2022 Q2 Form 10-Q Financial Statement
#000146832722000073 Filed on June 10, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q2 |
---|---|---|---|
Revenue | $67.10M | $64.10M | $33.50M |
YoY Change | 100.3% | 91.34% | -43.79% |
Cost Of Revenue | $22.90M | $8.800M | |
YoY Change | 160.23% | ||
Gross Profit | $44.20M | $24.70M | |
YoY Change | 78.95% | ||
Gross Profit Margin | 65.87% | 73.73% | |
Selling, General & Admin | $37.90M | $37.20M | $21.60M |
YoY Change | 75.46% | 96.83% | -24.21% |
% of Gross Profit | 85.75% | 87.45% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $16.50M | $16.60M | $21.70M |
YoY Change | -23.96% | -12.63% | -33.44% |
% of Gross Profit | 37.33% | 87.85% | |
Operating Expenses | $37.90M | $94.00M | $21.60M |
YoY Change | 75.46% | 48.5% | -77.19% |
Operating Profit | -$33.20M | -$28.30M | |
YoY Change | 17.31% | ||
Interest Expense | -$9.300M | -$9.300M | -$14.50M |
YoY Change | -35.86% | -35.42% | 62.92% |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | $0.00 | $500.0K |
YoY Change | -100.0% | -100.0% | -44.44% |
Pretax Income | -$42.50M | -$39.20M | -$42.30M |
YoY Change | 0.47% | 1.03% | -1.86% |
Income Tax | $0.00 | $100.0K | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$42.50M | -$39.30M | -$42.30M |
YoY Change | 0.47% | 1.29% | -1.86% |
Net Earnings / Revenue | -63.34% | -61.31% | -126.27% |
Basic Earnings Per Share | -$0.67 | -$3.75 | |
Diluted Earnings Per Share | -$0.67 | -$623.4K | -$3.75 |
COMMON SHARES | |||
Basic Shares Outstanding | 63.43M shares | 11.29M shares | |
Diluted Shares Outstanding | 63.43M shares | 11.29M shares |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $219.0M | $247.6M | |
YoY Change | |||
Cash & Equivalents | $219.0M | $247.6M | $103.8M |
Short-Term Investments | |||
Other Short-Term Assets | $15.80M | $17.10M | |
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $234.8M | $264.7M | |
YoY Change | 156.0% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $54.00M | $57.20M | |
YoY Change | -11.59% | ||
Goodwill | |||
YoY Change | |||
Intangibles | $6.200M | $6.400M | |
YoY Change | -17.95% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $4.500M | $4.800M | |
YoY Change | 166.67% | ||
Total Long-Term Assets | $181.2M | $182.8M | |
YoY Change | -15.88% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $234.8M | $264.7M | |
Total Long-Term Assets | $181.2M | $182.8M | |
Total Assets | $416.0M | $447.5M | |
YoY Change | 39.54% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $23.40M | $15.90M | |
YoY Change | 120.83% | ||
Accrued Expenses | $21.40M | $26.70M | |
YoY Change | |||
Deferred Revenue | $600.0K | $600.0K | |
YoY Change | -14.29% | ||
Short-Term Debt | $2.000M | $3.500M | |
YoY Change | |||
Long-Term Debt Due | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Total Short-Term Liabilities | $74.90M | $68.80M | |
YoY Change | 69.46% | ||
LONG-TERM LIABILITIES | |||
Long-Term Debt | $265.2M | $260.8M | |
YoY Change | -26.56% | ||
Other Long-Term Liabilities | $400.0K | $400.0K | |
YoY Change | 33.33% | ||
Total Long-Term Liabilities | $265.6M | $261.2M | |
YoY Change | -26.51% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $74.90M | $68.80M | |
Total Long-Term Liabilities | $265.6M | $261.2M | |
Total Liabilities | $381.9M | $376.4M | |
YoY Change | -18.05% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$843.7M | -$801.2M | |
YoY Change | 35.93% | ||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $34.10M | $71.10M | -$565.8M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $416.0M | $447.5M | |
YoY Change | 39.54% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$42.50M | -$39.30M | -$42.30M |
YoY Change | 0.47% | 1.29% | -1.86% |
Depreciation, Depletion And Amortization | $16.50M | $16.60M | $21.70M |
YoY Change | -23.96% | -12.63% | -33.44% |
Cash From Operating Activities | -$17.40M | -$18.80M | -$9.000M |
YoY Change | 93.33% | 111.24% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$15.40M | -$17.90M | |
YoY Change | 77.23% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $4.600M | $4.800M | |
YoY Change | -4.0% | ||
Cash From Investing Activities | -$10.80M | -$13.10M | -$1.300M |
YoY Change | 730.77% | 156.86% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $0.00 | $400.0K | |
YoY Change | -100.0% | ||
Cash From Financing Activities | -$1.600M | -500.0K | $17.90M |
YoY Change | -108.94% | -350.0% | |
NET CHANGE | |||
Cash From Operating Activities | -$17.40M | -18.80M | -$9.000M |
Cash From Investing Activities | -$10.80M | -13.10M | -$1.300M |
Cash From Financing Activities | -$1.600M | -500.0K | $17.90M |
Net Change In Cash | -$29.80M | -32.40M | $7.600M |
YoY Change | -492.11% | 134.78% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$17.40M | -$18.80M | -$9.000M |
Capital Expenditures | -$15.40M | -$17.90M | |
Free Cash Flow | -$2.000M | -$900.0K | |
YoY Change | -175.0% |
Facts In Submission
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|
63431165 | shares |
CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
63431165 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11287251 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
11287251 | shares |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
71100000 | USD |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
0 | USD |
CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
5500000 | USD |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42500000 | USD |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
34100000 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-526700000 | USD |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
1300000 | USD |
CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1900000 | USD |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42300000 | USD |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-565800000 | USD |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42500000 | USD |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42300000 | USD |
CY2022Q2 | wdq |
Depreciation Expense And Write Off Rental Product
DepreciationExpenseAndWriteOffRentalProduct
|
12300000 | USD |
CY2021Q2 | wdq |
Depreciation Expense And Write Off Rental Product
DepreciationExpenseAndWriteOffRentalProduct
|
11000000.0 | USD |
CY2022Q2 | wdq |
Rental Product Write Off
RentalProductWriteOff
|
1300000 | USD |
CY2021Q2 | wdq |
Rental Product Write Off
RentalProductWriteOff
|
1700000 | USD |
CY2022Q2 | wdq |
Other Depreciation Amortization And Property Plant And Equipment Write Offs
OtherDepreciationAmortizationAndPropertyPlantAndEquipmentWriteOffs
|
4200000 | USD |
CY2021Q2 | wdq |
Other Depreciation Amortization And Property Plant And Equipment Write Offs
OtherDepreciationAmortizationAndPropertyPlantAndEquipmentWriteOffs
|
5100000 | USD |
CY2022Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-1900000 | USD |
CY2021Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | USD |
CY2022Q2 | wdq |
Proceeds From Sale Of Productive Assets Operating Activities
ProceedsFromSaleOfProductiveAssetsOperatingActivities
|
4000000.0 | USD |
CY2021Q2 | wdq |
Proceeds From Sale Of Productive Assets Operating Activities
ProceedsFromSaleOfProductiveAssetsOperatingActivities
|
2800000 | USD |
CY2022Q2 | wdq |
Gain Loss On Liquidation Of Rental Product
GainLossOnLiquidationOfRentalProduct
|
0 | USD |
CY2021Q2 | wdq |
Gain Loss On Liquidation Of Rental Product
GainLossOnLiquidationOfRentalProduct
|
200000 | USD |
CY2022Q2 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
3400000 | USD |
CY2021Q2 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
11200000 | USD |
CY2022Q2 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
1000000.0 | USD |
CY2021Q2 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
2200000 | USD |
CY2022Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
5500000 | USD |
CY2021Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1900000 | USD |
CY2022Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
0 | USD |
CY2021Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-500000 | USD |
CY2022Q2 | wdq |
Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
|
900000 | USD |
CY2021Q2 | wdq |
Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
|
-500000 | USD |
CY2022Q2 | wdq |
Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
-2500000 | USD |
CY2021Q2 | wdq |
Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
-800000 | USD |
CY2022Q2 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-300000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
1200000 | USD |
CY2022Q2 | wdq |
Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Current
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesCurrent
|
-1800000 | USD |
CY2021Q2 | wdq |
Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Current
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesCurrent
|
2900000 | USD |
CY2022Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
3000000.0 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
2700000 | USD |
CY2022Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-5500000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-1100000 | USD |
CY2022Q2 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
100000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
100000 | USD |
CY2022Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-17400000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-9000000.0 | USD |
CY2022Q2 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
13400000 | USD |
CY2021Q2 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
4400000 | USD |
CY2022Q2 | wdq |
Proceeds From Liquidation Of Rental Product
ProceedsFromLiquidationOfRentalProduct
|
600000 | USD |
CY2021Q2 | wdq |
Proceeds From Liquidation Of Rental Product
ProceedsFromLiquidationOfRentalProduct
|
1600000 | USD |
CY2022Q2 | us-gaap |
Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
|
4000000.0 | USD |
CY2021Q2 | us-gaap |
Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
|
2800000 | USD |
CY2022Q2 | wdq |
Payments To Acquire Property Plant And Equipment And Intangible Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndIntangibleAssets
|
2000000.0 | USD |
CY2021Q2 | wdq |
Payments To Acquire Property Plant And Equipment And Intangible Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndIntangibleAssets
|
1300000 | USD |
CY2022Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-10800000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1300000 | USD |
CY2022Q2 | us-gaap |
Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
|
0 | USD |
CY2021Q2 | us-gaap |
Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
|
17100000 | USD |
CY2022Q2 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | USD |
CY2021Q2 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1300000 | USD |
CY2022Q2 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD |
CY2021Q2 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
400000 | USD |
CY2022Q2 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-1600000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-100000 | USD |
CY2022Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1600000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
17900000 | USD |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-29800000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
7600000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
