Cover Page
Cover Page - shares | 9 Months Ended | |
Nov. 01, 2020 | Dec. 04, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 1, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Entity Registrant Name | Dave & Buster’s Entertainment, Inc. | |
Entity Central Index Key | 0001525769 | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | --02-02 | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-35664 | |
Entity Incorporation, State or Country Code | DE | |
Entity Common Stock, Shares Outstanding | 47,642,029 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Address, Address Line One | 2481 Mañana Drive | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
City Area Code | 214 | |
Entity Address, Postal Zip Code | 75220 | |
Local Phone Number | 357-9588 | |
Entity Tax Identification Number | 35-2382255 | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | PLAY | |
Title of 12(b) Security | Common Stock $0.01 par value | |
Security Exchange Name | NASDAQ | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | PLAY | |
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,341 | $ 24,655 |
Inventories | 26,732 | 34,477 |
Prepaid expenses | 12,080 | 14,269 |
Income taxes receivable | 44,574 | 2,331 |
Other current assets | 665 | 3,245 |
Total current assets | 92,392 | 78,977 |
Property and equipment (net of $767,510 and $686,824 accumulated depreciation as of November 1, 2020 and February 2, 2020, respectively) | 846,056 | 900,637 |
Operating lease right of use assets | 1,050,878 | 1,011,568 |
Deferred tax assets | 20,451 | 7,639 |
Tradenames | 79,000 | 79,000 |
Goodwill | 272,643 | 272,636 |
Other assets and deferred charges | 23,641 | 19,682 |
Total assets | 2,385,061 | 2,370,139 |
Current liabilities: | ||
Current installments of long-term debt | 15,000 | |
Accounts payable | 42,849 | 65,359 |
Accrued liabilities | 244,163 | 207,452 |
Income taxes payable | 415 | 3,054 |
Total current liabilities | 287,427 | 290,865 |
Deferred income taxes | 13,355 | 19,102 |
Operating lease liabilities | 1,277,794 | 1,222,054 |
Other liabilities | 37,896 | 35,779 |
Long-term debt, net | 561,815 | 632,689 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $0.01; authorized: 400,000,000 shares; issued: 60,483,730 shares at November 1, 2020 and 43,386,852 shares at February 2, 2020; outstanding: 47,642,029 shares at November 1, 2020 and 30,603,340 shares at February 2, 2020 | 605 | 434 |
Preferred stock, 50,000,000 authorized; none issued | ||
Paid-in capital | 529,523 | 339,161 |
Treasury stock, 12,841,701 and 12,783,512 shares as of November 1, 2020 and February 2, 2020, respectively | (595,957) | (595,041) |
Accumulated other comprehensive loss | (10,673) | (8,369) |
Retained earnings | 283,276 | 433,465 |
Total stockholders' equity | 206,774 | 169,650 |
Total liabilities and stockholders' equity | $ 2,385,061 | $ 2,370,139 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 767,510 | $ 686,824 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 60,483,730 | 43,386,852 |
Common stock, shares outstanding | 47,642,029 | 30,603,340 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 12,841,701 | 12,783,512 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Total revenues | $ 109,052 | $ 299,352 | $ 319,691 | $ 1,007,533 |
Total cost of products | 17,908 | 52,180 | 54,664 | 173,528 |
Operating payroll and benefits | 27,704 | 76,165 | 85,197 | 239,965 |
Other store operating expenses | 70,783 | 110,713 | 229,137 | 321,334 |
General and administrative expenses | 11,746 | 16,210 | 35,587 | 49,047 |
Depreciation and amortization expense | 34,384 | 33,340 | 104,896 | 97,226 |
Pre-opening costs | 2,570 | 4,245 | 8,781 | 15,970 |
Total operating costs | 165,095 | 292,853 | 518,262 | 897,070 |
Operating income (loss) | (56,043) | 6,499 | (198,571) | 110,463 |
Interest expense, net | 8,213 | 6,110 | 22,491 | 14,771 |
Loss on debt refinance | 904 | 904 | 0 | |
Income (loss) before benefit for income taxes | (65,160) | 389 | (221,966) | 95,692 |
Benefit for income taxes | (17,117) | (93) | (71,777) | 20,411 |
Net income (loss) | (48,043) | 482 | (150,189) | 75,281 |
Unrealized foreign currency translation gain | 34 | 59 | (97) | 2 |
Unrealized loss on derivatives, net of tax | 1,370 | (1,568) | (2,207) | (7,475) |
Total other comprehensive income (loss) | 1,404 | (1,509) | (2,304) | (7,473) |
Total comprehensive loss | $ (46,639) | $ (1,027) | $ (152,493) | $ 67,808 |
Net income (loss) per share: | ||||
Basic | $ (1.01) | $ 0.02 | $ (3.56) | $ 2.19 |
Diluted | $ (1.01) | $ 0.02 | $ (3.56) | $ 2.15 |
Weighted average shares used in per share calculations: | ||||
Basic | 47,613,741 | 30,980,878 | 42,185,163 | 34,405,503 |
Diluted | 47,613,741 | 31,515,454 | 42,185,163 | 35,042,311 |
