0001576942-22-000077 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Jul. 30, 2022	Sep. 16, 2022	Jan. 29, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 30, 2022
Current Fiscal Year End Date	--07-30
Document Transition Report	false
Entity File Number	001-38291
Entity Registrant Name	STITCH FIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5026540
Entity Address, Address Line One	1 Montgomery Street
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	882-7765
Title of 12(b) Security	Class A common stock, par value $0.00002 per share
Trading Symbol	SFIX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001576942
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Public Float			$ 1,206,335,204
Entity Common Stock, Shares Outstanding		85,402,027
Common Class B
Document Information [Line Items]
Entity Public Float			$ 1,324,337
Entity Common Stock, Shares Outstanding		25,405,020

Audit Information	12 Months Ended
Audit Information	Jul. 30, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Current assets:
Cash and cash equivalents	$ 130,935	$ 129,785
Short-term investments	82,049	101,546
Inventory, net	197,251	212,294
Prepaid expenses and other current assets	39,456	50,512
Income tax receivable	27,561	27,667
Total current assets	477,252	521,804
Long-term investments	17,713	59,035
Income tax receivable, net of current portion	26,091	27,054
Property and equipment, net	103,375	86,959
Operating lease right-of-use assets	132,179	118,565
Other long-term assets	7,925	5,732
Total assets	764,535	819,149
Current liabilities:
Accounts payable	143,934	73,499
Operating lease liabilities	29,014	25,702
Accrued liabilities	94,416	99,028
Gift card liability	10,551	9,903
Deferred revenue	14,441	18,154
Other current liabilities	3,214	2,027
Total current liabilities	295,570	228,313
Operating lease liabilities, net of current portion	141,334	121,623
Other long-term liabilities	4,980	8,364
Total liabilities	441,884	358,300
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	522,658	416,755
Accumulated other comprehensive (loss) income	(3,527)	3,411
Retained earnings (accumulated deficit)	(166,440)	40,681
Treasury stock at cost (2,302,141 and 0 shares)	(30,042)	0
Total stockholders’ equity	322,651	460,849
Total liabilities and stockholders’ equity	764,535	819,149
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 30, 2022	Jul. 31, 2021
Treasury stock (in shares)	2,302,141	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)	86,187,911	76,780,570
Common stock, shares outstanding (in shares)	86,187,911	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)	25,405,020	31,175,418
Common stock, shares outstanding (in shares)	25,405,020	31,175,418

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Revenue, net	$ 2,072,812	$ 2,101,258	$ 1,711,733
Cost of goods sold	1,164,338	1,153,622	957,523
Gross profit	908,474	947,636	754,210
Selling, general, and administrative expenses	1,116,519	1,010,997	805,874
Operating loss	(208,045)	(63,361)	(51,664)
Interest income	930	2,610	5,535
Other expense, net	(2,355)	(366)	(1,593)
Loss before income taxes	(209,470)	(61,117)	(47,722)
Income tax provision (benefit)	(2,349)	(52,241)	19,395
Net loss	(207,121)	(8,876)	(67,117)
Other comprehensive income (loss):
Change in unrealized gain (loss) on available-for-sale securities, net of tax	(2,050)	(1,503)	822
Foreign currency translation	(4,888)	2,186	2,093
Total other comprehensive income (loss), net of tax	(6,938)	683	2,915
Comprehensive loss	(214,059)	(8,193)	(64,202)
Net loss attributable to common stockholders:
Basic	(207,121)	(8,876)	(67,117)
Diluted	$ (207,121)	$ (8,876)	$ (67,117)
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (1.90)	$ (0.08)	$ (0.66)
Diluted (in dollars per share)	$ (1.90)	$ (0.08)	$ (0.66)
Weighted-average shares used to compute loss per share attributable to common stockholders:
Basic (in shares)	108,762,589	105,975,403	102,383,282
Diluted (in shares)	108,762,589	105,975,403	102,383,282

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Aug. 03, 2019		101,397,480
Stockholders' equity, beginning balance at Aug. 03, 2019	$ 396,000	$ 2	$ 279,511	$ (187)	$ 116,674	$ 0
Stockholders' equity, beginning balance (in shares) at Aug. 03, 2019						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of early exercised options (in shares)		1,278,894
Issuance of common stock upon exercise of stock options	12,078		12,078
Issuance of restricted stock units, net of tax withholdings (in shares)		1,079,133
Issuance of restricted stock units, net of tax withholdings	(12,819)		(12,819)
Stock-based compensation	69,980		69,980
Net loss	(67,117)				(67,117)
Other comprehensive income, net of tax	2,915			2,915
Stockholders' equity, ending balance (in shares) at Aug. 01, 2020		103,755,507
Stockholders' equity, ending balance at Aug. 01, 2020	401,037	$ 2	348,750	2,728	49,557	$ 0
Stockholders' equity, ending balance (in shares) at Aug. 01, 2020						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of early exercised options (in shares)		2,067,751
Issuance of common stock upon exercise of stock options	25,932		25,932
Issuance of restricted stock units, net of tax withholdings (in shares)		2,132,730
Issuance of restricted stock units, net of tax withholdings	(64,316)		(64,316)
Stock-based compensation	106,389		106,389
Net loss	(8,876)				(8,876)
Other comprehensive income, net of tax	683			683
Stockholders' equity, ending balance (in shares) at Jul. 31, 2021		107,955,988
Stockholders' equity, ending balance at Jul. 31, 2021	460,849	$ 2	416,755	3,411	40,681	$ 0
Stockholders' equity, ending balance (in shares) at Jul. 31, 2021						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of early exercised options (in shares)		176,977
Issuance of common stock upon exercise of stock options	1,534		1,534
Issuance of restricted stock units, net of tax withholdings (in shares)		3,459,966
Issuance of restricted stock units, net of tax withholdings	(31,742)		(31,742)
Stock-based compensation	136,111		136,111
Net loss	(207,121)				(207,121)
Other comprehensive income, net of tax	(6,938)			(6,938)
Repurchase of common stock (in shares)						(2,302,141)
Repurchase of common stock	(30,042)					$ (30,042)
Stockholders' equity, ending balance (in shares) at Jul. 30, 2022		111,592,931
Stockholders' equity, ending balance at Jul. 30, 2022	$ 322,651	$ 2	$ 522,658	$ (3,527)	$ (166,440)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jul. 30, 2022						2,302,141

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Cash Flows from Operating Activities
Net loss	$ (207,121)	$ (8,876)	$ (67,117)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Deferred income taxes and valuation allowance	(535)	64	22,880
Change in inventory reserves	16,552	8,875	8,828
Stock-based compensation expense	128,485	100,696	67,530
Depreciation, amortization, and accretion	37,185	29,929	22,617
Asset impairment	6,154	0	0
Other	300	(3,632)	882
Change in operating assets and liabilities:
Inventory	(2,594)	(96,056)	(15,222)
Prepaid expenses and other assets	8,110	(20,096)	(140)
Income tax receivables	1,069	(31,700)	(6,543)
Operating lease right-of-use assets and liabilities	4,301	(1,818)	394
Accounts payable	71,349	(12,385)	(5,520)
Accrued liabilities	(2,641)	22,011	8,297
Deferred revenue	(3,679)	5,082	1,054
Gift card liability	649	1,313	1,357
Other liabilities	(2,189)	(9,082)	3,580
Net cash provided by (used in) operating activities	55,395	(15,675)	42,877
Cash Flows from Investing Activities
Purchases of property and equipment	(46,351)	(35,256)	(30,207)
Purchases of securities available-for-sale	(94,420)	(173,726)	(248,318)
Sales of securities available-for-sale	45,351	104,501	36,587
Maturities of securities available-for-sale	105,653	143,574	171,477
Net cash provided by (used in) investing activities	10,233	39,093	(70,461)
Cash Flows from Financing Activities
Proceeds from the exercise of stock options, net	1,534	25,932	12,078
Payments for tax withholdings related to vesting of restricted stock units	(31,742)	(64,316)	(12,819)
Issuance costs on revolving credit facility	0	(501)	(694)
Repurchase of common stock	(30,042)	0	0
Net cash used in financing activities	(60,250)	(38,885)	(1,435)
Net increase (decrease) in cash and cash equivalents	5,378	(15,467)	(29,019)
Effect of exchange rate changes on cash and cash equivalents	(4,228)	1,797	1,542
Cash and cash equivalents at beginning of period	129,785	143,455	170,932
Cash and cash equivalents at end of period	130,935	129,785	143,455
Supplemental Disclosure
Cash paid for income taxes	868	461	365
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	2,443	3,803	4,088
Capitalized stock-based compensation	7,626	5,693	2,450
Leasehold improvements paid by landlord	$ 0	$ 0	$ 7,406

Description of Business	12 Months Ended
Description of Business	Jul. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessStitch 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”).

Significant Accounting Policies

12 Months Ended

Jul. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ended July 30, 2022 (“2022”) and August 1, 2020 (“2020”) consisted of 52 weeks. The fiscal year ended July 31, 2021 (“2021”) consisted of 53 weeks.

