0001468327-22-000047 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jan. 31, 2022	Apr. 11, 2022	Jul. 31, 2021
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2022
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, par value $0.001 per share
Trading Symbol	RENT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended January 31, 2022, are incorporated by reference in Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001468327
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 0
Common Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		60,893,680
Common Class B
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		3,035,822

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Current assets:
Cash and cash equivalents	$ 247.6	$ 95.3
Restricted cash, current	5.4	3.4
Prepaid expenses and other current assets	11.7	4.7
Total current assets	264.7	103.4
Noncurrent assets:
Restricted cash	6.6	10.5
Rental product, net	76.3	97.6
Fixed assets, net	57.2	64.7
Intangible assets, net	6.4	7.8
Operating lease right-of-use assets	31.5	34.9
Other assets	4.8	1.8
Total assets	447.5	320.7
Current liabilities:
Accounts payable	15.9	7.2
Accrued expenses and other current liabilities	30.0	14.1
Deferred revenue	10.4	5.6
Customer credit liabilities	6.9	7.0
Operating lease liabilities	5.6	6.7
Total current liabilities	68.8	40.6
Noncurrent liabilities
Long-term debt, net	260.8	355.1
Operating lease liabilities	46.4	51.5
Warrant liability	0.0	11.8
Other liabilities	0.4	0.3
Total liabilities	376.4	459.3
Commitments and Contingencies (Note 15)
Redeemable preferred stock, $0.001 par value; 0 and 35,236,646 shares authorized as of January 31, 2022 and 2021, respectively; 0 and 31,137,921 shares issued and outstanding as of January 31, 2022 and 2021, respectively; liquidation preference of $0.0 million and $393.7 million as of January 31, 2022 and 2021, respectively	0.0	388.1
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 and 0 shares authorized as of January 31, 2022 and 2021, respectively; 0 and 0 shares issued and outstanding as of January 31, 2022 and 2021, respectively	0.0	0.0
Additional paid-in capital	872.2	62.7
Accumulated deficit	(801.2)	(589.4)
Total stockholders’ equity (deficit)	71.1	(526.7)
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)	447.5	320.7
Common Stock
Stockholders’ equity (deficit)
Common stock, value, issued	0.0	0.0
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

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Revenue:
Subscription and Reserve rental revenue	$ 185.8	$ 135.9	$ 235.4
Other revenue	17.5	21.6	21.5
Total revenue, net	203.3	157.5	256.9
Costs and expenses:
Fulfillment	61.9	53.0	118.1
Technology	45.3	37.7	40.2
Marketing	26.5	8.1	22.9
General and administrative	104.4	77.2	98.9
Rental product depreciation and revenue share	71.7	89.0	85.2
Other depreciation and amortization	19.4	23.0	21.6
Total costs and expenses	329.2	288.0	386.9
Operating loss	(125.9)	(130.5)	(130.0)
Interest income / (expense), net	(53.0)	(46.6)	(24.0)
Gain / (loss) on warrant liability revaluation, net	(24.9)	0.4	0.0
Gain / (loss) on debt extinguishment, net	(12.2)	(0.6)	0.0
Other income / (expense), net	3.9	6.2	(0.1)
Net loss before income tax benefit / (expense)	(212.1)	(171.1)	(154.1)
Income tax benefit / (expense)	0.3	0.0	0.2
Net loss	$ (211.8)	$ (171.1)	$ (153.9)
Net loss per share attributable to common stockholders, basic (usd per share)	$ (8.51)	$ (15.36)	$ (14.04)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (8.51)	$ (15.36)	$ (14.04)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	24,874,061	11,138,851	10,964,634
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	24,874,061	11,138,851	10,964,634

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Jan. 31, 2022

Jan. 31, 2021

Jan. 31, 2020

OPERATING ACTIVITIES

Net loss

$ (211.8)

$ (171.1)

$ (153.9)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Rental product depreciation and write-offs

45.6

55.9

61.6

Write-off of rental product sold

4.7

14.0

Other depreciation and amortization

19.5

24.1

21.6

Proceeds from rental product sold

(12.9)

(17.9)

(19.3)

(Gain) / loss from liquidation of rental product

(0.6)

0.9

0.5

Accrual of paid-in-kind interest

38.8

36.9

19.0

Settlement of paid-in-kind interest

(6.3)

0.0

Amortization of debt discount

5.9

5.0

4.0

Loss on debt extinguishment

12.2

0.6

0.0

Share-based compensation expense

26.6

8.2

6.8

Remeasurement of warrant liability

24.9

(0.4)

0.0

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

(7.0)

0.3

(2.4)

Operating lease right-of-use assets

3.4

(0.4)

(34.5)

Other assets

(3.0)

1.8

(1.3)

Accounts payable, accrued expenses and other current liabilities

18.4

(4.5)

6.0

Deferred revenue and customer credit liabilities

4.7

(7.3)

1.5

Operating lease liabilities

(6.2)

11.4

46.8

Other liabilities

0.8

(0.3)

(8.0)

Net cash (used in) provided by operating activities

(42.3)

(42.8)

(37.6)

INVESTING ACTIVITIES

Purchases of rental product

(30.8)

(54.9)

(117.7)

Proceeds from liquidation of rental product

5.7

2.4

3.6

Proceeds from sale of rental product

12.9

17.9

19.3

Purchases of fixed and intangible assets

(10.3)

(23.8)

(43.8)

Net cash (used in) provided by investing activities

(22.5)

(58.4)

(138.6)

FINANCING ACTIVITIES

Proceeds from issuance of common stock upon IPO, net of offering costs

327.3

0.0

Proceeds from issuance of redeemable preferred stock

21.2

60.4

133.8

Proceeds from exercise of stock options under stock incentive plan

3.3

0.5

1.8

Proceeds from line of credit

0.0

15.0

86.0

Principal repayments on line of credit

0.0

(59.0)

(92.6)

Proceeds from long-term debt

0.0

155.0

50.0

Principal repayments on long-term debt

(135.0)

0.0

Debt extinguishment costs

(4.7)

0.0

Proceeds from short-term financing agreements

5.0

0.0

Other financing payments

(1.9)

(3.4)

(1.1)

Net cash (used in) provided by financing activities

215.2

168.5

177.9

Net increase in cash and cash equivalents and restricted cash

150.4

67.3

1.7

Cash and cash equivalents and restricted cash at beginning of period

109.2

41.9

40.2

Cash and cash equivalents and restricted cash at end of period

259.6

109.2

41.9

Reconciliation of Cash and Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets:

Cash and cash equivalents

247.6

95.3

31.4

Restricted cash, current

5.4

3.4

10.5

Restricted cash, noncurrent

6.6

10.5

0.0

Total cash and cash equivalents and restricted cash

259.6

109.2

41.9

Cash payments (receipts) for:

Interest paid on loans

10.2

3.7

1.5

Interest paid on financing leases

0.1

0.0

0.1

Fixed operating lease payments (reimbursements), net

15.8

2.6

7.0

Fixed assets and intangibles received in the prior period

0.5

2.1

9.6

Rental product received in the prior period

3.6

3.7

4.7

Non-cash financing and investing activities:

Financing lease right-of-use asset amortization

0.3

0.2

0.1

ROU assets obtained in exchange for lease liabilities

^[1]

0.9

0.1

40.0

Adjustments to ROU assets or lease liabilities due to modification or other reassessment events

0.3

5.2

0.0

Purchases of fixed assets and intangibles not yet settled

0.8

0.5

2.1

Purchases of rental product not yet settled

$ 6.5

$ 3.6

[1]	(1) Includes non-cash ROU assets obtained in exchange for lease liabilities in accordance with the adoption of ASC 842 as of February 1, 2019.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Redeemable preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized (in shares)	0	35,236,646
Redeemable preferred stock, shares issued (in shares)	0	31,137,921
Redeemable preferred stock, shares outstanding (in shares)	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 (in shares)	0	60,000,000
Common stock, shares, issued (in shares)	0	10,456,521
Common stock, shares, outstanding (in shares)	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 (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	0
Common stock, shares, issued (in shares)	60,104,058	0
Common stock, shares, outstanding (in shares)	60,104,058	0
Common Class B
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	0
Common stock, shares, issued (in shares)	2,932,739	0
Common stock, shares, outstanding (in shares)	2,932,739	0

Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Redeemable preferred stock beginning balance (in shares) at Jan. 31, 2019			20,891,652
Redeemable preferred stock beginning balance at Jan. 31, 2019			$ 196.7
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable preferred stock (in shares)			6,100,619
Issuance of redeemable preferred stock			$ 133.8
Redeemable preferred stock ending balance (in shares) at Jan. 31, 2020			26,992,271
Redeemable preferred stock ending balance at Jan. 31, 2020			$ 330.5
Beginning balance (in shares) at Jan. 31, 2019				10,100,658
Beginning balance at Jan. 31, 2019	$ (221.6)	$ 2.6		$ 0.0	$ 45.4	$ (267.0)	$ 2.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)				270,978
Stock issued under stock incentive plan	1.8				1.8
Share-based compensation expense	$ 6.8				6.8
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2014-09 [Member]
Net loss	$ (153.9)					(153.9)
Ending balance (in shares) at Jan. 31, 2020				10,371,636
Ending balance at Jan. 31, 2020	$ (364.3)			$ 0.0	54.0	(418.3)
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 Jan. 31, 2021	31,137,921		31,137,921
Redeemable preferred stock ending balance at Jan. 31, 2021	$ 388.1		$ 388.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)				84,885
Stock issued under stock incentive plan	0.5				0.5
Share-based compensation expense	8.2				8.2
Net loss	(171.1)					(171.1)
Ending balance (in shares) at Jan. 31, 2021				10,456,521
Ending balance at Jan. 31, 2021	$ (526.7)			$ 0.0	62.7	(589.4)
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 Jan. 31, 2022	0		0
Redeemable preferred stock ending balance at Jan. 31, 2022	$ 0.0		$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable preferred stock, in shares				32,575,462
Conversion of redeemable preferred stock	409.3			$ 0.1	409.2
Stock issued under stock incentive plan (in shares)				583,439
Stock issued under stock incentive plan	3.3				3.3
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	327.3				327.3
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	26.6				26.6
Net loss	(211.8)					(211.8)
Ending balance (in shares) at Jan. 31, 2022				63,036,797
Ending balance at Jan. 31, 2022	$ 71.1			$ 0.1	$ 872.2	$ (801.2)

Business	12 Months Ended
Business	Jan. 31, 2022
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 over 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

12 Months Ended

Jan. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The 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 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.

Fiscal Year

The Company operates on a fiscal calendar ending January 31. All references to fiscal year 2019 reflect the results of the 12-month period ending January 31, 2020. 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. All references to fiscal year 2022 reflect the results of the 12-month period ending January 31, 2023.

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 $327.3 million from the IPO which are net of underwriting discounts of $24.1 million and offering costs paid by the Company of $5.6 million. 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 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 share-based compensation expense for (i) certain restricted stock units (“RSUs”) that contain both service-based and liquidity-based vesting conditions satisfied in connection with 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 and restated certificate of incorporation (the “amended charter”) and adopted amended and restated bylaws (the “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 Class A common stock 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, 2,932,739 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 co-founders 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 (“IBR”) to determine lease liabilities, and the valuation of share-based compensation and warrants.

As of January 31, 2022, 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 years ended January 31, 2022, 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 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 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 January 31, 2022 and 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 January 31, 2022 and 2021.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include funds in transit from banks for customer credit card transactions that settle in less than seven days. These funds totaled $3.5 million and $1.8 million as of January 31, 2022 and 2021, respectively.

As of January 31, 2022 and 2021, the Company had $12.0 million and $13.9 million, respectively, of current and noncurrent restricted cash that consisted primarily of letters of credit pledged as security deposits for the headquarters and operational facilities leases.

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 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.

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

Once it is no longer considered rentable, rental product in a sellable condition is classified as held for sale and written down to salvage value. The value of rental product held for sale as of January 31, 2022 and 2021 was $2.1 million and $6.4 million, respectively. The accelerated depreciation related to rental product held for sale was $3.9 million, $7.7 million and $14.8 million for the years ended January 31, 2022, 2021, and 2020, respectively. The accelerated depreciation is presented on the consolidated statements of operations within rental product depreciation and revenue share.

When rental product is liquidated, the Company records the gain or loss calculated as proceeds, net of the remaining salvage value and costs to sell, within general and administrative expenses on the consolidated statement of operations. The gain or loss from the liquidation of rental product is included as an adjustment to reconcile net loss to net cash used by operating activities in the consolidated statements of cash flows.

The purchases of rental product as well as the proceeds from the sale and liquidation of rental product are classified as cash flows from investing activities on the consolidated statements of cash flows, because the predominant activity of the rental product purchased is to generate subscription and a-la-carte rental revenue, consistent with other long-term asset activity. Proceeds from the liquidation of rental product, net of costs to sell, were $5.7 million, $2.4 million and $3.6 million for the years ended January 31, 2022, 2021 and 2020, respectively. Proceeds from the sale of rental product were $12.9 million, $17.9 million and $19.3 million for the years ended January 31, 2022, 2021, and 2020, respectively.

The Company mitigates residual value risk of its rental product primarily by utilizing specific cleaning, repair and restoration methods relying on its years of process know-how to maintain the condition of the rental product over its useful life, and by employing various in-house and third-party liquidation strategies to maximize liquidation value and overall return on rental product. The Company also utilizes its own-developed technology in combination with its customer service department to recover rental items from delinquent customers.

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 9%, 14%, and 8% of total revenue for the years ended January 31, 2022, 2021 and 2020, respectively.

Revenue is presented net of promotional discounts, customer credits and refunds. 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.

The Company recognizes a liability 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 consolidated balance sheets. During the year ended January 31, 2022, $1.9 million of credits included in the customer credit liability as of January 31, 2021 were redeemed. Customer credits and gift cards do not have expiration dates. Over time, a portion of these instruments is not redeemed. The Company recognizes breakage income related to these instruments based on the redemption pattern method. 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

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 four 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 four- or eight-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 January 31, 2022 and 2021.

For lessors, ASC 842 provides a practical expedient to elect not to evaluate whether certain sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. This practical expedient was applied by the Company and it excludes these taxes from the measurement of lease revenue and the associated expense.

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 when a customer purchases 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 January 31, 2022 and 2021.

Lease - Lessee Accounting

The Company adopted ASC 842 with an effective date of February 1, 2019 for both lessee and lessor accounting. Refer to the Subscription and Reserve Rental Revenue section above for the Company’s accounting policy related to lessor accounting.

The Company determines whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and lease liabilities are measured and recognized at the lease commencement date based on the present value of lease payments over the expected lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its IBR as of the effective date or the commencement date of the lease, whichever is later, to determine the present value of lease payments. The Company considers its credit risk, term of the lease, total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its IBR.

Lease payments are based on fixed amounts explicit in the lease agreements. Certain real estate leases include payments at variable amounts based on operating expenses of the lessor, such as common area charges, real estate taxes and insurance. Most equipment leases include variable sales tax payments based on state sales tax rates. Additionally, the Company procures a portion of its rental product from brand partners under revenue share arrangements, which are considered variable lease payments. See Note 4 - Leases – Lessee Accounting for additional details.

For lessees, the guidance provides a practical expedient, by class of underlying asset, to elect a combined single lease component presentation. This practical expedient was applied by the Company as a lessee to all asset classes.

With respect to ROU assets, operating lease ROU assets are presented as a separate line item on the Company’s consolidated balance sheets, while finance lease ROU assets are included in fixed assets on the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are presented as separate line items, while finance lease liabilities are included in other current liabilities and other long-term liabilities on the consolidated balance sheets, based on the remaining term of the underlying lease agreements. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes the related lease expense on a straight-line basis over the lease term, as applicable.

Fixed and Intangible Assets, Net

Fixed and intangible assets are stated at cost less accumulated depreciation and amortization.

Depreciation and amortization of fixed and intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets.

The estimated useful lives of fixed and intangible assets are described below:


Leasehold improvements			Lesser of estimated useful life or lease term
Machinery and equipment			5 to 6 years
Furniture and fixtures			5 years
Computer hardware			3 years
Reusable packaging			1.5 years
Capitalized third-party software			3 years
Capitalized internally developed software			2 years

The Company capitalizes third-party and internally developed software costs in connection with its proprietary systems and its enterprise resource planning system that are incurred during the application development stage. Costs related to preliminary project activities and post implementation operating activities are expensed as incurred.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist primarily of prepaid insurance, prepaid technology expenses and prepaid taxes.

Other Assets

Other assets consist primarily of capitalized implementation costs incurred in cloud computing arrangements and deposits for periods that exceed one year from the balance sheet date.

Expenses

Fulfillment

Fulfillment expenses consist of fulfillment costs to receive, process and fulfill customer orders, including fulfillment labor payroll and related costs, third-party shipping expenses, cost of packaging materials, cleaning expenses, and other fulfillment related costs.

Technology

Technology expenses consist of technology payroll and related costs, professional services, and third-party software and license fees.

Marketing

Marketing expenses include online and mobile marketing, search engine optimization and email costs, marketing payroll and related expenses, agency fees, printed collateral, consumer research, and other related costs. Advertising costs amounted to $20.6 million, $4.2 million, and $18.1 million for the years ended January 31, 2022, 2021, and 2020, respectively. Costs associated with advertising campaigns are expensed when the advertising first appears in the media, and other advertising costs are expensed as incurred.

General and Administrative

General and administrative expenses are comprised of all other employee payroll and related expenses, including customer service costs, occupancy costs (including warehouse-related), professional services, credit card fees, general warehouse and corporate expenses, and other administrative costs.

