0001573221-22-000041 | 10-K | XBRL Viewer

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Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 418,171	$ 350,846
Short-term investments	0	4,017
Accounts receivable	7,767	7,213
Inventory, net	71,015	42,321
Prepaid expenses and other current assets	20,859	17,072
Total current assets	517,812	421,469
Property and equipment, net	89,286	63,454
Operating lease right-of-use assets	145,311	118,136
Other assets	2,535	2,050
Total assets	754,944	605,109
Current liabilities
Accounts payable	4,503	14,346
Accrued consignor payable	71,042	57,053
Operating lease liabilities, current portion	18,253	14,999
Other accrued and current liabilities	94,188	61,862
Total current liabilities	187,986	148,260
Operating lease liabilities, net of current portion	143,159	115,084
Convertible senior notes, net	348,380	149,188
Other noncurrent liabilities	2,291	1,284
Total liabilities	681,816	413,816
Commitments and contingencies (Note 11)	0	0
Stockholders’ equity:
Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 92,960,066 and 89,301,664 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	1	1
Additional paid-in capital	841,255	723,302
Accumulated other comprehensive income	0	11
Accumulated deficit	(768,128)	(532,021)
Total stockholders’ equity	73,128	191,293
Total liabilities and stockholders’ equity	$ 754,944	$ 605,109

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	92,960,066	89,301,664
Common stock, shares, outstanding (in shares)	92,960,066	89,301,664

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
Statements of Operations - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 467,692	$ 299,949	$ 316,354
Cost of revenue:
Total cost of revenue	194,215	112,382	114,831
Gross profit	273,477	187,567	201,523
Operating expenses:
Marketing	62,749	54,813	47,734
Operations and technology	235,829	163,808	143,231
Selling, general and administrative	176,418	140,652	110,663
Legal settlement	13,389	1,110	0
Total operating expenses	488,385	360,383	301,628
Loss from operations	(214,908)	(172,816)	(100,105)
Interest income	365	2,518	4,593
Interest expense	(21,531)	(5,264)	(616)
Other income (expense), net	23	(169)	(2,102)
Loss before provision for income taxes	(236,051)	(175,731)	(98,230)
Provision for income taxes	56	101	199
Net loss	(236,107)	(175,832)	(98,429)
Accretion of redeemable convertible preferred stock to redemption value	0	0	(3,355)
Net loss attributable to common stockholders	$ (236,107)	$ (175,832)	$ (101,784)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.58)	$ (2.01)	$ (2.14)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.58)	$ (2.01)	$ (2.14)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic (in shares)	91,409,624	87,587,409	47,478,544
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, diluted (in shares)	91,409,624	87,587,409	47,478,544
Cost of consignment and service revenue
Revenue:
Total revenue	$ 346,848	$ 247,326	$ 265,729
Cost of revenue:
Total cost of revenue	92,788	66,976	73,579
Cost of direct revenue
Revenue:
Total revenue	120,844	52,623	50,625
Cost of revenue:
Total cost of revenue	$ 101,427	$ 45,406	$ 41,252

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (236,107)	$ (175,832)	$ (98,429)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on investments	(11)	4	32
Comprehensive loss	$ (236,118)	$ (175,828)	$ (98,397)

- 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

Statements of Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2018		31,053,601	73,724,645
Beginning balance at Dec. 31, 2018		$ 151,381	$ 142,819
Beginning balance (in shares) at Dec. 31, 2018				8,593,077
Beginning balance at Dec. 31, 2018	$ (257,690)			$ 0	$ 0	$ (25)	$ (257,665)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of convertible preferred stock upon conversion of notes, net of issuance costs (in shares)		6,350,345	3,831,766
Issuance of convertible preferred stock upon conversion of notes, net of issuance costs		$ 43,492	$ 26,283
Accretion of redeemable convertible preferred stock to redemption value		$ 3,355
Accretion of redeemable convertible preferred stock to redemption value	(3,355)				(3,260)		(95)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)		(37,403,946)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering		$ (198,228)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)				19,585,426
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	198,228				198,228
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)			(77,556,411)
Conversion of convertible preferred stock to common stock in connection with initial public offering			$ (169,102)
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)				38,778,180
Conversion of convertible preferred stock to common stock in connection with initial public offering	169,102				169,102
Conversion of convertible preferred stock warrants to common stock warrants in connection with initial public offering		$ 0
Conversion of convertible preferred stock warrants to common stock warrants in connection with initial public offering	2,710				2,710		0
Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)				17,250,000
Issuance of common stock in connection with initial public offering, net of issuance costs of $5,333	315,518				315,518
Issuance of common stock upon exercise of options (in shares)				1,551,313
Issuance of common stock upon exercise of options	2,696			$ 1	2,695
Issuance of common stock upon exercise of warrants (in shares)				10,677
Issuance of common stock upon exercise of warrants	33				33
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares)				14,105
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	(130)				(130)
Issuance of common stock upon cashless exercise of warrants (in shares)				89,542
Issuance of common stock for cashless exercise of warrants	0
Compensation expense related to stock sales by current and former employees	819				819
Stock-based compensation expense	7,711				7,711
Other comprehensive income	32					32
Net loss	(98,429)						(98,429)
Ending balance (in shares) at Dec. 31, 2019		0	0
Ending balance at Dec. 31, 2019		$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2019				85,872,320
Ending balance at Dec. 31, 2019	337,245			$ 1	693,426	7	(356,189)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)		0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering			$ 0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)				733,385
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	(751)				(751)
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)			0
Conversion of convertible preferred stock to common stock in connection with initial public offering			$ 0
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)				91,465
Conversion of convertible preferred stock to common stock in connection with initial public offering	972				972
Conversion of convertible preferred stock warrants to common stock warrants in connection with initial public offering		$ 0
Issuance of common stock upon exercise of options (in shares)				2,604,494
Issuance of common stock upon exercise of options	8,859				8,859
Purchase of capped calls	(22,546)				(22,546)
Equity component of convertible senior notes, net of issuance costs (in shares)			0
Equity component of convertible senior notes, net of issuance costs	19,020				19,020
Stock-based compensation expense (in shares)				0
Stock-based compensation expense	24,322				24,322
Other comprehensive income	4					4
Net loss	(175,832)						(175,832)
Ending balance (in shares) at Dec. 31, 2020		0	0
Ending balance at Dec. 31, 2020		$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2020				89,301,664
Ending balance at Dec. 31, 2020	191,293			$ 1	723,302	11	(532,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)				2,237,748
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)				199,289
Issuance of common stock upon exercise of options (in shares)				1,221,365
Issuance of common stock upon exercise of options	6,009				6,009
Purchase of capped calls	(33,666)				(33,666)
Equity component of convertible senior notes, net of issuance costs	93,031				93,031
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	(8)				(8)
Issuance of common stock for exercises under ESPP	2,341				2,341
Stock-based compensation expense	50,246				50,246
Other comprehensive income	(11)					(11)
Net loss	(236,107)						(236,107)
Ending balance (in shares) at Dec. 31, 2021		0	0
Ending balance at Dec. 31, 2021		$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2021				92,960,066
Ending balance at Dec. 31, 2021	$ 73,128			$ 1	$ 841,255	$ 0	$ (768,128)

Statements of Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Issuance of stock, net of issuance costs			$ 5,333
Other comprehensive income	$ (11)	$ 4	32
Issuance of common stock upon exercise of options	6,009	8,859	2,696
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income	(11)	4	32
Additional Paid-in Capital
Issuance of common stock upon exercise of options	$ 6,009	$ 8,859	2,695
Common Stock
Issuance of common stock upon exercise of options			$ 1
Issuance of common stock upon exercise of options (in shares)	1,221,365	2,604,494	1,551,313
Series H Redeemable Convertible Preferred Stock
Stock issuance costs			$ 166
Series H Convertible Preferred Stock
Stock issuance costs			$ 59
Equity Component of Convertible Senior Notes
Equity component of convertible senior notes, issuance costs	$ 767	$ 767

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (236,107)	$ (175,832)	$ (98,429)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	23,531	18,845	13,408
Stock-based compensation expense	48,802	24,322	7,711
Reduction of operating lease right-of-use assets	19,439	16,062	0
Bad debt expense	1,034	903	1,371
Compensation expense related to stock sales by current and former employees	0	0	819
Change in fair value of convertible preferred stock warrant liability	0	0	2,100
Accrued interest on convertible notes	950	216	0
Loss on retirement of property and equipment	546	280	0
Accretion of debt discounts and issuance costs	13,989	2,399	11
Other adjustments	10	(86)	(226)
Changes in operating assets and liabilities:
Accounts receivable	(1,588)	(337)	(1,579)
Inventory, net	(28,694)	(20,405)	(11,561)
Prepaid expenses and other current assets	(4,009)	(3,443)	(4,108)
Other assets	(638)	548	(1,026)
Operating lease liability	(15,285)	(12,752)	0
Accounts payable	(9,989)	2,800	6,010
Accrued consignor payable	13,989	4,233	17,561
Other accrued and current liabilities	30,922	7,994	10,686
Other noncurrent liabilities	947	(166)	2,762
Net cash used in operating activities	(142,151)	(134,419)	(54,490)
Cash flow from investing activities:
Purchases of short-term investments	0	(73,280)	(220,609)
Proceeds from maturities of short-term investments	4,000	278,215	39,281
Capitalized proprietary software development costs	(9,967)	(8,678)	(9,267)
Purchases of property and equipment	(37,470)	(18,253)	(24,761)
Net cash provided by (used in) investing activities	(43,437)	178,004	(215,356)
Cash flow from financing activities:
Proceeds from issuance of common stock in initial public offering, net of issuance costs	0	0	315,541
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	0	43,492
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	0	26,283
Proceeds from exercise of stock options and common stock warrants	6,009	8,859	2,729
Proceeds from issuance of stock in connection with the Employee Stock Purchase Program	2,341	972	0
Taxes paid related to restricted stock vesting	(5)	(748)	(130)
Repayment of debt	0	0	(9,250)
Net cash provided by financing activities	252,913	152,815	378,665
Net increase in cash, cash equivalents and restricted cash	67,325	196,400	108,819
Cash, cash equivalents, and restricted cash
Beginning of period	350,846	154,446	45,627
End of period	418,171	350,846	154,446
Supplemental disclosures of cash flow information
Cash paid for interest	6,584	11	553
Cash paid for income taxes	94	90	102
Supplemental disclosures of non-cash investing and financing activities
Accretion of redeemable convertible preferred stock to redemption value	0	0	3,355
Purchases of property and equipment included in accounts payable and other accrued and current liabilities	1,922	2,638	4,878
Purchases of capitalized proprietary software development costs included in accounts payable and other accrued and current liabilities	1,647	338	0
Reclassification of deferred offering costs	0	0	5,333
Conversion of convertible preferred stock warrants in connection with IPO	0	0	2,710
Issuance costs associated with issuance of convertible senior notes included in other accrued and current liabilities	0	469	0
Stock-based compensation capitalized to proprietary software development costs	1,444	0	0
Tax withholding liability for restricted stock	3	0	0
2025 Convertible senior notes
Cash flow from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs	0	166,278	0
Purchase of capped calls	0	(22,546)	0
2028 Convertible senior notes
Cash flow from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs	278,234	0	0
Purchase of capped calls	(33,666)	0	0
Redeemable Convertible Preferred Stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of convertible stock in connection with IPO	0	0	198,228
Convertible Preferred Stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of convertible stock in connection with IPO	$ 0	$ 0	$ 169,102

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Organization and Description of Business The RealReal, Inc. (the “Company”) is an online marketplace for authenticated, consigned luxury goods across multiple categories, including women’s, men’s, kids’, jewelry and watches, and home and art. The Company was incorporated in the state of Delaware on March 29, 2011 and is headquartered in San Francisco, California. Impact of the Coronavirus (“COVID-19”) Pandemic In the year ended December 31, 2020, the COVID-19 pandemic materially impacted the Company's business operations and results of operations. Operations in the Company’s authentication centers were initially limited in accordance with shelter-in-place orders resulting in operations below full capacity. In-person concierge consignment appointments were temporarily suspended. Luxury consignment offices and retail stores were temporarily closed. During the second half of the fiscal year 2020, operations capacity was no longer limited by restrictions related to COVID-19 and all luxury consignment offices and retail stores were open. In-person concierge consignment appointments were available as an option for our consignor base and were augmented with virtual appointments. In March 2021, the Company resumed in-person concierge consignment appointments in various areas. The authentication centers and retail stores experience intermittent closures to perform safety and cleaning procedures. The Company also reopened its corporate offices, including our corporate headquarters in San Francisco. The Company believes that its financial resources will allow it to manage the anticipated impact of COVID-19 on the Company’s business operations for the foreseeable future. The Company believes its existing cash and cash equivalents as of December 31, 2021 will be sufficient to meet its working capital and capital expenditures needs for at least the next 12 months. Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and, in the opinion of management, reflect all adjustments necessary to state fairly the Company’s financial position, results of operations, comprehensive loss, redeemable convertible preferred stock, convertible preferred stock, and stockholders’ equity (deficit), and cash flows for the periods presented. The Company’s functional and reporting currency is the U.S. dollar. Certain changes in presentation have been made to conform the prior period presentation to the current period reporting. Such reclassifications did not affect total revenues, operating income, or net income. We have made certain presentation changes to reclassify accretion of unconditional grant liability, and amortization of premiums (discounts) on short-term investments to other adjustments within operating cash flows in the Statements of Cash Flows. We have also made certain presentation changes to reclassify accrued interest on convertible notes from other current and accrued liabilities to a separate line item within operating cash flows in the Statements of Cash Flows. Additionally, we have made certain presentation changes to reclassify legal settlement expenses from Selling, general and administrative to Legal settlement within operating expenses in the Statements of Operations. Initial Public Offering The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on June 27, 2019, and the Company’s common stock began trading on the Nasdaq Global Select Market on June 28, 2019. On July 2, 2019, the Company completed its IPO, selling 15,000,000 shares of common stock at a price to the public of $20.00 per share, plus an additional 2,250,000 shares of common stock at a price to the public of $20.00 per share pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of $315.5 million after deducting underwriting discounts and commissions of $24.1 million and issuance costs of $5.3 million. Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, which authorizes a total of 500,000,000 shares of common stock and 50,000,000 shares of undesignated preferred stock. The Company recorded the conversion of 114,960,357 shares of convertible preferred stock and redeemable convertible preferred stock then outstanding into 58,363,606 shares of common stock to additional paid-in capital. All outstanding preferred stock warrants converted into an aggregate of 103,563 common stock warrants. Reverse Stock Split On June 13, 2019, the Company effected a reverse split of shares of the Company’s common stock on a 1-for-2 basis (the “Reverse Stock Split”). All issued and outstanding shares of common stock, warrants for common stock, options to purchase common stock and the related per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. The par value and authorized shares of common stock were not adjusted as a result of the Reverse Stock Split. Additionally, the authorized, issued and outstanding shares of redeemable convertible preferred stock and convertible preferred stock and their related per share amounts, other than the conversion price per share, were not adjusted as a result of the Reverse Stock Split.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to revenue recognition, including the returns reserve, valuation of inventory, software development costs, stock-based compensation, incremental borrowing rates related to lease liability, fair value of the liability component of convertible senior notes, valuation of deferred taxes, and other contingencies. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Net Loss per Share Attributable to Common Stockholders

