0001468327-22-000137 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Oct. 31, 2022	Dec. 05, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001468327
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		61,956,536
Common Class B
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		3,066,251

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Current assets:
Cash and cash equivalents	$ 176.0	$ 247.6
Restricted cash, current	4.1	5.4
Prepaid expenses and other current assets	14.8	11.7
Total current assets	194.9	264.7
Restricted cash	5.8	6.6
Rental product, net	81.6	76.3
Fixed assets, net	48.2	57.2
Intangible assets, net	5.4	6.4
Operating lease right-of-use assets	27.3	31.5
Other assets	4.0	4.8
Total assets	367.2	447.5
Current liabilities:
Accounts payable	24.8	15.9
Accrued expenses and other current liabilities	25.7	30.0
Deferred revenue	13.0	10.4
Customer credit liabilities	6.8	6.9
Operating lease liabilities	4.5	5.6
Total current liabilities	74.8	68.8
Long-term debt, net	274.6	260.8
Operating lease liabilities	39.4	46.4
Other liabilities	0.8	0.4
Total liabilities	389.6	376.4
Commitments and Contingencies (Note 15)
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of October 31, 2022 and January 31, 2022; 0 shares issued and outstanding as of October 31, 2022 and January 31, 2022	0.0	0.0
Additional paid-in capital	891.2	872.2
Accumulated deficit	(913.7)	(801.2)
Total stockholders’ equity (deficit)	(22.4)	71.1
Total liabilities and stockholders’ equity (deficit)	367.2	447.5
Common Class A
Stockholders’ equity (deficit)
Common stock, value, issued	0.1	0.1
Common Class B
Stockholders’ equity (deficit)
Common stock, value, issued	$ 0.0	$ 0.0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2022	Jan. 31, 2022
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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	300,000,000
Common stock, shares, issued (in shares)	61,647,599	60,104,058
Common stock, shares, outstanding (in shares)	61,647,599	60,104,058
Common Class B
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares, issued (in shares)	3,056,086	2,932,739
Common stock, shares, outstanding (in shares)	3,056,086	2,932,739

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Revenue:
Subscription and Reserve rental revenue	$ 68.8	$ 54.3	$ 200.2	$ 127.0
Other revenue	8.6	4.7	20.8	12.2
Total revenue, net	77.4	59.0	221.0	139.2
Costs and expenses:
Fulfillment	23.2	19.2	69.5	41.5
Technology	14.1	12.8	42.6	33.0
Marketing	9.7	10.8	27.4	18.2
General and administrative	25.3	35.8	84.1	76.4
Rental product depreciation and revenue share	22.4	19.9	64.8	51.5
Other depreciation and amortization	3.9	4.7	12.6	14.6
Restructuring charges	2.0	0.0	2.0	0.0
Restructuring charges	3.8	0.0	3.8	0.0
Total costs and expenses	104.4	103.2	306.8	235.2
Operating loss	(27.0)	(44.2)	(85.8)	(96.0)
Interest income / (expense), net	(9.3)	(14.3)	(28.2)	(43.7)
Gain / (loss) on warrant liability revaluation, net	0.0	(17.4)	0.0	(24.9)
Gain / (loss) on debt extinguishment, net	0.0	(12.2)	0.0	(12.2)
Other income / (expense), net	0.1	0.0	1.4	3.9
Net loss before income tax benefit / (expense)	(36.2)	(88.1)	(112.6)	(172.9)
Income tax benefit / (expense)	0.1	0.3	0.1	0.4
Net loss	$ (36.1)	$ (87.8)	$ (112.5)	$ (172.5)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.56)	$ (6.72)	$ (1.76)	$ (14.35)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.56)	$ (6.72)	$ (1.76)	$ (14.35)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	64,521,433	13,063,034	64,015,444	12,018,879
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	64,521,433	13,063,034	64,015,444	12,018,879

Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Millions	Total	Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Redeemable preferred stock beginning balance (in shares) at Jan. 31, 2021		31,137,921
Redeemable preferred stock beginning balance at Jan. 31, 2021		$ 388.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable preferred stock (in shares)		1,437,541
Issuance of redeemable preferred stock		$ 21.2
Conversion of redeemable preferred stock (in shares)		(32,575,462)
Conversion of redeemable preferred stock		$ (409.3)
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2021		0
Redeemable preferred stock ending balance at Oct. 31, 2021		$ 0.0
Beginning balance (in shares) at Jan. 31, 2021			10,456,521
Beginning balance at Jan. 31, 2021	$ (526.7)		$ 0.0	$ 62.7	$ (589.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable preferred stock (in shares)			32,575,462
Conversion of redeemable preferred stock	409.4		$ 0.1	409.3
Stock issued under stock incentive plan (in shares)			535,969
Stock issued under stock incentive plan	3.1			3.1
Stock issued as part of IPO, net of offering costs (in shares)			17,000,000
Stock issued as part of IPO, net of offering costs	327.1			327.1
Issuance of warrants	6.4			6.4
Exercise of warrants (in shares)			2,421,375
Exercise of warrants	35.5			35.5
Reclassification of warrants	1.2			1.2
Share-based compensation expense	21.4			21.4
Net loss	(172.5)				(172.5)
Ending balance (in shares) at Oct. 31, 2021			62,989,327
Ending balance at Oct. 31, 2021	104.9		$ 0.1	866.7	(761.9)
Redeemable preferred stock beginning balance (in shares) at Jul. 31, 2021		32,575,462
Redeemable preferred stock beginning balance at Jul. 31, 2021		$ 409.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable preferred stock (in shares)		(32,575,462)
Conversion of redeemable preferred stock		$ (409.3)
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2021		0
Redeemable preferred stock ending balance at Oct. 31, 2021		$ 0.0
Beginning balance (in shares) at Jul. 31, 2021			10,791,253
Beginning balance at Jul. 31, 2021	(605.2)		$ 0.0	68.9	(674.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable preferred stock (in shares)			32,575,462
Conversion of redeemable preferred stock	409.4		$ 0.1	409.3
Stock issued under stock incentive plan (in shares)			201,237
Stock issued under stock incentive plan	1.2			1.2
Stock issued as part of IPO, net of offering costs (in shares)			17,000,000
Stock issued as part of IPO, net of offering costs	327.1			327.1
Issuance of warrants	6.4			6.4
Exercise of warrants (in shares)			2,421,375
Exercise of warrants	35.5			35.5
Reclassification of warrants	1.2			1.2
Share-based compensation expense	17.1			17.1
Net loss	(87.8)				(87.8)
Ending balance (in shares) at Oct. 31, 2021			62,989,327
Ending balance at Oct. 31, 2021	104.9		$ 0.1	866.7	(761.9)
Redeemable preferred stock beginning balance (in shares) at Jan. 31, 2022		0
Redeemable preferred stock beginning balance at Jan. 31, 2022		$ 0.0
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2022		0
Redeemable preferred stock ending balance at Oct. 31, 2022		$ 0.0
Beginning balance (in shares) at Jan. 31, 2022			63,036,797
Beginning balance at Jan. 31, 2022	71.1		$ 0.1	872.2	(801.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)			1,666,888
Stock issued under stock incentive plan	0.0
Share-based compensation expense	19.0			19.0
Net loss	(112.5)				(112.5)
Ending balance (in shares) at Oct. 31, 2022			64,703,685
Ending balance at Oct. 31, 2022	(22.4)		$ 0.1	891.2	(913.7)
Redeemable preferred stock beginning balance (in shares) at Jul. 31, 2022		0
Redeemable preferred stock beginning balance at Jul. 31, 2022		$ 0.0
Redeemable preferred stock ending balance (in shares) at Oct. 31, 2022		0
Redeemable preferred stock ending balance at Oct. 31, 2022		$ 0.0
Beginning balance (in shares) at Jul. 31, 2022			64,084,818
Beginning balance at Jul. 31, 2022	7.1		$ 0.1	884.6	(877.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)			618,867
Stock issued under stock incentive plan	0.0
Share-based compensation expense	6.6			6.6
Net loss	(36.1)				(36.1)
Ending balance (in shares) at Oct. 31, 2022			64,703,685
Ending balance at Oct. 31, 2022	$ (22.4)		$ 0.1	$ 891.2	$ (913.7)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
OPERATING ACTIVITIES
Net loss	$ (112.5)	$ (172.5)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Rental product depreciation and write-offs	35.9	33.9
Write-off of rental product sold	5.1	3.7
Other depreciation and amortization	12.6	14.6
(Gain) / loss from write-off of fixed assets	2.5	0.0
Loss on asset impairment related to restructuring	3.4	0.0
Proceeds from rental product sold	(13.7)	(9.0)
(Gain) / loss from liquidation of rental product	(2.7)	(0.8)
Accrual of paid-in-kind interest	10.6	35.4
Settlement of paid-in-kind interest	0.0	(6.3)
Amortization of debt discount	3.2	4.9
Loss on debt extinguishment	0.0	12.2
Share-based compensation expense	19.0	21.4
Remeasurement of warrant liability	0.0	24.9
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3.1)	(0.7)
Operating lease right-of-use assets	4.2	2.5
Other assets	0.8	(2.6)
Accounts payable, accrued expenses and other current liabilities	0.2	13.9
Deferred revenue and customer credit liabilities	2.5	5.1
Operating lease liabilities	(8.1)	(4.9)
Other liabilities	0.7	0.8
Net cash (used in) provided by operating activities	(39.4)	(23.5)
INVESTING ACTIVITIES
Purchases of rental product	(43.6)	(17.0)
Proceeds from liquidation of rental product	7.9	4.8
Proceeds from sale of rental product	13.7	9.0
Purchases of fixed and intangible assets	(8.5)	(6.2)
Net cash (used in) provided by investing activities	(30.5)	(9.4)
FINANCING ACTIVITIES
Proceeds from issuance of common stock upon IPO, net of offering costs	0.0	331.5
Proceeds from issuance of redeemable preferred stock	0.0	21.2
Proceeds from exercise of stock options under stock incentive plan	0.0	3.1
Principal repayments on long-term debt	0.0	(135.0)
Deferred financing costs paid	0.0	(0.2)
Debt extinguishment costs	0.0	(4.7)
Other financing payments	(3.8)	(0.2)
Net cash (used in) provided by financing activities	(3.8)	215.7
Net (decrease) increase in cash and cash equivalents and restricted cash	(73.7)	182.8
Cash and cash equivalents and restricted cash at beginning of period	259.6	109.2
Cash and cash equivalents and restricted cash at end of period	185.9	292.0
Reconciliation of Cash and Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	176.0	278.7
Restricted cash, current	4.1	5.6
Restricted cash, noncurrent	5.8	7.7
Total cash and cash equivalents and restricted cash	185.9	292.0
Cash payments (receipts) for:
Fixed operating leases payments (reimbursements), net	10.6	12.0
Fixed assets and intangibles received in the prior period	0.8	0.5
Rental product received in the prior period	6.5	3.6
Non-cash financing and investing activities:
Financing leases right-of-use asset amortization	0.4	0.2
ROU assets obtained in exchange for lease liabilities	1.3	0.7
Purchases of fixed assets and intangibles not yet settled	0.8	0.7
Purchases of rental product not yet settled	14.0	10.4
Reconciliation of loss on asset impairment:
Accrued expense related to the loss on asset impairment	$ 0.4	$ 0.0

Business	9 Months Ended
Business	Oct. 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 approximately 20,000 styles by over 800 brand partners. The Company gives customers access to its “unlimited closet” through its subscription offering (“Subscription”) 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, is located in Galway, Ireland, and is focused on software development and support activities. All revenue is currently generated in the United States. Substantially all revenue is derived from rental subscription fees and a-la-carte rental fees, with a portion derived from the sale of apparel and accessories and other fees.

Summary of Significant Accounting Policies

9 Months Ended

Oct. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

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

The results for the three and nine months ended October 31, 2022 are not necessarily indicative of the operating results expected for the year ended January 31, 2023 or any future period. Certain information and notes normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, the unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended January 31, 2022, which can be found in the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2022.