Rental Product Depreciation and Revenue Share

Rental product depreciation and revenue share expenses are comprised of depreciation and write-offs of rental product, and payments under revenue share arrangements with brand partners.

Other Depreciation and Amortization

Other depreciation and amortization expenses are comprised of depreciation and amortization amounts for fixed assets, intangible assets, and financing right-of-use assets.

The classification of expenses varies across industries. Accordingly, the Company’s categories of expenses may not be comparable to those of other companies.

Share-Based Compensation

The Company recognizes all employee share-based compensation as an expense in the 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 Stock Market. Upon grant of awards, the Company also estimates an amount of forfeitures that will occur prior to vesting.

The Company has granted two types of RSUs. Prior to the effectiveness of the Company’s IPO, the Company granted RSUs which vest only upon satisfaction of both time-based service and liquidity-based conditions. The Company records share-based compensation expense for such RSUs on an accelerated attribution method over the requisite service period and only once the liquidity-based condition is satisfied. 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 for these RSUs after the liquidity-based event is recorded over the remaining requisite service period. Post IPO, the Company granted RSUs which vest upon satisfaction of a single time-based service condition. The Company records share-based compensation for these RSUs on a straight-line basis over the requisite service period. See Note 13 - Share-based Compensation Plans for a description of the accounting for share-based awards.

Income Taxes

The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. The Company implemented the effects of the Tax Act and its impact was not material to the consolidated financial statements.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Financial Accounting Standards Board (“FASB”) Staff Q&A Topic No. 5, Accounting for Global Intangible Low-Taxed Income (“GILTI”), states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. The Company has elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred.

Long-Lived Asset Impairment

Long-lived assets, such as rental product, fixed assets, intangible assets, and right-of-use lease assets, are reviewed for impairment triggers when events or changes in circumstances indicate the carrying value of such assets may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary. No impairment losses were recognized during the years ended January 31, 2022, 2021 and 2020 except for the write-off of apparel and accessories in the normal course of business (see Rental Product disclosure).

Net Loss per Share Attributable to Common Stockholders

The 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. Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities outstanding for the period. For purposes of this calculation, redeemable preferred stock, stock options to purchase common stock, and warrants to purchase common and redeemable preferred stock are considered potentially dilutive securities but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The shares of common stock associated with the equity-classified common stock warrants with an exercise price of $0.01 were considered outstanding for the purposes of computing basic and diluted net loss per share attributable to common stockholders because the shares could be issued for little or no consideration, were fully vested, and were exercisable after the original issuance date.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Insurance Proceeds

During the years ended January 31, 2022 and 2021, the Company recorded insurance recoveries of $4.0 million and $5.0 million, respectively, related to a network issue during the year ended January 31, 2020.

These amounts are recorded in other income / (expense), net in the consolidated statements of operations.

Foreign Currency

The functional currency of the Subsidiary is U.S. dollar, which is the functional currency of the Company. The local currency of the Subsidiary is Euro. Monetary assets and liabilities of the Subsidiary are remeasured at the rate of exchange in effect on the balance sheet date; income and expenses are remeasured at the average exchange rates throughout the year. The related remeasurement adjustments are included in general and administrative expenses in the 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 consolidated financial statements.

Recently Issued Accounting Pronouncements

Debt - Debt with Conversion and Other Options and Derivatives and Hedging

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The new guidance reduces complexity and improves comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This standard is effective for annual reporting periods beginning after December 15, 2023, 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.

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 adoption of this standard is not expected to have a material impact on the consolidated financial statements.

Financial Instruments – Credit Losses

In June 2016, the FASB issued ASU 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	12 Months Ended
Liquidity and Impact of COVID-19 Pandemic	Jan. 31, 2022
Liquidity And Impact Of Covid-19 Pandemic [Abstract]
Liquidity and Impact of COVID-19 Pandemic	Liquidity and Impact of COVID-19 Pandemic The 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. While the Company experienced active subscriber and revenue growth during the year ended January 31, 2022, to the extent that the strength or pace of the Company’s COVID-19 recovery lags from what is currently anticipated or is not sustained, the Company has established plans to preserve existing cash liquidity, which could include reducing labor, operating expenses, and/or capital expenditures. 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 $327.3 million which are net of the underwriting discounts of $24.1 million and direct offering costs of $5.6 million. As of January 31, 2022, the Company held cash and cash equivalents of $247.6 million. The Company believes that it will have sufficient liquidity from cash on-hand and future operations to sustain its business operations, to satisfy its debt service 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.

Leases - Lessee Accounting

12 Months Ended

Jan. 31, 2022

Leases [Abstract]

Leases - Lessee Accounting

As a lessee, the Company has operating real estate leases for its operational facilities, retail locations and corporate headquarters. The Company has operating and finance leases for its computers and equipment. Additionally, the Company procures a portion of its rental product from brand partners under revenue share arrangements, which are considered operating leases. All revenue share payments are recognized as variable lease costs and recorded in rental product depreciation and revenue share in the consolidated statements of operations.

The Company’s real estate and equipment lease terms generally range from 2 to 12 years and certain agreements include renewal options. To the extent that the Company is reasonably certain to exercise a lease renewal option, the assumption is included in the calculation of ROU assets and lease liabilities. During the year ended January 31, 2021, the Company signed an amendment to extend the lease term of its operational facilities in Secaucus, New Jersey, which resulted in an adjustment of $5.1 million to the related ROU assets and lease liabilities, as a result of lease modification accounting. No other renewal options were included in the ROU assets and lease liabilities on the consolidated balance sheets as of January 31, 2022 and 2021.

During the year ended January 31, 2021, the Company decided it would no longer fully utilize the space within three of its real estate leases and obtained subleases for those leased facilities. The subleases do not relieve the Company of its primary lease obligations. The sublessor agreements are considered operating leases, maintaining the historical classification of the underlying lease. The Company does not recognize any underlying assets for the subleases as a lessor of operating lease. The net amount received from the subleases is recorded within general and administrative expenses.

As of January 31, 2022 and 2021, the weighted-average remaining lease term for operating leases was 8.93 years and 9.43 years, respectively, and the weighted-average discount rate was 16.82% and 16.77%, respectively. As of January 31, 2022 and 2021, the weighted-average remaining lease term for financing leases was 2.25 years and 2.41 years, respectively, and weighted-average discount rate was 11.77% and 14.24%, respectively.

The following table summarizes the components of lease costs incurred by the Company during the years ended January 31, 2022, 2021 and 2020:


	January 31,
	2022		2021		2020
Operating lease costs	$	12.9	$	13.1	$	11.7
Short-term lease costs	0.1		2.4		0.9
Total fixed lease costs	13.0		15.5		12.6
Variable lease costs	22.7		19.8		11.9
Total lease costs	35.7		35.3		24.5
Sublease income	(4.0)		(1.8)		—
Total lease costs, net	$	31.7	$	33.5	$	24.5

The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of January 31, 2022:


	Operating		Financing
Fiscal year:
2022	$	13.6	$	0.4
2023	11.6		0.3
2024	10.4		0.1
2025	9.1		0.0
2026	9.1		0.0
Thereafter	48.7		0.0
Total minimum lease payments	102.5		0.8
Imputed interest	(50.5)		(0.1)
Lease liabilities as of January 31, 2022	$	52.0	$	0.7

See Note 16 - Subsequent Events which describes a reduction of $10.6 million in the Company’s minimum fixed lease obligations subsequent to the Company’s fiscal year-end.

Leases - Lessee Accounting

The following table summarizes the components of lease costs incurred by the Company during the years ended January 31, 2022, 2021 and 2020:


	January 31,
	2022		2021		2020
Operating lease costs	$	12.9	$	13.1	$	11.7
Short-term lease costs	0.1		2.4		0.9
Total fixed lease costs	13.0		15.5		12.6
Variable lease costs	22.7		19.8		11.9
Total lease costs	35.7		35.3		24.5
Sublease income	(4.0)		(1.8)		—
Total lease costs, net	$	31.7	$	33.5	$	24.5


	Operating		Financing
Fiscal year:
2022	$	13.6	$	0.4
2023	11.6		0.3
2024	10.4		0.1
2025	9.1		0.0
2026	9.1		0.0
Thereafter	48.7		0.0
Total minimum lease payments	102.5		0.8
Imputed interest	(50.5)		(0.1)
Lease liabilities as of January 31, 2022	$	52.0	$	0.7

See Note 16 - Subsequent Events which describes a reduction of $10.6 million in the Company’s minimum fixed lease obligations subsequent to the Company’s fiscal year-end.

