0001484778-23-000057 | 10-K | XBRL Viewer

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 27, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	TDUP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 123.3
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the registrant’s 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2022.
Amendment Flag	false
Entity Central Index Key	0001484778
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		70,827,625
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,783,178

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34	185
Auditor Name	DELOITTE & TOUCHE LLP	KPMG LLP
Auditor Location	San Francisco, California	San Francisco, California

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 38,029	$ 84,550
Marketable securities	66,902	121,277
Accounts receivable, net	4,669	4,136
Inventory	17,519	9,825
Other current assets	7,076	8,625
Total current assets	134,195	228,413
Operating lease right-of-use assets	46,153	39,340
Property and equipment, net	92,482	55,466
Goodwill	11,592	12,238
Intangible assets	10,499	13,854
Other assets	7,027	11,515
Total assets	301,948	360,826
Current liabilities:
Accounts payable	7,800	13,336
Accrued and other current liabilities	50,155	45,253
Seller payable	16,166	19,125
Operating lease liabilities, current	6,413	3,931
Current portion of long-term debt	3,879	7,768
Total current liabilities	84,413	89,413
Operating lease liabilities, non-current	48,727	36,997
Long-term debt, net of current portion	25,788	27,559
Other non-current liabilities	3,019	1,123
Total liabilities	161,947	155,092
Commitments and contingencies (Note 12)
Stockholders’ equity:
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of December 31, 2022 and 2021; 101,532 and 98,435 shares issued and outstanding as of December 31, 2022 and 2021, respectively	10	10
Additional paid-in capital	551,852	522,161
Accumulated other comprehensive loss	(4,234)	(1,094)
Accumulated deficit	(407,627)	(315,343)
Total stockholders’ equity	140,001	205,734
Total liabilities and stockholders’ equity	$ 301,948	$ 360,826

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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)	101,532,000	98,435,000
Common stock, shares outstanding (in shares)	101,532,000	98,435,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 288,379	$ 251,792	$ 186,015
Cost of revenue:
Total cost of revenue	96,041	73,660	57,867
Gross profit	192,338	178,132	128,148
Operating expenses:
Operations, product and technology	155,642	128,079	101,408
Marketing	64,369	63,625	44,765
Sales, general and administrative	61,814	48,814	28,564
Total operating expenses	281,825	240,518	174,737
Operating loss	(89,487)	(62,386)	(46,589)
Interest expense	805	2,275	1,305
Other expense (income), net	1,957	(1,565)	(73)
Loss before provision for income taxes	(92,249)	(63,096)	(47,821)
Provision for income taxes	35	80	56
Net loss attributable to common stockholders	$ (92,284)	$ (63,176)	$ (47,877)
Loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.92)	$ (0.82)	$ (4.14)
Loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.92)	$ (0.82)	$ (4.14)
Weighted-average shares used in computing loss per share attributable to common stockholders, basic (in shares)	99,817	77,092	11,565
Weighted-average shares used in computing loss per share attributable to common stockholders, diluted (in shares)	99,817	77,092	11,565
Consignment
Revenue:
Total revenue	$ 174,994	$ 186,114	$ 138,096
Cost of revenue:
Total cost of revenue	37,015	41,856	34,184
Product
Revenue:
Total revenue	113,385	65,678	47,919
Cost of revenue:
Total cost of revenue	$ 59,026	$ 31,804	$ 23,683

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (92,284)	$ (63,176)	$ (47,877)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(2,418)	(729)	0
Unrealized loss on available-for-sale securities	(722)	(365)	0
Total other comprehensive loss	(3,140)	(1,094)	0
Total comprehensive loss attributable to common stockholders	$ (95,424)	$ (64,270)	$ (47,877)

- Definition

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

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+ Details

Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	IPO	Cumulative effect of accounting change	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Cumulative effect of accounting change
Beginning balance (in shares) at Dec. 31, 2019	65,928
Beginning balance at Dec. 31, 2019	$ 246,905
Increase (Decrease) in Temporary Equity [Roll Forward]
Series C preferred stock warrant exercise (in shares)	43
Series C preferred stock warrant exercise	$ 136
Ending balance (in shares) at Dec. 31, 2020	65,971
Ending balance at Dec. 31, 2020	$ 247,041
Beginning balance (in shares) at Dec. 31, 2019				10,647
Beginning balance at Dec. 31, 2019	(183,241)			$ 1		$ 20,483		$ 0	$ (203,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan (in shares)				2,243
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan	2,170					2,170
Stock-based compensation	7,336					7,336
Net loss attributable to common stockholders	(47,877)								(47,877)
Other comprehensive loss	0
Ending balance (in shares) at Dec. 31, 2020				12,890
Ending balance at Dec. 31, 2020	$ (222,177)		$ (565)	$ 1		29,989		0	(252,167)	$ (565)
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock conversion to Class B common stock (in shares)	(65,971)
Preferred stock conversion to Class B common stock	$ (247,041)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan (in shares)				3,646
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan	6,249					6,249
Stock-based compensation	13,290					13,290
Shares withheld related to net share settlement (in shares)				(1)
Shares withheld related to net share settlement	(29)					(29)
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
Preferred stock conversion to Class B common stock	247,041			$ 7		247,034
Class A common stock (in shares)				2,000	13,800
Class A common stock	45,525	$ 175,534		$ 1	$ 1	45,524	$ 175,533
Cashless exercise of common stock warrant (in shares)				129
Acquisition delayed share issuance	2,744					2,744
Net loss attributable to common stockholders	(63,176)								(63,176)
Other comprehensive loss	$ (1,094)							(1,094)
Ending balance (in shares) at Dec. 31, 2021	98,435			98,435
Ending balance at Dec. 31, 2021	$ 205,734			$ 10		522,161		(1,094)	(315,343)
Ending balance (in shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan (in shares)				3,180
Issuance of common stock from exercise of stock options, restricted stock units, and employee stock purchase plan	2,180					2,180
Stock-based compensation	27,747					27,747
Shares withheld related to net share settlement (in shares)				(83)
Shares withheld related to net share settlement	(236)					(236)
Net loss attributable to common stockholders	(92,284)								(92,284)
Other comprehensive loss	$ (3,140)							(3,140)
Ending balance (in shares) at Dec. 31, 2022	101,532			101,532
Ending balance at Dec. 31, 2022	$ 140,001			$ 10		$ 551,852		$ (4,234)	$ (407,627)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss attributable to common stockholders	$ (92,284)	$ (63,176)	$ (47,877)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization	14,033	9,155	5,581
Stock-based compensation expense	26,817	12,959	7,336
Reduction in carrying amount of right-of-use assets	6,473	3,985	4,034
Other	5,593	2,342	561
Changes in operating assets and liabilities:
Accounts receivable, net	(530)	(1,189)	229
Inventory	(7,886)	(2,741)	374
Other current and non-current assets	893	(6,326)	32
Accounts payable	(3,985)	871	3,469
Accrued and other current liabilities	1,752	9,251	5,182
Seller payable	(2,945)	5,072	4,407
Operating lease liabilities	924	(3,964)	(3,824)
Other non-current liabilities	(960)	(1,258)	1,391
Net cash used in operating activities	(52,105)	(35,019)	(19,105)
Cash flows from investing activities:
Purchases of marketable securities	(3,475)	(125,217)	0
Maturities of marketable securities	55,650	2,800	0
Purchase of non-marketable equity investment	0	(3,750)	0
Acquisition of business, net of cash acquired	0	(23,581)	0
Purchases of property and equipment	(43,251)	(19,828)	(19,424)
Net cash provided by (used in) investing activities	8,924	(169,576)	(19,424)
Cash flows from financing activities:
Proceeds from debt, net of discount	391	4,625	18,352
Repayment of debt	(6,333)	(4,000)	(1,190)
Proceeds from issuance of Class A common stock, net of underwriting discounts and commissions	0	226,905	0
Payment of costs for the initial public offering and the follow-on offering	0	(4,729)	(1,117)
Proceeds from exercise of stock options and employee stock purchase plan	4,202	6,506	2,170
Tax withholding related to vesting of restricted stock units	(2,196)	(347)	0
Net cash provided by (used in) financing activities	(3,936)	228,960	18,215
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(672)	(64)	0
Net change in cash, cash equivalents and restricted cash	(47,789)	24,301	(20,314)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	91,840	67,539	87,853
Cash, cash equivalents and restricted cash, end of period	44,051	91,840	67,539
Supplemental disclosures of cash flow information:
Cash paid for interest	2,058	2,076	1,450
Supplemental disclosures of noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	5,677	3,739	1,555
Right-of-use assets obtained in exchange for new lease liabilities	$ 13,384	$ 19,669	$ 9,142

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of BusinessThredUp Inc. (“thredUP” or the “Company”) was formed as a corporation in the State of Delaware in January 2009. thredUP operates a large resale platform that enables consumers to buy and sell primarily secondhand apparel, shoes, and accessories.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

Reclassifications

Certain reclassifications were made to the prior period consolidated statements of cash flows to conform to the current period presentation.

Use of Estimates

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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, breakage on loyalty points and rewards and gift cards, valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles, and income taxes. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of significant judgment.

New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU changes the impairment model for most financial assets, requiring the use of an expected loss model which requires entities to estimate the lifetime expected credit loss on financial assets measured at amortized cost. Such credit losses will be recorded as an allowance to offset the amortized cost of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In addition, credit losses relating to available-for-sale debt securities will now be recorded through an allowance for credit losses rather than as a direct write-down to the security. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.

Foreign Currency

Generally, the functional currency of the Company’s subsidiaries is the local currency. In accordance with authoritative guidance, assets and liabilities of the Company’s foreign operations are translated from the respective functional currencies into U.S. dollars at period-end rates, while income and expenses are translated using the average exchange rate during the period in which the transactions occurred. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within the Company’s consolidated balance sheets.

Revenue Recognition

Revenue is recognized in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive for those goods and services. The Company generates the majority of its revenue from its marketplace, which allows its buyers to browse and purchase resale items for women’s and kids’ apparel, shoes and accessories on behalf of sellers. The Company recognizes revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, it satisfies a performance obligation.

Both buyers and sellers may be customers in the Company’s revenue arrangements. Sellers are the primary customer in a consignment arrangement while the buyer is the primary customer in sale of Company-owned inventory, referred to as product sales. A contract with a customer exists in both cases when the end-customer purchases the goods obligating the Company to deliver the identified performance obligation(s). Generally, the Company requires authorization from a credit card or other payment method (such as PayPal), or verification of receipt of payment, before the products are shipped to buyers. The Company generally receives payments from buyers before payments to the sellers are due.

Consignment Revenue

The Company generates consignment revenue from the sale of secondhand women’s and kids’ apparel, shoes and accessories on behalf of sellers. The Company retains a percentage of the proceeds received as payment for its consignment service. The Company reports consignment revenue on a net basis as an agent and not the gross amount collected from the buyer. Title to the consigned goods remain with the seller until transferred to the buyer, which occurs subsequent to purchase of the consigned goods and upon expiration of the allotted return period. The Company does not take title of consigned goods at any time except in certain cases where the consignment window expires or returned goods become Company-owned inventory.

Consignment revenue is generally recognized upon purchase of the consigned good by the buyer as its performance obligation of providing consignment services to the consignor is satisfied at that point. Consignment revenue is also recognized upon purchase of the consigned good for which the consignment window has already expired and the Company has taken title to the consigned good. Consignment revenue is recognized net of seller payouts, discounts, incentives and returns. Sales tax assessed by governmental authorities is excluded from revenue.

Product Revenue

The Company recognizes product revenue on a gross basis as the Company acts as the principal in the transaction. Online sales and sales to third-party retail partners are generally recognized upon shipment of the purchased good to the buyer. Product revenue is recognized net of discounts, incentives and returns. Sales tax assessed by governmental authorities is excluded from revenue.