259600000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
109200000 | USD |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
229800000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
116800000 | USD |
CY2022Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
219000000.0 | USD |
CY2021Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
103800000 | USD |
CY2022Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
5000000.0 | USD |
CY2021Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
2900000 | USD |
CY2022Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
5800000 | USD |
CY2021Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
10100000 | USD |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
229800000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
116800000 | USD |
CY2022Q2 | wdq |
Operating Lease Payments Reimbursements
OperatingLeasePaymentsReimbursements
|
3700000 | USD |
CY2021Q2 | wdq |
Operating Lease Payments Reimbursements
OperatingLeasePaymentsReimbursements
|
3600000 | USD |
CY2022Q2 | wdq |
Receipt Of Fixed Assets Prior Period
ReceiptOfFixedAssetsPriorPeriod
|
800000 | USD |
CY2021Q2 | wdq |
Receipt Of Fixed Assets Prior Period
ReceiptOfFixedAssetsPriorPeriod
|
500000 | USD |
CY2022Q2 | wdq |
Receipt Of Rental Product Prior Period
ReceiptOfRentalProductPriorPeriod
|
6500000 | USD |
CY2021Q2 | wdq |
Receipt Of Rental Product Prior Period
ReceiptOfRentalProductPriorPeriod
|
3600000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
100000 | USD |
CY2021Q2 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
100000 | USD |
CY2022Q2 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
100000 | USD |
CY2021Q2 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
200000 | USD |
CY2022Q2 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1500000 | USD |
CY2021Q2 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
600000 | USD |
CY2022Q2 | wdq |
Rental Product Expenditures Incurred But Not Yet Paid
RentalProductExpendituresIncurredButNotYetPaid
|
12700000 | USD |
CY2021Q2 | wdq |
Rental Product Expenditures Incurred But Not Yet Paid
RentalProductExpendituresIncurredButNotYetPaid
|
3500000 | USD |
CY2022Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2022Q2 | 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 over 20,000 styles by over 800 brand partners. The Company gives customers access to its “unlimited closet” through its subscription offering (“Subscription”) or the ability to rent a-la-carte through its reserve offering (“Reserve”). The Company’s corporate headquarters is located in Brooklyn, New York and the operational facilities are located in Secaucus, New Jersey, and Arlington, Texas. Its wholly-owned subsidiary, Rent the Runway Limited (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> | |
CY2022Q2 | wdq |
Number Of Styles
NumberOfStyles
|
20000 | style |
CY2022Q2 | wdq |
Number Of Brand Partners
NumberOfBrandPartners
|
800 | partner |
CY2022Q2 | 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. All references to fiscal year 2022 reflect the results of the 12-month period ending January 31, 2023. | |
CY2022Q2 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
CY2022Q2 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment |
CY2022Q1 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.001 | |
CY2022Q2 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.001 | |
CY2022Q2 | 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 (“IBR”) 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 April 30, 2022, the effects of the ongoing COVID-19 pandemic on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.</span></div> | |
CY2022Q2 | 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 months ended April 30, 2022 and 2021.</span></div> | |
CY2022Q2 | wdq |
Assets Held For Sale Rental Product
AssetsHeldForSaleRentalProduct
|
2800000 | USD |
CY2022Q1 | wdq |
Assets Held For Sale Rental Product
AssetsHeldForSaleRentalProduct
|
2100000 | USD |
CY2022Q2 | wdq |
Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
|
1400000 | USD |
CY2021Q2 | wdq |
Accelerated Depreciation Rental Product Held For Sale
AcceleratedDepreciationRentalProductHeldForSale
|
600000 | USD |
CY2022Q2 | us-gaap |
Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
|
4000000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
|
2800000 | USD |
CY2022Q2 | wdq |
Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
|
900000 | USD |
CY2022Q2 | wdq |
Operating Lease Lessor Time For Order Placement
OperatingLeaseLessorTimeForOrderPlacement
|
P4M | |
CY2022Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
219000000 | USD |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
247600000 | USD |
CY2022Q2 | wdq |
Number Of Floors Terminated From Lease
NumberOfFloorsTerminatedFromLease
|
1 | floor |
CY2022Q2 | wdq |
Lessee Operating Lease Liability To Be Paid Reduction
LesseeOperatingLeaseLiabilityToBePaidReduction
|
10600000 | USD |
CY2022Q2 | wdq |
Operating Lease Liabilities Adjustment For Lease Modification
OperatingLeaseLiabilitiesAdjustmentForLeaseModification
|
3700000 | USD |
CY2022Q2 | wdq |
Operating Lease Right Of Use Asset Adjustment For Lease Modification
OperatingLeaseRightOfUseAssetAdjustmentForLeaseModification
|
1400000 | USD |
CY2022Q2 | us-gaap |
Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
|
1800000 | USD |
CY2022Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-1900000 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
9300000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
|
300000 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
10600000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
|
300000 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