Rental Product, Net

12 Months Ended

Jan. 31, 2022

Rental Product [Abstract]

Rental Product, Net

Rental product consisted of the following:


	January 31,		January 31,
	2022		2021

Apparel	$	164.4	$	183.8
Accessories	6.8		8.9
	171.2		192.7
Less accumulated depreciation	(94.9)		(95.1)
Rental product, net	$	76.3	$	97.6

Depreciation and write-offs related to rental product, including write-offs of rental products sold, was $50.3 million, $69.9 million, and $75.7 million for the years ended January 31, 2022, 2021, and 2020, respectively.

Fixed and Intangible Assets, Net

12 Months Ended

Jan. 31, 2022

Fixed And Intangible Assets [Abstract]

Fixed and Intangible Assets, Net

Fixed and intangible assets consisted of the following:


	January 31,		January 31,
	2022		2021
Leasehold improvements	$	55.4	$	55.0
Machinery and equipment	48.3		44.5
Reusable packaging	6.0		5.6
Computer hardware	5.1		5.9
Furniture and fixtures	4.3		4.5
Financing lease ROU assets	1.4		0.7
	120.5		116.2
Less accumulated depreciation	(63.3)		(51.5)
Fixed assets, net	$	57.2	$	64.7

Software assets	$	23.2	$	20.2
Less accumulated amortization	(16.8)		(12.4)
Intangible assets, net	$	6.4	$	7.8

Depreciation related to fixed assets was $14.8 million, $18.4 million, and $16.5 million for the years ended January 31, 2022, 2021, and 2020, respectively. Amortization of intangible assets was $4.7 million, $5.7 million, and $5.1 million for the years ended January 31, 2022, 2021, and 2020, respectively. See Note 4 — Leases – Lessee Accounting for further details related to the finance lease ROU assets included in fixed assets on the consolidated balance sheets.

As of January 31, 2022, expected amortization of intangible assets (excluding software projects not yet deployed) is as follows:



Fiscal year:
2022	$	3.3
2023	1.2
2024	0.2
Thereafter	—
Total future amortization	$	4.7

Long-Term Debt

12 Months Ended

Jan. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Summary

The following table summarizes the Company’s line of credit and long-term debt outstanding as of January 31, 2022 and 2021:


	January 31,		January 31,
	2022		2021
Bank of America Line of Credit	$	—	$	—
Temasek Facility principal outstanding	271.6		230.0
Add: payment-in-kind interest	3.5		62.2
Less: unamortized debt discount	(14.3)		(1.9)
Temasek Facility, net	260.8		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	260.8		356.0
Less: current portion of long-term debt	—		(0.9)
Total noncurrent line of credit and long-term debt	$	260.8	$	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 year ended January 31, 2021, 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, the 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) an 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. See Note 12 — Stockholders’ Equity 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%. The debt discount associated with the Initial Temasek Commitments was fully accreted when the Company entered into the Temasek Facility Amendment.

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 January 31, 2022 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 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 predefined 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. See Note 10— Fair Value Measurements 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 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 January 31, 2022.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s net loss before income tax benefit / (expense) from income taxes includes the following components:


	Year Ended January 31,
	2022		2021		2020
Domestic	$	(212.6)	$	(171.4)	$	(154.1)
Foreign	0.5		0.3		0.0
Net loss before income tax benefit / (expense)	$	(212.1)	$	(171.1)	$	(154.1)

Total income taxes allocated to operations are as follows:


	Year Ended January 31,
	2022		2021		2020
Current provision:
Federal	$	—	$	—	$	—
State and local	—		—		—
Foreign	—		—		—
Total current provision	—		—		—
Deferred provision:
Federal	—		—		—
State and local	—		—		—
Foreign	0.3		—		0.2
Total deferred provision	0.3		—		0.2
Total income tax benefit / (expense)	$	0.3	$	—	$	0.2

The significant components of the Company’s net deferred tax assets (liabilities) are as follows:


	Year Ended January 31,
	2022		2021
Deferred tax assets:
Federal and state net operating loss carryforwards	$	149.7	$	122.6
Customer credit liabilities	1.9		2.1
Interest limitation	40.5		22.0
Tax credits	4.2		3.3
Share-based compensation	3.3		3.5
Operating lease liabilities	14.4		16.5
Other	0.4		0.4
Total deferred tax assets	214.4		170.4
Deferred tax liabilities:
Fixed assets	(4.2)		(0.9)
Operating lease right-of-use assets	(8.9)		(10.3)
Total deferred tax liabilities	(13.1)		(11.2)
Net deferred tax assets before valuation allowance	201.3		159.2
Less valuation allowance	(201.0)		(159.0)
Net deferred tax assets	$	0.3	$	0.2

As of January 31, 2022 and 2021, the Company maintained a valuation allowance against all of its U.S. deferred tax assets since, in the judgment of management, the realization of these assets was not considered more likely than not. The net change in the total valuation allowance for the years ended January 31, 2022 and 2021 was an increase of $42.0 million and $49.1 million, respectively. The Company’s deferred tax assets are included in other assets on the consolidated balance sheets.

As of January 31, 2022, the Company had federal net operating loss tax carryforwards of approximately $560.5 million. Approximately $152.1 million of the net operating loss carryforwards will expire at various times through 2038, while $408.4 million will not expire.

In general, under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its net operating losses (“NOLs”) to offset future taxable income. The Company has determined that as of March 2021, it had undergone one ownership change on February 16, 2010, and its NOLs arising before that date are subject to Section 382 limitations. These limitations will not materially limit the use of such NOLs to offset the Company’s future taxable income. Any ownership change occurring after March 2021 may result in the imposition of additional limitations on the Company’s ability to utilize NOLs existing at the time of the ownership change.

The benefit for income taxes differs from the amount computed by applying the statutory U.S. Federal income tax rate to pretax loss because of the effect of the following items:


	Year Ended January 31,
	2022		2021		2020
Compute “expected” tax benefit	21.00	%	21.00	%	21.00	%
State income taxes, net of federal benefit	(0.01)	%	(0.01)	%	(0.01)	%
Valuation of warrants	(2.47)	%	—	%	—	%
Nondeductible transaction costs	(0.44)	%	—	%	—	%
Nondeductible compensation	(1.17)	%	—	%	—	%
Share-based compensation	(0.35)	%	(0.38)	%	(0.40)	%
Current year change in valuation allowance	(16.90)	%	(21.55)	%	(20.91)	%
Other	0.48	%	0.94	%	0.43	%
Income tax benefit (expense)	0.14	%	—	%	0.11	%

The Company has not recognized deferred tax liabilities for outside basis differences (including undistributed earnings) relating to the Company’s foreign subsidiary because such amounts have been indefinitely reinvested. The Company has determined that it is impracticable to estimate the unrecorded deferred tax liability associated with the foreign subsidiary for which the Company is asserting indefinite reinvestment.

The following table summarizes the unrecognized tax benefit activity for the periods indicated:


	Year Ended January 31,
	2022		2021		2020
Balance as of the beginning of the period	$	0.6	$	—	$	—
Additions based on tax positions related to the current year	0.1		0.2		—
Additions for tax positions of prior years	—		0.4		—
Reductions for tax positions of prior years	—		—		—
Lapse of statute of limitations	—		—		—
Settlements	—		—		—
Balance as of the end of the period	$	0.7	$	0.6	$	—

The amount of unrecognized tax benefits included on the consolidated balance sheets as of January 31, 2022 and 2021 are $0.7 million and $0.6 million, respectively.

The total amount of unrecognized tax benefits relating to the Company’s tax positions 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.

The Company is subject to United States federal and state taxation, as well as subject to taxation in Ireland. The Company may be subject to examination by the Internal Revenue Service (“IRS”) and as of January 31, 2022, tax year 2016 and years filed thereafter remain open to examination. These examinations may result in proposed adjustments to the Company’s income tax liability or tax attributes with respect to years under examination as well as subsequent periods.

The provision for income taxes involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income and deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a revenue authority with respect to that return. Any adjustments as a result of any examination may result in additional taxes or penalties against the Company. If the ultimate result of these audits differs from original or adjusted estimates, they could have a material impact on the Company’s tax provision.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted and signed into law. Among other things, the CARES Act has modified the Internal Revenue Code of 1986, as amended, including, but not limited to: (1) modifications to the business interest deduction limitation for tax years 2021 and 2020; (2) a technical correction of the recovery period of qualified improvement property from 39 to 15 years; and (3) a repeal of the 80% taxable income limitation on the deduction of NOLs for tax years beginning before January 1, 2021 as well as a five-year carryback period allowed for NOLs generated in tax years beginning after December 31, 2017 and before January 1, 2021.

Under ASC 740, the effects of new legislation must be recognized in the period of enactment. Therefore, the effects of the CARES Act was accounted for in the year ended January 31, 2021. The Company evaluated the provisions of the CARES Act and determined that there is no material impact for the year ended January 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Jan. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	January 31,		January 31,
	2022			2021
Revenue share payable	$	6.7		$	4.3
Accrued operating and general expenses	13.6			3.8
Accrued payroll related expenses	4.0			3.4
Short-term financing	3.5			—
Sales and other taxes	1.6			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	30.0		$	14.1

Fair Value Measurements

12 Months Ended

Jan. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThe 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:


		January 31,		January 31,
Description	Level	2022		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 were 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 years ended January 31, 2022 and 2021:


	Warrant Liability
Balance as of January 31, 2020	$	0.6
Issuance of warrants	11.6
Changes in estimated fair value	(0.4)
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 January 31, 2022	$	—

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 year ended January 31, 2021.

