0001653909-22-000065 | 10-Q | XBRL Viewer

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COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40963
Entity Registrant Name	Allbirds, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3999983
Entity Address, Address Line One	730 Montgomery Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	628
Local Phone Number	225-4848
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BIRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001653909
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		95,772,360
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,137,729

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 207,294	$ 288,576
Accounts receivable	5,100	10,978
Inventory	122,297	106,876
Prepaid expenses and other current assets	35,923	37,938
Total current assets	370,614	444,368
Property and equipment—net	47,860	37,955
Other assets	10,059	6,106
Total assets	428,533	488,429
Current liabilities:
Accounts payable	15,096	30,726
Accrued expenses and other current liabilities	40,162	46,243
Deferred revenue	3,212	4,187
Total current liabilities	58,470	81,156
Noncurrent liabilities:
Other long-term liabilities	15,743	10,269
Total noncurrent liabilities	15,743	10,269
Total liabilities	74,213	91,425
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred Stock, $0.0001 par value; 20,000,000 shares authorized as of June 30, 2022 and December 31, 2021; zero shares issued and outstanding as of June 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	546,346	533,709
Accumulated other comprehensive (loss) income	(3,407)	666
Accumulated deficit	(188,634)	(137,386)
Total stockholders’ equity	354,320	397,004
Total liabilities and stockholders’ equity	428,533	488,429
Class A Common Stock
Stockholders’ equity:
Common stock	9	5
Class B Common Stock
Stockholders’ equity:
Common stock	$ 6	$ 10

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	94,389,961	49,016,511
Common stock, outstanding (in shares)	94,389,961	49,016,511
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	54,467,089	98,036,009
Common stock, outstanding (in shares)	54,467,089	98,036,009

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net revenue	$ 78,174	$ 67,905	$ 140,937	$ 117,542
Cost of revenue	49,983	29,783	80,143	53,594
Gross profit	28,191	38,122	60,794	63,948
Operating expense:
Selling, general, and administrative expense	41,707	28,996	80,462	52,532
Marketing expense	15,813	13,295	29,640	26,013
Total operating expense	57,520	42,291	110,102	78,545
Loss from operations	(29,329)	(4,169)	(49,308)	(14,597)
Interest expense	(35)	(36)	(72)	(87)
Other income (expense)	338	(3,289)	238	(5,980)
Loss before provision for income taxes	(29,026)	(7,494)	(49,142)	(20,664)
Income tax provision	(342)	(112)	(2,105)	(464)
Net loss	(29,368)	(7,606)	(51,247)	(21,128)
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(3,398)	1,601	(4,072)	(330)
Total comprehensive loss	$ (32,766)	$ (6,005)	$ (55,319)	$ (21,458)
Per share data:
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.20)	$ (0.14)	$ (0.35)	$ (0.39)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.20)	$ (0.14)	$ (0.35)	$ (0.39)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	148,646,906	54,408,308	148,088,555	54,152,022
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	148,646,906	54,408,308	148,088,555	54,152,022

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020					53,683,269
Stockholders' equity, beginning balance at Dec. 31, 2020	$ (25,507)				$ 5	$ 64,548	$ 1,956	$ (92,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					965,335
Exercise of stock options	1,799					1,799
Exercise of common stock warrants (in shares)					245,468
Exercise of common stock warrants	315					315
Stock-based compensation	3,926					3,926
Comprehensive loss	(330)						(330)
Net loss	(21,128)							(21,128)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021					54,894,072
Stockholders' equity, ending balance at Jun. 30, 2021	$ (40,925)				$ 5	70,588	1,626	(113,144)
Temporary equity, beginning balance (in shares) at Dec. 31, 2020	70,990,919
Temporary equity, beginning balance at Dec. 31, 2020	$ 204,049
Temporary equity, ending balance (in shares) at Jun. 30, 2021	70,990,919
Temporary equity, ending balance at Jun. 30, 2021	$ 204,049
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2021					54,177,021
Stockholders' equity, beginning balance at Mar. 31, 2021	(38,688)				$ 5	66,820	25	(105,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					471,583
Exercise of stock options	1,212					1,212
Exercise of common stock warrants (in shares)					245,468
Exercise of common stock warrants	315					315
Stock-based compensation	2,241					2,241
Comprehensive loss	1,601						1,601
Net loss	(7,606)							(7,606)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2021					54,894,072
Stockholders' equity, ending balance at Jun. 30, 2021	$ (40,925)				$ 5	70,588	1,626	(113,144)
Temporary equity, beginning balance (in shares) at Mar. 31, 2021	70,990,919
Temporary equity, beginning balance at Mar. 31, 2021	$ 204,049
Temporary equity, ending balance (in shares) at Jun. 30, 2021	70,990,919
Temporary equity, ending balance at Jun. 30, 2021	$ 204,049
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021		49,016,511	98,036,009	49,016,511	98,038,941
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 397,004			$ 5	$ 10	533,709	666	(137,386)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,612,940				1,612,240
Exercise of stock options	$ 2,263					2,263
Exercise of common stock warrants (in shares)					21,967
Vesting of common stock warrants	843					843
Vesting of restricted stock units (in shares)				2,500
Issuance of common stock under employee stock purchase plan (in shares)				171,926
Issuance of common stock under employee stock purchase plan	823					823
Conversion of Class B shares into Class A common stock (in shares)				45,206,759	(45,206,059)
Conversion of Class B shares into Class A common stock	0			$ 4	$ (4)
Stock-based compensation	8,708					8,708
Comprehensive loss	(4,072)						(4,072)
Net loss	(51,247)							(51,247)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022		94,389,961	54,467,089	94,397,696	54,467,089
Stockholders' equity, ending balance at Jun. 30, 2022	$ 354,320			$ 9	$ 6	546,346	(3,407)	(188,634)
Temporary equity, beginning balance (in shares) at Dec. 31, 2021	0
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2022				92,267,681	56,155,776
Stockholders' equity, beginning balance at Mar. 31, 2022	$ 380,320			$ 9	$ 6	539,578	(8)	(159,265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					266,902
Exercise of stock options	809					809
Vesting of common stock warrants	249					249
Vesting of restricted stock units (in shares)				2,500
Issuance of common stock under employee stock purchase plan (in shares)				171,926
Issuance of common stock under employee stock purchase plan	823					823
Conversion of Class B shares into Class A common stock (in shares)				1,955,589	(1,955,589)
Stock-based compensation	4,887					4,887
Comprehensive loss	(3,398)						(3,398)
Net loss	(29,368)							(29,368)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022		94,389,961	54,467,089	94,397,696	54,467,089
Stockholders' equity, ending balance at Jun. 30, 2022	$ 354,320			$ 9	$ 6	$ 546,346	$ (3,407)	$ (188,634)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (51,247)	$ (21,128)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,069	4,120
Amortization of debt issuance costs	25	25
Stock-based compensation	8,993	3,926
Inventory write-down	11,641	0
Change in fair value of preferred stock warrant liability	0	5,398
Changes in assets and liabilities:
Accounts receivable	5,695	(83)
Inventory	(27,468)	(13,847)
Prepaid expenses and other current assets	(2,124)	(2,886)
Other assets	(3,839)	0
Accounts payable and accrued expenses	(18,010)	(1,229)
Other long-term liabilities	5,615	2,920
Deferred revenue	(982)	278
Net cash used in operating activities	(64,632)	(22,506)
Cash flows from investing activities:
Purchase of property and equipment	(16,594)	(11,290)
Changes in security deposits	(339)	(638)
Net cash used in investing activities	(16,933)	(11,928)
Cash flows from financing activities:
Proceeds from the exercise of stock options	2,263	1,799
Proceeds from issuance of common stock under the employee stock purchase plan	823	0
Proceeds from the exercise of common stock warrants	0	315
Payments of deferred offering costs	(744)	0
Net cash provided by financing activities	2,342	2,114
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(1,429)	(69)
Net decrease in cash, cash equivalents, and restricted cash	(80,652)	(32,389)
Cash, cash equivalents, and restricted cash—beginning of period	288,576	127,251
Cash, cash equivalents, and restricted cash—end of period	207,924	94,862
Supplemental disclosures of cash flow information:
Cash paid for interest	42	60
Cash paid for taxes	1,122	261
Noncash investing and financing activities:
Purchase of property and equipment included in accounts payable	825	1,721
Non-cash exercise of common stock warrants	28	0
Stock-based compensation included in capitalized internal-use software	558	0
Deferred offering costs included in accrued liabilities	0	842
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	207,294	94,862
Restricted cash included in prepaid expenses and other current assets	630	0
Total cash, cash equivalents, and restricted cash	$ 207,924	$ 94,862

DESCRIPTION OF BUSINESS	6 Months Ended
DESCRIPTION OF BUSINESS	Jun. 30, 2022
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Allbirds, Inc. (“Allbirds” and, together with its wholly owned subsidiaries, the “Company,” “we,” or “our”) was incorporated in the state of Delaware on May 6, 2015. Allbirds is a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet. The majority of our revenue is from sales directly to consumers via our digital and store channels. Amended and Restated Certificate of Incorporation In September 2021, we filed our Eighth Amended and Restated Certificate of Incorporation, which established a dual class common stock structure and authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 75,812,755 shares of convertible preferred stock. Upon the filing of the Eighth Amended and Restated Certificate of Incorporation, 127,735,199 shares of our then-outstanding common stock were reclassified into an equivalent number of shares of Class B common stock, which includes our convertible preferred stock on an as-converted basis and warrants being exercised or exchanged in connection with our initial public offering (“IPO”), described below, on an as-exercised or as-exchanged basis, as applicable. Initial Public Offering On November 2, 2021, we priced our IPO and our Class A common stock began trading on The Nasdaq Global Select Market on November 3, 2021 under the symbol “BIRD.” In connection with the closing of the IPO on November 5, 2021, 23,221,152 shares of our Class A common stock were issued and sold at a public offering price of $15.00 per share, which consisted of 16,850,799 shares we offered and 6,370,353 shares offered by certain existing stockholders. We received aggregate proceeds of $237.0 million from the IPO, net of the underwriting discounts and commissions of $15.8 million and before offering costs of approximately $5.4 million. We did not receive any proceeds from the sale of shares of our Class A common stock by the selling stockholders. In November 2021, immediately prior to the closing of the IPO, all 70,990,919 shares of our convertible preferred stock then outstanding were converted into an equivalent number of shares of Class B common stock and we reclassified $204.0 million of convertible preferred stock to additional paid-in capital. 1,104,560 shares of Class B common stock were automatically issued pursuant to the terms of outstanding convertible preferred stock warrants, and 714,965 shares of Class B common stock were issued upon the exercise by the holder of an outstanding Class B common stock warrant. In connection with the closing of the IPO, we also filed our Ninth Amended and Restated Certificate of Incorporation, which authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock.

SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 16, 2022 (the “Form 10-K”).

In the opinion of management, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP.

Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

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 at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Impacts of the Coronavirus (“COVID-19”) Pandemic

In December 2019, a novel strain of coronavirus (“COVID-19”) was reported, and during 2020 and 2021 expanded into a worldwide pandemic, leading to significant business and supply chain disruptions. The outbreak was declared a global pandemic by the World Health Organization in March 2020 and has caused governments and public health officials to impose restrictions and to recommend precautions to mitigate the spread of the virus.

During the three and six months ended June 30, 2022, aspects of our business continued to be affected by COVID-19. During these periods, the vast majority of our retail stores around the world remained open. To date, we have not permanently closed any of our retail stores due to COVID-19. Our distribution centers and retail stores continue to operate with restrictive and precautionary measures in place, subject to national, state, and local rules and regulations. At times, our suppliers and logistical service providers have experienced disruptions that have affected our operations worldwide. Similar impacts or other disruptions could occur in the future.

Given the uncertainty regarding the length, severity, and ability to combat the COVID-19 pandemic, we cannot reasonably estimate the future impact on our results of operations, cash flows, or financial condition. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. We have been and will continue to actively monitor the impact of COVID-19 on the Company.

Segments—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. Our CODMs are the co-Chief Executive Officers. We operate in one operating segment and one reportable segment, as the CODMs review financial information presented on an aggregate basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Accounts Receivable—Accounts receivable results from sales to customers, including credit card deposits in transit at the balance sheet date, the majority of which are settled within two to three business days. Credit card receivables were $2.2 million as of June 30, 2022 and December 31, 2021.

During the fourth quarter of 2021, we made an accounting policy change to present customer accounts receivables that are not credit card receivables, within the accounts receivable line on the condensed consolidated balance sheet to align with management’s reporting. These types of receivables were historically immaterial and are included in prepaid and other current assets within the condensed consolidated financial statements and accompanying footnotes for periods presented prior to the fourth quarter of 2021.

Inventory—Inventory consists of finished goods, stated at the lower of cost or net realizable value. We value our inventory using the weighted-average cost method and include product costs from our suppliers, freight, import duties and other landing costs.

We periodically review inventory and make provisions as necessary to appropriately value end of life, slow-moving, damaged, and excess inventory. To determine if the value of inventory requires a write-down, we estimate the net realizable value of inventory by considering current and anticipated demand, customer preferences and buying trends, and the age of the merchandise. Inventory write-downs are recognized in cost of revenue in the condensed consolidated statements of operations and comprehensive loss. In addition to this ongoing provision process, during the three months ended June 30, 2022, we recorded a specific reserve to write-down approximately

$9.8 million of inventory primarily related to certain first-generation apparel products, as a result of a change in apparel strategy, demand for these products, and age of merchandise.

Revenue Recognition—For the three and six months ended June 30, 2022, we recognized $1.0 million and $2.1 million, respectively, of revenue that was deferred as of December 31, 2021, and for the three and six months ended June 30, 2021, we recognized $1.1 million and $1.8 million, respectively, of revenue that was deferred as of December 31, 2020. As of June 30, 2022 and December 31, 2021, we had $0.2 million and $0.7 million, respectively, in cash collections of purchases via our digital channel which had not yet shipped, and $3.1 million and $3.5 million, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. The deferred revenue balance of $3.2 million at June 30, 2022 is expected to be recognized over the next 12 months.

We record a reserve for estimated product returns, based upon historical return trends, in each reporting period against revenue, as a component of net revenue, with an offsetting increase to accrued expenses. We recorded a sales refund reserve of $3.5 million and $5.5 million as of June 30, 2022 and December 31, 2021, respectively. We have also recorded a related inventory returns receivable, with an offsetting decrease to cost of revenue, for product returns of $0.8 million and $1.4 million as of June 30, 2022 and December 31, 2021, respectively. The inventory returns receivable is included in prepaid expenses and other current assets as of June 30, 2022 and December 31, 2021 in the condensed consolidated balance sheets.

We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store. The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
United States	$	59,251	$	48,848	$	108,195	$	85,105
International	18,923		19,057		32,742		32,437
Total net revenue	$	78,174	$	67,905	$	140,937	$	117,542

Comprehensive (Loss) Income—Comprehensive (loss) income represents net loss for the period plus the results of certain other changes in stockholders’ equity. For the three and six months ended June 30, 2022, we recorded other comprehensive loss of $3.4 million and $4.1 million, respectively, and for the three and six months ended June 30, 2021, we recorded other comprehensive income of $1.6 million and other comprehensive loss of $0.3 million, respectively, as a result of foreign currency translation adjustments, particularly changes in the Chinese yuan, British pound, Japanese yen, euro, Korean won, Vietnamese dong, and Canadian dollar.

Restricted Cash—Restricted cash serves as collateral for a bond with the United States Customs and Border Protection (“CBP”), which allows us to take possession of our inventory before all formalities with the CBP are completed for imported products. As of June 30, 2022 and December 31, 2021, we had $0.6 million and $0.0 million of restricted cash, respectively.

Foreign Currency Translation and Transactions—Adjustments resulting from translating foreign functional currency financial statements of our global subsidiaries into U.S. dollars are included in the foreign currency translation adjustment in accumulated other comprehensive income (loss). The remeasurement of our global subsidiaries’ assets and liabilities, which are denominated in a foreign currency, are recorded in other income (expense), within the condensed consolidated statements of operations and comprehensive loss.

Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be

determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets

Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly

Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions.

This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Refer to Note 8, Fair Value Measurements, for further details.

Recent Accounting Pronouncements—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted this update as of January 1, 2022, and noted no effect on the condensed consolidated financial statements and related disclosures.

In October 2020, the FASB issued Accounting Standards Update 2020-10, Codification Improvements, which updated various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. We adopted this update as of January 1, 2022, and noted no effect on the condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires recognition of lease assets and lease liabilities in the balance sheet by the lessees for lease contracts with a lease term of more than 12 months. ASU 2016-02 can be applied on a modified retrospective basis, in which entities can present all prior periods under previous lease accounting guidance while recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption. In June 2020, the FASB issued Accounting Standards Update 2020-05, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted ASU 2016-02. Under the amended guidance, the leasing standard will be effective for our fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We intend to adopt the standards and related disclosures for our fiscal year ending December 31, 2022, and interim periods within our fiscal year ending December 31, 2023. While we continue to finalize the financial impact of adoption, we expect to record a material right-of-use asset and liability on the consolidated balance sheet related to our operating leases and do not expect a material impact on our consolidated statements of operations and comprehensive loss.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of

financial instruments, including trade and account receivables, which may result in the earlier recognition of allowance for losses. In November 2019, the FASB issued Accounting Standards Update 2019-10, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted ASU 2016-13. Under the amended guidance, the standard will be effective for our fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 is not expected to have a material impact on our condensed consolidated financial statements and related disclosures.

INVENTORY

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Finished goods	$	133,869	$	108,585
Reserve to reduce inventories to net realizable value	(11,572)		(1,709)
Total inventory	$	122,297	$	106,876

PROPERTY AND EQUIPMENT - NET

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT - NET

Property and equipment consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Leasehold improvements	$	34,198	$	27,137
Furniture and fixtures	19,835		15,276
Internal-use software	18,717		14,453
Machinery and equipment	879		780
Computers and equipment	1,523		1,236
Total property and equipment - gross	75,152		58,882
Less: accumulated depreciation and amortization	(27,292)		(20,927)
Total property and equipment - net	$	47,860	$	37,955

Depreciation and amortization expense for the three and six months ended June 30, 2022 was $3.7 million and $7.1 million, respectively, and for the three and six months ended June 30, 2021 was $2.5 million and $4.3 million, respectively, recognized in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss. There were no assets disposed of in the three and six months ended June 30, 2022 and $0.0 and $0.2 million assets were disposed of for the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, unamortized capitalized internal-use software costs were $13.4 million and $10.6 million, respectively.

