NASDAQ$TDUP
Thredup Inc - Class A · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2023 results, demonstrating healthy top-line growth and bottom-line leverage.
ThredUp reported a 14% year-over-year increase in revenue for Q4 2023, reaching $81.4 million. The company saw growth in active buyers and orders, with gross profit increasing by 12%. Net loss decreased compared to the previous year, and the adjusted EBITDA loss also improved.
- Quarterly revenue increased by 14% year-over-year, reaching $81.4 million.
- Gross margin was 61.9%, with gross profit up 12% year-over-year, including a $1.9 million inventory write-off in Europe.
- Active Buyers reached 1.8 million, a 9% increase year-over-year, and Orders also hit 1.8 million, up 17% year-over-year.
- Net loss improved to $14.6 million, compared to $19.5 million in the fourth quarter of 2022.
Headline financials
Revenue & EPS history
ThredUp · Revenue · Quarterly
$81.4M
Forward guidance
For the first quarter 2024, ThredUp expects revenue to be in the range of $79.0 million to $81.0 million, gross margin in the range of 68.5% to 70.5%, and adjusted EBITDA loss margin in the range of 3.0% to 1.0%. For the full fiscal year 2024, ThredUp expects revenue to be in the range of $340.0 million to $350.0 million, gross margin in the range of 69.5% to 71.5%, and adjusted EBITDA margin in the range of 0.5% to 1.5%.
Tailwinds
- Revenue in the range of $79.0 million to $81.0 million for Q1 2024.
- Gross margin in the range of 68.5% to 70.5% for Q1 2024, representing gross profit dollar growth of 9% year over year at the midpoint of revenue and gross margin guidance.
- Adjusted EBITDA loss margin in the range of 3.0% to 1.0% for Q1 2024.
- Revenue in the range of $340.0 million to $350.0 million for FY 2024.
- Gross margin in the range of 69.5% to 71.5% for FY 2024, representing gross profit dollar growth of 14% year over year at the midpoint of revenue and gross margin guidance.
Headwinds
- Adjusted EBITDA loss margin in the range of 3.0% to 1.0% for Q1 2024.
- Uncertainty regarding depreciation and amortization, expected to be $5.0 million for Q1 2024 and $19.8 million for FY 2024.
- Uncertainty regarding stock-based compensation expense, expected to be $7.5 million for Q1 2024 and $33.0 million for FY 2024.
- Projected net loss being materially less than indicated by the currently estimated Adjusted EBITDA loss margin.
- Guidance does not include a quantitative reconciliation of forward-looking guidance of the non-GAAP measure Adjusted EBITDA loss to net loss because certain items are out of ThredUp’s control or cannot be reasonably predicted.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+2.3%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+11.8%
Avg return
30 days after
48%
12 / 25 earnings
Positive
+53.1%
Q4 2022
Best reaction
-64.9%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.5% | +7.8% | +2.2% | |
| Q4 2025 | -23.7% | -27.1% | -32.9% | |
| Q3 2025 | -7.5% | -6.9% | -6.6% | |
| Q1 2025 | +48.2% | +40.3% | +69.1% | |
| Q4 2024 | +7.2% | +5.8% | +13.0% | |
| Q3 2024 | +51.3% | +68.7% | +198.4% | |
| Q2 2024 | -64.9% | -65.9% | -51.5% | |
| Q1 2024 | +8.3% | +12.8% | +7.2% | |
| Q4 2023 | -6.6% | -15.6% | -11.8% | |
| Q3 2023 | -38.1% | -46.2% | -39.7% | |
| Q2 2023 | +14.7% | +18.6% | -3.8% | |
| Q1 2023 | +4.4% | -11.1% | -24.4% | |
| Q4 2022 | +53.1% | +33.8% | +36.3% | |
| Q3 2022 | +30.4% | +29.3% | +117.4% | |
| Q2 2022 | +11.5% | -15.6% | -5.0% | |
| Q1 2022 | -16.6% | -22.5% | -31.8% | |
| Q4 2019 | -1.0% | -2.1% | +5.5% | |
| Q4 2021 | +6.7% | +7.1% | +8.4% | |
| Q3 2020 | -0.6% | +7.1% | -21.0% | |
| Q3 2021 | +3.2% | +6.2% | -15.9% | |
| Q2 2020 | +7.1% | +6.3% | -14.3% | |
| Q2 2021 | -4.7% | +4.3% | -17.8% | |
| Q4 2020 | -9.3% | -2.5% | +36.1% | |
| Q1 2020 | -9.3% | -2.5% | +36.1% | |
| Q1 2021 | -4.2% | -2.1% | +41.2% |
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