9500000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
|
200000 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
8100000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
|
0 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
8100000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
|
0 | USD |
CY2022Q2 | wdq |
Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
|
42700000 | USD |
CY2022Q2 | wdq |
Finance Lease Liability To Be Paid Due After Year Four
FinanceLeaseLiabilityToBePaidDueAfterYearFour
|
0 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
88300000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
|
800000 | USD |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
41800000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
|
100000 | USD |
CY2022Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
46500000 | USD |
CY2022Q2 | us-gaap |
Finance Lease Liability
FinanceLeaseLiability
|
700000 | USD |
CY2022Q2 | wdq |
Rental Product Gross
RentalProductGross
|
177600000 | USD |
CY2022Q1 | wdq |
Rental Product Gross
RentalProductGross
|
171200000 | USD |
CY2022Q2 | wdq |
Accumulated Depreciation Depletion And Amortization Rental Product
AccumulatedDepreciationDepletionAndAmortizationRentalProduct
|
95900000 | USD |
CY2022Q1 | wdq |
Accumulated Depreciation Depletion And Amortization Rental Product
AccumulatedDepreciationDepletionAndAmortizationRentalProduct
|
94900000 | USD |
CY2022Q2 | wdq |
Rental Product Net
RentalProductNet
|
81700000 | USD |
CY2022Q1 | wdq |
Rental Product Net
RentalProductNet
|
76300000 | USD |
CY2022Q2 | wdq |
Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
|
13600000 | USD |
CY2021Q2 | wdq |
Depreciation Expense And Write Off Rental Product And Rental Product Sold
DepreciationExpenseAndWriteOffRentalProductAndRentalProductSold
|
12700000 | USD |
CY2022Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
0 | USD |
CY2022Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
0 | USD |
CY2022Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
265200000 | USD |
CY2022Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
260800000 | USD |
CY2021Q4 | wdq |
Debt Instrument Covenant Terms Minimum Liquidity Maintenance
DebtInstrumentCovenantTermsMinimumLiquidityMaintenance
|
50000000.0 | USD |
CY2022Q2 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
700000 | USD |
CY2022Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
700000 | USD |
CY2022Q2 | wdq |
Accrued Operating And General Liabilities Current
AccruedOperatingAndGeneralLiabilitiesCurrent
|
11900000 | USD |
CY2022Q1 | wdq |
Accrued Operating And General Liabilities Current
AccruedOperatingAndGeneralLiabilitiesCurrent
|
13600000 | USD |
CY2022Q2 | wdq |
Revenue Share Payable
RevenueSharePayable
|
7100000 | USD |
CY2022Q1 | wdq |
Revenue Share Payable
RevenueSharePayable
|
6700000 | USD |
CY2022Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2400000 | USD |
CY2022Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
4000000.0 | USD |
CY2022Q2 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
2100000 | USD |
CY2022Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
1600000 | USD |
CY2022Q2 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
2000000.0 | USD |
CY2022Q1 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
3500000 | USD |
CY2022Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
600000 | USD |
CY2022Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
600000 | USD |
CY2022Q2 | wdq |
Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
|
26100000 | USD |
CY2022Q1 | wdq |
Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
|
30000000.0 | USD |
CY2022Q2 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
256200000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
|
17100000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
7.33 | |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y2M1D | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
2100000 | USD |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0 | |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
2.86 | |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
10.41 | |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
7.24 | |
CY2022Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y10M13D | |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
2700000 | USD |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
6.72 | |
CY2022Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P5Y6M29D | |
CY2022Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
2700000 | USD |
CY2022Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
5500000 | USD |
CY2021Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1900000 | USD |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42500000 | USD |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42300000 | USD |
CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
63431165 | shares |
CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
63431165 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
11287251 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11287251 | shares |
CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.67 | |
CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.67 | |
CY2021Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-3.75 | |
CY2021Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-3.75 | |
CY2022Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
15649475 | shares |
CY2021Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
44093047 | shares |
CY2021Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
44093047 | shares |
CY2022Q2 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
0 | USD |