Segment Information

We have one operating segment and one reportable segment as our chief operating decision maker, who is our Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Use of Estimates

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

Cash and Cash Equivalents

Cash consists of bank deposits and amounts in transit from banks for client credit card and debit card transactions that will process in less than seven days. Cash equivalents consist of investments in short-term money market funds.

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 expense, net on

our consolidated statements of income. During the twelve months ended July 30, 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 consolidated balance sheets. Accrued interest receivable was $0.3 million and $1.0 million as of July 30, 2022, and July 31, 2021, respectively, and was recorded in prepaid expenses and other current assets in the consolidated balance sheets. 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 when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during the twelve months ended July 30, 2022.

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 expense, net in the consolidated statements of operations and comprehensive loss.

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.

Our total inventory reserves, which reduce inventory in our consolidated balance sheets, were $59.6 million and $43.4 million as of July 30, 2022, and July 31, 2021, respectively. In the period ended July 30, 2022, we recorded additional reserves related to excess spring and summer inventory, which are reflected in the $59.6 million of inventory reserves. Aside from these specific reserves, we have not made any material changes to our assumptions included in the calculations of the lower of cost or net realizable value reserves during the fiscal year ended July 30, 2022.

Property and Equipment, net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Buildings						25 years
Leasehold improvements						Shorter of lease term or estimated useful life

We capitalize eligible costs to develop our proprietary systems, website, and mobile app. Capitalization of such costs begins when the preliminary project stage is completed and it is probable that the project will be completed and the software will be used to perform the function intended. A subsequent addition, modification, or upgrade to internal-use software is capitalized to the extent that it enhances the software’s functionality or extends its useful life. Costs related to design or maintenance are expensed as incurred.

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.

Impairment of Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount exceeds the fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell.

In the fourth quarter of 2022, in connection with our June 9, 2022, restructuring plan, we recorded an impairment charge of $6.2 million related to a change in our use of corporate office space, and the current and anticipated future market conditions for sublease income in San Francisco, California. Refer to Note 4 “Leases” for further information.

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 consolidated balance sheets, was $10.3 million and $11.7 million as of July 30, 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 deferred revenue, gift card liability, and other current liabilities as of the dates indicated:


(in thousands)	July 30, 2022		July 31, 2021
Deferred revenue
Upfront styling fees	$	8,422	$	11,989
Style Pass annual fees	4,337		3,474
Freestyle orders	1,682		2,691
Total deferred revenue	$	14,441	$	18,154
Gift card liability	$	10,551	$	9,903
Other current liabilities
Referral credits	$	684	$	1,231

The following table summarizes revenue recognized during the twelve months ended July 30, 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	3,474
Freestyle orders	2,341
Gift card liability	2,661
Referral credits	794

Cost of Goods Sold

Cost of goods sold consists of the costs of merchandise, expenses for shipping to and from clients and inbound freight, inventory write-offs and changes in our inventory reserve, payment processing fees, and packaging materials costs, offset by the recoverable cost of merchandise estimated to be returned.

Selling, General, and Administrative Expenses

SG&A expenses consist primarily of compensation and benefits costs, including stock-based compensation expense, for our employees including our stylist, fulfillment center operations, data analytics, merchandising, engineering, client experience, marketing, and corporate personnel. SG&A expenses also include marketing and advertising, third-party logistics costs, facility costs for our fulfillment centers and offices, professional services fees, information technology, and depreciation and amortization.

Advertising Expenses

Costs associated with the production of advertising, such as writing, copy, printing, and other production costs are expensed as incurred. Costs associated with communicating advertising on television and radio are expensed the first time the advertisement is run. Online advertising costs are expensed as incurred. Advertising costs totaled $183.8 million, $174.7 million, and $167.8 million for 2022, 2021, and 2020, respectively, and are included within selling, general, and administrative expenses in the consolidated statements of operations and comprehensive loss.

Marketing Programs

We have a client referral program under which we issue credits for future purchases to clients when the referral results in a new client who has ordered a Fix or made a purchase on Freestyle. We record a liability at the time of issuing the credit and reduce the liability upon application of the credit to a client’s purchase. We also have an affiliate program under which we make cash payments to lifestyle or fashion bloggers or others who refer clients in high volumes. Amounts related to both of these programs are included within selling, general, and administrative expenses in the consolidated statements of operations and comprehensive loss.

Income Taxes

We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled.

Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not to be realized. We consider many factors when assessing the likelihood of future realization, including our recent cumulative loss, earnings expectations in earlier future years, unsettled economic disruption of the COVID-19 pandemic, and other relevant factors.

We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits, if any, as income tax expense.

Stock-Based Compensation Expense

We measure stock-based compensation expense associated with option awards made to employees and members of our board of directors based on the estimated fair values of the awards at the grant date using the Black-Scholes option-pricing model. We measure stock-based compensation expense associated with restricted stock unit (“RSU”) awards made to employees and members of our board of directors based on the fair values of those awards at the grant date. For options and RSU’s with service conditions only, stock-based compensation expense is recognized, net of forfeitures, over the requisite service period using the straight-line method such that an expense is only recognized for those awards that we expect to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in stockholders’ equity during a period from sources other than transactions with stockholders. Comprehensive income (loss) includes the net income (loss) for the period, the gain (loss) due to foreign currency translation, and the change in unrealized gain (loss) on available-for-sale securities.

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 twelve months ended 2022, 2021, and 2020, 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

12 Months Ended

Jul. 30, 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 July 30, 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 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 July 30, 2022, and July 31, 2021:


	July 30, 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	$	16,267	$	—	$	—	$	16,267	$	10,728	$	—	$	—	$	10,728

Commercial paper	—		—		—		—		—		—		—		—
Investments:
U.S. Treasury securities	42,260		—		—		42,260		42,044		—		—		42,044
Certificates of deposit	—		—		—		—		—		1,500		—		1,500
Commercial paper	—		2,985		—		2,985		—		10,192		—		10,192
Asset-backed securities	—		—		—		—		—		10,402		—		10,402
Corporate bonds	—		54,517		—		54,517		—		96,443		—		96,443
Total	$	58,527	$	57,502	$	—	$	116,029	$	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 fiscal years ended July 30, 2022, and July 31, 2021.

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 July 30, 2022, and July 31, 2021:


	July 30, 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	$	43,163	$	—	$	(903)	$	42,260	$	42,009	$	35	$	—	$	42,044
Certificates of deposit	—		—		—		—		1,500		—		—		1,500
Commercial paper	2,985		—		—		2,985		10,192		—		—		10,192
Asset-backed securities	—		—		—		—		10,393		18		(9)		10,402
Corporate bonds	55,526		—		(1,009)		54,517		96,347		103		(7)		96,443
Total	$	101,674	$	—	$	(1,912)	$	99,762	$	160,441	$	156	$	(16)	$	160,581

The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at July 30, 2022:


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial Assets:
Investments:
U.S. Treasury securities	$	42,260	$	(903)	$	—	$	—	$	42,260	$	(903)



Corporate bonds	24,940		(547)		29,577		(462)		54,517		(1,009)
Total	$	67,200	$	(1,450)	$	29,577	$	(462)	$	96,777	$	(1,912)

Due to the increasing interest rate environment during fiscal 2022, gross unrealized losses on our available-for-sale securities have increased significantly. We evaluate securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer; whether we intend to sell the securities, and whether it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis.

As of July 30, 2022, the losses on our available-for-sale securities were considered to be a direct effect of the increase in interest rates and not the creditworthiness of the issuers. We have the current intent and ability to retain these securities until maturity or recovery of the amortized cost basis. Therefore, we did not recognize any expected credit losses as of July 30, 2022.

The following table sets forth the fair value of available-for-sale securities by contractual maturity as of July 30, 2022, and July 31, 2021:


	July 30, 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	$	35,473	$	6,787	$	—	$	42,260	$	41,633	$	411	$	—	$	42,044
Certificates of deposit	—		—		—		—		1,500		—		—		1,500
Commercial paper	2,985		—		—		2,985		10,192		—		—		10,192
Asset-backed securities	—		—		—		—		29		10,373		—		10,402
Corporate bonds	43,591		10,926		—		54,517		48,192		48,251		—		96,443
Total	$	82,049	$	17,713	$	—	$	99,762	$	101,546	$	59,035	$	—	$	160,581

- 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

Leases

12 Months Ended

Jul. 30, 2022

Leases [Abstract]

Leases

Our leasing portfolio includes lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Such leases generally have original lease terms between five and eight years, and often include one or more options to renew. We have not considered any of our renewal options reasonably certain to be exercised at lease commencement and do not have residual value guarantees associated with our leases.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. The Company calculates the present value of its leases using an estimated incremental borrowing rate, which requires judgment. Our incremental borrowing rate is determined for each lease using a peer group of companies with similar credit profiles, adjusted for the impact of collateralization and lease term.