Geographic Information

The following table summarizes our long-lived assets by geographic area, which consist of property and equipment, net. No individual foreign country represented in excess of 10% of total long-lived assets balance as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
United States	$	43,588	$	33,384
International	4,272		4,571
Total long-lived assets	$	47,860	$	37,955

As of June 30, 2022, the vast majority of our retail stores around the world remained open. To date, we have not permanently closed any of our retail stores due to COVID-19. Temporary closures of stores as a result of COVID‐19 were considered to be a qualitative indicator of impairment and we performed an assessment of recoverability by asset group for long-lived assets. As a result of the analysis, no impairment charge was considered necessary.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Prepaid expenses	$	8,219	$	7,865
Inventory returns receivable	835		1,351
Security deposits	859		1,106
Tax receivable	20,723		22,594
Other receivables	4,657		5,022
Restricted cash	630		—
Total prepaid expenses and other current assets	$	35,923	$	37,938

Based on current facts and circumstances, we believe that the receipt of a refund associated with a tax loss carryback will extend past 12 months. Therefore, we have reclassified $3.8 million of tax receivable from prepaid expenses and other current assets, where it was recorded in periods prior to June 30, 2022, to other assets on the condensed consolidated balance sheet as of June 30, 2022,

OTHER ASSETS

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Investment in equity securities	$	2,250	$	2,250
Tax receivable	3,839		—
Security deposits	3,408		3,025
Intangible assets	378		622
Debt issuance costs	82		107
Deferred tax assets	102		102
Total other assets	$	10,059	$	6,106

Investment in Equity Securities

On November 20, 2020, we entered into an agreement to make a minority equity investment of $2 million in Natural Fiber Welding, Inc. (“NFW”) in exchange for 201,207 shares of Series A-3 Preferred Stock. Our investment is carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Throughout the year, we assess whether impairment indicators exist to trigger the performance of an impairment analysis. There were no impairment charges or observable price changes for the three and six months ended June 30, 2022.

On November 22, 2021, we made a $0.3 million investment in NoHo ESG, Inc. (“NoHo ESG”) via a simple agreement for future equity (“SAFE”). The SAFE provides that we will automatically receive shares of the entity based on the conversion rate of future equity rounds up to a valuation cap. If there is a liquidity event, such as a change in control or initial public offering, we will have the option of receiving a cash payment equal to the purchase amount or receiving a number of shares of common stock based on the purchase amount divided by the

liquidity price, assuming we fail to select the cash option. Our investment is carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Throughout the year, we assess whether impairment indicators exist to trigger the performance of an impairment analysis. There were no impairment charges or observable price changes for the three and six months ended June 30, 2022.

Definite-lived Intangible Assets

Intangible assets include intellectual property purchased from West Harbor Technologies, LLC for $1.3 million, including transaction costs of $0.1 million, in January 2020. The intangible asset has an estimated useful life of 3 years, and we recorded amortization charges of $0.1 million and $0.2 million for the three and six months ended June 30, 2022, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively, which are recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Sales-refund reserve	$	3,521	$	5,452
Taxes payable	19,990		17,930
Employee-related liabilities	3,614		5,021
Accrued expenses	13,037		17,840
Total accrued expenses and other current liabilities	$	40,162	$	46,243

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

We record cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses at cost. The carrying values of these instruments approximate their fair value due to their short‐term maturities. Refer to Note 2, Significant Accounting Policies, for additional detail regarding our fair value measurement methodology.

Items Measured at Fair Value on a Recurring Basis

Warrant Liability—The fair value of our preferred stock warrant liability was based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the convertible preferred stock warrant liability, we used the probability weighted average values from (i) a Black-Scholes calculation and (ii) an option pricing model. We measure and report our preferred stock warrant liability at the estimated fair value on a recurring basis. As discussed further in Note 11, Warrants, the preferred stock warrant liability was estimated using assumptions related to the remaining contractual term of the warrants, the risk-free interest rate and volatility of comparable public companies over the remaining term, and the fair value of underlying shares. The significant unobservable inputs used in the fair value measurement of the preferred stock warrant liability were the fair value of the underlying stock at the valuation date and the estimated term of the warrants. The value from the Black-Scholes calculation reflects the value in an initial public offering scenario with the contractual term of the warrants, which was weighted by management’s estimated probability of a potential initial public offering at the applicable valuation date. The value from the option pricing model reflects the value in an alternative exit scenario at which point the warrants were expected to be exercised. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement.

In November 2021, immediately prior to the completion of the IPO and pursuant to the terms of the convertible preferred stock warrants, there was an automatic exchange of the outstanding convertible preferred stock warrants for shares of Class B common stock on a one-to-one basis. As a result, the final remeasurement date of the preferred stock warrant liability was on November 3, 2021, and the preferred stock warrant liability was reclassified to

additional paid-in capital. As of June 30, 2022 and December 31, 2021, there was no preferred stock warrant liability remaining on our condensed consolidated balance sheets; therefore, there was no impact to other income (expense) for the three and six months ended June 30, 2022.

The following tables present a summary of the changes in fair value of our Level 3 liabilities for the three and six months ended June 30, 2021, included within other income (expense) in our condensed consolidated statements of operations and comprehensive loss:


(in thousands)	Warrants
Balance at March 31, 2021	$	8,275
Increase in fair value included in other income (expense)	2,968
Balance at June 30, 2021	$	11,243


(in thousands)	Warrants
Balance at December 31, 2020	$	5,845
Increase in fair value included in other income (expense)	5,398
Balance at June 30, 2021	$	11,243

Items Measured at Fair Value on a Non-Recurring Basis

Equity Investments—Our equity investments in NFW and Noho ESG represent non-marketable equity securities in privately held companies that do not have a readily determinable fair value and are accounted for under the measurement alternative in ASC 321. The investments are accounted for at cost and adjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer or impairment. During the three and six months ended June 30, 2022 and 2021, there were no observable price changes or impairments. As of June 30, 2022 and December 31, 2021, the carrying value of our investments was $2.3 million.

- 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

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT On February 20, 2019, we entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement is an asset-based loan with a revolving line of credit of up to $40.0 million and an optional accordion, which, if exercised, would allow us to increase the aggregate commitment by up to $35.0 million, subject to obtaining additional lender commitments and satisfying certain conditions. Pursuant to the terms of the revolving credit facility, we may reduce the total amount available for borrowing under such facility, subject to certain conditions. The Credit Agreement has a maturity date of February 20, 2024. Borrowings under our revolving credit facility use the London Interbank Offered Rate (“LIBOR”) as a reference rate. Interest on borrowings under the revolving credit facility accrues at a variable rate equal to (i) the one-month LIBOR (adjusted LIBOR Rate for a one month interest period on a given day) plus 2.50%, plus (ii) a specified spread of 1.25% or 1.5% dependent on the average quarterly loan balance, calculated on the last day of each fiscal quarter being less than $32.0 million or greater than or equal to $32.0 million, respectively. The commitment fee under the Credit Agreement is 0.20% per annum on the average daily unused portion of each lender’s commitment. In addition, we are required to pay a fronting fee of 0.125% per annum on the average daily aggregate face amount of issued and outstanding letters of credit. Interest, commitment fees and fronting fees are payable monthly, in arrears. In July 2017, the United Kingdom’s Financial Conduct Authority announced its intention to stop compelling banks to submit LIBOR rates after 2021. While the potential impacts of these actions cannot be fully predicted and may result in additional exposure to interest rate risk, our borrowings under the revolving credit facility use the one-month LIBOR as a reference rate, which would not be affected until after June 30, 2023. The Credit Agreement contains customary events of default and financial covenants. As of June 30, 2022 and December 31, 2021, we were in compliance with these covenants. As of June 30, 2022 and December 31, 2021, there were no amounts outstanding under the 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.

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+ Details

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY

As of June 30, 2022 and December 31, 2021, we were authorized to issue 2,220,000,000 shares of capital stock, comprised of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. Each class had a par value of $0.0001.

Preferred Stock

In November 2021, immediately prior to the completion of the IPO, all 70,990,919 shares of convertible preferred stock converted into an equivalent number of shares of Class B common stock, and we reclassified $204.0 million of convertible preferred stock to additional paid-in capital. As of June 30, 2022 and December 31, 2021, there were no shares of convertible preferred stock issued and outstanding.

Common Stock

As of June 30, 2022 and December 31, 2021, we had two classes of common stock: Class A common stock and Class B common stock. Each class had a par value of $0.0001.

In September 2021, prior to the completion of the IPO, we filed our Eighth Amended and Restated Certificate of Incorporation and implemented a dual class common stock structure where all existing shares of common stock were reclassified into Class B common stock on a one-to-one basis and we also authorized a new class of common stock, the Class A common stock. Authorized capital stock was 2,275,812,755 shares, of which 2,000,000,000 shares was Class A common stock, 200,000,000 shares was Class B common stock, and 75,812,755 shares was preferred stock. The common stock and the preferred stock each had a par value of $0.0001 per share.

Voting—Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the stockholders. The holders of our Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our amended and restated certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances: (i) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the number of authorized shares of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; (ii) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and (iii) if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. As a result, in these limited instances, the holders of a majority of the Class A common stock could defeat an amendment to our amended and restated certificate of incorporation. Our amended and restated certificate of incorporation does not provide for cumulative voting for the election of directors.

Dividends—Holders of Class A common stock and Class B common stock are entitled to ratably receive dividends if, as and when declared from time to time by our board of directors at its own discretion out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock, if any. Under Delaware law, we can only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits. Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital. The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.