Amusement and Other Revenues [Member] | ||||
Total revenues | $ 70,706 | $ 174,715 | $ 200,423 | $ 596,754 |
Cost of amusement and other | 7,244 | 18,796 | 21,997 | 64,456 |
Food and Beverage [Member] | ||||
Total revenues | 38,346 | 124,637 | 119,268 | 410,779 |
Cost of food and beverage | $ 10,664 | $ 33,384 | $ 32,667 | $ 109,072 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of a change in accounting principle, net of tax | Common Stock [Member] | Paid-In Capital [Member] | Treasury Stock at Cost [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative effect of a change in accounting principle, net of tax |
Beginning balance at Feb. 03, 2019 | $ 387,837 | $ (145) | $ 432 | $ 331,255 | $ (297,129) | $ (683) | $ 353,962 | $ (145) |
Beginning balance, shares at Feb. 03, 2019 | 43,177,476 | 5,655,391 | ||||||
Net income (loss) | 75,281 | 75,281 | ||||||
Unrealized foreign currency translation (loss) gain | 2 | 2 | ||||||
Unrealized gain (loss) on derivatives, net of tax | (7,475) | (7,475) | ||||||
Share-based compensation | 5,479 | 5,479 | ||||||
Issuance of common stock | 778 | $ 2 | 776 | |||||
Issuance of common stock, shares | 173,009 | |||||||
Repurchase of common stock | (297,912) | $ (297,912) | ||||||
Repurchase of common stock, shares | 7,128,121 | |||||||
Dividends declared | (15,724) | (15,724) | ||||||
Ending balance at Nov. 03, 2019 | 148,121 | $ 434 | 337,510 | $ (595,041) | (8,156) | 413,374 | ||
Ending balance, shares at Nov. 03, 2019 | 43,350,485 | 12,783,512 | ||||||
Beginning balance at Aug. 04, 2019 | 249,302 | $ 433 | 335,599 | $ (497,862) | (6,647) | 417,779 | ||
Beginning balance, shares at Aug. 04, 2019 | 43,337,125 | 10,358,291 | ||||||
Net income (loss) | 482 | 482 | ||||||
Unrealized foreign currency translation (loss) gain | 59 | 59 | ||||||
Unrealized gain (loss) on derivatives, net of tax | (1,568) | (1,568) | ||||||
Share-based compensation | 1,747 | 1,747 | ||||||
Issuance of common stock | 165 | $ 1 | 164 | |||||
Issuance of common stock, shares | 13,360 | |||||||
Repurchase of common stock | (97,179) | $ (97,179) | ||||||
Repurchase of common stock, shares | 2,425,221 | |||||||
Dividends declared | (4,887) | (4,887) | ||||||
Ending balance at Nov. 03, 2019 | 148,121 | $ 434 | 337,510 | $ (595,041) | (8,156) | 413,374 | ||
Ending balance, shares at Nov. 03, 2019 | 43,350,485 | 12,783,512 | ||||||
Beginning balance at Feb. 02, 2020 | 169,650 | $ 434 | 339,161 | $ (595,041) | (8,369) | 433,465 | ||
Beginning balance, shares at Feb. 02, 2020 | 43,386,852 | 12,783,512 | ||||||
Net income (loss) | (150,189) | (150,189) | ||||||
Unrealized foreign currency translation (loss) gain | (97) | (97) | ||||||
Unrealized gain (loss) on derivatives, net of tax | (2,207) | (2,207) | ||||||
Share-based compensation | 5,344 | 5,344 | ||||||
Issuance of common stock | 185,189 | $ 171 | 185,018 | |||||
Issuance of common stock, shares | 17,096,878 | |||||||
Repurchase of common stock | (916) | $ (916) | ||||||
Repurchase of common stock, shares | 58,189 | |||||||
Ending balance at Nov. 01, 2020 | 206,774 | $ 605 | 529,523 | $ (595,957) | (10,673) | 283,276 | ||
Ending balance, shares at Nov. 01, 2020 | 60,483,730 | 12,841,701 | ||||||
Beginning balance at Aug. 02, 2020 | 250,371 | $ 604 | 526,253 | $ (595,728) | (12,077) | 331,319 | ||
Beginning balance, shares at Aug. 02, 2020 | 60,422,212 | 12,827,300 | ||||||
Net income (loss) | (48,043) | (48,043) | ||||||
Unrealized foreign currency translation (loss) gain | 34 | 34 | ||||||
Unrealized gain (loss) on derivatives, net of tax | 1,370 | 1,370 | ||||||
Share-based compensation | 2,999 | 2,999 | ||||||
Issuance of common stock | 272 | $ 1 | 271 | |||||
Issuance of common stock, shares | 61,518 | |||||||
Repurchase of common stock | (229) | $ (229) | ||||||
Repurchase of common stock, shares | 14,401 | |||||||
Ending balance at Nov. 01, 2020 | $ 206,774 | $ 605 | $ 529,523 | $ (595,957) | $ (10,673) | $ 283,276 | ||
Ending balance, shares at Nov. 01, 2020 | 60,483,730 | 12,841,701 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended |
Nov. 03, 2019 | Nov. 03, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share | $ 0.16 | $ 0.46 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Nov. 03, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (150,189) | $ 75,281 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 104,896 | 97,226 |
Non-cash interest expense | 4,088 | 0 |
Impairment of long-lived assets | 13,727 | 0 |
Deferred taxes | (17,730) | 5,309 |
Loss on disposal of fixed assets | 541 | 1,284 |
Loss on debt refinance | 904 | 0 |
Share-based compensation | 5,344 | 5,479 |
Other, net | 1,292 | 928 |
Changes in assets and liabilities: | ||
Inventories | 7,745 | (5,305) |
