$RENT
Rent the Runway, Inc.

2021 Q4 Form 10-Q Financial Statement

#000146832721000013 Filed on December 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q1
Revenue $59.00M $46.70M $33.50M
YoY Change 66.2% 61.59% -54.61%
Cost Of Revenue $19.20M $13.50M
YoY Change 74.55%
Gross Profit $39.80M $33.20M
YoY Change 62.45%
Gross Profit Margin 67.46% 71.09%
Selling, General & Admin $46.60M $26.40M $18.90M
YoY Change 141.45% 34.69% -45.85%
% of Gross Profit 117.09% 79.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.30M $31.20M $19.00M
YoY Change -71.64% -25.89% -44.12%
% of Gross Profit 43.47% 93.98%
Operating Expenses $46.60M $70.20M $63.30M
YoY Change 141.45% 12.32% -44.28%
Operating Profit -$44.20M -$23.50M
YoY Change 38.13%
Interest Expense -$14.30M -$14.90M -$14.40M
YoY Change 21.19% 29.57% 89.47%
% of Operating Profit
Other Income/Expense, Net $0.00 -$4.100M $5.400M
YoY Change -100.0% -2150.0%
Pretax Income -$88.10M -$42.50M -$38.80M
YoY Change 98.87% -5.35% -18.14%
Income Tax -$300.0K -$100.0K $0.00
% Of Pretax Income
Net Earnings -$87.80M -$42.40M -$38.80M
YoY Change 98.19% -5.57% -17.8%
Net Earnings / Revenue -148.81% -90.79% -115.82%
Basic Earnings Per Share -$6.72 -$3.75
Diluted Earnings Per Share -$6.72 -$674.4K -$617.2K
COMMON SHARES
Basic Shares Outstanding 13.06M shares 11.30M shares
Diluted Shares Outstanding 13.06M shares 11.30M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $278.7M $104.0M
YoY Change
Cash & Equivalents $278.7M $104.0M $95.30M
Short-Term Investments
Other Short-Term Assets $11.00M $7.000M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $289.7M $111.0M $103.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $57.50M $170.5M $64.70M
YoY Change
Goodwill
YoY Change
Intangibles $6.800M $7.800M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.400M $14.50M $1.800M
YoY Change
Total Long-Term Assets $188.7M $191.9M $217.3M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $289.7M $111.0M $103.4M
Total Long-Term Assets $188.7M $191.9M $217.3M
Total Assets $478.4M $302.9M $320.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $13.40M $7.200M
YoY Change
Accrued Expenses $20.10M $16.30M
YoY Change
Deferred Revenue $600.0K $700.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $800.0K $900.0K
YoY Change
Total Short-Term Liabilities $69.40M $48.50M $40.60M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $256.4M $381.8M $355.1M
YoY Change
Other Long-Term Liabilities $400.0K $68.50M $300.0K
YoY Change
Total Long-Term Liabilities $256.8M $450.3M $355.4M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $69.40M $48.50M $40.60M
Total Long-Term Liabilities $256.8M $450.3M $355.4M
Total Liabilities $373.5M $498.8M $459.3M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$761.9M -$589.4M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $104.9M -$605.2M -$526.7M
YoY Change
Total Liabilities & Shareholders Equity $478.4M $302.9M $320.7M
YoY Change

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income -$87.80M -$42.40M -$38.80M
YoY Change 98.19% -5.57% -17.8%
Depreciation, Depletion And Amortization $17.30M $31.20M $19.00M
YoY Change -71.64% -25.89% -44.12%
Cash From Operating Activities -$10.80M -$12.70M -$8.900M
YoY Change -68.14% -51.34%
INVESTING ACTIVITIES
Capital Expenditures -$10.80M -$12.40M -$10.10M
YoY Change -84.26% -122.06%
Acquisitions
YoY Change
Other Investing Activities $4.800M $9.000M $5.000M
YoY Change -68.63% -15.09%
Cash From Investing Activities -$6.000M -$3.400M -$5.100M
YoY Change -88.74% -92.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 193.3M 22.40M 200.0K
YoY Change 14.85% -80.67%
NET CHANGE
Cash From Operating Activities -10.80M -12.70M -8.900M
Cash From Investing Activities -6.000M -3.400M -5.100M
Cash From Financing Activities 193.3M 22.40M 200.0K
Net Change In Cash 176.5M 6.300M -13.80M
YoY Change 117.63% -85.75%
FREE CASH FLOW
Cash From Operating Activities -$10.80M -$12.70M -$8.900M
Capital Expenditures -$10.80M -$12.40M -$10.10M
Free Cash Flow $0.00 -$300.0K $1.200M
YoY Change -100.0% -99.64%

Facts In Submission

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RENT THE RUNWAY, INC.
