0001468327-23-000253 | 10-Q | XBRL Viewer

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Stockholders' Equity - Narrative (Details)	Jul. 31, 2023 vote $ / shares shares	Jan. 31, 2023 $ / shares shares	Jul. 31, 2022 $ / 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 (in usd per share) \| $ / shares			$ 27.40
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

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited 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”).

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 six months ended July 31, 2023 are not necessarily indicative of the operating results expected for the year ending January 31, 2024 or any future period. The condensed consolidated balance sheet as of January 31, 2023 is derived from the audited consolidated financial statements. 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, 2023, which can be found in the Company’s Annual Report on Form 10-K filed with the SEC on April 13, 2023.

Fiscal Year

Fiscal YearThe Company operates on a fiscal calendar ending January 31. All references to fiscal year 2022 reflect the results of the 12-month period ended January 31, 2023. All references to fiscal year 2023 reflect the results of the 12-month period ending January 31, 2024.

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.

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 July 31, 2023, the effects of 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.

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.

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.

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 July 31, 2023 and January 31, 2023 was $3.1 million and $3.0 million, respectively. The accelerated depreciation related to rental product held for sale was $1.1 million and $2.1 million for the three months ended July 31, 2023 and 2022, respectively, and $2.0 million and $3.4 million, for the six months ended July 31, 2023 and 2022, respectively. The accelerated depreciation is presented on the condensed consolidated statements of operations within rental product depreciation and revenue share.

When rental product is liquidated, the Company records the gain or loss calculated as proceeds, net of the remaining salvage value and costs to sell, within general and administrative expenses on the condensed 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 condensed 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 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 10% and 8% of total revenue for the three months ended July 31, 2023 and 2022, respectively, and 10% and 8% of total revenue for the six months ended July 31, 2023 and 2022, 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 July 31, 2023 and 2022, $0.4 million and $0.5 million of credits included in the customer credit liability as of April 30, 2023 and 2022, respectively, were redeemed. During the six months ended July 31, 2023 and 2022, $1.0 million and $1.3 million of credits included in the customer credit liability as of January 31, 2023 and 2022, 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.

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 July 31, 2023 and January 31, 2023.

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 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 initial public offering (“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.

Recently Issued and Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Financial Instruments – Credit Losses

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. This guidance also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. This standard is effective for annual reporting periods beginning after December 15, 2022, and interim periods within those years, and early adoption is permitted. The Company adopted this standard on February 1, 2023, 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.

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jul. 31, 2023

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 July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Numerator:
Net loss attributable to common stockholders	$	(26.8)	$	(33.9)	$	(56.9)	$	(76.4)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	67,608,274		64,074,681		66,751,529		63,758,256
Net loss per share attributable to common stockholders, basic and diluted	$	(0.40)	$	(0.53)	$	(0.85)	$	(1.20)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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:


	Six Months Ended July 31,
	2023	2022
Stock options	1,076,666	8,893,048
Common stock warrants	2,631,583	631,583
RSUs	10,606,127	6,099,481
Total	14,314,376	15,624,112

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
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)		1,048,021
Stock issued under stock incentive plan	0.0
Share-based compensation expense	12.4		12.4
Net loss	(76.4)			(76.4)
Ending balance (in shares) at Jul. 31, 2022		64,084,818
Ending balance at Jul. 31, 2022	7.1	$ 0.1	884.6	(877.6)
Beginning balance (in shares) at Apr. 30, 2022		63,930,902
Beginning balance at Apr. 30, 2022	34.1	$ 0.1	877.7	(843.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)		153,916
Stock issued under stock incentive plan	0.0
Share-based compensation expense	6.9		6.9
Net loss	(33.9)			(33.9)
Ending balance (in shares) at Jul. 31, 2022		64,084,818
Ending balance at Jul. 31, 2022	7.1	$ 0.1	884.6	(877.6)
Beginning balance (in shares) at Jan. 31, 2023		65,022,787
Beginning balance at Jan. 31, 2023	(35.3)	$ 0.1	904.5	(939.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)		3,424,116
Stock issued under stock incentive plan	0.0
Share-based compensation expense	16.2		16.2
Net loss	(56.9)			(56.9)
Ending balance (in shares) at Jul. 31, 2023		68,446,903
Ending balance at Jul. 31, 2023	(76.0)	$ 0.1	920.7	(996.8)
Beginning balance (in shares) at Apr. 30, 2023		66,681,142
Beginning balance at Apr. 30, 2023	(56.6)	$ 0.1	913.3	(970.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)		1,765,761
Stock issued under stock incentive plan	0.0
Share-based compensation expense	7.4		7.4
Net loss	(26.8)			(26.8)
Ending balance (in shares) at Jul. 31, 2023		68,446,903
Ending balance at Jul. 31, 2023	$ (76.0)	$ 0.1	$ 920.7	$ (996.8)

- Definition

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

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	14,314,376	15,624,112
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)	1,076,666	8,893,048
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)	2,631,583	631,583
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	10,606,127	6,099,481