The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net loss per common 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 (loss) available or attributable to common 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 Company’s convertible senior notes are participating securities as they give the holders the right to receive dividends if dividends or distributions declared to the common stockholders is equal to or greater than the last reported sale price of the Company’s common stock on the trading day immediately preceding the ex-dividend date for such dividend or distribution as if the instruments had been converted into shares of common stock. No undistributed earnings were allocated to the participating securities as the contingent event is not satisfied as of the reporting date.

For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares and assumed conversion of the convertible senior notes are not assumed to have been issued within the calculation, if their effect is anti-dilutive.

Segments

The Company has one operating segment and one reportable segment as its chief operating decision maker, who is its Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. All long-lived assets are located in the United States and substantially all revenue is attributed to consignors and buyers based in the United States.

Revenue Recognition

The Company generates revenue from the sale of pre-owned luxury goods through its online marketplace and retail stores.

Consignment and Service Revenue

The Company provides a service to sell pre-owned luxury goods on behalf of consignors to buyers through its online marketplace and retail stores. The Company retains a percentage of the proceeds received as payment for its consignment service, which the Company refers to as its take rate. 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 remains with the consignor until transferred to the buyer upon purchase of the consigned goods and expiration of the allotted return period. The Company does not take title of consigned goods at any time except in certain cases where returned goods become Company-owned inventory.

The Company recognizes consignment revenue 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 recognized net of estimated returns, cancellations, buyer incentives and adjustments. The Company recognizes a returns reserve based on historical experience, which is recorded in other accrued and current liabilities on the balance sheets (see Note 5). Sales tax assessed by governmental authorities is excluded from revenue.

Certain transactions provide consignors with a material right resulting from the tiered consignor commission plan. Under this plan, the amount an individual consignor receives for future sales of consigned goods may be dependent on previous consignment sales for that consignor within his/her consignment period. Accordingly, in certain consignment transactions, a small portion of the Company’s consignment revenue is allocated to such material right using the portfolio method and recorded as deferred revenue, which is recorded in other accrued and current liabilities on the balance sheets. The impact of the deferral has not been material to the financial statements.

The Company charges shipping fees to buyers and has elected to treat shipping and handling activities performed after control transfers to the buyer as fulfillment activities. All outbound shipping and handling costs are accounted for as fulfillment costs in cost of consignment and service revenue at the time revenue is recognized.

The Company also generates subscription revenue from monthly memberships allowing buyers early access to shop for luxury goods. The buyers receive the early access and other benefits over the term of the subscription period, which represents a single stand-ready performance obligation. Therefore, the subscription fees paid by the buyer are recognized over the monthly subscription period. Subscription revenue was not material in 2021, 2020, and 2019.

Direct Revenue

The Company generates direct revenue from the sale of Company-owned inventory. The Company recognizes direct revenue on a gross basis upon shipment of the purchased good to the buyer as the Company acts as the principal in the transaction. Direct revenue is recognized net of estimated returns, buyer incentives and adjustments. Sales tax assessed by governmental authorities is excluded from revenue. Cost of direct revenue is also recognized upon shipment to the buyer in an amount equal to that paid to the consignor from the original consignment sale, an amount equal to that paid as a direct purchase from a third party, or the lower of cost of the inventory purchased and its net realizable value.

Incentives

Incentives, which include platform-wide discounts and buyer incentives, may periodically be offered to buyers. Platform-wide discounts are made available to all buyers on the online marketplace. Buyer incentives apply to specific buyers and consist of coupons or promotions that offer credits in connection with purchases on the Company’s platform, and do not impact the commissions paid to consignors. These are treated as a reduction of consignment and service revenue and direct revenue. Additionally, the Company periodically offers commission exceptions to the standard consignment rates to consignors to optimize its supply. These are treated as a reduction of consignment and service revenue at the time of sale. The Company may offer a certain type of buyer incentive in the form of site credits to buyers on current transactions to be applied towards future transactions, which are included in other accrued and current liabilities on the balance sheets.

Contract Liabilities

The Company’s contractual liabilities consist of deferred revenue for material rights primarily related to the tiered consignor commission plan, which are recognized as revenue using a portfolio approach based on the pattern of exercise, and certain unredeemed site credits, which were immaterial as of December 31, 2021 and December 31, 2020. Contract liabilities are recorded in other accrued and current liabilities on the balance sheets and are generally expected to be recognized within one year. Contract liabilities were immaterial as of December 31, 2021 and December 31, 2020.

Cost of Revenue

Cost of consignment and service revenue consist of shipping costs, credit card fees, packaging, customer service personnel-related costs, website hosting services, and consignor inventory adjustments relating to lost or damaged products. Cost of direct revenue consists of the cost of goods sold, credit card fees, packaging, customer service personnel-related costs, website hosting services, and inventory adjustments.

Marketing

Marketing expense is comprised of the cost of acquiring new consignors and buyers for our online platform and physical stores, including the cost of television, digital and direct mail advertising. Marketing expense also includes personnel-related costs, including stock-based compensation, of employees engaged in these activities. Advertising costs are expensed as incurred and were $46.2 million, $45.8 million, and $40.5 million in 2021, 2020, and 2019, respectively.

Operations and Technology

Operations and technology expense is comprised of costs associated with the authentication, merchandising and fulfillment of goods sold through our online marketplace and retail stores, as well as general information technology expense. The principal component of operations and technology expense is personnel-related costs, including stock-based compensation, of employees engaged in these activities. Operations and technology expense also includes allocated facility and overhead costs, costs related to our retail stores, facility supplies and depreciation of hardware and equipment, as well as research and development expense for technology associated with managing and improving our operations. In 2021, 2020, and 2019, the Company capitalized proprietary software developments costs of $12.7 million, $9.0 million, and $9.3 million, respectively. As such, operations and technology expense also includes amortization of capitalized technology development costs, which is taken on straight-line basis over three years once the technology is ready for its intended use.

Selling, General and Administrative

Selling, general and administrative expense is principally comprised of the personnel-related costs for employees involved in sales, finance and administration, and includes stock-based compensation expense. Selling, general and administrative expense also includes allocated facility and overhead costs and professional services, including accounting and legal advisors.

Stock-based Compensation

Stock-based compensation expense related to employees and nonemployees is measured based on the grant-date fair value of the awards. Compensation expense is recognized in the statements of operations over the period during which the employee is required to perform services in exchange for the award (the vesting period of the applicable award) using the straight-line method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and accounts for forfeitures as they occur. The fair value of restricted stock units (“RSUs”) is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s common stock. The fair value of each purchase under the ESPP is estimated at the beginning of the offering period using the Black-Scholes option pricing model.

Prior to the IPO, certain employees have sold their shares of the Company’s common stock to the Company’s existing investors. In such secondary sale transactions, the Company recorded the difference in purchase price and the fair value of such shares as compensation expense within selling, general and administrative in the statements of operations and a corresponding credit to additional paid-in capital.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents primarily consist of investments in short-term money market funds and amounts invested in U.S. treasury securities.

Short-term Investments

The Company has classified and accounted for its short-term investments as available-for-sale which are carried at fair value on its balance sheets. Available-for-sale securities with remaining maturities of 12 months or less are classified as short term and available-for-sale securities with remaining maturities greater than 12 months are classified as long term.

Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. The Company records any unrealized gains and losses within accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). The unrealized gains and losses recorded within accumulated other comprehensive income (loss) have not been material for 2021 and 2020. In accordance with Accounting Standards Update (ASU) 2016-13, the Company replaced the incurred loss approach with an expected loss model and the Company records allowances for available-for-sale debt securities rather than to reduce the carrying amount for other-than-temporary impairment as was followed under the other-than-temporary impairment model prior to January 1, 2020. Realized gains and losses and other-than-temporary impairments on investments are included in Other income (expense), net. As of December 31, 2021 and 2020, the Company had not recorded any impairments due to credit loss.

Accounts Receivable

Accounts receivables are recorded at the amounts billed to buyers and do not bear interest. Accounts receivables result from credit card transactions, the majority of which are settled within two business days.

Inventory, Net

Inventory consists of finished goods arising from goods returned after the title has transferred from the buyer to the Company as well as finished goods from direct purchases from vendors and consignors. The cost of inventory is an amount equal to that paid to the consignor or vendors. Inventory is valued at the lower of cost and net realizable value using the specific identification method and the Company records provisions, as appropriate, to write down obsolete and excess inventory to estimated net realizable value. After the inventory value is reduced, adjustments are not made to increase it from the estimated net realizable value. Our provisions to write down obsolete and excess inventory to net realizable value have not been material for 2021 and 2020.

Return reserves, which reduce revenue and cost of sales, are estimated using historical experience. Liabilities for return allowances are included in other accrued and current liabilities on the balance sheets and were $23.6 million and $18.3 million as of December 31, 2021 and 2020. Included in inventory on the Company’s balance sheets are assets totaling $9.1 million and $7.4 million as of December 31, 2021 and 2020, for the rights to recover products from customers associated with its liabilities for return reserves.

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.

The estimated useful lives of our assets are as follows:


Proprietary software			3 years
Furniture and equipment			3-5 years
Vehicles			5 years
Leasehold improvements			Shorter of lease term or estimated useful life

Software Development Costs

Proprietary software includes the costs of developing the Company’s internal proprietary business platform and automation projects. 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: (1) the preliminary project stage is completed and (2) it is probable that the software will be completed and used for its intended function. Such costs are capitalized in the period incurred. Capitalization ceases and amortization begins 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 carrying amounts of long-lived assets, including property and equipment, net and capitalized proprietary software, are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of

assets to be held and used is measured by comparing the carrying amount of assets to future undiscounted net cash flows the assets are expected to generate over their remaining life.

If the assets are considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired assets. If the useful life is shorter than originally estimated, the Company amortizes the remaining carrying value over the revised shorter useful life.

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the anticipated equity offering, are capitalized and offset against proceeds upon the consummation of the offering. In the event an anticipated offering is abandoned, deferred offering costs will be expensed. In 2021, offering costs of $9.4 million related to the issuance of the 2028 Notes was allocated to the liability and equity components of the 2028 Notes based on the allocation of the proceeds. Of the total offering costs, $3.1 million was recorded as a reduction to additional paid-in capital and $6.3 million was recorded as a reduction in the carrying value of the debt on the balance sheet. In 2020, offering costs of $6.7 million related to the issuance of the 2025 Notes was allocated to the liability and equity components of the 2025 Notes based on the allocation of the proceeds. Of the total offering costs, $0.8 million was recorded as a reduction to additional paid-in capital and $5.9 million was recorded as a reduction in the carrying value of the debt on the balance sheet. In 2019, offering costs of $0.3 million were expensed. As of December 31, 2019, $5.3 million deferred offering costs were offset against the IPO proceeds within stockholders’ equity (deficit) on the balance sheets.

Accretion of Redeemable Convertible Preferred Stock

The carrying value of the redeemable convertible preferred stock that is probable of redemption is accreted to redemption value from the date of issuance to the earliest redemption date using the effective interest method until redemption is no longer probable. Increases to the carrying value of redeemable convertible preferred stock recognized in each period are charged to additional paid-in capital, or in the absence of additional paid-in capital, charged to accumulated deficit.

Leases

Prior to the adoption of ASC 842 on January 1, 2020

Leases were reviewed for classification as operating or capital leases. For operating leases, the Company recognized rent on a straight-line basis over the term of the lease. The Company recorded the difference between cash payments and rent expense recognized as a deferred rent liability included in other accrued and current liabilities and other noncurrent liabilities on the balance sheets. Incentives granted under the Company’s facility leases, including allowances to fund leasehold improvements, were deferred and are recognized as adjustments to rental expense on a straight-line basis over the term of the lease.

The Company changed its method of accounting for leases as of January 1, 2020 due to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842).

