0001468327-21-000013 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Oct. 31, 2021	Dec. 07, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2021
Document Transition Report	false
Entity File Number	001-40958
Entity Registrant Name	RENT THE RUNWAY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0376379
Entity Address, Address Line One	10 Jay Street
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11201
City Area Code	(212)
Local Phone Number	524-6860
Title of 12(b) Security	Class A common stock
Trading Symbol	RENT
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
Entity Central Index Key	0001468327
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		60,096,327
Common Class B
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		2,939,928

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Current assets:
Cash and cash equivalents	$ 278.7	$ 95.3
Restricted cash, current	5.6	3.4
Prepaid expenses and other current assets	5.4	4.7
Total current assets	289.7	103.4
Noncurrent assets:
Restricted cash	7.7	10.5
Rental product, net	79.9	97.6
Fixed assets, net	57.5	64.7
Intangible assets, net	6.8	7.8
Operating lease right-of-use assets	32.4	34.9
Other assets	4.4	1.8
Total assets	478.4	320.7
Current liabilities:
Accounts payable	22.0	7.2
Accrued expenses and other current liabilities	23.7	14.1
Deferred revenue	11.0	5.6
Customer credit liabilities	6.7	7.0
Operating lease liabilities	6.0	6.7
Total current liabilities	69.4	40.6
Noncurrent liabilities
Long-term debt, net	256.4	355.1
Operating lease liabilities	47.3	51.5
Warrant liability	0.0	11.8
Other liabilities	0.4	0.3
Total liabilities	373.5	459.3
Commitments and Contingencies (Note 13)
Redeemable preferred stock, $0.001 par value; 0 and 35,236,646 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 and 31,137,921 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively; liquidation preference of $0.0 million and $393.7 million as of October 31, 2021 and January 31, 2021, respectively	0.0	388.1
Stockholders’ equity (deficit)
Common Stock, Value, Issued	0.0	0.0
Preferred stock, $0.001 par value; 10,000,000 and 0 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 and 0 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively	0.0	0.0
Additional paid-in capital	866.7	62.7
Accumulated deficit	(761.9)	(589.4)
Total stockholders’ equity (deficit)	104.9	(526.7)
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)	478.4	320.7
Common Class A
Stockholders’ equity (deficit)
Common Stock, Value, Issued	0.1	0.0
Common Class B
Stockholders’ equity (deficit)
Common Stock, Value, Issued	$ 0.0	$ 0.0

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Revenue:
Subscription and Reserve rental revenue	$ 54.3	$ 30.5	$ 127.0	$ 106.8
Other revenue	4.7	5.0	12.2	17.2
Total revenue, net	59.0	35.5	139.2	124.0
Costs and expenses:
Fulfillment	19.2	11.0	41.5	43.8
Technology	12.8	9.4	33.0	28.0
Marketing	10.8	1.4	18.2	6.5
General and administrative	35.8	17.9	76.4	59.9
Rental product depreciation and revenue share	19.9	22.1	51.5	69.1
Other depreciation and amortization	4.7	5.7	14.6	17.4
Total costs and expenses	103.2	67.5	235.2	224.7
Operating loss	(44.2)	(32.0)	(96.0)	(100.7)
Interest income / (expense), net	(14.3)	(11.8)	(43.7)	(32.2)
Gain / (loss) on warrant liability revaluation, net	(17.4)	0.0	(24.9)	0.0
Gain / (loss) on debt extinguishment, net	(12.2)	(0.6)	(12.2)	(0.6)
Other income / (expense), net	0.0	0.1	3.9	1.2
Net loss before benefit from income taxes	(88.1)	(44.3)	(172.9)	(132.3)
Income tax benefit / (expense)	0.3	0.0	0.4	0.0
Net loss	$ (87.8)	$ (44.3)	$ (172.5)	$ (132.3)
Net loss per share attributable to common stockholders, basic (usd per share)	$ (6.72)	$ (3.98)	$ (14.35)	$ (11.89)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (6.72)	$ (3.98)	$ (14.35)	$ (11.89)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	13,063,034	11,115,005	12,018,879	11,130,102
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	13,063,034	11,115,005	12,018,879	11,130,102

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Statement of Cash Flows [Abstract]
Net loss	$ (172.5)	$ (132.3)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Rental product depreciation and write-offs	33.9	43.0
Write-off of rental product sold	3.7	11.8
Other depreciation and amortization	14.6	18.0
Proceeds from rental product sold	(9.0)	(14.4)
(Gain) / loss from liquidation of rental product	(0.8)	0.6
Accrual of paid-in-kind interest	35.4	25.7
Settlement of paid-in-kind interest	(6.3)	0.0
Amortization of debt discount	4.9	3.0
Loss on debt extinguishment	12.2	0.6
Share-based compensation expense	21.4	6.3
Remeasurement of warrant liability	24.9	0.0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(0.7)	(0.8)
Operating lease right-of-use assets	2.5	(2.1)
Other assets	(2.6)	1.6
Accounts payable, accrued expenses and other current liabilities	13.9	0.3
Deferred revenue and customer credit liabilities	5.1	(6.3)
Operating lease liabilities	(4.9)	11.5
Other liabilities	0.8	(0.4)
Net cash (used in) provided by operating activities	(23.5)	(33.9)
INVESTING ACTIVITIES
Purchases of rental product	(17.0)	(48.7)
Proceeds from liquidation of rental product	4.8	0.9
Proceeds from sale of rental product	9.0	14.4
Purchases of fixed and intangible assets	(6.2)	(19.9)
Net cash (used in) provided by investing activities	(9.4)	(53.3)
FINANCING ACTIVITIES
Proceeds from issuance of common stock upon IPO, net of offering costs	331.5	0.0
Proceeds from issuance of redeemable preferred stock	21.2	60.4
Proceeds from exercise of stock options under stock incentive plan	3.1	0.4
Proceeds from line of credit	0.0	15.0
Principal repayments on line of credit	0.0	(59.0)
Proceeds from long-term debt	0.0	155.0
Principal repayments on long-term debt	(135.0)	0.0
Deferred financing costs paid	(0.2)	(3.4)
Debt extinguishment costs	(4.7)	0.0
Principal payments on financing lease obligations	(0.2)	(0.1)
Net cash (used in) provided by financing activities	215.7	168.3
Net increase in cash and cash equivalents and restricted cash	182.8	81.1
Cash and cash equivalents and restricted cash at beginning of period	109.2	41.9
Cash and cash equivalents and restricted cash at end of period	292.0	123.0
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	278.7	109.0
Restricted cash, current	5.6	3.5
Restricted cash	7.7	10.5
Total cash and cash equivalents and restricted cash	292.0	123.0
Cash payments (receipts) for:
Fixed operating leases payments (reimbursements), net	12.0	(0.7)
Fixed assets received in the prior period	0.5	2.1
Rental product received in the prior period	3.6	3.7
Non-cash financing and investing activities:
Financing leases right-of-use asset amortization	0.2	0.1
ROU assets obtained in exchange for lease liabilities	0.7	0.0
Adjustments to ROU assets or lease liabilities due to modification or other reassessment events	0.1	5.2
Purchases of fixed assets not yet settled	0.7	0.5
Purchases of rental product not yet settled	10.4	6.8
IPO offering costs not yet settled	$ 4.4	$ 0.0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Redeemable preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	0	35,236,646
Redeemable preferred stock, shares issued	0	31,137,921
Redeemable preferred stock, shares outstanding	0	31,137,921
Redeemable preferred stock, liquidation preference	$ 0.0	$ 393.7
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	0	60,000,000
Common stock, shares, issued	0	10,456,521
Common stock, shares, outstanding	0	10,456,521
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	0
Common stock, shares, issued	60,049,399	0
Common stock, shares, outstanding	60,049,399	0
Common Class B
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	0
Common stock, shares, issued	2,939,928	0
Common stock, shares, outstanding	2,939,928	0

Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Millions	Total	Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Redeemable preferred stock beginning balance (in shares) at Jan. 31, 2020		26,992,271
Redeemable preferred stock beginning balance at Jan. 31, 2020		$ 330.5
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable preferred stock (in shares)		4,145,650
Issuance of redeemable preferred stock		$ 57.6
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2020		31,137,921
Redeemable preferred stock ending balance at Oct. 31, 2020		$ 388.1
Beginning balance (in shares) at Jan. 31, 2020			10,371,636
Beginning balance at Jan. 31, 2020	$ (364.3)		$ 0.0	$ 54.0	$ (418.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)			50,557
Stock issued under stock incentive plan	0.4			0.4
Share-based compensation expense	6.3			6.3
Net loss	(132.3)				(132.3)
Ending balance (in shares) at Oct. 31, 2020			10,422,193
Ending balance at Oct. 31, 2020	(489.9)		$ 0.0	60.7	(550.6)
Redeemable preferred stock beginning balance (in shares) at Jul. 31, 2020		29,387,695
Redeemable preferred stock beginning balance at Jul. 31, 2020		$ 365.8
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable preferred stock (in shares)		1,750,226
Issuance of redeemable preferred stock		$ 22.3
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2020		31,137,921
Redeemable preferred stock ending balance at Oct. 31, 2020		$ 388.1
Beginning balance (in shares) at Jul. 31, 2020			10,407,911
Beginning balance at Jul. 31, 2020	(448.2)		$ 0.0	58.1	(506.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)			14,282
Stock issued under stock incentive plan	0.1			0.1
Share-based compensation expense	2.5			2.5
Net loss	(44.3)				(44.3)
Ending balance (in shares) at Oct. 31, 2020			10,422,193
Ending balance at Oct. 31, 2020	$ (489.9)		$ 0.0	60.7	(550.6)
Redeemable preferred stock beginning balance (in shares) at Jan. 31, 2021	31,137,921	31,137,921
Redeemable preferred stock beginning balance at Jan. 31, 2021	$ 388.1	$ 388.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable preferred stock (in shares)		1,437,541
Issuance of redeemable preferred stock		$ 21.2
Conversion of redeemable preferred stock (in shares)		(32,575,462)
Conversion of redeemable preferred stock		$ (409.3)
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2021	0	0
Redeemable preferred stock ending balance at Oct. 31, 2021	$ 0.0	$ 0.0
Beginning balance (in shares) at Jan. 31, 2021			10,456,521
Beginning balance at Jan. 31, 2021	(526.7)		$ 0.0	62.7	(589.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable preferred stock, in shares			32,575,462
Conversion of redeemable preferred stock	409.4		$ 0.1	409.3
Stock issued under stock incentive plan (in shares)			535,969
Stock issued under stock incentive plan	3.1			3.1
Stock issued as part of IPO, net of offering costs, in shares			17,000,000
Stock issued as part of IPO, net of offering costs	327.1			327.1
Issuance of warrants	6.4			6.4
Exercise of warrants, in shares			2,421,375
Exercise of warrants	35.5			35.5
Reclassification of warrants	1.2			1.2
Share-based compensation expense	21.4			21.4
Net loss	(172.5)				(172.5)
Ending balance (in shares) at Oct. 31, 2021			62,989,327
Ending balance at Oct. 31, 2021	$ 104.9		$ 0.1	866.7	(761.9)
Redeemable preferred stock beginning balance (in shares) at Jul. 31, 2021		32,575,462
Redeemable preferred stock beginning balance at Jul. 31, 2021		$ 409.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable preferred stock (in shares)		(32,575,462)
Conversion of redeemable preferred stock		$ (409.3)
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2021	0	0
Redeemable preferred stock ending balance at Oct. 31, 2021	$ 0.0	$ 0.0
Beginning balance (in shares) at Jul. 31, 2021			10,791,253
Beginning balance at Jul. 31, 2021	(605.2)		$ 0.0	68.9	(674.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable preferred stock, in shares			32,575,462
Conversion of redeemable preferred stock	409.4		$ 0.1	409.3
Stock issued under stock incentive plan (in shares)			201,237
Stock issued under stock incentive plan	1.2			1.2
Stock issued as part of IPO, net of offering costs, in shares			17,000,000
Stock issued as part of IPO, net of offering costs	327.1			327.1
Issuance of warrants	6.4			6.4
Exercise of warrants, in shares			2,421,375
Exercise of warrants	35.5			35.5
Reclassification of warrants	1.2			1.2
Share-based compensation expense	17.1			17.1
Net loss	(87.8)				(87.8)
Ending balance (in shares) at Oct. 31, 2021			62,989,327
Ending balance at Oct. 31, 2021	$ 104.9		$ 0.1	$ 866.7	$ (761.9)

Business	9 Months Ended
Business	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Description of Business Rent the Runway, Inc.’s (the “Company”) mission is to power women to feel their best every day. Launched in November 2009, the Company has built the world’s first and largest shared designer closet with approximately 19,000 styles by over 780 brand partners. The Company gives customers access to its “unlimited closet” through its subscription offering or the ability to rent a-la-carte through its reserve offering (“Reserve”). The Company’s corporate headquarters is located in Brooklyn, New York and the operational facilities are located in Secaucus, New Jersey, and Arlington, Texas. Its wholly-owned subsidiary, Rent the Runway Limited (the “Subsidiary”), is located in Galway, Ireland, and is focused on software development and support activities. All revenue is currently generated in the United States. Substantially all revenue is derived from rental subscription fees and a-la-carte rental fees, with a portion derived from the sale of apparel and accessories and other fees.

Summary of Significant Accounting Policies

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain amounts in the financial statements have been reclassified to conform to the current presentation.

The unaudited interim condensed consolidated financial statements and related disclosures have been prepared by management on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary for a fair statement of the results for the interim periods presented.

The results for the three months and nine months ended October 31, 2021 are not necessarily indicative of the operating results expected for the year ended January 31, 2022 or any future period. Certain information and notes normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, the unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended January 31, 2021, which can be found in the Company’s final prospectus dated October 27, 2021 filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”).

Fiscal Year

The Company operates on a fiscal calendar ending January 31. All references to fiscal year 2020 reflect the results of the 12-month period ending January 31, 2021. All references to fiscal year 2021 reflect the results of the 12-month period ending January 31, 2022.

Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The Company has one operating and reportable segment as the CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating

resources, and evaluating financial performance. All revenue is attributed to customers based in the United States and substantially all the Company’s long-lived assets are located in the United States.

Initial Public Offering

On October 27, 2021, the Company completed its initial public offering (“IPO”) and the Company’s Class A common stock began public trading on the Nasdaq Stock Market LLC under the symbol “RENT”. In connection with the IPO, the Company issued and sold 17,000,000 shares of its Class A common stock at a public offering price of $21.00 per share. The Company received proceeds of $327.1 million from the IPO which are net of underwriting discounts of $24.1 million and offering costs payable by the Company of $5.8 million (of which $1.4 million were paid as of October 31, 2021). Offering costs, including legal, accounting, printing and other costs directly related to the IPO have been recorded in Additional paid-in capital against the proceeds from the IPO on the Company’s condensed consolidated balance sheet.

At the closing of the IPO, the Company’s then outstanding redeemable preferred stock converted into 32,575,462 shares of the Company’s Class A common stock. The carrying value of the redeemable preferred stock of $409.3 million was reclassified to common stock and additional paid-in-capital.

In connection with the effectiveness of the Company’s IPO registration statement on Form S-1 (the “registration statement”), the Company recognized $14.4 million in stock-based compensation expense for (i) certain RSUs that contain both service-based and liquidity based vesting conditions satisfied upon the effectiveness of the registration statement and (ii) the fully vested portion of certain RSU awards that were granted upon the effectiveness of the IPO.

In connection with the IPO, the Company adopted an amended charter and adopted amended bylaws. The amended charter authorized capital stock consisting of:

•300,000,000 shares of Class A common stock, par value $0.001 per share;

•50,000,000 shares of Class B common stock, par value $0.001 per share; and

•10,000,000 shares of preferred stock, par value $0.001 per share.

Holders of the Class A are entitled to one vote per share, and the holders of Class B common stock are entitled to twenty votes per share. Immediately after the effectiveness of the amended charter, 2,939,928 shares of Class A common stock held by the Company’s co-founders were exchanged for an equivalent number of shares of Class B common stock. In addition, the terms of certain outstanding equity awards held by the Company’s cofounders were modified to provide that such awards are exercisable or settle into shares of Class B common stock.

Use of Estimates

The preparation of financial statements in conformity with U.S. 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 the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful life and salvage value of rental product, incremental borrowing rate to determine lease liabilities, and the valuation of share-based compensation and warrants.

As of October 31, 2021, the effects of the ongoing COVID-19 pandemic on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.

Concentrations of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash investments with high credit quality financial institutions. The Company believes no significant credit risk exists with respect to these financial instruments.

No single customer accounted for more than 5% of the Company’s revenue during the three or nine months ended October 31, 2021 and 2020.

Fair Value Measurements and Financial Instruments

Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis, at least annually. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities, are as follows:

Level 1: Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

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 require the Company to develop its own assumptions.

The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The carrying amounts of financial instruments, including cash, cash equivalents and restricted cash approximate fair value as of October 31, 2021 and January 31, 2021, due to the relatively short duration of these instruments. The carrying value of the Company’s long-term debt instruments approximate their fair values as of October 31, 2021 and January 31, 2021.

Rental Product, Net

The Company considers rental product to be a long-term productive asset and, as such, classifies it as a noncurrent asset on the condensed consolidated balance sheets.

Rental product is stated at cost, less accumulated depreciation. The Company depreciates rental product, less an estimated salvage value, over the estimated useful lives of the assets using the straight-line method. The useful life is determined based on historical trends and an assessment of any future changes. The salvage value considers the historical trends and projected liquidation proceeds for the assets. The estimated useful lives and salvage values are described below:


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

In accordance with its policy, the Company reviews the estimated useful lives and salvage values of rental product on an ongoing basis.

Rental product is classified as held for sale and written down to salvage value at the time it is no longer considered rentable. The value of rental product held for sale as of October 31, 2021 and January 31, 2021 was $2.7 million and $6.4 million, net, respectively. The accelerated depreciation related to rental product held for sale was $0.9 million and $1.6 million for the three months ended October 31, 2021 and October 31, 2020, respectively, and $3.2 million and $6.6 million, for the nine months ended October 31, 2021 and October 31, 2020, respectively. The accelerated depreciation is presented on the condensed consolidated statements of operations within rental product depreciation and revenue share.

The Company records write-offs for the remaining net book value of rental product sold, and separately records write-offs for losses on lost, damaged, and unreturned apparel and accessories. These write-offs are presented on the condensed consolidated statements of operations within rental product depreciation and revenue share.

The Company offers its customers an opportunity to purchase items prior to the end of their estimated useful life. In such instances, the Company considers the disposal of such rental product to be a sale and, as such, records the proceeds as other revenue and the net book value of the items at the time of sale as rental product depreciation in the condensed consolidated statements of operations. The cash proceeds and the cost of rental product are classified as cash flows from investing activities on the condensed consolidated statements of cash flows, because the predominant activity of the rental product purchased is to generate subscription and a-la-carte rental revenue. The cash proceeds associated with these sales were $9.0 million and $14.4 million for the nine months ended October 31, 2021 and 2020, respectively.

Revenue Recognition

Subscription and a-la-carte rental fees (“Subscription and Reserve rental revenue”) are recognized in accordance with Accounting Standard Update (“ASU”) 2016-02, Leases, Topic 842 (“ASC 842”). Other revenue, primarily related to the sale of rental product, is recognized under ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASC 606”) at the date of delivery of the product to the customer. Other revenue represented 8.0% and 14.1% of total revenue for the three months ended October 31, 2021 and 2020, respectively, and 8.8% and 13.9% of total revenue for the nine months ended October 31, 2021 and 2020, respectively.