Liquidity	6 Months Ended
Liquidity	Jul. 31, 2023
Liquidity [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. While the Company experienced year-over-year revenue and subscriber growth in fiscal year 2022 and in the six months ended July 31, 2023, revenue decreased year-over-year in the three months ended July 31, 2023. To the extent the Company is impacted by macroeconomic trends, or other factors the Company has established plans to preserve existing cash liquidity, which includes additional reductions to labor, operating expenses, and/or capital expenditures. In September 2022, the Company announced a restructuring plan that is expected to generate annual operating expense savings of approximately $25 million (relative to the second quarter of fiscal year 2022 run rate) in fiscal year 2023. Actual savings may differ from these estimates. As of July 31, 2023 and January 31, 2023, the Company held cash and cash equivalents of $123.7 million and $154.5 million, respectively, and long-term debt of $290.6 million and $272.5 million, respectively, with a maturity date of October 2026. In the event that the Company fails to comply with the covenants specified in the 2022 Amended Temasek Facility, the lender has the right to declare all borrowings outstanding, together with accrued and unpaid interest and fees, to be immediately due and payable. The Company believes that it will have sufficient liquidity from cash on-hand and future operations to sustain its business operations and to satisfy its debt service obligations and the $50 million minimum liquidity maintenance covenant for at least the next twelve months from the date these financial statements are issued.

Share-based Compensation Plans (Tables)

6 Months Ended

Jul. 31, 2023

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, 2023	8,060,647	$	7.33	6.37	$	0.4
Granted	—	—
Exercised	—	—
Forfeited	(6,983,981)	7.19
Balances as of July 31, 2023	1,076,666	$	8.19	5.70	$	—
Exercisable as of July 31, 2023	937,558	$	8.04	5.58	$	—

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, 2023	5,976,121	$	5.64
Granted	8,452,575	2.78
Vested/Released	(3,424,116)	4.63
Forfeited	(398,453)	4.72
Unvested and outstanding as of July 31, 2023	10,606,127	$	3.62

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The classification of share-based compensation for the three and six months ended July 31, 2023 and 2022, respectively, presented within each line item of the condensed consolidated statements of operations is as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Technology	$	1.8	$	1.6	$	3.7	$	2.8
Marketing	—		0.1		0.1		0.3
General and administrative	5.6		5.2		12.4		9.3
Total share-based compensation	$	7.4	$	6.9	$	16.2	$	12.4

Long-Term Debt

6 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Summary

The following table summarizes the Company’s long-term debt outstanding as of July 31, 2023 and January 31, 2023:


	July 31,		January 31,
	2023		2023

Temasek Facility principal outstanding	$	271.6	$	271.6
Add: payment-in-kind interest	32.5		17.8
Less: unamortized debt discount	(13.5)		(16.9)
Temasek Facility, net	290.6		272.5
Less: current portion of long-term debt	—		—
Total noncurrent long-term debt	$	290.6	$	272.5

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.

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 Company’s senior secured term loan with Ares Corporate Opportunities Fund V, L.P. 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 “2021 Temasek Facility Amendment”). The Temasek Facility as amended by the 2021 Temasek Facility Amendment is referred to as the “2021 Amended Temasek Facility”. This transaction was accounted for as a debt modification. The terms of the 2021 Temasek Facility Amendment provide for, among other things, (i) an extension of the maturity to October 2024, (ii) an outstanding principal under the 2021 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 2021 Temasek Facility Amendment, the Company paid down an additional $30.0 million of the outstanding principal of the 2021 Amended Temasek Facility, for a total of $60.0 million principal paydown on the Temasek Facility and 2021 Amended Temasek Facility.

The effective interest rate for the Temasek Facility for the period from the date of issuance through the date of the 2021 Temasek Facility Amendment was 15.95%. The debt discount associated with the Initial Temasek Commitments was fully accreted when the Company entered into the 2021 Temasek Facility Amendment.

In October 2021, in connection with the 2021 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 2021 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 2021 Amended Temasek Facility. These amounts are being accreted to the principal amount of the 2021 Amended Temasek Facility through the recognition of noncash interest expense.

In January 2023, the Company entered into an amendment to the 2021 Amended Temasek Facility (“2022 Temasek Facility Amendment”). The 2021 Amended Temasek Facility as further amended by the 2022 Temasek Facility Amendment is referred to as the “2022 Amended Temasek Facility”. This transaction was accounted for as a debt modification. The terms of the amendment provide for, (i) an extension of the maturity to October 2026, (ii) a reduction of the cash portion of the interest rate to 2% per year through July 2024, increasing to 5% thereafter for the duration of the 2022 Amended Temasek Facility, and (iii) a 1% increase in the total interest rate in February 2024 from 12% to 13% and annual rate increases of 1% thereafter for the duration of the 2022 Amended Temasek Facility. In connection with the 2022 Temasek Facility Amendment, the Company granted a warrant to purchase up to 2 million shares of the Company’s Class A common stock at an exercise price of $5.00 per share. The warrant will expire on January 31, 2030. The effective interest rate for the 2021 Amended Temasek Facility for the period from the date of issuance through the date of the 2022 Amended Temasek Facility was 14.29%. The effective interest rate for the 2022 Amended Temasek Facility as of January 31, 2023 was 15.15%.

