0001576942-22-000015 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 29, 2022	Jul. 31, 2021
Current assets:
Cash and cash equivalents	$ 193,878	$ 129,785
Short-term investments	73,052	101,546
Inventory, net	183,458	212,294
Prepaid expenses and other current assets	53,440	50,512
Income tax receivable	27,624	27,667
Total current assets	531,452	521,804
Long-term investments	82,182	59,035
Income tax receivable, net of current portion	27,054	27,054
Property and equipment, net	104,557	86,959
Operating lease right-of-use assets	144,836	118,565
Other long-term assets	8,167	5,732
Total assets	898,248	819,149
Current liabilities:
Accounts payable	124,431	73,499
Operating lease liabilities	26,716	25,702
Accrued liabilities	95,021	99,028
Gift card liability	13,164	9,903
Deferred revenue	14,445	18,154
Other current liabilities	2,864	2,027
Total current liabilities	276,641	228,313
Operating lease liabilities, net of current portion	151,704	121,623
Other long-term liabilities	8,821	8,364
Total liabilities	437,166	358,300
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	463,143	416,755
Accumulated other comprehensive income	991	3,411
Retained earnings	7,942	40,681
Treasury stock at cost (682,184 and 0 shares)	(10,996)	0
Total stockholders’ equity	461,082	460,849
Total liabilities and stockholders’ equity	898,248	819,149
Class A Common Stock
Stockholders’ equity:
Common stock, value	1	1
Class B Common Stock
Stockholders’ equity:
Common stock, value	$ 1	$ 1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jan. 29, 2022	Jul. 31, 2021
Treasury stock (in shares)	682,184	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	84,214,880	76,780,570
Common stock, shares outstanding (in shares)	83,532,696	76,780,570
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,486,335	31,175,418
Common stock, shares outstanding (in shares)	25,486,335	31,175,418

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Income Statement [Abstract]
Revenue, net	$ 516,724	$ 504,087	$ 1,097,968	$ 994,510
Cost of goods sold	283,920	287,744	592,247	558,716
Gross profit	232,804	216,343	505,721	435,794
Selling, general, and administrative expenses	263,502	256,694	538,269	495,678
Operating loss	(30,698)	(40,351)	(32,548)	(59,884)
Interest income	171	642	505	1,803
Other expense, net	(45)	(107)	(154)	(312)
Loss before income taxes	(30,572)	(39,816)	(32,197)	(58,393)
Provision (benefit) for income taxes	340	(18,777)	542	(46,895)
Net loss	(30,912)	(21,039)	(32,739)	(11,498)
Other comprehensive loss:
Change in unrealized gain (loss) on available-for-sale securities, net of tax	(654)	(388)	(969)	(1,051)
Foreign currency translation	(848)	1,929	(1,451)	1,591
Total other comprehensive income, net of tax	(1,502)	1,541	(2,420)	540
Comprehensive loss	(32,414)	(19,498)	(35,159)	(10,958)
Net loss attributable to common stockholders:
Basic	(30,912)	(21,039)	(32,739)	(11,498)
Diluted	$ (30,912)	$ (21,039)	$ (32,739)	$ (11,498)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Diluted (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Weighted-average shares used to compute loss per share attributable to common stockholders:
Basic (in shares)	109,178,086	105,544,515	108,776,998	104,840,283
Diluted (in shares)	109,178,086	105,544,515	108,776,998	104,840,283

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Aug. 01, 2020		103,755,507				0
Stockholders' equity, beginning balance at Aug. 01, 2020	$ 401,037	$ 2	$ 348,750	$ 2,728	$ 49,557	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		1,601,726
Issuance of common stock upon exercise of stock options	20,539		20,539
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		950,507
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(24,116)		(24,116)
Stock-based compensation	47,032		47,032
Net loss	(11,498)				(11,498)
Other comprehensive income (loss), net of tax	540			540
Stockholders' equity, ending balance (in shares) at Jan. 30, 2021		106,307,740				0
Stockholders' equity, ending balance at Jan. 30, 2021	433,534	$ 2	392,205	3,268	38,059	$ 0
Stockholders' equity, beginning balance (in shares) at Oct. 31, 2020		104,721,741				0
Stockholders' equity, beginning balance at Oct. 31, 2020	428,587	$ 2	367,760	1,727	59,098	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		1,076,410
Issuance of common stock upon exercise of stock options	15,433		15,433
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		509,589
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(17,114)		(17,114)
Stock-based compensation	26,126		26,126
Net loss	(21,039)				(21,039)
Other comprehensive income (loss), net of tax	1,541			1,541
Stockholders' equity, ending balance (in shares) at Jan. 30, 2021		106,307,740				0
Stockholders' equity, ending balance at Jan. 30, 2021	433,534	$ 2	392,205	3,268	38,059	$ 0
Stockholders' equity, beginning balance (in shares) at Jul. 31, 2021		107,955,988				0
Stockholders' equity, beginning balance at Jul. 31, 2021	460,849	$ 2	416,755	3,411	40,681	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		140,377
Issuance of common stock upon exercise of stock options	1,365		1,365
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		1,604,850
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(23,372)		(23,372)
Stock-based compensation	68,395		68,395
Repurchase of common stock (in shares)						(682,184)
Repurchase of common stock	(10,996)					$ (10,996)
Net loss	(32,739)				(32,739)
Other comprehensive income (loss), net of tax	(2,420)			(2,420)
Stockholders' equity, ending balance (in shares) at Jan. 29, 2022		109,701,215				(682,184)
Stockholders' equity, ending balance at Jan. 29, 2022	461,082	$ 2	463,143	991	7,942	$ (10,996)
Stockholders' equity, beginning balance (in shares) at Oct. 30, 2021		108,794,956				0
Stockholders' equity, beginning balance at Oct. 30, 2021	478,595	$ 2	437,246	2,493	38,854	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		48,983
Issuance of common stock upon exercise of stock options	311		311
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		857,276
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(8,620)		(8,620)
Stock-based compensation	34,206		34,206
Repurchase of common stock (in shares)						(682,184)
Repurchase of common stock	(10,996)					$ (10,996)
Net loss	(30,912)				(30,912)
Other comprehensive income (loss), net of tax	(1,502)			(1,502)
Stockholders' equity, ending balance (in shares) at Jan. 29, 2022		109,701,215				(682,184)
Stockholders' equity, ending balance at Jan. 29, 2022	$ 461,082	$ 2	$ 463,143	$ 991	$ 7,942	$ (10,996)

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021
Cash Flows from Operating Activities
Net loss	$ (32,739)	$ (11,498)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in inventory reserves	445	4,619
Stock-based compensation expense	64,713	44,684
Depreciation, amortization, and accretion	17,374	14,206
Other	7	214
Change in operating assets and liabilities:
Inventory	28,100	(62,024)
Prepaid expenses and other assets	(5,755)	2,524
Income tax receivables	43	(44,154)
Operating lease right-of-use assets and liabilities	4,855	(793)
Accounts payable	51,296	11,261
Accrued liabilities	(4,267)	38,763
Deferred revenue	(3,699)	1,884
Gift card liability	3,261	3,669
Other liabilities	1,298	2,311
Net cash provided by operating activities	124,932	5,666
Cash Flows from Investing Activities
Purchases of property and equipment	(30,900)	(13,894)
Purchases of securities available-for-sale	(77,532)	(112,646)
Sales of securities available-for-sale	4,690	29,317
Maturities of securities available-for-sale	76,109	90,439
Net cash used in investing activities	(27,633)	(6,784)
Cash Flows from Financing Activities
Proceeds from the exercise of stock options, net	1,365	20,539
Payments for tax withholdings related to vesting of restricted stock units	(23,372)	(24,116)
Repurchase of common stock	(9,996)	0
Net cash used in financing activities	(32,003)	(3,577)
Net increase (decrease) in cash and cash equivalents	65,296	(4,695)
Effect of exchange rate changes on cash	(1,203)	1,271
Cash and cash equivalents at beginning of period	129,785	143,455
Cash and cash equivalents at end of period	193,878	140,031
Supplemental Disclosure
Cash paid for income taxes	389	227
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	3,040	5,530
Capitalized stock-based compensation	3,682	2,348
Repurchase of common stock included in accrued liabilities	$ 1,000	$ 0