Revenue is presented net of promotional discounts. Promotional discounts are recognized in accordance with either ASC 842 or ASC 606, based on the guidance applied to the rental fees or product sales to which the promotional discounts are related. Revenue is presented net of taxes that are collected from customers and remitted to governmental authorities.

Revenue is also presented net of customer credits and refunds. A liability is recognized at the time a customer credit or a gift card is issued, and revenue is recognized upon redemption of the credit or gift card. The Company’s customer credit liability is presented on the condensed consolidated balance sheets. During the three months ended October 31, 2021 and October 31, 2020, $0.7 million and $0.8 million of credits included in the customer credit liability as of July 31, 2021 and July 31, 2020, respectively, were redeemed. During the nine months ended October 31, 2021 and October 31, 2020, $1.6 million and $1.0 million of credits included in the customer credit liability as of January 31, 2021 and January 31, 2020, respectively, were redeemed. Customer credits and gift cards do not have expiration dates. Over time, a portion of these instruments is not redeemed. The Company continues to maintain the full liability for the unredeemed portion of the credits and gift cards when the Company has any legal obligation to remit such credits to government authorities in relevant jurisdictions.

Subscription and Reserve Rental Revenue

The Company recognizes rental revenue from subscription and a-la-carte rental fees in accordance with ASC 842. Subscription fees are recognized ratably over the subscription period, commencing on the date the subscriber enrolls in the rental program. The fees are collected upon enrollment. The subscription automatically renews on a monthly basis until cancelled by the customer. Subscribers can pause or cancel their subscriptions at any time.

The Company recognizes fees for a-la-carte rentals ratably over the rental period, which starts with the date of delivery of rental product to the customer. A-la-carte rental orders can be placed up to 4 months prior to the rental start date and the customer’s payment form is charged upon order confirmation. The Company defers recognizing the fees and any related promotions for a-la-carte rentals until the date of delivery, and then recognizes those fees ratably over the 4-or 8-day rental period.

The Company accrues for credits and refunds issued subsequent to the balance sheet date that relate to rentals prior to the balance sheet date. These amounts were not material as of October 31, 2021 and January 31, 2021.

Other Revenue

Other revenue consists primarily of revenue from the sale of rental product. The Company recognizes revenue from the sale of rental product in accordance with ASC 606. Sale of rental product occurs in two forms: (i) liquidation at the end of the useful life and; (ii) customer purchase of rental product at a discounted price, calculated as a percentage of retail value. Payment is due upon order confirmation and there is no financing component. The single performance obligation associated with rental product sales is generally satisfied upon delivery of the rental product to the customer. The Company does not have any material contractual receivables, assets, or liabilities with respect to other revenue as of October 31, 2021 and January 31, 2021.

Share-Based Compensation

The Company recognizes all employee share-based compensation as an expense in the condensed consolidated financial statements. Equity classified awards are measured at the grant date fair value of the award. The Company estimates grant date fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service period of the award. Determining the fair value of options at the grant date requires judgment, including the expected term that stock options will be outstanding prior to exercise, the associated volatility, and the expected dividend yield. The fair value of common stock post-IPO is based on the closing price of the common stock on the date of grant as reported on the Nasdaq Global Select Market. Upon grant of awards, the Company also estimates an amount of forfeitures that will occur prior to vesting.

The Company has granted restricted stock units (“RSUs”) which vest only upon satisfaction of both time-based service and liquidity-based conditions. The liquidity-based vesting condition was satisfied upon the effectiveness of the Company’s IPO. Share-based compensation related to any remaining time-based service after the qualifying event is recorded over the remaining requisite service period. The Company records share-based compensation expense for RSUs on an accelerated attribution method over the requisite service period, which is generally 4 years, and only if liquidity-based conditions are considered probable to be satisfied. See Note 11 for a description of the accounting for share-based awards.

Insurance Proceeds

During the nine months ended October 31, 2021, the Company recorded an insurance recovery of $4.0 million, related to a network issue during the year ended January 31, 2020. This amount is recorded in other income / (expense), net in the condensed consolidated statements of operations.

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements Internal-Use Software

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement. The ASU also requires amortization expense be recognized in the same line item as the related fees associated with the arrangement and related capitalized implementation costs be presented in the same line as the prepayment for the hosting fee. This standard is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years, and early adoption is permitted. The Company adopted this standard on February 1, 2021, and the adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and also improves the consistency in application of other areas by clarifying and amending existing guidance. This standard is effective for annual reporting periods beginning after December 15, 2021, and interim periods within those years, and early adoption is permitted. Certain amendments of this standard may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

Financial Instruments – Credit Losses

In June 2016, the FASB issued ASU No 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. This guidance also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. This standard is effective for annual reporting periods beginning after December 15, 2022, and interim periods within those years, and early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

Liquidity and Impact of COVID-19 Pandemic	9 Months Ended
Liquidity and Impact of COVID-19 Pandemic	Oct. 31, 2021
Liquidity And Impact Of Covid-19 Pandemic [Abstract]
Liquidity and Impact of COVID-19 Pandemic	Liquidity and Impact of COVID-19 PandemicThe Company has incurred a net loss from operations since inception and has historically relied upon debt and equity financing to fund its operations. In addition, the COVID-19 pandemic has had a significant adverse impact on the Company’s business. As a result, the Company experienced a significant decline in active subscribers, subscription revenue and a-la-carte rental revenue and a significant increase in net loss in fiscal year 2020. While the Company has experienced active subscriber revenue growth during the nine months ended October 31, 2021, it is uncertain when subscription revenue and a-la-carte rental revenue will return to pre-COVID-19 levels. To the extent that the strength or pace of the Company’s COVID-19 recovery lags from what is currently anticipated, the Company has established plans to preserve existing cash liquidity, which could include reducing labor, operating expenses and/or capital expenditures. In April and May 2021, the Company sold additional shares of Series G redeemable preferred stock in exchange for $20.1 million. In October 2021, the Company completed its IPO and issued 17,000,000 shares of its Class A common stock at $21.00 per share. The Company received proceeds of $327.1 million which are net of the underwriting discounts of $24.1 million and direct offering costs payable by the Company of $5.8 million. As of October 31, 2021 and January 31, 2021, the Company held cash and cash equivalents of $278.7 million and $95.3 million, respectively. The Company believes that its existing cash resources will be sufficient to meet the costs of the business, debt service obligations, and working capital requirements for the twelve months from the issuance date of these condensed consolidated financial statements. As such, the Company believes that it will have sufficient liquidity from cash on-hand and future operations to satisfy its obligations and to comply with its amended debt covenants for at least the next twelve months from the date these financial statements are available to be issued.

Rental Product, Net

9 Months Ended

Oct. 31, 2021

Rental Product [Abstract]

Rental Product, Net

Rental product consisted of the following:


	October 31,		January 31,
	2021		2021

Apparel	$	166.1	$	183.8
Accessories	7.3		8.9
	173.4		192.7
Less accumulated depreciation	(93.5)		(95.1)
Rental product, net	$	79.9	$	97.6

Depreciation and write-offs related to rental product, including write-offs of rental products sold, was $13.7 million and $16.8 million for the three months ended October 31, 2021 and 2020, respectively, and $37.6 million and $54.8 million for the nine months ended October 31, 2021 and 2020, respectively.

Long-Term Debt

9 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Summary

The following table summarizes the Company’s line of credit and long-term debt outstanding as of October 31, 2021 and January 31, 2021:


	October 31,		January 31,
	2021		2021

Bank of America Line of Credit	$	—	$	—
Temasek Facility principal outstanding	271.6		230.0
Add: payment-in-kind interest	0.1		62.2
Less: unamortized debt discount	(15.3)		(1.9)
Temasek Facility, net	256.4		290.3

Ares Facility principal outstanding	—		75.0
Add: payment-in-kind interest	—		1.6
Less: unamortized debt discount	—		(10.9)
Ares Facility, net	—		65.7
Total net carrying value	256.4		356.0
Less: current portion of long-term debt	—		(0.9)
Total noncurrent line of credit and long-term debt	$	256.4	$	355.1

Bank of America Line of Credit

In April 2019, the Company entered into a Credit Agreement with Bank of America and an asset-backed revolving credit facility (the “Line of Credit”) was put in place with Bank of America as agent and a lender, and Barclays Bank PLC and Goldman Sachs Bank USA as additional lenders. The Line of Credit provided for revolving advances up to an aggregate amount of $100.0 million, with an incremental uncommitted accordion of $50.0 million.

The Line of Credit contained various events of default, the occurrence of which could have resulted in termination of the lenders’ commitments to lend and the acceleration of all obligations under the Line of Credit. In October 2020, the Company entered into a new secured term loan senior credit agreement with Ares Corporate Opportunities Fund V, L.P. (the “Ares Facility” described below) and repaid all outstanding principal on the Line of Credit, and terminated the credit commitments. During the three months ended October 31, 2020, the Company recognized a $0.6 million loss on debt extinguishment related to this transaction.

Temasek Facility

In July 2018, the Company entered into a subordinated, junior lien term loan agreement with Double Helix Pte Ltd. as administrative agent for Temasek Holdings (the “Temasek Facility”). The Company drew $100.0 million under the Temasek Facility at closing with the ability to draw an additional $100.0 million in multiple drawings at any time prior to July 23, 2020 (the “Initial Temasek Commitments”) based on meeting certain performance and financial tests at each draw.

In November 2019, the Company drew an additional $50.0 million of the Initial Temasek Commitments and amended the Temasek Facility to include an additional $30.0 million of committed availability (the “Subsequent Temasek Commitments”). In March 2020, the Company drew the remaining $50.0 million of the Initial Temasek Commitments and the $30.0 million of the Subsequent Temasek Commitments.

Prior to the termination of the Ares Facility, Temasek Facility was both lien-subordinated and payment-subordinated to the Ares Facility (described below) pursuant to a Subordination Agreement entered into in October 2020 that functions as both a secured lender intercreditor agreement and a subordination agreement (for payment subordination); the Ares Facility was senior debt, and the Temasek facility was subordinated debt with respect to the Ares Facility.