Prepaid expenses | 2,761 | (615) |
Income tax receivable | (42,243) | (996) |
Other current assets | 2,580 | 6,050 |
Other assets and deferred charges | (3) | (1,775) |
Accounts payable | (11,945) | 5,422 |
Accrued liabilities | 44,742 | 37,671 |
Income taxes payable | (2,639) | (10,079) |
Other liabilities | 4,375 | 1,909 |
Net cash provided by (used in) operating activities | (31,754) | 217,789 |
Cash flows from investing activities: | ||
Capital expenditures | (72,604) | (172,888) |
Proceeds from sales of property and equipment | 234 | 615 |
Net cash used in investing activities | (72,370) | (172,273) |
Cash flows from financing activities: | ||
Proceeds from debt | 688,000 | 366,000 |
Payments of debt | (760,250) | (104,250) |
Net proceeds from the issuance of common stock | 182,207 | 0 |
Proceeds from the exercise of stock options | 465 | 778 |
Repurchase of common stock under share repurchase program | 0 | (297,317) |
Dividends paid | (4,891) | (10,837) |
Debt issuance costs | (16,805) | 0 |
Repurchases of common stock to satisfy employee withholding tax obligations | (916) | (595) |
Net cash provided by (used in) financing activities | 87,810 | (46,221) |
Decrease in cash and cash equivalents | (16,314) | (705) |
Beginning cash and cash equivalents | 24,655 | 21,585 |
Ending cash and cash equivalents | 8,341 | 20,880 |
Supplemental disclosures of cash flow information: | ||
Decrease in fixed asset accounts payable | (12,315) | (311) |
Cash paid (refund received) of income taxes, net | (9,281) | 26,086 |
Cash paid for interest, net | 17,306 | 13,920 |
Dividend declared, not paid | $ 0 | $ 4,887 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 01, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements include the accounts of Dave & Buster’s Entertainment, Inc. (referred to herein as the “Company”, “we,” “us” and “our”), any predecessor companies and its wholly-owned subsidiaries, Dave & Buster’s Holdings, Inc. (“D&B Holdings”), which owns 100% of the outstanding common stock of Dave & Busters, Inc. (“D&B Inc”), the operating company. All intercompany balances and transactions have been eliminated in consolidation. The Company, headquartered in Dallas, Texas, is a leading operator of high-volume entertainment and dining venues (“stores”) in North America for adults and families under the name “Dave & Buster’s”. The Company operates its business as one operating and one reportable segment. During the thirty- nine re-open Texas area, which are near the end of their respective lease terms, and The Company operates on a 52 or 53-week The Company’s financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information as prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Our quarterly financial data should be read in conjunction with the audited financial statements and notes thereto for the year ended February 2, 2020, included in our Annual Report on Form 10-K COVID-19 Considerations — On March 11, 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic and on March 13, 2020, the United States declared a National Public Health Emergency. As a result, several state and local mandates were implemented that encouraged the practice of social distancing, placed restrictions from individuals gathering in groups and, in many areas, placed complete restrictions on non-essential movement outside of the home. Shortly after the national emergency declaration, state and local officials began placing restrictions on businesses , some of which allowed To-Go or curbside service only while others limited capacity in the dining room or midway. By March 20, 2020, all of our 137 operating stores were temporarily closed (including our one new store that opened on March 16). re-opened off-premise re-opened Two stores that re-opened during the second quarter were re-closed during the third quarter (one of which re-opened on November 14, 2020). As of November 1, 2020, 33 of the Company’s stores were closed to in-person guests as a result of local COVID-19 restrictions (31 of which have been closed since March 20, 2020). Subsequent to the third quarter, some local and state governments began to roll back their re-opening plans in light of climbing COVID-19 case counts. As of December 4, 2020, 4 8 The Company has been in ongoing discussions with landlords and other vendors to negotiate relief from cash payments under existing lease and trade payable obligations. As of November 1, 2020, a total of 123 rent relief agreements related to our operating locations and corporate headquarters were executed, which generally provide for full deferral for three months beginning April 2020, with partial deferral continuing for periods of up to six months, at approximately 50% of those locations. We have