ThredUp Inc. (TDUP) · 10+ Years of Financial statements

Income Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	130	164	186	252	288	322
+ Sales & Services Revenue	130	164	186	252	288	322
- Cost of Revenue	52	51	58	74	96	108
+ Cost of Goods & Services	52	51	58	74	96	108
Gross Profit	78	113	128	178	192	214
+ Other Operating Income	- -	- -	- -	- -	- -	- -
- Operating Expenses	112	149	175	241	282	286
+ Selling, General & Admin	44	67	73	112	126	129
+ Research & Development	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	68	82	101	128	156	157
Operating Income (Loss)	-34	-37	-47	-62	-89	-72
- Non-Operating (Income) Loss	- -	1	1	1	3	-1
+ Interest Expense, Net	- -	1	1	2	1	2
+ Interest Expense	- -	1	1	2	1	2
- Interest Income	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-1	- -	- -	-2	2	-3
Pretax Income	-34	-38	-48	-63	-92	-71
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-34	-38	-48	-63	-92	-71
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-34	-38	-48	-63	-92	-71
- Minority Interest	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-34	-38	-48	-63	-92	-71
- Preferred Dividends	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-34	-38	-48	-63	-92	-71
Basic Weighted Avg Shares	78	78	91	77	100	105
Basic EPS, GAAP	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Basic EPS from Cont Ops	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Diluted Weighted Avg Shares	78	78	91	77	100	105
Diluted EPS, GAAP	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Diluted EPS from Cont Ops	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
EBITDA	-30	-33	-41	-53	-75	-53
EBITDA Margin (%)	-23.22	-19.86	-22.05	-21.14	-26.16	-16.49
EBITA	-34	-37	-47	-62	-89	-72
EBIT	-34	-37	-47	-62	-89	-72
Gross Margin (%)	60.22	68.68	68.89	70.75	66.7	66.39
Operating Margin (%)	-26.44	-22.47	-25.05	-24.78	-31.03	-22.31
Profit Margin (%)	-26.38	-23.32	-25.74	-25.09	-32	-22.13
Sales per Employee	- -	- -	99,901	87,005	119,362	135,474
Dividend per Share	- -	- -	- -	- -	- -	- -
Depreciation Expense	4	4	6	9	14	19

Balance Sheet	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	94	75	228	134	94
+ Cash, Cash Equivalents & STI	- -	86	64	206	105	64
+ Cash & Cash Equivalents	- -	86	64	85	38	56
+ ST Investments	- -	- -	- -	121	67	8
+ Accounts & Notes Receiv	- -	3	2	4	5	8
+ Accounts Receivable, Net	- -	2	2	4	5	8
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	1	- -	- -	- -	- -
+ Inventories	- -	4	4	10	18	16
+ Raw Materials	- -	- -	- -	1	- -	- -
+ Work In Process	- -	- -	- -	2	3	3
+ Finished Goods	- -	- -	4	8	15	12
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	4	- -	-1	- -	- -
+ Other ST Assets	- -	2	5	9	7	6
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	28	68	132	168	156
+ Property, Plant & Equip, Net	- -	26	65	95	139	130
+ Property, Plant & Equip	- -	36	79	115	171	178
- Accumulated Depreciation	- -	10	14	21	32	48
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	2	3	38	29	26
+ Total Intangible Assets	- -	- -	- -	26	22	20
+ Goodwill	- -	- -	- -	12	12	12
+ Other Intangible Assets	- -	- -	- -	14	10	8
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	2	3	12	7	6
Total Assets	- -	123	143	361	302	250
+ Payables & Accruals	- -	24	34	46	39	41
+ Accounts Payable	- -	14	23	32	24	31
+ Accrued Taxes	- -	4	5	6	4	5
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	6	7	8	10	5
+ ST Debt	- -	3	7	12	10	10
+ ST Borrowings	- -	3	3	8	4	4
+ ST Finance Leases	- -	- -	4	4	6	6
+ Other ST Liabilities	- -	16	21	32	36	26
+ Deferred Revenue	- -	10	14	19	26	18
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	6	7	13	10	8
Total Current Liabilities	- -	43	63	89	84	77
+ LT Debt	- -	15	53	65	75	67
+ LT Borrowings	- -	15	31	28	26	22
+ LT Finance Leases	- -	- -	22	37	49	45
+ Other LT Liabilities	- -	248	250	1	3	3
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	248	250	1	3	3
Total Noncurrent Liabilities	- -	263	303	66	78	69
Total Liabilities	- -	306	365	155	162	146
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	20	30	522	552	585
+ Common Stock	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	20	30	522	552	585
- Treasury Stock	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	-204	-252	-315	-408	-479
+ Other Equity	- -	- -	- -	-1	-4	-2
Equity Before Minority Interest	- -	-183	-222	206	140	104
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
Total Equity	- -	-183	-222	206	140	104
Total Liabilities & Equity	- -	123	143	361	302	250
Shares Outstanding	78	78	91	98	102	109
Capital Leases - Total	- -	- -	25	41	55	51
Net Debt	- -	-68	-30	-49	-8	-30
Net Debt to Equity	- -	37.3	13.51	-23.93	-5.97	-29.1
Tangible Common Equity Ratio	- -	-149.51	-155.47	53.67	42.13	36.46
Current Ratio	- -	2.19	1.2	2.55	1.59	1.22
Cash Conversion Cycle	- -	-30.75	-91.19	-89.45	-41.74	-31.14
Number of Employees	- -	- -	1,862	2,894	2,416	2,377