Fiscal Year

The Company operates on a fiscal calendar ending January 31. All references to fiscal year 2020 reflect the results of the 12-month period ending January 31, 2021. All references to fiscal year 2021 reflect the results of the 12-month period ending January 31, 2022. 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 (originally estimated to be $5.8 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 condensed consolidated balance sheet.

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

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

In connection with the IPO, the Company adopted an amended 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 to determine lease liabilities, and the valuation of share-based compensation and warrants.

As of October 31, 2022, the effects of the ongoing COVID-19 pandemic and the macroeconomic environment on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.

Concentrations of Credit Risks

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

No single customer accounted for more than 5% of the Company’s revenue during the three or nine months ended October 31, 2022 and 2021.

Fair Value Measurements and Financial Instruments

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

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

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

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

Level 3: Unobservable inputs, in which there is little or no market data which require the Company to develop its own assumptions.

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 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 and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist primarily of accounts receivable, net, interest receivable, prepaid insurance, prepaid technology expenses and prepaid taxes.

Accounts receivable, net consists primarily of amounts due from third party liquidation partners that do not bear interest. The Company records an allowance for doubtful accounts taking into consideration historical losses adjusted for current market conditions, the financial condition of the customer, the amount of receivables in dispute, and the current receivables aging and payment patterns. Accounts receivable, net was $6.9 million and $1.1 million as of October 31, 2022 and January 31, 2022, respectively. The allowance for doubtful accounts was immaterial as of October 31, 2022 and January 31, 2022. As of October 31, 2022, one third party partner represented the majority of the Company’s accounts receivable balance.

Rental Product, Net

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

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


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

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

The Company offers its customers an opportunity to purchase items prior to the end of their useful life. In such instances, the Company considers the disposal of rental product to be a sale and, as such, records the proceeds as other revenue and the net book value of the items at the time of sale as rental product depreciation in the condensed consolidated statements of operations 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 October 31, 2022 and January 31, 2022 was $3.4 million and $2.1 million, respectively. The accelerated depreciation related to rental product held for sale was $2.6 million and $0.9 million for the three months ended October 31, 2022 and 2021, respectively, and $6.1 million and $3.2 million, for the nine months ended October 31, 2022 and 2021, respectively. The accelerated depreciation is presented on the condensed consolidated statements of operations within rental product depreciation and revenue share.

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 condensed consolidated statements of cash flows because the predominant activity of the rental product purchased is to generate rental revenue and such classification is consistent with the classification of long-term asset activity. Proceeds from the sale of rental product were $13.7 million and $9.0 million for the nine months ended October 31, 2022 and 2021, respectively. Proceeds from the liquidation of rental product were $7.9 million and $4.8 million for the nine months ended October 31, 2022 and 2021, respectively.

Revenue Recognition

Subscription and a-la-carte rental fees (“Subscription and Reserve rental revenue”) are recognized in accordance with Accounting Standard Update (“ASU”) 2016-02, Leases, Topic 842 (“ASC 842”). Other revenue, primarily related to the sale of rental product, is recognized under ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASC 606”) at the date of delivery of the product to the customer. Other revenue represented 11% and 8% of total revenue for the three months ended October 31, 2022 and 2021, respectively, and 9% and 9% of total revenue for the nine months ended October 31, 2022 and 2021, 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 condensed consolidated balance sheets. During the three months ended October 31, 2022 and 2021, $0.7 million and $0.7 million of credits included in the customer credit liability as of July 31, 2022 and 2021, respectively, were redeemed. During the nine months ended October 31, 2022 and 2021, $1.7 million and $1.6 million of credits included in the customer credit liability as of January 31, 2022 and 2021, respectively, were redeemed. Customer credits and gift cards do not have expiration dates. Over time, a portion of these instruments is not redeemed. The Company 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 or paused 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 October 31, 2022 and January 31, 2022.

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 assets or liabilities with respect to other revenue as of October 31, 2022 and January 31, 2022.

From time to time, Other revenue may include revenue generated from pilots and other growth initiatives which may cause quarterly fluctuations in the Other revenue line.

Share-Based Compensation

The Company recognizes all employee share-based compensation as an expense in the condensed consolidated financial statements. Equity classified awards are measured at the grant date fair value of the award. The Company estimates grant date fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service period of the award. Determining the fair value of options at the grant date requires judgment, including the expected term that stock options will be outstanding prior to exercise, the associated volatility, and the expected dividend yield. The fair value of common stock post-IPO is based on the closing price of the common stock on the date of grant as reported on the Nasdaq 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 restricted stock units (“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 has granted RSUs which vest upon satisfaction of a single time-based service condition. The Company records share-based compensation expense 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.

Insurance Proceeds

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

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and also improves the consistency in application of other areas by clarifying and amending existing guidance. This standard is effective for annual reporting periods beginning after December 15, 2021, and interim periods within those years, and early adoption is permitted. Certain amendments of this standard may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company adopted this standard on February 1, 2022, and the adoption of this standard did not have a material impact on the condensed 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 adoption of this standard is not expected to have a material impact on the condensed 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 adoption of this standard is not expected to have a material impact on the condensed consolidated financial statements.

Liquidity	9 Months Ended
Liquidity	Oct. 31, 2022
Liquidity And Impact Of Covid-19 Pandemic [Abstract]
Liquidity	Liquidity 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 and related variants have had a significant adverse impact on the Company’s business over the last two fiscal years. Further, heightened seasonal changes in consumer behavior and/or potential macro factors, such as higher levels of remote work and less demand for work wear, inflationary pressures and sensitivity to increased pricing, or other factors may have impacted and may continue to impact active subscriber levels. In September 2022, the Company announced a restructuring plan to reduce costs, streamline its organizational structure and drive operational efficiencies, which is expected to generate annual operating expense savings of $25 million to $27 million (relative to the second quarter of fiscal 2022 run rate) in fiscal 2023. Actual savings may differ from these estimates. While the Company has experienced revenue growth in fiscal year 2021 and the nine months ended October 31, 2022, to the extent that the Company is further impacted by existing or new COVID-19 variants or macroeconomic trends, the Company has established plans to further preserve existing cash liquidity, which could include additional reductions to labor, operating expenses, and/or capital expenditures. As of October 31, 2022 and January 31, 2022, the Company held cash and cash equivalents of $176.0 million and $247.6 million, respectively. 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 debt covenants for at least the next twelve months from the date these financial statements are issued.