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of July 30, 2022:


(in thousands)	July 30, 2022
2023	$	37,448
2024	34,424
2025	29,135
2026	28,124
2027	22,271
Thereafter	48,521
Total undiscounted future minimum lease payments	199,923
Less imputed interest	(29,575)
Total discounted future minimum lease payments	$	170,348

The weighted average remaining term for our leases as of July 30, 2022 and July 31, 2021 was 6.3 years and 6.0 years, respectively. The weighted average discount rate for our leases as of July 30, 2022 and July 31, 2021 was 4.7% and 4.9%, respectively.

Supplemental cash flow information related to our leases is as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	34,261	$	33,061
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	40,067		8,766

Operating Lease Cost

Operating lease cost is recorded on a straight-line basis over the lease term. Certain leases contain variable payments, which are expensed as incurred and not included in our operating lease right-of-use assets and operating lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes, and insurance on our office and fulfillment center leases.

The following table includes the components of our rent expense recorded in selling, general, and administrative expense in the consolidated statement of operations and comprehensive loss:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021
Operating lease cost	$	33,615	$	31,231
Variable lease costs	8,009		6,236
Short-term lease costs	354		2,016
Operating lease impairment	5,428		—
Sublease income	(4,230)		(876)
Total	$	43,176	$	38,607

During fiscal 2022, we entered into subleases for certain portions of our corporate offices and fulfillment centers due to our recent commitment to a more distributed workforce for corporate employees and a reduction in square footage needs for current operations. We may continue to seek sublease arrangements in fiscal 2023 for certain corporate offices and fulfillment centers as needed.

Impairment

In the fourth quarter of 2022, in connection with our June 9, 2022 restructuring plan, we recorded $6.2 million of impairment related to a change in our use of corporate office space, and the current and anticipated future market conditions for sublease income in San Francisco, California. This charge was allocated between operating lease right-of-use assets and property and equipment, net on the consolidated balance sheets to record the corresponding assets at their estimated fair market value, with the expense being recorded within selling, general, and administrative on the consolidated statements of operations and comprehensive loss.

Property and Equipment, net

12 Months Ended

Jul. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


(in thousands)	July 30, 2022		July 31, 2021
Computer equipment	$	9,281	$	7,637
Office furniture and equipment	53,999		37,454
Leasehold improvements	54,247		44,118
Capitalized software	84,605		66,656
Construction in progress	2,573		9,254
Building and land	430		430
Total property and equipment	205,135		165,549
Less: accumulated depreciation and amortization	(101,760)		(78,590)
Property and equipment, net	$	103,375	$	86,959

Depreciation and amortization expense for 2022, 2021, and 2020 was $35.0 million, $27.6 million, and $22.6 million, respectively.

Accrued Liabilities

12 Months Ended

Jul. 30, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	July 30, 2022		July 31, 2021
Compensation and related benefits	$	11,319	$	13,645
Advertising	15,579		12,649
Sales taxes	7,136		9,937
Shipping and freight	10,304		6,209
Accrued accounts payable	5,814		5,804
Inventory purchases	24,712		30,384
Sales refund reserve	10,314		11,704
Other	9,238		8,696
Total accrued liabilities	$	94,416	$	99,028

Credit Agreement	12 Months Ended
Credit Agreement	Jul. 30, 2022
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement We are party to an amended and restated credit agreement, entered into June 2, 2021 and amended on July 29, 2022 (the “Amended Credit Agreement”) with Silicon Valley Bank and other lenders, 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 $40.0 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 Amended Credit Agreement. Under the terms of the Amended Credit Agreement, revolving loans may be either Secured Overnight Financing Rate (“SOFR”) Loans or ABR Loans. Outstanding SOFR Loans incur interest at the Adjusted Term SOFR, which is defined in the Amended Credit Agreement as Term SOFR plus the Term SOFR Adjustment), 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 Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%, in each case plus a margin of 1.25%. We will be charged a commitment fee of 0.25% for committed but unused amounts. The revolving line of credit under the Amended Credit Agreement will terminate on May 31, 2024, unless the termination date is extended at the election of the lenders. Our obligations under the Amended 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, goods, equipment, contractual rights, financial assets, and intangible assets. The Amended Credit Agreement contains covenants limiting the ability under certain circumstances 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 Amended 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 Amended 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 July 30, 2022, we did not have any borrowings outstanding under the Amended 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jul. 30, 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 August 26, 2022, a class action lawsuit alleging violations of federal securities laws was filed by certain of our stockholders in the U.S. District Court for the Northern District of California, naming as defendants us, certain of our officers and directors and certain of our affiliated stockholders. The lawsuit alleges 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 Freestyle offering between December 2020 and December 2021. The plaintiffs seek unspecified monetary damages and other relief. 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 by certain of our stockholders 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. No hearing date has been set. 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. 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 consolidated financial statements.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jul. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in AOCI by component and the reclassifications out of AOCI:


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 31, 2021	$	(290)	$	3,701	$	3,411
Other comprehensive loss before reclassifications(1)	(1,873)		(4,888)		(6,761)
Amounts reclassified from AOCI	(177)		—		(177)
Net change in AOCI	(2,050)		(4,888)		(6,938)
Balance at July 30, 2022	$	(2,340)	$	(1,187)	$	(3,527)


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at August 1, 2020	$	1,213	$	1,515	$	2,728
Other comprehensive income (loss) before reclassifications(1)	(1,358)		2,186		828
Amounts reclassified from AOCI	(145)		—		(145)
Net change in AOCI	(1,503)		2,186		683
Balance at July 31, 2021	$	(290)	$	3,701	$	3,411

(1)There was no associated income tax effect for gains / losses on available-for-sale securities for the twelve months ended July 30, 2022 and July 31, 2021, as we have recorded a valuation allowance against these deferred tax balances

Stock-Based Compensation

12 Months Ended

Jul. 30, 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 vested 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 subsidiary, and for the grant of nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, 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 begin to vest six months after the grant date with the remaining shares subject to the option vesting ratably over the next 30 months. Options generally expire after 10 years. RSU awards made to employees generally vest ratably on a quarterly basis 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 July 30, 2022.

The following table summarizes the shares available for grant under the 2017 Plan:


						Shares Available for Grant
Balance – July 31, 2021						4,167,716
Authorized						5,397,777
Granted						(11,897,733)

Forfeited						6,794,038
Balance – July 30, 2022						4,461,798

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. On April 7, 2022, the Board of Directors approved a 6,000,000 increase in the number of shares authorized for issuance under the 2019 Plan. The number of shares authorized for issuance under the 2019 Plan was 10,750,000 shares of Class A common stock as of July 30, 2022.

Stock Options

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	1,688,495	12.32
Exercised	(176,977)	8.83
Forfeited	(458,436)	28.59
Balance – July 30, 2022	4,703,564	$	21.07	7.58	$	638
Options vested and exercisable - July 30, 2022	2,467,313	$	21.58	6.46	$	638
Options vested and expected to vest - July 30, 2022	4,652,886	$	21.16	7.52	$	638

The weighted-average grant date fair value of options granted during 2022, 2021, and 2020 was $6.26, $29.07, and $11.35 per share, respectively. The total grant date fair value of options that vested during 2022, 2021, and 2020 was $14.0 million, $13.3 million, and $15.3 million, respectively. The aggregate intrinsic value of options exercised during 2022, 2021, and 2020 was $3.5 million, $78.3 million, and $19.1 million, respectively. The aggregate intrinsic value of options exercised is the difference between the fair value of the underlying common stock on the date of exercise and the exercise price for in-the-money stock options.

Restricted Stock Units

Employee RSUs are granted under the 2017 Plan and 2019 Plan, settle into Class A common stock, and generally vest ratably on a quarterly basis subject to the employee’s continued service with the Company.

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	19,459,115	13.25
Vested	(3,459,966)	24.78
Forfeited	(7,046,452)	26.21
Unvested at July 30, 2022	19,217,622	$	16.09

Stock-Based Compensation Expense

Stock-based compensation expense for options and RSUs granted to employees was $128.5 million, $100.7 million, and $67.5 million for fiscal years 2022, 2021, and 2020, respectively. Stock-based compensation expense is included in selling, general, and administrative expenses in our consolidated statements of operations and comprehensive loss.

The Company recognized no income tax benefit from stock-based compensation expense during fiscal year 2022 as the Company currently maintains a full valuation allowance against its net deferred tax assets in jurisdictions where material stock-based compensation expense is incurred. During fiscal years 2021 and 2020, the Company recognized a material income tax benefit from stock-based compensation expense due to the net operating loss carryback provisions of the CARES Act.

As of July 30, 2022, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $291.0 million, which we expect to recognize over an estimated weighted average period of 2.6 years.

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:

Fair Value of Common Stock - The fair value of the shares of common stock underlying our stock options has been determined based on market prices.

Expected Term - The expected term represents the period that our stock options are expected to be outstanding and is determined for the vast majority of our awards using historical averages.

Expected Volatility - The expected volatility was estimated based on an even blend of our historical volatility since IPO and the implied volatility of Stitch Fix call options in the 30 days preceding a stock option grant.

Risk-Free Interest Rate - The risk-free interest rate is based on the U.S. Treasury zero coupon notes in effect at the time of grant for periods corresponding with the expected term of the option.