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StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
409400000 USD
CY2021Q4 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1200000 USD
CY2021Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
327100000 USD
CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
6400000 USD
CY2021Q4 wdq Adjustments To Additional Paid In Capital Warrant Exercised
AdjustmentsToAdditionalPaidInCapitalWarrantExercised
35500000 USD
CY2021Q4 wdq Adjustments To Additional Paid In Capital Warrants Reclassified
AdjustmentsToAdditionalPaidInCapitalWarrantsReclassified
1200000 USD
CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17100000 USD
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-87800000 USD
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
104900000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-448200000 USD
CY2020Q4 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
100000 USD
CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2500000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
-44300000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-489900000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-526700000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
409400000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
3100000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
327100000 USD
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
6400000 USD
wdq Adjustments To Additional Paid In Capital Warrant Exercised
AdjustmentsToAdditionalPaidInCapitalWarrantExercised
35500000 USD
wdq Adjustments To Additional Paid In Capital Warrants Reclassified
AdjustmentsToAdditionalPaidInCapitalWarrantsReclassified
1200000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
21400000 USD
us-gaap Net Income Loss
NetIncomeLoss
-172500000 USD
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
104900000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-364300000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
400000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6300000 USD
us-gaap Net Income Loss
NetIncomeLoss
-132300000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-489900000 USD
us-gaap Net Income Loss
NetIncomeLoss
-172500000 USD
us-gaap Net Income Loss
NetIncomeLoss
-132300000 USD
wdq Depreciation Expense And Write Off Rental Product
DepreciationExpenseAndWriteOffRentalProduct
33900000 USD
wdq Depreciation Expense And Write Off Rental Product
DepreciationExpenseAndWriteOffRentalProduct
43000000.0 USD
wdq Rental Product Write Off
RentalProductWriteOff
3700000 USD
wdq Rental Product Write Off
RentalProductWriteOff
11800000 USD
wdq Other Depreciation Amortization And Property Plant And Equipment Write Offs
OtherDepreciationAmortizationAndPropertyPlantAndEquipmentWriteOffs
14600000 USD
wdq Other Depreciation Amortization And Property Plant And Equipment Write Offs
OtherDepreciationAmortizationAndPropertyPlantAndEquipmentWriteOffs
18000000.0 USD
wdq Proceeds From Sale Of Productive Assets Operating Activities
ProceedsFromSaleOfProductiveAssetsOperatingActivities
9000000.0 USD
wdq Proceeds From Sale Of Productive Assets Operating Activities
ProceedsFromSaleOfProductiveAssetsOperatingActivities
14400000 USD
wdq Gain Loss On Liquidation Of Rental Product
GainLossOnLiquidationOfRentalProduct
800000 USD
wdq Gain Loss On Liquidation Of Rental Product
GainLossOnLiquidationOfRentalProduct
-600000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
35400000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
25700000 USD
wdq Paid In Kind Interest Settlement
PaidInKindInterestSettlement
-6300000 USD
wdq Paid In Kind Interest Settlement
PaidInKindInterestSettlement
0 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
4900000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3000000.0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12200000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
21400000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6300000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
24900000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
wdq Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
-700000 USD
wdq Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
-800000 USD
wdq Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
-2500000 USD
wdq Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
2100000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
2600000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1600000 USD
wdq Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Current
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesCurrent
13900000 USD
wdq Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Current
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesCurrent
300000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5100000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-6300000 USD
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4900000 USD
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
11500000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
800000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-400000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23500000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33900000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
17000000.0 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
48700000 USD
wdq Proceeds From Liquidation Of Rental Product
ProceedsFromLiquidationOfRentalProduct
4800000 USD
wdq Proceeds From Liquidation Of Rental Product
ProceedsFromLiquidationOfRentalProduct
900000 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
9000000.0 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
14400000 USD
wdq Payments To Acquire Property Plant And Equipment And Intangible Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndIntangibleAssets
6200000 USD
wdq Payments To Acquire Property Plant And Equipment And Intangible Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndIntangibleAssets
19900000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9400000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53300000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
331500000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
21200000 USD
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
60400000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3100000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
400000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15000000.0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
59000000.0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
155000000.0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
135000000.0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
200000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3400000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
4700000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
200000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
100000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
215700000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
168300000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
182800000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
81100000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109200000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41900000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292000000.0 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
123000000.0 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
278700000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109000000.0 USD
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
5600000 USD
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
3500000 USD
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
7700000 USD
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
10500000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292000000.0 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
123000000.0 USD
wdq Operating Lease Payments Reimbursements
OperatingLeasePaymentsReimbursements
12000000.0 USD
wdq Operating Lease Payments Reimbursements
OperatingLeasePaymentsReimbursements
-700000 USD
wdq Receipt Of Fixed Assets Prior Period
ReceiptOfFixedAssetsPriorPeriod
500000 USD
wdq Receipt Of Fixed Assets Prior Period
ReceiptOfFixedAssetsPriorPeriod
2100000 USD
wdq Receipt Of Rental Product Prior Period
ReceiptOfRentalProductPriorPeriod
3600000 USD
wdq Receipt Of Rental Product Prior Period
ReceiptOfRentalProductPriorPeriod
3700000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
200000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
700000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
wdq Right Of Use Asset Lease Liability Adjustment
RightOfUseAssetLeaseLiabilityAdjustment
100000 USD
wdq Right Of Use Asset Lease Liability Adjustment
RightOfUseAssetLeaseLiabilityAdjustment
5200000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
700000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
500000 USD
wdq Rental Product Expenditures Incurred But Not Yet Paid
RentalProductExpendituresIncurredButNotYetPaid
10400000 USD
wdq Rental Product Expenditures Incurred But Not Yet Paid
RentalProductExpendituresIncurredButNotYetPaid
6800000 USD
wdq Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
4400000 USD
wdq Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
us-gaap Nature Of Operations
NatureOfOperations
Business<div style="margin-top:6pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description of Business</span></div><div style="margin-top:6pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rent the Runway, Inc.’s (the “Company”) mission is to power women to feel their best every day. Launched in November 2009, the Company has built the world’s first and largest shared designer closet with approximately 19,000 styles by over 780 brand partners. The Company gives customers access to its “unlimited closet” through its subscription offering or the ability to rent a-la-carte through its reserve offering (“Reserve”). The Company’s corporate headquarters is located in Brooklyn, New York and the operational facilities are located in Secaucus, New Jersey, and Arlington, Texas. Its wholly-owned subsidiary, Rent the Runway Limited (the “Subsidiary”), is located in Galway, Ireland, and is focused on software development and support activities. </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021Q4 wdq Number Of Styles
NumberOfStyles
19000 style
CY2021Q4 wdq Number Of Brand Partners
NumberOfBrandPartners
780 style
us-gaap Fiscal Period
FiscalPeriod
Fiscal YearThe Company operates on a fiscal calendar ending January 31. All references to fiscal year 2020 reflect the results of the 12-month period ending January 31, 2021. All references to fiscal year 2021 reflect the results of the 12-month period ending January 31, 2022.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of October 31, 2021, the effects of the ongoing COVID-19 pandemic on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentrations of Credit Risks</span></div><div style="margin-top:6pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No single customer accounted for more than 5% of the Company’s revenue during the three or nine months ended October 31, 2021 and 2020.</span></div>
CY2021Q4 wdq Assets Held For Sale Rental Product
AssetsHeldForSaleRentalProduct
2700000 USD
CY2021Q1 wdq Assets Held For Sale Rental Product
AssetsHeldForSaleRentalProduct
6400000 USD
CY2021Q4 wdq Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
900000 USD
CY2020Q4 wdq Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