Right to Receive Liquidation Distributions—Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our Class A common

stock and Class B common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion—Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. Each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except for (i) certain permitted transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock, and (ii) certain other permitted transfers described in our amended and restated certificate of incorporation. In addition, if held by a natural person (including a natural person serving in a sole trustee capacity), each share of our Class B common stock will convert automatically into one share of our Class A common stock upon the death or incapacity of such natural person as described in our amended and restated certificate of incorporation. All outstanding shares of our Class B common stock will convert automatically into an equivalent number of shares of our Class A common stock upon the final conversion date, defined as the later of (a) the last trading day of the fiscal quarter immediately following the tenth anniversary of September 21, 2021 and (b) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock first represent less than 10% of the aggregate number of the then outstanding shares of Class A common stock and Class B common stock (except if the final conversion date determined according to (a) or (b) would otherwise occur on or after the record date of any meeting of stockholders and before or at the time the vote at such meeting is taken, then the final conversion date shall instead be the last trading day of the fiscal quarter during which such vote was taken).

Other Matters—The Class A common stock and Class B common stock have no preemptive rights pursuant to the terms of our amended and restated certificate of incorporation and our amended and restated bylaws. There are no redemption or sinking fund provisions applicable to the Class A common stock and Class B common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.

Shares of common stock reserved for future issuance as of June 30, 2022 and December 31, 2021 consist of the following:


	June 30, 2022	December 31, 2021
Shares reserved for convertible preferred stock outstanding	—	—
2015 Equity Incentive Plan:
Options issued and outstanding	13,684,092	16,181,331
Shares available for future option grants	—	—
2021 Equity Incentive Plan:
Options issued and outstanding	2,350,756	189,342
Restricted stock units outstanding	5,977,505	160,227
Shares available for future grants	13,186,859	14,306,487
2021 Employee Stock Purchase Plan:
Shares available for future grants	4,230,831	2,932,232
Total shares of common stock reserved for future issuance	39,430,043	33,769,619

Our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges, and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. The voting, dividend, and liquidation rights of the holders of common stock are subject to and qualified by the rights, powers, and preferences of the holders of preferred stock. As of June 30, 2022 and December 31, 2021, there were no shares of preferred stock issued and outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

WARRANTS

6 Months Ended

Jun. 30, 2022

Warrants and Rights Note Disclosure [Abstract]

WARRANTS

WARRANTSPreferred Stock Warrants

In connection with a 2015 agreement with Venture Lending and Leasing VII and Venture Lending and Leasing VIII (the “VLL Agreement”), we issued warrants to purchase 1,104,560 shares of our Preferred Stock at an exercise price of $0.10 that would have expired on September 30, 2026 with an initial fair value of $0.8 million. The preferred stock warrants contained a down round and anti-dilution adjustment provision on the exercise price. We would have recognized, on a prospective basis, the value of the effect of the down round feature in the warrant when it was triggered (i.e., when the exercise price is adjusted downward). This value is measured as the difference between (1) the financial instrument’s fair value (without the down round feature) using the pre-trigger exercise price and (2) the financial instrument’s fair value (with the down round feature) using the reduced exercise price. The value of the effect of the down round feature would have been reflected in the change in fair value of the warrant liability. The preferred stock warrants could have been exercised in whole or in part at any time and included a cashless exercise option which would have allowed the holder to receive fewer shares of stock in exchange for the warrants rather than paying cash to exercise. The preferred stock warrants could have been exercised for either Series Seed Preferred Stock or Series A Preferred Stock. In November 2021, immediately prior to the completion of the IPO and per the terms of the preferred stock warrant agreement, the convertible preferred stock warrants then outstanding were automatically exchanged for 1,104,560 shares of Class B common stock on a one-to-one basis and we reclassified the preferred stock warrant liability to additional paid-in capital upon the conversion. As of June 30, 2022 and December 31, 2021, no preferred stock warrants were outstanding.

The preferred stock warrants were classified as a liability and initially recorded at fair value upon entering the VLL Agreement. The value of our Preferred Stock warrants were estimated using the probability weighted-average values from (i) a Black-Scholes calculation and (ii) an option pricing model. It was subsequently remeasured to fair value at each reporting date and the changes in the fair value of the warrant liability were recognized in other income (expense) in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2022 and December 31, 2021, we had no preferred stock warrant liability recorded on our condensed consolidated balance sheets.

Common Stock Warrants

Through 2019, we issued warrants to purchase common stock to various third parties. We determined the fair value of these warrants using the Black-Scholes option pricing model.

The following tables are summaries of the terms of the warrants and warrant activity as well as warrants outstanding at June 30, 2022:


Date of issuance	October 2015/ March 2016		October 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised during the six months ended June 30, 2021	—		—		245,568
Outstanding at June 30, 2021	717,225		157,580		61,267
Outstanding at December 31, 2021	—		—		30,684
Exercised during the six months ended June 30, 2022	—		—		25,570
Outstanding at June 30, 2022	—		—		5,114

Fair value at June 30, 2022 (in thousands)	$	—	$	—	$	3

2018 Common Stock Warrants—In July 2018, as part of an agreement with West Investments V, LLC for various marketing services, we issued 122,735 warrants to purchase common stock to a third party with an exercise price of $1.28. Fifty percent of the warrants vested immediately upon issuance and the remainder of the warrants vest ratably over 24 months. An additional 184,100 warrants to purchase common stock were also issued in July 2018 to the same third-party with an exercise price of $1.28, and vested ratably over 36 months beginning in 2019 when services were first rendered. In accordance with the agreement, expenses are recognized in the period services are received. We recorded $0.2 million and $1.0 million in common stock warrant expense for the three and six months ended June 30, 2022, respectively, and $0.5 million and $0.6 million for the three and six months ended June 30, 2021, respectively.

STOCK TRANSACTIONS	6 Months Ended
STOCK TRANSACTIONS	Jun. 30, 2022
Equity [Abstract]
STOCK TRANSACTIONS	STOCK TRANSACTIONS On September 5, 2018, we received a promissory note from an employee in consideration for the early exercise of 825,000 shares of common stock options. In June 2020, the employee resigned from the company and the promissory note was amended and restated to reflect the loan amount related to the vested shares, and the cancellation of indebtedness and our repurchase of the employee’s unvested shares. The promissory note is secured by the underlying shares of common stock and bears interest at the lesser of 2.86% per annum or the maximum rate permissible by law (which under the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans). On November 19, 2018, we received a promissory note from an employee in consideration for the early exercise of 220,000 shares of common stock options. The promissory note is secured by the underlying shares of common stock and bears interest at 2.86% per annum. Since the notes are limited recourse notes, the note receivables are not reflected in our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

In 2015, we adopted the 2015 Equity Incentive Plan (the “2015 Plan”) that authorized the granting of options for shares of common stock. Our 2015 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, and other stock awards. The 2015 Plan was terminated in connection with the adoption of the 2021 Equity Incentive Plan (the “2021 Plan”) in November 2021 in connection with the IPO, and we will not grant any additional awards under the 2015 Plan. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.

2021 Equity Incentive Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Plan, which became effective in connection with the IPO in November 2021. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards, and other forms of equity compensation. A total of 21,062,853 shares of our Class A common stock have been reserved for issuance under the 2021 Plan. In addition, the number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, in an amount equal to 4% of the total number of share of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year, except that, before the date of any such increase, our board of directors may determine that the increase for such year will be the lesser number of shares. Additionally, to the extent that any stock options outstanding under the 2015 Plan expire, terminate prior to exercise, are not issued because the award is settled in cash, are forfeited because of the failure to vest, or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, the shares of Class B common stock reserved for issuance pursuant to such equity awards will become available for issuance as shares of

Class A common stock under the 2021 Plan. The maximum number of shares of our Class A common stock that may be issued on the exercise of incentive stock options under the 2021 Plan will be 100,000,000 shares.

2021 Employee Stock Purchase Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO in November 2021. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 4,402,757 shares of our Class A common stock have been reserved for issuance under the 2021 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year and (2) 2,850,000 shares, except that, before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of our Class A common stock on the first day of the offering period, or the date of purchase, whichever is lower. Offering periods are six months long and begin on November 3 and May 3 of each year. The initial offering period began on November 3, 2021 and ended on May 2, 2022. The second offering period began on May 3, 2022 and will end on November 2, 2022.

Stock Options

A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2021 and June 30, 2022, and changes during the six month period ended June 30, 2022, is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021	16,370,673	$	4.23	7.70	$	177,593
Granted	2,202,251	4.64
Exercised	(1,612,940)	1.40			9,255
Forfeited	(810,779)	5.48
Cancelled	(114,357)	4.38
Outstanding at June 30, 2022	16,034,848	3.75		7.04	10,578
Vested and exercisable at June 30, 2022	8,152,130	3.04		5.48	10,564
Unvested at June 30, 2022	7,882,718	$	4.49	7.97	$	14

The weighted-average fair value of options granted during the three and six months ended June 30, 2022 was $2.26 and $2.73 per share, respectively, and $4.12 and $3.69 for the three and six months ended June 30, 2021, respectively. We calculated the fair value of each option using an expected volatility over the expected life of the option, which was estimated using the average volatility of comparable publicly traded companies. The expected life of options granted is based on the simplified method to estimate the expected life of the stock options, giving consideration to the contractual terms and vesting schedules. The following weighted average assumptions were used for issuances during the three and six months ended June 30, 2022 and 2021, for employees and non-employees:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate	2.90		%	1.08		%	2.78		%	1.01		%
Dividend yield	—			—			—			—
Volatility	47.49		%	51.50		%	47.44		%	51.70		%
Expected lives (years)	5.88			6.05			5.91			6.01
Fair value of common stock	$	4.68		$	4.12		$	4.64		$	3.44

Option Repricing—In May 2022, the compensation and leadership management committee of our board of directors approved a repricing of certain stock options held by employees (the “Repricing”), whereby certain previously granted and still outstanding vested and unvested stock options were repriced on a one-for-one basis to $4.39 per share, which represented the closing market price of our Class A common stock on May 20, 2022 (the “Repricing Date”). No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the Repricing, vested and unvested stock options outstanding as of the Repricing Date, with original exercise prices ranging from $4.70 to $14.45, were repriced. The repricing resulted in one-time incremental stock-based compensation expense of $1.6 million, of which $0.1 million was related to vested stock options and was recognized on the Repricing Date, and $1.5 million was related to unvested stock options, which will be recognized on a straight-line basis over the remaining requisite service period of the repriced stock options.