The Initial Temasek Commitments had an interest rate of 15% per annum that accrued as noncash interest. The Subsequent Temasek Commitments had a cash interest rate of 13% per annum, payable quarterly. The Temasek Facility required mandatory prepayment upon certain defined triggering events as well as optional prepayments, but such mandatory prepayments were not required to be made while the Ares Facility was outstanding.

In October 2021, the Company used proceeds from the IPO to pay down the Subsequent Temasek Commitments of $30.0 million outstanding principal and interest in full. Concurrently, the Company entered into an amendment to the Temasek Facility (the “Temasek Facility Amendment”). The Temasek Facility as amended by the Temasek Facility Amendment is referred to as the “Amended Temasek Facility”. This transaction was accounted for as a debt modification. The terms of the Temasek Facility Amendment provides for, among other things, (i) an extension of the maturity to October 2024, (ii) an outstanding principal under the Amended Temasek Facility of $271.6 million (with no additional debt proceeds having been funded and after giving effect to the repayment described below), and (iii) amended interest rate of 12% with up to 5% payable in kind. On the effective date of the Temasek Facility Amendment, the Company paid down an additional $30.0 million of the outstanding principal of the Amended Temasek Facility, for a total of $60.0 million principal paydown on the Temasek Facility and Amended Temasek Facility.

The Amended Temasek Facility requires the Company to comply with specified nonfinancial covenants including, but not limited to, restrictions on the incurrence of debt, payment of dividends, making of investments, sale of assets, mergers and acquisitions, modifications of certain agreements and its fiscal year, and granting of liens. Additionally, the Amended Temasek Facility includes a minimum liquidity maintenance covenant of $50.0 million and amends the call protection applicable to the loans outstanding thereunder including the ability to refinance at a lower penalty within 12 months from the date of the amendment. The Amended Temasek Facility contains various events of default, the occurrence of which could result in the acceleration of obligations under each respective facility.

In July 2018, in connection with the Initial Temasek Commitments, the Company recorded a debt discount of $11.7 million, of which $1.4 million related to closing fees paid and $10.3 million related to the allocation of proceeds to the warrants issued. Please refer to Note 10 for the details of the warrants outstanding in relation to the Temasek Facility. These amounts were accreted to the principal amount of the Temasek Facility through the recognition of noncash interest expense. The effective interest rate for the Temasek Facility for the period from the date of issuance through the date of the Temasek Facility Amendment was 15.95%. As of October 31, 2021 the debt discount associated with the Initial Temasek Commitments was fully accreted.

In October 2021, in connection with the Amended Temasek Facility, the Company recorded a debt discount of $15.3 million, of which $0.2 million related to lender fees, $5.3 million related to the allocation of proceeds to warrants issued in relation to the Amended Temasek Facility, $1.0 million related to the extension of the term of warrants issued in relation to the Temasek Facility, and $8.8 million related to fees incurred to amend the Amended Temasek Facility. These amounts are being accreted to the principal amount of the Amended Temasek Facility through the recognition of noncash interest expense. The effective interest rate for the Amended Temasek Facility for the period from the date of issuance through October 31, 2021 was 14.29%.

The Company determined that all of the embedded features of the Temasek Facility and Amended Temasek Facility were clearly and closely related to the debt host and did not require bifurcation as a derivative liability, or the fair value of the feature was immaterial to the Company’s condensed consolidated financial statements.

Ares Facility

In October 2020, the Company entered into the Ares Facility with Alter Domus (US) LLC as administrative agent for Ares Corporate Opportunities Fund V, L.P. (“Ares”). The Company received gross proceeds equal to $75.0 million (the “Ares Original Principal”). In conjunction with the incurrence of the Ares Facility, the Company received proceeds from Ares of $25.0 million for the issuance of 1,695,955 shares of Series G redeemable preferred stock. The total transaction resulted in the receipt of $100.0 million in exchange for the Ares Facility, Series G redeemable preferred stock and issuance of common stock warrants (the “Ares Financing Transaction”).

The Ares Facility had an interest rate of 8% per annum accrued as noncash interest. The Ares Facility required quarterly principal payments of 0.25% of the original principal amount. The remaining principal balance would have become due in 2023. The Ares Facility required an exit payment of $1.5 million which was to be paid once the Ares Facility matured or the Ares Original Principal was paid in full.

The Ares Facility was secured by a first priority lien over substantially all assets of the Company. The Ares Facility required the Company to comply with substantially the same specified nonfinancial covenants as the Temasek Facility, including but not limited to, restrictions on the incurrence of debt, making of investments, the payment of dividends, sale of assets, mergers and acquisitions, modifications of certain agreements and its fiscal year, and granting of liens. The Ares Facility also required the Company to meet specified financial covenants that are measured based on pre-defined consolidated EBITDA thresholds. The Ares Facility required mandatory prepayment upon defined triggering events as well as permitting optional prepayments and certain of the mandatory prepayment triggering items are subject to a prepayment premium. The Ares Facility contained various events of default, the occurrence of which could result in the acceleration of obligations under the Ares Facility.

The Company allocated the debt discount and debt issuance costs amongst the various instruments issued in the Ares Financing Transaction. The amount allocated as a debt discount was $10.4 million, of which $1.7 million related to fees paid to the lender and $8.7 million related to the allocation of proceeds to the warrants issued. The Company also recorded debt issuance costs of $1.6 million related to other third-party costs incurred in obtaining the Ares Facility. Please refer to Note 10 for the details of the warrants issued in relation to the Ares Financing Transaction. These amounts were being accreted to the principal amount of the Ares Facility through the recognition of noncash interest expense. The effective interest rate for the period from the date of issuance through the date of repayment was 13.35%.

The Company determined that all of the embedded features of the Ares Facility were either clearly and closely related to the debt host and did not require bifurcation as a derivative liability, or the fair value of the feature was immaterial to the Company’s condensed consolidated financial statements.

In October 2021, the Company paid down the Ares Facility outstanding principal and accrued interest in full and terminated the Ares Facility. The Company recognized a $12.2 million loss on debt extinguishment related to this transaction.

Covenants

The Company was in compliance with all applicable financial and nonfinancial covenants as of October 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision or benefit from income taxes in interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The estimate of the annual effective income tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The Company continues to maintain a full valuation allowance on all United States net deferred tax assets for all periods presented. The amount of unrecognized tax benefits as of October 31, 2021 and January 31, 2021 was $0.7 million and $0.6 million, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized benefits relating to the Company’s tax position is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. The outcomes and timing of such events are highly uncertain and a reasonable estimate of the range of gross unrecognized tax benefits, excluding interest and penalties, that could potentially be reduced during the next 12 months cannot be made at this time.

- 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.

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2021			2021
Revenue share payable	7.1			$	4.3
Accrued operating and general expenses	9.5			3.8
Accrued payroll related expenses	4.6			3.4
Sales and other taxes	1.9			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	23.7		$	14.1

Fair Value Measurements

9 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are remeasured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

Observable inputs are based on market data obtained from independent sources. Unobservable inputs reflect the Company’s assessment of the assumptions market participants would use to value certain financial instruments. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


		October 31,		January 31,
Description	Level	2021		2021

Liabilities:
Warrant liability – Common stock warrants	3	$	—	$	11.2
Warrant liability – Preferred stock warrants	3	—		0.6
Total liabilities		$	—	$	11.8

The warrant liabilities are valued using a Black-Scholes option pricing model. The assumptions used in preparing the model include estimates such as volatility, contractual terms, dividend yield, expiration dates and risk-free interest rates. Prior to the Company’s IPO, this valuation model used unobservable market share price input on a recurring basis, and therefore was considered a Level 3 liability.

The following table presents a roll forward of the fair value of the level 3 liabilities for the nine months ended October 31, 2021 and October 31, 2020:


	Warrant Liability
Balance as of January 31, 2020	$	0.6
Issuance of warrants	$	11.6
Balance as of October 31, 2020	$	12.2

Balance as of January 31, 2021	$	11.8
Issuance of warrants	0.5
Changes in estimated fair value	24.4
Exercise of warrants	(35.5)
Reclassification to equity-classified warrants	(1.2)
Balance as of October 31, 2021	$	—

The Company issued a warrant for 1,651,701 shares of common stock related to the Ares Financing Transaction with a fair value at issuance of $11.6 million and there were no changes in the estimated fair value, exercise or reclassification of the liability-classified warrants during the nine months ended October 31, 2020.

The Company issued a warrant for 40,828 shares of common stock with a fair value at issuance of $0.5 million, included in the loss on warrant liability revaluation, net on the condensed consolidated statement of operations for the nine months ended October 31, 2021.

The warrants for 1,651,701 and 40,828 shares of common stock were automatically exercised and converted to an aggregate of 1,691,723 shares of Class A Common Stock through cashless exercise upon completion of the Company’s IPO. These warrants were adjusted to a fair value of $35.5 million immediately prior to exercise.

The warrants for an aggregate of 88,037 shares of Series D redeemable preferred stock were converted to warrants for shares of Class A common stock as of the IPO date. These warrants were reclassified to stockholders’ equity as of the effective date of the IPO, as the redemption provision from the shares

underlying these warrants was eliminated. These warrants were adjusted to fair value of $1.2 million immediately prior to reclassification.

The following table presents the key assumptions used in the Black-Scholes option pricing model for the valuation of the liability-classified warrants as of January 31, 2021. There were no outstanding liability-classified warrants as of October 31, 2021.