1600000 USD
wdq Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
3200000 USD
wdq Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
6600000 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
9000000 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
14400000 USD
CY2021Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
700000 USD
CY2020Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
800000 USD
wdq Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1600000 USD
wdq Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1000000 USD
CY2021Q4 wdq Operating Lease Lessor Time For Order Placement
OperatingLeaseLessorTimeForOrderPlacement
P4M
us-gaap Deferred Compensation Arrangement With Individual Requisite Service Period1
DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1
P4Y
us-gaap Insurance Recoveries
InsuranceRecoveries
4000000 USD
CY2021Q1 wdq Accumulated Depreciation Depletion And Amortization Rental Product
AccumulatedDepreciationDepletionAndAmortizationRentalProduct
95100000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
278700000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95300000 USD
CY2021Q4 wdq Rental Product Gross
RentalProductGross
173400000 USD
CY2021Q1 wdq Rental Product Gross
RentalProductGross
192700000 USD
CY2021Q4 wdq Accumulated Depreciation Depletion And Amortization Rental Product
AccumulatedDepreciationDepletionAndAmortizationRentalProduct
93500000 USD
CY2021Q4 wdq Rental Product Net
RentalProductNet
79900000 USD
CY2021Q1 wdq Rental Product Net
RentalProductNet
97600000 USD
CY2021Q4 wdq Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
13700000 USD
CY2020Q4 wdq Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
16800000 USD
wdq Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
37600000 USD
wdq Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
54800000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
256400000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
356000000.0 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
900000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
256400000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
355100000 USD
CY2021Q4 wdq Debt Instrument Covenant Terms Minimum Liquidity Maintenance
DebtInstrumentCovenantTermsMinimumLiquidityMaintenance
50000000.0 USD
CY2021Q4 wdq Revenue Share Payable
RevenueSharePayable
7100000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
700000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000 USD
CY2021Q1 wdq Revenue Share Payable
RevenueSharePayable
4300000 USD
CY2021Q4 wdq Accrued Operating And General Liabilities Current
AccruedOperatingAndGeneralLiabilitiesCurrent
9500000 USD
CY2021Q1 wdq Accrued Operating And General Liabilities Current
AccruedOperatingAndGeneralLiabilitiesCurrent
3800000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4600000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3400000 USD
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1900000 USD
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
1000000.0 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
900000 USD
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
600000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
700000 USD
CY2021Q4 wdq Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
23700000 USD
CY2021Q1 wdq Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
14100000 USD
CY2021 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
57600000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.76
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y5M12D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3700000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.93
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.35
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.37
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.28
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
96100000 USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.65
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y3M25D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
44300000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
-44300000 USD
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17100000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21400000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6300000 USD
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-87800000 USD
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11115005 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12018879 shares
us-gaap Net Income Loss
NetIncomeLoss
-172500000 USD
us-gaap Net Income Loss
NetIncomeLoss
-132300000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13063034 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13063034 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11115005 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12018879 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11130102 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11130102 shares
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.72
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.72
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.98
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-14.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-11.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-11.89
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13307672 shares
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13307672 shares
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40319624 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40319624 shares
CY2021Q4 us-gaap Other Commitment
OtherCommitment
5000000.0 USD
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 USD

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