2021 ESPP

The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the offering period beginning on November 3, 2021 and ending on May 2, 2022, and the offering period beginning on May 3, 2022 and ending on November 2, 2022, using the Black Scholes option-pricing model:


	Offering Period - November 3, 2021 to May 2, 2022			Offering Period - May 3, 2022 to November 2, 2022
Risk-free interest rate	1.63		%	2.97		%
Dividend yield	—			—
Volatility	63.00		%	47.15		%
Expected lives (years)	0.6			0.5
Fair value of common stock	$	21.04		$	5.46

RSUs

After completion of the IPO in November 2021, we began granting RSUs to certain employees. The RSUs granted have service-based vesting conditions. The service-based vesting condition for awards to new employees is typically satisfied over four years, with a cliff vesting period of one year and continued vesting quarterly thereafter. The service-based vesting condition for refresh grants of RSUs to existing employees is typically satisfied over three years with vesting occurring quarterly, subject to the employees’ continued service to us. RSUs and the related stock-based compensation are recognized on a straight-line basis over the requisite service period.

RSU activity during the six months ended June 30, 2022 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2021	160,227	$	22.33
Granted	5,908,793	4.76
Vested	(2,500)	4.39
Forfeited	(89,015)	9.16
Cancelled	—	—
Unvested at June 30, 2022	5,977,505	$	5.17

Market-Based Awards—In May 2022, we granted a target amount of 0.8 million RSUs with market-based and service-based vesting conditions to certain executives. The market vesting criteria is based on achievement of certain total shareholder return (“TSR”) results relative to the S&P Total Market Consumer Discretionary Index (the “Index”) during a one-year, two-year, and three-year performance period, respectively, beginning on June 1, 2022, and ending on May 31, 2025. The market condition allows for a range of vesting from 0% to 150% of the target amount, depending on the relative TSR achieved by us against the Index. In addition to the market condition, these RSUs are subject to the continuing service of the executives and vest in three equal annual installments. The fair value of RSUs with market-based vesting conditions is measured on the grant date using a Monte Carlo simulation model.


	Number of Shares	Grant Date Fair Value per Share		Requisite Service Period
Tranche 1	262,553	$	4.77	June 1, 2022 - May 31, 2023
Tranche 2	262,553	$	5.16	June 1, 2022 - May 31, 2024
Tranche 3	262,554	$	5.41	June 1, 2022 - May 31, 2025

The total grant date fair value of the awards was determined to be $4.0 million, with each tranche of the awards representing $1.3 million, $1.4 million, and $1.4 million of the total expense, respectively. Stock-based compensation expense related to awards with a market-based condition is recognized on a straight-line basis over their requisite service periods, regardless of whether the market condition is ultimately satisfied. Stock-based compensation expense is not reversed if the achievement of the market condition does not occur. We recognized stock-based compensation expense of $0.2 million for the three and six months ended June 30, 2022 as selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss related to these awards. We recognized no stock-based compensation expense for the three and six months ended June 30, 2021 related to these awards.

Stock-Based Compensation Expense

Stock-based compensation expense, included in selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, was comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Stock-based compensation expense, net of amounts capitalized	$	4,589	$	2,241	$	8,150	$	3,926
Capitalized stock-based compensation expense	298		—		558		—
Total stock-based compensation expense	$	4,887	$	2,241	$	8,708	$	3,926

As of June 30, 2022, there was approximately $24.8 million of total unrecognized compensation cost related to unvested stock options granted under both equity incentive plans, and approximately $25.4 million of total unrecognized compensation cost related to outstanding unvested RSUs under the 2021 Plan, respectively. The

remaining unrecognized compensation cost for unvested stock options is expected to be recognized over the weighted-average remaining vesting period of approximately 2.48 years, and the remaining unrecognized compensation cost for outstanding unvested RSUs is expected to be recognized over the weighted-average remaining vesting period of approximately 2.90 years, respectively.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax provision was $0.3 million and $2.1 million for the three and six months ended June 30, 2022, respectively, and $0.1 million and $0.5 million for the three and six months ended June 30, 2021, respectively. The effective tax rate for the three and six months ended June 30, 2022 was 1.2% and 4.4%, respectively, compared to 1.5% and 2.2% for the three and six months ended June 30, 2021, respectively. The increase in provision for income taxes and effective tax rate is primarily due to withholding tax obligations in the United States on royalties from foreign jurisdictions. Our tax provision for income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any. Each quarter, we update our estimate of the annual effective tax rate and make a year-to-date adjustment to the provision. As of June 30, 2022, we are subject to examination by various tax authorities for 2016 through 2021. During the six months ended June 30, 2022, there was no material change to our uncertain tax positions. We do not expect our unrecognized tax positions to change significantly over the next twelve months.

- 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 https://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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESLegal Proceedings—We are subject to various claims and legal proceedings that arise in the ordinary course of our business activities. Although the outcome of any legal proceedings cannot be predicted with certainty, as of June 30, 2022, the ultimate liability of the Company, if any, is not expected to have a material effect on our financial position or operations.

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

NET LOSS PER SHARE

We compute net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income or loss be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income or loss for the period had been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(29,368)	$	(7,606)	$	(51,247)	$	(21,128)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	148,646,906		54,408,308		148,088,555		54,152,022
Net loss per share attributable to common stockholders, basic and diluted	$	(0.20)	$	(0.14)	$	(0.35)	$	(0.39)

The following shares of preferred stock and common stock 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:


	June 30, 2022	June 30, 2021
Outstanding stock options	16,034,848	17,957,111
Convertible preferred stock	—	70,990,919
Convertible preferred stock warrants	—	1,104,560
Common stock warrants	5,114	936,172
2021 ESPP	20,665	—
RSUs	5,977,505	—
Total anti-dilutive securities	22,038,132	90,988,762