In January 2023, in connection with the 2022 Amended Temasek Facility, the Company recorded a debt discount of $6.9 million related to the allocation of proceeds to warrants issued. These amounts are being accreted to the principal amount of the 2022 Amended Temasek Facility through the recognition of noncash interest expense.

The 2022 Amended Temasek Facility did not change the covenants under the 2021 Amended Temasek Facility, which require 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 2022 Amended Temasek Facility includes a minimum liquidity maintenance covenant of $50.0 million. The 2022 Amended Temasek Facility also contains various events of default, including failure to comply with the minimum liquidity maintenance covenant, the occurrence of which could result in the acceleration of obligations for the Company.

The Company determined that all of the embedded features of the Temasek Facility, 2021 Amended Temasek Facility, and 2022 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.

Covenants

The Company was in compliance with all applicable financial and nonfinancial covenants as of July 31, 2023.

- 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

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-Section 50
-Paragraph 1B
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023 was $1.0 million and $0.9 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.

+ References

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+ Details

Share-based Compensation Plans - Classification of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 7.4	$ 6.9	$ 16.2	$ 12.4
Technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1.8	1.6	3.7	2.8
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0.0	0.1	0.1	0.3
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5.6	$ 5.2	$ 12.4	$ 9.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Narrative (Details) $ in Millions	Jul. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 284.3

Business	6 Months Ended
Business	Jul. 31, 2023
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 thousands of styles by hundreds of 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.

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Jul. 31, 2023

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 July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Numerator:
Net loss attributable to common stockholders	$	(26.8)	$	(33.9)	$	(56.9)	$	(76.4)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	67,608,274		64,074,681		66,751,529		63,758,256
Net loss per share attributable to common stockholders, basic and diluted	$	(0.40)	$	(0.53)	$	(0.85)	$	(1.20)


	Six Months Ended July 31,
	2023	2022
Stock options	1,076,666	8,893,048
Common stock warrants	2,631,583	631,583
RSUs	10,606,127	6,099,481
Total	14,314,376	15,624,112

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2023	Jan. 31, 2023
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)	65,361,755	61,956,536
Common stock, shares, outstanding (in shares)	65,361,755	61,956,536
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)	3,085,148	3,066,251
Common stock, shares, outstanding (in shares)	3,085,148	3,066,251

Leases - Lessee Accounting - Narrative (Details) $ in Millions	6 Months Ended
	Jul. 31, 2022 USD ($) floor
Leases [Abstract]
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	$ 1.9

Rental Product, Net (Tables)

6 Months Ended

Jul. 31, 2023

Rental Product [Abstract]

Rental Product Breakdown

Rental product, net consisted of the following:


	July 31,		January 31,
	2023		2023

Apparel	$	161.7	$	156.7
Accessories	6.3		5.9
	168.0		162.6
Less: accumulated depreciation	(80.0)		(83.9)
Rental product, net	$	88.0	$	78.7

Stockholders' Equity

6 Months Ended

Jul. 31, 2023

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 July 31, 2023.

Warrants

As of July 31, 2023 and January 31, 2023, the Company had the following outstanding warrants:


	July 31, 2023
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		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
Double Helix (Temasek)	Jan-23	2,000,000	Common	5.00		6.9
		2,631,583				$	13.4

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 six months ended July 31, 2022. See Note 6 - Long-Term Debt for details of the warrants issued to Temasek in January 2023.


	January 31, 2023
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		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
Double Helix (Temasek)	Jan-23	2,000,000	Common	5.00		6.9
		2,631,583				$	13.4

As of July 31, 2023 and January 31, 2023, 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.

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 the U.S. Treasury yield curves.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and Contingencies (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Cash-Collateralized Standby Letters of Credit
Line of Credit Facility [Line Items]
Restricted cash	$ 10.0	$ 9.1

Share-based Compensation Plans - RSU Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jul. 31, 2023 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) \| shares	5,976,121
Granted (in shares) \| shares	8,452,575
Vested/Released (in shares) \| shares	(3,424,116)
Forfeited (in shares) \| shares	(398,453)
Unvested and outstanding, ending balance (in shares) \| shares	10,606,127
Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding, beginning balance (in usd per share) \| $ / shares	$ 5.64
Granted (in usd per share) \| $ / shares	2.78
Vested/Released (in usd per share) \| $ / shares	4.63
Forfeited (in usd per share) \| $ / shares	4.72
Unvested and outstanding, ending balance (in usd per share) \| $ / shares	$ 3.62

