Poshmark, Inc.

CIK:0001825480|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net revenue	$ 88,428	$ 79,463	$ 268,430	$ 241,806
Costs and expenses:
Cost of net revenue, exclusive of depreciation and amortization	14,915	12,082	44,915	37,798
Operations and support	15,513	13,199	46,770	41,062
Research and development	18,189	12,325	52,457	43,574
Marketing	42,613	36,198	129,606	104,021
General and administrative	20,473	11,729	53,281	42,317
Depreciation and amortization	1,000	827	3,033	2,463
Total costs and expenses	112,703	86,360	330,062	271,235
Loss from operations	(24,275)	(6,897)	(61,632)	(29,429)
Interest income	1,586	77	2,145	201
Other expense, net
Change in fair value of redeemable convertible preferred stock warrant liability	0	0	0	(2,816)
Change in fair value of the convertible notes	0	0	0	(49,481)
Loss on extinguishment of the convertible notes	0	0	0	1,620
Change in fair value of contingent consideration	(37)	0	396	0
Foreign exchange loss, net	(694)	(36)	(969)	(220)
Other expenses, net	(731)	(36)	(573)	(54,137)
Loss before provision for income taxes	(23,420)	(6,856)	(60,060)	(83,365)
Provision for income taxes	120	0	381	180
Net loss	$ (23,540)	$ (6,856)	$ (60,441)	$ (83,545)
Net loss per share attributable to common stockholders, basic	$ (0.30)	$ (0.09)	$ (0.77)	$ (1.17)
Net loss per share attributable to common stockholders, diluted	$ (0.30)	$ (0.09)	$ (0.77)	$ (1.17)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	78,682	76,479	78,160	71,639
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	78,682	76,479	78,160	71,639

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (60,441)	$ (83,545)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,033	2,463
Stock-based compensation	34,285	38,912
Reduction in the carrying amount of right-of-use assets	2,756	0
Change in fair value of redeemable convertible preferred stock warrant liability	0	2,816
Change in fair value of the convertible notes	0	49,481
Loss on extinguishment of the convertible notes	0	1,620
Change in fair value of contingent consideration	(396)	0
Accretion of discounts and amortization of premiums on marketable securities, net	0	237
Other	362	4
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,491	2,302
Accounts payable	10,921	(1,697)
Funds payable to customers	7,922	19,231
Accrued expenses and other liabilities	9,119	2,142
Operating lease liabilities	(4,621)	0
Net cash provided by operating activities	4,431	33,966
Cash flows from investing activities
Purchases of property and equipment	(1,311)	(1,580)
Maturities of marketable securities	0	26,000
Net cash (used in) provided by investing activities	(1,311)	24,420
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions and offering costs	0	293,692
Proceeds from issuance of redeemable convertible preferred stock warrants	0	100
Tax withholding related to vesting of restricted stock units	0	(2,651)
Proceeds from exercise of stock options and employee stock purchase plan	3,223	4,705
Net cash provided by financing activities	3,223	295,846
Effect of foreign exchange rate changes on cash and cash equivalents	935	95
Net increase in cash and cash equivalents	7,278	354,327
Cash and cash equivalents
Beginning of period	581,538	238,902
End of period	588,816	593,229
Supplemental cash flow data
Cash paid for income taxes	337	320
Stock-based compensation capitalized to internal use software	228	339
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities	0	182
Conversion of convertible notes upon initial public offering	0	104,902
Conversion of redeemable convertible preferred stock upon initial public offering	0	156,175
Reclassification of preferred stock warrant liability upon initial public offering	$ 0	$ 6,310

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 588,816	$ 581,538
Prepaid expenses and other current assets	8,267	9,737
Total current assets	597,083	591,275
Property and equipment, net	6,249	7,376
Operating lease right-of-use assets	6,739	0
Intangible assets, net	885	1,360
Goodwill	7,012	7,012
Other assets	1,629	1,650
Total assets	619,597	608,673
Current liabilities
Accounts payable	12,516	1,595
Funds payable to customers	153,212	145,290
Operating lease liabilities, current	5,918	0
Accrued expenses and other current liabilities	47,585	40,922
Total current liabilities	219,231	187,807
Operating lease liabilities, non-current	4,518	0
Long-term portion of deferred rent and other liabilities	0	3,247
Total liabilities	223,749	191,054
Commitments and Contingencies (Note 6)
Stockholders’ (deficit) equity
Preferred Stock, $0.0001 par value, 100,000,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; zero shares issued and outstanding as of September 30, 2022 and December 31, 2021	0	0
Common stock	8	8
Additional paid-in capital	679,710	641,974
Treasury stock, at cost (50,595 shares at September 30, 2022 and December 31, 2021)	(2,651)	(2,651)
Accumulated deficit	(282,276)	(221,835)
Accumulated other comprehensive income	1,057	123
Total stockholders' equity	395,848	417,619
Total liabilities and stockholders' equity	$ 619,597	$ 608,673