BENEFIT PLAN	6 Months Ended
BENEFIT PLAN	Jun. 30, 2022
Retirement Benefits [Abstract]
BENEFIT PLAN	BENEFIT PLANWe sponsor a 401(k) defined contribution plan covering eligible employees who elect to participate. We are allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by our board of directors. No discretionary profit-sharing contributions were made for the three and six months ended June 30, 2022 and 2021. We made $0.3 million and $0.7 million in matching contributions for the three and six months ended June 30, 2022, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2021, respectively. We have no intention to terminate the plan.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn the third quarter of 2022, prior to the issuance of these financial statements, we announced plans to reduce our global corporate workforce. As of the date of issuance of these financial statements, we have terminated 23 individuals and expect to complete remaining reductions by the end of 2022. We expect the estimated expenses related to severance and other employee termination-related costs, including the impact of stock-based compensation, to be immaterial and substantially recognized during the third and fourth quarters of 2022. In addition, we ceased the use of one of our corporate office leases in the United States and expect expenses incurred as a result of the cease use to be immaterial and substantially recognized by the end of the third quarter of 2022.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation—The accompanying unaudited condensed consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 16, 2022 (the “Form 10-K”). In the opinion of management, the accompanying unaudited condensed interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the disclosures required by GAAP.
Principles of Consolidation	Principles of Consolidation—The condensed consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	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 at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segments	Segments—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. Our CODMs are the co-Chief Executive Officers. We operate in one operating segment and one reportable segment, as the CODMs review financial information presented on an aggregate basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Accounts Receivable	Accounts Receivable—Accounts receivable results from sales to customers, including credit card deposits in transit at the balance sheet date, the majority of which are settled within two to three business days. Credit card receivables were $2.2 million as of June 30, 2022 and December 31, 2021. During the fourth quarter of 2021, we made an accounting policy change to present customer accounts receivables that are not credit card receivables, within the accounts receivable line on the condensed consolidated balance sheet to align with management’s reporting. These types of receivables were historically immaterial and are included in prepaid and other current assets within the condensed consolidated financial statements and accompanying footnotes for periods presented prior to the fourth quarter of 2021.
Inventory	Inventory—Inventory consists of finished goods, stated at the lower of cost or net realizable value. We value our inventory using the weighted-average cost method and include product costs from our suppliers, freight, import duties and other landing costs.We periodically review inventory and make provisions as necessary to appropriately value end of life, slow-moving, damaged, and excess inventory. To determine if the value of inventory requires a write-down, we estimate the net realizable value of inventory by considering current and anticipated demand, customer preferences and buying trends, and the age of the merchandise. Inventory write-downs are recognized in cost of revenue in the condensed consolidated statements of operations and comprehensive loss. In addition to this ongoing provision process, d
Revenue Recognition	Revenue Recognition—For the three and six months ended June 30, 2022, we recognized $1.0 million and $2.1 million, respectively, of revenue that was deferred as of December 31, 2021, and for the three and six months ended June 30, 2021, we recognized $1.1 million and $1.8 million, respectively, of revenue that was deferred as of December 31, 2020. As of June 30, 2022 and December 31, 2021, we had $0.2 million and $0.7 million, respectively, in cash collections of purchases via our digital channel which had not yet shipped, and $3.1 million and $3.5 million, respectively, in gift card liabilities included in deferred revenue in the condensed consolidated balance sheets. The deferred revenue balance of $3.2 million at June 30, 2022 is expected to be recognized over the next 12 months. We record a reserve for estimated product returns, based upon historical return trends, in each reporting period against revenue, as a component of net revenue, with an offsetting increase to accrued expenses. We recorded a sales refund reserve of $3.5 million and $5.5 million as of June 30, 2022 and December 31, 2021, respectively. We have also recorded a related inventory returns receivable, with an offsetting decrease to cost of revenue, for product returns of $0.8 million and $1.4 million as of June 30, 2022 and December 31, 2021, respectively. The inventory returns receivable is included in prepaid expenses and other current assets as of June 30, 2022 and December 31, 2021 in the condensed consolidated balance sheets. We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store.
Comprehensive Income (Loss)	Comprehensive (Loss) Income—Comprehensive (loss) income represents net loss for the period plus the results of certain other changes in stockholders’ equity.
Restricted Cash	Restricted Cash—Restricted cash serves as collateral for a bond with the United States Customs and Border Protection (“CBP”), which allows us to take possession of our inventory before all formalities with the CBP are completed for imported products.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions—Adjustments resulting from translating foreign functional currency financial statements of our global subsidiaries into U.S. dollars are included in the foreign currency translation adjustment in accumulated other comprehensive income (loss). The remeasurement of our global subsidiaries’ assets and liabilities, which are denominated in a foreign currency, are recorded in other income (expense), within the condensed consolidated statements of operations and comprehensive loss.
Fair Value Measurements	Fair Value Measurements—Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted this update as of January 1, 2022, and noted no effect on the condensed consolidated financial statements and related disclosures. In October 2020, the FASB issued Accounting Standards Update 2020-10, Codification Improvements, which updated various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. We adopted this update as of January 1, 2022, and noted no effect on the condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires recognition of lease assets and lease liabilities in the balance sheet by the lessees for lease contracts with a lease term of more than 12 months. ASU 2016-02 can be applied on a modified retrospective basis, in which entities can present all prior periods under previous lease accounting guidance while recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption. In June 2020, the FASB issued Accounting Standards Update 2020-05, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted ASU 2016-02. Under the amended guidance, the leasing standard will be effective for our fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We intend to adopt the standards and related disclosures for our fiscal year ending December 31, 2022, and interim periods within our fiscal year ending December 31, 2023. While we continue to finalize the financial impact of adoption, we expect to record a material right-of-use asset and liability on the consolidated balance sheet related to our operating leases and do not expect a material impact on our consolidated statements of operations and comprehensive loss. In June 2016, the FASB issued Accounting Standards Update 2016-13, Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments, including trade and account receivables, which may result in the earlier recognition of allowance for losses. In November 2019, the FASB issued Accounting Standards Update 2019-10, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted ASU 2016-13. Under the amended guidance, the standard will be effective for our fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 is not expected to have a material impact on our condensed consolidated financial statements and related disclosures.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
United States	$	59,251	$	48,848	$	108,195	$	85,105
International	18,923		19,057		32,742		32,437
Total net revenue	$	78,174	$	67,905	$	140,937	$	117,542

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Finished goods	$	133,869	$	108,585
Reserve to reduce inventories to net realizable value	(11,572)		(1,709)
Total inventory	$	122,297	$	106,876

PROPERTY AND EQUIPMENT - NET (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Leasehold improvements	$	34,198	$	27,137
Furniture and fixtures	19,835		15,276
Internal-use software	18,717		14,453
Machinery and equipment	879		780
Computers and equipment	1,523		1,236
Total property and equipment - gross	75,152		58,882
Less: accumulated depreciation and amortization	(27,292)		(20,927)
Total property and equipment - net	$	47,860	$	37,955

Schedule of Long-lived Assets by Geographic Areas


(in thousands)	June 30, 2022		December 31, 2021
United States	$	43,588	$	33,384
International	4,272		4,571
Total long-lived assets	$	47,860	$	37,955

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Prepaid expenses	$	8,219	$	7,865
Inventory returns receivable	835		1,351
Security deposits	859		1,106
Tax receivable	20,723		22,594
Other receivables	4,657		5,022
Restricted cash	630		—
Total prepaid expenses and other current assets	$	35,923	$	37,938

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Investment in equity securities	$	2,250	$	2,250
Tax receivable	3,839		—
Security deposits	3,408		3,025
Intangible assets	378		622
Debt issuance costs	82		107
Deferred tax assets	102		102
Total other assets	$	10,059	$	6,106

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following as of June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Sales-refund reserve	$	3,521	$	5,452
Taxes payable	19,990		17,930
Employee-related liabilities	3,614		5,021
Accrued expenses	13,037		17,840
Total accrued expenses and other current liabilities	$	40,162	$	46,243

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Changes of Level 3 Liabilities


(in thousands)	Warrants
Balance at March 31, 2021	$	8,275
Increase in fair value included in other income (expense)	2,968
Balance at June 30, 2021	$	11,243


(in thousands)	Warrants
Balance at December 31, 2020	$	5,845
Increase in fair value included in other income (expense)	5,398
Balance at June 30, 2021	$	11,243

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance as of June 30, 2022 and December 31, 2021 consist of the following:


	June 30, 2022	December 31, 2021
Shares reserved for convertible preferred stock outstanding	—	—
2015 Equity Incentive Plan:
Options issued and outstanding	13,684,092	16,181,331
Shares available for future option grants	—	—
2021 Equity Incentive Plan:
Options issued and outstanding	2,350,756	189,342
Restricted stock units outstanding	5,977,505	160,227
Shares available for future grants	13,186,859	14,306,487
2021 Employee Stock Purchase Plan:
Shares available for future grants	4,230,831	2,932,232
Total shares of common stock reserved for future issuance	39,430,043	33,769,619

WARRANTS (Tables)

6 Months Ended

Jun. 30, 2022

Warrants and Rights Note Disclosure [Abstract]

Warrants and Rights Outstanding, Activity

The following tables are summaries of the terms of the warrants and warrant activity as well as warrants outstanding at June 30, 2022:


Date of issuance	October 2015/ March 2016		October 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised during the six months ended June 30, 2021	—		—		245,568
Outstanding at June 30, 2021	717,225		157,580		61,267
Outstanding at December 31, 2021	—		—		30,684
Exercised during the six months ended June 30, 2022	—		—		25,570
Outstanding at June 30, 2022	—		—		5,114

Fair value at June 30, 2022 (in thousands)	$	—	$	—	$	3

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Option, Activity

A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2021 and June 30, 2022, and changes during the six month period ended June 30, 2022, is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021	16,370,673	$	4.23	7.70	$	177,593
Granted	2,202,251	4.64
Exercised	(1,612,940)	1.40			9,255
Forfeited	(810,779)	5.48
Cancelled	(114,357)	4.38
Outstanding at June 30, 2022	16,034,848	3.75		7.04	10,578
Vested and exercisable at June 30, 2022	8,152,130	3.04		5.48	10,564
Unvested at June 30, 2022	7,882,718	$	4.49	7.97	$	14

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted average assumptions were used for issuances during the three and six months ended June 30, 2022 and 2021, for employees and non-employees:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate	2.90		%	1.08		%	2.78		%	1.01		%
Dividend yield	—			—			—			—
Volatility	47.49		%	51.50		%	47.44		%	51.70		%
Expected lives (years)	5.88			6.05			5.91			6.01
Fair value of common stock	$	4.68		$	4.12		$	4.64		$	3.44

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions


	Offering Period - November 3, 2021 to May 2, 2022			Offering Period - May 3, 2022 to November 2, 2022
Risk-free interest rate	1.63		%	2.97		%
Dividend yield	—			—
Volatility	63.00		%	47.15		%
Expected lives (years)	0.6			0.5
Fair value of common stock	$	21.04		$	5.46

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

RSU activity during the six months ended June 30, 2022 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2021	160,227	$	22.33
Granted	5,908,793	4.76
Vested	(2,500)	4.39
Forfeited	(89,015)	9.16
Cancelled	—	—
Unvested at June 30, 2022	5,977,505	$	5.17

Schedule of Stock-based Compensation Expense, Restricted Stock Unit, Activity


	Number of Shares	Grant Date Fair Value per Share		Requisite Service Period
Tranche 1	262,553	$	4.77	June 1, 2022 - May 31, 2023
Tranche 2	262,553	$	5.16	June 1, 2022 - May 31, 2024
Tranche 3	262,554	$	5.41	June 1, 2022 - May 31, 2025

Schedule of Stock-based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Stock-based compensation expense, net of amounts capitalized	$	4,589	$	2,241	$	8,150	$	3,926
Capitalized stock-based compensation expense	298		—		558		—
Total stock-based compensation expense	$	4,887	$	2,241	$	8,708	$	3,926