Shipping Fees

The Company charges shipping fees to buyers, which are included in revenue. All outbound shipping costs are accounted for in cost of revenue at the time revenue is recognized.

Returns

The Company generally has a 14-day return period which may change from time to time and recognizes a returns reserve, based on historical experience, which is recorded in accrued and other current liabilities within the Company’s consolidated balance sheets.

Incentives

Incentives include website discounts, customer credits and loyalty program rewards issued to sellers and buyers. Incentives are treated as a reduction of product revenue and consignment revenue. Revenue treatment for our loyalty program is discussed further below under Deferred Revenue.

Deferred Revenue

Deferred revenue consists primarily of cash collections for product items purchased, but not shipped, and revenue allocated to unredeemed loyalty points. Cash collections for items purchased, but not shipped, are generally recognized as revenue upon shipment. As of December 31, 2022 and 2021, the Company had $4.3 million and $1.7 million, respectively, in deferred revenue for such items, which were recognized shortly after the period end, and are included in accrued and other current liabilities within the Company’s consolidated balance sheets.

The Company has a customer loyalty program that provides customers with rewards that can be applied to future purchases or other incentives. Loyalty points and rewards are accounted for as separate performance obligations and accrued as deferred revenue in the amount of the transaction price allocated to the points and rewards. The allocated transaction price is based on the estimated fair value per point, net of breakage. Breakage is estimated based on the Company’s historical redemption rates. Revenue is recognized when the loyalty rewards are redeemed or expire. As of December 31, 2022 and 2021, the Company had a liability of $3.3 million and $4.0 million, respectively, related to the loyalty program which is included in accrued and other current liabilities within the Company’s consolidated balance sheets. The Company recognized $9.4 million, $13.8 million, and $6.6 million of revenue related to loyalty points during the years ended December 31, 2022, 2021, and 2020, respectively. Revenue allocated to loyalty points is expected to be recognized within one year as loyalty points expire 12 months after issuance.

Revenue by Geographic Area

Revenue is attributed to a geographic area based on the shipped-from location. The following summarizes the Company’s revenue by geographic area:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
United States	$	240,942	$	240,677	$	186,015
Others	47,437		11,115		—
Total revenue	$	288,379	$	251,792	$	186,015

Segment Reporting

The Company operates under one operating segment and one reportable segment as its chief operating decision maker, who is its Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. After the purchase accounting is finalized, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Loss Per Share Attributable to Common Stockholders

The Company follows the two-class method when computing loss per common share when shares issued meet the definition of participating securities. The two-class method determines loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The rights of the Class A common stock and Class B common stock are identical, other than voting rights. The undistributed earnings are allocated on a proportionate basis and the resulting 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 loss per share attributable to common stockholders is the same as basic 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.

Comprehensive Loss

Comprehensive loss is comprised of net loss attributable to common stockholders, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale securities. See Note 10, Common Stock and Stockholders’ Equity (Deficit), for the description and detail of the components of accumulated other comprehensive loss.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents are comprised primarily of domestic and foreign bank accounts, commercial paper, and money market funds.

Restricted cash primarily represents letters of credit with financial institutions held as collateral for its facility leases. Restricted cash is classified non-current if the Company expects that the cash will remain restricted for a period greater than one year.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s consolidated statements of cash flows:


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	38,029	$	84,550
Restricted cash included in Other current assets	383		560
Restricted cash included in Other assets	5,639		6,730
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	44,051	$	91,840

Marketable Securities

The Company invests its excess cash in investment grade, short to intermediate-term, fixed income securities and recognizes the transaction on the trade date. The Company’s marketable securities are classified as available-for-sale in current assets because they represent investments of cash available for current operations. Marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive gain (loss) until realized. The marketable securities are reviewed periodically to identify possible other-than-temporary impairments. Realized gains or losses and other-than-temporary impairments, if any, on available-for sale securities are reported in other income, net as incurred.

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 not 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.

As of December 31, 2022 and 2021, there were no customers that represented 10% or more of the Company’s accounts receivable balance. There were no customers that individually exceeded 10% of the Company’s revenue for the years ended December 31, 2022, 2021, and 2020.

Accounts Receivable, Net

Accounts receivable consists of amounts due from payment processors and trade customers that do not bear interest. The Company records an allowance for doubtful accounts for estimated losses inherent in its trade accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted for current market conditions, the financial condition of the customer, the amount of receivables in dispute, and the current receivables aging and payment patterns. The Company does not have any off-balance sheet credit exposure related to its customers. The allowance for doubtful accounts was immaterial as of December 31, 2022 and 2021.

Inventory

Inventories, consisting of merchandise that the Company has purchased and holds title, are accounted for using the specific identification method, and are valued at the lower of cost and net realizable value. The cost of inventory is equal to the cost of the merchandise paid to the seller and related inbound shipping costs. Inventory valuation requires the Company to make judgments based on currently available information about the likely method of disposition, such as through sales to individual customers or liquidations, and expected recoverable values of each disposition category. The Company records an inventory write-down based on the age of the inventory and historical experience of expected sell-through.

Property and Equipment, Net

Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment (including computer hardware and software) is computed on a straight-line basis over the estimated useful lives of the related assets, which range from one to ten years. Leasehold improvements are amortized on a straight-line basis over the life of the related asset or the term of the lease, whichever is shorter.

Maintenance and repairs are charged to expense as incurred, and improvements are capitalized.

When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the Company’s consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized.

Internal-Use Software

The Company capitalizes qualifying proprietary software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and placed in service for its intended use. Capitalization ceases when the software is substantially complete and ready for its intended use including the completion of all significant testing. Costs related to preliminary project activities and post implementation operating activities are expensed as incurred.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is equal to the excess of the fair value over the carrying amount of the impaired assets. There were no impairments of long-lived assets for the years ended December 31, 2022, 2021, and 2020.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not subject to amortization, but is reviewed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company performed a qualitative assessment during the fourth quarter of 2022 and determined that the fair value of its single reporting unit is greater than its carrying value. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount or if a qualitative assessment is not performed, then the Company would perform the quantitative goodwill impairment test as required, in which it would use a discounted cash flow approach to estimate the fair value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, then a goodwill impairment amount is recorded for the difference. During the years ended December 31, 2022, 2021, and 2020, there were no additions to or impairment of goodwill.

Acquired Intangible Assets

When a business is acquired, a portion of the purchase price is typically allocated to identifiable intangible assets, such as trademark, acquired technology and customer relationships. Fair value of these assets is determined primarily using the income approach, which requires management to project future cash flows and apply an appropriate discount rate. Intangible assets with finite lives are amortized on a straight-line basis over their economic lives ranging from 3 years to 9 years. Estimates are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and unanticipated events and circumstances may occur. Incorrect estimates could result in future impairment charges, and those charges could be material to the Company’s results of operations.

Other Investment

In October 2021, the Company made a strategic investment in preferred shares of a privately held online retail company. The Company accounts for its investment in accordance with ASC 321, Investments – Equity Securities (“ASC 321”). Upon acquisition, the investment was measured at cost, which represented the then fair value of $3.8 million and was included in other assets within the Company’s consolidated balance sheet as of December 31, 2021. Under ASC 321, the Company can elect to subsequently measure the investments at initial cost, minus impairment and any changes, plus or minus, resulting from observable price in orderly transactions for the identical or a similar investment of the same issuer. This election must be made for each investment separately. Changes in the carrying value of other investment are recognized within the Company’s consolidated statements of operations. Each reporting period, the Company performs a qualitative assessment to evaluate whether the investment is impaired. The Company’s assessment includes a review of recent operating results and trends, recent sales and acquisitions of the investee securities and other factors that raise concerns about the investee’s ability to continue as a going concern. If the investment is impaired, an impairment charge is recognized in the amount by which the carrying amount of the investment exceeds the estimated fair value of the investment, with the impairment charge recognized within the Company’s consolidated statements of operations. During the year ended December 31, 2022, the Company recorded an impairment loss of $3.8 million related to its non-marketable equity investment in other expense, net within its consolidated statement of operations.

Asset Retirement Obligations

The Company records asset retirement obligations (“AROs”) for the estimated cost of restoring its automated warehouse facilities to the specific condition required per the terms of its lease agreement, upon termination of the lease. AROs represent the present value of the expected costs and timing of the related obligations incurred. The ARO assets and liabilities are recorded in property and equipment, net within the machinery and equipment line item and other non-current liabilities, respectively, within the Company’s consolidated balance sheets. The Company records accretion expense, which represents the increase in the ARO, over the remaining estimated duration of the lease including renewal periods that are included in the lease term. Accretion expense is recorded in operations, product and technology expense in the consolidated statements of operations using accretion rates based on credit adjusted risk-free interest rates.

Leases

Under ASC 842, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Lessees are required to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight-line basis over the term of the lease. The Company determines the initial classification and measurement of its ROU assets and lease liabilities at the lease commencement date and thereafter if modified. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its existing credit arrangements, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses over the lease term.

The Company has elected to not separate lease and non-lease components for real estate leases and, as a result, accounts for lease and non-lease components as one component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. For these leases, lease payments are recognized on a straight-line basis over the lease term and variable payments in the period in which the obligation is incurred.

Seller Payable

Seller payable includes amounts owed to sellers upon the purchase of sellers’ goods by the Company or by buyers. Amounts are initially provided as a credit to sellers. These credits may be applied towards purchases from the Company, converted to third-party retailer or thredUP gift cards or redeemed for cash. As of December 31, 2022 and 2021, there was $16.2 million and $19.1 million, respectively, of seller payable within the Company’s consolidated balance sheets.

Gift Cards and Site Credits

The Company sells thredUP gift cards on its e-commerce website. thredUP gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a gift card liability at the time a gift card is delivered to the customer. As of December 31, 2022 and 2021, $10.9 million and $7.3 million of gift card liability, respectively, was included in accrued and other current liabilities within the Company’s consolidated balance sheets. Revenue from gift cards is generally recognized when the gift cards are redeemed by the customer and amounted to $1.0 million, $0.9 million and $0.6 million during the years ended December 31, 2022, 2021, and 2020, respectively.

The Company issues site credits for order refunds. Site credits can be applied towards future charges but may not be converted into cash. Site credits may also be converted to thredUP gift cards after one year at the discretion of the Company. These credits are recognized as revenue when used. As of December 31, 2022 and 2021, $7.2 million and $5.9 million, respectively, of such customer site credits were included in accrued and other current liabilities within the Company’s consolidated balance sheets. Revenue recognized from the redemption of site credits was $48.4 million, $33.2 million, and $21.1 million for the years ended December 31, 2022, 2021, and 2020, respectively.

We recognize breakage revenue when we determine that the redemption of gift cards and site credits is remote. Breakage on gift cards and site credits was $2.2 million for the year ended December 31, 2022 and was not material for the years ended December 31, 2021 and 2020.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income on the years in which those temporary differences are expected to be recovered and settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

Cost of Revenue

Cost of consignment revenue consists of outbound shipping, outbound labor and packaging costs. Cost of product revenue mainly consists of the inventory cost, inbound shipping related to the sold merchandise, outbound shipping, outbound labor, packaging costs and inventory write-downs. The classification of expenses varies across the retail industry. Accordingly, our cost of revenue may not be comparable to those of other companies in the retail industry.

Operations, Product and Technology

Operations, product and technology expenses consist primarily of distribution center operating costs and product and technology expenses. Distribution center operating costs include personnel costs, distribution center rent, maintenance and equipment depreciation as well as inbound shipping costs, other than those capitalized in inventory. Product and technology costs include personnel costs for the design and development of product and the related technology that is used to operate the distribution centers, merchandise science, website development and related expenses for these departments. Operations, product and technology expenses also include an allocation of corporate facilities and information technology costs including equipment, depreciation and rent. Research and development costs related to our technology were approximately $37.6 million, $28.7 million and $20.7 million, during the years ended December 31, 2022, 2021, and 2020, respectively.