Description of Business	6 Months Ended
Description of Business	Jan. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Stitch Fix, Inc. (“we,” “our,” “us” or the “Company”) delivers personalization to our clients through the pairing of data science and human judgment. Currently, clients can engage with us in one of two ways that, combined, form an ecosystem of personalized experiences across styling, shopping and inspiration: (1) by receiving a personalized shipment of items informed by our algorithms and sent by a Stitch Fix stylist (a “Fix”); or (2) by purchasing directly from our website or mobile app based on a personalized assortment of outfit and item recommendations (“Freestyle”). Clients can choose to schedule automatic shipments or order a Fix on demand after they fill out a style profile on our website or mobile app. After receiving a Fix, our clients purchase the items they want to keep and return the other items, if any. Freestyle utilizes our algorithms to recommend a personalized assortment of outfit and item recommendations that will update throughout the day and will continue to evolve as we learn more about the client. We are incorporated in Delaware and have operations in the United States and the United Kingdom (“UK”). COVID-19 Update There continues to be uncertainty around the COVID-19 pandemic as the Omicron variant of COVID-19, which appears to be the most transmissible and contagious variant to date, has caused an increase in COVID-19 cases globally. The full impact of the COVID-19 pandemic on our business will depend on factors such as the length of time of the pandemic; how federal, state and local governments are responding, the impact of the Omicron variant and other variants that may emerge; vaccination rates among the population; the efficacy of the COVID-19 vaccines against the Omicron variant and other variants that may emerge; the longer-term impact of the pandemic on the economy and consumer behavior; and the effect on our clients, employees, vendors, and other partners. We believe our financial resources will allow us to manage the impact of COVID-19 on our business and operations. We believe our existing cash, cash equivalents, short-term investment balances, and the borrowing available under our credit agreement with Silicon Valley Bank and other lenders (the “2021 Credit Agreement”), if needed, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. We also do not anticipate any impairments with respect to long-lived assets or short-term and long-term investments that would have a material impact on our financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jan. 29, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending July 30, 2022 (“2022”), and July 31, 2021 (“2021”), consist of 52 weeks.

The unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending July 30, 2022, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended July 31, 2021, included in our Annual Report on Form 10-K filed with the SEC on September 27, 2021 (the “2021 Annual Report”).

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in our condensed consolidated financial statements and accompanying footnotes.

Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.

Change in Accounting Principle

Effective August 1, 2021, we completed the implementation of a new inventory management process and system, which enhances our procure-to-pay processes. In connection with this implementation, we changed our inventory costing method from specific identification to the first-in-first-out (“FIFO”) method. We believe this change in accounting principle is preferable because it streamlines our inventory accounting process, is generally consistent with the physical flow of our inventories, and is more consistent with the inventory costing method used by industry peers. This change in accounting principle did not have a material effect on inventory, net or cost of goods sold for all periods presented; therefore, prior comparative financial statements have not been restated.

Short-Term and Long-Term Investments

Our short-term and long-term investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. Our available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method.

For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other (income) expense, net on our condensed consolidated statements of income. During the three and six months ended January 29, 2022, we did not record any expected credit losses on our available-for-sale debt securities.

We have elected to present accrued interest receivable separately from short-term and long-term investments on our condensed consolidated balance sheets. Accrued interest receivable was $0.7 million and $1.0 million as of January 29, 2022, and January 30, 2021, respectively, and was recorded in prepaid expenses and other current assets. We have also elected to exclude accrued interest receivable from the estimation of expected credit losses on our available-for-sale securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during the three and six months ended January 29, 2022.

Inventory, net

Inventory, net consists of finished goods which are recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs. Inventory, net includes reserves for excess and slow-moving inventory we expect to write off based on historical trends, damaged inventory, and shrinkage. We estimate and accrue shrinkage as a percentage of inventory out to the client and damaged items at 100% of cost.

Leases

Our leasing portfolio consists of operating leases, which include lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments calculated using our incremental borrowing rate and expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received.

In November 2020, we entered into an agreement to lease approximately 700,000 square feet of space to be used as a fulfillment center in Salt Lake City, Utah. This lease commenced in August 2021 and was classified as an operating lease with an initial lease liability of $28.8 million and a right-of-use asset of $24.6 million. In September 2021, we entered into an expansion agreement to lease an additional 300,000 square feet of space at this fulfillment center. This expansion commenced in January 2022 and was classified as an operating lease with an initial lease liability of $14.5 million and right-of-use asset of $14.5 million.

Foreign Currency

The functional currency of our international subsidiary is the British pound sterling. For that subsidiary, we translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. We record translation gains and losses in AOCI as a component of stockholders’ equity. Net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency are recorded in other income, net in the condensed consolidated statements of operations and comprehensive income.

Revenue Recognition

We generate revenue primarily from the sale of merchandise in a Fix and from Freestyle purchases. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date.

Each Fix represents an offer made by us to the client to purchase merchandise. The client is charged a nonrefundable upfront styling fee before the Fix is shipped. As an alternative to the styling fee, we offer select clients the option to purchase a Style Pass. Style Pass clients pay a nonrefundable annual fee for unlimited Fixes that is credited towards merchandise purchases. If the offer to purchase merchandise is accepted, we charge the client the order amount for the accepted merchandise, net of the upfront styling fee or Style Pass annual fee. For each Fix, acceptance occurs when the client checks out the merchandise on our website or mobile app. We offer a discount to clients who purchase all of the items in the Fix.

We recognize revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation.

Our styling fee and Style Pass arrangements represent the option to purchase merchandise. These fees and arrangements are not distinct within the context of the contract with our Fix customers and therefore do not give rise to separate performance obligations. Both the upfront styling fee and Style Pass annual fee are included in deferred revenue until the performance obligation is satisfied when the client exercises his or her option to purchase merchandise (i.e., upon checkout of a Fix) or when the option(s) to purchase merchandise expire(s).

Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client.

We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. All shipping costs are accounted for in cost of goods sold and all handling costs are accounted for as fulfillment costs within selling, general, and administrative expense (“SG&A”), and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the condensed consolidated balance sheets, was $10.7 million and $11.7 million as of January 29, 2022, and July 31, 2021, respectively.

We have five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment.

We sell gift cards to clients and establish a liability based upon the face value of such gift cards. We reduce the liability and recognize revenue upon usage of the gift card. If a gift card is not used, we will recognize estimated gift card breakage revenue proportionately to customer usage of gift cards over the expected gift card usage period, subject to requirements to remit balances to governmental agencies. All commissions paid to third parties upon issuance of gift cards are recognized in SG&A as incurred, as on average, gift cards are used within a one-year period. Similarly, referral credits that are considered incremental costs of obtaining a contract with a customer are recognized in SG&A when issued, as on average, referral credits are used within a one-year period.