Cash Flow Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-34	-38	-48	-63	-92	-71
+ Depreciation & Amortization	4	4	6	9	14	19
+ Non-Cash Items	3	9	12	19	39	39
+ Stock-Based Compensation	2	8	7	13	27	32
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	4	- -	- -	- -
+ Other Non-Cash Adj	- -	1	1	6	12	7
+ Chg in Non-Cash Work Cap	5	15	11	- -	-13	-9
+ (Inc) Dec in Accts Receiv	- -	-1	- -	-1	-1	-3
+ (Inc) Dec in Inventories	- -	2	- -	-3	-8	2
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	5	14	13	15	-5	-2
+ Inc (Dec) in Other	- -	- -	-2	-12	1	-6
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-22	-10	-19	-35	-52	-23
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-14	-10	-19	-20	-43	-16
+ Acq of Fixed Prod Assets	-14	-10	-19	-20	-43	-16
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-8	8	- -	-126	52	60
+ Dec in LT Investment	27	8	- -	3	56	78
+ Inc in LT Investment	-35	- -	- -	-129	-3	-18
+ Net Cash From Acq & Div	- -	- -	- -	-24	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	-24	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-22	-1	-19	-170	9	44
+ Dividends Paid	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	3	8	17	1	-6	-4
+ Cash From Debt	6	20	18	5	- -	- -
+ Repayments of Debt	-3	-12	-1	-4	-6	-4
+ Cash (Repurchase) of Equity	- -	- -	- -	227	- -	- -
+ Increase in Capital Stock	3	- -	- -	227	- -	- -
+ Decrease in Capital Stock	-3	- -	- -	- -	- -	- -
+ Other Financing Activities	36	83	1	1	2	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	39	91	18	229	-4	-4
Effect of Foreign Exchange Rates	- -	- -	- -	- -	-1	- -
Net Changes in Cash	-6	80	-20	24	-47	17
Capital Expenditures	-14	-10	-19	-20	-43	-16
EBITDA	-30	-33	-41	-53	-75	-53
EBITDA Margin (%)	-23.22	-19.86	-22.05	-21.14	-26.16	-16.49
Net Cash Paid for Acquisitions	- -	- -	- -	24	- -	- -
Free Cash Flow	-36	-20	-39	-55	-95	-39
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	-12	-21	-54	-101	-43
Free Cash Flow per Basic Share	-0.47	-0.25	-0.42	-0.71	-0.96	-0.37
Price/Free Cash Flow	- -	- -	- -	-67.55	-13.53	-37.62
Cash Flow to Net Income	0.66	0.26	0.4	0.55	0.56	0.32

ThredUp Inc.

TDUP US

1.76