Subsequent to the adoption of ASC 842 on January 1, 2020

Contracts that have been determined to convey the right to use an identified asset are evaluated for classification as an operating or finance lease. For the Company’s operating leases, the Company records a lease liability based on the present value of the lease payments at lease inception, using the applicable incremental borrowing rate. The Company estimates the incremental borrowing rate by developing its own synthetic credit rating, corresponding yield curve, and the terms of each lease at the lease commencement date. The corresponding right-of-use asset is recorded based on the corresponding lease liability at lease inception, adjusted for payments made to the lessor at or before the commencement date, initial direct costs incurred and any tenant incentives allowed for under the lease. The Company does not include optional renewal terms or early termination provisions unless the Company is reasonably certain such options would be exercised at the inception of the lease. Operating lease right-of-use assets, current portion of operating lease liabilities, and operating lease liabilities, net of current portion are included on the Company’s balance sheet.

The Company has elected the practical expedients that allows for the combination of lease components and non-lease components and to record short-term leases as lease expense on a straight-line basis on the statements of operations. Variable lease payments are recorded as expense as they are incurred.

The Company has finance leases for vehicles and equipment, and the amounts of finance lease right-of-use assets and finance lease liabilities have been immaterial to date.

Convertible Senior Notes, net

Convertible debt instruments that may be settled in cash or other assets, or partially in cash, upon conversion, are separately accounted for as long-term debt and equity components (or conversion feature). The debt component represents the Company’s contractual obligation to pay principal and interest and the equity component represents the Company’s option to convert the debt security into equity of the Company or the equivalent amount of cash. Upon issuance of the 2025 Notes and the 2028 Notes, the Company allocated the debt components on the basis of the estimated fair value of a similar liability that does not have an associated convertible feature and the remaining proceeds are allocated to the equity component. The bifurcation of the debt and equity components resulted in a debt discount for the aforementioned notes. The Company uses the effective interest method to amortize the debt discount to interest expense over the amortization period which is the expected life of the debt.

Capped Call Transactions

In June 2020 and March 2021, in connection with the issuance of its convertible senior notes, the Company entered into Capped Call Transactions (see Note 7). The Capped Call Transactions are expected generally to reduce the potential dilution to the holders of the Company’s common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on the cap price. The capped calls are classified in stockholders’ equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. The Company presents debt issuance costs on the balance sheet as a direct deduction from the associated debt. A portion of debt issuance costs incurred in connection with the convertible senior notes issued in June 2020 and March 2021 was related to the equity component and was recorded as a reduction to additional paid in capital and is not amortized to interest expense over the estimated life of the related debt.

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 in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in loss in the period of enactment. 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.

Concentrations of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable, and investments. At times, such amount may exceed federally-insured limits. The Company reduces credit risk by placing its cash and cash equivalents, restricted cash, and investments with major financial institutions within the United States.

As of December 31, 2021 and December 31, 2020, there were no customers that represented 10% or more of the Company’s accounts receivable balance and there were no customers that individually exceeded 10% of the Company’s total revenue for each of the years ended December 31, 2021, 2020, and 2019.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes, primarily by removing certain exceptions to ASC 740. The

ASU also simplifies areas such as franchise taxes and interim recognition of enactment of tax laws and rate changes. The standard is effective for fiscal periods beginning after December 15, 2020. We adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on our financial statements.

Recently Issued Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-6, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments. Under this ASU, the embedded conversion features will no longer be separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-6 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU will be effective for annual reporting periods beginning after December 15, 2021 and early adoption is permitted. The Company is adopting this ASU using the modified retrospective method beginning January 1, 2022. While the adoption remains in progress, the Company expects that upon adoption, the Company’s Convertible Senior Notes, as discussed in Note 7, will no longer be bifurcated into an equity and a debt component, but rather accounted for as a single liability. The Company also expects that the adoption will result in a decrease to our accumulated deficit as of January 1, 2022 related to the interest expense from the amortization of the debt discount.

Cash, Cash Equivalents and Short-term Investments

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-term Investments

Cash, Cash Equivalents and Short-term Investments

The following tables summarize the estimated value of the Company’s cash, cash equivalents and short-term investments (in thousands):


	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash and cash equivalents:
Cash	$	278,769	$	—	$	—	$	278,769
Money market funds	139,402		—		—		139,402
Total cash and cash equivalents	$	418,171	$	—	$	—	$	418,171


	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash and cash equivalents:
Cash	$	150,520	$	—	$	—	$	150,520
Money market funds	200,326		—		—		200,326
Total cash and cash equivalents	$	350,846	$	—	$	—	$	350,846
Short-term investments:
Corporate bonds	$	4,006	$	11	$	—	$	4,017
Total short-term investments	$	4,006	$	11	$	—	$	4,017

As of December 31, 2020, the contractual maturity for the short-term investments is less than one year. For the years ended December 31, 2021, 2020, and 2019 the Company recognized no material realized gains or losses on short-term investments.

Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value MeasurementAssets and liabilities recorded at fair value on a recurring basis on the 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 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.

There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the periods presented.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of December 31, 2021, the Company’s cash equivalents solely consisted of money market funds, which amounted to $139.4 million. Money market funds are measured at net asset value per share and are excluded from cash equivalents in the fair value hierarchy table.

The following table provides the financial instruments measured at fair value (in thousands) as of December 31, 2020:


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets (1)
Short-term investments:
Corporate bonds	$	—	$	4,017	$	—	$	4,017
Total short-term investments	$	—	$	4,017	$	—	$	4,017

(1)Money market funds are measured at net asset value per share and are excluded from cash equivalents in the fair value hierarchy table. The amounts of the money market funds (in thousands) was $200,326 as of December 31, 2020.

Fair Value Measurements of Other Financial Instruments

The following table presents the carrying amounts and estimated fair values of the financial instruments that are not recorded at fair value on the balance sheets (in millions):


	December 31, 2021
	Net Carrying Amount		Estimated Fair Value
2025 Convertible senior notes	$	153.9	$	185.5
2028 Convertible senior notes	$	194.5	$	288.7

The principal amounts of the 2025 Notes and the 2028 Notes are $172.5 million and $287.5 million, respectively. The difference between the principal amounts of the convertible senior notes and their respective net carrying amounts are the unamortized debt issuance costs and the unamortized debt discount (See Note 7).

As of December 31, 2021, the fair value of the 2025 Notes and 2028 Notes, which differs from its carrying value is determined by prices for the Notes observed in market trading. The market for trading of the 2025 Notes and 2028 Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs, such as interest rates based on the market price on the last trading day for the period.

- 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

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Property and equipment, net consists of the following (in thousands):


	December 31, 2021		December 31, 2020
Proprietary software	$	31,799	$	24,218
Furniture and equipment	40,176		27,687
Automobiles	1,505		668
Leasehold improvements	66,154		52,828
Property and equipment, gross	139,634		105,401
Less: accumulated depreciation and amortization	(50,348)		(41,947)
Property and equipment, net	$	89,286	$	63,454

Depreciation and amortization expense on property and equipment was $23.5 million, $18.8 million, and $13.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Property and equipment taken out of service as part of the closure of the Brisbane authentication center during the year ended December 31, 2021 was $8.7 million and a related $0.3 million of loss on disposal of property and equipment was recorded within the 'Operations and Technology' line of the Statements of Operations during the year ended December 31, 2021. The company also recorded $0.2 million of loss on impairment of capitalized propriety software within the 'Operations and Technology' line of the Statements of Operations during the year ended December 31, 2021. During the year ended December 31, 2020, fully depreciated proprietary software in the amount of $7.9 million was taken out of service.

Other Accrued and Current Liabilities

Other accrued and current liabilities consist of the following (in thousands):


	December 31, 2021		December 31, 2020
Returns reserve	$	23,577	$	18,327
Accrued compensation	14,258		13,406
Accrued legal	14,417		2,537
Accrued sales tax and other taxes	8,935		6,870
Site credit liability	8,738		5,475
Accrued marketing and outside services	7,897		8,253
Accrued interest	1,166		216
Deferred revenue	3,387		1,617
Accrued inventory	3,513		470
Other	8,300		4,691
Other accrued and current liabilities	$	94,188	$	61,862

Debt	12 Months Ended
Debt	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Term Loans In 2013, the Company entered into an agreement to obtain a term loan facility (“Term Loan Facility”) in the amount of $5.0 million for general corporate purposes and working capital expenditures. In 2014, 2015 and 2016, the Company amended its Term Loan Facility to increase the amount borrowed under the facility by $11.6 million. The Term Loan Facility is secured by liens on substantially all of the Company’s present and future assets. The Term Loan Facility includes affirmative, negative and financial covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, make investments, sell or otherwise dispose of assets, pay dividends or repurchase stock. The Term Loan Facility’s financial covenants required the Company to achieve at least 80% of its forecasted gross revenue and a liquidity ratio on a monthly basis. In 2017, the Company executed the eighth amendment (“Eight Amendment”) to the Term Loan Facility. The Eighth Amendment refinanced the $15.0 million repayment schedule to be two term loans, which included a $7.5 million interest only term loan with a maturity date of January 31, 2019 (“Term Loan I”), and the remaining $7.5 million under the existing Term Loan Facility with a maturity date of January 1, 2020 (“Term Loan II”) (together the “Term Loans”). In 2018, the Company entered into the ninth, tenth, eleventh, and twelfth amendment (“Ninth Amendment,” “Tenth Amendment,” “Eleventh Amendment” and “Twelfth Amendment”) to the existing Term Loans. The Ninth Amendment removed the liquidity ratio covenant, amended Term Loan I to be due in 30 equal monthly installments, plus all accrued interest, beginning July 31, 2018, increased the variable annual interest rate from 0.10% above the prime rate to 0.35% above the prime rate and extended the maturity date of Term Loan I to January 31, 2021. The Eighth Amendment and Ninth Amendment required the Company to pay a combined success fee of $0.3 million upon (1) any sale or licensing of all or substantially all of the Company’s assets, (2) any change in control of the Company, or (3) an initial public offering of the Company’s equity securities. The Ninth Amendment also required the Company to pay an additional success fee of $0.1 million upon the sale or issuance of the Company’s equity securities or subordinated debt securities for net cash proceeds of at least $50.0 million on or prior to June 30, 2018. The Company paid the $0.1 million success fee upon the Series G convertible preferred stock financing in June 2018 and the $0.3 million success fee related to its IPO in July 2019. The Tenth and Twelfth Amendments adjusted and waived certain covenant violations which were subsequently amended and met. The Eleventh Amendment provided an additional letter of credit of $1.5 million for corporate credit cards with a maturity date of August 1, 2019. On July 26, 2019 the Company fully repaid the principal of its Term Loans in the amount of $6.5 million. With the repayment of the term loans, the Company was no longer subject to debt covenants as of December 31, 2020. During the years ended December 31, 2021, 2020 and 2019, the Company recorded interest expense related to the Term Loans of zero, zero, and $0.3 million, respectively. Revolving Credit Agreement In April 2021, the Company entered into a loan and security agreement ("Revolving Credit Agreement") with a lender, to provide a revolving line of credit of up to $50 million. Advances on the line of credit bear interest payable monthly at a variable annual rate equal to the greater of the prime rate plus 0.50% or 4.25%. The credit facility expires in April 2023. The Revolving Credit Agreement contains affirmative, negative and financial covenants, including covenants that require maintaining minimum cash and investment balances over specified periods of time and covenants that restrict, among other things, the Company’s ability to change its name, business, management, ownership or business locations, enter into mergers or acquisitions or incur additional indebtedness. As of December 31, 2021, the Company was in compliance with all covenants. As of December 31, 2021, $0 had been drawn on the Revolving Credit Agreement.

- 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

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+ Details

Convertible Senior Notes, Net

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Convertible Senior Notes, Net

2025 Convertible Senior Notes

In June 2020, the Company issued an aggregate principal of $172.5 million of its 3.00% Convertible Senior Notes due 2025 (the “2025 Notes”), pursuant to an indenture between the Company and U.S. Bank National Association, as trustee, in a private offering (the “Note Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes issued in the Note Offering include $22.5 million in aggregate principal amount of the 2025 Notes sold to the initial purchasers resulting from the exercise in full of their option to purchase additional Notes. The 2025 Notes will mature on June 15, 2025, unless earlier redeemed or repurchased by the Company or converted.

The Company received net proceeds from the 2025 Notes offering of approximately $165.8 million, after deducting the initial purchasers’ discount and commission and offering expenses. The Company used approximately $22.5 million of the net proceeds from the 2025 Notes offering to fund the net cost of entering into the capped call transactions described below. The Company intends to use the remainder of the net proceeds for general corporate purposes.

The 2025 Notes accrue interest at a rate of 3.00% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. The initial conversion rate applicable to the 2025 Notes is 56.2635 shares of common stock per $1,000 principal amount of 2025 Notes (which is equivalent to an initial conversion price of approximately $17.77 per share of the Company’s common stock). The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a corporate event, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its 2025 Notes in connection with such corporate event.

The 2025 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 20, 2023 if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. In addition, calling any Note for redemption will constitute a make-whole fundamental change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

Prior to March 15, 2025, the 2025 Notes will be convertible only under the following circumstances:

•During any calendar quarter (and only during such calendar quarter) beginning after September 30, 2020, if, the last reported sale price per share of the Company’s common stock exceeds 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter.

•During the five business day period after any five consecutive trading day period in which, for each day of that period, the trading price per $1,000 principal amount of Notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on such trading day;

•Upon the occurrence of specified corporate transactions; or

•If the Company calls any notes for redemption.