We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, gift card liability and other current liabilities are also recognized within one year.

The following table summarizes the balances of contractual liabilities included in other current liabilities, deferred revenue and gift card liability as of the dates indicated:


(in thousands)	January 29, 2022		July 31, 2021
Deferred revenue
Upfront styling fees	$	9,567	$	11,989
Style Pass annual fees	3,801		3,474
Freestyle orders	1,077		2,691

Total deferred revenue	$	14,445	$	18,154
Gift card liability	$	13,164	$	9,903
Other current liabilities
Referral credits	$	1,188	$	1,231

The following table summarizes revenue recognized during the six months ended January 29, 2022, that was previously included in deferred revenue, gift card liability, and other current liabilities at July 31, 2021:


(in thousands)	Revenue Recognized From Amounts Previously Included in Deferred Balances at July 31, 2021
Upfront styling fees	$	11,767
Style Pass annual fees	2,495
Freestyle orders	2,341
Gift card liability	2,085
Referral credits	665

Concentration of Credit Risks

We are subject to concentrations of credit risk principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions may exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments.

No client accounted for greater than 10% of total revenue, net for the three and six months ended January 29, 2022, and January 30, 2021, respectively.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This update amends and simplifies the accounting for income taxes by eliminating certain exceptions in existing guidance related to performing intraperiod tax allocation, calculating interim period taxes, and recognizing deferred taxes for investments. The update also provides new guidance to reduce complexity in certain areas. The Company adopted this guidance on August 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Fair Value Measurements

6 Months Ended

Jan. 29, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At January 29, 2022, and July 31, 2021, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities.

The following table sets forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of our short-term and long-term investments accounted for as available-for-sale securities as of January 29, 2022, and July 31, 2021:


	January 29, 2022								July 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Investments:
U.S. Treasury securities	$	54,991	$	—	$	(373)	$	54,618	$	42,009	$	35	$	—	$	42,044
Certificates of deposit	700		—		—		700		1,500		—		—		1,500
Commercial paper	3,000		—		—		3,000		10,192		—		—		10,192
Asset-backed securities	8,666		3		(14)		8,655		10,393		18		(9)		10,402
Corporate bonds	88,706		6		(451)		88,261		96,347		103		(7)		96,443
Total	$	156,063	$	9	$	(838)	$	155,234	$	160,441	$	156	$	(16)	$	160,581

The following table sets forth the fair value of available-for-sale securities by contractual maturity as of January 29, 2022, and July 31, 2021:


	January 29, 2022								July 31, 2021
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total		One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Investments:
U.S. Treasury securities	$	11,680	$	42,938	$	—	$	54,618	$	41,633	$	411	$	—	$	42,044
Certificates of deposit	700		—		—		700		1,500		—		—		1,500
Commercial paper	3,000		—		—		3,000		10,192		—		—		10,192
Asset-backed securities	3,029		5,626		—		8,655		29		10,373		—		10,402
Corporate bonds	54,643		33,618		—		88,261		48,192		48,251		—		96,443
Total	$	73,052	$	82,182	$	—	$	155,234	$	101,546	$	59,035	$	—	$	160,581

The following table sets forth our cash equivalents, and short-term and long-term investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of January 29, 2022, and July 31, 2021:


	January 29, 2022								July 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	15,687	$	—	$	—	$	15,687	$	10,728	$	—	$	—	$	10,728

Investments:
U.S. Treasury securities	54,618		—		—		54,618		42,044		—		—		42,044
Certificates of deposit	—		700		—		700		—		1,500		—		1,500
Commercial paper	—		3,000		—		3,000		—		10,192		—		10,192
Asset-backed securities	—		8,655		—		8,655		—		10,402		—		10,402
Corporate bonds	—		88,261		—		88,261		—		96,443		—		96,443
Total	$	70,305	$	100,616	$	—	$	170,921	$	52,772	$	118,537	$	—	$	171,309

There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 for the three and six months ended January 29, 2022, and January 30, 2021.

- 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

Accrued Liabilities

6 Months Ended

Jan. 29, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued LiabilitiesAccrued liabilities consisted of the following:


(in thousands)	January 29, 2022		July 31, 2021
Compensation and related benefits	$	10,683	$	13,645
Advertising	13,039		12,649
Sales taxes	9,316		9,937
Shipping and freight	8,727		6,209
Accrued accounts payable	8,463		5,804
Inventory purchases	25,274		30,384
Sales refund reserve	10,677		11,704
Other	8,842		8,696
Total accrued liabilities	$	95,021	$	99,028

Credit Agreement	6 Months Ended
Credit Agreement	Jan. 29, 2022
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement In June 2021, we entered into an amended and restated credit agreement with Silicon Valley Bank and other lenders (the “2021 Credit Agreement”), to provide a revolving line of credit of up to $100.0 million, including a letter of credit sub-facility in the aggregate amount of $30.0 million, and a swingline sub-facility in the aggregate amount of $50.0 million. We also have the option to request an incremental facility of up to an additional $150.0 million from one or more of the lenders under the 2021 Credit Agreement. Under the terms of the 2021 Credit Agreement, revolving loans may be either Eurodollar Loans or ABR Loans. Outstanding Eurodollar Loans incur interest at the Eurodollar Rate, which is defined in the 2021 Credit Agreement as LIBOR (or any successor thereto), plus a margin of 2.25%. Outstanding ABR Loans incur interest at the highest of (a) the Prime Rate, as published by the Wall Street Journal, (b) the federal funds rate in effect for such day plus 0.50%, and (c) the Eurodollar Rate plus 1.00%, in each case plus a margin of 1.25%. We are charged a commitment fee of 0.25% for committed but unused amounts. The revolving line of credit under the 2021 Credit Agreement will terminate on May 31, 2024, unless the termination date is extended at the election of the lenders. Our obligations under the 2021 Credit Agreement and any hedging or cash management agreements entered into with any lender thereunder are secured by substantially all of our current and future property, rights, and assets, including, but not limited to, cash, inventory, equipment, contractual rights, financial assets, and intangible assets. The 2021 Credit Agreement contains covenants limiting the ability to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock, and make investments, in each case subject to certain exceptions. The 2021 Credit Agreement also contains financial covenants requiring us to maintain minimum free cash flow and an adjusted current ratio above specified levels, measured in each case at the end of each fiscal quarter. The 2021 Credit Agreement contains events of default that include, among others, non-payment of principal, interest, or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, and material judgments. As of January 29, 2022, we did not have any borrowings outstanding under the 2021 Credit Agreement and we were in compliance with all financial covenants.