Expected Dividend - We have not paid dividends on our common stock and do not anticipate paying dividends on our common stock; therefore, we use an expected dividend yield of zero.

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 Fiscal Year Ended
	July 30, 2022		July 31, 2021		August 1, 2020
Expected term (in years)	3.1 - 5.5		5.3 - 6.3		5.5 - 6.2
Volatility	62.1 - 79.2%		55.5 - 55.9%		50.1 - 51.2%
Risk free interest rate	0.8 - 2.9%		0.3 - 1.1%		1.4 - 1.7%
Dividend yield	—	%	—	%	—	%

Income Taxes

12 Months Ended

Jul. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Loss before income taxes
United States	$	(210,852)	$	(62,341)	$	(48,302)
Foreign	1,382		1,224		580
Total	$	(209,470)	$	(61,117)	$	(47,722)

The components of the provision (benefit) for income tax expense are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Current:
Federal	$	88	$	(49,552)	$	(5,528)
State	(2,472)		(2,562)		1,768
Foreign	570		(191)		275
Total current	(1,814)		(52,305)		(3,485)
Deferred:
Federal	—		—		17,367
State	—		—		5,773
Foreign	(535)		64		(260)
Total deferred	(535)		64		22,880
Income tax provision (benefit)	$	(2,349)	$	(52,241)	$	19,395

The reconciliation of our effective tax rate to the statutory federal rate is as follows:


	For the Fiscal Year Ended
(in thousands, except percentages)	July 30, 2022				July 31, 2021				August 1, 2020
Taxes at federal statutory rate	$	(43,989)	21.0	%	$	(12,835)	21.0	%	$	(10,022)	21.0	%
State taxes, net of federal effect	(2,731)		1.3	%	(2,417)		4.0	%	(4,868)		10.2	%
Stock-based compensation	8,909		(4.3)	%	(34,314)		56.1	%	(2,047)		4.3	%
CARES Act carryback benefit	—		0.0	%	(13,571)		22.2	%	(3,070)		6.4	%
Change in valuation allowance	41,262		(19.7)	%	21,789		(35.7)	%	43,153		(90.4)	%
R&D credits	(7,921)		3.8	%	(13,582)		22.2	%	(6,536)		13.7	%
Uncertain tax positions	18		0.0	%	(40)		0.1	%	2,343		(4.9)	%
Return to provision	(208)		0.1	%	783		(1.3)	%	(777)		1.6	%
Other	2,311		(1.1)	%	1,946		(3.1)	%	1,219		(2.5)	%
Effective tax rate	$	(2,349)	1.1	%	$	(52,241)	85.5	%	$	19,395	(40.6)	%

The components of net deferred tax assets are as follows:


(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Deferred tax assets:
Inventory reserve and UNICAP	$	25,867	$	23,007	$	17,015

Accruals and reserves	5,180		5,997		4,632
Research and development credits	35,843		27,964		11,611
Stock-based compensation	16,487		17,062		11,717
Deferred revenue	390		276		435
Operating lease liability	43,280		35,969		39,380
Net operating losses	52,751		10,136		739
Other	2,001		1,105		349
Gross deferred tax assets	181,799		121,516		85,878
Less: valuation allowance	(126,463)		(77,604)		(43,153)
Deferred tax assets, net of valuation allowance	55,336		43,912		42,725
Deferred tax liabilities:
Depreciation and amortization	(20,221)		(13,110)		(11,044)
Operating lease right-of-use assets	(33,254)		(28,607)		(31,267)
Other	(1,110)		(1,907)		(81)
Gross deferred tax liabilities	(54,585)		(43,624)		(42,392)

Net deferred tax assets, net of valuation allowance	$	751	$	288	$	333

Our effective tax rate and provision for income taxes decreased from the fiscal year ended July 31, 2021, to the fiscal year ended July 30, 2022, primarily due to the reversal of stock-based compensation expenses and the absence of the prior year net operating loss carryback provisions of the CARES Act that were not in effect for the current year.

Our effective tax rate and provision for income taxes increased from the fiscal year ended August 1, 2020, to the fiscal year ended July 31, 2021, primarily due to the net operating loss carryback provisions of the CARES Act and excess tax benefits from stock-based compensation, partially offset by the change in valuation allowance and certain nondeductible expenses.

As of July 30, 2022, we continue to consider all undistributed earnings of foreign subsidiaries indefinitely reinvested outside the U.S. Even if, however, all or a portion of these funds were to be repatriated to the U.S., we would not expect to accrue and pay U.S. or foreign taxes on the repatriation.

As of July 30, 2022, we had federal net operating loss carryforwards of $165.3 million which will be carried forward indefinitely. As of July 30, 2022 and July 31, 2021, we had federal research and development tax credit carryforwards of $38.7 million and $30.1 million respectively. The research and development tax credits will expire beginning in 2036 if not utilized.

As of July 30, 2022, and July 31, 2021, we had state net operating loss carryforwards of $256.0 million and $142.0 million, respectively. The state net operating loss carryforwards will expire, if not utilized, beginning in 2025. As of July 30, 2022, and July 31, 2021, we had California research and development tax credit carryforwards of $21.4 million and $17.0 million, respectively, which are not subject to expiration. Utilization of the net operating loss carryforwards, tax credits and other tax attributes may be subject to various limitations due to the ownership change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization and our ability to offset future income with our tax attributes.

Uncertain Tax Positions

A reconciliation of our unrecognized tax benefits is as follows:


(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Balance at the beginning of the year	$	23,625	$	16,693	$	10,995
Lapse of statute of limitations	(2,191)		(1,909)		(939)
Increase related to prior period tax positions	309		495		1,074
Decrease related to prior period tax positions	(12)		—		—
Increase related to current year tax positions	4,375		8,346		5,563
Balance at the end of the year	$	26,106	$	23,625	$	16,693

The amount of unrecognized tax benefits relating to our tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. Although the outcomes and timing of such events are highly uncertain, we anticipate that the balance of the liability for unrecognized tax benefits and related deferred tax assets will decrease by $0.5 million during the next 12 months due to lapses of applicable statutes of limitation. Our liability for uncertain tax positions as of July 30, 2022, includes $1.8 million related to amounts that would impact our current and future tax expense.

We recognize interest related to uncertain tax positions in our provision for income taxes. The Company files income tax returns in the U.S. federal and various state and local jurisdictions and in the UK. As of July 30, 2022, the fiscal year 2016 through 2020 tax returns are subject to potential examination in one or more jurisdictions.

We regularly assess whether it is more likely than not that we will realize our deferred tax assets in each taxing jurisdiction in which we operate. We consider many factors when assessing the likelihood of future realization, including our recent cumulative loss, earnings expectations in earlier future years, unsettled economic disruption of the COVID-19 pandemic, and other relevant factors. We continue to record a full valuation allowance on our US and state net deferred tax assets due to cumulative historical losses. The valuation allowance primarily relates to federal and state deferred tax assets, including unrealized credit carryforwards and net operating losses. The valuation allowance increased by $48.9 million in the year ended July 30, 2022, and by $34.5 million in the year ended July 31, 2021.

A reconciliation of our valuation allowance is as follows:


(in thousands)	July 30, 2022		July 31, 2021
Beginning of year valuation allowance	$	77,604	$	43,153
Valuation allowance charged / (credited) to expense	54,383		40,995
Valuation allowance charged / (credited) to other accounts	(5,524)		(6,544)
End of year valuation allowance	$	126,463	$	77,604

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 21
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-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Loss Per Share Attributable to Common Stockholders

12 Months Ended

Jul. 30, 2022

Earnings Per Share [Abstract]

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 loss per share 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. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed losses are allocated based on the contractual participation rights of the Class A and Class B common shares as if the losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed loss is allocated on a proportionate basis.

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 Class A and Class B common stockholders is as follows:


(in thousands except share and per share amounts)	July 30, 2022		July 31, 2021		August 1, 2020
Numerator:
Net loss attributable to Class A and Class B common stockholders	$	(207,121)	$	(8,876)	$	(67,117)
Denominator:
Weighted-average shares of common stock – basic	108,762,589		105,975,403		102,383,282
Effect of dilutive stock options and restricted stock units	—		—		—

Weighted-average shares of common stock – diluted	108,762.589		105,975.403		102,383.282
Loss per share attributable to Class A and Class B common stockholders:
Basic	$	(1.90)	$	(0.08)	$	(0.66)
Diluted	$	(1.90)	$	(0.08)	$	(0.66)

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:


	July 30, 2022	July 31, 2021	August 1, 2020


Restricted stock units that settle into Class A common stock	19,217,622	10,264,925	7,965,447
Stock options to purchase Class A common stock	3,629,617	2,361,055	2,924,512
Stock options to purchase Class B common stock	1,073,947	1,289,427	3,540,414
Total	23,921,186	13,915,407	14,430,373

Restructuring

12 Months Ended

Jul. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

In light of our recent business momentum and an uncertain macroeconomic environment, we announced a restructuring plan on June 9, 2022, that will reduce our future fixed and variable operating costs and allow us to centralize key capabilities, strengthen decision-making to drive efficiencies, and ensure we are allocating resources to our most critical priorities. This restructuring plan reduced our workforce by approximately 15% of salaried positions and represented approximately 4% of our roles in total.