	January 31,
	2021
Valuation assumptions:
Expected dividend yield	—	%
Expected volatility	87.68	%
Expected term (in years)	6.75
Risk-free interest rate	0.79	%

- 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

Redeemable Preferred Stock	9 Months Ended
Redeemable Preferred Stock	Oct. 31, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	Redeemable Preferred StockDuring the nine months ended October 31, 2020, the Company sold 4,145,650 shares of Series G redeemable preferred stock in exchange for $57.6 million. During the nine months ended October 31, 2021, the Company sold an additional 1,437,541 shares of Series G redeemable preferred stock for $21.2 million. Upon consummation of the IPO, the Company accreted the carrying value of $409.3 million of the redeemable preferred stock to the liquidation value of $414.9 million and the Company’s 32,575,462 outstanding shares of redeemable preferred stock were converted into 32,575,462 shares of the Company’s Class A common stock. The accretion to liquidation value did not have a net impact on the Company’s additional paid-in capital.

Stockholders' Equity

9 Months Ended

Oct. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to twenty votes per share, as well as dividends if and when declared by the Board of Directors and, upon liquidation, dissolution, winding up or other liquidation event of the Company, all assets available for distribution to common stockholders. There are no redemption provisions with respect to common stock.

Preferred Stock

Upon the IPO, the Company authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. No shares were issued or outstanding as of October 31, 2021.

Warrants

As of October 31, 2021 and January 31, 2021, the Company had the following outstanding warrants:


	October 31, 2021
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price ($)	Fair Value at Issuance
Equity classified:
TriplePoint	Nov-16	82,891	Common	7.54	$	0.3
TriplePoint	Jun-17	18,236	Common	7.54	0.1
TriplePoint	Sep-17	14,920	Common	7.54	0.1
TriplePoint	Jan-18	16,578	Common	7.54	0.1
TriplePoint	Apr-18	16,578	Common	7.54	0.1
TriplePoint	Nov-15	35,215	Common	17.04	0.2
TriplePoint	Jun-16	28,172	Common	17.04	0.2
TriplePoint	Sep-16	24,650	Common	17.04	0.1
Double Helix (Temasek)	Jul-18	730,000	Common	27.40	1.3
Double Helix (Temasek)	Oct-21	394,343	Common	21.00	5.3
		1,361,583			7.8

There were no outstanding liability-classified warrants as of October 31, 2021.


	January 31, 2021
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price ($)	Fair Value at Issuance
Equity classified:
TriplePoint	Nov-16	82,891	Common	7.54	$	0.3
TriplePoint	Jun-17	18,236	Common	7.54	0.1
TriplePoint	Sep-17	14,920	Common	7.54	0.1
TriplePoint	Jan-18	16,578	Common	7.54	0.1
TriplePoint	Apr-18	16,578	Common	7.54	0.1
Double Helix (Temasek)	Jul-18	730,000	Common	0.01	9.0
Double Helix (Temasek)	Jul-18	730,000	Common	27.40	1.3
		1,609,203			$	11.0
Liability classified:
TriplePoint	Nov-15	35,215	Series D	17.04	$	0.2
TriplePoint	Jun-16	28,172	Series D	17.04	0.2
TriplePoint	Sep-16	24,650	Series D	17.04	0.1
10 Jay	Oct-20	76,627	Series G	14.74	—
Ares	Oct-20	1,651,701	Common	0.01	11.6
		1,816,365			$	12.1

The fair value is estimated using the Black-Scholes option pricing model. The fair value is subjective and is affected by changes in inputs to the valuation model including the fair value per share of the underlying stock, the expected term of each warrant, volatility of the Company’s stock and peer company stock, and risk-free rates based on U.S. Treasury yield curves.

The Company issued preferred and common stock warrants in conjunction with the issuance of long-term debt. The preferred stock warrants were accounted for as liabilities primarily because the shares underlying the warrants contained contingent redemption features outside the control of the Company. The liability classified warrants were subject to remeasurement at each balance sheet date. With each such re-measurement, the liability classified warrants were adjusted to current fair value recognized as a gain or loss in the condensed consolidated statements of operations. The Company reassessed the classification of the warrants at each balance sheet date. If the classification changed as a result of events during the period, the warrants were reclassified as of the date of the event that caused the reclassification.

As of October 31, 2021, all outstanding warrants were equity-classified and recorded as additional paid-in capital. As of January 31, 2021, all outstanding common stock warrants, with the exception of Ares Facility common stock warrants, were recorded as additional paid-in capital and all preferred stock warrants were recorded as liabilities. Equity-classified contracts are not subsequently remeasured unless reclassification is required from equity to liability classification.

- 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.

+ References

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+ Details

Stock Incentive Plan

9 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Incentive Plan

2009 Stock Incentive Plan and 2019 Stock Incentive Plan

In 2009, the Company adopted its stock incentive plan (the “2009 Plan”) to grant equity to employees and service providers. In 2019, the Company adopted a new stock incentive plan (the “2019 Plan”) which replaced the 2009 Plan. The Company has granted RSUs and stock options, each of which is settleable in shares. Stock options could be granted with an exercise price less than, equal to or greater than the stock’s fair value at the date of grant. Options are generally granted for a 10-year term, and vest and become fully exercisable after 4 years of service from the date of grant. RSU awards have a 10-year term and have two vesting requirements in order to vest – a time based requirement and a liquidity based requirement, inclusive of an IPO event. RSUs typically have a 4-year time-based vesting requirement. While no shares are available for future issuance under the 2009 Plan or the 2019 Plan, they continue to govern outstanding equity awards granted thereunder.

2021 Incentive Award Plan

The Company's 2021 Incentive Award Plan (the "2021 Plan") was adopted by its Board of Directors and approved by stockholders in October 2021 and became effective upon the effective date of the IPO. The 2021 Plan replaced the 2019 Plan, and no further grants will be made under the 2019 Stock Plan. The terms of equity awards granted under the 2021 Plan to date are consistent with those granted under the 2019 Plan, as described above. As of October 31, 2021, there were 5,260,697 shares of common stock available for issuance under the 2021 Plan. There will not be any further equity grants of Class B common stock.

The grant date fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The option pricing model considers several variables and assumptions in estimating the fair value of stock-based awards. Because the Company’s shares are only recently publicly traded and there is a lack of historical company-specific data available, expected term is estimated under the simplified method using the vesting and contractual terms, and expected volatility is estimated based on the average historical volatility of similar entities with publicly traded shares. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. The weighted-average assumptions for grants made during the nine months ended October 31, 2021, were as follows:


	Nine Months Ended October 31,
	2021
Valuation assumptions:
Expected dividend yield	—	%
Expected volatility	68.28	%
Expected term (in years)	6.00
Risk-free interest rate	1.01	%

Stock Options

Stock option activity during the periods indicated is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value
Balances as of January 31, 2021	6,060,107	$	6.76	6.45	$	3.7
Granted	4,448,184	7.93
Exercised	(485,086)	6.35
Forfeited	(445,515)	7.37
Balances as of October 31, 2021	9,577,690	$	7.28	7.40	$	96.1
Exercisable as of October 31, 2021	4,179,977	$	6.65	5.32	$	44.3

The weighted average grant date fair values of stock options granted for the nine months ended October 31, 2021 was $5.10. The total intrinsic value of stock options exercised for the nine months ended October 31, 2021 was $1.2 million.

As of October 31, 2021, there was $18.1 million of unrecognized compensation cost related to stock options granted that is expected to be recognized over a weighted average period of 3.3 years.

The Company currently uses authorized and unissued shares to satisfy exercising of stock option awards.

On October 26, 2020, the Company’s Board approved a one-time stock option repricing, which repriced certain outstanding stock options held by current employees and directors with an option exercise price of $12.43 and above. There were 2,565,149 outstanding eligible stock options that were amended to reduce such exercise price to $7.01 per share, the current fair market value of the Company’s common stock on the date of the approval of the repricing. Except for the modified exercise price, all other terms and conditions of each of the eligible stock options remained in full force and effect. The repricing was recorded as a stock option modification whereby the incremental fair value of each option was determined using the Black-Scholes option pricing model at the date of the modification, and $1.2 million was recognized related to vested options as incremental compensation expense during the three months ended October 31, 2020. The Company will recognize the remaining $1.1 million of incremental compensation costs on a straight-line basis over the remaining requisite service period.

RSUs

RSUs activity during the periods indicated is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of January 31, 2021	1,509,601	$	12.17
Granted	1,102,713	9.89
Exercised	(50,883)	17.25
Forfeited	(193,032)	8.48
Unvested and outstanding as of October 31, 2021	2,368,399	$	11.38

As of January 31, 2021, the total unrecorded share based compensation expense relating to RSUs for which the time-based service vesting condition had been satisfied or partially satisfied was $7.6 million, which represented the amount of cumulative compensation expense that would have been recognized in the financial statements had the initial public offering been determined to be probable. The total unrecorded share-based compensation expense related to these awards as of January 31, 2021 was $12.7 million.

As of October 31, 2021, there was $7.4 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 1.5 years. The Company recognized $14.4 million of compensation cost upon effectiveness of the Company’s IPO, related to (i) certain RSUs that contain both service-based and liquidity-based vesting conditions satisfied upon the effectiveness of the registration statement and (ii) the fully vested portion of certain RSU awards that were granted upon the effectiveness of the IPO.

Share-Based Compensation Summary

The classification of share-based compensation by line item within the condensed consolidated statements of operations is as follows:


	Three months ended October 31,				Nine months ended October 31,
	2021		2020		2021		2020
Technology	$	2.4	$	0.5	$	3.3	$	1.5
Marketing	0.7		0.1		0.9		0.3
General and administrative	14.0		1.9		17.2		4.5
Total share-based compensation	$	17.1	$	2.5	$	21.4	$	6.3

Net Loss per Share Attributable to Common Stockholders

9 Months Ended

Oct. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

Net Loss per Share Attributable to Common StockholdersThe Company computes net loss per share attributable to common stockholders under the two-class method required for multiple classes of common stock and participating securities. The rights of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the net loss per share attributable to common stockholders will be the same for 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:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
Numerator:
Net loss attributable to common stockholders	$	(87.8)	$	(44.3)	$	(172.5)	$	(132.3)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	13,063,034		11,115,005		12,018,879		11,130,102
Net loss per share attributable to common stockholders, basic and diluted	$	(6.72)	$	(3.98)	$	(14.35)	$	(11.89)

The following potentially dilutive outstanding securities based on amounts outstanding at each period end were excluded from the computation of diluted loss per share attributable to common stockholders because including them would have been anti-dilutive:


	Three and Nine Months Ended October 31,
	2021	2020

Redeemable preferred stock	—	31,137,921
Stock options	9,577,690	6,547,008
Common stock warrants	1,361,583	2,530,904
Preferred stock warrants	—	103,791
RSUs	2,368,399	—
Total	13,307,672	40,319,624

As of October 31, 2020, RSUs to be settled in 1,355,639 shares of common stock were excluded from the table above because they were subject to liquidity based vesting conditions that were not satisfied.