Marketing

Marketing costs consist primarily of advertising, public relations expenditures and personnel costs for employees engaged in marketing. Marketing costs also include an allocation of corporate facilities and information technology costs including equipment, depreciation and rent.

Advertising and other promotional costs included in marketing within the Company’s consolidated statements of operations are expensed as incurred and were approximately $49.2 million, $54.1 million and $38.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Sales, General and Administrative

Sales, general and administrative expenses consist of personnel costs for employees involved in general corporate functions, including accounting, finance, tax, legal and people services; and customer service. Sales, general and administrative also includes payment processing fees, professional fees and allocation of corporate facilities and information technology costs such as equipment, depreciation and rent.

Stock-Based Compensation

Stock-based compensation costs are based on the fair values on the date of grant for stock unit awards and stock options and on the date of enrollment for the employee stock purchase plan (“ESPP”). The fair values of stock unit awards are based on thredUP’s stock price on the date of grant. The fair values of stock options and ESPP are estimated using the Black-Scholes option-pricing model.

The fair values of equity awards are recognized as compensation expense over the requisite service period or over the period in which the related services are received (generally the vesting period), using the straight-line method. The estimated fair value of equity awards that contain performance conditions is recognized on a graded-vesting basis once the Company has determined that it is probable that performance conditions will be satisfied. The determination of fair value for share-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding subjective variables.

The Company accounts for forfeitures as they occur.

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 December 31, 2022 and 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 variable-rate 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.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The following tables provide information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such values as of December 31, 2022 and 2021:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	1,110	$	—	$	—	$	1,110
Commercial paper	—		14,460		—		14,460
Total cash equivalents	1,110		14,460		—		15,570
Marketable securities:
Corporate debt securities	25,488		—		—		25,488
U.S. treasury securities	19,176		—		—		19,176
U.S. government agency bonds	22,238		—		—		22,238
Total marketable securities	66,902		—		—		66,902
Total assets at fair value	$	68,012	$	14,460	$	—	$	82,472


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	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 assets at fair value	$	162,653	$	12,098	$	—	$	174,751

The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of December 31, 2022 and 2021:


	December 31, 2022
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
Corporate debt securities	$	25,774	$	—	$	(286)	$	25,488
U.S. treasury securities	19,531		—		(355)		19,176
U.S. government agency bonds	22,679		—		(441)		22,238
Total	$	67,984	$	—	$	(1,082)	$	66,902


	December 31, 2021
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
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 December 31, 2022 and 2021, the Company’s cash equivalents approximated their estimated fair value. As such, there are no unrealized gains or losses related to the Company’s cash equivalents.

For the Company’s marketable securities, which were all classified as available-for-sale, 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 prices in active markets.

The Company’s commercial paper is valued using Level 2 inputs because it is 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 year ended December 31, 2022. As of December 31, 2022, of the $66.9 million carrying amount of marketable securities, all had a contractual maturity date of less than one year.

- 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

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Property and equipment, at cost:
Machinery and equipment	$	55,292	$	48,874
Internal-use software	6,917		5,517
Computers and software	7,817		5,336
Leasehold improvements	15,724		4,705
Furniture and fixtures	2,180		856
Construction in progress	36,482		10,740
Total property and equipment, at cost	124,412		76,028
Less: accumulated depreciation and amortization	(31,930)		(20,562)
Property and equipment, net	$	92,482	$	55,466

Depreciation and amortization expense of property and equipment was $11.5 million, $8.5 million, and $5.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

During the years ended December 31, 2022, 2021, and 2020, the Company capitalized costs associated with internal-use software of $1.7 million, $2.1 million, and $1.4 million, respectively.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On July 24, 2021, the Company entered into Share Purchase Agreements with the shareholders of Remix, a fashion resale company headquartered in Sofia, Bulgaria, to purchase 100% of the outstanding equity interests of Remix and its subsidiary. The acquisition of Remix closed on October 7, 2021. With this acquisition, the Company added a complementary operational infrastructure and an experienced management team to enable its expansion into Europe.

The Company acquired the business for total cash consideration of $25.6 million and future issuance of 130,597 Class A common shares in 2023 with a fair value of $2.7 million as of the closing date. Revenue of $11.1 million and net loss attributable to common stockholders of $1.2 million from this acquisition have been included in the consolidated statements of operations from the acquisition date through December 31, 2021. The Company incurred $1.1 million in transaction-related costs during the year ended December 31, 2021, which are included within sales, general and administrative expenses.

The assets acquired and liabilities assumed were recognized at fair value as of the date of the acquisition. During 2022, the Company finalized the analysis of the purchase price and no adjustments were made to the assessed fair values. The following table summarizes the final fair values assigned to the assets acquired and liabilities assumed:


	October 7, 2021
	(in thousands)
Purchase price:
Cash consideration	$	25,550
Delayed share issuance	2,744
Total purchase price	$	28,294

Assets:
Cash and cash equivalents	$	1,860
Accounts receivable	1,150
Inventory	3,657
Intangible assets	14,800
Other assets	786
Total assets	22,253
Liabilities:
Accounts payable	(3,102)
Accrued and other liabilities	(3,356)
Total liabilities	(6,458)
Net assets acquired	15,795
Goodwill	12,499
Total purchase price	$	28,294

Goodwill was calculated as the excess of the consideration transferred over the net assets acquired and represents the estimated future economic benefits arising from other assets acquired, the assembled workforce and planned growth in strategic markets that could not be individually identified and separately recognized. Goodwill recognized as a result of this acquisition is not deductible for tax purposes.

Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers of Remix business. Customer relationships were valued using the multi-period excess earning method of the income approach. Developed technology primarily consists of a client facing platform (i.e., website and mobile app) and supporting functions, all of which were internally developed. Trademarks relates to the “Remix” trade name. Developed technology and trademarks were valued using the relief-from-royalty method under the income approach. This method involves forecasting avoided royalties, reducing them by taxes and discounting the resulting net cash flows to a present value using an appropriate discount rate that requires judgement by management.


	October 7, 2021
	(in thousands)
Identifiable intangible assets acquired:
Customer relationships	$	5,200
Developed technology	4,900
Trademarks	4,700
Total identifiable intangible assets acquired	$	14,800

The Company did not present pro forma and other financial information for the acquisition of Remix, as this was not considered to be a material business combination.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

Goodwill is primarily attributable to the planned growth in the combined business after the acquisition of Remix Global EAD (“Remix”). Goodwill was $11.6 million and $12.2 million as of December 31, 2022 and 2021, respectively. The decrease in goodwill during the year ended December 31, 2022 was due to foreign currency translation adjustments.

The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of December 31, 2022 and 2021 were as follows:


		December 31, 2022
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,814	$	(742)	$	4,072
Developed technology	3	4,536		(1,864)		2,672
Trademarks	9	4,351		(596)		3,755
Total		$	13,701	$	(3,202)	$	10,499


		December 31, 2021
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
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 were due to foreign currency translation adjustments.

Amortization expense related to developed technology, customer relationships, and trademarks is recorded within operations, product and technology; sales, general and administrative; and marketing expense, respectively, within the Company’s consolidated statements of operations. Amortization expense of intangible assets with determinable lives was $2.6 million, $0.6 million, and zero for the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, the estimated future amortization expense of intangible assets with determinable lives was as follows:


	Amount
	(in thousands)
2023	$	2,597
2024	2,245
2025	1,085
2026	1,085
2027	1,085
Thereafter	2,402
Total	$	10,499

Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Inventories consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Work in process	$	2,639	$	1,578
Finished goods	14,880		8,247
Total	$	17,519	$	9,825

Work in process inventory relates to items that are currently undergoing preparation for sale, including itemization, cleaning, and repair.

Accrued and other current liabilities consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Gift card and site credit liabilities	$	18,101	$	13,223
Accrued vendor liabilities	9,116		6,031
Deferred revenue	7,582		5,878
Accrued compensation	4,993		6,438
Allowance for returns	4,907		6,209
Accrued taxes	4,326		5,728
Accrued other	1,130		1,746
Total	$	50,155	$	45,253

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LeasesThe Company leases certain office space and distribution centers with lease terms ranging from one to ten years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional one to ten years. For certain leases, these optional periods have been considered in the determination of the right-of-use assets and lease liabilities associated with these leases as the Company has determined it is reasonably certain it will exercise the renewal options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of December 31, 2022, maturities of operating lease liabilities were as follows:


	Amount(1)
	(in thousands)
2023	$	9,566
2024	9,103
2025	7,424
2026	7,506
2027	7,173
Thereafter	30,810
Total lease payments	71,582
Less: imputed interest	(16,404)
Less: tenant improvement allowance yet to be received	(38)
Present value of lease liabilities	55,140
Less: current lease liabilities	(6,413)
Non-current lease liabilities	$	48,727

(1)Excludes $4.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Security deposits and letters of credits used to secure the leases were $1.0 million and $6.0 million, respectively, as of December 31, 2022 and $0.8 million and $6.3 million, respectively, as of December 31, 2021.

The components of lease cost are as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Lease cost:
Fixed operating lease cost	$	8,905	$	5,591	$	5,568
Short-term lease cost	1,355		7		58
Variable cost(1)	1,467		1,381		1,197
Total lease cost	$	11,727	$	6,979	$	6,823

(1)Variable lease costs, which include items such as real estate taxes, common area maintenance, and changes based on an index or rate, are not included in the calculation of the right-of-use assets and are recognized as incurred.

The weighted-average remaining lease term and weighted-average discount rate used to calculate the present value of lease liabilities are as follows:


	December 31,
	2022		2021
Weighted-average remaining lease term	8.5 years		8.1 years
Weighted-average discount rate	6.2	%	5.9	%

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,559	$	5,401	$	5,365

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

In February 2019, the Company entered into a loan and security agreement (“Term Loan”) with Western Alliance Bank for an aggregate amount of up to $40.0 million to refinance its prior loan and security agreement with Silicon Valley Bank. The Company incurred an immaterial amount of debt issuance costs in connection with the Term Loan. The debt issuance costs are recorded on the Company’s consolidated balance sheets and are being amortized over the life of the Term Loan using the effective-interest method.

The Term Loan was subsequently amended several times, with the most recent amendment taking place in July 2022. As amended, the Term Loan matures on July 14, 2027 and provides for an aggregate borrowing amount of up to $70.0 million, which bears interest at the prime rate published in the Wall Street Journal plus a margin of 1.25%, with a floor of 6.00%. The Company incurred an immaterial amount of debt issuance costs in connection with the amendment. For accounting purposes, pursuant to FASB ASC Topic 470, Debt, this transaction was accounted for as a modification of the Term Loan. The debt issuance costs were recognized in interest expense within the Company’s consolidated statement of operations during the third quarter of 2022.

The Term Loan requires the Company to comply with certain financial covenants, including, among other things, liquidity requirements, performance metrics, and a debt service coverage ratio. The Term Loan also contains affirmative and negative covenants customary for financings of this type, including, among other things, limitations or prohibitions on repurchasing common shares, declaring and paying dividends and other distributions, redeeming and repurchasing certain other indebtedness, loans and investments, additional indebtedness, liens, mergers, asset sales and transactions with affiliates. In addition, the Term Loan contains customary events of default. As of December 31, 2022 and 2021, the Company was in compliance with its debt covenants under the Term Loan.

The Term Loan is payable in consecutive monthly installments. Interest is due monthly on amounts outstanding under the Term Loan. The Company is also permitted to make voluntary prepayments without penalty or premium at any time.