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 31, 2023

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	%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Current assets:
Cash and cash equivalents	$ 123.7	$ 154.5
Restricted cash, current	4.2	3.1
Prepaid expenses and other current assets	9.6	14.5
Total current assets	137.5	172.1
Restricted cash	5.8	6.0
Rental product, net	88.0	78.7
Fixed assets, net	40.0	44.7
Intangible assets, net	3.9	4.1
Operating lease right-of-use assets	25.3	26.7
Other assets	3.9	3.9
Total assets	304.4	336.2
Current liabilities:
Accounts payable	10.2	12.4
Accrued expenses and other current liabilities	21.1	24.4
Deferred revenue	10.8	12.0
Customer credit liabilities	6.5	6.8
Operating lease liabilities	4.6	4.4
Total current liabilities	53.2	60.0
Long-term debt, net	290.6	272.5
Operating lease liabilities	35.9	38.3
Other liabilities	0.7	0.7
Total liabilities	380.4	371.5
Commitments and Contingencies (Note 13)
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of July 31, 2023 and January 31, 2023; 0 shares issued and outstanding as of July 31, 2023 and January 31, 2023	0.0	0.0
Additional paid-in capital	920.7	904.5
Accumulated deficit	(996.8)	(939.9)
Total stockholders’ equity (deficit)	(76.0)	(35.3)
Total liabilities and stockholders’ equity (deficit)	304.4	336.2
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

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Equity Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	2,631,583	2,631,583
Fair Value at Issuance	$ 13.4	$ 13.4
TriplePoint Equity-Classified Common Stock Warrants Issued Nov 2016
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	82,891	82,891
Exercise Price (usd per warrant)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.3	$ 0.3
TriplePoint Equity-Classified Common Stock Warrants Issued Jun 2017
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	18,236	18,236
Exercise Price (usd per warrant)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Sep 2017
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	14,920	14,920
Exercise Price (usd per warrant)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Jan 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	16,578	16,578
Exercise Price (usd per warrant)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Apr 2018
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	16,578	16,578
Exercise Price (usd per warrant)	$ 7.54	$ 7.54
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint Equity-Classified Common Stock Warrants Issued Nov 2015
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	35,215	35,215
Exercise Price (usd per warrant)	$ 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 (in shares)	28,172	28,172
Exercise Price (usd per warrant)	$ 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 (in shares)	24,650	24,650
Exercise Price (usd per warrant)	$ 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 (in shares)	394,343	394,343
Exercise Price (usd per warrant)	$ 21.00	$ 21.00
Fair Value at Issuance	$ 5.3	$ 5.3
Double Helix Temasek Equity-Classified Common Stock Warrants Two Issued January 2023
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	2,000,000	2,000,000
Exercise Price (usd per warrant)	$ 5.00	$ 5.00
Fair Value at Issuance	$ 6.9	$ 6.9

Long-Term Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2023	Oct. 31, 2021	Oct. 27, 2021	Mar. 31, 2020	Nov. 30, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Liquidity maintenance covenant	$ 50.0
Initial Temasek Committment \| Term Loan
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 (in percent)						15.00%
Subsequent Temasek Commitment \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount				$ 30.0
Debt instrument, additional borrowing capacity					$ 30.0
Interest rate, cash (in percent)					13.00%
Repayments of long-term debt		$ 30.0
Temasek Facility Amendment \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 271.6
Interest rate, paid in kind (in percent)		5.00%
Repayments of long-term debt		$ 30.0
Amended interest rate (in percent)	13.00%	12.00%
Effective interest rate (in percent)	15.15%
Debt discount	$ 6.9	$ 15.3
Closing fees paid		0.2
Allocation of proceeds to warrants issued		5.3
Extension of term warrants		1.0
Amendment fee		8.8
Initial Temasek Facility and Amended Temasek Facility \| Term Loan
Debt Instrument [Line Items]
Repayments of long-term debt		$ 60.0
Temasek Term Loan \| Term Loan
Debt Instrument [Line Items]
Effective interest rate (in percent)			15.95%
Temasek Facility Amendment Two \| Term Loan
Debt Instrument [Line Items]
Effective interest rate (in percent)	14.29%
Stated interest rate through 2024 (in percent)	2.00%
Interest rate after July 2024 (in percent)	5.00%
Increase (decrease) in interest rate (percent)	1.00%
Number of securities called by warrant (in shares)	2
Exercise price of common stock warrants (in usd per share)	$ 5.00

Summary of Significant Accounting Policies

6 Months Ended

Jul. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Fiscal Year

The Company operates on a fiscal calendar ending January 31. All references to fiscal year 2022 reflect the results of the 12-month period ended January 31, 2023. All references to fiscal year 2023 reflect the results of the 12-month period ending January 31, 2024.

Segment Information

Use of Estimates

Concentrations of Credit Risks

No single customer accounted for more than 5% of the Company’s revenue during the three or six months ended July 31, 2023 and 2022.

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.

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 and Exclusive Design wholesale 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 immaterial and $4.0 million as of July 31, 2023 and January 31, 2023, respectively. The allowance for doubtful accounts was immaterial as of January 31, 2023. As of January 31, 2023, 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.


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

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

Revenue Recognition

Subscription and Reserve Rental Revenue

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 July 31, 2023 and January 31, 2023.

