(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code) | ||
( | ||
(Registrant's telephone number, including area code) | ||
N/A | ||
(Former name or former address, if changed since last report) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
Press Release dated March 1, 2022 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
By: | /s/ David S. Rosenblatt | ||||
Dated: March 1, 2022 | David S. Rosenblatt Chief Executive Officer |
Q1 2022 Guidance | |||||
GMV | $113.5 million - $117.5 million | ||||
Net revenue | $26.4 million - $27.0 million | ||||
Adjusted EBITDA margin (non-GAAP) | (23%) - (21%) |
December 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 168,226 | $ | 54,862 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $29 and $51 at December 31, 2021 and 2020, respectively | 701 | 887 | |||||||||
Prepaid expenses | 3,951 | 1,603 | |||||||||
Receivables from payment processors | 2,142 | 3,052 | |||||||||
Other current assets | 867 | 3,665 | |||||||||
Total current assets | 175,887 | 64,069 | |||||||||
Property and equipment, net | 4,459 | 5,136 | |||||||||
Goodwill | 7,202 | 7,212 | |||||||||
Intangible assets, net | 1,164 | 1,352 | |||||||||
Other assets | 3,542 | 3,573 | |||||||||
Total assets | $ | 192,254 | $ | 81,342 | |||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 4,729 | $ | 4,548 | |||||||
Payables due to sellers | 10,225 | 4,493 | |||||||||
Accrued expenses | 13,745 | 9,452 | |||||||||
Other current liabilities | 3,512 | 4,918 | |||||||||
Total current liabilities | 32,211 | 23,411 | |||||||||
Other liabilities | 2,605 | 3,352 | |||||||||
Total liabilities | 34,816 | 26,763 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable convertible preferred stock (Series A, B, C, C-1, and D), $0.01 par value; zero and 57,771,864 shares authorized as of December 31, 2021 and 2020, respectively; zero and 19,243,795 shares issued and outstanding as of December 31, 2021 and 2020, respectively; and aggregate liquidation preference of zero and $301,300 as of December 31, 2021 and 2020, respectively | — | 298,525 | |||||||||
Stockholders’ equity (deficit): | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 and zero shares authorized as of December 31, 2021 and 2020, respectively; zero shares issued and outstanding as of December 31, 2021 and 2020 | — | — | |||||||||
Common stock, $0.01 par value; 400,000,000 and 105,767,092 shares authorized as of December 31, 2021 and 2020, respectively; 38,000,086 and 11,376,048 shares issued as of December 31, 2021 and 2020, respectively; and 37,991,529 and 11,376,048 shares outstanding as of December 31, 2021 and 2020, respectively | 380 | 114 | |||||||||
Additional paid-in capital | 425,769 | — | |||||||||
Accumulated deficit | (268,482) | (243,858) | |||||||||
Accumulated other comprehensive loss | (229) | (202) | |||||||||
Total stockholders’ equity (deficit) | 157,438 | (243,946) | |||||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 192,254 | $ | 81,342 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenue | $ | 26,930 | $ | 23,874 | $ | 102,731 | $ | 81,863 | |||||||||||||||
Cost of revenue | 10,306 | 6,685 | 32,167 | 25,948 | |||||||||||||||||||
Gross profit | 16,624 | 17,189 | 70,564 | 55,915 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 11,762 | 10,489 | 47,414 | 36,526 | |||||||||||||||||||
Technology development | 5,849 | 4,126 | 19,110 | 16,510 | |||||||||||||||||||
General and administrative | 6,064 | 3,456 | 21,293 | 12,565 | |||||||||||||||||||
Provision for transaction losses | 1,405 | 1,164 | 5,191 | 3,820 | |||||||||||||||||||
Total operating expenses | 25,080 | 19,235 | 93,008 | 69,421 | |||||||||||||||||||
Loss from operations | (8,456) | (2,046) | (22,444) | (13,506) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | 54 | 16 | 146 | 194 | |||||||||||||||||||
Interest expense | (4) | (4) | (16) | (14) | |||||||||||||||||||
Other, net | 340 | 452 | 1,372 | 809 | |||||||||||||||||||
Total other income (expense), net | 390 | 464 | 1,502 | 989 | |||||||||||||||||||
Net loss before income taxes | (8,066) | (1,582) | (20,942) | (12,517) | |||||||||||||||||||
Provision for income taxes | (21) | (8) | (21) | (11) | |||||||||||||||||||
Net loss | (8,087) | (1,590) | (20,963) | (12,528) | |||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | — | (3,863) | (7,061) | (15,095) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (8,087) | $ | (5,453) | $ | (28,024) | $ | (27,623) | |||||||||||||||