As of December 31, 2022 and 2021, the effective interest rate for borrowings under the Term Loan was 9.70% and 6.65%, respectively.

During the year ended December 31, 2022, the Company borrowed an aggregate amount of $0.7 million under the Term Loan and repaid a total of $6.3 million on amounts outstanding under the Term Loan. During the year ended December 31, 2021, the Company borrowed an aggregate amount of $5.0 million under the Term Loan and repaid a total of $4.0 million on amounts outstanding under the Term Loan. During the year ended December 31, 2020, the Company borrowed an aggregate amount of $18.6 million under the Term Loan and repaid a total of $1.2 million on amounts outstanding under the Term Loan. As of December 31, 2022 and 2021, the amount outstanding under the Term Loan was $30.3 million and $36.0 million, respectively.

During the years ended December 31, 2022, 2021, and 2020, the Company incurred $2.4 million, $2.5 million, and $1.7 million, respectively, of interest cost relating to the Term Loan, of which $1.6 million, $0.3 million, and $0.4 million, respectively, was capitalized as part of an asset.

As of December 31, 2022, annual scheduled principal payments of the Term Loan were as follows:


	Amount
	(in thousands)
2023	$	4,000
2024	4,000
2025	4,000
2026	4,000
2027	14,333

Total principal payments	30,333
Less: unamortized debt discount	(666)
Less: current portion of long-term debt	(3,879)
Non-current portion of long-term debt	$	25,788

- 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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Common Stock and Stockholder's Equity (Deficit)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock and Stockholder's Equity (Deficit)

Common Stock and Stockholders’ Equity (Deficit)

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.

Immediately prior to the completion of the IPO, 65,970,938 shares of the convertible preferred stock converted to an equivalent number of shares of Class B common stock and 164,973 shares of the convertible preferred stock warrants were converted to an equivalent number of Class B common stock warrants.

On August 2, 2021, the Company completed a follow‑on public offering of Class A common stock at a price of $24.25 per share. The Company issued and sold 2,000,000 shares of Class A common stock. The aggregate net proceeds were $45.5 million after deducting $3.3 million of underwriting discounts and commissions and offering costs. The selling stockholders sold 5,388,024 shares of Class A common stock (including 963,655 shares that were offered and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares), which were converted from Class B common stock. The Company did not receive any of the proceeds from the sale of the Class A common stock by the selling stockholders.

The table below summarizes the Class A common stock and Class B common stock authorized, issued and outstanding as of December 31, 2022 and 2021:


	December 31, 2022
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	70,723
Class B common stock	120,000	30,809
Total	1,120,000	101,532


	December 31, 2021
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	57,779
Class B common stock	120,000	40,656
Total	1,120,000	98,435

Accumulated Other Comprehensive Loss

The following table summarizes changes in accumulated other comprehensive loss by component during the years ended December 31, 2022 and 2021:


	Change in Accumulated Other Comprehensive Loss by Component
	Foreign Currency Translation Adjustments		Unrealized Loss on Available-For-Sale Securities		Total
	(in thousands)
Balance as of December 31, 2020	$	—	$	—	$	—
Other comprehensive loss before reclassifications	(729)		(365)		(1,094)
Amounts reclassified from accumulated other comprehensive loss to income	—		—		—
Total other comprehensive loss, net of reclassifications	(729)		(365)		(1,094)
Balance as of December 31, 2021	(729)		(365)		(1,094)
Other comprehensive loss before reclassifications	(2,418)		(722)		(3,140)
Amounts reclassified from accumulated other comprehensive loss to income	—		—		—
Total other comprehensive loss, net of reclassifications	(2,418)		(722)		$	(3,140)
Balance as of December 31, 2022	$	(3,147)	$	(1,087)	$	(4,234)

- 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

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based compensation

Stock-Based Compensation

2010 Stock Incentive Plan

In 2010, the Company adopted the Second Amended and Restated 2010 Stock Plan (“2010 Plan”), and amended the 2010 Plan in 2011. The 2010 Plan provides for the grant of stock awards to employees, consultants and directors of the Company. Options granted under the 2010 Plan may either be Incentive Stock Options (“ISOs”) or Nonstatutory Stock Options (“NSOs”). ISOs may be granted to Company employees only, while stock awards other than ISOs may be granted to employees, directors and consultants. In 2020, the board of directors authorized an additional 6.5 million shares for the 2010 Plan. In 2021, the board of directors authorized an additional 1.0 million shares for the 2010 Plan.

Stock awards under the 2010 Plan may be granted with terms of up to 10 years and at prices determined by the board of directors, provided, however, that (i) the exercise price of an ISO or NSO shall not be less than 100% of the estimated fair value of the shares on the date of the grant, and (ii) the exercise price of an ISO granted to a 10% or more stockholder shall not be less than 110% of the estimated fair value of the shares on the grant date. The options generally vest over a four-year period. For certain options, vesting accelerates upon the occurrence of specified events, such as a change of control.

IPO Options Under the 2010 Plan

In August 2020, the Company’s board of directors approved stock options for 3,588,535 common shares to be granted to certain officers and employees with an exercise price of $2.05 per share. 50% of the options granted vest over a four-year period commencing on the effective date of the IPO. The remaining 50% of the options granted vest over a four-year period commencing on the one-year anniversary of the IPO. As these stock options vest upon the satisfaction of both a time-based condition and a performance condition, the fair value of these stock options of $6.7 million, in aggregate, is being recognized as compensation expense over the requisite service period using the accelerated attribution method. During the years ended December 31, 2022 and 2021, compensation expense related to stock options subject to these performance conditions was $1.2 million and $3.2 million, respectively.

2021 Stock Option and Incentive Plan

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

Stock option activity under the 2010 Plan, as amended is as follows:


	Number of Options Outstanding	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in thousands)
Outstanding as of December 31, 2021	19,440	$	2.06	6.29 years	$	208,042
Granted	—	$	—
Exercised	(635)	$	2.18
Forfeited or expired	(933)	$	3.48
Outstanding as of December 31, 2022	17,872	$	1.97	5.20 years	$	1,442
Exercisable as of December 31, 2022	14,280	$	1.90	4.66 years	$	1,442

The aggregated intrinsic value represents the difference between the exercise price and the fair value of common stock. The aggregate intrinsic value of all options exercised was $2.5 million, $53.8 million and $2.9 million during the years ended December 31, 2022, 2021, and 2020, respectively. The weighted average grant date fair value of options granted was zero, $6.66 and $1.72 during the years ended December 31, 2022, 2021, and 2020, respectively.

The Company records stock-based awards at fair value as of the grant date, using the Black Scholes option pricing model. The fair value of stock options granted were estimated using the following range of assumptions:


	Year Ended December 31,
	2021	2020
Expected term (in years)	5.00 - 10.00	5.00 - 10.00
Expected volatility	59.4% - 61.8%	46.9% - 54.9%
Average risk-free rate	0.44% - 1.10%	0.28% - 1.55%
Dividend yield	—	—

Each of these inputs is subjective and generally requires significant judgment:

•Fair Value of Common Stock — Historically, for all periods prior to the IPO in March 2021, the fair value of the shares of common stock has historically been determined by the Company’s board of directors as there was no public market for the common stock. The board of directors determined the fair value of our common stock by considering a number of objective and subjective factors, including: the valuation of comparable companies, sales of preferred stock to unrelated third parties, our operating and financial performance, the lack of liquidity of common stock and general and industry specific economic outlook, amongst other factors. After the completion of the IPO in March 2021, the fair value of each share of underlying common stock is based on the closing price of the Company’s common stock as reported on the date of grant on the Nasdaq Global Select Market.

•Expected Term — The expected term represents the period that the Company’s stock options are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term.

•Volatility — Because the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly-traded companies, over a period equal to the expected term of the stock option grants.

•Risk-Free Rate — The risk-free rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

•Dividends — The Company has never paid dividends on its common stock and does not anticipate paying dividends on common stock. Therefore, the Company uses an expected dividend yield of zero.

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 stockholders in March 2021. The ESPP became effective on March 24, 2021, and the first offering period began on March 25, 2021. Under the terms of the ESPP, rights to purchase common shares may be granted to eligible qualified employees subject to certain restrictions. The ESPP enables the Company’s eligible employees, through payroll withholdings, to purchase a limited number of common shares at 85% of the fair market value of a common share either at the beginning of that offering period or on the applicable exercise date, whichever is less. Purchases are made on a semi-annual basis.

During the years ended December 31, 2022 and 2021, compensation expense related to ESPP was not material.

Restricted Stock Units

The Company issues service-based and performance-based RSUs to employees. The RSUs automatically convert to shares of the Company’s Class A common stock on a one-for-one basis as the awards vest. RSUs granted to newly hired employees typically vest in equal quarterly installments over 3 or 4 years, provided that the initial vest occurs after a 1-year cliff. Such grants commence vesting as of the nearest scheduled quarterly vesting date from the date of grant. Generally, performance conditions include targets for revenue, gross profit, and EBITDA. The RSUs are measured at grant date fair value, at the market price of the Company’s common stock on the grant date. The Company records stock-based compensation expense related to the RSUs ratably over the employee respective requisite service period.

The following table summarizes RSU activity under the 2021 Plan:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Outstanding and nonvested as of December 31, 2021	1,271	$	18.81
Granted	10,317	$	7.03
Vested	(2,226)	$	9.08
Forfeited	(1,507)	$	8.81
Outstanding and nonvested as of December 31, 2022	7,855	$	8.01

Stock-based Compensation

The following table provides information about stock-based compensation expense by financial statement line item:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operations, product and technology	$	10,035	$	4,241	$	3,739
Marketing	3,144		1,405		1,067
Sales, general and administrative	13,638		7,313		2,530
Total stock-based compensation expense	$	26,817	$	12,959	$	7,336

As of December 31, 2022, there was $4.9 million of total unrecognized stock-based compensation related to outstanding stock options, which will be recognized over a weighted average period of 1.27 years.

As of December 31, 2022, the Company had $58.7 million unrecognized stock-based compensation related to RSUs, which will be recognized over the weighted average remaining requisite service period of 3.07 years. The total fair value of RSUs that vested during the years ended December 31, 2022 and 2021 was $20.2 million and $1.7 million, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Noncancellable Purchase Commitments

As of December 31, 2022, the Company has non-cancelable contractual commitments of $5.7 million for software and other services in the ordinary course of business with varying expiration terms through 2025. The future minimum payments under these arrangements were as follows:


	Amount
	(in thousands)
2023	$	2,379
2024	2,161
2025	1,184
2026	—
2027	—
Thereafter	—
Total future minimum payments	5,724

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 limited and customary indemnification obligations. 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.

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanIn the United States, the Company maintains a defined-contribution savings plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. The plan is available to substantially all employees who meet the minimum age and length of service requirements. The Company did not make any contributions to this plan during the years ended December 31, 2022, 2021, and 2020.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before provision for income taxes were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	(80,648)	$	(61,862)	$	(47,821)
Foreign	(11,601)		(1,234)		—
Total	$	(92,249)	$	(63,096)	$	(47,821)

The Company had no federal or foreign provision for income taxes as the Company has incurred operating losses since inception. The Company’s state tax provision, which was current, was $35,000, $80,000 and $56,000 for the years ended December 31, 2022, 2021, and 2020, respectively.

The Company’s effective tax rate, as a percentage of pretax income, differs from the statutory federal rate primarily due to the valuation allowance that the Company records on its deferred tax assets as management believes it is more likely than not that the deferred tax assets will not be fully realized.