- 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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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although we cannot predict with assurance the outcome of any litigation or tax matters, we do not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on our operating results, financial position, and cash flows. On October 11, 2018, October 26, 2018, November 16, 2018, and December 10, 2018, four putative class action lawsuits alleging violations of the federal securities laws were filed in the U.S. District Court for the Northern District of California, naming as defendants us and certain of our officers. The four lawsuits each make the same allegations of violations of the Securities Exchange Act of 1934, as amended, by us and our officers for allegedly making materially false and misleading statements regarding our active client growth and strategy with respect to television advertising between June 2018 and October 2018. The plaintiffs seek unspecified monetary damages and other relief. The four lawsuits have been consolidated and a lead plaintiff has been appointed. On September 18, 2019, the lead plaintiff in the consolidated class action lawsuits (the “Class Action”) filed a consolidated complaint for violation of the federal securities laws. On October 28, 2019, we and other defendants filed a motion to dismiss the consolidated complaint. The lead plaintiff filed an opposition to the motion to dismiss on December 9, 2019, and we and the other defendants filed our reply in support of our motion to dismiss on December 30, 2019. The court granted our motion to dismiss on September 30, 2020 but allowed the lead plaintiff to file an amended complaint. On November 6, 2020, the lead plaintiff filed his amended complaint. We filed a motion to dismiss the amended complaint on December 7, 2020. The lead plaintiff filed an opposition to the motion to dismiss on January 8, 2021, and we filed our reply in support of our motion to dismiss on January 22, 2021. The court granted our motion to dismiss on October 1, 2021. On October 29, 2021, the plaintiffs filed a notice of appeal to the Ninth Circuit Court of Appeals. On December 12, 2018, a derivative action was filed against our directors in the same court, alleging the same violations of securities laws as alleged in the Class Action and breach of fiduciary duties. On December 12, 2019, a second derivative action was filed against our directors in the same court, alleging the same violations of securities laws and breach of fiduciary duties as the other derivative action. The two derivative actions have been related to each other and to the Class Action, and all the related cases are now proceeding before a single judge in the U.S. District Court for the Northern District of California. The derivative actions have been stayed pending resolution of the plaintiffs’ appeals of the dismissal of the Class Action pursuant to the parties’ stipulation. There have been no other material changes to our commitments and contingencies disclosed in our 2021 Annual Report. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jan. 29, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for the periods presented:



	For the Three Months Ended January 29, 2022						For the Three Months Ended January 30, 2021
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(605)	$	3,098	$	2,493	$	550	$	1,177	$	1,727
Other comprehensive income (loss) before reclassifications(1)	(654)		(848)		(1,502)		(389)		1,929		1,540
Amounts reclassified from AOCI	—		—		—		1		—		1
Net change in AOCI	(654)		(848)		(1,502)		(388)		1,929		1,541
Ending balance	$	(1,259)	$	2,250	$	991	$	162	$	3,106	$	3,268


	For the Six Months Ended January 29, 2022						For the Six Months Ended January 30, 2021
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(290)	$	3,701	$	3,411	$	1,213	$	1,515	$	2,728
Other comprehensive income (loss) before reclassifications(1)	(969)		(1,451)		(2,420)		(937)		1,591		654
Amounts reclassified from AOCI	—		—		—		(114)		—		(114)
Net change in AOCI	(969)		(1,451)		(2,420)		(1,051)		1,591		540
Ending balance	$	(1,259)	$	2,250	$	991	$	162	$	3,106	$	3,268

(1) There was no associated income tax effect for gains/losses on available-for-sale securities for the three and six months ended January 29, 2022 or January 30, 2021, as we have recorded a valuation allowance against these deferred tax balances.

Stock Based Compensation

6 Months Ended

Jan. 29, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

2011 Equity Incentive Plan

In 2011, we adopted the 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the grant of stock-based awards to employees, directors, and nonemployees under terms and provisions established by the board of directors.

The 2011 Plan allowed for the grant of incentive stock options or nonqualified stock options as well as restricted stock units, restricted stock, and stock appreciation rights. Only incentive and nonqualified stock options were granted under the 2011 Plan. Employee stock option awards generally vest 25% on the first anniversary of the grant date with the remaining shares subject to the option vesting ratably over the next three years subject to the employee’s continued service with the Company. Options generally expire after 10 years. Effective upon our initial public offering in 2017, the 2011 Plan was replaced by the 2017 Incentive Plan.

2017 Incentive Plan

In November 2017, our Board of Directors and stockholders adopted our 2017 Incentive Plan (the “2017 Plan”). The remaining shares available for issuance under our 2011 Plan became reserved for issuance under the 2017 Plan. Our 2017 Plan provides for the grant of Class A incentive stock options to employees, including employees of our subsidiaries, and for the grant of nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSU”), performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our subsidiaries. Employee stock option awards generally vest 25% on the first anniversary of the grant date with the remaining shares subject to the option vesting ratably over the next three years subject to the employee’s continued service with the Company. Options generally expire after 10 years. RSU awards made to employees generally vest ratably on a quarterly basis over four years subject to the employee’s continued service with the Company. The number of shares authorized for issuance under the 2017 Plan was 32,793,232 shares of Class A common stock as of January 29, 2022.

2019 Inducement Plan

In October 2019, our Board of Directors adopted our 2019 Inducement Plan (the “2019 Plan”). Our 2019 Plan provides for the grant of Class A nonqualified stock options and RSU awards to individuals who satisfy the standards for inducement grants under the relevant Nasdaq Stock Market rules. The number of shares authorized for issuance under the 2019 Plan was 4,750,000 shares of Class A common stock as of January 29, 2022.

Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan is as follows:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in thousands)
Balance – July 31, 2021	3,650,482	$	25.47	7.40	$	106,490

Granted	548,347	18.50
Exercised	(140,377)	9.92
Cancelled	(157,925)	38.97
Balance – January 29, 2022	3,900,527	$	24.50	7.33	$	3,207

The aggregate intrinsic value is the difference between the current fair value of the underlying common stock and the exercise price for in-the-money stock options.

The following table summarizes the RSU award activity under the 2017 Plan and 2019 Plan:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 31, 2021	10,264,925	$	31.35
Granted	3,867,855	29.07
Vested	(1,604,850)	28.74
Forfeited	(2,186,550)	29.20
Unvested at January 29, 2022	10,341,380	$	31.36

Stock-Based Compensation Expense

Stock-based compensation expense for employees was $32.4 million and $64.7 million for the three and six months ended January 29, 2022 and $24.8 million and $44.7 million for the three and six months ended January 30, 2021. Stock-based compensation expense is included in selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.

As of January 29, 2022, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $305.9 million, which we expect to recognize over an estimated weighted average period of 2.4 years. The weighted-average grant date fair value of options granted during the six months ended January 29, 2022, was $9.11 per share. The weighted-average grant date fair value of options granted during the six months ended January 30, 2021, was $28.46 per share.

We record stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option pricing model and amortizing the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions:


	For the Three Months Ended				For the Six Months Ended
	January 29, 2022		January 30, 2021		January 29, 2022		January 30, 2021
Expected term (in years)	3.2 - 5.5		5.3 - 6.3		3.2 - 5.5		5.3 - 6.3
Volatility	62.1%		55.5%		62.1%		55.5% - 55.9%
Risk free interest rate	0.8% - 1.3%		0.4% - 0.5%		0.8% -1.3%		0.3% - 0.5%
Dividend yield	—	%	—	%	—	%	—	%

Income Taxes

6 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The following table summarizes our effective tax rate from income for the periods presented:


	For the Three Months Ended						For the Six Months Ended
(in thousands)	January 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Income (loss) before income taxes	$	(30,572)		$	(39,816)		$	(32,197)		$	(58,393)
Provision (benefit) for income taxes	340			(18,777)			542			(46,895)
Effective tax rate	(1.1)		%	47.2		%	(1.7)		%	80.3		%

We are primarily subject to income taxes in the United States and the United Kingdom. Our effective tax rate for the three and six months ended January 29, 2022, differs from the federal statutory income tax rate primarily due to the full valuation allowance recorded on our net federal and state deferred tax assets. The tax provision for the three and six months ended January 29, 2022, is comprised of state taxes and income taxes in foreign jurisdictions.