On and after March 15, 2025, until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2025 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the 2025 Notes will be settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. It is the Company’s current intent to settle conversions of the 2025 Notes through combination settlement, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. The conditions allowing holders of the 2025 Notes to convert were not met as of December 31, 2021.

The 2025 Notes are unsecured and unsubordinated obligations of the Company and will rank senior in right of payment to any of future indebtedness of the Company that is expressly subordinated in right of payment to the 2025 Notes; rank equal in right of payment to any existing and future unsecured indebtedness of the Company that is not so subordinated; be effectively subordinated in right of payment to any secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness; and be structurally subordinated to all existing and future indebtedness and other liabilities and obligations incurred by future subsidiaries of the Company.

events of default, the trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of notes then outstanding, by notice to us and the trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the 2025 Notes then outstanding to become due and payable immediately.

In accounting for the issuance of the 2025 Notes, the Company separately accounted for the liability and equity components of the 2025 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to Company’s ability to settle the 2025 Notes in cash, its common stock, or a combination of cash and common stock at Company’s option. The allocation was done by first estimating the fair value of the liability component and the residual value was assigned to the equity component. The value of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected the Company’s non-convertible debt borrowing rate for similar debt. The interest rate of 5.67% was used to compute the initial fair value of the liability component of $152.7 million. The equity component is not remeasured as long as it continues to meet the conditions for equity classification.

The net carrying amount of the liability component of the 2025 Notes was as follows (in thousands):


	December 31, 2021		December 31, 2020
Principal	$	172,500	$	172,500
Unamortized debt discount	(14,350)		(17,945)
Unamortized debt issuance costs	(4,286)		(5,367)
Net carrying amount	$	153,864	$	149,188

The net carrying amount of the equity component of the 2025 Notes was as follows (in thousands):


	December 31, 2021
Proceeds allocated to the conversion options (debt discount)	$	19,787
Issuance costs	(767)
Net carrying amount	$	19,020

In connection with the issuance of the 2025 Notes, the Company incurred approximately $6.7 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. The Company allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $0.8 million was recorded as a reduction to additional paid-in capital. The portion of these costs allocated to the liability component totaling approximately $5.9 million was recorded as a reduction in the carrying value of the debt on the balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2025 Notes or approximately its five-year term. The effective interest rate on the liability component of the 2025 Notes for the period from the date of issuance through December 31, 2021 was 6.4%.

The following table sets forth the amounts recorded in interest expense related to the 2025 Notes (in thousands):


	Year Ended December 31,
	2021		2020
Contractual interest expense	$	5,175	$	2,803
Amortization of debt discount	3,594		1,843
Amortization of debt issuance costs	1,082		556
Total interest and amortization expense	$	9,851	$	5,202

Future minimum payments under the 2025 Notes as of December 31, 2021, are as follows (in thousands):


Fiscal Year	Amount
2022	$	5,175
2023	5,175
2024	5,175
2025	175,088
Total future payments	190,613
Less amounts representing interest	(18,113)
Total principal amount	$	172,500

2028 Convertible Senior Notes

In March 2021, the Company issued an aggregate principal of $287.5 million of its 1.00% Convertible Senior Notes due 2028, pursuant to an indenture between the Company and U.S. Bank National Association, as trustee, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2028 Notes issued in the Note Offering include $37.5 million in aggregate principal amount of the 2028 Notes sold to the initial purchasers resulting from the exercise in full of their option to purchase additional Notes. The 2028 Notes will mature on March 1, 2028, unless earlier redeemed or repurchased by the Company or converted.

The Company received net proceeds from the 2028 Notes offering of approximately $278.1 million, after deducting the initial purchasers’ discount and commission and offering expenses. The Company used approximately $33.7 million of the net proceeds from the 2028 Notes offering to fund the net cost of entering into the capped call transactions described below. The Company intends to use the remainder of the net proceeds for general corporate purposes.

The 2028 Notes accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. The initial conversion rate applicable to the 2028 Notes is 31.4465 shares of common stock per $1,000 principal amount of 2028 Notes (which is equivalent to an initial conversion price of approximately $31.80 per share of the Company’s common stock). The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a corporate event, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its 2028 Notes in connection with such corporate event.

The 2028 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after March 5, 2025 if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. In addition, calling any Note for redemption will constitute a make-whole fundamental change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

Prior to December 1, 2027, the 2028 Notes will be convertible only under the following circumstances:

•During any calendar quarter (and only during such calendar quarter) beginning after June 30, 2021, if, the last reported sale price per share of the Company’s common stock exceeds 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter;

product of the last reported sale price of the Company’s common stock and the applicable conversion rate on such trading day;

•Upon the occurrence of specified corporate transactions; or

•If the Company calls any notes for redemption.

On and after December 1, 2027, until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2028 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the 2028 Notes will be settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. It is the Company’s current intent to settle conversions of the 2028 Notes through combination settlement, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. The conditions allowing holders of the 2028 Notes to convert were not met as of December 31, 2021.

The 2028 Notes are unsecured and unsubordinated obligations of the Company and will rank senior in right of payment to any of future indebtedness of the Company that is expressly subordinated in right of payment to the 2028 Notes; rank equal in right of payment to any existing and future unsecured indebtedness of the Company that is not so subordinated; be effectively subordinated in right of payment to any secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness; and be structurally subordinated to all existing and future indebtedness and other liabilities and obligations incurred by future subsidiaries of the Company.

If bankruptcy, insolvency, or reorganization occurs with respect to the Company (and not solely with respect to a significant subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the 2028 Notes then outstanding will immediately become due and payable without any further action or notice by any person. If an event of default (other than bankruptcy, insolvency, or reorganization with respect to the Company and not solely with respect to a significant subsidiary of the Company) occurs and is continuing, then, with the exception of certain reporting events of default, the trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of notes then outstanding, by notice to us and the trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the 2028 Notes then outstanding to become due and payable immediately.

In accounting for the issuance of the 2028 Notes, the Company separately accounted for the liability and equity components of the 2028 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to Company’s ability to settle the 2028 Notes in cash, its common stock, or a combination of cash and common stock at Company’s option. The allocation was done by first estimating the fair value of the liability component and the residual value was assigned to the equity component. The value of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected the Company’s non-convertible debt borrowing rate for similar debt. The interest rate of 7.18% was used to compute the initial fair value of the liability component of $191.3 million, with a corresponding amount recorded as a discount on the initial issuance of the 2028 Notes of approximately $96.2 million. The equity component is not remeasured as long as it continues to meet the conditions for equity classification.

The net carrying amount of the liability component of the 2028 Notes was as follows (in thousands):


	December 31, 2021
Principal	$	287,500
Unamortized debt discount	(87,403)
Unamortized debt issuance costs	(5,581)
Net carrying amount	$	194,516

The net carrying amount of the equity component of the 2028 Notes was as follows (in thousands):


	December 31, 2021
Proceeds allocated to the conversion options (debt discount)	$	96,162
Issuance costs	(3,131)
Net carrying amount	$	93,031

In connection with the issuance of the 2028 Notes, the Company incurred approximately $9.4 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. The Company allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $3.1 million was recorded as a reduction to additional paid-in capital. The portion of these costs allocated to the liability component totaling approximately $6.3 million was recorded as a reduction in the carrying value of the debt on the condensed balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2028 Notes or approximately its seven-year term. The effective interest rate on the liability component of the 2028 Notes for the period from the date of issuance through December 31, 2021 was 7.5%.

The following table sets forth the amounts recorded in interest expense related to the 2028 Notes (in thousands):


	Year Ended December 31, 2021
Contractual interest expense	$	2,332
Amortization of debt discount	8,759
Amortization of debt issuance costs	554
Total interest and amortization expense	$	11,645

Future minimum payments under the 2028 Notes as of December 31, 2021, are as follows (in thousands):


Fiscal Year	Amount
2022	$	2,875
2023	2,875
2024	2,875
2025	2,875
2026	2,875
2027	2,875
2028	288,937
Total future payments	306,187
Less amounts representing interest	(18,687)
Total principal amount	$	287,500

Capped Call Transactions with Respect to the 2025 Notes and 2028 Notes

In connection with the issuance of the 2025 Notes and 2028 Notes, including the initial purchasers’ exercise of the option to purchase additional Notes, the Company entered into capped call transactions with respect to its common stock with certain financial institutions (collectively, the “Counterparties”). The Company paid an aggregate amount of approximately $22.5 million to the Counterparties in connection with the 2025 capped call transactions (the "2025 Capped Calls") and $33.7 million to the Counterparties in connection with the 2028 capped call transactions and (the "2028 Capped Calls" and, together with the 2025 Capped Calls, the "Capped Calls"). The 2025 Capped Calls and 2028 Capped Calls cover approximately 9,705,454 and 9,040,869 shares of the Company’s common stock at a strike price that corresponds to the initial conversion price of the 2025 Notes and the 2028 Notes, respectively. The 2025 Capped Calls and the 2028 Capped Calls are subject to anti-dilution adjustments that are intended to be substantially identical to those in the 2025 Notes and the 2028 Notes, as applicable, and are exercisable upon conversion of the 2025 Notes or the 2028 Notes, as applicable. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offer and announcement events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. The 2025 Capped Calls settle in components commencing on April 16, 2025 with the last component scheduled to expire

on June 12, 2025. The 2028 Capped Calls settle in components commencing on December 31, 2027 with the last component scheduled to expire on February 28, 2028.

The cap price of the 2025 Capped Call is initially $27.88 per share, which represents a premium of 100.0% over the closing price of the Company’s common stock of $13.94 per share on June 10, 2020, and is subject to certain adjustments under the terms of the capped call transactions. The cap price of the 2028 Capped Call is initially $48.00 per share, which represents a premium of 100.0% over the closing price of the Company’s common stock of $24.00 per share on March 3, 2021, and is subject to certain adjustments under the terms of the Capped Calls. The Company expects to receive from the Counterparties a number of shares of the Company’s common stock or, at the Company’s election (subject to certain conditions), cash, with an aggregate market value (or, in the case of cash settlement, in an amount) approximately equal to the product of such excess times the number of shares of the Company’s common stock relating to the Capped Calls being exercised.

These capped call instruments meet the conditions outlined in ASC 815-40 to be classified in stockholders’ equity, are not accounted for as derivatives, and are not subsequently remeasured as long as the conditions for equity classification continue to be met. The Company recorded a reduction to additional paid-in capital of approximately $22.5 million and $33.7 million related to the premium payments for the 2025 Capped Calls and the 2028 Capped Calls, respectively.

Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock [Abstract]

Common Stock

The Company had reserved shares of common stock for issuance, on an as-converted basis, as follows:


	December 31, 2021	December 31, 2020
Options issued and outstanding	4,131,501	5,809,376
Outstanding restricted stock units	8,182,649	5,103,727
Shares available for grant under the 2019 equity incentive plan	6,709,676	7,104,498
Shares available for issuance under 2019 ESPP	3,210,985	2,517,258
Total	22,234,811	20,534,859

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation Plans

2011 Equity Incentive Plan

In 2011, the Company adopted the Equity Incentive Plan (2011 Plan) authorizing the granting of incentive stock options (ISOs) and non-statutory stock options (NSOs) to eligible participants for up to 12,987,255 shares of common stock. Under the 2011 Plan, incentive stock options and non-statutory stock options are to be granted at an exercise price that is no less than 100% of the fair value of the stock at the date of grant. Options generally vest over four years and are exercisable for up to 10 years after the date of grant. Incentive stock options granted to stockholders who own more than 10% of the outstanding stock of the Company at the time of grant must be issued at an exercise price no less than 110% of the fair value of the stock on the date of grant. The 2011 Plan has been replaced by the Company’s 2019 Plan as defined below with respect to future equity awards.

2019 Equity Incentive Plan

In connection with the Company’s initial public offering, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan allows the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to participants. Subject to the terms and conditions of the 2019 Plan, the initial number of shares authorized for grants under the 2019 Plan is 8,000,000. These available shares increase annually by an amount equal to the lesser of 8,000,000 shares, 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31, or the number of shares determined by the Company’s board of directors. On August 4, 2020, the Company’s board of directors approved an increase of shares available for grant under the 2019 Plan by 4,293,616 shares. On May 5, 2021, the Company’s board of directors approved an increase of shares available for grant under the 2019 Plan by 4,465,083 shares.

Activity under the Company’s stock option plan is set forth below:


	Number of Options	Weighted- Average Exercise Price Per Share	Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2020	5,809,376	5.64	5.9	$	82,717
Options granted	—	—
Options exercised	(1,221,365)	4.93
Options cancelled	(456,510)	11.49
Balances at December 31, 2021	4,131,501	5.19	4.3	30,382
Options vested and exercisable— December 31, 2021	3,627,255	4.19	3.9	29,182

There were no stock options granted in 2021 and in 2020. The weighted average grant date fair value of options granted during the year ended December 31, 2019 was $8.60 per share. The aggregate intrinsic value of options exercised for the years ended December 31, 2021, 2020, and 2019 was $20.5 million, $32.2 million, and $16.2 million, respectively. The aggregate intrinsic value of options exercised is the difference between the fair value of the underlying common stock on the date of exercise and the exercise price for in-the-money stock options.

RSUs

A summary of RSU activity for the year ended December 31, 2021 is as follows:


	Number of Shares	Restricted Stock Units Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2020	5,103,727	$	13.40	$	99,640
Granted	7,928,232	18.69
Vested	(2,238,553)	17.03
Forfeited	(2,610,757)	16.88
Unvested December 31, 2021	8,182,649	$	16.42	$	94,972

The total fair value of RSUs vested during the year ended December 31, 2021 was $38.1 million.