The Company issued an additional warrant to Ares 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 consolidated statement of operations for the year ended January 31, 2022.

See Note 12 — Stockholders’ Equity for additional details about the Company’s warrants.

The Ares warrants for 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 TriplePoint warrants that were outstanding as of January 31, 2021 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 January 31, 2022.


	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	12 Months Ended
Redeemable Preferred Stock	Jan. 31, 2022
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	Redeemable Preferred Stock During the year ended January 31, 2020, the Company sold 6,039,272 shares of Series F and issued 61,347 shares of Series B preferred stock upon exercise of warrants in exchange for $133.8 million. During the year ended January 31, 2021, the Company sold 4,145,650 shares of Series G redeemable preferred stock in exchange for $57.6 million. During the year ended January 31, 2022, 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. Redemption The redeemable preferred stock was redeemable upon a liquidation event, such as voluntary or involuntary liquidation, dissolution, or winding up of the Company, which is outside of the Company’s control. Accordingly, these shares were considered contingently redeemable and were classified outside of stockholders’ deficit as mezzanine equity on the consolidated balance sheets. The Company accreted the carrying values of the redeemable preferred stock to their liquidation values upon the Company’s IPO.

Stockholders' Equity

12 Months Ended

Jan. 31, 2022

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 January 31, 2022.

Warrants

As of January 31, 2022 and 2021, the Company had the following outstanding warrants:


	January 31, 2022
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 January 31, 2022.


	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 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 January 31, 2022, 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 equity-classified and 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation Plans

12 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Compensation Plans

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. Options are generally granted for a 10-year term, and generally vest and become fully exercisable over four years of service. RSU awards have both service-based and liquidity-based vesting conditions. The liquidity-based vesting condition was satisfied in connection with the effectiveness of the Company’s IPO. The service-based requirement of RSUs is typically satisfied over four years. 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. Outstanding awards granted under the 2009 Plan and 2019 Plan are exercisable for or settled in shares of Class A common stock, or, if approved by the board of directors, shares of Class B common stock.

Amended and Restated 2021 Incentive Award Plan

The Company's Amended and Restated 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 Plan. The terms of equity awards granted under the 2021 Plan in the year ended January 31, 2022 are generally consistent with those granted under the 2019 Plan, as described above. RSUs granted under the 2021 Plan in the year ended January 31, 2022 generally vest over four years and do not have liquidity-based vesting conditions. RSUs granted under the 2021 Plan in fiscal year 2022 have a shorter vesting period of one to two years. As of January 31, 2022, there were 8,251,139 shares of Class A 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 share-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 periods presented, were as follows:


	Year Ended January 31,
	2022		2021		2020
Valuation assumptions:
Expected dividend yield	—	%	—	%	—	%
Expected volatility	68.26	%	63.91	%	56.04	%
Expected term (in years)	6.00		4.89		6.10
Risk-free interest rate	1.02	%	0.34	%	1.91	%

Stock Options

Stock option activity during the period 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	4,556,962	8.04
Exercised	(546,934)	6.34
Forfeited	(599,965)	7.61
Balances as of January 31, 2022	9,470,170	$	7.33	7.17	$	2.1
Exercisable as of January 31, 2022	4,291,573	$	6.68	5.16	$	2.1

The weighted average grant date fair values of stock options granted for the year ended January 31, 2022 was $5.15. The total intrinsic value of stock options exercised for the year ended January 31, 2022 was $1.5 million.

As of January 31, 2022, there was $16.8 million of unrecognized compensation cost related to stock options granted that is expected to be recognized over a weighted average period of 3.1 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 then 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 year ended January 31, 2021. The Company is recognizing 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 period 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	1,184,465	9.79
Exercised	(50,883)	17.25
Forfeited	(214,609)	8.32
Unvested and outstanding as of January 31, 2022	2,428,574	$	11.32

As of January 31, 2022, there was $6.1 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 1.7 years. The Company recognized $14.4 million of compensation cost in connection with the 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 consolidated statements of operations is as follows:


	Year Ended January 31,
	2022		2021		2020
Technology	$	4.2	$	2.0	$	1.7
Marketing	1.0		0.4		0.4
General and administrative	21.4		5.8		4.7
Total share-based compensation	$	26.6	$	8.2	$	6.8

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Jan. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

The 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:


	Year Ended January 31,
	2022		2021		2020
Numerator:
Net loss attributable to common stockholders	$	(211.8)	$	(171.1)	$	(153.9)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	24,874,061		11,138,851		10,964,634
Net loss per share attributable to common stockholders, basic and diluted	$	(8.51)	$	(15.36)	$	(14.04)

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:


	Year Ended January 31,
	2022	2021	2020

Redeemable preferred stock	—	31,137,921	26,992,271
Stock options	9,470,170	6,060,107	7,023,534
Common stock warrants	1,361,583	2,530,904	879,203
Preferred stock warrants	—	164,664	103,791
RSUs	2,428,574	—	—
Total	13,260,327	39,893,596	34,998,799

As of January 31, 2021, RSUs to be settled in 1,509,601 shares of common stock were excluded from the table above because they were subject to liquidity-based vesting conditions that were not satisfied. There were no outstanding RSUs as of January 31, 2020.

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Jan. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company had restricted cash balances for cash collateralized standby letters of credit as of January 31, 2022 and 2021 of $12.0 million and $13.9 million, primarily to satisfy security deposit requirements on its leases. 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 January 31, 2022, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsDuring the first quarter of fiscal year 2022, the Company amended the operating lease for its corporate headquarters in Brooklyn, NY, the terms of which partially terminated one floor of the leased space. The Company treated the partial lease termination amendment as a lease modification as of the effective date. The partial termination reduces the total minimum lease payments, as disclosed in Note 4 — Leases – Lessee Accounting, by $10.6 million.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Fiscal Year

Fiscal YearThe Company operates on a fiscal calendar ending January 31. All references to fiscal year 2019 reflect the results of the 12-month period ending January 31, 2020. 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

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.

Cash, Cash Equivalents and Restricted Cash

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 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

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 when a customer purchases 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.

Lease - Lessee Accounting

Fixed and Intangible Assets, Net

Fixed and intangible assets are stated at cost less accumulated depreciation and amortization.

Depreciation and amortization of fixed and intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets.

The estimated useful lives of fixed and intangible assets are described below:


Leasehold improvements			Lesser of estimated useful life or lease term
Machinery and equipment			5 to 6 years
Furniture and fixtures			5 years
Computer hardware			3 years
Reusable packaging			1.5 years
Capitalized third-party software			3 years
Capitalized internally developed software			2 years

Marketing, General and Administrative

Marketing

General and Administrative

Other Depreciation and Amortization

Other depreciation and amortization expenses are comprised of depreciation and amortization amounts for fixed assets, intangible assets, and financing right-of-use assets.

The classification of expenses varies across industries. Accordingly, the Company’s categories of expenses may not be comparable to those of other companies.

Share-Based Compensation

Income Taxes

Long-Lived Asset Impairment

Long-Lived Asset ImpairmentLong-lived assets, such as rental product, fixed assets, intangible assets, and right-of-use lease assets, are reviewed for impairment triggers when events or changes in circumstances indicate the carrying value of such assets may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

Net Loss per Share Attributable to Common Stockholders

Commitments and Contingencies

Foreign Currency

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Internal-Use Software

Recently Issued Accounting Pronouncements

Debt - Debt with Conversion and Other Options and Derivatives and Hedging

Income Taxes

Financial Instruments – Credit Losses

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2022

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	%

Schedule of useful lives of fixed and intangible assets

The estimated useful lives of fixed and intangible assets are described below:


Leasehold improvements			Lesser of estimated useful life or lease term
Machinery and equipment			5 to 6 years
Furniture and fixtures			5 years
Computer hardware			3 years
Reusable packaging			1.5 years
Capitalized third-party software			3 years
Capitalized internally developed software			2 years

Leases - Lessee Accounting (Tables)

12 Months Ended

Jan. 31, 2022

Leases [Abstract]

Components of lease cost

The following table summarizes the components of lease costs incurred by the Company during the years ended January 31, 2022, 2021 and 2020:


	January 31,
	2022		2021		2020
Operating lease costs	$	12.9	$	13.1	$	11.7
Short-term lease costs	0.1		2.4		0.9
Total fixed lease costs	13.0		15.5		12.6
Variable lease costs	22.7		19.8		11.9
Total lease costs	35.7		35.3		24.5
Sublease income	(4.0)		(1.8)		—
Total lease costs, net	$	31.7	$	33.5	$	24.5