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.21) | $ | (0.49) | $ | (1.08) | $ | (2.50) | |||||||||||||||
Weighted average common shares outstanding—basic and diluted | 37,908,878 | 11,086,794 | 26,059,744 | 11,034,620 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (20,963) | $ | (12,528) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 3,112 | 6,023 | |||||||||
Stock-based compensation expense | 2,839 | 846 | |||||||||
Change in fair value of deferred acquisition consideration | 427 | 134 | |||||||||
Provision for transaction losses and eCommerce returns | 428 | 630 | |||||||||
Amortization of costs to obtain revenue contracts | 447 | 487 | |||||||||
Deferred rent | (194) | (2,837) | |||||||||
Other, net | 21 | (11) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 52 | (652) | |||||||||
Prepaid and other current assets | (1,145) | 359 | |||||||||
Receivables from payment processors | 910 | 553 | |||||||||
Other assets | (145) | (163) | |||||||||
Accounts payable and accrued expenses | 5,055 | 2,219 | |||||||||
Payables due to sellers | 5,732 | 1,592 | |||||||||
Other current liabilities and other liabilities | (977) | (95) | |||||||||
Net cash used in operating activities | (4,401) | (3,443) | |||||||||
Cash flows from investing activities: | |||||||||||
Development of internal-use software | (2,110) | (1,782) | |||||||||
Proceeds from repayment of notes receivable with related party | — | 3,112 | |||||||||
Purchases of property and equipment | (129) | (44) | |||||||||
Other, net | (30) | — | |||||||||
Net cash (used in) provided by investing activities | (2,269) | 1,286 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions | 122,993 | — | |||||||||
Proceeds from exercise of stock options | 2,729 | 2,010 | |||||||||
Payment of deferred acquisition consideration | (640) | — | |||||||||
Payment of deferred offering costs | (5,032) | (448) | |||||||||
Net cash provided by financing activities | 120,050 | 1,562 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (16) | (14) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 113,364 | (609) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of the period | 58,195 | 58,804 | |||||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | 171,559 | $ | 58,195 | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (8,087) | $ | (1,590) | $ | (20,963) | $ | (12,528) | |||||||||||||||
Excluding: | |||||||||||||||||||||||
Depreciation and amortization | 713 | 941 | 3,112 | 6,023 | |||||||||||||||||||
Stock-based compensation expense | 1,008 | 214 | 2,839 | 846 | |||||||||||||||||||
Other (income) expense, net | (390) | (464) | (1,502) | (989) | |||||||||||||||||||
Provision for (benefit from) income taxes | 21 | 8 | 21 | 11 | |||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (6,735) | $ | (891) | $ | (16,493) | $ | (6,637) | |||||||||||||||
Divided by: | |||||||||||||||||||||||
Net revenue | $ | 26,930 | $ | 23,874 | $ | 102,731 | $ | 81,863 | |||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | (25.0) | % | (3.7) | % | (16.1) | % | (8.1) | % |
Cover |
Mar. 01, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 01, 2022 |
Entity Registrant Name | 1STDIBS.COM, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40453 |
Entity Tax Identification Number | 94-3389618 |
Entity Address, Address Line One | 51 Astor Place, 3rd Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10003 |
Local Phone Number | 627-3927 |
City Area Code | 212 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | DIBS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001600641 |
Amendment Flag | false |
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end
AO98
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MM]P[#/H03T[,MJD=1DCWY6U%<2O8:.#VI5%GM;>-;=U^GRS%II*$;A!Y F.
M0Z[PQ%(]HL0%L> \]@.&I=#& %N$7U*$76:*,YLI"AJ=
M3*&/)A6(%> U=RH$PM&S45S_P&PO!MCT&7BYEJ\,P]NBR9OK#[C*6R6*YG>[
MP:4)#(,2#J(G/JV6F8',V@Q(QKW)HF.(8A +SUGMA0*?+@J#E9P$"<T6T.Z5,XP)5)F%*14('2*Y@:GAN13E.E/J+=-A[F=+ Y)X;5T!2O&S<=[^TL]1V23D/D:9Q*NL="*D46!\M9#3#F,8?+1LV[/O6'H[Z
MOBL/*S\KJX!5"A5WYFSE'[CU*::W+187MDH7 G^>K\-=[S9FC.&KIAQ!N1NW
MI.'.9VG6$:L*P\F-5[X[N6YF30J@V+4F>QUW^0/TC.9]/<]\.]O(]E[M'NSFI"-O"4O;1(:W8]OL1U9Y1T+$
M1SI&?(P6P3W'/O2MP
-!X,C3$A<5&H)C=Y#'0"(U(/V]%/( [VO#&N"/M
M6[P?@,#2AY1+?19RH2LNT?'%H6!HGAQ<3R_'=:UF<]D"?^,"[X1);'SA5>4,
M^\[2@ LI9Y2 2?K9RN)A=UTQUVJX6RSO-?[R8DBRM[F+;O]-D%$VZH5:".^N
M8CJJ5TW2NKSH,7;#-H1#X7JHOJ '9C(