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

Financial Instruments – Credit Losses

Recently Issued Accounting Pronouncements

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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
OPERATING ACTIVITIES
Net loss	$ (56.9)	$ (76.4)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Rental product depreciation and write-offs	19.9	24.1
Write-off of rental product sold	5.0	3.0
Other depreciation and amortization	7.5	8.7
(Gain) / loss from lease termination and write-off of fixed assets	0.1	1.9
Proceeds from rental product sold	(10.8)	(8.8)
(Gain) / loss from liquidation of rental product	(0.4)	(0.2)
Accrual of paid-in-kind interest	14.7	7.0
Amortization of debt discount	3.4	2.0
Share-based compensation expense	16.2	12.4
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4.9	0.9
Operating lease right-of-use assets	1.4	3.2
Other assets	0.0	(0.1)
Accounts payable, accrued expenses and other current liabilities	(5.0)	(5.3)
Deferred revenue and customer credit liabilities	(1.5)	1.3
Operating lease liabilities	(2.2)	(6.8)
Other liabilities	(0.4)	0.1
Net cash (used in) provided by operating activities	(4.1)	(33.0)
INVESTING ACTIVITIES
Purchases of rental product	(36.3)	(27.6)
Proceeds from liquidation of rental product	2.2	2.6
Proceeds from sale of rental product	10.8	8.8
Purchases of fixed and intangible assets	(2.2)	(4.6)
Net cash (used in) provided by investing activities	(25.5)	(20.8)
FINANCING ACTIVITIES
Other financing payments	(0.3)	(3.1)
Net cash (used in) provided by financing activities	(0.3)	(3.1)
Net (decrease) increase in cash and cash equivalents and restricted cash	(29.9)	(56.9)
Cash and cash equivalents and restricted cash at beginning of period	163.6	259.6
Cash and cash equivalents and restricted cash at end of period	133.7	202.7
Reconciliation of Cash and Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	123.7	192.3
Restricted cash, current	4.2	4.6
Restricted cash, noncurrent	5.8	5.8
Total cash and cash equivalents and restricted cash	133.7	202.7
Cash payments (receipts) for:
Fixed operating lease payments, net	5.7	7.3
Fixed assets and intangibles received in the prior period	0.1	0.8
Rental product received in the prior period	5.4	6.5
Non-cash financing and investing activities:
Financing lease right-of-use asset amortization	0.3	0.2
ROU assets obtained in exchange for lease liabilities	0.0	0.4
Purchases of fixed assets and intangibles not yet settled	0.1	1.5
Purchases of rental product not yet settled	$ 5.0	$ 8.9

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jul. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of July 31, 2023 and January 31, 2023, 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 Company’s condensed consolidated balance sheet. Refer to Note 6 — 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 July 31, 2023, the estimated fair value of the Company’s long-term debt was $284.3 million.

- Definition

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

+ References + Details

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jul. 31, 2023	Jul. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 9, 2023, each of Siddharth Thacker, Chief Financial Officer and Andrew Rau, Senior Vice President, Supply Chain & Inventory, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act solely for the sale of the appropriate number of shares of the Company’s Class A common stock needed to satisfy minimum required federal, state, local, and foreign income and/or employment taxes in connection with the vesting of restricted stock units. These arrangements do not have termination dates.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Rau [Member]
Trading Arrangements, by Individual
Name	Andrew Rau
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 9, 2023
Siddharth Thacker [Member]
Trading Arrangements, by Individual
Name	Siddharth Thacker
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 9, 2023

Leases - Lessee Accounting

6 Months Ended

Jul. 31, 2023

Leases [Abstract]

Leases - Lessee Accounting

Leases - Lessee AccountingDuring the six months ended July 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 in the six months ended July 31, 2022.

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 July 31, 2023:


	Operating		Financing
Fiscal year:
2023	$	5.3	$	0.4
2024	9.5		0.6
2025	8.2		0.3
2026	8.1		0.1
2027	7.9		0.1
Thereafter	34.8		0.5
Total minimum lease payments	73.8		2.0
Imputed interest	(33.3)		(0.6)
Lease liabilities as of July 31, 2023	$	40.5	$	1.4

Leases - Lessee Accounting

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 July 31, 2023:


	Operating		Financing
Fiscal year:
2023	$	5.3	$	0.4
2024	9.5		0.6
2025	8.2		0.3
2026	8.1		0.1
2027	7.9		0.1
Thereafter	34.8		0.5
Total minimum lease payments	73.8		2.0
Imputed interest	(33.3)		(0.6)
Lease liabilities as of July 31, 2023	$	40.5	$	1.4

Stockholders' Equity (Tables)

6 Months Ended

Jul. 31, 2023

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of July 31, 2023 and January 31, 2023, the Company had the following outstanding warrants:


	July 31, 2023
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		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
Double Helix (Temasek)	Jan-23	2,000,000	Common	5.00		6.9
		2,631,583				$	13.4