Our effective tax rate for the three and six months ended January 30, 2021, differed from the federal statutory income tax rate primarily due to the net operating loss carryback provisions of the CARES Act and excess tax benefits from stock-based compensation, partially offset by certain nondeductible expenses.

We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.

- 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

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jan. 29, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Loss Per Share Attributable to Common Stockholders

Basic and diluted loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock.

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

For the calculation of diluted loss per share, net loss attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed loss is allocated on a proportionate basis. The computation of the diluted net loss per share of Class A common stock assumes the conversion of Class B common stock, while diluted net loss per share of Class B common stock does not assume the conversion of Class A common stock as Class A common stock is not convertible into Class B common stock.

In January 2022, the Company's Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of our outstanding Class A common stock, with no expiration date (the “2022 Repurchase Program”). The actual timing, number and value of shares repurchased in the future will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements, our capital needs, and whether there is a better alternative use of capital. Repurchases during any given fiscal period under the 2022 Repurchase Program will reduce the number of weighted-average common shares outstanding for the period.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share attributable to common stockholders is as follows:


	For the Three Months Ended
	January 29, 2022				January 30, 2021
(in thousands, except share and per share amounts)	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(23,688)	$	(7,224)	$	(12,790)	$	(8,249)


Net loss attributable to common stockholders - basic	(23,688)		(7,224)		(12,790)		(8,249)


Reallocation of undistributed loss as a result of conversion of Class B to Class A shares	(7,224)		—		(8,249)		—

Net loss attributable to common stockholders - diluted	$	(30,912)	$	(7,224)	$	(21,039)	$	(8,249)
Denominator:
Weighted-average shares of common stock - basic	83,661,893		25,516,193		64,163,400		41,381,115
Conversion of Class B to Class A common shares outstanding	25,516,193		—		41,381,115		—


Weighted-average shares of common stock - diluted	109,178,086		25,516,193		105,544,515		41,381,115
Loss per share attributable to common stockholders:
Basic	$	(0.28)	$	(0.28)	$	(0.20)	$	(0.20)
Diluted	$	(0.28)	$	(0.28)	$	(0.20)	$	(0.20)


	For the Six Months Ended
	January 29, 2022				January 30, 2021
(in thousands, except share and per share amounts)	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(24,559)	$	(8,180)	$	(6,765)	$	(4,733)


Net loss attributable to common stockholders - basic	(24,559)		(8,180)		(6,765)		(4,733)


Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares	(8,180)		—		(4,733)		—

Net loss attributable to common stockholders - diluted	$	(32,739)	$	(8,180)	$	(11,498)	$	(4,733)
Denominator:
Weighted-average shares of common stock - basic	81,598,382		27,178,616		61,685,068		43,155,215
Conversion of Class B to Class A common shares outstanding	27,178,616		—		43,155,215		—


Weighted-average shares of common stock - diluted	108,776,998		27,178,616		104,840,283		43,155,215
Loss per share attributable to common stockholders:
Basic	$	(0.30)	$	(0.30)	$	(0.11)	$	(0.11)
Diluted	$	(0.30)	$	(0.30)	$	(0.11)	$	(0.11)

The following common stock equivalents were excluded from the computation of diluted loss per share for the periods presented because including them would have been antidilutive:


	For the Three Months Ended		For the Six Months Ended
	January 29, 2022	January 30, 2021	January 29, 2022	January 30, 2021


Restricted stock units	10,341,380	8,372,991	10,341,380	7,468,108
Stock options to purchase Class A common stock	2,715,632	1,465,162	2,715,632	1,153,235
Stock options to purchase Class B common stock	1,184,895	1,937,512	1,184,895	1,953,331
Total	14,241,907	11,775,665	14,241,907	10,574,674

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jan. 29, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending July 30, 2022 (“2022”), and July 31, 2021 (“2021”), consist of 52 weeks. The unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending July 30, 2022, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended July 31, 2021, included in our Annual Report on Form 10-K filed with the SEC on September 27, 2021 (the “2021 Annual Report”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in our condensed consolidated financial statements and accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.
Short-Term and Long-Term Investments	Short-Term and Long-Term Investments Our short-term and long-term investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. Our available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method. For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other (income) expense, net on our condensed consolidated statements of income. During the three and six months ended January 29, 2022, we did not record any expected credit losses on our available-for-sale debt securities. We have elected to present accrued interest receivable separately from short-term and long-term investments on our condensed consolidated balance sheets. Accrued interest receivable was $0.7 million and $1.0 million as of January 29, 2022, and January 30, 2021, respectively, and was recorded in prepaid expenses and other current assets. We have also elected to exclude accrued interest receivable from the estimation of expected credit losses on our available-for-sale securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during the three and six months ended January 29, 2022.
Inventory, net	Inventory, net Inventory, net consists of finished goods which are recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs. Inventory, net includes reserves for excess and slow-moving inventory we expect to write off based on historical trends, damaged inventory, and shrinkage. We estimate and accrue shrinkage as a percentage of inventory out to the client and damaged items at 100% of cost.
Leases	LeasesOur leasing portfolio consists of operating leases, which include lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments calculated using our incremental borrowing rate and expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received.
Foreign Currency	Foreign CurrencyThe functional currency of our international subsidiary is the British pound sterling. For that subsidiary, we translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. We record translation gains and losses in AOCI as a component of stockholders’ equity. Net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency are recorded in other income, net in the condensed consolidated statements of operations and comprehensive income.
Revenue Recognition	Revenue Recognition We generate revenue primarily from the sale of merchandise in a Fix and from Freestyle purchases. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date. Each Fix represents an offer made by us to the client to purchase merchandise. The client is charged a nonrefundable upfront styling fee before the Fix is shipped. As an alternative to the styling fee, we offer select clients the option to purchase a Style Pass. Style Pass clients pay a nonrefundable annual fee for unlimited Fixes that is credited towards merchandise purchases. If the offer to purchase merchandise is accepted, we charge the client the order amount for the accepted merchandise, net of the upfront styling fee or Style Pass annual fee. For each Fix, acceptance occurs when the client checks out the merchandise on our website or mobile app. We offer a discount to clients who purchase all of the items in the Fix. We recognize revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. Our styling fee and Style Pass arrangements represent the option to purchase merchandise. These fees and arrangements are not distinct within the context of the contract with our Fix customers and therefore do not give rise to separate performance obligations. Both the upfront styling fee and Style Pass annual fee are included in deferred revenue until the performance obligation is satisfied when the client exercises his or her option to purchase merchandise (i.e., upon checkout of a Fix) or when the option(s) to purchase merchandise expire(s). Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client. We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. All shipping costs are accounted for in cost of goods sold and all handling costs are accounted for as fulfillment costs within selling, general, and administrative expense (“SG&A”), and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the condensed consolidated balance sheets, was $10.7 million and $11.7 million as of January 29, 2022, and July 31, 2021, respectively. We have five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment. We sell gift cards to clients and establish a liability based upon the face value of such gift cards. We reduce the liability and recognize revenue upon usage of the gift card. If a gift card is not used, we will recognize estimated gift card breakage revenue proportionately to customer usage of gift cards over the expected gift card usage period, subject to requirements to remit balances to governmental agencies. All commissions paid to third parties upon issuance of gift cards are recognized in SG&A as incurred, as on average, gift cards are used within a one-year period. Similarly, referral credits that are considered incremental costs of obtaining a contract with a customer are recognized in SG&A when issued, as on average, referral credits are used within a one-year period. We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, gift card liability and other current liabilities are also recognized within one year.
Concentration of Credit Risks	Concentration of Credit Risks We are subject to concentrations of credit risk principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions may exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments. No client accounted for greater than 10% of total revenue, net for the three and six months ended January 29, 2022, and January 30, 2021, respectively.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This update amends and simplifies the accounting for income taxes by eliminating certain exceptions in existing guidance related to performing intraperiod tax allocation, calculating interim period taxes, and recognizing deferred taxes for investments. The update also provides new guidance to reduce complexity in certain areas. The Company adopted this guidance on August 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jan. 29, 2022