The reconciliation between the provision for income taxes at the statutory rate and the provision for income taxes at the effective tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Tax expense at United States statutory rate	$	(19,372)	$	(13,250)	$	(10,042)
Increase (decrease) in tax resulting from:
State taxes, net of federal effect	27		63		42
Non-deductible and other expenses	120		382		165
Foreign tax rate differential	2,436		259		—
Stock-based compensation	2,930		(3,086)		1,077
Change in valuation allowance	13,894		15,712		8,814
Total	$	35	$	80	$	56

The significant categories of temporary differences that gave rise to deferred tax assets and liabilities were as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Accruals and reserves	$	3,250	$	2,043
Inventory and deferred revenue	1,324		770
Capitalized research and development costs	6,247		—
Stock compensation	2,939		2,128
Other	2,348		1,417
Net operating loss carryforwards	83,646		75,804
Gross deferred tax assets	99,754		82,162
Less: valuation allowance	(92,810)		(75,348)
Total deferred tax assets	6,944		6,814
Deferred tax liabilities:
Fixed assets	5,575		4,876
Intangibles	1,369		1,938
Total deferred tax liabilities	6,944		6,814
Total net deferred tax assets	$	—	$	—

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. Net deferred tax assets consist primarily of net operating loss carryforwards of approximately $83.6 million and $75.8 million as of December 31, 2022 and 2021, respectively, related to U.S. federal, state, and foreign taxes. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company held valuation allowances against its deferred tax assets due to the uncertainty of realizing future benefits from its net operating loss carryforwards and other deferred tax assets. The valuation allowance increased by approximately $17.5 million, $18.8 million, and $10.5 million during the years ended December 31, 2022, 2021, and 2020, respectively.

U.S. federal, state, and foreign net operating loss carryforwards of approximately $327.4 million, $231.3 million and $12.9 million, respectively, for income tax purposes are available to offset future taxable income as of December 31, 2022. $219.1 million of the U.S. federal net operating losses can be carried forward indefinitely and are available to offset 80% of future taxable income. If not used, these federal carryforwards will begin to expire in varying amounts beginning in 2030. Foreign net operating losses can be carried forward for a period of 5 years.

The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credit carryforwards in the event that there is a change in ownership as provided by Section 382 and Section 383 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the limitation and/or expiration of the net operating loss carryforwards and tax credits before utilization, which could result in increased future tax liabilities when the Company becomes taxable for federal or state purposes. While the Company has experienced an ownership change since its inception, an immaterial amount of net operating losses or tax credits has been limited as of December 31, 2022.

The Company had no uncertain tax positions as of December 31, 2022 and 2021.

The Company’s tax years 2010 through current will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions.

- 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.

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+ Details

Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Loss Per Share Attributable to Common Stockholders

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


	December 31,
	2022	2021	2020
	(in thousands)
Outstanding stock options	17,872	19,440	22,775
Convertible preferred stock	—	—	65,971
Outstanding convertible preferred stock warrants	—	—	149
Restricted stock units	7,855	1,271	—
Employee stock purchase plan	77	17	—
Delayed share issuance related to acquisition	130	130	—
Total	25,934	20,858	88,895

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications	Certain reclassifications were made to the prior period consolidated statements of cash flows to conform to the current period presentation.
Use of Estimates	The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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, breakage on loyalty points and rewards and gift cards, valuation of inventory, stock-based compensation, right-of-use assets, goodwill and acquired intangibles, and income taxes.
New Accounting Pronouncements	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU changes the impairment model for most financial assets, requiring the use of an expected loss model which requires entities to estimate the lifetime expected credit loss on financial assets measured at amortized cost. Such credit losses will be recorded as an allowance to offset the amortized cost of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In addition, credit losses relating to available-for-sale debt securities will now be recorded through an allowance for credit losses rather than as a direct write-down to the security. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.
Foreign Currency	Generally, the functional currency of the Company’s subsidiaries is the local currency. In accordance with authoritative guidance, assets and liabilities of the Company’s foreign operations are translated from the respective functional currencies into U.S. dollars at period-end rates, while income and expenses are translated using the average exchange rate during the period in which the transactions occurred. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within the Company’s consolidated balance sheets.
Revenue Recognition, Gift Cards and Site Credits	Revenue is recognized in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive for those goods and services. The Company generates the majority of its revenue from its marketplace, which allows its buyers to browse and purchase resale items for women’s and kids’ apparel, shoes and accessories on behalf of sellers. The Company recognizes revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, it satisfies a performance obligation. Both buyers and sellers may be customers in the Company’s revenue arrangements. Sellers are the primary customer in a consignment arrangement while the buyer is the primary customer in sale of Company-owned inventory, referred to as product sales. A contract with a customer exists in both cases when the end-customer purchases the goods obligating the Company to deliver the identified performance obligation(s). Generally, the Company requires authorization from a credit card or other payment method (such as PayPal), or verification of receipt of payment, before the products are shipped to buyers. The Company generally receives payments from buyers before payments to the sellers are due. Consignment Revenue The Company generates consignment revenue from the sale of secondhand women’s and kids’ apparel, shoes and accessories on behalf of sellers. The Company retains a percentage of the proceeds received as payment for its consignment service. The Company reports consignment revenue on a net basis as an agent and not the gross amount collected from the buyer. Title to the consigned goods remain with the seller until transferred to the buyer, which occurs subsequent to purchase of the consigned goods and upon expiration of the allotted return period. The Company does not take title of consigned goods at any time except in certain cases where the consignment window expires or returned goods become Company-owned inventory. Consignment revenue is generally recognized upon purchase of the consigned good by the buyer as its performance obligation of providing consignment services to the consignor is satisfied at that point. Consignment revenue is also recognized upon purchase of the consigned good for which the consignment window has already expired and the Company has taken title to the consigned good. Consignment revenue is recognized net of seller payouts, discounts, incentives and returns. Sales tax assessed by governmental authorities is excluded from revenue. Product Revenue The Company recognizes product revenue on a gross basis as the Company acts as the principal in the transaction. Online sales and sales to third-party retail partners are generally recognized upon shipment of the purchased good to the buyer. Product revenue is recognized net of discounts, incentives and returns. Sales tax assessed by governmental authorities is excluded from revenue. Shipping Fees The Company charges shipping fees to buyers, which are included in revenue. All outbound shipping costs are accounted for in cost of revenue at the time revenue is recognized. Returns The Company generally has a 14-day return period which may change from time to time and recognizes a returns reserve, based on historical experience, which is recorded in accrued and other current liabilities within the Company’s consolidated balance sheets. Incentives Incentives include website discounts, customer credits and loyalty program rewards issued to sellers and buyers. Incentives are treated as a reduction of product revenue and consignment revenue. Revenue treatment for our loyalty program is discussed further below under Deferred Revenue. Deferred Revenue Deferred revenue consists primarily of cash collections for product items purchased, but not shipped, and revenue allocated to unredeemed loyalty points. Cash collections for items purchased, but not shipped, are generally recognized as revenue upon shipment. As of December 31, 2022 and 2021, the Company had $4.3 million and $1.7 million, respectively, in deferred revenue for such items, which were recognized shortly after the period end, and are included in accrued and other current liabilities within the Company’s consolidated balance sheets. The Company has a customer loyalty program that provides customers with rewards that can be applied to future purchases or other incentives. Loyalty points and rewards are accounted for as separate performance obligations and accrued as deferred revenue in the amount of the transaction price allocated to the points and rewards. The allocated transaction price is based on the estimated fair value per point, net of breakage. Breakage is estimated based on the Company’s historical redemption rates. Revenue is recognized when the loyalty rewards are redeemed or expire. As of December 31, 2022 and 2021, the Company had a liability of $3.3 million and $4.0 million, respectively, related to the loyalty program which is included in accrued and other current liabilities within the Company’s consolidated balance sheets. The Company recognized $9.4 million, $13.8 million, and $6.6 million of revenue related to loyalty points during the years ended December 31, 2022, 2021, and 2020, respectively. Revenue allocated to loyalty points is expected to be recognized within one year as loyalty points expire 12 months after issuance. Revenue by Geographic Area Revenue is attributed to a geographic area based on the shipped-from location.The Company sells thredUP gift cards on its e-commerce website. thredUP gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a gift card liability at the time a gift card is delivered to the customer.The Company issues site credits for order refunds. Site credits can be applied towards future charges but may not be converted into cash. Site credits may also be converted to thredUP gift cards after one year at the discretion of the Company. These credits are recognized as revenue when used.
Segment Reporting	The Company operates under one operating segment and one reportable segment as its chief operating decision maker, who is its Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.
Business Combinations	The Company accounts for business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. After the purchase accounting is finalized, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.
Loss Per Share Attributable to Common Stockholders	The Company follows the two-class method when computing loss per common share when shares issued meet the definition of participating securities. The two-class method determines loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The rights of the Class A common stock and Class B common stock are identical, other than voting rights. The undistributed earnings are allocated on a proportionate basis and the resulting 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 loss per share attributable to common stockholders is the same as basic 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.
Comprehensive Loss	Comprehensive loss is comprised of net loss attributable to common stockholders, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale securities.
Cash, Cash Equivalents, and Restricted Cash	The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents are comprised primarily of domestic and foreign bank accounts, commercial paper, and money market funds. Restricted cash primarily represents letters of credit with financial institutions held as collateral for its facility leases. Restricted cash is classified non-current if the Company expects that the cash will remain restricted for a period greater than one year.
Marketable Securities	The Company invests its excess cash in investment grade, short to intermediate-term, fixed income securities and recognizes the transaction on the trade date. The Company’s marketable securities are classified as available-for-sale in current assets because they represent investments of cash available for current operations. Marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive gain (loss) until realized. The marketable securities are reviewed periodically to identify possible other-than-temporary impairments. Realized gains or losses and other-than-temporary impairments, if any, on available-for sale securities are reported in other income, net as incurred.
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 not 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.
Accounts Receivable, Net	Accounts receivable consists of amounts due from payment processors and trade customers that do not bear interest. The Company records an allowance for doubtful accounts for estimated losses inherent in its trade accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted for current market conditions, the financial condition of the customer, the amount of receivables in dispute, and the current receivables aging and payment patterns. The Company does not have any off-balance sheet credit exposure related to its customers.
Inventory	Inventories, consisting of merchandise that the Company has purchased and holds title, are accounted for using the specific identification method, and are valued at the lower of cost and net realizable value. The cost of inventory is equal to the cost of the merchandise paid to the seller and related inbound shipping costs. Inventory valuation requires the Company to make judgments based on currently available information about the likely method of disposition, such as through sales to individual customers or liquidations, and expected recoverable values of each disposition category. The Company records an inventory write-down based on the age of the inventory and historical experience of expected sell-through.
Property and Equipment, Net	Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment (including computer hardware and software) is computed on a straight-line basis over the estimated useful lives of the related assets, which range from one to ten years. Leasehold improvements are amortized on a straight-line basis over the life of the related asset or the term of the lease, whichever is shorter. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the Company’s consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized.
Internal-Use Software	The Company capitalizes qualifying proprietary software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and placed in service for its intended use. Capitalization ceases when the software is substantially complete and ready for its intended use including the completion of all significant testing. Costs related to preliminary project activities and post implementation operating activities are expensed as incurred.
Impairment of Long-Lived Assets	The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is equal to the excess of the fair value over the carrying amount of the impaired assets.
Goodwill	Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not subject to amortization, but is reviewed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company performed a qualitative assessment during the fourth quarter of 2022 and determined that the fair value of its single reporting unit is greater than its carrying value. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount or if a qualitative assessment is not performed, then the Company would perform the quantitative goodwill impairment test as required, in which it would use a discounted cash flow approach to estimate the fair value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, then a goodwill impairment amount is recorded for the difference.
Acquired Intangible Assets	When a business is acquired, a portion of the purchase price is typically allocated to identifiable intangible assets, such as trademark, acquired technology and customer relationships. Fair value of these assets is determined primarily using the income approach, which requires management to project future cash flows and apply an appropriate discount rate. Intangible assets with finite lives are amortized on a straight-line basis over their economic lives ranging from 3 years to 9 years. Estimates are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and unanticipated events and circumstances may occur. Incorrect estimates could result in future impairment charges, and those charges could be material to the Company’s results of operations.
Other Investment	In October 2021, the Company made a strategic investment in preferred shares of a privately held online retail company. The Company accounts for its investment in accordance with ASC 321, Investments – Equity Securities (“ASC 321”). Upon acquisition, the investment was measured at cost, which represented the then fair value of $3.8 million and was included in other assets within the Company’s consolidated balance sheet as of December 31, 2021. Under ASC 321, the Company can elect to subsequently measure the investments at initial cost, minus impairment and any changes, plus or minus, resulting from observable price in orderly transactions for the identical or a similar investment of the same issuer. This election must be made for each investment separately. Changes in the carrying value of other investment are recognized within the Company’s consolidated statements of operations. Each reporting period, the Company performs a qualitative assessment to evaluate whether the investment is impaired. The Company’s assessment includes a review of recent operating results and trends, recent sales and acquisitions of the investee securities and other factors that raise concerns about the investee’s ability to continue as a going concern. If the investment is impaired, an impairment charge is recognized in the amount by which the carrying amount of the investment exceeds the estimated fair value of the investment, with the impairment charge recognized within the Company’s consolidated statements of operations.
Asset Retirement Obligations	The Company records asset retirement obligations (“AROs”) for the estimated cost of restoring its automated warehouse facilities to the specific condition required per the terms of its lease agreement, upon termination of the lease. AROs represent the present value of the expected costs and timing of the related obligations incurred. The ARO assets and liabilities are recorded in property and equipment, net within the machinery and equipment line item and other non-current liabilities, respectively, within the Company’s consolidated balance sheets. The Company records accretion expense, which represents the increase in the ARO, over the remaining estimated duration of the lease including renewal periods that are included in the lease term. Accretion expense is recorded in operations, product and technology expense in the consolidated statements of operations using accretion rates based on credit adjusted risk-free interest rates.
Leases	Under ASC 842, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Lessees are required to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight-line basis over the term of the lease. The Company determines the initial classification and measurement of its ROU assets and lease liabilities at the lease commencement date and thereafter if modified. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its existing credit arrangements, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses over the lease term. The Company has elected to not separate lease and non-lease components for real estate leases and, as a result, accounts for lease and non-lease components as one component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. For these leases, lease payments are recognized on a straight-line basis over the lease term and variable payments in the period in which the obligation is incurred.
Seller Payable	Seller payable includes amounts owed to sellers upon the purchase of sellers’ goods by the Company or by buyers. Amounts are initially provided as a credit to sellers. These credits may be applied towards purchases from the Company, converted to third-party retailer or thredUP gift cards or redeemed for cash.
Income Taxes	Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income on the years in which those temporary differences are expected to be recovered and settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.
Cost of Revenue	Cost of consignment revenue consists of outbound shipping, outbound labor and packaging costs. Cost of product revenue mainly consists of the inventory cost, inbound shipping related to the sold merchandise, outbound shipping, outbound labor, packaging costs and inventory write-downs. The classification of expenses varies across the retail industry. Accordingly, our cost of revenue may not be comparable to those of other companies in the retail industry.
Operations, Product and Technology	Operations, product and technology expenses consist primarily of distribution center operating costs and product and technology expenses. Distribution center operating costs include personnel costs, distribution center rent, maintenance and equipment depreciation as well as inbound shipping costs, other than those capitalized in inventory. Product and technology costs include personnel costs for the design and development of product and the related technology that is used to operate the distribution centers, merchandise science, website development and related expenses for these departments. Operations, product and technology expenses also include an allocation of corporate facilities and information technology costs including equipment, depreciation and rent.
Marketing	Marketing costs consist primarily of advertising, public relations expenditures and personnel costs for employees engaged in marketing. Marketing costs also include an allocation of corporate facilities and information technology costs including equipment, depreciation and rent.
Sales, General and Administrative	Sales, general and administrative expenses consist of personnel costs for employees involved in general corporate functions, including accounting, finance, tax, legal and people services; and customer service. Sales, general and administrative also includes payment processing fees, professional fees and allocation of corporate facilities and information technology costs such as equipment, depreciation and rent.
Stock-Based Compensation	Stock-based compensation costs are based on the fair values on the date of grant for stock unit awards and stock options and on the date of enrollment for the employee stock purchase plan (“ESPP”). The fair values of stock unit awards are based on thredUP’s stock price on the date of grant. The fair values of stock options and ESPP are estimated using the Black-Scholes option-pricing model. The fair values of equity awards are recognized as compensation expense over the requisite service period or over the period in which the related services are received (generally the vesting period), using the straight-line method. The estimated fair value of equity awards that contain performance conditions is recognized on a graded-vesting basis once the Company has determined that it is probable that performance conditions will be satisfied. The determination of fair value for share-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding subjective variables. The Company accounts for forfeitures as they occur.
Fair Value Measurements	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 December 31, 2022 and 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 variable-rate 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. For the Company’s marketable securities, which were all classified as available-for-sale, 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 prices in active markets. The Company’s commercial paper is valued using Level 2 inputs because it is 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.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Revenue by Geographic Area