The components of the restructuring charges are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022
Severance and employee-related benefits(1)	$	10,869
Asset impairments(2)	6,154
Other(3)	719
Total restructuring	$	17,742

(1) Recognized in selling, general, and administrative expenses.

(2)Asset impairment charges relate to certain operating lease assets and leasehold improvements on our corporate offices. These charges were recognized within selling, general, and administrative expenses. For more information on asset impairments, please see “Leases” in Note 4 of the Notes to the Consolidated Financial Statements included in this Annual Report.

(3)Recognized in cost of goods sold.

The following table provides the components of and changes in the Company’s restructuring and related charges, included in accrued liabilities on the consolidated balance sheets:


(in thousands)	Severance and Employee Related Benefits
Balance at July 31, 2021	$	—
Charges incurred	9,758
Cash payments	(9,468)

Balance at July 30, 2022	$	290

Significant Accounting Policies (Policies)

12 Months Ended

Jul. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Fiscal Year

Segment Information

Segment InformationWe have one operating segment and one reportable segment as our chief operating decision maker, who is our Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Use of Estimates

Cash and Cash Equivalents

Short Term and Long term Investments

Short-Term and Long-Term Investments

our consolidated statements of income. During the twelve months ended July 30, 2022, we did not record any expected credit losses on our available-for-sale debt securities.

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 expense, net in the consolidated statements of operations and comprehensive loss.

Inventory, net

Property and Equipment, net

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Buildings						25 years
Leasehold improvements						Shorter of lease term or estimated useful life

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.

Impairment of Long-Lived Assets

Revenue Recognition

Cost of Goods Sold

Selling, General and Administrative Expenses

Selling, General, and Administrative Expenses

Advertising Expenses

Advertising ExpensesCosts associated with the production of advertising, such as writing, copy, printing, and other production costs are expensed as incurred. Costs associated with communicating advertising on television and radio are expensed the first time the advertisement is run. Online advertising costs are expensed as incurred.

Marketing Programs

Income Taxes

Stock-Based Compensation Expense

Comprehensive Income (Loss)

Comprehensive Income (Loss)Comprehensive income (loss) represents all changes in stockholders’ equity during a period from sources other than transactions with stockholders. Comprehensive income (loss) includes the net income (loss) for the period, the gain (loss) due to foreign currency translation, and the change in unrealized gain (loss) on available-for-sale securities.

Concentration of Credit Risks

No client accounted for greater than 10% of total revenue, net for the twelve months ended 2022, 2021, and 2020, respectively.

Recently Adopted Accounting Pronouncements / Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Jul. 30, 2022

Accounting Policies [Abstract]

Estimated Useful Lives of Assets

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Buildings						25 years
Leasehold improvements						Shorter of lease term or estimated useful life

Property and equipment, net consisted of the following:


(in thousands)	July 30, 2022		July 31, 2021
Computer equipment	$	9,281	$	7,637
Office furniture and equipment	53,999		37,454
Leasehold improvements	54,247		44,118
Capitalized software	84,605		66,656
Construction in progress	2,573		9,254
Building and land	430		430
Total property and equipment	205,135		165,549
Less: accumulated depreciation and amortization	(101,760)		(78,590)
Property and equipment, net	$	103,375	$	86,959

Summary of Contractual Liabilities and Revenue Recognized

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


(in thousands)	July 30, 2022		July 31, 2021
Deferred revenue
Upfront styling fees	$	8,422	$	11,989
Style Pass annual fees	4,337		3,474
Freestyle orders	1,682		2,691
Total deferred revenue	$	14,441	$	18,154
Gift card liability	$	10,551	$	9,903
Other current liabilities
Referral credits	$	684	$	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	3,474
Freestyle orders	2,341
Gift card liability	2,661
Referral credits	794

Fair Value Measurements (Tables)

12 Months Ended

Jul. 30, 2022

Fair Value Disclosures [Abstract]

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


	July 30, 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	$	16,267	$	—	$	—	$	16,267	$	10,728	$	—	$	—	$	10,728

Commercial paper	—		—		—		—		—		—		—		—
Investments:
U.S. Treasury securities	42,260		—		—		42,260		42,044		—		—		42,044
Certificates of deposit	—		—		—		—		—		1,500		—		1,500
Commercial paper	—		2,985		—		2,985		—		10,192		—		10,192
Asset-backed securities	—		—		—		—		—		10,402		—		10,402
Corporate bonds	—		54,517		—		54,517		—		96,443		—		96,443
Total	$	58,527	$	57,502	$	—	$	116,029	$	52,772	$	118,537	$	—	$	171,309

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


	July 30, 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	$	43,163	$	—	$	(903)	$	42,260	$	42,009	$	35	$	—	$	42,044
Certificates of deposit	—		—		—		—		1,500		—		—		1,500
Commercial paper	2,985		—		—		2,985		10,192		—		—		10,192
Asset-backed securities	—		—		—		—		10,393		18		(9)		10,402
Corporate bonds	55,526		—		(1,009)		54,517		96,347		103		(7)		96,443
Total	$	101,674	$	—	$	(1,912)	$	99,762	$	160,441	$	156	$	(16)	$	160,581

Schedule of Unrealized Loss on Investments


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial Assets:
Investments:
U.S. Treasury securities	$	42,260	$	(903)	$	—	$	—	$	42,260	$	(903)



Corporate bonds	24,940		(547)		29,577		(462)		54,517		(1,009)
Total	$	67,200	$	(1,450)	$	29,577	$	(462)	$	96,777	$	(1,912)

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 July 30, 2022, and July 31, 2021:


	July 30, 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	$	35,473	$	6,787	$	—	$	42,260	$	41,633	$	411	$	—	$	42,044
Certificates of deposit	—		—		—		—		1,500		—		—		1,500
Commercial paper	2,985		—		—		2,985		10,192		—		—		10,192
Asset-backed securities	—		—		—		—		29		10,373		—		10,402
Corporate bonds	43,591		10,926		—		54,517		48,192		48,251		—		96,443
Total	$	82,049	$	17,713	$	—	$	99,762	$	101,546	$	59,035	$	—	$	160,581

Leases (Tables)

12 Months Ended

Jul. 30, 2022

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of July 30, 2022:


(in thousands)	July 30, 2022
2023	$	37,448
2024	34,424
2025	29,135
2026	28,124
2027	22,271
Thereafter	48,521
Total undiscounted future minimum lease payments	199,923
Less imputed interest	(29,575)
Total discounted future minimum lease payments	$	170,348

Summary of Lease Components and Supplemental Cash Flows

Supplemental cash flow information related to our leases is as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	34,261	$	33,061
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	40,067		8,766

The following table includes the components of our rent expense recorded in selling, general, and administrative expense in the consolidated statement of operations and comprehensive loss:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021
Operating lease cost	$	33,615	$	31,231
Variable lease costs	8,009		6,236
Short-term lease costs	354		2,016
Operating lease impairment	5,428		—
Sublease income	(4,230)		(876)
Total	$	43,176	$	38,607

Property and Equipment, net (Tables)

12 Months Ended

Jul. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Buildings						25 years
Leasehold improvements						Shorter of lease term or estimated useful life

Property and equipment, net consisted of the following:


(in thousands)	July 30, 2022		July 31, 2021
Computer equipment	$	9,281	$	7,637
Office furniture and equipment	53,999		37,454
Leasehold improvements	54,247		44,118
Capitalized software	84,605		66,656
Construction in progress	2,573		9,254
Building and land	430		430
Total property and equipment	205,135		165,549
Less: accumulated depreciation and amortization	(101,760)		(78,590)
Property and equipment, net	$	103,375	$	86,959

Accrued Liabilities (Tables)

12 Months Ended

Jul. 30, 2022

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	July 30, 2022		July 31, 2021
Compensation and related benefits	$	11,319	$	13,645
Advertising	15,579		12,649
Sales taxes	7,136		9,937
Shipping and freight	10,304		6,209
Accrued accounts payable	5,814		5,804
Inventory purchases	24,712		30,384
Sales refund reserve	10,314		11,704
Other	9,238		8,696
Total accrued liabilities	$	94,416	$	99,028

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Jul. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in AOCI by component and the reclassifications out of AOCI:


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 31, 2021	$	(290)	$	3,701	$	3,411
Other comprehensive loss before reclassifications(1)	(1,873)		(4,888)		(6,761)
Amounts reclassified from AOCI	(177)		—		(177)
Net change in AOCI	(2,050)		(4,888)		(6,938)
Balance at July 30, 2022	$	(2,340)	$	(1,187)	$	(3,527)


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at August 1, 2020	$	1,213	$	1,515	$	2,728
Other comprehensive income (loss) before reclassifications(1)	(1,358)		2,186		828
Amounts reclassified from AOCI	(145)		—		(145)
Net change in AOCI	(1,503)		2,186		683
Balance at July 31, 2021	$	(290)	$	3,701	$	3,411