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company had restricted cash balances for cash collateralized standby letters of credit as of October 31, 2021 and January 31, 2021 of $13.3 million and $13.9 million, primarily to satisfy security deposit requirements on its leases. As of October 31, 2021 the Company committed to purchasing additional insurance coverage with a premium of approximately $5.0 million. Legal Proceedings From time to time in the normal course of business, various claims and litigation have been asserted or commenced against the Company. Due to uncertainties inherent in litigation and other claims, the Company can give no assurance that it will prevail in any such matters, which could subject the Company to significant liability for damages. Any claims or litigation could have an adverse effect on the Company’s results of operations, cash flows, or business and financial condition in the period the claims or litigation are resolved. Accruals for loss contingencies are recorded when a loss is probable, and the amount of such loss can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business. As of October 31, 2021, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Fiscal Year

Fiscal YearThe Company operates on a fiscal calendar ending January 31. All references to fiscal year 2020 reflect the results of the 12-month period ending January 31, 2021. All references to fiscal year 2021 reflect the results of the 12-month period ending January 31, 2022.

Segment Information

Use of Estimates

Concentrations of Credit Risks

No single customer accounted for more than 5% of the Company’s revenue during the three or nine months ended October 31, 2021 and 2020.

Fair Value Measurements and Financial Instruments

Level 1: Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

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 require the Company to develop its own assumptions.

The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Rental Product, Net

The Company considers rental product to be a long-term productive asset and, as such, classifies it as a noncurrent asset on the condensed consolidated balance sheets.


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

In accordance with its policy, the Company reviews the estimated useful lives and salvage values of rental product on an ongoing basis.

Revenue Recognition

Subscription and Reserve Rental Revenue

Other Revenue

Subscription and Reserve Rental Revenue

Other Revenue

Other RevenueOther revenue consists primarily of revenue from the sale of rental product. The Company recognizes revenue from the sale of rental product in accordance with ASC 606. Sale of rental product occurs in two forms: (i) liquidation at the end of the useful life and; (ii) customer purchase of rental product at a discounted price, calculated as a percentage of retail value. Payment is due upon order confirmation and there is no financing component. The single performance obligation associated with rental product sales is generally satisfied upon delivery of the rental product to the customer.

Share-Based Compensation

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements Internal-Use Software

Recently Issued Accounting Pronouncements

Income Taxes

Financial Instruments – Credit Losses

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Schedule of estimated useful lives and salvage values

The estimated useful lives and salvage values are described below:


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

Rental Product, Net (Tables)

9 Months Ended

Oct. 31, 2021

Rental Product [Abstract]

Rental Product Breakdown

Rental product consisted of the following:


	October 31,		January 31,
	2021		2021

Apparel	$	166.1	$	183.8
Accessories	7.3		8.9
	173.4		192.7
Less accumulated depreciation	(93.5)		(95.1)
Rental product, net	$	79.9	$	97.6

Long-Term Debt (Tables)

9 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Schedule of Line of Credit and Long-Term Debt Outstanding

The following table summarizes the Company’s line of credit and long-term debt outstanding as of October 31, 2021 and January 31, 2021:


	October 31,		January 31,
	2021		2021

Bank of America Line of Credit	$	—	$	—
Temasek Facility principal outstanding	271.6		230.0
Add: payment-in-kind interest	0.1		62.2
Less: unamortized debt discount	(15.3)		(1.9)
Temasek Facility, net	256.4		290.3

Ares Facility principal outstanding	—		75.0
Add: payment-in-kind interest	—		1.6
Less: unamortized debt discount	—		(10.9)
Ares Facility, net	—		65.7
Total net carrying value	256.4		356.0
Less: current portion of long-term debt	—		(0.9)
Total noncurrent line of credit and long-term debt	$	256.4	$	355.1

- Definition

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

+ References

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2021			2021
Revenue share payable	7.1			$	4.3
Accrued operating and general expenses	9.5			3.8
Accrued payroll related expenses	4.6			3.4
Sales and other taxes	1.9			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	23.7		$	14.1

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2021			2021
Revenue share payable	7.1			$	4.3
Accrued operating and general expenses	9.5			3.8
Accrued payroll related expenses	4.6			3.4
Sales and other taxes	1.9			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	23.7		$	14.1

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:


		October 31,		January 31,
Description	Level	2021		2021

Liabilities:
Warrant liability – Common stock warrants	3	$	—	$	11.2
Warrant liability – Preferred stock warrants	3	—		0.6
Total liabilities		$	—	$	11.8

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a roll forward of the fair value of the level 3 liabilities for the nine months ended October 31, 2021 and October 31, 2020:


	Warrant Liability
Balance as of January 31, 2020	$	0.6
Issuance of warrants	$	11.6
Balance as of October 31, 2020	$	12.2

Balance as of January 31, 2021	$	11.8
Issuance of warrants	0.5
Changes in estimated fair value	24.4
Exercise of warrants	(35.5)
Reclassification to equity-classified warrants	(1.2)
Balance as of October 31, 2021	$	—

Schedule of Option Pricing Model for Liability-Classified Warrants


	January 31,
	2021
Valuation assumptions:
Expected dividend yield	—	%
Expected volatility	87.68	%
Expected term (in years)	6.75
Risk-free interest rate	0.79	%

Stockholders' Equity (Tables)

9 Months Ended

Oct. 31, 2021

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of October 31, 2021 and January 31, 2021, the Company had the following outstanding warrants:


	October 31, 2021
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price ($)	Fair Value at Issuance
Equity classified:
TriplePoint	Nov-16	82,891	Common	7.54	$	0.3
TriplePoint	Jun-17	18,236	Common	7.54	0.1
TriplePoint	Sep-17	14,920	Common	7.54	0.1
TriplePoint	Jan-18	16,578	Common	7.54	0.1
TriplePoint	Apr-18	16,578	Common	7.54	0.1
TriplePoint	Nov-15	35,215	Common	17.04	0.2
TriplePoint	Jun-16	28,172	Common	17.04	0.2
TriplePoint	Sep-16	24,650	Common	17.04	0.1
Double Helix (Temasek)	Jul-18	730,000	Common	27.40	1.3
Double Helix (Temasek)	Oct-21	394,343	Common	21.00	5.3
		1,361,583			7.8

There were no outstanding liability-classified warrants as of October 31, 2021.


	January 31, 2021
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price ($)	Fair Value at Issuance
Equity classified:
TriplePoint	Nov-16	82,891	Common	7.54	$	0.3
TriplePoint	Jun-17	18,236	Common	7.54	0.1
TriplePoint	Sep-17	14,920	Common	7.54	0.1
TriplePoint	Jan-18	16,578	Common	7.54	0.1
TriplePoint	Apr-18	16,578	Common	7.54	0.1
Double Helix (Temasek)	Jul-18	730,000	Common	0.01	9.0
Double Helix (Temasek)	Jul-18	730,000	Common	27.40	1.3
		1,609,203			$	11.0
Liability classified:
TriplePoint	Nov-15	35,215	Series D	17.04	$	0.2
TriplePoint	Jun-16	28,172	Series D	17.04	0.2
TriplePoint	Sep-16	24,650	Series D	17.04	0.1
10 Jay	Oct-20	76,627	Series G	14.74	—
Ares	Oct-20	1,651,701	Common	0.01	11.6
		1,816,365			$	12.1

Stock Incentive Plan (Tables)

9 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions for Grants

The weighted-average assumptions for grants made during the nine months ended October 31, 2021, were as follows:


	Nine Months Ended October 31,
	2021
Valuation assumptions:
Expected dividend yield	—	%
Expected volatility	68.28	%
Expected term (in years)	6.00
Risk-free interest rate	1.01	%

Schedule of Stock Options Roll Forward

Stock option activity during the periods indicated is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value
Balances as of January 31, 2021	6,060,107	$	6.76	6.45	$	3.7
Granted	4,448,184	7.93
Exercised	(485,086)	6.35
Forfeited	(445,515)	7.37
Balances as of October 31, 2021	9,577,690	$	7.28	7.40	$	96.1
Exercisable as of October 31, 2021	4,179,977	$	6.65	5.32	$	44.3

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

RSUs activity during the periods indicated is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of January 31, 2021	1,509,601	$	12.17
Granted	1,102,713	9.89
Exercised	(50,883)	17.25
Forfeited	(193,032)	8.48
Unvested and outstanding as of October 31, 2021	2,368,399	$	11.38

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The classification of share-based compensation by line item within the condensed consolidated statements of operations is as follows:


	Three months ended October 31,				Nine months ended October 31,
	2021		2020		2021		2020
Technology	$	2.4	$	0.5	$	3.3	$	1.5
Marketing	0.7		0.1		0.9		0.3
General and administrative	14.0		1.9		17.2		4.5
Total share-based compensation	$	17.1	$	2.5	$	21.4	$	6.3

Net Loss per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Oct. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
Numerator:
Net loss attributable to common stockholders	$	(87.8)	$	(44.3)	$	(172.5)	$	(132.3)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	13,063,034		11,115,005		12,018,879		11,130,102
Net loss per share attributable to common stockholders, basic and diluted	$	(6.72)	$	(3.98)	$	(14.35)	$	(11.89)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three and Nine Months Ended October 31,
	2021	2020