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(29,368)	$	(7,606)	$	(51,247)	$	(21,128)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	148,646,906		54,408,308		148,088,555		54,152,022
Net loss per share attributable to common stockholders, basic and diluted	$	(0.20)	$	(0.14)	$	(0.35)	$	(0.39)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	June 30, 2022	June 30, 2021
Outstanding stock options	16,034,848	17,957,111
Convertible preferred stock	—	70,990,919
Convertible preferred stock warrants	—	1,104,560
Common stock warrants	5,114	936,172
2021 ESPP	20,665	—
RSUs	5,977,505	—
Total anti-dilutive securities	22,038,132	90,988,762

DESCRIPTION OF BUSINESS (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Nov. 05, 2021	Nov. 04, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Preferred stock authorized (in shares)						75,812,755
Stock issuance costs			$ 744	$ 0
Convertible preferred stock outstanding (in shares)				70,990,919	0		70,990,919	70,990,919
Conversion of Class B shares into Class A common stock		$ 204,000	$ 0
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 15.00
Aggregate proceeds from sale of stock	$ 237,000
Payments of stock underwriting discounts and commissions	15,800
Stock issuance costs	$ 5,400
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	2,000,000,000		2,000,000,000		2,000,000,000	2,000,000,000
Common stock, outstanding (in shares)			94,389,961		49,016,511
Class A Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	23,221,152
Class A Common Stock \| Initial Public Offering - Shares Offered by Company
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	16,850,799
Class A Common Stock \| Initial Public Offering - Shares Offered by Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	6,370,353
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000		200,000,000		200,000,000	200,000,000
Common stock, outstanding (in shares)			54,467,089		98,036,009	127,735,199
Stock issued from conversion of preferred stock (in shares)		1,104,560
Stock issued during period (in shares)		714,965
Convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock authorized (in shares)	20,000,000
Convertible preferred stock outstanding (in shares)		70,990,919

SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit card receivables	$ 2.2	$ 2.2
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period	2 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period	3 days

SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Inventory write-down	$ 9,800	$ 11,641	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Revenue recognized	$ 1,000	$ 1,100	$ 2,100	$ 1,800
Cash collections of purchases via digital channel not yet shipped	200		200		$ 700
Gift card liabilities	3,100		3,100		3,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales-refund reserve	3,521		3,521		5,452
Inventory returns receivable	835		835		$ 1,351
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 3,200		$ 3,200
Remaining performance obligation, expected timing of satisfaction, period	12 months		12 months

SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total net revenue	$ 78,174	$ 67,905	$ 140,937	$ 117,542
United States
Disaggregation of Revenue [Line Items]
Total net revenue	59,251	48,848	108,195	85,105
International
Disaggregation of Revenue [Line Items]
Total net revenue	$ 18,923	$ 19,057	$ 32,742	$ 32,437

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Other comprehensive income (loss)	$ (3,398)	$ 1,601	$ (4,072)	$ (330)

SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Restricted cash	$ 630	$ 0	$ 0

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 133,869	$ 108,585
Reserve to reduce inventories to net realizable value	(11,572)	(1,709)
Total inventory	$ 122,297	$ 106,876

PROPERTY AND EQUIPMENT - NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 75,152	$ 58,882
Less: accumulated depreciation and amortization	(27,292)	(20,927)
Total property and equipment - net	47,860	37,955
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	34,198	27,137
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	19,835	15,276
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment	18,717	14,453
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	879	780
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,523	$ 1,236

PROPERTY AND EQUIPMENT - NET - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 3,700,000	$ 2,500,000	$ 7,100,000	$ 4,300,000
Asset disposals	0	$ 0.0	0	$ 200,000
Unamortized capitalized internal use software costs	$ 13,400,000		13,400,000		$ 10,600,000
Impairment of long-lived assets			$ 0

PROPERTY AND EQUIPMENT - NET - Geographical Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 47,860	$ 37,955
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	43,588	33,384
International
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 4,272	$ 4,571

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 8,219		$ 7,865
Inventory returns receivable	835		1,351
Security deposits	859		1,106
Tax receivable	20,723		22,594
Other receivables	4,657		5,022
Restricted cash	630	$ 0	0
Total prepaid expenses and other current assets	$ 35,923		$ 37,938
Tax loss refund, term	12 months
Increase in other assets	$ 3,839	$ 0

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Nov. 20, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investment in equity securities	$ 2,250	$ 2,250	$ 2,000
Tax receivable	3,839	0
Security deposits	3,408	3,025
Intangible assets	378	622
Debt issuance costs	82	107
Deferred tax assets	102	102
Total other assets	$ 10,059	$ 6,106

OTHER ASSETS - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
OTHER ASSETS - Narrative (Details) - USD ($)	Jan. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Nov. 22, 2021	Nov. 20, 2020
Other Assets [Line Items]
Investment in equity securities		$ 2,250,000		$ 2,250,000		$ 2,250,000		$ 2,000,000
Equity securities impairment loss		0		0
Transaction costs	$ 100,000
Intangible asset, useful life	3 years
Amortization of intangible assets		100,000	$ 100,000	200,000	$ 200,000
Intellectual Property
Other Assets [Line Items]
Intangible assets acquired	$ 1,300,000
NoHo ESG, Inc.
Other Assets [Line Items]
Investment in equity securities							$ 300,000
Equity securities impairment loss		$ 0		$ 0
Series A Preferred Stock
Other Assets [Line Items]
Equity securities acquired (in shares)								201,207

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Sales-refund reserve	$ 3,521	$ 5,452
Taxes payable	19,990	17,930
Employee-related liabilities	3,614	5,021
Accrued expenses	13,037	17,840
Total accrued expenses and other current liabilities	$ 40,162	$ 46,243

FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended		6 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 04, 2021
Fair Value Disclosures [Abstract]
Conversion ratio						1
Preferred stock warrant liability	$ 0		$ 0		$ 0
Unrealized gain (loss) from investment	0	$ 0	0	$ 0
Investment without readily determinable fair value	$ 2,300,000		$ 2,300,000		$ 2,300,000

FAIR VALUE MEASUREMENTS - Summary of Fair Value Changes of Level 3 Liabilities (Details) - Warrant Liability - Fair value Level 3 Liabilities - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8,275	$ 5,845
Increase in fair value included in other income (expense)	2,968	5,398
Ending balance	$ 11,243	$ 11,243

LONG-TERM DEBT (Details) - Revolving Credit Facility - Credit Agreement - USD ($)	Feb. 20, 2019	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Accordion feature, increase limit	35,000,000
Average quarterly loan balance threshold	$ 32,000,000
Commitment fee percentage	0.20%
Fronting fee percentage	0.125%
Long-term line of credit		$ 0	$ 0
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Base, LIBOR, or Commitment Fee \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Base, LIBOR, or Commitment Fee \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, $ in Millions	Nov. 04, 2021 USD ($) shares	Jun. 30, 2022 vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Nov. 05, 2021 shares	Sep. 30, 2021 $ / shares shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Capital stock authorized (in shares)		2,220,000,000	2,220,000,000		2,275,812,755
Preferred stock, authorized (in shares)		20,000,000	20,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Conversion of convertible preferred stock to Class B common stock upon IPO (in shares)	70,990,919
Convertible preferred stock, shares issued (in shares)		0
Convertible preferred stock, shares outstanding (in shares)			0			70,990,919	70,990,919	70,990,919
Common stock, reclassification ratio		1			1
Convertible preferred stock, shares authorized (in shares)					75,812,755
Convertible preferred stock, par value (in dollars per share) \| $ / shares					$ 0.0001
Common stock, percentage of Class B outstanding (less than)		10.00%
Aggregate amount of shares the board of directors may fix the rights, preferences, privileges, and restrictions (in shares)		20,000,000
Minimum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		61 days
Maximum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period		180 days
Additional Paid-In Capital
Class of Stock [Line Items]
Conversion of convertible preferred stock to additional paid-in-capital \| $	$ 204.0
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		2,000,000,000	2,000,000,000	2,000,000,000	2,000,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote		1
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		200,000,000	200,000,000	200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote		10

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Shares reserved for convertible preferred stock outstanding (in shares)	0	0
Options issued and outstanding (in shares)	16,034,848	16,370,673
Total shares of common stock reserved for future issuance	39,430,043	33,769,619
2015 Equity Incentive Plan
Class of Stock [Line Items]
Options issued and outstanding (in shares)	13,684,092	16,181,331
Shares available for future option grants (in shares)	0	0
2021 Equity Incentive Plan
Class of Stock [Line Items]
Options issued and outstanding (in shares)	2,350,756	189,342
Shares available for future option grants (in shares)	13,186,859	14,306,487
2021 Equity Incentive Plan \| Restricted stock units
Class of Stock [Line Items]
RSU's outstanding (in shares)	5,977,505	160,227
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for future option grants (in shares)	4,230,831	2,932,232

WARRANTS - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended
WARRANTS - Narrative (Details)	Nov. 04, 2021 shares	Jul. 31, 2018 $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2015 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Conversion ratio	1
Class of warrant or right, outstanding (in shares)			0		0		0
Preferred stock warrant liability \| $			$ 0		$ 0		$ 0
Marketing expense \| $			$ 15,813,000	$ 13,295,000	$ 29,640,000	$ 26,013,000
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 1.28	$ 1,280		$ 1,280
Warrants issued (in shares)		122,735	122,735		122,735
Percent of warrants to vest immediately upon issuance		50.00%
Vesting period for warrants or rights		24 months
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 1.28	$ 1,280		$ 1,280
Warrants issued (in shares)		184,100	184,100		184,100
Vesting period for warrants or rights		36 months
Class B Common Stock
Class of Warrant or Right [Line Items]
Stock issued from conversion of preferred stock (in shares)	1,104,560
VLL Agreement
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)								1,104,560
Exercise price of warrants or rights (in dollars per share) \| $ / shares								$ 0.10
Fair value of warrants or rights \| $								$ 800,000
West Investments V, LLC \| Affiliated Entity
Class of Warrant or Right [Line Items]
Marketing expense \| $			$ 200,000	$ 500,000	$ 1,000,000	$ 600,000