Restructuring and Related Charges	9 Months Ended
Restructuring and Related Charges	Oct. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Restructuring and Related Charges On September 12, 2022, the Company announced a restructuring plan to reduce costs, streamline its organizational structure and drive operational efficiencies. The plan primarily includes total workforce reductions of approximately 24% of corporate employees (primarily a reduction in force, with some open role closures/reduced backfills), reorganizing certain functions and reallocating resources to continue to focus on customer experience and growth initiatives. Restructuring charges of $2.0 million for severance and related costs were recognized during the three and nine months ended October 31, 2022 and are reflected in Restructuring charges on the Company’s Unaudited Condensed Consolidated Statements of Operations. Accrued severance costs as of October 31, 2022 were $0.6 million. The Company recorded an asset impairment charge of $3.8 million, of which $3.4 million related to the write-off of fixed assets and $0.4 million related to accrued expenses, during the three and nine months ended October 31, 2022, related to discontinuing a warehouse operations project in connection with the September 2022 restructuring plan. The charge is reflected in Loss on asset impairment related to restructuring on the Company’s Unaudited Condensed Consolidated Statements of Operations. The Company may incur additional restructuring charges in the future.

Leases - Lessee Accounting

9 Months Ended

Oct. 31, 2022

Leases [Abstract]

Leases - Lessee Accounting

Leases - Lessee AccountingDuring the nine months ended October 31, 2022, the Company amended the operating lease for its corporate headquarters in Brooklyn, NY, the terms of which terminated one floor of the leased space. The partial lease termination of the corporate headquarters leased space resulted in a reduction of $10.6 million in the Company’s future minimum fixed lease obligations as of the lease modification date. The Company treated the partial lease termination amendment as a lease modification as of the effective date which resulted in an adjustment of $3.7 million and $1.4 million to the related lease liabilities and right-of-use assets, respectively. The Company recorded a gain on the partial termination of $1.8 million and a loss on surrender of the related fixed assets, primarily leasehold improvements, of $1.9 million, both of which are recorded on the condensed consolidated statements of operations within general and administrative expenses.

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 October 31, 2022:


	Operating		Finance
Fiscal year:
2022	$	2.9	$	0.2
2023	10.9		0.5
2024	9.6		0.4
2025	8.2		0.1
2026	8.1		—
Thereafter	42.5		—
Total minimum lease payments	82.2		1.2
Imputed interest	(38.3)		(0.2)
Lease liabilities as of October 31, 2022	$	43.9	$	1.0

Rental Product, Net

9 Months Ended

Oct. 31, 2022

Rental Product [Abstract]

Rental Product, Net

Rental product, net consisted of the following:


	October 31,		January 31,
	2022		2022

Apparel	$	161.7	$	164.4
Accessories	6.2		6.8
	167.9		171.2
Less: accumulated depreciation	(86.3)		(94.9)
Rental product, net	$	81.6	$	76.3

Depreciation and write-offs related to rental product, including write-offs of rental products sold, was $13.9 million and $13.7 million for the three months ended October 31, 2022 and 2021, respectively, and $41.0 million and $37.6 million for the nine months ended October 31, 2022 and 2021, respectively.

Long-Term Debt

9 Months Ended

Oct. 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 October 31, 2022 and January 31, 2022:


	October 31,		January 31,
	2022		2022

Temasek Facility principal outstanding	$	271.6	$	271.6
Add: payment-in-kind interest	14.2		3.5
Less: unamortized debt discount	(11.2)		(14.3)
Temasek Facility, net	274.6		260.8
Less: current portion of long-term debt	—		—
Total noncurrent line of credit and long-term debt	$	274.6	$	260.8

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 (defined below), 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 provide 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.

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 October 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 condensed consolidated financial statements.

Ares Facility

In October 2020, the Company entered into a senior secured term loan (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 were measured based on predefined consolidated EBITDA thresholds. The Ares Facility required mandatory prepayment upon defined triggering events and permitted optional prepayments, and certain of the mandatory prepayment triggering items were 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 effective interest rate for the period from the date of issuance through the date of repayment was 13.35%.

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

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

Covenants

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

Income Taxes	9 Months Ended
Income Taxes	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision or benefit from income taxes in interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The estimate of the annual effective income tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The Company continues to maintain a full valuation allowance on all United States net deferred tax assets for all periods presented. The amount of unrecognized tax benefits as of October 31, 2022 and January 31, 2022 was $0.8 million and $0.7 million, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized benefits relating to the Company’s tax position is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. The outcomes and timing of such events are highly uncertain and a reasonable estimate of the range of gross unrecognized tax benefits, excluding interest and penalties, that could potentially be reduced during the next 12 months cannot be made at this time.

- Definition

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

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2022		2022
Accrued operating and general expenses	$	11.7	$	13.6
Revenue share payable	5.7		6.7
Accrued payroll related expenses	4.7		4.0
Sales and other taxes	3.0		1.6
Short-term financing	—		3.5
Gift card liability	0.6		0.6
Accrued expenses and other current liabilities	$	25.7	$	30.0

Fair Value Measurements

9 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of October 31, 2022 and January 31, 2022, the carrying amounts of the Company’s cash and cash equivalents, current and noncurrent restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximated their estimated fair value due to their relatively short maturities.

The Company’s long-term debt is reported at carrying value on the condensed consolidated balance sheet. Refer to Note 7 — Long-Term Debt. The Company estimates the fair value of its long-term debt based on recently reported market transactions for similar financial instruments by companies with similar credit ratings and, as such, are classified as Level 2 within the fair value hierarchy. As of October 31, 2022, the estimated fair value of the Company’s long-term debt was $257.9 million.