	January 31, 2023
Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		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
Double Helix (Temasek)	Jan-23	2,000,000	Common	5.00		6.9
		2,631,583				$	13.4

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to common stockholders	$ (26.8)	$ (33.9)	$ (56.9)	$ (76.4)

- Definition

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

+ References

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2023	Sep. 01, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2023
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	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	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		65,858,662
Common Class B
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		3,091,873

Rental Product, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Rental Product [Abstract]
Depreciation and write-offs, rental product and rental product sold	$ 12.8	$ 13.5	$ 24.9	$ 27.1

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Payables and Accruals [Abstract]
Accrued operating and general expenses	$ 8.2	$ 6.0
Revenue share payable	4.8	5.3
Accrued payroll related expenses	3.8	4.7
Sales and other taxes	2.3	2.7
Accrued interest	1.5	5.1
Gift card liability	0.5	0.6
Accrued expenses and other current liabilities	$ 21.1	$ 24.4

Liquidity (Details) - USD ($) $ in Millions	1 Months Ended
Liquidity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Liquidity [Abstract]
Annual operating expense savings	$ 25.0
Cash and cash equivalents		$ 123.7	$ 154.5	$ 192.3
Long-term debt		290.6	$ 272.5
Liquidity covenant		$ 50.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Revenue:
Subscription and Reserve rental revenue	$ 68.0	$ 70.0	$ 134.8	$ 131.4
Other revenue	7.7	6.5	15.1	12.2
Total revenue, net	75.7	76.5	149.9	143.6
Costs and expenses:
Fulfillment	22.5	23.4	44.4	46.3
Technology	12.9	14.9	26.0	28.5
Marketing	8.2	9.0	17.5	17.7
General and administrative	25.9	29.6	52.4	58.8
Rental product depreciation and revenue share	20.0	20.7	40.9	42.4
Other depreciation and amortization	3.7	4.5	7.5	8.7
Total costs and expenses	93.2	102.1	188.7	202.4
Operating loss	(17.5)	(25.6)	(38.8)	(58.8)
Interest income / (expense), net	(9.5)	(9.6)	(18.3)	(18.9)
Other income / (expense), net	0.1	1.3	0.1	1.3
Net loss before income tax benefit / (expense)	(26.9)	(33.9)	(57.0)	(76.4)
Income tax benefit / (expense)	0.1	0.0	0.1	0.0
Net loss	$ (26.8)	$ (33.9)	$ (56.9)	$ (76.4)
Net loss per share attributable to common stockholders, basic (usd per share)	$ (0.40)	$ (0.53)	$ (0.85)	$ (1.20)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.40)	$ (0.53)	$ (0.85)	$ (1.20)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	67,608,274	64,074,681	66,751,529	63,758,256
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	67,608,274	64,074,681	66,751,529	63,758,256

Rental Product, Net

6 Months Ended

Jul. 31, 2023

Rental Product [Abstract]

Rental Product, Net

Rental product, net consisted of the following:


	July 31,		January 31,
	2023		2023

Apparel	$	161.7	$	156.7
Accessories	6.3		5.9
	168.0		162.6
Less: accumulated depreciation	(80.0)		(83.9)
Rental product, net	$	88.0	$	78.7

Depreciation and write-offs related to rental product, including write-offs of rental products sold, was $12.8 million and $13.5 million for the three months ended July 31, 2023 and 2022, respectively, and $24.9 million and $27.1 million for the six months ended July 31, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2023 USD ($) segment	Jul. 31, 2022 USD ($)	Jan. 31, 2023 USD ($) partner
Accounting Policies [Line Items]
Number of reportable segments \| segment			1
Number of operating segments \| segment			1
Accounts receivable, net	$ 0		$ 0		$ 4,000,000.0
Allowance for doubtful accounts					$ 0
Number of third party partners \| partner					1
Rental product held-for-sale	3,100,000		3,100,000		$ 3,000,000
Accelerated depreciation	1,100,000	$ 2,100,000	2,000,000	$ 3,400,000
Proceeds from sale of rental product			10,800,000	8,800,000
Customer credits and refunds, including opening balance	$ 400,000	$ 500,000	$ 1,000,000	$ 1,300,000
Time for order placement (in months)	4 months		4 months
Minimum
Accounting Policies [Line Items]
Rental period (in days)	4 years		4 years
Maximum
Accounting Policies [Line Items]
Rental period (in days)	8 days		8 days
Apparel and accessories \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage (in percent)	10.00%	8.00%	10.00%	8.00%

Leases - Lessee Accounting (Tables)

6 Months Ended

Jul. 31, 2023

Leases [Abstract]

Lessee Lease Obligations - Operating Lease

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 July 31, 2023:


	Operating		Financing
Fiscal year:
2023	$	5.3	$	0.4
2024	9.5		0.6
2025	8.2		0.3
2026	8.1		0.1
2027	7.9		0.1
Thereafter	34.8		0.5
Total minimum lease payments	73.8		2.0
Imputed interest	(33.3)		(0.6)
Lease liabilities as of July 31, 2023	$	40.5	$	1.4