2019 Employee Stock Purchase Plan

In connection with the Company’s initial public offering, the Company adopted the Employee Stock Purchase Plan (ESPP). The Employee Stock Purchase Plan permits employees to purchase shares of common stock during six-month offering periods at a purchase price equal to the lesser of (1) 85% of the fair market value of a share of common stock on the first business day of such offering period and (2) 85% of the fair market value of a share of common stock on the last business day of such offering period. The initial number of shares of common stock that could be issued under the employee stock purchase plan was 1,750,000 shares. These available shares increase by an amount equal to the lesser of 1,750,000 shares, 1% of the number of shares of common stock outstanding on the immediately preceding December 31, or the number of shares determined by the Company’s board of directors. On August 4, 2020, the Company’s board of directors approved an increase in the shares available for grant under the ESPP by 858,723 shares. On May 5, 2021, the Company's board of directors approved an increase in the shares available for grant under the ESPP by 893,016 shares.

During the years ended December 31, 2021 and 2020, employees purchased 199,289 and 91,465 shares, respectively, at an average price of $11.74 and $10.63, respectively. There were no shares purchased by employees during the year ended December 31, 2019. The intrinsic value of shares purchased during the years December 31, 2021 and 2020 was $0.7 million and $0.2 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.

As of December 31, 2021, the Company had approximately $0.4 million of unrecognized stock-based compensation cost related to purchase rights under the employee stock purchase plan, which the Company expects to recognize over a weighted average period of 0.4 years.

Stock-based Compensation

In determining the fair value of the stock-based awards, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.

Fair Value of Common Stock— 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. Subsequent to our IPO, the fair value per share of common stock is the closing price of the Company’s common stock as reported on the applicable grant date.

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 was privately held and did not have an active trading market for its common stock for a sufficient period of time, 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.

The following assumptions were used to estimate the fair value of stock options granted in 2019, as there were no stock options granted in 2021 and 2020:


			Year Ended December 31, 2019
Expected term (in years)			5.0 – 6.1
Expected volatility			44.2% – 47.8%
Average risk-free rate			1.9% – 2.6%
Dividend yield			—

As of December 31, 2021, total unrecognized stock-based compensation expense related to options was $3.6 million. These costs are expected to be recognized over a weighted average period of 1.2 years as of December 31, 2021.

As of December 31, 2021, the Company had approximately $120.2 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over the remaining weighted-average vesting period of approximately 2.9 years.

Total stock-based compensation expense, excluding compensation expense related to stock sales by current and former employees, by function was as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Marketing	$	2,557	$	1,755	$	392
Operations and technology	21,395		10,241		3,148
Selling, general and administrative	24,850		12,326		4,171
Total	$	48,802	$	24,322	$	7,711

The amounts presented in the above table exclude compensation expense related to the stock sales by current and former employees. In March 2019, executives of the Company sold an aggregate of 382,477 shares of the Company’s common stock at a price of $12.72 per share for an aggregate amount of $4.9 million to certain of the Company’s existing

investors. The Company determined that the purchase price was in excess of the fair value of such shares. As a result, during the year ended December 31, 2019, the Company recorded the excess of the purchase price above fair value of $0.8 million as compensation expense within selling, general and administrative in the statement of operations and a corresponding credit to additional paid-in capital.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Company leases its corporate offices, retail spaces and authentication centers under various noncancelable operating leases with terms ranging from one year to fifteen years.

The Company recorded operating lease costs of $29.7 million and $24.7 million for the years ended December 31, 2021 and 2020, respectively. The Company incurred $5.3 million and $3.9 million of variable lease costs for the years ended December 31, 2021 and 2020, respectively, which is comprised primarily of the Company’s proportionate share of operating expenses, property taxes and insurance. Rent expense under ASC 840 was $18.1 million for the year ended December 31, 2019.

Maturities of operating lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


Fiscal Year	Amount
2022	27,436
2023	28,268
2024	27,998
2025	28,648
2026	28,201
Thereafter	58,806
Total future minimum payments	$	199,357
Less: Imputed interest	(37,946)
Present value of operating lease liabilities	$	161,411

Supplemental cash flow information related to the Company’s operating leases are as follows (in thousands):


	Year Ended December 31, 2021		Year Ended December 31, 2020
Operating cash flows used for operating leases	$	25,386	$	21,381
Operating lease assets obtained in exchange for operating lease liabilities	$	46,614	$	23,853

The weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:


	As of December 31, 2021		As of December 31, 2020
Weighted average remaining lease term	7.1 years		7.3 years
Weighted average discount rate	6.2	%	6.6	%

The Company has leases for certain vehicles and equipment that are classified as finance leases. The finance lease right-of-use asset and finance lease liabilities for these vehicle and equipment leases are not material as of December 31, 2021 and 2020.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Noncancelable Purchase Commitments

As of December 31, 2021, the future minimum payments under the Company’s noncancelable purchase commitments were as follows (in thousands):


Year Ending December 31,	Purchase Commitments
2022	$	7,431
2023	4,423
2024	1,139
2025	—
2026	—
Total future minimum payments	$	12,993

Other Commitments

In January 2018, the Company and the University of Arizona Foundation entered into an endowment agreement (the “Endowment Agreement”) to establish a fund (the “Fund”) to create and grow a gemology degree program in the Department of Geosciences at the University of Arizona (the “University”). The Company agreed to donate a total of $2.0 million, payable in four annual installments of $0.5 million starting in January 2018.

There are no conditions that the University must meet to receive the funds nor any penalties to the University for nonperformance. The Endowment Agreement directs the use of the funds but contains no binding restrictions on the use of the funds. On the execution of the Endowment Agreement, the Company recognized $1.7 million expense for the estimated fair value of the grant, using a discount rate of 10%, to selling, general and administrative expenses in the statements of operations. The Company recognized a corresponding liability for the remaining installment payments and will recognize accretion of the liability as interest expense over the remaining term of the Endowment Agreement.

Interest expense related to the accretion of the grant liability was not material in the years ended December 31, 2021, 2020, and 2019. As of December 31, 2021, there was no outstanding liability, as the final annual installment of $0.5 million was made during the year ended December 31, 2021. As of December 31, 2020, the outstanding liability was $0.5 million, which is included in other accrued and current liabilities on the balance sheets.

Contingencies

From time to time, the Company is subject to, and it is presently involved in, litigation and other legal proceedings and from time to time, the Company receives inquiries from government agencies. Accounting for contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company discloses material contingencies when a loss is not probable but reasonably possible.

On November 14, 2018, Chanel, Inc. sued the Company in the U.S. District Court for the Southern District of New York. The Complaint alleged federal and state law claims of trademark infringement, unfair competition, and false advertising. On February 1, 2019, Chanel, Inc. filed its First Amended Complaint that included substantially similar claims against the Company. On March 4, 2019, the Company filed a Motion to Dismiss the First Amended Complaint, which was granted in part and dismissed in part on March 30, 2020. The surviving claims against the Company include trademark infringement under 15 U.S.C. § 1114, false advertising under 15 U.S.C. § 1125, and unfair competition under New York common law. On May 29, 2020, the Company filed its Answer to the Amended Complaint. On October 30, 2020, the Company sought leave to amend its Answer to assert counterclaims against Chanel, Inc. for violations of the Sherman Act, 15 U.S.C. §§ 1 & 2, the Donnelly Act, N.Y. Gen. Bus. Law. § 340, and New York common law. The motion for leave to amend was granted on February 24, 2021. Chanel, Inc. moved to dismiss the Company’s counterclaims; the motion to dismiss remains pending. The parties agreed to a stay in April 2021 to engage in settlement discussions. After several mediation sessions, the parties were unable to reach a resolution, and the stay was lifted in November 2021. The Court entered an Amended Scheduling Order on December 20, 2021. Under the Amended Scheduling Order, all fact discovery is to be completed by August 1, 2022 and all discovery is to be completed by November 14, 2022. Fact discovery is underway, and the parties are actively working to resolve several ongoing discovery disputes. This litigation is in its early stages and the final outcome, including the Company’s liability, if any, with respect to Chanel’s claims, is uncertain.

Chanel could in the future assert additional trademark and advertising or other claims against the Company in this or other proceedings. An unfavorable outcome in this or similar litigation could adversely affect the Company’s business and could lead to other similar lawsuits. The Company is not able to predict or reasonably estimate the ultimate outcome or possible losses relating to this claim.

On September 10, 2019, a purported shareholder class action complaint was filed against the Company, its officers and directors and the underwriters of its IPO in the Superior Court of the State of California in the County of San Mateo. Three additional purported class actions, also alleging claims arising from the IPO were subsequently filed in Marin County and San Francisco County Superior Courts. The San Mateo case was voluntarily dismissed, refiled in Marin County Superior Court and consolidated with the cases there. On January 10, 2020, the Marin County plaintiffs filed a consolidated amended complaint. The plaintiffs in the San Francisco Superior Court case have filed a request for dismissal. Separately an additional purported class action was filed in the United States District Court for the Northern District of California on November 25, 2019. On February 12, 2020, a lead plaintiff was appointed in the federal action and an Amended Consolidated Complaint was filed on March 31, 2020. Defendants filed a demurrer and motion to strike in the state court action on March 13, 2020 and filed a motion to stay the proceedings in favor of the federal action on May 1, 2020. On August 4, 2020, the court granted defendants’ motion to stay the state court action and deferred ruling on the demurrer and motion to strike pending the outcome of the federal court action. A motion to dismiss the federal court action was filed on May 15, 2020. On March 31, 2021, the court entered an order on the motion to dismiss, dismissing the Securities Exchange Act of 1934 (the “Exchange Act”) claims and some of the claims alleged under the Securities Act of 1933 (the “Securities Act”). The court provided plaintiffs with an opportunity to amend the complaint and, on April 30, 2021, plaintiffs filed a Second Amended Complaint in federal court. The state court complaint, and the Second Amended Complaint in federal court each allege claims under the Securities Act of 1933 on behalf of a purported class of shareholders who acquired the Company’s stock pursuant to or traceable to the registration statement for the Company’s IPO. The federal complaint also alleges claims under the Exchange Act on behalf of a purported class of shareholders who purchased the Company’s stock from June 27, 2019 through November 20, 2019. The complaints seek, among other things, damages and interest, rescission, and attorneys’ fees and costs. On July 27, 2021, the Company reached an agreement in principle to settle this shareholder class action. On November 5, 2021, plaintiff filed the executed stipulation of settlement and motion for preliminary approval of the settlement with the federal court. The stipulation of settlement is subject to preliminary and final approval by the court. The financial terms of the stipulation of settlement provide that the Company will pay $11.0 million within thirty (30) days of the later of preliminary approval of the settlement or plaintiff’s counsel providing payment instructions. In connection with the settlement, the Company recorded approximately $11.0 million during the year ended December 31, 2021 under our Operating expenses as a Legal settlement. The Company intends to pay for the settlement with available resources.

On September 10, 2020 and December 7, 2020, purported shareholders filed putative derivative actions in the United States District Court for the District of Delaware. The derivative complaints allege factual allegations largely tracking the above referenced purported shareholder class actions. The two derivative cases have been consolidated. On September 13, 2021, the parties reached a settlement in principle of the derivative case. The settlement in principle provides for certain corporate governance reforms in exchange for a release and dismissal of the lawsuit. On October 21, 2021, the parties reached agreement to pay up to $0.5 million in attorneys’ fees and costs to plaintiffs’ counsel in the derivative case. On November 5, 2021, the parties entered into a stipulation of settlement, and on February 11, 2022, the court entered an order and final judgment approving the settlement. In connection with the derivative settlement, the Company recorded approximately $0.5 million for the year ended December 31, 2021 under our Operating expenses as a Legal settlement. The stipulation of settlement was preliminarily approved on December 8, 2021, and the $0.5 million was paid within thirty (30) days of the preliminary approval, or on January 7, 2022, with available resources.

Indemnifications

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties and other liabilities relating to or arising from the Company's various services, or its acts or omissions. The Company has not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in its financial statements.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company’s income tax provision consisted of (in thousands):


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	—	—		—
State	56		101		199
Total current tax expense	56		101		199
Deferred:			—		—
Federal	—		—		—
State	—		—		—
Total deferred tax expense	—		—		—
Total provision for income taxes	$	56	$	101	$	199

The reconciliation of the Federal statutory income tax provision for the Company’s effective income tax provision (in thousands):


	Year Ended December 31,
	2021		2020		2019
Tax at federal statutory rate	$	(49,480)	$	(36,559)	$	(20,272)
State taxes, net of federal effect	(13,704)		(10,315)		(5,170)
Stock-based compensation	(2,698)		(6,261)		750
Non-deductible items	3,661		402		679
Convertible Notes	16,782		—		—
Valuation allowance	42,327		52,834		24,212
Other	3,168		—		—
Provision for income taxes	$	56	$	101	$	199

The Company’s deferred tax assets and liabilities (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	178,558	$	129,333
Fixed assets and intangibles	2,915		3,794
Accruals and reserves	8,202		6,008
Stock options	5,007		3,147
Operating lease liabilities	43,345		35,267
Capped calls	15,095		—
Gross deferred tax assets	253,122		177,549
Less: valuation allowance	(185,541)		(143,214)
Total deferred tax assets	67,581		34,335
Deferred tax liabilities:
Operating lease right-of-use assets	(39,021)		(32,028)
Convertible debt	(26,477)		—
Other	(2,083)		(2,307)
Gross deferred tax liabilities	(67,581)		(34,335)
Net deferred tax assets	$	—	$	—

In assessing the realizability of deferred tax assets, the Company evaluates all available positive and negative evidence by considering whether it is more likely than not that some portion or all of the deferred tax assets will not be

recognized. The ultimate realization of deferred tax assets is dependent upon future taxable income, future reversals of existing taxable temporary difference, taxable income in carryback years and tax-planning strategies. The Company believes it is more likely than not that the deferred tax assets in the U.S. will not be realized; accordingly, a valuation allowance has been established against our U.S. deferred tax assets. The net change in the valuation allowance for the years ended December 31, 2021 and December 31, 2020 was an increase of $42.3 million and an increase of $54.8 million, respectively.