The Company’s warrant liabilities were reported at fair value on the Company’s condensed consolidated balance sheet. 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 nine months ended October 31, 2021:


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

There were no outstanding liability-classified warrants as of October 31, 2022 and January 31, 2022.

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

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

The warrants for an aggregate of 88,037 shares of Series D redeemable preferred stock were converted to warrants for shares of Class A common stock as of the effective date of the IPO. 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Redeemable Preferred Stock	9 Months Ended
Redeemable Preferred Stock	Oct. 31, 2022
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	Redeemable Preferred StockDuring the nine months ended October 31, 2021, the Company sold 1,437,541 shares of Series G redeemable preferred stock in exchange 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. There was no outstanding redeemable preferred stock as of October 31, 2022 and January 31, 2022.

Stockholders' Equity

9 Months Ended

Oct. 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 October 31, 2022.

Warrants

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


	October 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)	Oct-21	394,343	Common	21.00		5.3
		631,583				$	6.5

The warrant for 730,000 shares of common stock issued to Double Helix (Temasek) in July 2018 with an exercise price of $27.40 per share expired unexercised during the nine months ended October 31, 2022.


	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 October 31, 2022 and January 31, 2022.

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

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

As of October 31, 2022 and January 31, 2022, all outstanding warrants were equity-classified and recorded as additional paid-in capital. Equity-classified contracts are not subsequently remeasured unless reclassification is required from equity to liability classification.

- Definition

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

+ References

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+ Details

Share-based Compensation Plans

9 Months Ended

Oct. 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 was 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 were 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 during the nine months ended October 31, 2022 have a shorter vesting period of one to two years. As of October 31, 2022, there were 4,099,462 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.

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, 2022	9,470,170	$	7.33	7.17	$	2.1
Granted	—	—
Exercised	(13,100)	2.84
Forfeited	(896,716)	8.93
Balances as of October 31, 2022	8,560,354	$	7.17	6.38	$	—
Exercisable as of October 31, 2022	5,888,511	$	6.89	5.57	$	—

The total intrinsic value of stock options exercised for the nine months ended October 31, 2022 was nominal.

As of October 31, 2022, there was $9.9 million of unrecognized compensation cost related to stock options granted that is expected to be recognized over a weighted average period of 2.4 years.

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

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, 2022	2,428,574	$	11.32
Granted	6,020,472	5.10
Vested/Released	(1,653,788)	9.73
Forfeited	(971,945)	6.56
Unvested and outstanding as of October 31, 2022	5,823,313	$	6.14

As of October 31, 2022, there was $17.1 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 1.6 years.

During the three months ended October 31, 2021, the Company recognized $14.4 million of compensation cost upon effectiveness of the Company’s IPO, related to (i) certain RSUs that contain both service-based and liquidity-based vesting conditions satisfied upon the effectiveness of the registration statement and (ii) the fully vested portion of certain RSU awards that were granted upon the effectiveness of the IPO.

Share-Based Compensation Summary

The classification of share-based compensation for the three and nine months ended October 31, 2022 and 2021, respectively, presented within each line item of the condensed consolidated statements of operations is as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Technology	$	1.5	$	2.4	$	4.3	$	3.3
Marketing	0.1		0.7		0.4		0.9
General and administrative	5.0		14.0		14.3		17.2
Total share-based compensation	$	6.6	$	17.1	$	19.0	$	21.4

Net Loss per Share Attributable to Common Stockholders

9 Months Ended

Oct. 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:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(36.1)	$	(87.8)	$	(112.5)	$	(172.5)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	64,521,433		13,063,034		64,015,444		12,018,879
Net loss per share attributable to common stockholders, basic and diluted	$	(0.56)	$	(6.72)	$	(1.76)	$	(14.35)

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:


	October 31,	October 31,
	2022	2021

Stock options	8,560,354	9,577,690
Common stock warrants	631,583	1,361,583
RSUs	5,823,313	2,368,399
Total	15,015,250	13,307,672

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company had restricted cash balances for cash collateralized standby letters of credit as of October 31, 2022 and January 31, 2022 of $9.9 million and $12.0 million, respectively, 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. On November 14, 2022, a purported stockholder of the Company filed a putative class action lawsuit in the Eastern District of New York against the Company, certain of its officers and directors, and the underwriters of its IPO, entitled Rajat Sharma v. Rent the Runway, Inc., et al. The complaint alleges that the Company violated Sections 11 and 15 of the Securities Act of 1933, as amended, by making allegedly materially misleading statements, and by omitting material facts necessary to make the statements made therein not misleading. The lawsuit seeks, among other things, compensatory damages, attorneys’ fees and costs and such other relief as deemed just and proper by the court. The Company intends to vigorously defend against these claims. The Company believes it has meritorious defenses to the claims of the plaintiff and members of the class and any liability for the alleged claims is not currently probable and the potential loss or range of loss is not reasonably estimable.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Oct. 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 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

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.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist primarily of accounts receivable, net, interest receivable, prepaid insurance, prepaid technology expenses and prepaid taxes.

Rental Product, Net

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


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

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

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 condensed consolidated statements of cash flows because the predominant activity of the rental product purchased is to generate rental revenue and such classification is consistent with the classification of long-term asset activity.

Revenue Recognition

Subscription and Reserve Rental Revenue

Other Revenue

From time to time, Other revenue may include revenue generated from pilots and other growth initiatives which may cause quarterly fluctuations in the Other revenue line.