Redeemable preferred stock	—	31,137,921
Stock options	9,577,690	6,547,008
Common stock warrants	1,361,583	2,530,904
Preferred stock warrants	—	103,791
RSUs	2,368,399	—
Total	13,307,672	40,319,624

Business (Details)	Oct. 31, 2021 style
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of styles	19,000
Number of brand partners (more than)	780

Summary of Significant Accounting Policies - Estimated Useful Lives and Salvage Values (Details)	9 Months Ended
	Oct. 31, 2021
Apparel
Accounting Policies [Line Items]
Useful Life	3 years
Salvage Value	20.00%
Accessories
Accounting Policies [Line Items]
Useful Life	2 years
Salvage Value	30.00%

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 27, 2021 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) vote $ / shares shares	Oct. 31, 2021 USD ($) vote $ / shares shares	Oct. 31, 2020 USD ($)	Oct. 31, 2021 USD ($) vote segment $ / shares shares	Oct. 31, 2020 USD ($)	Jan. 31, 2021 USD ($) $ / shares shares
Accounting Policies [Line Items]
Number of reportable segments \| segment					1
Number of operating segments \| segment					1
Common stock, shares authorized \| shares		0	0		0		60,000,000
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares) \| shares		10,000,000	10,000,000		10,000,000		0
Redeemable preferred stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
Rental product held-for-sale		$ 2.7	$ 2.7		$ 2.7		$ 6.4
Accelerated depreciation			0.9	$ 1.6	3.2	$ 6.6
Proceeds from sale of rental product					9.0	14.4
Customer credits and refunds			$ 0.7	$ 0.8
Customer credits and refunds, including opening balance					$ 1.6	$ 1.0
Time for order placement		4 months	4 months		4 months
Requisite service period					4 years
Insurance recoveries					$ 4.0
IPO
Accounting Policies [Line Items]
Sale of stock, price per share \| $ / shares	$ 21.00
Proceeds from issuance of IPO, net	$ 327.1
Underwriting discounts	24.1
Direct offering costs	5.8
Offering costs paid		$ 1.4
Convertible preferred stock converted to common stock and additional paid-in-capital	409.3
Stock based compensation expense	$ 14.4
Common Class A
Accounting Policies [Line Items]
Common stock, shares authorized \| shares		300,000,000	300,000,000		300,000,000		0
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
Votes per common share \| vote		1	1		1
Class A common stock exchanged (in shares) \| shares		2,939,928	2,939,928		2,939,928
Common Class A \| IPO
Accounting Policies [Line Items]
Sale of stock, number of shares issued in transaction \| shares	17,000,000
Convertible preferred stock converted to common stock, in shares \| shares	32,575,462
Common Class B
Accounting Policies [Line Items]
Common stock, shares authorized \| shares		50,000,000	50,000,000		50,000,000		0
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
Votes per common share \| vote		20	20		20
Minimum
Accounting Policies [Line Items]
Rental period		4 days	4 days		4 days
Maximum
Accounting Policies [Line Items]
Rental period		8 days	8 days		8 days
Apparel and accessories \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage			8.00%	14.10%	8.80%	13.90%

Liquidity and Impact of COVID-19 Pandemic (Details) - USD ($) $ / shares in Units, $ in Millions		2 Months Ended
	Oct. 27, 2021	May 31, 2021	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Class of Stock [Line Items]
Cash and cash equivalents			$ 278.7	$ 95.3	$ 109.0
IPO
Class of Stock [Line Items]
Sale of stock, price per share	$ 21.00
Underwriting discounts	$ 24.1
Direct offering costs	$ 5.8
Series G Preferred Stock
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 20.1
Common Class A \| IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction	17,000,000

Rental Product, Net - Rental Product Breakdown (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Rental Product [Line Items]
Rental product gross	$ 173.4	$ 192.7
Less accumulated depreciation	(93.5)	(95.1)
Rental product, net	79.9	97.6
Apparel
Rental Product [Line Items]
Rental product gross	166.1	183.8
Accessories
Rental Product [Line Items]
Rental product gross	$ 7.3	$ 8.9

Rental Product, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Rental Product [Abstract]
Depreciation and write-offs, rental product and rental product sold	$ 13.7	$ 16.8	$ 37.6	$ 54.8

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Total net carrying value	$ 256.4	$ 356.0
Less: current portion of long-term debt	0.0	(0.9)
Total noncurrent line of credit and long-term debt	256.4	355.1
Temasek Term Loan
Debt Instrument [Line Items]
Total net carrying value	256.4	290.3
Ares Term Loan
Debt Instrument [Line Items]
Total net carrying value	0.0	65.7
Revolving Credit Facility \| Bank of America Credit Agreement
Debt Instrument [Line Items]
Bank of America Line of Credit	0.0	0.0
Term Loan \| Temasek Term Loan
Debt Instrument [Line Items]
Long-term debt	271.6	230.0
Add: payment-in-kind interest	0.1	62.2
Less: unamortized debt discount	(15.3)	(1.9)
Term Loan \| Ares Term Loan
Debt Instrument [Line Items]
Long-term debt	0.0	75.0
Add: payment-in-kind interest	0.0	1.6
Less: unamortized debt discount	$ 0.0	$ (10.9)	$ (10.4)

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Oct. 27, 2021	Mar. 31, 2021	Jan. 31, 2021	Nov. 30, 2019	Apr. 30, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 12,200,000	$ 600,000	$ 12,200,000	$ 600,000
Principal repayments on long-term debt					135,000,000.0	0
Liquidity maintenance covenant	$ 50,000,000.0		$ 50,000,000.0		50,000,000.0
Proceeds from issuance of redeemable preferred stock					$ 21,200,000	$ 60,400,000
Shares Issued (in shares)	0		0		0				31,137,921
Series G Redeemable Preferred Stock
Debt Instrument [Line Items]
Shares Issued (in shares)		1,695,955		1,695,955		1,695,955
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 100,000,000
Incremental uncommitted accordion feature											$ 50,000,000
Loss on debt extinguishment			$ 600,000
Term Loan \| Temasek Term Loan
Debt Instrument [Line Items]
Debt discount												$ 11,700,000
Closing fees paid												1,400,000
Allocation of proceeds to warrants issued												10,300,000
Effective interest rate							15.95%
Debt discount	$ 15,300,000		15,300,000		$ 15,300,000				$ 1,900,000
Term Loan \| Initial Temasek Committment
Debt Instrument [Line Items]
Debt instrument, face amount								$ 50,000,000		$ 50,000,000		100,000,000
Debt instrument, additional borrowing capacity												$ 100,000,000
Interest rate, paid in kind												15.00%
Term Loan \| Subsequent Temasek Commitment
Debt Instrument [Line Items]
Debt instrument, face amount								$ 30,000,000
Debt instrument, additional borrowing capacity										$ 30,000,000
Interest rate, cash										13.00%
Principal repayments on long-term debt	30,000,000.0
Term Loan \| Temasek Facility Amendment
Debt Instrument [Line Items]
Debt instrument, face amount	$ 271,600,000		$ 271,600,000		$ 271,600,000
Interest rate, paid in kind	5.00%		5.00%		5.00%
Principal repayments on long-term debt	$ 30,000,000.0
Amended interest rate	12.00%		12.00%		12.00%
Debt discount	$ 15,300,000		$ 15,300,000		$ 15,300,000
Closing fees paid	200,000		200,000		200,000
Allocation of proceeds to warrants issued	$ 5,300,000		$ 5,300,000		$ 5,300,000
Effective interest rate	14.29%		14.29%		14.29%
Extension of term warrants	$ 1,000,000.0
Amendment fee	8,800,000		$ 8,800,000		$ 8,800,000
Term Loan \| Initial Temasek Facility and Amended Temasek Facility
Debt Instrument [Line Items]
Principal repayments on long-term debt	60,000,000.0
Term Loan \| Ares Term Loan
Debt Instrument [Line Items]
Loss on debt extinguishment	12,200,000
Debt instrument, face amount	$ 75,000,000		$ 75,000,000		$ 75,000,000
Interest rate, paid in kind		8.00%		8.00%		8.00%
Allocation of proceeds to warrants issued		$ 8,700,000		$ 8,700,000		$ 8,700,000
Effective interest rate	13.35%		13.35%		13.35%				13.35%
Proceeds from issuance of redeemable preferred stock		$ 25,000,000
Quarterly principal payments, percent		0.25%		0.25%		0.25%
Required exit payment		$ 1,500,000
Debt discount	$ 0	10,400,000	$ 0	$ 10,400,000	$ 0	$ 10,400,000			$ 10,900,000
Fees paid		1,700,000		1,700,000		1,700,000
Term Loan \| Ares Term Loan \| Series G Redeemable Preferred Stock
Debt Instrument [Line Items]
Proceeds from issuance of redeemable preferred stock		100,000,000
Term Loan \| Ares Term Loan \| Other Third-Party
Debt Instrument [Line Items]
Fees paid		$ 1,600,000		$ 1,600,000		$ 1,600,000

Income Taxes (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0.7	$ 0.6

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Payables and Accruals [Abstract]
Revenue share payable	$ 7.1	$ 4.3
Accrued operating and general expenses	9.5	3.8
Accrued payroll related expenses	4.6	3.4
Sales and other taxes	1.9	1.0
Current portion of long-term debt	0.0	0.9
Gift card liability	0.6	0.7
Accrued expenses and other current liabilities	$ 23.7	$ 14.1

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 0.0	$ 11.8
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0.0	11.8
Level 3 \| Fair Value, Recurring \| Warrant liability – Common stock warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0.0	11.2
Level 3 \| Fair Value, Recurring \| Warrant liability – Preferred stock warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 0.0	$ 0.6

Fair Value Measurements - Liabilities Measured on Recurring Basis (Details) - Derivative Financial Instruments, Liabilities - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 11.8	$ 0.6
Ending Balance	0.0	12.2
Warrant liability – Common stock warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Issuance of warrants	0.5	$ 11.6
Exercise of warrants	(35.5)
Common and Preferred Stock Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in estimated fair value	24.4
Warrant liability – Preferred stock warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reclassification to equity-classified warrants	$ (1.2)

