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POSH Poshmark

Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, home, and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of ecommerce, Poshmark makes buying and selling simple, social, and fun. Its community of more than 70 million registered users across the U.S. and Canada is driving the future of commerce while promoting more sustainable consumption.

Company profile

Ticker
POSH
Exchange
Website
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
274827616

POSH stock data

(
)

Calendar

16 May 21
1 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Poshmark earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Cash on hand (at last report) 551.41M 551.41M
Cash burn (monthly) 24.86M (positive/no burn)
Cash used (since last report) 101.16M n/a
Cash remaining 450.26M n/a
Runway (months of cash) 18.1 n/a

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Other Dispose J Yes No 0 909,097 0 6,554
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Other Dispose J Yes No 0 2,153,377 0 0
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Other Dispose J Yes No 0 3,644,551 0 65,539
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Conversion Aquire C Yes No 0 915,651 0 915,651
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Conversion Aquire C Yes No 0 2,153,377 0 2,153,377
12 Jul 21 Inventus Capital Partners Fund I Class A Common Stock Conversion Aquire C Yes No 0 3,710,090 0 3,710,090
12 Jul 21 Inventus Capital Partners Fund I Class B Common Stock Class A Common Stock Conversion Dispose C Yes No 0 915,651 0 0
12 Jul 21 Inventus Capital Partners Fund I Class B Common Stock Class A Common Stock Conversion Dispose C Yes No 0 2,153,377 0 0
12 Jul 21 Inventus Capital Partners Fund I Class B Common Stock Class A Common Stock Conversion Dispose C Yes No 0 3,710,090 0 0
12 Jul 21 Manish Chandra Class A Common Stock Other Aquire J No No 0 7,298 0 7,298

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

36.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 65 0 NEW
Opened positions 65 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 1.02B 0 NEW
Total shares 5.63M 0 NEW
Total puts 85.7K 0 NEW
Total calls 43.1K 0 NEW
Total put/call ratio 2.0
Largest owners
Shares Value Change
TROW T. Rowe Price 973.87K $39.54M NEW
FMR 817.09K $33.17M NEW
Vanguard 624.79K $25.37M NEW
Dragoneer Investment 550K $22.33M NEW
AMP Ameriprise Financial 544.8K $22.12M NEW
FIL 239.15K $9.71M NEW
Ci Investments 187.13K $7.6M NEW
Alpine Global Management 177.02K $7.19M NEW
Grandeur Peak Global Advisors 156.78K $6.37M NEW
BLK Blackrock 136.93K $5.56M NEW
Largest transactions
Shares Bought/sold Change
TROW T. Rowe Price 973.87K +973.87K NEW
FMR 817.09K +817.09K NEW
Vanguard 624.79K +624.79K NEW
Dragoneer Investment 550K +550K NEW
AMP Ameriprise Financial 544.8K +544.8K NEW
FIL 239.15K +239.15K NEW
Ci Investments 187.13K +187.13K NEW
Alpine Global Management 177.02K +177.02K NEW
Grandeur Peak Global Advisors 156.78K +156.78K NEW
BLK Blackrock 136.93K +136.93K NEW