Schedule of future minimum rental payments


	Operating		Financing
Fiscal year:
2022	$	13.6	$	0.4
2023	11.6		0.3
2024	10.4		0.1
2025	9.1		0.0
2026	9.1		0.0
Thereafter	48.7		0.0
Total minimum lease payments	102.5		0.8
Imputed interest	(50.5)		(0.1)
Lease liabilities as of January 31, 2022	$	52.0	$	0.7

Rental Product, Net (Tables)

12 Months Ended

Jan. 31, 2022

Rental Product [Abstract]

Rental Product Breakdown

Rental product consisted of the following:


	January 31,		January 31,
	2022		2021

Apparel	$	164.4	$	183.8
Accessories	6.8		8.9
	171.2		192.7
Less accumulated depreciation	(94.9)		(95.1)
Rental product, net	$	76.3	$	97.6

Fixed and Intangible Assets, Net (Tables)

12 Months Ended

Jan. 31, 2022

Fixed And Intangible Assets [Abstract]

Schedule of Property, Plant and Equipment

Fixed and intangible assets consisted of the following:


	January 31,		January 31,
	2022		2021
Leasehold improvements	$	55.4	$	55.0
Machinery and equipment	48.3		44.5
Reusable packaging	6.0		5.6
Computer hardware	5.1		5.9
Furniture and fixtures	4.3		4.5
Financing lease ROU assets	1.4		0.7
	120.5		116.2
Less accumulated depreciation	(63.3)		(51.5)
Fixed assets, net	$	57.2	$	64.7

Software assets	$	23.2	$	20.2
Less accumulated amortization	(16.8)		(12.4)
Intangible assets, net	$	6.4	$	7.8

Schedule of Finite-Lived Intangible Assets

As of January 31, 2022, expected amortization of intangible assets (excluding software projects not yet deployed) is as follows:



Fiscal year:
2022	$	3.3
2023	1.2
2024	0.2
Thereafter	—
Total future amortization	$	4.7

Long-Term Debt (Tables)

12 Months Ended

Jan. 31, 2022

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 January 31, 2022 and 2021:


	January 31,		January 31,
	2022		2021
Bank of America Line of Credit	$	—	$	—
Temasek Facility principal outstanding	271.6		230.0
Add: payment-in-kind interest	3.5		62.2
Less: unamortized debt discount	(14.3)		(1.9)
Temasek Facility, net	260.8		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	260.8		356.0
Less: current portion of long-term debt	—		(0.9)
Total noncurrent line of credit and long-term debt	$	260.8	$	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.

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-Name Accounting Standards Codification
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-Section 50
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-Section 50
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
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+ Details

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax, Domestic and Foreign

The Company’s net loss before income tax benefit / (expense) from income taxes includes the following components:


	Year Ended January 31,
	2022		2021		2020
Domestic	$	(212.6)	$	(171.4)	$	(154.1)
Foreign	0.5		0.3		0.0
Net loss before income tax benefit / (expense)	$	(212.1)	$	(171.1)	$	(154.1)

Schedule of Allocation of Income Tax

Total income taxes allocated to operations are as follows:


	Year Ended January 31,
	2022		2021		2020
Current provision:
Federal	$	—	$	—	$	—
State and local	—		—		—
Foreign	—		—		—
Total current provision	—		—		—
Deferred provision:
Federal	—		—		—
State and local	—		—		—
Foreign	0.3		—		0.2
Total deferred provision	0.3		—		0.2
Total income tax benefit / (expense)	$	0.3	$	—	$	0.2

Schedule of Deferred Tax Assets (Liabilities)

The significant components of the Company’s net deferred tax assets (liabilities) are as follows:


	Year Ended January 31,
	2022		2021
Deferred tax assets:
Federal and state net operating loss carryforwards	$	149.7	$	122.6
Customer credit liabilities	1.9		2.1
Interest limitation	40.5		22.0
Tax credits	4.2		3.3
Share-based compensation	3.3		3.5
Operating lease liabilities	14.4		16.5
Other	0.4		0.4
Total deferred tax assets	214.4		170.4
Deferred tax liabilities:
Fixed assets	(4.2)		(0.9)
Operating lease right-of-use assets	(8.9)		(10.3)
Total deferred tax liabilities	(13.1)		(11.2)
Net deferred tax assets before valuation allowance	201.3		159.2
Less valuation allowance	(201.0)		(159.0)
Net deferred tax assets	$	0.3	$	0.2

Schedule of Effective Income Tax Rate Reconciliation

The benefit for income taxes differs from the amount computed by applying the statutory U.S. Federal income tax rate to pretax loss because of the effect of the following items:


	Year Ended January 31,
	2022		2021		2020
Compute “expected” tax benefit	21.00	%	21.00	%	21.00	%
State income taxes, net of federal benefit	(0.01)	%	(0.01)	%	(0.01)	%
Valuation of warrants	(2.47)	%	—	%	—	%
Nondeductible transaction costs	(0.44)	%	—	%	—	%
Nondeductible compensation	(1.17)	%	—	%	—	%
Share-based compensation	(0.35)	%	(0.38)	%	(0.40)	%
Current year change in valuation allowance	(16.90)	%	(21.55)	%	(20.91)	%
Other	0.48	%	0.94	%	0.43	%
Income tax benefit (expense)	0.14	%	—	%	0.11	%

Schedule of Unrecognized Tax Benefits

The following table summarizes the unrecognized tax benefit activity for the periods indicated:


	Year Ended January 31,
	2022		2021		2020
Balance as of the beginning of the period	$	0.6	$	—	$	—
Additions based on tax positions related to the current year	0.1		0.2		—
Additions for tax positions of prior years	—		0.4		—
Reductions for tax positions of prior years	—		—		—
Lapse of statute of limitations	—		—		—
Settlements	—		—		—
Balance as of the end of the period	$	0.7	$	0.6	$	—

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jan. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	January 31,		January 31,
	2022			2021
Revenue share payable	$	6.7		$	4.3
Accrued operating and general expenses	13.6			3.8
Accrued payroll related expenses	4.0			3.4
Short-term financing	3.5			—
Sales and other taxes	1.6			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	30.0		$	14.1

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	January 31,		January 31,
	2022			2021
Revenue share payable	$	6.7		$	4.3
Accrued operating and general expenses	13.6			3.8
Accrued payroll related expenses	4.0			3.4
Short-term financing	3.5			—
Sales and other taxes	1.6			1.0
Current portion of long-term debt	—			0.9
Gift card liability	0.6			0.7
Accrued expenses and other current liabilities	$	30.0		$	14.1

Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2022

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:


		January 31,		January 31,
Description	Level	2022		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 years ended January 31, 2022 and 2021:


	Warrant Liability
Balance as of January 31, 2020	$	0.6
Issuance of warrants	11.6
Changes in estimated fair value	(0.4)
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 January 31, 2022	$	—

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)

12 Months Ended

Jan. 31, 2022

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of January 31, 2022 and 2021, the Company had the following outstanding warrants:


	January 31, 2022
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 January 31, 2022.


	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

Share-based Compensation Plans (Tables)

12 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions for Grants

The weighted-average assumptions for grants made during the periods presented, were as follows:


	Year Ended January 31,
	2022		2021		2020
Valuation assumptions:
Expected dividend yield	—	%	—	%	—	%
Expected volatility	68.26	%	63.91	%	56.04	%
Expected term (in years)	6.00		4.89		6.10
Risk-free interest rate	1.02	%	0.34	%	1.91	%

Schedule of Stock Options Roll Forward

Stock option activity during the period 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	4,556,962	8.04
Exercised	(546,934)	6.34
Forfeited	(599,965)	7.61
Balances as of January 31, 2022	9,470,170	$	7.33	7.17	$	2.1
Exercisable as of January 31, 2022	4,291,573	$	6.68	5.16	$	2.1

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

RSUs activity during the period 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	1,184,465	9.79
Exercised	(50,883)	17.25
Forfeited	(214,609)	8.32
Unvested and outstanding as of January 31, 2022	2,428,574	$	11.32

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Year Ended January 31,
	2022		2021		2020
Technology	$	4.2	$	2.0	$	1.7
Marketing	1.0		0.4		0.4
General and administrative	21.4		5.8		4.7
Total share-based compensation	$	26.6	$	8.2	$	6.8

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Jan. 31, 2022

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:


	Year Ended January 31,
	2022		2021		2020
Numerator:
Net loss attributable to common stockholders	$	(211.8)	$	(171.1)	$	(153.9)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	24,874,061		11,138,851		10,964,634
Net loss per share attributable to common stockholders, basic and diluted	$	(8.51)	$	(15.36)	$	(14.04)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended January 31,
	2022	2021	2020