Accounting Policies [Abstract]

Summary of Contractual Liabilities and Revenue Recognized

The following table summarizes the balances of contractual liabilities included in other current liabilities, deferred revenue and gift card liability as of the dates indicated:


(in thousands)	January 29, 2022		July 31, 2021
Deferred revenue
Upfront styling fees	$	9,567	$	11,989
Style Pass annual fees	3,801		3,474
Freestyle orders	1,077		2,691

Total deferred revenue	$	14,445	$	18,154
Gift card liability	$	13,164	$	9,903
Other current liabilities
Referral credits	$	1,188	$	1,231


(in thousands)	Revenue Recognized From Amounts Previously Included in Deferred Balances at July 31, 2021
Upfront styling fees	$	11,767
Style Pass annual fees	2,495
Freestyle orders	2,341
Gift card liability	2,085
Referral credits	665

Fair Value Measurements (Tables)

6 Months Ended

Jan. 29, 2022

Fair Value Disclosures [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-for-sale Investments


	January 29, 2022								July 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Investments:
U.S. Treasury securities	$	54,991	$	—	$	(373)	$	54,618	$	42,009	$	35	$	—	$	42,044
Certificates of deposit	700		—		—		700		1,500		—		—		1,500
Commercial paper	3,000		—		—		3,000		10,192		—		—		10,192
Asset-backed securities	8,666		3		(14)		8,655		10,393		18		(9)		10,402
Corporate bonds	88,706		6		(451)		88,261		96,347		103		(7)		96,443
Total	$	156,063	$	9	$	(838)	$	155,234	$	160,441	$	156	$	(16)	$	160,581

Schedule of Fair Value of Available-for-sale Securities By Contractual Maturity

The following table sets forth the fair value of available-for-sale securities by contractual maturity as of January 29, 2022, and July 31, 2021:


	January 29, 2022								July 31, 2021
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total		One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Investments:
U.S. Treasury securities	$	11,680	$	42,938	$	—	$	54,618	$	41,633	$	411	$	—	$	42,044
Certificates of deposit	700		—		—		700		1,500		—		—		1,500
Commercial paper	3,000		—		—		3,000		10,192		—		—		10,192
Asset-backed securities	3,029		5,626		—		8,655		29		10,373		—		10,402
Corporate bonds	54,643		33,618		—		88,261		48,192		48,251		—		96,443
Total	$	73,052	$	82,182	$	—	$	155,234	$	101,546	$	59,035	$	—	$	160,581

Schedule of Short-term and Long-term Investments Accounted for as Available-for-sale Measured at Fair Value on Recurring Basis


	January 29, 2022								July 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	15,687	$	—	$	—	$	15,687	$	10,728	$	—	$	—	$	10,728

Investments:
U.S. Treasury securities	54,618		—		—		54,618		42,044		—		—		42,044
Certificates of deposit	—		700		—		700		—		1,500		—		1,500
Commercial paper	—		3,000		—		3,000		—		10,192		—		10,192
Asset-backed securities	—		8,655		—		8,655		—		10,402		—		10,402
Corporate bonds	—		88,261		—		88,261		—		96,443		—		96,443
Total	$	70,305	$	100,616	$	—	$	170,921	$	52,772	$	118,537	$	—	$	171,309

Accrued Liabilities (Tables)

6 Months Ended

Jan. 29, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	January 29, 2022		July 31, 2021
Compensation and related benefits	$	10,683	$	13,645
Advertising	13,039		12,649
Sales taxes	9,316		9,937
Shipping and freight	8,727		6,209
Accrued accounts payable	8,463		5,804
Inventory purchases	25,274		30,384
Sales refund reserve	10,677		11,704
Other	8,842		8,696
Total accrued liabilities	$	95,021	$	99,028

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jan. 29, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for the periods presented:



	For the Three Months Ended January 29, 2022						For the Three Months Ended January 30, 2021
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(605)	$	3,098	$	2,493	$	550	$	1,177	$	1,727
Other comprehensive income (loss) before reclassifications(1)	(654)		(848)		(1,502)		(389)		1,929		1,540
Amounts reclassified from AOCI	—		—		—		1		—		1
Net change in AOCI	(654)		(848)		(1,502)		(388)		1,929		1,541
Ending balance	$	(1,259)	$	2,250	$	991	$	162	$	3,106	$	3,268


	For the Six Months Ended January 29, 2022						For the Six Months Ended January 30, 2021
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(290)	$	3,701	$	3,411	$	1,213	$	1,515	$	2,728
Other comprehensive income (loss) before reclassifications(1)	(969)		(1,451)		(2,420)		(937)		1,591		654
Amounts reclassified from AOCI	—		—		—		(114)		—		(114)
Net change in AOCI	(969)		(1,451)		(2,420)		(1,051)		1,591		540
Ending balance	$	(1,259)	$	2,250	$	991	$	162	$	3,106	$	3,268

Stock-Based Compensation (Tables)

6 Months Ended

Jan. 29, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan is as follows:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in thousands)
Balance – July 31, 2021	3,650,482	$	25.47	7.40	$	106,490

Granted	548,347	18.50
Exercised	(140,377)	9.92
Cancelled	(157,925)	38.97
Balance – January 29, 2022	3,900,527	$	24.50	7.33	$	3,207

Schedule of Unvested Restricted Stock Units Activity

The following table summarizes the RSU award activity under the 2017 Plan and 2019 Plan:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 31, 2021	10,264,925	$	31.35
Granted	3,867,855	29.07
Vested	(1,604,850)	28.74
Forfeited	(2,186,550)	29.20
Unvested at January 29, 2022	10,341,380	$	31.36

Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Fair Value of Stock Options

The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions:


	For the Three Months Ended				For the Six Months Ended
	January 29, 2022		January 30, 2021		January 29, 2022		January 30, 2021
Expected term (in years)	3.2 - 5.5		5.3 - 6.3		3.2 - 5.5		5.3 - 6.3
Volatility	62.1%		55.5%		62.1%		55.5% - 55.9%
Risk free interest rate	0.8% - 1.3%		0.4% - 0.5%		0.8% -1.3%		0.3% - 0.5%
Dividend yield	—	%	—	%	—	%	—	%

Income Taxes (Tables)

6 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate from Income

The following table summarizes our effective tax rate from income for the periods presented:


	For the Three Months Ended						For the Six Months Ended
(in thousands)	January 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Income (loss) before income taxes	$	(30,572)		$	(39,816)		$	(32,197)		$	(58,393)
Provision (benefit) for income taxes	340			(18,777)			542			(46,895)
Effective tax rate	(1.1)		%	47.2		%	(1.7)		%	80.3		%

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jan. 29, 2022

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS

A reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share attributable to common stockholders is as follows:


	For the Three Months Ended
	January 29, 2022				January 30, 2021
(in thousands, except share and per share amounts)	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(23,688)	$	(7,224)	$	(12,790)	$	(8,249)


Net loss attributable to common stockholders - basic	(23,688)		(7,224)		(12,790)		(8,249)


Reallocation of undistributed loss as a result of conversion of Class B to Class A shares	(7,224)		—		(8,249)		—

Net loss attributable to common stockholders - diluted	$	(30,912)	$	(7,224)	$	(21,039)	$	(8,249)
Denominator:
Weighted-average shares of common stock - basic	83,661,893		25,516,193		64,163,400		41,381,115
Conversion of Class B to Class A common shares outstanding	25,516,193		—		41,381,115		—


Weighted-average shares of common stock - diluted	109,178,086		25,516,193		105,544,515		41,381,115
Loss per share attributable to common stockholders:
Basic	$	(0.28)	$	(0.28)	$	(0.20)	$	(0.20)
Diluted	$	(0.28)	$	(0.28)	$	(0.20)	$	(0.20)


	For the Six Months Ended
	January 29, 2022				January 30, 2021
(in thousands, except share and per share amounts)	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(24,559)	$	(8,180)	$	(6,765)	$	(4,733)


Net loss attributable to common stockholders - basic	(24,559)		(8,180)		(6,765)		(4,733)


Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares	(8,180)		—		(4,733)		—

Net loss attributable to common stockholders - diluted	$	(32,739)	$	(8,180)	$	(11,498)	$	(4,733)
Denominator:
Weighted-average shares of common stock - basic	81,598,382		27,178,616		61,685,068		43,155,215
Conversion of Class B to Class A common shares outstanding	27,178,616		—		43,155,215		—


Weighted-average shares of common stock - diluted	108,776,998		27,178,616		104,840,283		43,155,215
Loss per share attributable to common stockholders:
Basic	$	(0.30)	$	(0.30)	$	(0.11)	$	(0.11)
Diluted	$	(0.30)	$	(0.30)	$	(0.11)	$	(0.11)

Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share

The following common stock equivalents were excluded from the computation of diluted loss per share for the periods presented because including them would have been antidilutive:


	For the Three Months Ended		For the Six Months Ended
	January 29, 2022	January 30, 2021	January 29, 2022	January 30, 2021


Restricted stock units	10,341,380	8,372,991	10,341,380	7,468,108
Stock options to purchase Class A common stock	2,715,632	1,465,162	2,715,632	1,153,235
Stock options to purchase Class B common stock	1,184,895	1,937,512	1,184,895	1,953,331
Total	14,241,907	11,775,665	14,241,907	10,574,674

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands, ft² in Millions	1 Months Ended
	Jan. 31, 2022 USD ($) ft²	Nov. 30, 2020 ft²	Jan. 29, 2022 USD ($)	Aug. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jan. 30, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets			$ 144,836		$ 118,565
Refund reserve			10,700		$ 11,700
Salt Lake City, Utah
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Area of leased space \| ft²		0.7
Operating lease, liability				$ 28,800
Operating lease, right-of-use assets				$ 24,600
Salt Lake City, Utah \| Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability	$ 14,500
Operating lease, right-of-use assets	$ 14,500
Area of leased space, additions \| ft²	0.3
Prepaid Expenses and Other Current Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest receivable			$ 700			$ 1,000

Summary of Significant Accounting Policies - Summary of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 29, 2022	Jul. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 14,445	$ 18,154
Upfront styling fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	9,567	11,989
Revenue recognized	11,767
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	3,801	3,474
Revenue recognized	2,495
Freestyle orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	1,077	2,691
Revenue recognized	2,341
Gift card liability
Deferred Revenue Arrangement [Line Items]
Deferred revenue	13,164	9,903
Revenue recognized	2,085
Deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	14,445	18,154
Other current liabilities
Deferred Revenue Arrangement [Line Items]
Deferred revenue	1,188	$ 1,231
Revenue recognized	$ 665

Fair Value Measurements - Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jan. 29, 2022	Jul. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 156,063	$ 160,441
Gross Unrealized Gains	9	156
Gross Unrealized Losses	(838)	(16)
Fair Value	155,234	160,581
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54,991	42,009
Gross Unrealized Gains	0	35
Gross Unrealized Losses	(373)	0
Fair Value	54,618	42,044
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	700	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	700	1,500
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,000	10,192
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	3,000	10,192
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,666	10,393
Gross Unrealized Gains	3	18
Gross Unrealized Losses	(14)	(9)
Fair Value	8,655	10,402
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	88,706	96,347
Gross Unrealized Gains	6	103
Gross Unrealized Losses	(451)	(7)
Fair Value	$ 88,261	$ 96,443

Fair Value Measurements - Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jan. 29, 2022	Jul. 31, 2021
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 73,052	$ 101,546
Over One Year Through Five Years	82,182	59,035
Over Five Years	0	0
Total	155,234	160,581
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	11,680	41,633
Over One Year Through Five Years	42,938	411
Over Five Years	0	0
Total	54,618	42,044
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
One Year or Less	700	1,500
Over One Year Through Five Years	0	0
Over Five Years	0	0
Total	700	1,500
Commercial paper
Debt Securities, Available-for-sale [Line Items]
One Year or Less	3,000	10,192
Over One Year Through Five Years	0	0
Over Five Years	0	0
Total	3,000	10,192
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	3,029	29
Over One Year Through Five Years	5,626	10,373
Over Five Years	0	0
Total	8,655	10,402
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	54,643	48,192
Over One Year Through Five Years	33,618	48,251
Over Five Years	0	0
Total	$ 88,261	$ 96,443

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jan. 29, 2022	Jul. 31, 2021
Payables and Accruals [Abstract]
Compensation and related benefits	$ 10,683	$ 13,645
Advertising	13,039	12,649
Sales taxes	9,316	9,937
Shipping and freight	8,727	6,209
Accrued accounts payable	8,463	5,804
Inventory purchases	25,274	30,384
Sales refund reserve	10,677	11,704
Other	8,842	8,696
Total accrued liabilities	$ 95,021	$ 99,028

Credit Agreement (Details) - Credit Facility - Credit Agreement	1 Months Ended
	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Credit sublimit	30,000,000
Swingline provision	50,000,000
Option increase amount	$ 150,000,000
Commitment fee percentage	0.25%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Commitments and Contingencies - Additional Information (Details)	2 Months Ended
	Dec. 10, 2018 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	4

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	$ 478,595	$ 428,587	$ 460,849	$ 401,037
Other comprehensive income (loss) before reclassifications	(1,502)	1,540	(2,420)	654
Amounts reclassified from AOCI	0	1	0	(114)
Total other comprehensive income, net of tax	(1,502)	1,541	(2,420)	540
Stockholders' equity, ending balance	461,082	433,534	461,082	433,534
Tax (benefit) expense for gains and losses on available-for-sale securities	0	0	0	0
Total
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	2,493	1,727	3,411	2,728
Total other comprehensive income, net of tax	(1,502)	1,541	(2,420)	540
Stockholders' equity, ending balance	991	3,268	991	3,268
Available-for-sale Securities
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	(605)	550	(290)	1,213
Other comprehensive income (loss) before reclassifications	(654)	(389)	(969)	(937)
Amounts reclassified from AOCI	0	1	0	(114)
Total other comprehensive income, net of tax	(654)	(388)	(969)	(1,051)
Stockholders' equity, ending balance	(1,259)	162	(1,259)	162
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	3,098	1,177	3,701	1,515
Other comprehensive income (loss) before reclassifications	(848)	1,929	(1,451)	1,591
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income, net of tax	(848)	1,929	(1,451)	1,591
Stockholders' equity, ending balance	$ 2,250	$ 3,106	$ 2,250	$ 3,106