Stock-Based Compensation (Tables)

12 Months Ended

Jul. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Available For Grant

The following table summarizes the shares available for grant under the 2017 Plan:


						Shares Available for Grant
Balance – July 31, 2021						4,167,716
Authorized						5,397,777
Granted						(11,897,733)

Forfeited						6,794,038
Balance – July 30, 2022						4,461,798

Schedule 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	1,688,495	12.32
Exercised	(176,977)	8.83
Forfeited	(458,436)	28.59
Balance – July 30, 2022	4,703,564	$	21.07	7.58	$	638
Options vested and exercisable - July 30, 2022	2,467,313	$	21.58	6.46	$	638
Options vested and expected to vest - July 30, 2022	4,652,886	$	21.16	7.52	$	638

Summary of Restricted Stock Unit Award 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	19,459,115	13.25
Vested	(3,459,966)	24.78
Forfeited	(7,046,452)	26.21
Unvested at July 30, 2022	19,217,622	$	16.09

Summary of Black - Scholes Option - Pricing Model Assumptions Used in Estimating 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 Fiscal Year Ended
	July 30, 2022		July 31, 2021		August 1, 2020
Expected term (in years)	3.1 - 5.5		5.3 - 6.3		5.5 - 6.2
Volatility	62.1 - 79.2%		55.5 - 55.9%		50.1 - 51.2%
Risk free interest rate	0.8 - 2.9%		0.3 - 1.1%		1.4 - 1.7%
Dividend yield	—	%	—	%	—	%

Income Taxes (Tables)

12 Months Ended

Jul. 30, 2022

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of loss before income taxes are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Loss before income taxes
United States	$	(210,852)	$	(62,341)	$	(48,302)
Foreign	1,382		1,224		580
Total	$	(209,470)	$	(61,117)	$	(47,722)

Components of Provision for Income Tax Expense

The components of the provision (benefit) for income tax expense are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Current:
Federal	$	88	$	(49,552)	$	(5,528)
State	(2,472)		(2,562)		1,768
Foreign	570		(191)		275
Total current	(1,814)		(52,305)		(3,485)
Deferred:
Federal	—		—		17,367
State	—		—		5,773
Foreign	(535)		64		(260)
Total deferred	(535)		64		22,880
Income tax provision (benefit)	$	(2,349)	$	(52,241)	$	19,395

Reconciliation of Effective Tax Rate to the Statutory Federal Rate

The reconciliation of our effective tax rate to the statutory federal rate is as follows:


	For the Fiscal Year Ended
(in thousands, except percentages)	July 30, 2022				July 31, 2021				August 1, 2020
Taxes at federal statutory rate	$	(43,989)	21.0	%	$	(12,835)	21.0	%	$	(10,022)	21.0	%
State taxes, net of federal effect	(2,731)		1.3	%	(2,417)		4.0	%	(4,868)		10.2	%
Stock-based compensation	8,909		(4.3)	%	(34,314)		56.1	%	(2,047)		4.3	%
CARES Act carryback benefit	—		0.0	%	(13,571)		22.2	%	(3,070)		6.4	%
Change in valuation allowance	41,262		(19.7)	%	21,789		(35.7)	%	43,153		(90.4)	%
R&D credits	(7,921)		3.8	%	(13,582)		22.2	%	(6,536)		13.7	%
Uncertain tax positions	18		0.0	%	(40)		0.1	%	2,343		(4.9)	%
Return to provision	(208)		0.1	%	783		(1.3)	%	(777)		1.6	%
Other	2,311		(1.1)	%	1,946		(3.1)	%	1,219		(2.5)	%
Effective tax rate	$	(2,349)	1.1	%	$	(52,241)	85.5	%	$	19,395	(40.6)	%

Components of Net Deferred Tax Assets

The components of net deferred tax assets are as follows:


(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Deferred tax assets:
Inventory reserve and UNICAP	$	25,867	$	23,007	$	17,015

Accruals and reserves	5,180		5,997		4,632
Research and development credits	35,843		27,964		11,611
Stock-based compensation	16,487		17,062		11,717
Deferred revenue	390		276		435
Operating lease liability	43,280		35,969		39,380
Net operating losses	52,751		10,136		739
Other	2,001		1,105		349
Gross deferred tax assets	181,799		121,516		85,878
Less: valuation allowance	(126,463)		(77,604)		(43,153)
Deferred tax assets, net of valuation allowance	55,336		43,912		42,725
Deferred tax liabilities:
Depreciation and amortization	(20,221)		(13,110)		(11,044)
Operating lease right-of-use assets	(33,254)		(28,607)		(31,267)
Other	(1,110)		(1,907)		(81)
Gross deferred tax liabilities	(54,585)		(43,624)		(42,392)

Net deferred tax assets, net of valuation allowance	$	751	$	288	$	333

Reconciliation of Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits is as follows:


(in thousands)	July 30, 2022		July 31, 2021		August 1, 2020
Balance at the beginning of the year	$	23,625	$	16,693	$	10,995
Lapse of statute of limitations	(2,191)		(1,909)		(939)
Increase related to prior period tax positions	309		495		1,074
Decrease related to prior period tax positions	(12)		—		—
Increase related to current year tax positions	4,375		8,346		5,563
Balance at the end of the year	$	26,106	$	23,625	$	16,693

Summary of Valuation Allowance

A reconciliation of our valuation allowance is as follows:


(in thousands)	July 30, 2022		July 31, 2021
Beginning of year valuation allowance	$	77,604	$	43,153
Valuation allowance charged / (credited) to expense	54,383		40,995
Valuation allowance charged / (credited) to other accounts	(5,524)		(6,544)
End of year valuation allowance	$	126,463	$	77,604

Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Jul. 30, 2022

Earnings Per Share [Abstract]

Reconciliation of the Numerator and Denominator Used in the 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 Class A and Class B common stockholders is as follows:


(in thousands except share and per share amounts)	July 30, 2022		July 31, 2021		August 1, 2020
Numerator:
Net loss attributable to Class A and Class B common stockholders	$	(207,121)	$	(8,876)	$	(67,117)
Denominator:
Weighted-average shares of common stock – basic	108,762,589		105,975,403		102,383,282
Effect of dilutive stock options and restricted stock units	—		—		—

Weighted-average shares of common stock – diluted	108,762.589		105,975.403		102,383.282
Loss per share attributable to Class A and Class B common stockholders:
Basic	$	(1.90)	$	(0.08)	$	(0.66)
Diluted	$	(1.90)	$	(0.08)	$	(0.66)

Schedule of Common Stock Equivalents Excluded From Computation of Diluted Earnings (Loss) 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:


	July 30, 2022	July 31, 2021	August 1, 2020


Restricted stock units that settle into Class A common stock	19,217,622	10,264,925	7,965,447
Stock options to purchase Class A common stock	3,629,617	2,361,055	2,924,512
Stock options to purchase Class B common stock	1,073,947	1,289,427	3,540,414
Total	23,921,186	13,915,407	14,430,373

Restructuring (Tables)

12 Months Ended

Jul. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Charges

The components of the restructuring charges are as follows:


	For the Fiscal Year Ended
(in thousands)	July 30, 2022
Severance and employee-related benefits(1)	$	10,869
Asset impairments(2)	6,154
Other(3)	719
Total restructuring	$	17,742

(1) Recognized in selling, general, and administrative expenses.

(3)Recognized in cost of goods sold.

The following table provides the components of and changes in the Company’s restructuring and related charges, included in accrued liabilities on the consolidated balance sheets:


(in thousands)	Severance and Employee Related Benefits
Balance at July 31, 2021	$	—
Charges incurred	9,758
Cash payments	(9,468)

Balance at July 30, 2022	$	290

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Jul. 30, 2022 USD ($) segment	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)
Products And Services [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Inventory reserve	$ 59,600	$ 43,400
Charges incurred	9,758
Refund reserve	10,300	11,700
Advertising expenses	183,800	174,700	$ 167,800
June 9th, 2022 Restructuring Plan
Products And Services [Line Items]
Charges incurred	17,742
Asset Impairments \| June 9th, 2022 Restructuring Plan
Products And Services [Line Items]
Charges incurred	6,154
Prepaid Expenses and Other Current Assets
Products And Services [Line Items]
Accrued interest receivable	$ 300	$ 1,000

Significant Accounting Policies - Summary of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 30, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 18,154	$ 14,441
Total deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	18,154	14,441
Gift card liability
Deferred Revenue Arrangement [Line Items]
Deferred revenue	9,903	10,551
Referral credits
Deferred Revenue Arrangement [Line Items]
Deferred revenue	1,231	684
Revenue recognized	794
Upfront styling fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	11,989	8,422
Revenue recognized	11,767
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	3,474	4,337
Revenue recognized	3,474
Freestyle orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	2,691	$ 1,682
Revenue recognized	2,341
Gift card liability
Deferred Revenue Arrangement [Line Items]
Revenue recognized	$ 2,661

Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Jul. 30, 2022
Computer equipment and capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	5 years
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	25 years

Fair Value Measurements - Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 101,674	$ 160,441
Gross Unrealized Gains	0	156
Gross Unrealized Losses	(1,912)	(16)
Fair Value	99,762	160,581
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,163	42,009
Gross Unrealized Gains	0	35
Gross Unrealized Losses	(903)	0
Fair Value	42,260	42,044
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0	1,500
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,985	10,192
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2,985	10,192
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	10,393
Gross Unrealized Gains	0	18
Gross Unrealized Losses	0	(9)
Fair Value	0	10,402
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,526	96,347
Gross Unrealized Gains	0	103
Gross Unrealized Losses	(1,009)	(7)
Fair Value	$ 54,517	$ 96,443

Fair Value Measurements - Unrealized Loss on Investments (Details) $ in Thousands	Jul. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	$ 67,200
Available-for-sale, unrealized losses, less than 12 months	(1,450)
Available-for-sale, fair value, more than 12 months	29,577
Available-for-sale, unrealized losses, more than 12 months	(462)
Available-for-sale, fair value, total	96,777
Available-for-sale, unrealized losses, total	(1,912)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	42,260
Available-for-sale, unrealized losses, less than 12 months	(903)
Available-for-sale, fair value, more than 12 months	0
Available-for-sale, unrealized losses, more than 12 months	0
Available-for-sale, fair value, total	42,260
Available-for-sale, unrealized losses, total	(903)
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	24,940
Available-for-sale, unrealized losses, less than 12 months	(547)
Available-for-sale, fair value, more than 12 months	29,577
Available-for-sale, unrealized losses, more than 12 months	(462)
Available-for-sale, fair value, total	54,517
Available-for-sale, unrealized losses, total	$ (1,009)

Fair Value Measurements - Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 82,049	$ 101,546
Over One Year Through Five Years	17,713	59,035
Over Five Years	0	0
Fair Value	99,762	160,581
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	35,473	41,633
Over One Year Through Five Years	6,787	411
Over Five Years	0	0
Fair Value	42,260	42,044
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
One Year or Less	0	1,500
Over One Year Through Five Years	0	0
Over Five Years	0	0
Fair Value	0	1,500
Commercial paper
Debt Securities, Available-for-sale [Line Items]
One Year or Less	2,985	10,192
Over One Year Through Five Years	0	0
Over Five Years	0	0
Fair Value	2,985	10,192
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	0	29
Over One Year Through Five Years	0	10,373
Over Five Years	0	0
Fair Value	0	10,402
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	43,591	48,192
Over One Year Through Five Years	10,926	48,251
Over Five Years	0	0
Fair Value	$ 54,517	$ 96,443

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 30, 2022 USD ($) renewalOption	Jul. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of renewal options \| renewalOption	1
Weighted average remaining lease term	6 years 3 months 18 days	6 years
Weighted average discount rate, percent	4.70%	4.90%
Charges incurred	$ 9,758
June 9th, 2022 Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Charges incurred	17,742
Asset Impairments \| June 9th, 2022 Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Charges incurred	$ 6,154
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of lease contracts	5 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of lease contracts	8 years

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jul. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 37,448
2024	34,424
2025	29,135
2026	28,124
2027	22,271
Thereafter	48,521
Total undiscounted future minimum lease payments	199,923
Less imputed interest	(29,575)
Total discounted future minimum lease payments	$ 170,348

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 34,261	$ 33,061
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 40,067	$ 8,766

Leases - Summary of Lease Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Leases [Abstract]
Operating lease cost	$ 33,615	$ 31,231
Variable lease costs	8,009	6,236
Short-term lease costs	354	2,016
Operating lease impairment	5,428	0
Sublease income	(4,230)	(876)
Total	$ 43,176	$ 38,607

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 205,135	$ 165,549
Less: accumulated depreciation and amortization	(101,760)	(78,590)
Property and equipment, net	103,375	86,959
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	9,281	7,637
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	53,999	37,454
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	54,247	44,118
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment	84,605	66,656
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	2,573	9,254
Building and land
Property, Plant and Equipment [Line Items]
Property and equipment	$ 430	$ 430

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 35.0	$ 27.6	$ 22.6

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Payables and Accruals [Abstract]
Compensation and related benefits	$ 11,319	$ 13,645
Advertising	15,579	12,649
Sales taxes	7,136	9,937
Shipping and freight	10,304	6,209
Accrued accounts payable	5,814	5,804
Inventory purchases	24,712	30,384
Sales refund reserve	10,314	11,704
Other	9,238	8,696
Total accrued liabilities	$ 94,416	$ 99,028

Credit Agreement (Details) - Senior Revolving Credit Facility - Credit Agreement	Jun. 02, 2021 USD ($)
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Credit sublimit	30,000,000
Swingline provision	40,000,000
Option increase amount	$ 150,000,000
Commitment fee percentage	0.25%
London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread on variable rate (percentage)	2.25%
Federal Funds Rate
Subsequent Event [Line Items]
Basis spread on variable rate (percentage)	0.50%
Eurodollar
Subsequent Event [Line Items]
Basis spread on variable rate (percentage)	1.00%
Eurodollar Applicable Margin Rate
Subsequent Event [Line Items]
Basis spread on variable rate (percentage)	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 ($)	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	$ 460,849,000	$ 401,037,000	$ 396,000,000
Net change in AOCI	(6,938,000)	683,000	2,915,000
Stockholders' equity, ending balance	322,651,000	460,849,000	401,037,000
Gains (losses) on available-for-sale securities	0	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	3,411,000	2,728,000	(187,000)
Other comprehensive income (loss) before reclassifications	(6,761,000)	828,000
Amounts reclassified from AOCI	(177,000)	(145,000)
Net change in AOCI	(6,938,000)	683,000	2,915,000
Stockholders' equity, ending balance	(3,527,000)	3,411,000	2,728,000
Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	(290,000)	1,213,000
Other comprehensive income (loss) before reclassifications	(1,873,000)	(1,358,000)
Amounts reclassified from AOCI	(177,000)	(145,000)
Net change in AOCI	(2,050,000)	(1,503,000)
Stockholders' equity, ending balance	(2,340,000)	(290,000)	1,213,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	3,701,000	1,515,000
Other comprehensive income (loss) before reclassifications	(4,888,000)	2,186,000
Amounts reclassified from AOCI	0	0
Net change in AOCI	(4,888,000)	2,186,000
Stockholders' equity, ending balance	$ (1,187,000)	$ 3,701,000	$ 1,515,000

- 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
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 07, 2022	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share)		$ 6.26	$ 29.07	$ 11.35
Grant date fair value of options vested		$ 14.0	$ 13.3	$ 15.3
Aggregate intrinsic value		3.5	$ 78.3	$ 19.1
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures		$ 291.0
Unrecognized compensation expense, period for recognition		2 years 7 months 6 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award		10 years
Dividend yield		0.00%	0.00%	0.00%
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation		$ 128.5	$ 100.7	$ 67.5
2011 Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Award vesting period		3 years
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		32,793,232
2017 Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		30 months
Term of award		10 years
Number of shares authorized (in shares)		5,397,777
2019 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		10,750,000
Number of additional shares authorized for issuance (in shares)	6,000,000

Stock-Based Compensation - Shares Available For Grant And Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Number of Options
Options vested and exercisable (in shares)	2,467,313
Options vested and expected to vest (in shares)	4,652,886
Weighted- Average Exercise Price
Options vested and exercisable (in dollars per share)	$ 21.58
Options vested and expected to vest (in dollars per share)	$ 21.16
Weighted- Average Remaining Contractual Life (in Years)
Options vested and exercisable, weighted-average remaining contractual life	6 years 5 months 15 days
Options vested and expected to vest, weighted-average remaining contractual life	7 years 6 months 7 days
Aggregate Intrinsic Value (in thousands)
Options vested and exercisable, aggregate intrinsic value	$ 638
Options vested and expected to vest, aggregate intrinsic value	$ 638
2017 Plan
Shares Available for Grant
Authorized (in shares)	32,793,232
2017 Plan \| Options
Shares Available for Grant
Outstanding, beginning balance (in shares)	4,167,716
Authorized (in shares)	5,397,777
Granted (in shares)	(11,897,733)
Cancelled (in shares)	6,794,038
Outstanding, ending balance (in shares)	4,461,798	4,167,716
Two Thousand Eleven. Two Thousand Seventeen, and Two Thousand Nineteen Incentive Plans
Number of Options
Outstanding, beginning balance (in shares)	3,650,482
Granted (in shares)	1,688,495
Exercised (in shares)	(176,977)
Cancelled (in shares)	(458,436)
Outstanding, ending balance (in shares)	4,703,564	3,650,482
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 25.47
Granted (in dollars per share)	12.32
Exercised (in dollars per share)	8.83
Cancelled (in dollars per share)	28.59
Outstanding, ending balance (in dollars per share)	$ 21.07	$ 25.47
Weighted- Average Remaining Contractual Life (in Years)
Outstanding, weighted-average remaining contractual life	7 years 6 months 29 days	7 years 4 months 24 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 638	$ 106,490