The following summarizes the Company’s revenue by geographic area:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
United States	$	240,942	$	240,677	$	186,015
Others	47,437		11,115		—
Total revenue	$	288,379	$	251,792	$	186,015

Schedule of Cash and Cash Equivalents


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	38,029	$	84,550
Restricted cash included in Other current assets	383		560
Restricted cash included in Other assets	5,639		6,730
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	44,051	$	91,840

Restrictions on Cash and Cash Equivalents


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	38,029	$	84,550
Restricted cash included in Other current assets	383		560
Restricted cash included in Other assets	5,639		6,730
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	44,051	$	91,840

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	1,110	$	—	$	—	$	1,110
Commercial paper	—		14,460		—		14,460
Total cash equivalents	1,110		14,460		—		15,570
Marketable securities:
Corporate debt securities	25,488		—		—		25,488
U.S. treasury securities	19,176		—		—		19,176
U.S. government agency bonds	22,238		—		—		22,238
Total marketable securities	66,902		—		—		66,902
Total assets at fair value	$	68,012	$	14,460	$	—	$	82,472


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	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 assets at fair value	$	162,653	$	12,098	$	—	$	174,751

The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of December 31, 2022 and 2021:


	December 31, 2022
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
Corporate debt securities	$	25,774	$	—	$	(286)	$	25,488
U.S. treasury securities	19,531		—		(355)		19,176
U.S. government agency bonds	22,679		—		(441)		22,238
Total	$	67,984	$	—	$	(1,082)	$	66,902


	December 31, 2021
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
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)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Property and equipment, at cost:
Machinery and equipment	$	55,292	$	48,874
Internal-use software	6,917		5,517
Computers and software	7,817		5,336
Leasehold improvements	15,724		4,705
Furniture and fixtures	2,180		856
Construction in progress	36,482		10,740
Total property and equipment, at cost	124,412		76,028
Less: accumulated depreciation and amortization	(31,930)		(20,562)
Property and equipment, net	$	92,482	$	55,466

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final fair values assigned to the assets acquired and liabilities assumed:


	October 7, 2021
	(in thousands)
Purchase price:
Cash consideration	$	25,550
Delayed share issuance	2,744
Total purchase price	$	28,294

Assets:
Cash and cash equivalents	$	1,860
Accounts receivable	1,150
Inventory	3,657
Intangible assets	14,800
Other assets	786
Total assets	22,253
Liabilities:
Accounts payable	(3,102)
Accrued and other liabilities	(3,356)
Total liabilities	(6,458)
Net assets acquired	15,795
Goodwill	12,499
Total purchase price	$	28,294

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination


	October 7, 2021
	(in thousands)
Identifiable intangible assets acquired:
Customer relationships	$	5,200
Developed technology	4,900
Trademarks	4,700
Total identifiable intangible assets acquired	$	14,800

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of December 31, 2022 and 2021 were as follows:


		December 31, 2022
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,814	$	(742)	$	4,072
Developed technology	3	4,536		(1,864)		2,672
Trademarks	9	4,351		(596)		3,755
Total		$	13,701	$	(3,202)	$	10,499


		December 31, 2021
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
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

Schedule of Future Amortization Expense of Intangible Assets

As of December 31, 2022, the estimated future amortization expense of intangible assets with determinable lives was as follows:


	Amount
	(in thousands)
2023	$	2,597
2024	2,245
2025	1,085
2026	1,085
2027	1,085
Thereafter	2,402
Total	$	10,499

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Work in process	$	2,639	$	1,578
Finished goods	14,880		8,247
Total	$	17,519	$	9,825

Schedule of Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Gift card and site credit liabilities	$	18,101	$	13,223
Accrued vendor liabilities	9,116		6,031
Deferred revenue	7,582		5,878
Accrued compensation	4,993		6,438
Allowance for returns	4,907		6,209
Accrued taxes	4,326		5,728
Accrued other	1,130		1,746
Total	$	50,155	$	45,253

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Maturities of Operating Lease Liabilities

As of December 31, 2022, maturities of operating lease liabilities were as follows:


	Amount(1)
	(in thousands)
2023	$	9,566
2024	9,103
2025	7,424
2026	7,506
2027	7,173
Thereafter	30,810
Total lease payments	71,582
Less: imputed interest	(16,404)
Less: tenant improvement allowance yet to be received	(38)
Present value of lease liabilities	55,140
Less: current lease liabilities	(6,413)
Non-current lease liabilities	$	48,727

(1)Excludes $4.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Supplemental Cash Flow Information

The components of lease cost are as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Lease cost:
Fixed operating lease cost	$	8,905	$	5,591	$	5,568
Short-term lease cost	1,355		7		58
Variable cost(1)	1,467		1,381		1,197
Total lease cost	$	11,727	$	6,979	$	6,823

The weighted-average remaining lease term and weighted-average discount rate used to calculate the present value of lease liabilities are as follows:


	December 31,
	2022		2021
Weighted-average remaining lease term	8.5 years		8.1 years
Weighted-average discount rate	6.2	%	5.9	%

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,559	$	5,401	$	5,365

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

As of December 31, 2022, annual scheduled principal payments of the Term Loan were as follows:


	Amount
	(in thousands)
2023	$	4,000
2024	4,000
2025	4,000
2026	4,000
2027	14,333

Total principal payments	30,333
Less: unamortized debt discount	(666)
Less: current portion of long-term debt	(3,879)
Non-current portion of long-term debt	$	25,788

Common Stock and Stockholder's Equity (Deficit) (Tables)

12 Months Ended

Dec. 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 authorized, issued and outstanding as of December 31, 2022 and 2021:


	December 31, 2022
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	70,723
Class B common stock	120,000	30,809
Total	1,120,000	101,532


	December 31, 2021
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	57,779
Class B common stock	120,000	40,656
Total	1,120,000	98,435

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes changes in accumulated other comprehensive loss by component during the years ended December 31, 2022 and 2021:


	Change in Accumulated Other Comprehensive Loss by Component
	Foreign Currency Translation Adjustments		Unrealized Loss on Available-For-Sale Securities		Total
	(in thousands)
Balance as of December 31, 2020	$	—	$	—	$	—
Other comprehensive loss before reclassifications	(729)		(365)		(1,094)
Amounts reclassified from accumulated other comprehensive loss to income	—		—		—
Total other comprehensive loss, net of reclassifications	(729)		(365)		(1,094)
Balance as of December 31, 2021	(729)		(365)		(1,094)
Other comprehensive loss before reclassifications	(2,418)		(722)		(3,140)
Amounts reclassified from accumulated other comprehensive loss to income	—		—		—
Total other comprehensive loss, net of reclassifications	(2,418)		(722)		$	(3,140)
Balance as of December 31, 2022	$	(3,147)	$	(1,087)	$	(4,234)