Lessee Lease Obligations - Finance Lease

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 July 31, 2023:


	Operating		Financing
Fiscal year:
2023	$	5.3	$	0.4
2024	9.5		0.6
2025	8.2		0.3
2026	8.1		0.1
2027	7.9		0.1
Thereafter	34.8		0.5
Total minimum lease payments	73.8		2.0
Imputed interest	(33.3)		(0.6)
Lease liabilities as of July 31, 2023	$	40.5	$	1.4

Rental Product, Net - Rental Product Breakdown (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Rental Product [Line Items]
Rental product, gross	$ 168.0	$ 162.6
Less: accumulated depreciation	(80.0)	(83.9)
Rental product, net	88.0	78.7
Apparel
Rental Product [Line Items]
Rental product, gross	161.7	156.7
Accessories
Rental Product [Line Items]
Rental product, gross	$ 6.3	$ 5.9

Long-Term Debt (Tables)

6 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Schedule of Line of Credit and Long-Term Debt Outstanding

The following table summarizes the Company’s long-term debt outstanding as of July 31, 2023 and January 31, 2023:


	July 31,		January 31,
	2023		2023

Temasek Facility principal outstanding	$	271.6	$	271.6
Add: payment-in-kind interest	32.5		17.8
Less: unamortized debt discount	(13.5)		(16.9)
Temasek Facility, net	290.6		272.5
Less: current portion of long-term debt	—		—
Total noncurrent long-term debt	$	290.6	$	272.5

- Definition

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

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+ Details

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		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (26.8)	$ (33.9)	$ (56.9)	$ (76.4)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	67,608,274	64,074,681	66,751,529	63,758,256
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	67,608,274	64,074,681	66,751,529	63,758,256
Net loss per share attributable to common stockholders, basic (usd per share)	$ (0.40)	$ (0.53)	$ (0.85)	$ (1.20)
Net loss per share attributable to common stockholders, diluted (usd per share)	$ (0.40)	$ (0.53)	$ (0.85)	$ (1.20)

- 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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- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1.0	$ 0.9

Share-based Compensation Plans

6 Months Ended

Jul. 31, 2023

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 year ended January 31, 2023 and six months ended July 31, 2023 have a shorter vesting period of one to two years. As of July 31, 2023, there were 6,154,811 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. There were no stock options granted during the year ended January 31, 2023 or the six months ended July 31, 2023.

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, 2023	8,060,647	$	7.33	6.37	$	0.4
Granted	—	—
Exercised	—	—
Forfeited	(6,983,981)	7.19
Balances as of July 31, 2023	1,076,666	$	8.19	5.70	$	—
Exercisable as of July 31, 2023	937,558	$	8.04	5.58	$	—

As of July 31, 2023, there was $0.7 million of unrecognized compensation cost related to stock options granted that is expected to be recognized over a weighted average period of 2 years.

During the three and six months ended July 31, 2023, the Company completed an option exchange designed to incentivize and retain employees, directors and other service providers by providing the ability to exchange outstanding stock options for RSUs representing the right to receive Class A common stock. Stock options relating to 6,627,411 shares of Class A and Class B common stock were forfeited in exchange for 2,650,930 RSUs which generally vest over two years. The Company will recognize $0.8 million of incremental stock compensation expense from the RSUs granted as a result of the option exchange which will be recognized over the two years vesting period. 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, 2023	5,976,121	$	5.64
Granted	8,452,575	2.78
Vested/Released	(3,424,116)	4.63
Forfeited	(398,453)	4.72
Unvested and outstanding as of July 31, 2023	10,606,127	$	3.62

As of July 31, 2023, there was $22.0 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 1.7 years. Of the total unrecognized compensation cost, $3.6 million related to RSUs granted as a result of the option exchange.

Share-Based Compensation Summary


	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Technology	$	1.8	$	1.6	$	3.7	$	2.8
Marketing	—		0.1		0.1		0.3
General and administrative	5.6		5.2		12.4		9.3
Total share-based compensation	$	7.4	$	6.9	$	16.2	$	12.4

The Company recognized $0.5 million and $2.4 million of incremental share-based compensation expense in General and administrative expenses during the three and six months ended July 31, 2023, respectively, due to equity award modifications related to the transition of the Chief Financial Officer role.

The Company recognized $0.1 million of incremental share-based compensation expense during the three and six months ended July 31, 2023 as a result of the option exchange discussed above.