As of December 31, 2021 and 2020, the Company has a net operating loss carryforward of $674.9 million and $485.1 million for federal tax purposes, respectively, and $609.7 million and $458.9 million for state tax purposes, respectively. If not utilized, these losses will expire beginning in 2024 for state tax purposes. However, beginning in tax year 2018 and forward, the Federal law has changed such that net operating losses generated after December 31, 2017 may be carried forward indefinitely. Accordingly, $168.2 million of the federal net operating losses will begin to expire in 2032. However, $506.7 million of the federal net operating losses will not expire.

The Tax Reform Act of 1986 limits the use of net operating losses and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. During 2019, we analyzed whether any of the reported net operating losses would be limited because of these rules. Based on our analysis we believe $3.3 million of the Federal and $2.1 million of California net operating losses will not be available to offset future taxable income because of the limitation. The reported net operating losses have been adjusted based on this analysis.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local, jurisdictions, where applicable. As of December 31, 2021 and 2020, all years generally remain open to examination. Additionally, net operating loss carryforwards are subject to examination by the Internal Revenue Service and the California Franchise Tax Board for up to three years after utilization.

As of December 31, 2021 and 2020, the Company does not have uncertain tax positions for which it has recorded as a liability. The Company’s policy is to include interest and penalties as a component to the statements of operations. There were no material tax penalties or interest during the years ended December 31, 2021, 2020, and 2019.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator
Net loss attributable to common stockholders	$	(236,107)	$	(175,832)	$	(101,784)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted	91,409,624		87,587,409		47,478,544
Net loss per share attributable to common stockholders, basic and diluted	$	(2.58)	$	(2.01)	$	(2.14)

The following securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):


	December 31,
	2021	2020	2019
Options to purchase common stock	4,131,501	5,809,376	9,171,756
Restricted stock units	8,187,586	5,103,727	789,817
Estimated shares issuable under the Employee Stock Purchase Plan	147,871	109,729	—
Assumed conversion of the Convertible Senior Notes	18,746,323	9,705,454	—
Total	31,213,281	20,728,286	9,961,573

The Convertible Senior Notes issued in June 2020 and in March 2021 are convertible, based on the applicable conversion rate, into cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. The impact of the assumed conversion to diluted net income per share is computed on an as-converted basis.

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanThe Company has a defined-contribution 401(k) retirement plan covering substantially all of its employees. Eligible employees are permitted to contribute up to an amount not to exceed an annual statutory maximum. The Company matches employee contributions at a rate of 25% of vested contributions, up to a maximum of $1,000 per participant per year. The Company’s contributions to the 401(k) plan were $1.1 million, $0.8 million, and $0.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Parties	Related PartiesJulie Wainwright, President and Chief Executive Offer, is a board member of the RealReal Foundation, a 501(c)(3) organization, which is not a consolidated entity of the Company. During the year ended December 31, 2019, the Company donated $3.2 million to the RealReal Foundation.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and, in the opinion of management, reflect all adjustments necessary to state fairly the Company’s financial position, results of operations, comprehensive loss, redeemable convertible preferred stock, convertible preferred stock, and stockholders’ equity (deficit), and cash flows for the periods presented. The Company’s functional and reporting currency is the U.S. dollar.

Certain changes in presentation have been made to conform the prior period presentation to the current period reporting. Such reclassifications did not affect total revenues, operating income, or net income. We have made certain presentation changes to reclassify accretion of unconditional grant liability, and amortization of premiums (discounts) on short-term investments to other adjustments within operating cash flows in the Statements of Cash Flows. We have also made certain presentation changes to reclassify accrued interest on convertible notes from other current and accrued liabilities to a separate line item within operating cash flows in the Statements of Cash Flows. Additionally, we have made certain presentation changes to reclassify legal settlement expenses from Selling, general and administrative to Legal settlement within operating expenses in the Statements of Operations.

Use of Estimates

Net Loss per Share Attributable to Common Stockholders

Segments

Revenue Recognition

The Company generates revenue from the sale of pre-owned luxury goods through its online marketplace and retail stores.

Consignment and Service Revenue

Direct Revenue

Incentives

Contract Liabilities

Cost of Revenue

Marketing

Operations and Technology

Selling, General and Administrative

Stock-based Compensation

Cash and Cash Equivalents

Short-term Investments

Accounts Receivable

Inventory, Net

Property and Equipment, Net

The estimated useful lives of our assets are as follows:


Proprietary software			3 years
Furniture and equipment			3-5 years
Vehicles			5 years
Leasehold improvements			Shorter of lease term or estimated useful life

Software Development Costs

Impairment of Long-lived Assets

assets to be held and used is measured by comparing the carrying amount of assets to future undiscounted net cash flows the assets are expected to generate over their remaining life.

Deferred Offering Costs

Accretion of Redeemable Convertible Preferred Stock

Leases

Prior to the adoption of ASC 842 on January 1, 2020

The Company changed its method of accounting for leases as of January 1, 2020 due to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842).

Subsequent to the adoption of ASC 842 on January 1, 2020

The Company has finance leases for vehicles and equipment, and the amounts of finance lease right-of-use assets and finance lease liabilities have been immaterial to date.

Convertible Senior Notes, net

Capped Call Transactions

Debt Issuance Costs

Income Taxes

Concentrations of Credit Risks

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

The estimated useful lives of our assets are as follows:


Proprietary software			3 years
Furniture and equipment			3-5 years
Vehicles			5 years
Leasehold improvements			Shorter of lease term or estimated useful life

Cash, Cash Equivalents and Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Summary of Estimated Value of Cash, Cash Equivalents and Short-term Investments

The following tables summarize the estimated value of the Company’s cash, cash equivalents and short-term investments (in thousands):


	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash and cash equivalents:
Cash	$	278,769	$	—	$	—	$	278,769
Money market funds	139,402		—		—		139,402
Total cash and cash equivalents	$	418,171	$	—	$	—	$	418,171


	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash and cash equivalents:
Cash	$	150,520	$	—	$	—	$	150,520
Money market funds	200,326		—		—		200,326
Total cash and cash equivalents	$	350,846	$	—	$	—	$	350,846
Short-term investments:
Corporate bonds	$	4,006	$	11	$	—	$	4,017
Total short-term investments	$	4,006	$	11	$	—	$	4,017

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table provides the financial instruments measured at fair value (in thousands) as of December 31, 2020:


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets (1)
Short-term investments:
Corporate bonds	$	—	$	4,017	$	—	$	4,017
Total short-term investments	$	—	$	4,017	$	—	$	4,017

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying amounts and estimated fair values of the financial instruments that are not recorded at fair value on the balance sheets (in millions):


	December 31, 2021
	Net Carrying Amount		Estimated Fair Value
2025 Convertible senior notes	$	153.9	$	185.5
2028 Convertible senior notes	$	194.5	$	288.7

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	December 31, 2021		December 31, 2020
Proprietary software	$	31,799	$	24,218
Furniture and equipment	40,176		27,687
Automobiles	1,505		668
Leasehold improvements	66,154		52,828
Property and equipment, gross	139,634		105,401
Less: accumulated depreciation and amortization	(50,348)		(41,947)
Property and equipment, net	$	89,286	$	63,454

Schedule of Other Accrued and Current Liabilities

Other accrued and current liabilities consist of the following (in thousands):


	December 31, 2021		December 31, 2020
Returns reserve	$	23,577	$	18,327
Accrued compensation	14,258		13,406
Accrued legal	14,417		2,537
Accrued sales tax and other taxes	8,935		6,870
Site credit liability	8,738		5,475
Accrued marketing and outside services	7,897		8,253
Accrued interest	1,166		216
Deferred revenue	3,387		1,617
Accrued inventory	3,513		470
Other	8,300		4,691
Other accrued and current liabilities	$	94,188	$	61,862

Convertible Senior Notes, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the liability component of the 2025 Notes was as follows (in thousands):


	December 31, 2021		December 31, 2020
Principal	$	172,500	$	172,500
Unamortized debt discount	(14,350)		(17,945)
Unamortized debt issuance costs	(4,286)		(5,367)
Net carrying amount	$	153,864	$	149,188

The net carrying amount of the equity component of the 2025 Notes was as follows (in thousands):


	December 31, 2021
Proceeds allocated to the conversion options (debt discount)	$	19,787
Issuance costs	(767)
Net carrying amount	$	19,020

The net carrying amount of the liability component of the 2028 Notes was as follows (in thousands):


	December 31, 2021
Principal	$	287,500
Unamortized debt discount	(87,403)
Unamortized debt issuance costs	(5,581)
Net carrying amount	$	194,516

The net carrying amount of the equity component of the 2028 Notes was as follows (in thousands):


	December 31, 2021
Proceeds allocated to the conversion options (debt discount)	$	96,162
Issuance costs	(3,131)
Net carrying amount	$	93,031

Schedule of Amounts Recorded in Interest Expense Related to Notes

The following table sets forth the amounts recorded in interest expense related to the 2025 Notes (in thousands):


	Year Ended December 31,
	2021		2020
Contractual interest expense	$	5,175	$	2,803
Amortization of debt discount	3,594		1,843
Amortization of debt issuance costs	1,082		556
Total interest and amortization expense	$	9,851	$	5,202

The following table sets forth the amounts recorded in interest expense related to the 2028 Notes (in thousands):


	Year Ended December 31, 2021
Contractual interest expense	$	2,332
Amortization of debt discount	8,759
Amortization of debt issuance costs	554
Total interest and amortization expense	$	11,645

Schedule of Future Minimum Payments Under Notes

Future minimum payments under the 2025 Notes as of December 31, 2021, are as follows (in thousands):


Fiscal Year	Amount
2022	$	5,175
2023	5,175
2024	5,175
2025	175,088
Total future payments	190,613
Less amounts representing interest	(18,113)
Total principal amount	$	172,500

Future minimum payments under the 2028 Notes as of December 31, 2021, are as follows (in thousands):


Fiscal Year	Amount
2022	$	2,875
2023	2,875
2024	2,875
2025	2,875
2026	2,875
2027	2,875
2028	288,937
Total future payments	306,187
Less amounts representing interest	(18,687)
Total principal amount	$	287,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Common Stock [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance on Converted Basis

The Company had reserved shares of common stock for issuance, on an as-converted basis, as follows:


	December 31, 2021	December 31, 2020
Options issued and outstanding	4,131,501	5,809,376
Outstanding restricted stock units	8,182,649	5,103,727
Shares available for grant under the 2019 equity incentive plan	6,709,676	7,104,498
Shares available for issuance under 2019 ESPP	3,210,985	2,517,258
Total	22,234,811	20,534,859

Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Plan Activity

Activity under the Company’s stock option plan is set forth below:


	Number of Options	Weighted- Average Exercise Price Per Share	Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2020	5,809,376	5.64	5.9	$	82,717
Options granted	—	—
Options exercised	(1,221,365)	4.93
Options cancelled	(456,510)	11.49
Balances at December 31, 2021	4,131,501	5.19	4.3	30,382
Options vested and exercisable— December 31, 2021	3,627,255	4.19	3.9	29,182

Schedule of RSUs Activity

A summary of RSU activity for the year ended December 31, 2021 is as follows:


	Number of Shares	Restricted Stock Units Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2020	5,103,727	$	13.40	$	99,640
Granted	7,928,232	18.69
Vested	(2,238,553)	17.03
Forfeited	(2,610,757)	16.88
Unvested December 31, 2021	8,182,649	$	16.42	$	94,972

Schedule of Assumptions to Estimate Fair Value of Stock Options

The following assumptions were used to estimate the fair value of stock options granted in 2019, as there were no stock options granted in 2021 and 2020:


			Year Ended December 31, 2019
Expected term (in years)			5.0 – 6.1
Expected volatility			44.2% – 47.8%
Average risk-free rate			1.9% – 2.6%
Dividend yield			—

Schedule of Total Stock-based Compensation Expense, Excluding Compensation Expense Related to Stock Sales, by Function

Total stock-based compensation expense, excluding compensation expense related to stock sales by current and former employees, by function was as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Marketing	$	2,557	$	1,755	$	392
Operations and technology	21,395		10,241		3,148
Selling, general and administrative	24,850		12,326		4,171
Total	$	48,802	$	24,322	$	7,711

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


Fiscal Year	Amount
2022	27,436
2023	28,268
2024	27,998
2025	28,648
2026	28,201
Thereafter	58,806
Total future minimum payments	$	199,357
Less: Imputed interest	(37,946)
Present value of operating lease liabilities	$	161,411

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to the Company’s operating leases are as follows (in thousands):


	Year Ended December 31, 2021		Year Ended December 31, 2020
Operating cash flows used for operating leases	$	25,386	$	21,381
Operating lease assets obtained in exchange for operating lease liabilities	$	46,614	$	23,853

Schedule of Weighted Average Remaining Lease Term and Discount Rate for Operating Leases

The weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:


	As of December 31, 2021		As of December 31, 2020
Weighted average remaining lease term	7.1 years		7.3 years
Weighted average discount rate	6.2	%	6.6	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Under Noncancelable Purchase Commitments

As of December 31, 2021, the future minimum payments under the Company’s noncancelable purchase commitments were as follows (in thousands):


Year Ending December 31,	Purchase Commitments
2022	$	7,431
2023	4,423
2024	1,139
2025	—
2026	—
Total future minimum payments	$	12,993

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Company's Tax Provision

The components of the Company’s income tax provision consisted of (in thousands):


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	—	—		—
State	56		101		199
Total current tax expense	56		101		199
Deferred:			—		—
Federal	—		—		—
State	—		—		—
Total deferred tax expense	—		—		—
Total provision for income taxes	$	56	$	101	$	199

Schedule of Reconciliation of Company's Effective Tax Rate To Statutory Federal Rate

The reconciliation of the Federal statutory income tax provision for the Company’s effective income tax provision (in thousands):


	Year Ended December 31,
	2021		2020		2019
Tax at federal statutory rate	$	(49,480)	$	(36,559)	$	(20,272)
State taxes, net of federal effect	(13,704)		(10,315)		(5,170)
Stock-based compensation	(2,698)		(6,261)		750
Non-deductible items	3,661		402		679
Convertible Notes	16,782		—		—
Valuation allowance	42,327		52,834		24,212
Other	3,168		—		—
Provision for income taxes	$	56	$	101	$	199

Schedule of Components of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	178,558	$	129,333
Fixed assets and intangibles	2,915		3,794
Accruals and reserves	8,202		6,008
Stock options	5,007		3,147
Operating lease liabilities	43,345		35,267
Capped calls	15,095		—
Gross deferred tax assets	253,122		177,549
Less: valuation allowance	(185,541)		(143,214)
Total deferred tax assets	67,581		34,335
Deferred tax liabilities:
Operating lease right-of-use assets	(39,021)		(32,028)
Convertible debt	(26,477)		—
Other	(2,083)		(2,307)
Gross deferred tax liabilities	(67,581)		(34,335)
Net deferred tax assets	$	—	$	—

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share


	Year Ended December 31,
	2021		2020		2019
Numerator
Net loss attributable to common stockholders	$	(236,107)	$	(175,832)	$	(101,784)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted	91,409,624		87,587,409		47,478,544
Net loss per share attributable to common stockholders, basic and diluted	$	(2.58)	$	(2.01)	$	(2.14)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	December 31,
	2021	2020	2019
Options to purchase common stock	4,131,501	5,809,376	9,171,756
Restricted stock units	8,187,586	5,103,727	789,817
Estimated shares issuable under the Employee Stock Purchase Plan	147,871	109,729	—
Assumed conversion of the Convertible Senior Notes	18,746,323	9,705,454	—
Total	31,213,281	20,728,286	9,961,573

Description of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 02, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Jul. 01, 2019 shares
Class of Stock [Line Items]
Proceeds from issuance of common stock in initial public offering, net of issuance costs \| $	$ 315,500	$ 0	$ 0	$ 315,541
Underwriting discounts and commissions \| $	24,100
Issuance costs \| $	$ 5,300
Common stock, shares authorized (in shares)		500,000,000	500,000,000		500,000,000
Undesignated preferred stock (in shares)					50,000,000
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock (in shares)	114,960,357
Convertible preferred stock converted into common stock (in shares)	58,363,606
Preferred stock warrants converted to common stock warrants (in shares)	103,563
Initial Public Offering
Class of Stock [Line Items]
Issuance of common stock, net of issuance costs (in shares)	15,000,000
Share price (in dollars per share) \| $ / shares	$ 20.00
Reverse stock split ratio			0.5
Underwriters' Option to Purchase Additional Shares
Class of Stock [Line Items]
Issuance of common stock, net of issuance costs (in shares)	2,250,000
Share price (in dollars per share) \| $ / shares	$ 20.00

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| segment		1
Number of reportable segment \| segment		1
Advertising expense		$ 46,200	$ 45,800	$ 40,500
Rights to recover products from customers		9,100	7,400
Equity component of convertible senior notes, net of issuance costs		93,031	19,020
Deferred offering costs				300
Deferred offering cost offset against IPO proceeds				5,300
2028 Convertible senior notes
Summary Of Significant Accounting Policies [Line Items]
Debt offering costs		9,400
Equity component of convertible senior notes, net of issuance costs		3,100
Liability component recorded as a reduction in carrying value of debt		6,300
2025 Convertible senior notes
Summary Of Significant Accounting Policies [Line Items]
Debt offering costs	$ 6,700
Equity component of convertible senior notes, net of issuance costs	800
Liability component recorded as a reduction in carrying value of debt	$ 5,900		5,900
2028 Convertible senior notes
Summary Of Significant Accounting Policies [Line Items]
Debt offering costs		9,400
Equity component of convertible senior notes, issuance costs		3,100
2025 Convertible senior notes
Summary Of Significant Accounting Policies [Line Items]
Debt offering costs			6,700
Equity component of convertible senior notes, issuance costs			800
Other Accrued and Current Liabilities
Summary Of Significant Accounting Policies [Line Items]
Inventory return reserves allowances		23,600	18,300
Proprietary software
Summary Of Significant Accounting Policies [Line Items]
Research and development expense		$ 12,700	$ 9,000	$ 9,300

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2021
Proprietary software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

Cash, Cash Equivalents and Short-term Investments - Summary of Estimated Value of Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 418,171	$ 350,846
Cash and cash equivalents, fair value	418,171	350,846
Short-term investments, amortized cost		4,006
Short-term investments, unrealized gain		11
Short-term investments, unrealized loss		0
Short-term investments, fair value	0	4,017
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	278,769	150,520
Cash and cash equivalents, fair value	278,769	150,520
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	139,402	200,326
Cash and cash equivalents, fair value	$ 139,402	200,326
Corporate bonds
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost		4,006
Short-term investments, unrealized gain		11
Short-term investments, unrealized loss		0
Short-term investments, fair value		$ 4,017

Fair Value Measurement - Additional Information (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 418,171,000		$ 350,846,000
Principal		$ 287,500,000
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	139,402,000		200,326,000
2025 Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal	172,500,000
2028 Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal	$ 287,500,000
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value			$ 200,326,000

Fair Value Measurement - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Short-term investments	$ 0	$ 4,017
Cash and cash equivalents, fair value	$ 418,171	350,846
Recurring
Assets
Short-term investments		4,017
Recurring \| Level 1
Assets
Short-term investments		0
Recurring \| Level 2
Assets
Short-term investments		4,017
Recurring \| Level 3
Assets
Short-term investments		0
Recurring \| Corporate bonds
Assets
Short-term investments		4,017
Recurring \| Corporate bonds \| Level 1
Assets
Short-term investments		0
Recurring \| Corporate bonds \| Level 2
Assets
Short-term investments		4,017
Recurring \| Corporate bonds \| Level 3
Assets
Short-term investments		0
Recurring \| Money market funds
Assets
Cash and cash equivalents, fair value		$ 200,326

Fair Value Measurement- Carrying Values and Estimated Fair Values of Debt Instruments (Details) $ in Millions	Dec. 31, 2021 USD ($)
2025 Convertible senior notes \| Net Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes payable	$ 153.9
2025 Convertible senior notes \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	185.5
2028 Convertible senior notes \| Net Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes payable	194.5
2028 Convertible senior notes \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 288.7

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 139,634	$ 105,401
Less: accumulated depreciation and amortization	(50,348)	(41,947)
Property and equipment, net	89,286	63,454
Proprietary software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,799	24,218
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40,176	27,687
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,505	668
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 66,154	$ 52,828

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense on property and equipment	$ 23.5	$ 18.8	$ 13.4
Proprietary software
Property, Plant and Equipment [Line Items]
Property and equipment taken out of service		$ 7.9
Asset impairment	0.2
Brisbane
Property, Plant and Equipment [Line Items]
Property and equipment taken out of service	8.7
Loss on disposition of property plant equipment	$ 0.3

Balance Sheet Components - Schedule of Other Accrued and Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Returns reserve	$ 23,577	$ 18,327
Accrued compensation	14,258	13,406
Accrued legal	14,417	2,537
Accrued sales tax and other taxes	8,935	6,870
Site credit liability	8,738	5,475
Accrued marketing and outside services	7,897	8,253
Accrued interest	1,166	216
Deferred revenue	3,387	1,617
Accrued inventory	3,513	470
Other	8,300	4,691
Other accrued and current liabilities	$ 94,188	$ 61,862

Debt - Additional Information (Details) - USD ($)			1 Months Ended			5 Months Ended	6 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Jul. 26, 2019	Jul. 30, 2018	Apr. 30, 2021	Jul. 31, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013
Debt Disclosure [Line Items]
Interest expense related to term loans								$ 0	$ 0	$ 300,000
Letter of Credit
Debt Disclosure [Line Items]
Line of credit						$ 1,500,000					$ 1,500,000
IPO
Debt Disclosure [Line Items]
Debt, success fee				$ 300,000
Series G Convertible Preferred Stock
Debt Disclosure [Line Items]
Debt, success fee					$ 100,000
Term Loan Facility
Debt Disclosure [Line Items]
Maximum borrowing capacity													$ 5,000,000
Increase in borrowing capacity								$ 11,600,000
Debt instrument required covenants percentage on forecasted gross revenue								80.00%
Debt, combined success fee											$ 300,000
Debt, additional success fee							$ 100,000
Net cash proceeds from subordinated debt securities							$ 50,000,000
Term Loans
Debt Disclosure [Line Items]
Long-term debt, gross												$ 15,000,000
Repayments on loans	$ 6,500,000
Term Loan I
Debt Disclosure [Line Items]
Long-term debt, gross												7,500,000
Number of equal monthly installments											30 equal monthly installments
Variable annual interest rate		0.10%				0.35%
Term Loan II
Debt Disclosure [Line Items]
Long-term debt, gross												$ 7,500,000
Revolving Credit Facility
Debt Disclosure [Line Items]
Maximum borrowing capacity			$ 50,000,000
Line of credit								$ 0
Debt instrument, variable annual rate			0.50%
Interest rate, stated percentage			4.25%

Convertible Senior Notes, Net - Additional Information (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Dec. 31, 2021 USD ($) d shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 03, 2021 $ / shares	Jun. 10, 2020 $ / shares
Debt Instrument [Line Items]
Aggregate principal amount	$ 287,500,000
Purchase of capped call transactions			$ 33,666,000	$ 22,546,000
Equity component of convertible senior notes, net of issuance costs			93,031,000	19,020,000
2025 Convertible senior notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 172,500,000	172,500,000
Interest rate, stated percentage		3.00%
Proceeds from issuance of convertible senior notes, net of issuance costs		$ 165,800,000	$ 0	166,278,000	$ 0
Initial conversion rate		5.62635%
Purchase of capped call transactions		$ 22,500,000
Initial conversion price (in dollars per share) \| $ / shares		$ 17.77
Notes, threshold percentage of stock price trigger			130.00%
Notes, threshold trading days \| d			20
Notes, threshold consecutive trading days \| d			30
Percentage on aggregate principal amount of notes to be payable upon the event of default			25.00%
Interest rate used to compute initial fair value of liability		5.67%
Long-term debt, fair value		$ 152,700,000
Debt issuance costs		6,700,000
Equity component of convertible senior notes, net of issuance costs		800,000
Liability component recorded as a reduction in carrying value of debt		$ 5,900,000		5,900,000
Amortization period		5 years
Effective interest rate			6.40%
2025 Convertible senior notes \| Conversion Option One
Debt Instrument [Line Items]
Notes, threshold percentage of stock price trigger			130.00%
Notes, threshold trading days \| d			20
Notes, threshold consecutive trading days \| d			30
2025 Convertible senior notes \| Conversion Option Two
Debt Instrument [Line Items]
Notes, threshold percentage of stock price trigger			98.00%
Notes, threshold trading days \| d			5
Notes, threshold consecutive trading days \| d			5
2025 Convertible senior notes \| Initial Purchasers
Debt Instrument [Line Items]
Aggregate principal amount		$ 22,500,000
2025 Convertible senior notes \| Purchased Calls
Debt Instrument [Line Items]
Payment to counterparties for purchased calls		22,500,000
Common stock subject to adjustment and exercisable upon conversion of initial notes (in shares) \| shares			9,705,454
Capped call, initial strike price (in dollars per share) \| $ / shares							$ 27.88
Capped call, premium over closing stock price							100.00%
Closing price of common stock per share (in dollars per share) \| $ / shares							$ 13.94
Reduction to additional paid premium payments for capped call transactions		$ 22,500,000
2028 Convertible senior notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 287,500,000
Interest rate, stated percentage	1.00%
Proceeds from issuance of convertible senior notes, net of issuance costs	$ 278,100,000		$ 278,234,000	$ 0	$ 0
Initial conversion rate	3.14465%
Purchase of capped call transactions	$ 33,700,000
Initial conversion price (in dollars per share) \| $ / shares	$ 31.80
Notes, threshold percentage of stock price trigger			130.00%
Notes, threshold trading days \| d			20
Notes, threshold consecutive trading days \| d			30
Percentage on aggregate principal amount of notes to be payable upon the event of default			25.00%
Interest rate used to compute initial fair value of liability			7.18%
Long-term debt, fair value			$ 191,300,000
Discount on initial issuance			96,200,000
Debt issuance costs			9,400,000
Equity component of convertible senior notes, net of issuance costs			3,100,000
Liability component recorded as a reduction in carrying value of debt			$ 6,300,000
Amortization period			7 years
Effective interest rate			7.50%
2028 Convertible senior notes \| Conversion Option One
Debt Instrument [Line Items]
Notes, threshold percentage of stock price trigger			130.00%
Notes, threshold trading days \| d			20
Notes, threshold consecutive trading days \| d			30
2028 Convertible senior notes \| Conversion Option Two
Debt Instrument [Line Items]
Notes, threshold percentage of stock price trigger			98.00%
Notes, threshold trading days \| d			5
Notes, threshold consecutive trading days \| d			5
2028 Convertible senior notes \| Initial Purchasers
Debt Instrument [Line Items]
Aggregate principal amount	$ 37,500,000
2028 Convertible senior notes \| Purchased Calls
Debt Instrument [Line Items]
Payment to counterparties for purchased calls	33,700,000
Common stock subject to adjustment and exercisable upon conversion of initial notes (in shares) \| shares			9,040,869
Capped call, initial strike price (in dollars per share) \| $ / shares						$ 48.00
Capped call, premium over closing stock price						100.00%
Closing price of common stock per share (in dollars per share) \| $ / shares						$ 24.00
Reduction to additional paid premium payments for capped call transactions	$ 33,700,000