Share-Based Compensation

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

Recently Issued Accounting Pronouncements

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

Financial Instruments – Credit Losses

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 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	%

Leases - Lessee Accounting (Tables)

9 Months Ended

Oct. 31, 2022

Leases [Abstract]

Lessee Lease Obligations - Operating Lease


	Operating		Finance
Fiscal year:
2022	$	2.9	$	0.2
2023	10.9		0.5
2024	9.6		0.4
2025	8.2		0.1
2026	8.1		—
Thereafter	42.5		—
Total minimum lease payments	82.2		1.2
Imputed interest	(38.3)		(0.2)
Lease liabilities as of October 31, 2022	$	43.9	$	1.0

Lessee Lease Obligations - Finance Lease


	Operating		Finance
Fiscal year:
2022	$	2.9	$	0.2
2023	10.9		0.5
2024	9.6		0.4
2025	8.2		0.1
2026	8.1		—
Thereafter	42.5		—
Total minimum lease payments	82.2		1.2
Imputed interest	(38.3)		(0.2)
Lease liabilities as of October 31, 2022	$	43.9	$	1.0

Rental Product, Net (Tables)

9 Months Ended

Oct. 31, 2022

Rental Product [Abstract]

Rental Product Breakdown

Rental product, net consisted of the following:


	October 31,		January 31,
	2022		2022

Apparel	$	161.7	$	164.4
Accessories	6.2		6.8
	167.9		171.2
Less: accumulated depreciation	(86.3)		(94.9)
Rental product, net	$	81.6	$	76.3

Long-Term Debt (Tables)

9 Months Ended

Oct. 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 October 31, 2022 and January 31, 2022:


	October 31,		January 31,
	2022		2022

Temasek Facility principal outstanding	$	271.6	$	271.6
Add: payment-in-kind interest	14.2		3.5
Less: unamortized debt discount	(11.2)		(14.3)
Temasek Facility, net	274.6		260.8
Less: current portion of long-term debt	—		—
Total noncurrent line of credit and long-term debt	$	274.6	$	260.8

- Definition

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

+ References

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

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2022		2022
Accrued operating and general expenses	$	11.7	$	13.6
Revenue share payable	5.7		6.7
Accrued payroll related expenses	4.7		4.0
Sales and other taxes	3.0		1.6
Short-term financing	—		3.5
Gift card liability	0.6		0.6
Accrued expenses and other current liabilities	$	25.7	$	30.0

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	October 31,		January 31,
	2022		2022
Accrued operating and general expenses	$	11.7	$	13.6
Revenue share payable	5.7		6.7
Accrued payroll related expenses	4.7		4.0
Sales and other taxes	3.0		1.6
Short-term financing	—		3.5
Gift card liability	0.6		0.6
Accrued expenses and other current liabilities	$	25.7	$	30.0

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

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

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


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

Stockholders' Equity (Tables)

9 Months Ended

Oct. 31, 2022

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

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


	October 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)	Oct-21	394,343	Common	21.00		5.3
		631,583				$	6.5


	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

Share-based Compensation Plans (Tables)

9 Months Ended

Oct. 31, 2022

Share-based Payment Arrangement [Abstract]

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, 2022	9,470,170	$	7.33	7.17	$	2.1
Granted	—	—
Exercised	(13,100)	2.84
Forfeited	(896,716)	8.93
Balances as of October 31, 2022	8,560,354	$	7.17	6.38	$	—
Exercisable as of October 31, 2022	5,888,511	$	6.89	5.57	$	—

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, 2022	2,428,574	$	11.32
Granted	6,020,472	5.10
Vested/Released	(1,653,788)	9.73
Forfeited	(971,945)	6.56
Unvested and outstanding as of October 31, 2022	5,823,313	$	6.14

Share-based Payment Arrangement, Expensed and Capitalized, Amount


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Technology	$	1.5	$	2.4	$	4.3	$	3.3
Marketing	0.1		0.7		0.4		0.9
General and administrative	5.0		14.0		14.3		17.2
Total share-based compensation	$	6.6	$	17.1	$	19.0	$	21.4

Net Loss per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Oct. 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:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(36.1)	$	(87.8)	$	(112.5)	$	(172.5)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	64,521,433		13,063,034		64,015,444		12,018,879
Net loss per share attributable to common stockholders, basic and diluted	$	(0.56)	$	(6.72)	$	(1.76)	$	(14.35)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	October 31,	October 31,
	2022	2021

Stock options	8,560,354	9,577,690
Common stock warrants	631,583	1,361,583
RSUs	5,823,313	2,368,399
Total	15,015,250	13,307,672

Business (Details)	Oct. 31, 2022 style partner
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of styles \| style	20,000
Number of brand partners (more than) \| partner	800

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 27, 2021 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) vote segment $ / shares shares	Oct. 31, 2021 USD ($)	Oct. 31, 2022 USD ($) vote $ / shares shares	Oct. 31, 2021 USD ($)	Jan. 31, 2022 USD ($) $ / shares shares
Accounting Policies [Line Items]
Number of reportable segments \| segment		1
Number of operating segments \| segment		1
Convertible preferred stock converted to common stock and additional paid-in-capital	$ 409.3
Share-based compensation		$ 6.6	$ 17.1	$ 19.0	$ 21.4
Preferred stock, shares authorized (in shares) \| shares		10,000,000		10,000,000		10,000,000
Redeemable preferred stock, par value (usd per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Accounts receivable, net		$ 6.9		$ 6.9		$ 1.1
Rental product held-for-sale		3.4		3.4		$ 2.1
Accelerated depreciation		2.6	0.9	6.1	3.2
Proceeds from sale of rental product				13.7	9.0
Proceeds from liquidation of rental product				7.9	4.8
Customer credits and refunds, including opening balance		$ 0.7	0.7	$ 1.7	1.6
Time for order placement		4 months		4 months
Insurance recoveries					$ 4.0
Restricted Stock Units (RSUs)
Accounting Policies [Line Items]
Share-based compensation	$ 14.4		$ 14.4
Minimum
Accounting Policies [Line Items]
Rental period		4 years		4 years
Maximum
Accounting Policies [Line Items]
Rental period		8 days		8 days
Apparel and accessories \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage		11.00%	8.00%	9.00%	9.00%
IPO
Accounting Policies [Line Items]
Sale of stock, price per share (usd per share) \| $ / shares	$ 21.00
Proceeds from issuance of IPO, net	$ 327.3
Underwriting discounts	24.1
Direct offering costs	5.6
Estimated direct offering costs	$ 5.8
Common Class A
Accounting Policies [Line Items]
Common stock, shares authorized (in shares) \| shares		300,000,000		300,000,000		300,000,000
Common stock, par value (usd per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Votes per common share \| vote		1		1
Class A common stock exchanged (in shares) \| shares		2,932,739		2,932,739
Common Class A \| IPO
Accounting Policies [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| 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		50,000,000		50,000,000
Common stock, par value (usd per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Votes per common share \| vote		20		20

