		670
	$	12,025	$	9,825

Schedule of Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2022		2021

Gift card and site credit liabilities	$	13,770	$	13,223
Accrued vendor liabilities	9,398		6,031
Allowance for returns	7,366		6,209
Accrued compensation	6,795		6,438
Deferred revenue	6,213		5,878
Accrued taxes	5,419		5,728
Accrued other	2,009		1,746
	$	50,970	$	45,253

Lease Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows as of March 31, 2022 (in thousands):


	Amount
Remainder of 2022	$	6,804
2023	8,487
2024	7,543
2025	6,740
2026	6,386
Thereafter	29,947
Total lease payments	65,907
Less: imputed interest	(14,934)
Less: tenant improvement allowance yet to be received	(4,510)
Total lease liabilities	46,463
Less: current lease liabilities	(4,433)
Total non-current lease liabilities	$	42,030

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Maturities of Debt

The remaining maturities of the loan agreement as of March 31, 2022 are as follows (in thousands):


	Amount
Remainder of 2022	$	6,000
2023	8,000
2024	20,000
Thereafter	—
Total future principal	34,000
Less: unamortized debt discount	(586)
Less: current portion of long-term debt	(7,780)
Non-current portion of long-term debt	$	25,634

Common Stock (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Common Stock Issued and Outstanding

The table below summarizes the Class A common stock and Class B common stock issued and outstanding as of March 31, 2022.


	As of March 31, 2022

	Authorized	Issued and Outstanding
	(in thousands)
Common stock Class A	1,000,000	58,558
Common stock Class B	120,000	40,384
Total common stock	1,120,000	98,942

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock-based compensation expense by department is as follows (in thousands):


	Three Months Ended March 31,
	2022		2021

Operations, product and technology	$	1,392	$	1,350
Marketing	333		437
Sales, general and administrative	1,798		1,711
Total stock-based compensation expense	$	3,523	$	3,498

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Participating Securities Excluded From the Computation of Diluted Net Loss Per Share


	As of March 31,
	2022	2021
	(in thousands)
Outstanding stock options	18,825	22,068
Restricted stock units	1,830	96
Delayed share issuance related to acquisition	130	—
Employee stock purchase plan	105	—
Outstanding Class B common stock warrants	—	138
Total	20,890	22,302

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from External Customer [Line Items]
Liability	$ 13,770		$ 13,223
Restricted cash, non-current	6,729		6,730
Loyalty Program
Revenue from External Customer [Line Items]
Revenue recognized	2,700	$ 3,300
Loyalty Program \| Transferred over Time
Revenue from External Customer [Line Items]
Liability	$ 3,400		$ 4,000

Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 68,597	$ 84,550
Restricted cash, current	560	560
Restricted cash, non-current	6,729	6,730
Total cash, cash equivalents and restricted cash	$ 75,886	$ 91,840	$ 249,568	$ 67,539

Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Marketable securities	$ 115,189	$ 121,277
Fair Value, Recurring
Assets
Total cash equivalents	34,638	53,474
Marketable securities	115,189	121,277
Total	149,827	174,751
Fair Value, Recurring \| Corporate debt securities
Assets
Marketable securities	50,573	55,921
Fair Value, Recurring \| U.S. treasury securities
Assets
Marketable securities	36,873	37,190
Fair Value, Recurring \| U.S. government agency bonds
Assets
Marketable securities	27,743	28,166
Fair Value, Recurring \| Money market fund
Assets
Total cash equivalents	8,858	41,376
Fair Value, Recurring \| U.S. treasury securities
Assets
Total cash equivalents	4,798
Fair Value, Recurring \| Commercial paper
Assets
Total cash equivalents	18,532	12,098
Fair Value, Recurring \| U.S. government agency bonds
Assets
Total cash equivalents	2,450
Fair Value, Recurring \| Level 1
Assets
Total cash equivalents	16,106	41,376
Marketable securities	115,189	121,277
Total	131,295	162,653
Fair Value, Recurring \| Level 1 \| Corporate debt securities
Assets
Marketable securities	50,573	55,921
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Assets
Marketable securities	36,873	37,190
Fair Value, Recurring \| Level 1 \| U.S. government agency bonds
Assets
Marketable securities	27,743	28,166
Fair Value, Recurring \| Level 1 \| Money market fund
Assets
Total cash equivalents	8,858	41,376
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Assets
Total cash equivalents	4,798
Fair Value, Recurring \| Level 1 \| Commercial paper
Assets
Total cash equivalents	0	0
Fair Value, Recurring \| Level 1 \| U.S. government agency bonds
Assets
Total cash equivalents	2,450
Fair Value, Recurring \| Level 2
Assets
Total cash equivalents	18,532	12,098
Marketable securities	0	0
Total	18,532	12,098
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 2 \| U.S. government agency bonds
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 2 \| Money market fund
Assets
Total cash equivalents	0	0
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Assets
Total cash equivalents	0
Fair Value, Recurring \| Level 2 \| Commercial paper
Assets
Total cash equivalents	18,532	12,098
Fair Value, Recurring \| Level 2 \| U.S. government agency bonds
Assets
Total cash equivalents	0
Fair Value, Recurring \| Level 3
Assets
Total cash equivalents	0	0
Marketable securities	0	0
Total	0	0
Fair Value, Recurring \| Level 3 \| Corporate debt securities
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 3 \| U.S. treasury securities
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 3 \| U.S. government agency bonds
Assets
Marketable securities	0	0
Fair Value, Recurring \| Level 3 \| Money market fund
Assets
Total cash equivalents	0	0
Fair Value, Recurring \| Level 3 \| U.S. treasury securities
Assets
Total cash equivalents	0
Fair Value, Recurring \| Level 3 \| Commercial paper
Assets
Total cash equivalents	0	$ 0
Fair Value, Recurring \| Level 3 \| U.S. government agency bonds
Assets
Total cash equivalents	$ 0

Financial Instruments and Fair Value Measurements - Amortized Cost, Unrealized Gain (Loss) and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Abstract]
Cost or Amortized Cost	$ 116,556	$ 121,642
Unrealized Gains	0	0
Unrealized Losses	(1,367)	(365)
Fair Value	115,189	121,277
Corporate debt securities
Debt Securities, Available-for-sale [Abstract]
Cost or Amortized Cost	51,106	56,098
Unrealized Gains	0	0
Unrealized Losses	(533)	(177)
Fair Value	50,573	55,921
U.S. treasury securities
Debt Securities, Available-for-sale [Abstract]
Cost or Amortized Cost	37,267	37,286
Unrealized Gains	0	0
Unrealized Losses	(394)	(96)
Fair Value	36,873	37,190
U.S. government agency bonds
Debt Securities, Available-for-sale [Abstract]
Cost or Amortized Cost	28,183	28,258
Unrealized Gains	0	0
Unrealized Losses	(440)	(92)
Fair Value	$ 27,743	$ 28,166

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current	$ 115,189	$ 121,277
Marketable securities, between one to two years	71,600
Marketable securities, less than one year	43,600
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current	$ 115,189	$ 121,277

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and equipment	$ 96,316	$ 76,028
Less: accumulated depreciation and amortization	(23,184)	(20,562)
Property and equipment, net	$ 73,132	$ 55,466

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 2.6	$ 2.0

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,043		$ 12,238
Amortization	$ 700	$ 0

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 14,233	$ 14,492
Accumulated amortization	(1,291)	(638)
Carrying amount, net	$ 12,942	$ 13,854
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	8 years	8 years
Gross carrying amount	$ 5,001	$ 5,092
Accumulated amortization	(301)	(150)
Carrying amount, net	$ 4,700	$ 4,942
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	3 years	3 years
Gross carrying amount	$ 4,712	$ 4,798
Accumulated amortization	(753)	(373)
Carrying amount, net	$ 3,959	$ 4,425
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	9 years	9 years
Gross carrying amount	$ 4,520	$ 4,602
Accumulated amortization	(237)	(115)
Carrying amount, net	$ 4,283	$ 4,487