Convertible Senior Notes, Net - Schedule of Net Carrying Amount of Liability Component of Notes (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Line Items]
Principal		$ 287,500,000
2025 Convertible Senior Notes, Liability Component
Debt Disclosure [Line Items]
Principal	$ 172,500,000		$ 172,500,000
Unamortized debt discount	(14,350,000)		(17,945,000)
Unamortized debt issuance costs	(4,286,000)		(5,367,000)
Net carrying amount	153,864,000		$ 149,188,000
2028 Convertible Senior Notes, Liability Component
Debt Disclosure [Line Items]
Principal	287,500,000
Unamortized debt discount	(87,403,000)
Unamortized debt issuance costs	(5,581,000)
Net carrying amount	$ 194,516,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Convertible Senior Notes, Net - Schedule of Net Carrying Amount of Equity Component of Notes (Details) $ in Thousands	Dec. 31, 2021 USD ($)
2025 Convertible Senior Notes, Equity Component
Debt Disclosure [Line Items]
Proceeds allocated to the conversion options (debt discount)	$ 19,787
Issuance costs	(767)
Net carrying amount	19,020
2028 Convertible Senior Notes, Equity Component
Debt Disclosure [Line Items]
Proceeds allocated to the conversion options (debt discount)	96,162
Issuance costs	(3,131)
Net carrying amount	$ 93,031

Convertible Senior Notes, Net - Amounts Recorded in Interest Expense Related to Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total interest and amortization expense	$ 0	$ 0	$ 300,000
2025 Convertible senior notes
Debt Instrument [Line Items]
Contractual interest expense	5,175,000	2,803,000
Amortization of debt discount	3,594,000	1,843,000
Amortization of debt issuance costs	1,082,000	556,000
Total interest and amortization expense	9,851,000	$ 5,202,000
2028 Convertible senior notes
Debt Instrument [Line Items]
Contractual interest expense	2,332,000
Amortization of debt discount	8,759,000
Amortization of debt issuance costs	554,000
Total interest and amortization expense	$ 11,645,000

Convertible Senior Notes, Net - Schedule of Future Minimum Payments Under Notes (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total principal amount		$ 287,500,000
2025 Convertible senior notes
Debt Instrument [Line Items]
2022	$ 5,175,000
2023	5,175,000
2024	5,175,000
2025	175,088,000
Total future payments	190,613,000
Less amounts representing interest	(18,113,000)
Total principal amount	172,500,000		$ 172,500,000
2028 Convertible senior notes
Debt Instrument [Line Items]
2022	2,875,000
2023	2,875,000
2024	2,875,000
2025	2,875,000
2026	2,875,000
2027	2,875,000
2028	288,937,000
Total future payments	306,187,000
Less amounts representing interest	(18,687,000)
Total principal amount	$ 287,500,000

Common Stock - Schedule of Reserved Shares of Common Stock for Issuance on Converted Basis (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	22,234,811	20,534,859
2019 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,709,676	7,104,498
2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,210,985	2,517,258
Outstanding Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	8,182,649	5,103,727
Options Issued and Outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,131,501	5,809,376

Share-based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2011	May 05, 2021	Aug. 04, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		0	0
Weighted average grant date fair value of options granted (in dollars per share)				$ 8.60
Aggregate intrinsic value of options exercised		$ 20.5	$ 32.2	$ 16.2
Unrecognized compensation costs		$ 3.6
Weighted average period expect to recognized		1 year 2 months 12 days
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 0.8
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares sold (in shares)	382,477
Sale of stock, price per share (in dollars per share)	$ 12.72
Sale of stock, aggregate amount	$ 4.9
Estimated shares issuable under the Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized (in shares)		1,750,000
Options granted as percentage on fair value of stock		85.00%
Annual increase in available number of authorized (in shares)		1,750,000
Annual increase in number of shares, percentage of shares of outstanding common stock		1.00%
Increase in available for grant (in shares)						893,016	858,723
Number of purchased (in shares)		199,289	91,465	0
Average price of purchased (in dollars per share)		$ 11.74	$ 10.63
Intrinsic value of shares		$ 0.7	$ 0.2
Unrecognized compensation costs		$ 0.4
Weighted average period expect to recognized		4 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value		$ 38.1
Unrecognized compensation costs		$ 120.2
Weighted average period expect to recognized		2 years 10 months 24 days
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Percentage of maximum incentive stock options granted to stockholders					10.00%
2011 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period					10 years
2011 Plan \| Incentive and Non-statutory Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized (in shares)					12,987,255
2011 Plan \| Incentive and Non-statutory Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted as percentage on fair value of stock					100.00%
2011 Plan \| Incentive Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted as percentage on fair value of stock					110.00%
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized (in shares)				8,000,000
Annual increase in available number of authorized (in shares)				8,000,000
Annual increase in number of shares, percentage of shares of outstanding common stock				5.00%
Increase in available for grant (in shares)						4,465,083	4,293,616
Stock options granted (in shares)		0

Share-based Compensation Plans - Schedule of Stock Option Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Granted (in shares)	0	0
2019 Equity Incentive Plan
Number of Options
Number of options , beginning balance (in shares)	5,809,376
Granted (in shares)	0
Exercised (in shares)	(1,221,365)
Cancelled (in shares)	(456,510)
Number of options, ending balance (in shares)	4,131,501	5,809,376
Options vested and exercisable (in shares)	3,627,255
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 5.64
Granted (in dollars per share)	0
Exercised (in dollars per share)	4.93
Cancelled (in dollars per share)	11.49
Ending balance (in dollars per share)	5.19	$ 5.64
Options vested and exercisable (in dollars per share)	$ 4.19
Weighted- Average Remaining Contractual Life (years)
Weighted average remaining contractual term (in years)	4 years 3 months 18 days	5 years 10 months 24 days
Options vested and exercisable (in years)	3 years 10 months 24 days
Aggregate intrinsic value, beginning balance	$ 82,717
Aggregate intrinsic value, ending balance	30,382	$ 82,717
Options vested and exercisable	$ 29,182

Share-based Compensation Plans - Schedule of RSUs Activity (Details) - Restricted stock units $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	5,103,727
Granted (in shares) \| shares	7,928,232
Vested (in shares) \| shares	(2,238,553)
Forfeited (in shares) \| shares	(2,610,757)
Unvested, ending balance (in shares) \| shares	8,182,649
Restricted Stock Units Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 13.40
Granted (in dollars per share) \| $ / shares	18.69
Vested (in dollars per share) \| $ / shares	17.03
Forfeited (in dollars per share) \| $ / shares	16.88
Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 16.42
Aggregate intrinsic value, unvested, beginning balance \| $	$ 99,640
Aggregate intrinsic value, unvested, Ending balance \| $	94,972
Vested in period, fair value \| $	$ 38,100

Share-based Compensation Plans - Schedule of Assumptions to Estimate Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	44.20%
Expected volatility, maximum	47.80%
Average risk-free rate, minimum	1.90%
Average risk-free rate, maximum	2.60%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days

Share-based Compensation Plans - Schedule of Total Stock-based Compensation Expense, Excluding Compensation Expense Related to Stock Sales, by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 48,802	$ 24,322	$ 7,711
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,557	1,755	392
Operations and technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	21,395	10,241	3,148
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 24,850	$ 12,326	$ 4,171

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Line Items]
Operating lease costs	$ 29.7	$ 24.7
Variable lease costs	$ 5.3	$ 3.9
Rent expense under ASC 840			$ 18.1
Minimum
Leases [Line Items]
Operating lease term	1 year
Maximum
Leases [Line Items]
Operating lease term	15 years

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 27,436
2023	28,268
2024	27,998
2025	28,648
2026	28,201
Thereafter	58,806
Total future minimum payments	199,357
Less: Imputed interest	(37,946)
Present value of operating lease liabilities	$ 161,411

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows used for operating leases	$ 25,386	$ 21,381
Operating lease assets obtained in exchange for operating lease liabilities	$ 46,614	$ 23,853

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate For Operating Leases (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	7 years 1 month 6 days	7 years 3 months 18 days
Weighted average discount rate	6.20%	6.60%

Commitments and Contingencies - Schedule of Future Minimum Payments Under Noncancelable Purchase Commitments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 7,431
2023	4,423
2024	1,139
2025	0
2026	0
Total future minimum payments	$ 12,993

Commitments and Contingencies - Additional Information (Details)				1 Months Ended	3 Months Ended	4 Months Ended	12 Months Ended
	Jan. 07, 2022 USD ($)	Nov. 05, 2021 USD ($)	Oct. 21, 2021 USD ($)	Jan. 31, 2018 USD ($) Installment	Dec. 07, 2020 lawsuit	Jan. 10, 2020 lawsuit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Other Commitments [Line Items]
Outstanding liability							$ 0	$ 500,000
Annual installment payment of Liability							500,000
Legal settlement							13,389,000	$ 1,110,000	$ 0
Class action complaints filed in San Mateo County, California
Other Commitments [Line Items]
Number of lawsuits filed \| lawsuit						3
Litigation settlement, amount awarded to other party		$ 11,000,000
Payment period for amount awarded to other party		30 days
Legal settlement							11,000,000
Derivative actions filed in the US District Court, Delaware
Other Commitments [Line Items]
Litigation settlement, amount awarded to other party			$ 500,000
Payment period for amount awarded to other party		30 days
Legal settlement							$ 500,000
Number of lawsuits consolidated \| lawsuit					2
Derivative actions filed in the US District Court, Delaware \| Subsequent Event
Other Commitments [Line Items]
Payments for legal settlements	$ 500,000
Selling, general and administrative
Other Commitments [Line Items]
Estimated fair value of grant expense				$ 1,700,000
Fair value of grant, discount rate				10.00%
Endowment Agreement
Other Commitments [Line Items]
Donation fund				$ 2,000,000
Number of annual installments \| Installment				4
Annual installment payment of donation fund				$ 500,000

Income Taxes - Components of Company's Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	56	101	199
Total current tax expense	56	101	199
Deferred:
Federal	0	0	0
State	0	0	0
Total deferred tax expense	0	0	0
Total provision for income taxes	$ 56	$ 101	$ 199

- Definition

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

+ References + Details

Income Taxes - Reconciliation of Company's Effective Tax Rate To Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	$ (49,480)	$ (36,559)	$ (20,272)
State taxes, net of federal effect	(13,704)	(10,315)	(5,170)
Stock-based compensation	(2,698)	(6,261)	750
Non-deductible items	3,661	402	679
Convertible Notes	16,782	0	0
Valuation allowance	42,327	52,834	24,212
Other	3,168	0	0
Total provision for income taxes	$ 56	$ 101	$ 199

- Definition

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

+ References + Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 178,558	$ 129,333
Fixed assets and intangibles	2,915	3,794
Accruals and reserves	8,202	6,008
Stock options	5,007	3,147
Operating lease liabilities	43,345	35,267
Capped calls	15,095	0
Gross deferred tax assets	253,122	177,549
Less: valuation allowance	(185,541)	(143,214)
Total deferred tax assets	67,581	34,335
Deferred tax liabilities:
Operating lease right-of-use assets	(39,021)	(32,028)
Convertible debt	(26,477)	0
Other	(2,083)	(2,307)
Gross deferred tax liabilities	(67,581)	(34,335)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Change in valuation allowance	$ 42.3	$ 54.8
Federal Tax
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	674.9	485.1
Net operating losses, subject to expiration	168.2
Net operating losses, not subject to expiration	506.7
Net operating loss not available to offset future taxable income		3.3
State Tax
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 609.7	458.9
Net operating loss not available to offset future taxable income		$ 2.1

Net Loss Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net loss attributable to common stockholders	$ (236,107)	$ (175,832)	$ (101,784)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic (in shares)	91,409,624	87,587,409	47,478,544
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, diluted (in shares)	91,409,624	87,587,409	47,478,544
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.58)	$ (2.01)	$ (2.14)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.58)	$ (2.01)	$ (2.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Net Loss Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	31,213,281	20,728,286	9,961,573
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,131,501	5,809,376	9,171,756
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,187,586	5,103,727	789,817
Estimated shares issuable under the Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	147,871	109,729	0
Assumed conversion of the Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	18,746,323	9,705,454	0

Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee vested contributions	25.00%
Defined contribution plan	$ 1,100	$ 800	$ 500
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer discretionary contribution amount	$ 1

Related Parties - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
RealReal Foundation
Related Party Transaction [Line Items]
Donation to related party	$ 3.2