Summary of Significant Accounting Policies - Estimated Useful Lives and Salvage Values (Details)	3 Months Ended
	Oct. 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%

Liquidity (Details) - USD ($) $ in Millions	1 Months Ended
Liquidity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Oct. 31, 2022	Jan. 31, 2022	Oct. 31, 2021
Class of Stock [Line Items]
Cash and cash equivalents		$ 176.0	$ 247.6	$ 278.7
Minimum
Class of Stock [Line Items]
Effect on future earnings, amount	$ 25.0
Maximum
Class of Stock [Line Items]
Effect on future earnings, amount	$ 27.0

Restructuring and Related Charges (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 12, 2022	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction	24.00%
Restructuring charges		$ 2.0	$ 0.0	$ 2.0	$ 0.0
Accrued severance costs				0.6
Loss on asset impairment related to restructuring		3.8	$ 0.0	3.8	$ 0.0
Write-off of fixed assets				3.4
Accrued expenses		0.4		0.4
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2.0		$ 2.0

Leases - Lessee Accounting - Narrative (Details) $ in Millions	9 Months Ended
	Oct. 31, 2022 USD ($) floor	Oct. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of floors terminated \| floor	1
Reduction to future minimum fixed lease obligations	$ 10.6
Operating lease, liabilities, adjustment for lease modification	3.7
Operating lease, right-of-use asset, adjustment for lease modification	1.4
Gain on partial termination of lease	1.8
Loss on surrender of fixed assets	2.5	$ 0.0
Leaseholds and Leasehold Improvements
Lessee, Lease, Description [Line Items]
Loss on surrender of fixed assets	$ 1.9

Leases - Lessee Accounting - Maturities of Operating and Financing Lease Obligations (Details) $ in Millions	Oct. 31, 2022 USD ($)
Operating
2022	$ 2.9
2023	10.9
2024	9.6
2025	8.2
2026	8.1
Thereafter	42.5
Total minimum lease payments	82.2
Imputed interest	(38.3)
Lease liabilities as of October 31, 2022	43.9
Finance
2022	0.2
2023	0.5
2024	0.4
2025	0.1
2026	0.0
Thereafter	0.0
Total minimum lease payments	1.2
Imputed interest	(0.2)
Lease liabilities as of October 31, 2022	$ 1.0

Rental Product, Net - Rental Product Breakdown (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Rental Product [Line Items]
Rental product, gross	$ 167.9	$ 171.2
Less: accumulated depreciation	(86.3)	(94.9)
Rental product, net	81.6	76.3
Apparel
Rental Product [Line Items]
Rental product, gross	161.7	164.4
Accessories
Rental Product [Line Items]
Rental product, gross	$ 6.2	$ 6.8

Rental Product, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Rental Product [Abstract]
Depreciation and write-offs, rental product and rental product sold	$ 13.9	$ 13.7	$ 41.0	$ 37.6

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Debt Instrument [Line Items]
Less: current portion of long-term debt	$ 0.0	$ 0.0
Total noncurrent line of credit and long-term debt	274.6	260.8
Temasek Term Loan
Debt Instrument [Line Items]
Temasek Facility, net	274.6	260.8
Term Loan \| Temasek Term Loan
Debt Instrument [Line Items]
Temasek Facility principal outstanding	271.6	271.6
Add: payment-in-kind interest	14.2	3.5
Less: unamortized debt discount	$ (11.2)	$ (14.3)

- Definition

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

+ References + Details

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Oct. 27, 2021	Mar. 31, 2020	Nov. 30, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Principal repayments on long-term debt					$ 0.0	$ 135.0
Liquidity maintenance covenant	$ 50.0			$ 50.0		50.0
Proceeds from issuance of redeemable preferred stock					0.0	21.2
Loss on extinguishment of debt	12.2		$ 0.0	12.2	$ 0.0	12.2
Series G Redeemable Preferred Stock
Debt Instrument [Line Items]
Redeemable preferred stock, shares issued (in shares)		1,695,955
Term Loan \| Temasek Term Loan
Debt Instrument [Line Items]
Effective interest rate							15.95%
Term Loan \| Initial Temasek Committment
Debt Instrument [Line Items]
Debt instrument, face amount								$ 50.0	$ 50.0	$ 100.0
Debt instrument, additional borrowing capacity										$ 100.0
Interest rate, paid in kind										15.00%
Term Loan \| Subsequent Temasek Commitment
Debt Instrument [Line Items]
Debt instrument, face amount								$ 30.0
Debt instrument, additional borrowing capacity									$ 30.0
Interest rate, cash									13.00%
Principal repayments on long-term debt	30.0
Term Loan \| Temasek Facility Amendment
Debt Instrument [Line Items]
Debt instrument, face amount	$ 271.6			$ 271.6		$ 271.6
Interest rate, paid in kind	5.00%			5.00%		5.00%
Principal repayments on long-term debt	$ 30.0
Amended interest rate	12.00%			12.00%		12.00%
Effective interest rate			14.29%		14.29%
Debt discount	$ 15.3			$ 15.3		$ 15.3
Closing fees paid	0.2			0.2		0.2
Allocation of proceeds to warrants issued	5.3			5.3		5.3
Extension of term warrants	1.0
Amendment fee	8.8			$ 8.8		$ 8.8
Term Loan \| Initial Temasek Facility and Amended Temasek Facility
Debt Instrument [Line Items]
Principal repayments on long-term debt	$ 60.0
Term Loan \| Ares Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 75.0
Interest rate, paid in kind		8.00%
Effective interest rate			13.35%		13.35%
Proceeds from issuance of redeemable preferred stock		$ 25.0
Quarterly principal payments, percent		0.25%
Required exit payment		$ 1.5
Term Loan \| Ares Term Loan \| Series G Redeemable Preferred Stock
Debt Instrument [Line Items]
Proceeds from issuance of redeemable preferred stock		$ 100.0