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Finished goods	$ 9,907	$ 8,247
Raw materials	1,450	908
Work in progress	668	670
Inventory, net	$ 12,025	$ 9,825

Balance Sheet Components - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Components [Abstract]
Gift card and site credit liabilities	$ 13,770	$ 13,223
Accrued vendor liabilities	9,398	6,031
Allowance for returns	7,366	6,209
Accrued compensation	6,795	6,438
Deferred revenue	6,213	5,878
Accrued taxes	5,419	5,728
Accrued other	2,009	1,746
Total	$ 50,970	$ 45,253

Lease Agreements - Narrative (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 space
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 2,400	$ 2,100
Base rent	$ 46,463
Bulgaria
Lessee, Lease, Description [Line Items]
Number of spaces in leased property \| space				3
Lease term	10 years		10 years
Base rent	$ 6,800		€ 6.1
Base rent, lease not yet commenced	$ 4,700		€ 4.3
Lease not yet commenced, term of contract	10 years		10 years

Lease Agreements - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 6,804
2023	8,487
2024	7,543
2025	6,740
2026	6,386
Thereafter	29,947
Total lease payments	65,907
Less: imputed interest	(14,934)
Less: tenant improvement allowance yet to be received	(4,510)
Total lease liabilities	46,463
Less: current lease liabilities	(4,433)	$ (3,931)
Total non-current lease liabilities	$ 42,030	$ 36,997

Long-term Debt - Narrative (Details)		3 Months Ended
Long-term Debt - Narrative (Details)	May 14, 2021	Mar. 31, 2022 USD ($) amendment	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Number of amendments \| amendment		5
Repayment of debt		$ 2,000,000	$ 0
Medium-term Notes \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000,000
Debt instrument, floor percentage	5.50%
Stated interest rate		5.50%
Effective interest rate		6.65%
Repayment of debt		$ 6,000,000
Medium-term Notes \| Term Loan \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate	1.50%

Long-term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remainder of 2022	$ 6,000
2023	8,000
2024	20,000
Thereafter	0
Total future principal	34,000
Less: unamortized debt discount	(586)
Less: current portion of long-term debt	(7,780)	$ (7,768)
Non-current portion of long-term debt	$ 25,634	$ 27,559

Common Stock - Narrative (Details)	3 Months Ended
Common Stock - Narrative (Details)	Mar. 31, 2022 vote shares
Common stock Class A
Class of Stock [Line Items]
Number of votes for each share	1
Common stock Class B
Class of Stock [Line Items]
Number of votes for each share	10
Conversion of stock (in shares) \| shares	1

Common Stock - Schedule of Common Stock Issued and Outstanding (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Authorized (in shares)	1,120,000,000	1,120,000,000
Issued (in shares)	98,942,000	98,435,000
Outstanding (in shares)	98,942,000	98,435,000
Common stock Class A
Class of Stock [Line Items]
Authorized (in shares)	1,000,000,000
Issued (in shares)	58,558,000
Outstanding (in shares)	58,558,000
Common stock Class B
Class of Stock [Line Items]
Authorized (in shares)	120,000,000
Issued (in shares)	40,384,000
Outstanding (in shares)	40,384,000

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3,523	$ 3,498
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 200	$ 0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock (in shares)	1
Vesting percentage	25.00%
Vesting percentage period	4 years
RSUs granted (in shares)	749,842
Weighted average grant date fair value (in dollars per share)	$ 8.81

Stock-Based Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,523	$ 3,498
Operations, product and technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,392	1,350
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	333	437
Sales, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,798	$ 1,711

Net Loss Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	20,890	22,302
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	18,825	22,068
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,830	96
Delayed share issuance related to acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	130	0
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	105	0
Outstanding Class B common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	138