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units that settle into Class A common stock - Class A common stock	12 Months Ended
	Jul. 30, 2022 $ / shares shares
Class A Common Stock
Unvested, beginning balance (in shares) \| shares	10,264,925
Granted (in shares) \| shares	19,459,115
Vested (in shares) \| shares	(3,459,966)
Forfeited (in shares) \| shares	(7,046,452)
Unvested, ending balance (in shares) \| shares	19,217,622
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 31.35
Granted (in dollars per share) \| $ / shares	13.25
Vested (in dollars per share) \| $ / shares	24.78
Forfeited (in dollars per share) \| $ / shares	26.21
Unvested, ending balance (in dollars per share) \| $ / shares	$ 16.09

Stock-Based Compensation - Black-Scholes Option Pricing Model Assumptions (Details) - Options	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum	62.10%	55.50%	50.10%
Volatility, maximum	79.20%	55.90%	51.20%
Risk free interest rate, minimum	0.80%	0.30%	1.40%
Risk free interest rate, maximum	2.90%	1.10%	1.70%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 1 month 6 days	5 years 3 months 18 days	5 years 6 months
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	6 years 2 months 12 days

Income Taxes - Components of Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
United States	$ (210,852)	$ (62,341)	$ (48,302)
Foreign	1,382	1,224	580
Loss before income taxes	$ (209,470)	$ (61,117)	$ (47,722)

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Components of the Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Current:
Federal	$ 88	$ (49,552)	$ (5,528)
State	(2,472)	(2,562)	1,768
Foreign	570	(191)	275
Total current	(1,814)	(52,305)	(3,485)
Deferred:
Federal	0	0	17,367
State	0	0	5,773
Foreign	(535)	64	(260)
Total deferred	(535)	64	22,880
Income tax provision (benefit)	$ (2,349)	$ (52,241)	$ 19,395

Income Taxes - Reconciliation of Effective Tax Rate to the Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Tax at federal statutory rate, amount	$ (43,989)	$ (12,835)	$ (10,022)
Tax at federal statutory rate, percent	21.00%	21.00%	21.00%
State taxes, net of federal effect, amount	$ (2,731)	$ (2,417)	$ (4,868)
State taxes, net of federal effect, percent	1.30%	4.00%	10.20%
Stock-based compensation, amount	$ 8,909	$ (34,314)	$ (2,047)
Stock-based compensation, percent	(4.30%)	56.10%	4.30%
CARES Act carryback benefit, amount	$ 0	$ (13,571)	$ (3,070)
CARES Act carryback benefit, percent	0.00%	22.20%	6.40%
Change in valuation allowance, amount	$ 41,262	$ 21,789	$ 43,153
Change in valuation allowance, percent	(19.70%)	(35.70%)	(90.40%)
Research and development credits, amount	$ (7,921)	$ (13,582)	$ (6,536)
Research and development credits, percent	3.80%	22.20%	13.70%
Uncertain tax positions, amount	$ 18	$ (40)	$ 2,343
Uncertain tax positions, percent	0.00%	0.10%	(4.90%)
Return to provision, amount	$ (208)	$ 783	$ (777)
Return to provision, percent	0.10%	(1.30%)	1.60%
Other, amount	$ 2,311	$ 1,946	$ 1,219
Other, percent	(1.10%)	(3.10%)	(2.50%)
Income tax provision (benefit)	$ (2,349)	$ (52,241)	$ 19,395
Effective tax rate, percent	1.10%	85.50%	(40.60%)

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Deferred tax assets:
Inventory reserve and UNICAP	$ 25,867	$ 23,007	$ 17,015
Accruals and reserves	5,180	5,997	4,632
Research and development credits	35,843	27,964	11,611
Stock-based compensation	16,487	17,062	11,717
Deferred revenue	390	276	435
Operating lease liability	43,280	35,969	39,380
Net operating losses	52,751	10,136	739
Other	2,001	1,105	349
Gross deferred tax assets	181,799	121,516	85,878
Less: valuation allowance	(126,463)	(77,604)	(43,153)
Deferred tax assets, net of valuation allowance	55,336	43,912	42,725
Deferred tax liabilities:
Depreciation and amortization	(20,221)	(13,110)	(11,044)
Operating lease right-of-use assets	(33,254)	(28,607)	(31,267)
Other	(1,110)	(1,907)	(81)
Gross deferred tax liabilities	(54,585)	(43,624)	(42,392)
Net deferred tax assets, net of valuation allowance	$ 751	$ 288	$ 333

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Increase of liability for uncertain tax positions that impact current and future tax expense	$ 1.8
Valuation allowance charged / (credited) to expense	48.9	$ 34.5
Lapses of applicable statutes of limitations
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Expected decrease of unrecognized tax benefits	0.5
California
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Research and development tax credit carryforwards	21.4	17.0
State
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	256.0	142.0
Domestic Tax Authority
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	165.3
Research and development tax credit carryforwards	$ 38.7	$ 30.1

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Reconciliation of Unrecognized Tax Benefits
Balance at the beginning of the year	$ 23,625	$ 16,693	$ 10,995
Lapse of statute of limitations	(2,191)	(1,909)	(939)
Increase related to prior period tax positions	309	495	1,074
Decrease related to prior period tax positions	(12)	0	0
Increase related to current year tax positions	4,375	8,346	5,563
Balance at the end of the year	$ 26,106	$ 23,625	$ 16,693

Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Income Taxes Valuation Allowance [Roll Forward]
Beginning of year valuation allowance	$ 77,604	$ 43,153
Valuation allowance charged / (credited) to expense	54,383	40,995
Valuation allowance charged / (credited) to other accounts	(5,524)	(6,544)
End of year valuation allowance	$ 126,463	$ 77,604

Loss Per Share Attributable to Common Stockholders (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 16, 2017 vote	Jul. 30, 2022 USD ($) $ / shares shares	Jul. 31, 2021 USD ($) $ / shares shares	Aug. 01, 2020 USD ($) $ / shares shares	Jan. 31, 2022 USD ($)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, conversion ratio	1
Numerator:
Basic \| $		$ (207,121)	$ (8,876)	$ (67,117)
Denominator:
Weighted-average shares of common stock - basic (in shares)		108,762,589	105,975,403	102,383,282
Weighted-average shares of common stock - diluted (in shares)		108,762,589	105,975,403	102,383,282
Loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share) \| $ / shares		$ (1.90)	$ (0.08)	$ (0.66)
Diluted (in dollars per share) \| $ / shares		$ (1.90)	$ (0.08)	$ (0.66)
Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share repurchase amount \| $					$ 150,000
Numerator:
Basic \| $		$ (207,121)	$ (8,876)	$ (67,117)
Denominator:
Weighted-average shares of common stock - basic (in shares)		108,762,589	105,975,403	102,383,282
Effect of dilutive stock options and restricted stock units (in shares)		0	0	0
Weighted-average shares of common stock - diluted (in shares)		108,762,589	105,975,403	102,383,282
Loss per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share) \| $ / shares		$ (1.90)	$ (0.08)	$ (0.66)
Diluted (in dollars per share) \| $ / shares		$ (1.90)	$ (0.08)	$ (0.66)
IPO \| Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock voting rights per share \| vote	1
IPO \| Class B common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock voting rights per share \| vote	10

Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded From Computation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	23,921,186	13,915,407	14,430,373
Restricted stock units that settle into Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	19,217,622	10,264,925	7,965,447
Class A common stock \| Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	3,629,617	2,361,055	2,924,512
Class B common stock \| Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	1,073,947	1,289,427	3,540,414

Restructuring - Narrative (Details)	Jun. 09, 2022
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	4.00%
Salaried Employees
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	15.00%

Restructuring - Components of Restructuring Charges (Details) $ in Thousands	12 Months Ended
	Jul. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 9,758
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges incurred	17,742
Severance and Employee-Related Benefits \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges incurred	10,869
Asset Impairments \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges incurred	6,154
Other Restructuring \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 719

Restructuring - Restructuring Charges Rollforward (Details) $ in Thousands	12 Months Ended
	Jul. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 0
Charges incurred	9,758
Cash payments	(9,468)
Restructuring reserve, ending balance	$ 290

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 99,762	$ 160,581
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	116,029	171,309
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	58,527	52,772
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	57,502	118,537
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42,260	42,044
U.S. Treasury securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42,260	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	42,260	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	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	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	1,500
Certificates of deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	1,500
Certificates of deposit \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Certificates of deposit \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	1,500
Certificates of deposit \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,985	10,192
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,985	10,192
Commercial paper \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial paper \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,985	10,192
Commercial paper \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	10,402
Asset-backed securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	10,402
Asset-backed securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Asset-backed securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	10,402
Asset-backed securities \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	54,517	96,443
Corporate bonds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	54,517	96,443
Corporate bonds \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate bonds \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	54,517	96,443
Corporate bonds \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Money market funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,267	10,728
Money market funds \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,267	10,728
Money market funds \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0