Financial report summary

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Competition
Etsy
Risks
  • Risks Related to Our Business and Operations
  • Our continued growth depends on attracting new users and converting users into Active Buyers and Active Sellers.
  • We only recently became profitable and have experienced net losses. We may not be able to sustain our profitability, and our revenue growth rate may decline.
  • The COVID-19 pandemic has impacted, and will continue to impact, our business, results of operations, and financial condition.
  • Our advertising activity may not be effective, or may fail to efficiently drive growth in users, buyers, and sellers.
  • If we fail to manage growth effectively, our business, results of operations, and financial condition could be harmed.
  • If we fail to engage our users or innovate, improve, and enhance our platform in a manner that responds to our users’ evolving needs, our business, results of operations, and financial condition may be adversely affected.
  • The vibrancy of our community and trustworthiness of our marketplace are important to our success. If we are unable to maintain them, our ability to attract, engage, and retain users could suffer.
  • Our user metrics and other estimates are subject to inherent challenges in measurement, and inaccuracies in those metrics could have an adverse impact on our business, results of operations, and financial condition.
  • If sellers fail to provide a fulfilling experience to buyers, our reputation, business, and the strength of our community could be harmed.
  • We face significant competition and may be unsuccessful in competing against current and future competitors. If our competitors are more successful in offering compelling products or in attracting and retaining buyers and sellers than we are, our revenue and growth rates could decline.
  • We derive all of our revenue from our marketplace. Failure of our marketplace to satisfy user demands or to achieve increased market acceptance could adversely affect our business, results of operations, and financial condition.
  • We launched Posh Remit in 2019, an automated service to collect sales tax for taxable items sold on our marketplace. This sales tax collection increased the costs our buyers pay for offerings on our marketplace and caused a negative impact on our GMV, and could adversely affect our business, results of operations, and financial condition.
  • We may have to decrease our fees, which could adversely affect our results of operations.
  • Our business depends on a strong and trusted brand, and we may not be able to maintain, protect, and enhance our brand and reputation.
  • If we are unable to successfully execute on our business strategy or if our strategy proves to be ineffective, our financial and business performance and growth could be adversely affected.
  • Our security measures have in the past been, and may in the future be, compromised. Compromises of our data security could cause us to incur unexpected expenses and may adversely affect our reputation, business, results of operations, and financial condition.
  • We may be unable to establish, maintain, protect, and enforce our intellectual property and proprietary rights or prevent third parties from making unauthorized use of our technology.
  • We may be subject to intellectual property claims, which are extremely costly to defend, could require us to pay significant damages, and could limit our ability to use certain technologies in the future.
  • Our software is highly complex, and if it contains serious errors or defects, we may lose revenue and market acceptance and may incur costs to defend or settle claims with our sellers and harm our reputation among users.
  • Some of our software and systems contain open source software, which may pose particular risks to our proprietary applications.
  • If we fail to attract and retain key personnel, or effectively manage succession, our business, results of operations, and financial condition could be adversely affected.
  • We may incur significant losses from fraud.
  • Our results of operations are subject to seasonal and quarterly variations in our revenue and operating income. As a result, our quarterly results may fluctuate and could be below expectations, which could cause our stock price to decline.
  • We rely on consumer discretionary spending and may be adversely affected by economic downturns and other macroeconomic conditions or trends.
  • We may require additional capital to support business growth, and this capital might not be available, may not be available to us on acceptable terms, or may be available only by diluting existing stockholders.
  • If we fail to maintain an effective system of internal controls, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • We plan to expand our operations abroad where we have no operating experience and will be subject to risks associated with operations abroad.
  • If we are unable to make acquisitions and investments, or successfully integrate them into our business, our business, results of operations, or financial condition could be harmed.
  • Our operations could be significantly hindered by the occurrence of a natural disaster, terrorist attack, or other catastrophic event.
  • We may not accurately forecast our results of operations or appropriately plan our expenses.
  • Risks Related to our Dependence on Third Parties
  • Risks Related to our Legal and Regulatory Environment
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Changes in tax law could adversely affect our financial condition and results of our operations.
  • Adverse litigation judgments or settlements resulting from legal proceedings in which we may be involved, as well as regulatory matters, which could be expensive, time consuming, and limit our ability to operate our business.
  • Risks Related to Ownership of Our Class A Common Stock
  • We cannot predict the impact our dual class structure may have on our stock price.
  • We are an “emerging growth company,” and the reduced disclosure requirements applicable to emerging growth companies may make our Class A common stock less attractive to investors.
  • If securities or industry analysts do not publish research or reports about our business, or if they downgrade our common stock, the price of our Class A common stock could decline.
  • Substantial future sales of our Class A common stock could cause the market price of our Class A common stock to decline.
  • Future sales and issuances of our common stock or rights to purchase common stock could result in additional dilution to our stockholders and could cause the price of our common stock to decline.
  • We will incur increased costs and demands upon management as a result of complying with the laws and regulations affecting public companies, particularly after we are no longer an “emerging growth company,” which could adversely affect our business, results of operations, and financial condition.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current board of directors, and limit the market price of our Class A common stock.
  • If our insurance coverage is insufficient or our insurers are unable to meet their obligations, our insurance may not mitigate the risks facing our business.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • Our amended and restated bylaws provide that a state or federal court located within the State of Delaware is the exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other employees.
Management Discussion
  • Net revenue increased $23.8 million for the three months ended March 31, 2021 compared to the same period in 2020. This growth was primarily due to an increase in the volume of GMV on our marketplace to a total of $0.4 billion, an increase of 43% for the three months ended March 31, 2021 compared to the same period in 2020. The increase in GMV was substantially driven by the increase in Active Buyers on the platform to 6.7 million for the trailing 12 months ended March 31, 2021, a 18% increase compared to the same period in 2020, and a 17% increase in GMV per Active Buyer for the trailing 12 months ended March 31, 2021 compared to the same period in 2020.
  • Cost of net revenue increased $3.1 million for three months ended March 31, 2021 compared to the same period in 2020. The increase was driven by a $3.0 million increase in costs related to overall volume increases on our marketplace, including increased credit card processing fees and associated expenses, and an increase in data hosting costs of $0.1 million to support the increased usage of our platform and upgrades we made to our systems which were required to support our growth.
  • Operations and support expense increased $6.4 million for the three months ended March 31, 2021 compared to the same period in 2020. The increase was primarily driven by the combined effect from a $3.5 million increase in customer service and support personnel costs, including $2.1 million in stock-based compensation, mainly due to the satisfaction of the performance-based vesting condition for our outstanding RSUs upon the effectiveness of our IPO in January 2021, a $1.8 million increase in net shipping costs as a result of our growth, and a $1.0 million increase in credits and incentives issued to users for the purposes of dispute resolution.
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