- 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

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity under the 2010 Plan, as amended is as follows:


	Number of Options Outstanding	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in thousands)
Outstanding as of December 31, 2021	19,440	$	2.06	6.29 years	$	208,042
Granted	—	$	—
Exercised	(635)	$	2.18
Forfeited or expired	(933)	$	3.48
Outstanding as of December 31, 2022	17,872	$	1.97	5.20 years	$	1,442
Exercisable as of December 31, 2022	14,280	$	1.90	4.66 years	$	1,442

Schedule of Fair Value Assumptions

The fair value of stock options granted were estimated using the following range of assumptions:


	Year Ended December 31,
	2021	2020
Expected term (in years)	5.00 - 10.00	5.00 - 10.00
Expected volatility	59.4% - 61.8%	46.9% - 54.9%
Average risk-free rate	0.44% - 1.10%	0.28% - 1.55%
Dividend yield	—	—

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity under the 2021 Plan:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Outstanding and nonvested as of December 31, 2021	1,271	$	18.81
Granted	10,317	$	7.03
Vested	(2,226)	$	9.08
Forfeited	(1,507)	$	8.81
Outstanding and nonvested as of December 31, 2022	7,855	$	8.01

Schedule of Stock-Based Compensation Expense

The following table provides information about stock-based compensation expense by financial statement line item:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operations, product and technology	$	10,035	$	4,241	$	3,739
Marketing	3,144		1,405		1,067
Sales, general and administrative	13,638		7,313		2,530
Total stock-based compensation expense	$	26,817	$	12,959	$	7,336

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments

The future minimum payments under these arrangements were as follows:


	Amount
	(in thousands)
2023	$	2,379
2024	2,161
2025	1,184
2026	—
2027	—
Thereafter	—
Total future minimum payments	5,724

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Provision for Income Taxes

The components of loss before provision for income taxes were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	(80,648)	$	(61,862)	$	(47,821)
Foreign	(11,601)		(1,234)		—
Total	$	(92,249)	$	(63,096)	$	(47,821)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the provision for income taxes at the statutory rate and the provision for income taxes at the effective tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Tax expense at United States statutory rate	$	(19,372)	$	(13,250)	$	(10,042)
Increase (decrease) in tax resulting from:
State taxes, net of federal effect	27		63		42
Non-deductible and other expenses	120		382		165
Foreign tax rate differential	2,436		259		—
Stock-based compensation	2,930		(3,086)		1,077
Change in valuation allowance	13,894		15,712		8,814
Total	$	35	$	80	$	56

Schedule of Deferred Tax Assets and Liabilities

The significant categories of temporary differences that gave rise to deferred tax assets and liabilities were as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Accruals and reserves	$	3,250	$	2,043
Inventory and deferred revenue	1,324		770
Capitalized research and development costs	6,247		—
Stock compensation	2,939		2,128
Other	2,348		1,417
Net operating loss carryforwards	83,646		75,804
Gross deferred tax assets	99,754		82,162
Less: valuation allowance	(92,810)		(75,348)
Total deferred tax assets	6,944		6,814
Deferred tax liabilities:
Fixed assets	5,575		4,876
Intangibles	1,369		1,938
Total deferred tax liabilities	6,944		6,814
Total net deferred tax assets	$	—	$	—

Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share


	December 31,
	2022	2021	2020
	(in thousands)
Outstanding stock options	17,872	19,440	22,775
Convertible preferred stock	—	—	65,971
Outstanding convertible preferred stock warrants	—	—	149
Restricted stock units	7,855	1,271	—
Employee stock purchase plan	77	17	—
Delayed share issuance related to acquisition	130	130	—
Total	25,934	20,858	88,895

Significant Accounting Policies - Narrative (Details)	12 Months Ended
Significant Accounting Policies - Narrative (Details)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenue from External Customer [Line Items]
Return period	14 days
Gift card and site credit liabilities	$ 18,101,000	$ 13,223,000
Revenue recognition period	1 year
Loyalty point expiration period	12 months
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Impairments of long-lived assets	$ 0	0	$ 0
Seller payable	$ 16,166,000	19,125,000
Conversion period	1 year
Research and development costs	$ 37,600,000	28,700,000	20,700,000
Advertising expense	49,200,000	54,100,000	38,400,000
Vopero Inc.
Revenue from External Customer [Line Items]
Investment amount		3,800,000
Investment impairment	$ 3,800,000
Minimum
Revenue from External Customer [Line Items]
Economic lives	3 years
Minimum \| Furniture, Fixtures, And Equipment
Revenue from External Customer [Line Items]
Useful life of property and equipment, net	1 year
Maximum
Revenue from External Customer [Line Items]
Economic lives	9 years
Maximum \| Furniture, Fixtures, And Equipment
Revenue from External Customer [Line Items]
Useful life of property and equipment, net	10 years
Loyalty Program
Revenue from External Customer [Line Items]
Deferred revenue recognized	$ 9,400,000	13,800,000	6,600,000
Gift Card
Revenue from External Customer [Line Items]
Gift card and site credit liabilities	10,900,000	7,300,000
Revenue recognized	1,000,000	900,000	600,000
Site Credit
Revenue from External Customer [Line Items]
Gift card and site credit liabilities	7,200,000	5,900,000
Revenue recognized from the redemption	48,400,000	33,200,000	$ 21,100,000
Gift Card and Site Card
Revenue from External Customer [Line Items]
Revenue recognized	2,200,000
Transferred at Point in Time
Revenue from External Customer [Line Items]
Gift card and site credit liabilities	4,300,000	1,700,000
Transferred over Time \| Loyalty Program
Revenue from External Customer [Line Items]
Gift card and site credit liabilities	$ 3,300,000	$ 4,000,000

Significant Accounting Policies - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Total revenue	$ 288,379	$ 251,792	$ 186,015
United States
Revenue from External Customer [Line Items]
Total revenue	240,942	240,677	186,015
Others
Revenue from External Customer [Line Items]
Total revenue	$ 47,437	$ 11,115	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
-Subparagraph (a)
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+ Details

Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 38,029	$ 84,550
Restricted cash included in Other current assets	383	560
Restricted cash included in Other assets	5,639	6,730
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 44,051	$ 91,840	$ 67,539	$ 87,853

Financial Instruments and Fair Value Measurements – Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable securities:
Total marketable securities	$ 66,902	$ 121,277
Fair Value, Recurring
Cash equivalents:
Total cash equivalents	15,570	53,474
Marketable securities:
Total marketable securities	66,902	121,277
Total assets at fair value	82,472	174,751
Fair Value, Recurring \| Corporate debt securities
Marketable securities:
Total marketable securities	25,488	55,921
Fair Value, Recurring \| U.S. treasury securities
Marketable securities:
Total marketable securities	19,176	37,190
Fair Value, Recurring \| U.S. government agency bonds
Marketable securities:
Total marketable securities	22,238	28,166
Fair Value, Recurring \| Money market funds
Cash equivalents:
Total cash equivalents	1,110	41,376
Fair Value, Recurring \| Commercial paper
Cash equivalents:
Total cash equivalents	14,460	12,098
Fair Value, Recurring \| Level 1
Cash equivalents:
Total cash equivalents	1,110	41,376
Marketable securities:
Total marketable securities	66,902	121,277
Total assets at fair value	68,012	162,653
Fair Value, Recurring \| Level 1 \| Corporate debt securities
Marketable securities:
Total marketable securities	25,488	55,921
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Marketable securities:
Total marketable securities	19,176	37,190
Fair Value, Recurring \| Level 1 \| U.S. government agency bonds
Marketable securities:
Total marketable securities	22,238	28,166
Fair Value, Recurring \| Level 1 \| Money market funds
Cash equivalents:
Total cash equivalents	1,110	41,376
Fair Value, Recurring \| Level 1 \| Commercial paper
Cash equivalents:
Total cash equivalents	0	0
Fair Value, Recurring \| Level 2
Cash equivalents:
Total cash equivalents	14,460	12,098
Marketable securities:
Total marketable securities	0	0
Total assets at fair value	14,460	12,098
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 2 \| U.S. government agency bonds
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 2 \| Money market funds
Cash equivalents:
Total cash equivalents	0	0
Fair Value, Recurring \| Level 2 \| Commercial paper
Cash equivalents:
Total cash equivalents	14,460	12,098
Fair Value, Recurring \| Level 3
Cash equivalents:
Total cash equivalents	0	0
Marketable securities:
Total marketable securities	0	0
Total assets at fair value	0	0
Fair Value, Recurring \| Level 3 \| Corporate debt securities
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 3 \| U.S. treasury securities
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 3 \| U.S. government agency bonds
Marketable securities:
Total marketable securities	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Cash equivalents:
Total cash equivalents	0	0
Fair Value, Recurring \| Level 3 \| Commercial paper
Cash equivalents:
Total cash equivalents	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Amortized Cost, Unrealized Gain (Loss), and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	$ 67,984	$ 121,642
Unrealized Gains	0	0
Unrealized Losses	(1,082)	(365)
Fair Value	66,902	121,277
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	25,774	56,098
Unrealized Gains	0	0
Unrealized Losses	(286)	(177)
Fair Value	25,488	55,921
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	19,531	37,286
Unrealized Gains	0	0
Unrealized Losses	(355)	(96)
Fair Value	19,176	37,190
U.S. government agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost or Amortized Cost	22,679	28,258
Unrealized Gains	0	0
Unrealized Losses	(441)	(92)
Fair Value	$ 22,238	$ 28,166

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 66,902	$ 121,277
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 66,902	$ 121,277

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	$ 124,412	$ 76,028
Less: accumulated depreciation and amortization	(31,930)	(20,562)
Property and equipment, net	92,482	55,466
Depreciation	11,500	8,500	$ 5,600
Capitalized internal-use software	1,700	2,100	$ 1,400
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	55,292	48,874
Internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	6,917	5,517
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	7,817	5,336
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	15,724	4,705
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	2,180	856
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	$ 36,482	$ 10,740

Acquisitions - Narrative (Details) - Remix Global AD - USD ($)		3 Months Ended	12 Months Ended
	Oct. 07, 2021	Dec. 31, 2021	Dec. 31, 2021	Jul. 24, 2021
Business Acquisition [Line Items]
Percentage of ownership acquired				100.00%
Cash consideration	$ 25,550,000
Shares issued (in shares)	130,597
Fair value of common shares	$ 2,700,000
Acquisition revenue		$ 11,100,000
Acquisition net loss		$ 1,200,000
Transaction-related costs			$ 1,100,000
Tax deductible goodwill	$ 0

Acquisitions - Estimated Fair Values of the Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Oct. 07, 2021	Dec. 31, 2022	Dec. 31, 2021
Liabilities:
Goodwill		$ 11,592	$ 12,238
Remix Global AD
Purchase price:
Cash consideration	$ 25,550
Delayed share issuance	2,744
Total purchase price	28,294
Assets:
Cash and cash equivalents	1,860
Accounts receivable	1,150
Inventory	3,657
Intangible assets	14,800
Other assets	786
Total assets	22,253
Liabilities:
Accounts payable	(3,102)
Accrued and other liabilities	(3,356)
Total liabilities	(6,458)
Net assets acquired	15,795
Goodwill	12,499
Total purchase price	$ 28,294

Acquisitions - Intangible Assets (Details) - Remix Global AD $ in Thousands	Oct. 07, 2021 USD ($)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 14,800
Customer relationships
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	5,200
Developed technology
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	4,900
Trademarks
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 4,700