Summary of Significant Accounting Policies - Estimated Useful Lives and Salvage Values (Details)	3 Months Ended
	Jul. 31, 2023
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%

Share-based Compensation Plans - Stock Option Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jul. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) $ / shares shares
Weighted Average Exercise Price
Balances, Beginning (in usd per share) \| $ / shares	$ 7.33
Granted (in usd per share) \| $ / shares	0
Exercised (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	7.19
Balances, Ending (in usd per share) \| $ / shares	8.19	$ 7.33
Exercisable (in usd per share) \| $ / shares	$ 8.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Outstanding (in years)	5 years 8 months 12 days	6 years 4 months 13 days
Aggregate Intrinsic Value \| $	$ 0.0	$ 0.4
Exercisable, Weighted Average Remaining Contract Term (in years)	5 years 6 months 29 days
Exercisable, Aggregate Intrinsic Value \| $	$ 0.0
2019 Plan
Number of Shares
Balances Beginning (shares) \| shares	8,060,647
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(6,983,981)
Balances, Ending (in shares) \| shares	1,076,666	8,060,647
Exercisable (in shares) \| shares	937,558

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023 of $10.0 million and $9.1 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. 22-cv-6935. The complaint alleges that the defendants violated Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”), by making allegedly materially misleading statements, and by omitting material facts necessary to make the statements made therein not misleading concerning, inter alia, the Company’s growth at the time of the IPO. The lawsuit seeks, among other things, compensatory damages, an award of attorneys’ fees and costs and such other relief as deemed just and proper by the court. On June 8, 2023, the court appointed Delaware Public Employees’ Retirement System and Denver Employees Retirement Plan as lead plaintiffs. On August 21, 2023, lead plaintiffs filed an amended complaint against the Company, certain of its officers and directors, and the underwriters of its IPO. The amended complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act by allegedly making certain false and misleading statements, and by omitting material facts necessary to make the statements made therein not misleading, concerning, among other things, the Company’s growth prospects and fulfillment costs at the time of the IPO. The lawsuit seeks an award of damages, attorney’s fees and costs, and such other relief as the court deems just and proper. The Company intends to vigorously defend itself against these claims. The Company believes it has meritorious defenses to the claims asserted in the amended complaint and any liability for such claims is not currently probable and the potential loss or range of loss is not reasonably estimable.

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
Debt Instrument [Line Items]
Temasek Facility, net	$ 290.6	$ 272.5
Less: current portion of long-term debt	0.0	0.0
Total noncurrent long-term debt	290.6	272.5
Temasek Term Loan
Debt Instrument [Line Items]
Temasek Facility, net	290.6	272.5
Term Loan \| Temasek Term Loan
Debt Instrument [Line Items]
Temasek Facility principal outstanding	271.6	271.6
Add: payment-in-kind interest	32.5	17.8
Less: unamortized debt discount	$ (13.5)	$ (16.9)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jul. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	July 31,		January 31,
	2023		2023
Accrued operating and general expenses	$	8.2	$	6.0
Revenue share payable	4.8		5.3
Accrued payroll related expenses	3.8		4.7
Sales and other taxes	2.3		2.7
Accrued interest	1.5		5.1
Gift card liability	0.5		0.6
Accrued expenses and other current liabilities	$	21.1	$	24.4

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	July 31,		January 31,
	2023		2023
Accrued operating and general expenses	$	8.2	$	6.0
Revenue share payable	4.8		5.3
Accrued payroll related expenses	3.8		4.7
Sales and other taxes	2.3		2.7
Accrued interest	1.5		5.1
Gift card liability	0.5		0.6
Accrued expenses and other current liabilities	$	21.1	$	24.4

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jul. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	July 31,		January 31,
	2023		2023
Accrued operating and general expenses	$	8.2	$	6.0
Revenue share payable	4.8		5.3
Accrued payroll related expenses	3.8		4.7
Sales and other taxes	2.3		2.7
Accrued interest	1.5		5.1
Gift card liability	0.5		0.6
Accrued expenses and other current liabilities	$	21.1	$	24.4

Leases - Lessee Accounting - Maturities of Operating and Financing Lease Obligations (Details) $ in Millions	Jul. 31, 2023 USD ($)
Operating
2023	$ 5.3
2024	9.5
2025	8.2
2026	8.1
2027	7.9
Thereafter	34.8
Total minimum lease payments	73.8
Imputed interest	(33.3)
Lease liabilities as of July 31, 2023	40.5
Financing
2023	0.4
2024	0.6
2025	0.3
2026	0.1
2027	0.1
Thereafter	0.5
Total minimum lease payments	2.0
Imputed interest	(0.6)
Lease liabilities as of July 31, 2023	$ 1.4

Share-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2023	Jan. 31, 2022	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option modification, incremental compensation expense	$ 0.1	$ 0.1
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option modification, incremental compensation expense	$ 0.5	$ 2.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost period for recognition (in years)		2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	2 years	2 years
Unrecognized compensation cost period for recognition (in years)		1 year 8 months 12 days
Granted (in shares)		8,452,575
Unrecorded compensation expense	$ 22.0	$ 22.0
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.7	$ 0.7
Forfeited (in shares)		6,983,981
2019 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period (in years)				10 years
Award vesting period (in years)				4 years
2019 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	6,154,811	6,154,811
2021 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
2021 Plan \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year	1 year
2021 Plan \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
Option Exchange Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.8	$ 0.8
Forfeited (in shares)	6,627,411	6,627,411
Granted (in shares)	2,650,930	2,650,930
Option Exchange Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecorded compensation expense	$ 3.6	$ 3.6