Redeemable preferred stock	—	31,137,921	26,992,271
Stock options	9,470,170	6,060,107	7,023,534
Common stock warrants	1,361,583	2,530,904	879,203
Preferred stock warrants	—	164,664	103,791
RSUs	2,428,574	—	—
Total	13,260,327	39,893,596	34,998,799

Business (Details)	Jan. 31, 2022 style
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of styles (more than)	19,000
Number of brand partners (more than)	780

Summary of Significant Accounting Policies - Estimated Useful Lives and Salvage Values (Details)	12 Months Ended
	Jan. 31, 2022
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		12 Months Ended
	Oct. 27, 2021 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) vote segment $ / shares shares	Jan. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) $ / shares	Jan. 31, 2019 USD ($)
Accounting Policies [Line Items]
Number of reportable segments \| segment		1
Number of operating segments \| segment		1
Common stock, shares authorized (in shares) \| shares		0	60,000,000
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares) \| shares		10,000,000	0
Redeemable preferred stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001
Cash and cash equivalents		$ 259.6	$ 109.2	$ 41.9	$ 40.2
Restricted cash		12.0	13.9
Rental product held-for-sale		2.1	6.4
Accelerated depreciation		3.9	7.7	14.8
Proceeds from liquidation of rental product		5.7	2.4	3.6
Proceeds from sale of rental product		12.9	17.9	19.3
Customer credits and refunds, including opening balance		$ 1.9
Time for order placement		4 months
Advertising costs		$ 20.6	4.2	18.1
Impairment, long-lived asset		0.0	$ 0.0	$ 0.0
Exercise price of common stock warrants \| $ / shares			$ 0.01	$ 0.01
Insurance recoveries		4.0	$ 5.0
Restricted Stock Units (RSUs)
Accounting Policies [Line Items]
Recorded compensation expense related to service vesting conditions satisfied or partially satisfied		14.4
Credit Card Receivable
Accounting Policies [Line Items]
Funds in transit, at carrying value		$ 3.5
Cash and cash equivalents			$ 1.8
IPO
Accounting Policies [Line Items]
Sale of stock, price per share \| $ / shares	$ 21.00
Proceeds from issuance of IPO, net	$ 327.3
Underwriting discounts	24.1
Direct offering costs	5.6
Convertible preferred stock converted to common stock and additional paid-in-capital	$ 409.3
Common Class A
Accounting Policies [Line Items]
Common stock, shares authorized (in shares) \| shares		300,000,000	0
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001
Votes per common share \| vote		1
Class A common stock exchanged (in shares) \| shares		2,932,739
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 (in shares) \| shares		50,000,000	0
Common stock, par value (usd per share) \| $ / shares		$ 0.001	$ 0.001
Votes per common share \| vote		20
Minimum
Accounting Policies [Line Items]
Rental period		4 days
Maximum
Accounting Policies [Line Items]
Rental period		8 days
Apparel and accessories \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage		9.00%	14.00%	8.00%

Summary of Significant Accounting Policies - Useful Lives of Fixed and Intangible Assets (Details)	12 Months Ended
	Jan. 31, 2022
Machinery and equipment \| Minimum
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	6 years
Furniture and fixtures
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	5 years
Computer hardware
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	3 years
Reusable packaging
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	1 year 6 months
Capitalized third-party software
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	3 years
Capitalized internally developed software
Property, Plant and Equipment and Intangible Assets [Line Items]
Fixed assets, useful life	2 years

Liquidity and Impact of COVID-19 Pandemic (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 27, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Class of Stock [Line Items]
Cash and cash equivalents		$ 247.6	$ 95.3	$ 31.4
IPO
Class of Stock [Line Items]
Sale of stock, price per share	$ 21.00
Proceeds from issuance of IPO, net	$ 327.3
Underwriting discounts	24.1
Direct offering costs	$ 5.6
Common Class A \| IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction	17,000,000

Leases - Lessee Accounting - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Apr. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset, adjustment for lease modification		$ 5.1
Operating lease, liability, adjustment for lease modification	$ 5.1
Operating lease, weighted average remaining lease term	8 years 11 months 4 days	9 years 5 months 4 days
Operating lease, weighted average discount rate, percent	16.82%	16.77%
Finance lease, weighted average remaining lease term	2 years 3 months	2 years 4 months 28 days
Finance lease, weighted average discount rate, percent	11.77%	14.24%
Operating lease, liability	$ 52.0
Forecast \| Subsequent Event
Lessee, Lease, Description [Line Items]
Reduction in minimum lease payments due			$ 10.6
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	12 years

Leases - Lessee Accounting - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Leases [Abstract]
Operating lease costs	$ 12.9	$ 13.1	$ 11.7
Short-term lease costs	0.1	2.4	0.9
Total fixed lease costs	13.0	15.5	12.6
Variable lease costs	22.7	19.8	11.9
Total lease costs	35.7	35.3	24.5
Sublease income	(4.0)	(1.8)	0.0
Total lease costs, net	$ 31.7	$ 33.5	$ 24.5

Leases - Lessee Accounting - Lease Maturity Payments (Details) $ in Millions	Jan. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 13.6
2023	11.6
2024	10.4
2025	9.1
2026	9.1
Thereafter	48.7
Total minimum lease payments	102.5
Imputed interest	(50.5)
Operating lease, liability	52.0
Finance Lease, Liability, Payment, Due [Abstract]
2022	0.4
2023	0.3
2024	0.1
2025	0.0
2026	0.0
Thereafter	0.0
Total minimum lease payments	0.8
Imputed interest	(0.1)
Finance lease, liability	$ 0.7
Finance lease, liability, statement of financial position [extensible enumeration]	Other Liabilities

Rental Product, Net - Rental Product Breakdown (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Rental Product [Line Items]
Rental product gross	$ 171.2	$ 192.7
Less accumulated depreciation	(94.9)	(95.1)
Rental product, net	76.3	97.6
Apparel
Rental Product [Line Items]
Rental product gross	164.4	183.8
Accessories
Rental Product [Line Items]
Rental product gross	$ 6.8	$ 8.9

Rental Product, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Rental Product [Abstract]
Depreciation and write-offs, rental product and rental product sold	$ 50.3	$ 69.9	$ 75.7

Fixed and Intangible Assets, Net - Fixed and Intangible Assets (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Property, Plant and Equipment [Line Items]
Financing lease ROU assets	$ 1.4	$ 0.7
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	120.5	116.2
Less accumulated depreciation	(63.3)	(51.5)
Fixed assets, net	57.2	64.7
Less accumulated amortization	(16.8)	(12.4)
Intangible assets, net	6.4	7.8
Software assets
Property, Plant and Equipment [Line Items]
Software assets	23.2	20.2
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	55.4	55.0
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	48.3	44.5
Reusable packaging
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6.0	5.6
Computer hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5.1	5.9
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4.3	$ 4.5

Fixed and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Fixed And Intangible Assets [Abstract]
Depreciation fixed assets	$ 14.8	$ 18.4	$ 16.5
Amortization of intangible assets	$ 4.7	$ 5.7	$ 5.1

Fixed and Intangible Assets, Net - Amortization Expense (Details) $ in Millions	Jan. 31, 2022 USD ($)
Fixed And Intangible Assets [Abstract]
2022	$ 3.3
2023	1.2
2024	0.2
Thereafter	0.0
Intangible assets, net	$ 4.7

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Total net carrying value	$ 260.8	$ 356.0
Less: current portion of long-term debt	0.0	(0.9)
Total noncurrent line of credit and long-term debt	260.8	355.1
Temasek Term Loan
Debt Instrument [Line Items]
Total net carrying value	260.8	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	3.5	62.2
Less: unamortized debt discount	(14.3)	(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 ($)	1 Months Ended		12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Oct. 27, 2021	Mar. 31, 2020	Nov. 30, 2019	Apr. 30, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 12,200,000	$ 600,000	$ 0
Principal repayments on long-term debt			135,000,000.0	0	0
Liquidity maintenance covenant			50,000,000.0
Proceeds from issuance of redeemable preferred stock			$ 21,200,000	$ 60,400,000	$ 133,800,000
Shares issued (in shares)			0	31,137,921
Series G Redeemable Preferred Stock
Debt Instrument [Line Items]
Shares issued (in shares)				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			$ 14,300,000	$ 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
Interest rate, paid in kind			5.00%
Principal repayments on long-term debt	30,000,000.0
Amended interest rate			12.00%
Debt discount			$ 15,300,000
Closing fees paid			200,000
Allocation of proceeds to warrants issued			$ 5,300,000
Effective interest rate			14.29%
Extension of term warrants	1,000,000.0
Amendment fee			$ 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
Interest rate, paid in kind				8.00%
Allocation of proceeds to warrants issued		$ 8,700,000
Effective interest rate	13.35%			13.35%
Proceeds from issuance of redeemable preferred stock		25,000,000
Quarterly principal payments, percent				0.25%
Required exit payment		1,500,000
Debt discount		10,400,000	$ 0	$ 10,900,000
Fees paid		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