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 11,592	$ 12,238
Amortization expense	$ 2,600	$ 600	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 13,701	$ 14,492
Accumulated Amortization	(3,202)	(638)
Net Carrying Amount	$ 10,499	$ 13,854
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years	8 years
Gross Carrying Amount	$ 4,814	$ 5,092
Accumulated Amortization	(742)	(150)
Net Carrying Amount	$ 4,072	$ 4,942
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period	3 years	3 years
Gross Carrying Amount	$ 4,536	$ 4,798
Accumulated Amortization	(1,864)	(373)
Net Carrying Amount	$ 2,672	$ 4,425
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization Period	9 years	9 years
Gross Carrying Amount	$ 4,351	$ 4,602
Accumulated Amortization	(596)	(115)
Net Carrying Amount	$ 3,755	$ 4,487

Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 2,597
2024	2,245
2025	1,085
2026	1,085
2027	1,085
Thereafter	2,402
Net Carrying Amount	$ 10,499	$ 13,854

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Work in process	$ 2,639	$ 1,578
Finished goods	14,880	8,247
Total	$ 17,519	$ 9,825

Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Gift card and site credit liabilities	$ 18,101	$ 13,223
Accrued vendor liabilities	9,116	6,031
Deferred revenue	7,582	5,878
Accrued compensation	4,993	6,438
Allowance for returns	4,907	6,209
Accrued taxes	4,326	5,728
Accrued other	1,130	1,746
Total	$ 50,155	$ 45,253

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Building
Lessee, Lease, Description [Line Items]
Security deposit	$ 1.0	$ 0.8
Letters of credit	$ 6.0	$ 6.3
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease renewal term	10 years

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 9,566
2024	9,103
2025	7,424
2026	7,506
2027	7,173
Thereafter	30,810
Total lease payments	71,582
Less: imputed interest	(16,404)
Less: tenant improvement allowance yet to be received	(38)
Present value of lease liabilities	55,140
Less: current lease liabilities	(6,413)	$ (3,931)
Operating lease liabilities, non-current	48,727	$ 36,997
Minimum lease payments for leases signed by not yet commenced	$ 4,300

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease cost:
Fixed operating lease cost	$ 8,905	$ 5,591	$ 5,568
Short-term lease cost	1,355	7	58
Variable cost	1,467	1,381	1,197
Total lease cost	$ 11,727	$ 6,979	$ 6,823

Leases - Weighted-Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	8 years 6 months	8 years 1 month 6 days
Weighted-average discount rate	6.20%	5.90%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,559	$ 5,401	$ 5,365

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 14, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2022	Feb. 28, 2019	Feb. 01, 2019
Debt Instrument [Line Items]
Repayments of debt		$ 6,333	$ 4,000	$ 1,190
Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000
Debt issuance costs					$ 0
Term Loan \| Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 40,000
Debt issuance costs						$ 0
Debt instrument, floor percentage	6.00%
Effective interest rate		9.70%	6.65%
Borrowed amount		$ 700	$ 5,000	18,600
Repayments of debt		6,300	4,000	1,200
Principal outstanding		30,300	36,000
Interest costs		2,400	2,500	1,700
Interest costs capitalized		$ 1,600	$ 300	$ 400
Term Loan \| Medium-term Notes \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate	1.25%

Long-Term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 4,000
2024	4,000
2025	4,000
2026	4,000
2027	14,333
Total principal payments	30,333
Less: unamortized debt discount	(666)
Less: current portion of long-term debt	(3,879)	$ (7,768)
Long-term debt, net of current portion	$ 25,788	$ 27,559

Common Stock and Stockholder's Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 02, 2021 USD ($) $ / shares shares	Mar. 26, 2021 shares	Dec. 31, 2022 USD ($) vote shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Conversion of stock (in shares)			1
Price per share of common stock (in dollars per share) \| $ / shares	$ 24.25
Aggregate net proceeds \| $	$ 45,500
Payments of stock issuance costs \| $	$ 3,300		$ 0	$ 4,729	$ 1,117
Class B Common Stock Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)		164,973
Common Stock
Class of Stock [Line Items]
Stock converted (in shares)		65,970,938		65,971,000
Class A common stock
Class of Stock [Line Items]
Number of votes for each share \| vote			1
Shares sold (in shares)	2,000,000
Class A common stock \| Follow-On Public Offering \| Selling Stockholders
Class of Stock [Line Items]
Shares sold (in shares)	5,388,024
Class A common stock \| Over-Allotment Option \| Selling Stockholders
Class of Stock [Line Items]
Shares sold (in shares)	963,655
Class B common stock
Class of Stock [Line Items]
Number of votes for each share \| vote			10

Common Stock and Stockholder's Equity (Deficit) - Schedule of Common Stock Issued and Outstanding (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Authorized (in shares)	1,120,000,000	1,120,000,000
Issued (in shares)	101,532,000	98,435,000
Outstanding (in shares)	101,532,000	98,435,000
Class A common stock
Class of Stock [Line Items]
Authorized (in shares)	1,000,000,000	1,000,000,000
Issued (in shares)	70,723,000	57,779,000
Outstanding (in shares)	70,723,000	57,779,000
Class B common stock
Class of Stock [Line Items]
Authorized (in shares)	120,000,000	120,000,000
Issued (in shares)	30,809,000	40,656,000
Outstanding (in shares)	30,809,000	40,656,000

Common Stock and Stockholder's Equity (Deficit) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 205,734	$ (222,177)	$ (183,241)
Other comprehensive loss before reclassifications	(3,140)	(1,094)
Amounts reclassified from accumulated other comprehensive loss to income	0	0
Total other comprehensive loss	(3,140)	(1,094)	0
Ending balance	140,001	205,734	(222,177)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(729)	0
Other comprehensive loss before reclassifications	(2,418)	(729)
Amounts reclassified from accumulated other comprehensive loss to income	0	0
Total other comprehensive loss	(2,418)	(729)
Ending balance	(3,147)	(729)	0
Unrealized Loss on Available-For-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(365)	0
Other comprehensive loss before reclassifications	(722)	(365)
Amounts reclassified from accumulated other comprehensive loss to income	0	0
Total other comprehensive loss	(722)	(365)
Ending balance	$ (1,087)	$ (365)	$ 0

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in dollars per share)		$ 0	$ 6.66	$ 1.72
Compensation expense		$ 26,817	$ 12,959	$ 7,336
Aggregate intrinsic value of options exercised		$ 2,500	$ 53,800	$ 2,900
2010 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	3,588,535	0
Options granted (in dollars per share)	$ 2.05	$ 0
Fair value of stock options	$ 6,700
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield		0.00%	0.00%	0.00%
Weighted average period unrecognized stock-based compensation expense		1 year 3 months 7 days
Unrecognized compensation expense		$ 4,900
Outstanding stock options \| 2010 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)			1,000,000	6,500,000
Expiration period		10 years
Percent of fair value		100.00%
Vesting percentage period		4 years
Compensation expense		$ 1,200	$ 3,200
Outstanding stock options \| 2010 Plan \| Over 10 % Shareholder
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of fair value		110.00%
Option Vesting Four Years From Commencement \| 2010 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage period	4 years
Vesting percentage	50.00%
Anniversary period	1 year
Option Vesting Four Years From IPO \| 2010 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage period	4 years
Vesting percentage	50.00%
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage period		1 year
Granted (in shares)		10,317,000
Conversion of stock (in shares)		1
Weighted average period unrecognized stock-based compensation expense		3 years 25 days
Unrecognized stock-based compensation vesting expense		$ 20,200	$ 1,700
Unrecognized stock-based compensation expense		$ 58,700
Restricted stock units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage period		3 years
Restricted stock units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage period		4 years
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of fair value		85.00%

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-Average Exercise Price Per Share
Options granted (in dollars per share)		$ 0	$ 6.66	$ 1.72
2010 Plan
Number of Options Outstanding
Options outstanding, beginning balance (in shares)		19,440,000
Options granted (in shares)	3,588,535	0
Options exercised (in shares)		(635,000)
Options forfeited and expired (in shares)		(933,000)
Options outstanding, ending balance (in shares)		17,872,000	19,440,000
Options exercisable (in shares)		14,280,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share)		$ 2.06
Options granted (in dollars per share)	$ 2.05	0
Options exercised (in dollars per share)		2.18
Options forfeited or expired (in dollars per share)		3.48
Ending balance (in dollars per share)		1.97	$ 2.06
Options exercisable (in dollars per share)		$ 1.90
Weighted-Average Remaining Contractual Life
Options outstanding		5 years 2 months 12 days	6 years 3 months 14 days
Options exercisable		4 years 7 months 28 days
Aggregate Intrinsic Value
Options outstanding		$ 1,442	$ 208,042
Options exercisable		$ 1,442

Stock-Based Compensation - Schedule of Fair Value Assumptions (Details) - Outstanding stock options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum		59.40%	46.90%
Expected volatility, maximum		61.80%	54.90%
Average risk-free rate, minimum		0.44%	0.28%
Average risk-free rate, maximum		1.10%	1.55%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years	5 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		10 years	10 years

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	1,271,000
Granted (in shares) \| shares	10,317,000
Vested (in shares) \| shares	(2,226,000)
Forfeited (in shares) \| shares	(1,507,000)
Outstanding at end of period (in shares) \| shares	7,855,000
Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 18.81
Granted (in dollars per share) \| $ / shares	7.03
Vested (in dollars per share) \| $ / shares	9.08
Forfeited (in dollars per share) \| $ / shares	8.81
Outstanding at end of period (in dollars per share) \| $ / shares	$ 8.01

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 26,817	$ 12,959	$ 7,336
Operations, product and technology
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	10,035	4,241	3,739
Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	3,144	1,405	1,067
Sales, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,638	$ 7,313	$ 2,530

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 2,379
2024	2,161
2025	1,184
2026	0
2027	0
Thereafter	0
Total future minimum payments	$ 5,724

Retirement Plan (Details) - USD ($)	12 Months Ended
Retirement Plan (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer contributions	$ 0	$ 0	$ 0

Income Taxes - Schedule of Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (80,648)	$ (61,862)	$ (47,821)
Foreign	(11,601)	(1,234)	0
Loss before provision for income taxes	$ (92,249)	$ (63,096)	$ (47,821)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Provision for income taxes	$ 35,000	$ 80,000	$ 56,000
Net operating loss carryforwards	83,646,000	75,804,000
Valuation allowance, increase	17,500,000	18,800,000	$ 10,500,000
Unrecognized tax benefits	0	0
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	327,400,000
Net operating loss carryforwards	$ 219,100,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards		231,300,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards		$ 12,900,000

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax expense at United States statutory rate	$ (19,372)	$ (13,250)	$ (10,042)
Increase (decrease) in tax resulting from:
State taxes, net of federal effect	27	63	42
Non-deductible and other expenses	120	382	165
Foreign tax rate differential	2,436	259	0
Stock-based compensation	2,930	(3,086)	1,077
Change in valuation allowance	13,894	15,712	8,814
Total	$ 35	$ 80	$ 56

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accruals and reserves	$ 3,250	$ 2,043
Inventory and deferred revenue	1,324	770
Capitalized research and development costs	6,247	0
Stock compensation	2,939	2,128
Other	2,348	1,417
Net operating loss carryforwards	83,646	75,804
Gross deferred tax assets	99,754	82,162
Less: valuation allowance	(92,810)	(75,348)
Total deferred tax assets	6,944	6,814
Deferred tax liabilities:
Fixed assets	5,575	4,876
Intangibles	1,369	1,938
Total deferred tax liabilities	6,944	6,814
Total net deferred tax assets	$ 0	$ 0

Loss Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	25,934	20,858	88,895
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	17,872	19,440	22,775
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	0	65,971
Outstanding convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	0	149
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	7,855	1,271	0
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	77	17	0
Delayed share issuance related to acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	130	130	0

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details