WARRANTS - Warrants and Rights Outstanding, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2018
Class of Warrant or Right [Roll Forward]
Outstanding, beginning of period (in shares)	0
Outstanding, end of period (in shares)	0
October 2015/ March 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	2,103,930
Exercise price (in dollars per share)	$ 100
Class of Warrant or Right [Roll Forward]
Outstanding, beginning of period (in shares)	0	717,225
Exercises during the period (in shares)	0	0
Outstanding, end of period (in shares)	0	717,225
Fair value of warrants or rights	$ 0
October 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	157,580
Exercise price (in dollars per share)	$ 70.00
Class of Warrant or Right [Roll Forward]
Outstanding, beginning of period (in shares)	0	157,580
Exercises during the period (in shares)	0	0
Outstanding, end of period (in shares)	0	157,580
Fair value of warrants or rights	$ 0
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	122,735		122,735
Exercise price (in dollars per share)	$ 1,280		$ 1.28
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	184,100		184,100
Exercise price (in dollars per share)	$ 1,280		$ 1.28
July 2018
Class of Warrant or Right [Roll Forward]
Outstanding, beginning of period (in shares)	30,684	306,835
Exercises during the period (in shares)	25,570	245,568
Outstanding, end of period (in shares)	5,114	61,267
Fair value of warrants or rights	$ 3

STOCK TRANSACTIONS (Details) - shares			6 Months Ended
STOCK TRANSACTIONS (Details) - shares	Nov. 19, 2018	Sep. 05, 2018	Jun. 30, 2022
Debt Instrument [Line Items]
Common stock options exercised (in shares)	220,000	825,000	1,612,940
Promissory Note
Debt Instrument [Line Items]
Interest rate	2.86%	2.86%

STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares			39,430,043		39,430,043		33,769,619
Weighted-average fair value of options granted (in dollars per share) \| $ / shares			$ 2.26	$ 4.12	$ 2.73	$ 3.69
Option repricing ratio	1
Stock-based compensation, exercise price (in dollars per share) \| $ / shares	$ 4.39
Incremental stock-based compensation expense	$ 1,600
Stock-based compensation expense, vested stock options	100
Stock-based compensation expense, nonvested stock options	$ 1,500
Stock-based compensation expense			$ 4,589	$ 2,241	$ 8,150	$ 3,926
Unrecognized compensation cost related to unvested share-based compensation arrangements granted			24,800		24,800
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, exercise price (in dollars per share) \| $ / shares	$ 4.70
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, exercise price (in dollars per share) \| $ / shares	$ 14.45
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares) \| shares	800,000
Total grant date fair value					4,000
Stock-based compensation expense			200	$ 0	200	$ 0
Unrecognized compensation costs			$ 25,400		$ 25,400
Unrecognized compensation cost, period for recognition					2 years 10 months 24 days
RSUs \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Aggregate fair value of equity instruments vested during the period					$ 1,300
RSUs \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Aggregate fair value of equity instruments vested during the period					1,400
RSUs \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Aggregate fair value of equity instruments vested during the period					$ 1,400
RSUs \| New Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Award cliff vesting period					1 year
RSUs \| Existing Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	150.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition					2 years 5 months 23 days
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		4.00%
2021 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares		21,062,853
Stock-based compensation, maximum number of shares available for issue on the exercise of incentive stock options (in shares) \| shares		100,000,000
2021 Employee Stock Purchase Plan \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		1.00%
Stock-based compensation, number of additional shares allowable under the plan (in shares) \| shares		2,850,000
Stock-based compensation, purchase period		6 months
2021 Employee Stock Purchase Plan \| Class A Common Stock \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares		4,402,757
Stock-based compensation, discount percentage from market price, beginning of period		85.00%

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended	12 Months Ended
	Nov. 19, 2018	Sep. 05, 2018	Jun. 30, 2022	Dec. 31, 2021
Number of Options
Outstanding, beginning balance (in shares)			16,370,673
Granted (in shares)			2,202,251
Exercised (in shares)	(220,000)	(825,000)	(1,612,940)
Forfeited (in shares)			(810,779)
Cancelled (in shares)			(114,357)
Outstanding, ending balance (in shares)			16,034,848	16,370,673
Vested and exercisable at end of period (in shares)			8,152,130
Unvested at end of period (in shares)			7,882,718
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)			$ 4.23
Granted (in dollars per share)			4.64
Exercised (in dollars per share)			1.40
Forfeited (in dollars per share)			5.48
Cancelled (in dollars per share)			4.38
Outstanding, ending balance (in dollars per share)			3.75	$ 4.23
Vested and exercisable at end of period (in dollars per share)			3.04
Unvested at end of period (in dollars per share)			$ 4.49
Weighted-Average Remaining Contractual Term (in years)
Outstanding			7 years 14 days	7 years 8 months 12 days
Vested and exercisable at end of period			5 years 5 months 23 days
Unvested at end of period			7 years 11 months 19 days
Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of period			$ 177,593
Granted
Exercised			9,255
Forfeited
Cancelled
Outstanding, end of period			10,578	$ 177,593
Vested and exercisable at end of period			10,564
Unvested at end of period			$ 14

STOCK-BASED COMPENSATION - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Nov. 02, 2022	Jun. 30, 2022	May 02, 2022	Jun. 30, 2021
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.90%	1.08%		2.78%		1.01%
Dividend yield	0.00%	0.00%		0.00%		0.00%
Volatility	47.49%	51.50%		47.44%		51.70%
Expected lives (years)	5 years 10 months 17 days	6 years 18 days		5 years 10 months 28 days		6 years 3 days
Fair value of common stock options (in dollars per share)	$ 4.68	$ 4.12		$ 4.64		$ 3.44
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate					1.63%
Dividend yield					0.00%
Volatility					63.00%
Expected lives (years)					7 months 6 days
Fair value of common stock options (in dollars per share)					$ 21.04
2021 ESPP \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			2.97%
Dividend yield			0.00%
Volatility			47.15%
Expected lives (years)			6 months
Fair value of common stock options (in dollars per share)			$ 5.46

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Restricted Stock Unit, Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	160,227
Granted (in shares) \| shares	5,908,793
Vested (in shares) \| shares	(2,500)
Forfeited (in shares) \| shares	(89,015)
Cancelled (in shares) \| shares	0
Unvested at end of period(in shares) \| shares	5,977,505
Weighted-Average Grant Date Fair Value per Share
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 22.33
Granted (in dollars per share) \| $ / shares	4.76
Vested (in dollars per share) \| $ / shares	4.39
Forfeited (in dollars per share) \| $ / shares	9.16
Cancelled (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 5.17

STOCK-BASED COMPENSATION - Stock-based Compensation Expense, Restricted Stock Unit, Activity (Details) - RSUs - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Number of Shares
Number of share-based compensation (in shares)	5,977,505	160,227
Grant Date Fair Value per Share
Weighted average grant date fair value (in dollars per share)	$ 5.17	$ 22.33
Tranche 1
Number of Shares
Number of share-based compensation (in shares)	262,553
Grant Date Fair Value per Share
Weighted average grant date fair value (in dollars per share)	$ 4.77
Tranche 2
Number of Shares
Number of share-based compensation (in shares)	262,553
Grant Date Fair Value per Share
Weighted average grant date fair value (in dollars per share)	$ 5.16
Tranche 3
Number of Shares
Number of share-based compensation (in shares)	262,554
Grant Date Fair Value per Share
Weighted average grant date fair value (in dollars per share)	$ 5.41

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, net of amounts capitalized	$ 4,589	$ 2,241	$ 8,150	$ 3,926
Capitalized stock-based compensation expense	298	0	558	0
Total stock-based compensation expense	$ 4,887	$ 2,241	$ 8,708	$ 3,926

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ 342	$ 112	$ 2,105	$ 464
Effective tax rate	1.20%	1.50%	4.40%	2.20%

- Definition

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

+ References + Details

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss attributable to common stockholders, basic	$ (29,368)	$ (7,606)	$ (51,247)	$ (21,128)
Net loss attributable to common stockholders, diluted	$ (29,368)	$ (7,606)	$ (51,247)	$ (21,128)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	148,646,906	54,408,308	148,088,555	54,152,022
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	148,646,906	54,408,308	148,088,555	54,152,022
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.20)	$ (0.14)	$ (0.35)	$ (0.39)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.20)	$ (0.14)	$ (0.35)	$ (0.39)

- 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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+ Details

- 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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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	22,038,132	90,988,762
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,034,848	17,957,111
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	70,990,919
Convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,104,560
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,114	936,172
2021 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	20,665	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,977,505	0

BENEFIT PLAN (Details) - USD ($)	3 Months Ended		6 Months Ended
BENEFIT PLAN (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Discretionary profit-sharing contributions	$ 0	$ 0	$ 0	$ 0
Matching contributions	$ 300,000	$ 300,000	$ 700,000	$ 600,000

SUBSEQUENT EVENTS (Details) - Subsequent Event	1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent Event	Aug. 09, 2022 position lease
Subsequent Event [Line Items]
Number of positions eliminated \| position	23
Number of leases ceased \| lease	1