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 0.0	$ 11.8
Ares Liability-Classified Common Stock Warrants Issued Oct 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares (in shares)		1,651,701
Warrant liability		$ 11.6
Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of warrant for common stock	$ 0.5
Common Stock Warrants \| Warrant A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant, number of securities called by each warrant	40,828
Common Stock Warrants \| Warrant B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant, number of securities called by each warrant	1,651,701
Common Stock Warrants \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise of warrants	$ (35.5)
Preferred Stock Warrants \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Reclassification to equity-classified warrants	$ (1.2)
Series G Redeemable Preferred Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities called by warrant	88,037
Class A Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities called by warrant	1,691,723

Fair Value Measurements - Option Pricing Model (Details) - Black-Scholes Option Pricing Model - Level 3 - Warrant Liability	Jan. 31, 2021 vote
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.8768
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	6.75
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0079

Redeemable Preferred Stock (Details) - USD ($) $ in Millions		9 Months Ended		12 Months Ended
	Oct. 27, 2021	Oct. 31, 2021	Oct. 31, 2020	Jan. 31, 2021
Temporary Equity [Line Items]
Total redemption amount of Series G redeemable preferred stock				$ 57.6
Carrying value of redeemable preferred stock		$ 0.0		388.1
Temporary equity, liquidation preference		$ 0.0		$ 393.7
Redeemable preferred stock
Temporary Equity [Line Items]
Carrying value of redeemable preferred stock	$ 409.3
Temporary equity, liquidation preference	$ 414.9
Conversion of stock, shares converted		32,575,462
Series G Redeemable Preferred Stock
Temporary Equity [Line Items]
Sale of Series G redeemable preferred stock		1,437,541	4,145,650
Series A Redeemable Preferred Stock
Temporary Equity [Line Items]
Conversion of stock, shares issued	32,575,462

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Class of Warrant or Right [Line Items]
Fair Value at Issuance	$ 0.0	$ 11.8
TriplePoint Equity-Classified Common Stock Warrants Issued Nov 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	82,891	82,891
Exercise Price (usd per share)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.3	$ 0.3
TriplePoint Equity-Classified Common Stock Warrants Issued Jun 2017
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	18,236	18,236
Exercise Price (usd per share)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Sep 2017
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	14,920	14,920
Exercise Price (usd per share)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Jan 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	16,578	16,578
Exercise Price (usd per share)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Apr 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	16,578	16,578
Exercise Price (usd per share)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Nov 2015
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	35,215
Exercise Price (usd per share)	$ 17.04
Fair Value at Issuance	$ 0.2
TriplePoint Equity-Classified Common Stock Warrants Issued Jun 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	28,172
Exercise Price (usd per share)	$ 17.04
Fair Value at Issuance	$ 0.2
TriplePoint Equity-Classified Common Stock Warrants Issued Sep 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	24,650
Exercise Price (usd per share)	$ 17.04
Fair Value at Issuance	$ 0.1
Double Helix Temasek Equity-Classified Common Stock Warrants One Issued Jul 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		730,000
Exercise Price (usd per share)		$ 0.01
Fair Value at Issuance		$ 9.0
Double Helix Temasek Equity-Classified Common Stock Warrants Two Issued Jul 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	730,000	730,000
Exercise Price (usd per share)	$ 27.40	$ 27.40
Fair Value at Issuance	$ 1.3	$ 1.3
Double Helix Temasek Equity-Classified Common Stock Warrants Two Issued October 2021
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	394,343
Exercise Price (usd per share)	$ 21.00
Fair Value at Issuance	$ 5.3
Equity Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	1,361,583	1,609,203
Fair Value at Issuance	$ 7.8	$ 11.0
TriplePoint Liability-Classified Preferred Stock Warrants Issued Nov 2015
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		35,215
Exercise Price (usd per share)		$ 17.04
Fair Value at Issuance		$ 0.2
TriplePoint Liability-Classified Preferred Stock Warrants Issued Jun 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		28,172
Exercise Price (usd per share)		$ 17.04
Fair Value at Issuance		$ 0.2
TriplePoint Liability-Classified Preferred Stock Warrants Issued Sep 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		24,650
Exercise Price (usd per share)		$ 17.04
Fair Value at Issuance		$ 0.1
10 Jay Liability-Classified Preferred Stock Warrants Issued October 2020
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		76,627
Exercise Price (usd per share)		$ 14.74
Fair Value at Issuance		$ 0.0
Ares Liability-Classified Common Stock Warrants Issued Oct 2020
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		1,651,701
Exercise Price (usd per share)		$ 0.01
Fair Value at Issuance		$ 11.6
Liability-Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		1,816,365
Fair Value at Issuance		$ 12.1

Stockholders' Equity - Narrative (Details)	Oct. 31, 2021 vote $ / shares shares	Jan. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, par value (usd per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class B
Class of Warrant or Right [Line Items]
Votes per common share \| vote	20
Common Class A
Class of Warrant or Right [Line Items]
Votes per common share \| vote	1
Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Preferred Stock \| IPO
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (usd per share) \| $ / shares	$ 0.001

Stock Incentive Plan - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 26, 2021 $ / shares shares	Oct. 31, 2021 USD ($) shares	Oct. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2020 vestingRequirement	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition			3 years 3 months 18 days
Exercise price, minimum (usd per share) \| $ / shares	$ 12.43
Share-based payment arrangement, plan modification, number of awards modified \| shares	2,565,149
Exercise price, reduction (usd per share) \| $ / shares	$ 7.01
Stock option modification, incremental compensation expense		$ 1.2
Stock options \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecorded compensation expense					$ 1.1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition			1 year 6 months
Unrecorded compensation expense related to service vesting conditions satisfied or partially satisfied						$ 7.6
Unrecorded compensation expense		7.4	$ 7.4			$ 12.7
Recorded compensation expense related to service vesting conditions satisfied or partially satisfied		14.4	14.4
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 18.1	$ 18.1
2019 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period				10 years
Award vesting period				4 years
Weighted average grant date fair value (usd per share) \| $ / shares			$ 5.10
Exercised in period, intrinsic value			$ 1.2
2019 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period				10 years
Award vesting period				4 years
Number of vesting requirements \| vestingRequirement				2
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares) \| shares		5,260,697	5,260,697

Stock Incentive Plan - Valuation Assumptions (Details) - 2019 Plan	9 Months Ended
	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected volatility	68.28%
Expected term (in years)	6 years
Risk-free interest rate	1.01%

Stock Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2021	Jan. 31, 2021
Weighted Average Exercise Price
Balances, Beginning (in usd per share)	$ 6.76
Granted (in usd per share)	7.93
Exercised (in usd per share)	6.35
Forfeited (in usd per share)	7.37
Balances, Ending (in usd per share)	7.28	$ 6.76
Exercisable (in usd per share)	$ 6.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Outstanding (in years)	7 years 4 months 24 days	6 years 5 months 12 days
Aggregate Intrinsic Value	$ 96.1	$ 3.7
Exercisable, Weighted Average Remaining Contract Term (in years)	5 years 3 months 25 days
Exercisable, Aggregate Intrinsic Value	$ 44.3
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balances Beginning (shares)	6,060,107
Granted (in shares)	4,448,184
Exercised (in shares)	(485,086)
Forfeited (in shares)	(445,515)
Balances, Ending (in shares)	9,577,690	6,060,107
Exercisable (in shares)	4,179,977

Stock Incentive Plan - RSU Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Oct. 31, 2021 $ / shares shares
Number of Shares
Unvested, Outstanding, beginning balance (in shares) \| shares	1,509,601
Granted (unaudited) (in shares) \| shares	1,102,713
Exercised (unaudited) (in shares) \| shares	(50,883)
Forfeited (unaudited) (in shares) \| shares	(193,032)
Unvested, and outstanding, ending balance (in shares) \| shares	2,368,399
Weighted Average Grant-Date Fair Value per Share
Unvested, Outstanding, beginning balance (in usd per share) \| $ / shares	$ 12.17
Granted (unaudited) (in usd per share) \| $ / shares	9.89
Exercised (unaudited) (in usd per share) \| $ / shares	17.25
Forfeited (unaudited) (in usd per share) \| $ / shares	8.48
Unvested, Outstanding, ending balance (in usd per share) \| $ / shares	$ 11.38

Stock Incentive Plan - Classification of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 17.1	$ 2.5	$ 21.4	$ 6.3
Technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2.4	0.5	3.3	1.5
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0.7	0.1	0.9	0.3
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 14.0	$ 1.9	$ 17.2	$ 4.5

Net Loss per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Numerator:
Net loss attributable to common stockholders	$ (87.8)	$ (44.3)	$ (172.5)	$ (132.3)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	13,063,034	11,115,005	12,018,879	11,130,102
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	13,063,034	11,115,005	12,018,879	11,130,102
Net loss per share attributable to common stockholders, basic (usd per share)	$ (6.72)	$ (3.98)	$ (14.35)	$ (11.89)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (6.72)	$ (3.98)	$ (14.35)	$ (11.89)

- 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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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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+ Details

Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	13,307,672	40,319,624	13,307,672	40,319,624
Redeemable preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	0	31,137,921	0	31,137,921
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	9,577,690	6,547,008	9,577,690	6,547,008
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	1,361,583	2,530,904	1,361,583	2,530,904
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	0	103,791	0	103,791
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	2,368,399	0	2,368,399	0

Net Loss per Share Attributable to Common Stockholders - Narrative (Details)	9 Months Ended
	Oct. 31, 2020 shares
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance awards not granted	1,355,639

Commitment and Contingencies (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021
Line of Credit Facility [Line Items]
Insurance coverage commitment	$ 5.0
Litigation or contingency material loss	0.0
Cash-Collateralized Standby Letters of Credit
Line of Credit Facility [Line Items]
Restricted cash	$ 13.3	$ 13.9