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures	$ 305.9		$ 305.9
Unrecognized compensation expense related to unvested options weighted average recognition period			2 years 4 months 24 days
Weighted-average grant date fair value of options (in dollars per share)			$ 9.11	$ 28.46
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 32.4	$ 24.8	$ 64.7	$ 44.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period			10 years
2011 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage			25.00%
Award vesting period			3 years
2017 Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	32,793,232		32,793,232
2017 Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage			25.00%
Award vesting period			3 years
Options exercisable period			10 years
2017 Incentive Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
2019 Inducement Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	4,750,000		4,750,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2011, 2017, and 2019 Plans $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 29, 2022 USD ($) $ / shares shares	Jul. 31, 2021 USD ($) $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) \| shares	3,650,482
Granted (in shares) \| shares	548,347
Exercised (in shares) \| shares	(140,377)
Cancelled (in shares) \| shares	(157,925)
Outstanding, ending balance (in shares) \| shares	3,900,527	3,650,482
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 25.47
Granted (in dollars per share) \| $ / shares	18.50
Exercised (in dollars per share) \| $ / shares	9.92
Cancelled (in dollars per share) \| $ / shares	38.97
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 24.50	$ 25.47
Weighted- Average Remaining Contractual Life (in Years)
Outstanding, weighted-average remaining contractual life	7 years 3 months 29 days	7 years 4 months 24 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value \| $	$ 3,207	$ 106,490

Stock-Based Compensation - Summary of Restricted Stock Units Award Activity (Details) - Class A Common Stock - Restricted stock units	6 Months Ended
	Jan. 29, 2022 $ / shares shares
Class A Common Stock
Unvested, beginning balance (in shares) \| shares	10,264,925
Granted (in shares) \| shares	3,867,855
Vested (in shares) \| shares	(1,604,850)
Forfeited (in shares) \| shares	(2,186,550)
Unvested, ending balance (in shares) \| shares	10,341,380
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 31.35
Granted (in dollars per share) \| $ / shares	29.07
Vested (in dollars per share) \| $ / shares	28.74
Forfeited (in dollars per share) \| $ / shares	29.20
Unvested, ending balance (in dollars per share) \| $ / shares	$ 31.36

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Fair Value of Stock Options (Details)	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	62.10%	55.50%	62.10%
Volatility, minimum				55.50%
Volatility, maximum				55.90%
Risk free interest rate, minimum	0.80%	0.40%	0.80%	0.30%
Risk free interest rate, maximum	1.30%	0.50%	1.30%	0.50%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 2 months 12 days	5 years 3 months 18 days	3 years 2 months 12 days	5 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	6 years 3 months 18 days	5 years 6 months	6 years 3 months 18 days

Income Taxes - Schedule of Effective Tax Rate from Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (30,572)	$ (39,816)	$ (32,197)	$ (58,393)
Provision (benefit) for income taxes	$ 340	$ (18,777)	$ 542	$ (46,895)
Effective tax rate	(1.10%)	47.20%	(1.70%)	80.30%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) $ in Thousands	6 Months Ended
	Jan. 29, 2022 class vote	Jan. 31, 2022 USD ($)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of new classes of common stock authorized \| class	2
Common stock, conversion ratio	1
Class A Common Stock \| Subsequent event
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share repurchase amount \| $		$ 150,000
IPO \| Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share	1
IPO \| Class B Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share	10

Net Loss Per Share Attributable to Common Stockholders - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Numerator:
Net loss	$ (30,912)	$ (21,039)	$ (32,739)	$ (11,498)
Net loss attributable to common stockholders - basic	(30,912)	(21,039)	(32,739)	(11,498)
Net loss attributable to common stockholders - diluted	$ (30,912)	$ (21,039)	$ (32,739)	$ (11,498)
Denominator:
Weighted-average shares of common stock - basic (in shares)	109,178,086	105,544,515	108,776,998	104,840,283
Weighted-average shares of common stock - diluted (in shares)	109,178,086	105,544,515	108,776,998	104,840,283
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Diluted (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Class A Common Stock
Numerator:
Net loss	$ (23,688)	$ (12,790)	$ (24,559)	$ (6,765)
Net loss attributable to common stockholders - basic	(23,688)	(12,790)	(24,559)	(6,765)
Reallocation of undistributed loss as a result of conversion of Class B to Class A shares	(7,224)	(8,249)	(8,180)	(4,733)
Net loss attributable to common stockholders - diluted	$ (30,912)	$ (21,039)	$ (32,739)	$ (11,498)
Denominator:
Weighted-average shares of common stock - basic (in shares)	83,661,893	64,163,400	81,598,382	61,685,068
Conversion of Class B to Class A common shares outstanding (in shares)	25,516,193	41,381,115	27,178,616	43,155,215
Weighted-average shares of common stock - diluted (in shares)	109,178,086	105,544,515	108,776,998	104,840,283
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Diluted (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Class B Common Stock
Numerator:
Net loss	$ (7,224)	$ (8,249)	$ (8,180)	$ (4,733)
Net loss attributable to common stockholders - basic	(7,224)	(8,249)	(8,180)	(4,733)
Reallocation of undistributed loss as a result of conversion of Class B to Class A shares	0	0	0	0
Net loss attributable to common stockholders - diluted	$ (7,224)	$ (8,249)	$ (8,180)	$ (4,733)
Denominator:
Weighted-average shares of common stock - basic (in shares)	25,516,193	41,381,115	27,178,616	43,155,215
Conversion of Class B to Class A common shares outstanding (in shares)	0	0	0	0
Weighted-average shares of common stock - diluted (in shares)	25,516,193	41,381,115	27,178,616	43,155,215
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)
Diluted (in dollars per share)	$ (0.28)	$ (0.20)	$ (0.30)	$ (0.11)

Net Loss Per Share Attributable to Common Stockholders - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Jan. 29, 2022	Jan. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	14,241,907	11,775,665	14,241,907	10,574,674
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	10,341,380	8,372,991	10,341,380	7,468,108
Stock Options \| Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	2,715,632	1,465,162	2,715,632	1,153,235
Stock Options \| Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	1,184,895	1,937,512	1,184,895	1,953,331

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jan. 29, 2022	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 155,234	$ 160,581
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	170,921	171,309
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	70,305	52,772
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	100,616	118,537
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	0	0
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	15,687	10,728
Fair Value, Recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	15,687	10,728
Fair Value, Recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
Fair Value, Recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	54,618	42,044
U.S. Treasury securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	54,618	42,044
U.S. Treasury securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	54,618	42,044
U.S. Treasury securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
U.S. Treasury securities \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	700	1,500
Certificates of deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	700	1,500
Certificates of deposit \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Certificates of deposit \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	700	1,500
Certificates of deposit \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	3,000	10,192
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	3,000	10,192
Commercial paper \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Commercial paper \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	3,000	10,192
Commercial paper \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	8,655	10,402
Asset-backed securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	8,655	10,402
Asset-backed securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Asset-backed securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	8,655	10,402
Asset-backed securities \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	88,261	96,443
Corporate bonds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	88,261	96,443
Corporate bonds \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Corporate bonds \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	88,261	96,443
Corporate bonds \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0	$ 0