Income Taxes (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0.8	$ 0.7

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Payables and Accruals [Abstract]
Accrued operating and general expenses	$ 11.7	$ 13.6
Revenue share payable	5.7	6.7
Accrued payroll related expenses	4.7	4.0
Sales and other taxes	3.0	1.6
Short-term financing	0.0	3.5
Gift card liability	0.6	0.6
Accrued expenses and other current liabilities	$ 25.7	$ 30.0

Fair Value Measurements - Narrative (Details) - USD ($)	9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2022	Jan. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value		$ 257,900,000
Exercise of warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding	$ 500,000
Exercise of warrants \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise of warrants	$ 35,500,000
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 (in shares)	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	$ (1,200,000)
Liability-Classified Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding		$ 0	$ 0
Class A Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise of warrants (in shares)	1,691,723
Warrant B \| Exercise of warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant, number of securities called by each warrant (in shares)	1,651,701
Warrant A \| Exercise of warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant, number of securities called by each warrant (in shares)	40,828

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

Redeemable Preferred Stock (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2021	Oct. 27, 2021
Temporary Equity [Line Items]
Total redemption amount of Series G redeemable preferred stock	$ 21.2
Series G Redeemable Preferred Stock
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,437,541
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

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Stockholders' Equity - Narrative (Details)	Oct. 31, 2022 USD ($) vote $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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
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 of common stock warrants \| $ / shares		$ 27.40
Warrants and rights outstanding \| $		$ 1,300,000
Liability-Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants and rights outstanding \| $	$ 0	$ 0
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

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2022	Jan. 31, 2022
TriplePoint Equity-Classified Common Stock Warrants Issued Nov 2016
Class of Warrant or Right [Line Items]
Number of shares issued (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 issued (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 issued (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 issued (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 issued (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 issued (in shares)	35,215	35,215
Exercise Price (usd per share)	$ 17.04	$ 17.04
Fair Value at Issuance	$ 0.2	$ 0.2
TriplePoint Equity-Classified Common Stock Warrants Issued Jun 2016
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)	28,172	28,172
Exercise Price (usd per share)	$ 17.04	$ 17.04
Fair Value at Issuance	$ 0.2	$ 0.2
TriplePoint Equity-Classified Common Stock Warrants Issued Sep 2016
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)	24,650	24,650
Exercise Price (usd per share)	$ 17.04	$ 17.04
Fair Value at Issuance	$ 0.1	$ 0.1
Double Helix Temasek Equity-Classified Common Stock Warrants Two Issued October 2021
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)	394,343	394,343
Exercise Price (usd per share)	$ 21.00	$ 21.00
Fair Value at Issuance	$ 5.3	$ 5.3
Equity Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)	631,583	1,361,583
Fair Value at Issuance	$ 6.5	$ 7.8

Share-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 27, 2021	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 6.6	$ 17.1	$ 19.0	$ 21.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition				2 years 4 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition				1 year 7 months 6 days
Unrecorded compensation expense		17.1		$ 17.1
Share-based compensation	$ 14.4		$ 14.4
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 9.9		$ 9.9
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
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)		4,099,462		4,099,462
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 - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2022	Jan. 31, 2022
Weighted Average Exercise Price
Balances, Beginning (in usd per share)	$ 7.33
Granted (in usd per share)	0
Exercised (in usd per share)	2.84
Forfeited (in usd per share)	8.93
Balances, Ending (in usd per share)	7.17	$ 7.33
Exercisable (in usd per share)	$ 6.89
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contract Term (in years)	6 years 4 months 17 days	7 years 2 months 1 day
Exercisable, Weighted Average Remaining Contract Term (in years)	5 years 6 months 25 days
Aggregate Intrinsic Value	$ 0.0	$ 2.1
Exercisable, Aggregate Intrinsic Value	$ 0.0
2019 Plan
Number of Shares
Balances Beginning (shares)	9,470,170
Granted (in shares)	0
Exercised (in shares)	(13,100)
Forfeited (in shares)	(896,716)
Balances, Ending (in shares)	8,560,354	9,470,170
Exercisable (in shares)	5,888,511

Share-based Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Oct. 31, 2022 $ / shares shares
Number of Shares
Unvested, Outstanding, beginning balance (in shares) \| shares	2,428,574
Granted (unaudited) (in shares) \| shares	6,020,472
Vested/Released (unaudited) (in shares) \| shares	(1,653,788)
Forfeited (unaudited) (in shares) \| shares	(971,945)
Unvested, and outstanding, ending balance (in shares) \| shares	5,823,313
Weighted Average Grant-Date Fair Value per Share
Unvested, Outstanding, beginning balance (in usd per share) \| $ / shares	$ 11.32
Granted (unaudited) (in usd per share) \| $ / shares	5.10
Vested (unaudited) (in usd per share) \| $ / shares	9.73
Forfeited (unaudited) (in usd per share) \| $ / shares	6.56
Unvested, Outstanding, ending balance (in usd per share) \| $ / shares	$ 6.14

Share-based Compensation Plans - Classification of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 6.6	$ 17.1	$ 19.0	$ 21.4
Technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1.5	2.4	4.3	3.3
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0.1	0.7	0.4	0.9
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5.0	$ 14.0	$ 14.3	$ 17.2

Net Loss per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (36.1)	$ (87.8)	$ (112.5)	$ (172.5)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	64,521,433	13,063,034	64,015,444	12,018,879
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	64,521,433	13,063,034	64,015,444	12,018,879
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.56)	$ (6.72)	$ (1.76)	$ (14.35)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.56)	$ (6.72)	$ (1.76)	$ (14.35)

- Definition

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

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

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+ Details

Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	15,015,250	13,307,672
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)	8,560,354	9,577,690
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)	631,583	1,361,583
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	5,823,313	2,368,399

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Cash-Collateralized Standby Letters of Credit
Line of Credit Facility [Line Items]
Restricted cash	$ 9.9	$ 12.0