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Investments, Owned, Federal Income Tax Note [Line Items]
Change in valuation allowance	$ 42.0	$ 49.1
Operating loss carryforwards, subject to expiration	152.1
Net operating loss carryforwards, no expiration	408.4
Unrecognized tax benefits	0.7	$ 0.6	$ 0.0	$ 0.0
Domestic Country
Investments, Owned, Federal Income Tax Note [Line Items]
Federal net operating loss tax carryforwards	$ 560.5

Income Taxes - Loss before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (212.6)	$ (171.4)	$ (154.1)
Foreign	0.5	0.3	0.0
Net loss before income tax benefit / (expense)	$ (212.1)	$ (171.1)	$ (154.1)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Allocation of Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Current provision:
Federal	$ 0.0	$ 0.0	$ 0.0
State and local	0.0	0.0	0.0
Foreign	0.0	0.0	0.0
Total current provision	0.0	0.0	0.0
Deferred provision:
Federal	0.0	0.0	0.0
State and local	0.0	0.0	0.0
Foreign	0.3	0.0	0.2
Total deferred provision	0.3	0.0	0.2
Total income tax benefit / (expense)	$ 0.3	$ 0.0	$ 0.2

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 149.7	$ 122.6
Customer credit liabilities	1.9	2.1
Interest limitation	40.5	22.0
Tax credits	4.2	3.3
Share-based compensation	3.3	3.5
Operating lease liabilities	14.4	16.5
Other	0.4	0.4
Total deferred tax assets	214.4	170.4
Deferred tax liabilities:
Fixed assets	(4.2)	(0.9)
Operating lease right-of-use assets	(8.9)	(10.3)
Total deferred tax liabilities	(13.1)	(11.2)
Net deferred tax assets before valuation allowance	201.3	159.2
Less valuation allowance	(201.0)	(159.0)
Net deferred tax assets	$ 0.3	$ 0.2

Income Taxes - Tax Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Tax Rate Reconciliation (Details)	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Compute “expected” tax benefit	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(0.01%)	(0.01%)	(0.01%)
Valuation of warrants	(2.47%)	0.00%	0.00%
Nondeductible transaction costs	(0.44%)	0.00%	0.00%
Nondeductible compensation	(1.17%)	0.00%	0.00%
Share-based compensation	(0.35%)	(0.38%)	(0.40%)
Current year change in valuation allowance	(16.90%)	(21.55%)	(20.91%)
Other	0.48%	0.94%	0.43%
Income tax benefit (expense)	0.14%	0.00%	0.11%

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of the beginning of the period	$ 0.6	$ 0.0	$ 0.0
Additions based on tax positions related to the current year	0.1	0.2	0.0
Additions for tax positions of prior years	0.0	0.4	0.0
Reductions for tax positions of prior years	0.0	0.0	0.0
Lapse of statute of limitations	0.0	0.0	0.0
Settlements	0.0	0.0	0.0
Balance as of the end of the period	$ 0.7	$ 0.6	$ 0.0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Payables and Accruals [Abstract]
Revenue share payable	$ 6.7	$ 4.3
Accrued operating and general expenses	13.6	3.8
Accrued payroll related expenses	4.0	3.4
Short-term financing	3.5	0.0
Sales and other taxes	1.6	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	$ 30.0	$ 14.1

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Jan. 31, 2022	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	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Oct. 27, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 11.8	$ 0.6
Exercise of warrants	0.0	(11.8)
Ending Balance	0.0	11.8
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	$ (0.4)
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	12 Months Ended
	Jan. 31, 2022	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
Class A Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant, number of securities called by each warrant	1,691,723
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 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise of warrants	$ 35.5
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
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)

Fair Value Measurements - Option Pricing Model (Details) - Black-Scholes Option Pricing Model - Level 3 - Warrant Liability	Jan. 31, 2021 year
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		12 Months Ended
	Oct. 27, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Temporary Equity [Line Items]
Total redemption amount of redeemable preferred stock		$ 21.2	$ 57.6	$ 133.8
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 F Preferred Stock
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction				6,039,272
Series B Redeemable Preferred Stock
Temporary Equity [Line Items]
Conversion of stock, shares issued				61,347
Series G Redeemable Preferred Stock
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction		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	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Class of Warrant or Right [Line Items]
Exercise Price (usd per share)		$ 0.01	$ 0.01
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 Oct 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	$ 0.0	$ 12.1

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	Jan. 31, 2022 USD ($) vote $ / shares shares	Jan. 31, 2021 USD ($) $ / 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 (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Warrant liability \| $	$ 0.0	$ 11.8
Liability-Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant liability \| $	$ 0.0	$ 12.1
Common Class A
Class of Warrant or Right [Line Items]
Votes per common share \| vote	1
Common Class B
Class of Warrant or Right [Line Items]
Votes per common share \| vote	20
Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	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

Share-based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 26, 2020	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition		3 years 1 month 6 days
Exercise price, minimum (usd per share)	$ 12.43
Share-based payment arrangement, plan modification, number of awards modified	2,565,149
Exercise price, reduction (usd per share)	$ 7.01
Stock option modification, incremental compensation expense			$ 1.2
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 8 months 12 days
Unrecorded compensation expense		$ 6.1
Recorded compensation expense related to service vesting conditions satisfied or partially satisfied		14.4
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 16.8
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)		$ 5.15
Exercised in period, intrinsic value		$ 1.5
2019 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		8,251,139
2021 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
2021 Plan \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
2021 Plan \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years

Share-based Compensation Plans - Valuation Assumptions (Details) - 2019 Plan	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	68.26%	63.91%	56.04%
Expected term (in years)	6 years	4 years 10 months 20 days	6 years 1 month 6 days
Risk-free interest rate	1.02%	0.34%	1.91%

Share-based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 31, 2021	Jan. 31, 2022
Weighted Average Exercise Price
Balances, Beginning (in usd per share)		$ 6.76
Granted (in usd per share)		8.04
Exercised (in usd per share)		6.34
Forfeited (in usd per share)		7.61
Balances, Ending (in usd per share)	$ 6.76	7.33
Exercisable (in usd per share)		$ 6.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Outstanding (in years)	6 years 5 months 12 days	7 years 2 months 1 day
Exercisable, Weighted Average Remaining Contract Term (in years)		5 years 1 month 28 days
Aggregate Intrinsic Value	$ 3.7	$ 2.1
Exercisable, Aggregate Intrinsic Value		$ 2.1
2019 Plan
Number of Shares
Balances Beginning (shares)		6,060,107
Granted (in shares)		4,556,962
Exercised (in shares)		(546,934)
Forfeited (in shares)		(599,965)
Balances, Ending (in shares)	6,060,107	9,470,170
Exercisable (in shares)		4,291,573

Share-based Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Jan. 31, 2022 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) \| shares	1,509,601
Granted (in shares) \| shares	1,184,465
Exercised (in shares) \| shares	(50,883)
Forfeited (in shares) \| shares	(214,609)
Unvested and outstanding, ending balance (in shares) \| shares	2,428,574
Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding, beginning balance (in usd per share) \| $ / shares	$ 12.17
Granted (in usd per share) \| $ / shares	9.79
Exercised (in usd per share) \| $ / shares	17.25
Forfeited (in usd per share) \| $ / shares	8.32
Unvested and outstanding, ending balance (in usd per share) \| $ / shares	$ 11.32

Share-based Compensation Plans - Classification of Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 26.6	$ 8.2	$ 6.8
Technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	4.2	2.0	1.7
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	1.0	0.4	0.4
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 21.4	$ 5.8	$ 4.7

Net Loss per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Numerator:
Net loss attributable to common stockholders	$ (211.8)	$ (171.1)	$ (153.9)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	24,874,061	11,138,851	10,964,634
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	24,874,061	11,138,851	10,964,634
Net loss per share attributable to common stockholders, basic (usd per share)	$ (8.51)	$ (15.36)	$ (14.04)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (8.51)	$ (15.36)	$ (14.04)

- 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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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 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)	13,260,327	39,893,596	34,998,799
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	26,992,271
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)	9,470,170	6,060,107	7,023,534
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	879,203
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	164,664	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)	2,428,574	0	0

Net Loss per Share Attributable to Common Stockholders - Narrative (Details)	12 Months Ended
	Jan. 31, 2021 shares
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance awards not granted	1,509,601

Commitment and Contingencies (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Line of Credit Facility [Line Items]
Restricted cash	$ 12.0	$ 13.9
Litigation or contingency material loss	0.0
Cash-Collateralized Standby Letters of Credit
Line of Credit Facility [Line Items]
Restricted cash	$ 12.0	$ 13.9

Subsequent Events (Details) $ in Millions	Apr. 30, 2022 USD ($)
Forecast \| Subsequent Event
Class of Stock [Line Items]
Reduction in minimum lease payments due	$ 10.6