also been successful in negotiating extended and reduced payment terms with several vendors. In addition to reducing expenses, including capital expenditures and discretionary spending , the Company obtained additional liquidity through the sale of common stock during our first and second quarters, which resulted in net proceeds of $182,207. On October 27, 2020, D&B Inc, a wholly owned subsidiary, completed the private sale of $550,000 in aggregate principal amount of 7.625% senior secured notes due 2025. At the same time, the revolving credit commitments under our existing credit facility were extended through August 17, 2024 , was extended until the last day of the first quarter of fiscal year 2022. See Note 3, Debt, for more information on these transactions. The measures taken by the Company provide sufficient liquidity to meet estimated cash flow needs and covenant compliance obligations for at least the next twelve months from the issuance of the financial statements. The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities at the date of the consolidated financial statements and for the period then ended. Actual results could differ from those estimates. Operating results for the thirteen and thirty-nine weeks ended November 1, 2020 are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending January 31, 2021. Cash and cash equivalents Fair value of financial instruments The carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, and other current liabilities approximate fair value because of their short-term nature. We believe that the carrying amount of our debt, which was refinanced during the third quarter, approximates its fair value because the interest rates reflect current market conditions. The fair value of the Company’s debt was determined to be a Level Two instrument as defined by GAAP. The fair value of the Company’s interest rate swap is determined based upon Level Two inputs which includes valuation models as reported by our counterparties. These valuation models are based on the present value of expected cash flows using forward rate curves. Non-financial right-of-use During the first quarter of fiscal 2020, the Company recorded an impairment charge for its long-lived assets, including ROU assets, of $6,746, primarily driven by the expected impact of the COVID-19 COVID-19 Additionally, the Company is continuing discussions to terminate or delay possession on several executed lease contracts that have not yet commenced. The Company has also curtailed several potential new store projects that were in the early stage of development. During the thirteen and thirty-nine weeks ended November 1, 2020, we recorded an impairment loss and related contract termination costs of $0 and $6,981, respectively, related to these projects, which is included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss). Interest rate swaps one-month s The Company initially designated its interest rate swap agreements as a cash flow hedge and accounted for the underlying activity in accordance with hedge accounting. Effective April 14, 2020, the Company amended its existing credit facility agreement to obtain relief from its financial covenants, and as a result, the variable interest rate terms were modified to create an interest rate floor of 1.00%. Accordingly, and as a result of the current forward interest rate curve, the Company discontinued the hedging relationship as of April 14, 2020 (de-designation reclassifying its accumulated other comprehensive loss of $ as of the de-designation date into “Interest expense, net” using a straight-line approach over the remaining life of the originally designated hedging relationship. The amount of pre-tax losses in accumulated other comprehensive loss that was reclassified into interest expense subsequent to the de-designation date was $ and $ for the thirteen and thirty-nine weeks ended November 1, 2020, respectively, and the Company expects to reclassify $ within the next twelve months. Effective with the de-designation, any gain or loss on the derivatives are recognized in earnings in the period in which the change occurs. For the thirteen and thirty-nine weeks ended November 1, 2020, a gain of $ and a loss of $ were recognized, respectively, which are included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss). Prior to the de-designation, included as a component Credit risk related to the failure of our counterparties to perform under the terms of the swap agreements is minimized by entering into transactions with carefully selected, credit-worthy parties and the fact that the swap contracts are distributed among several financial institutions to reduce the concentration of credit risk. Our swap agreements with our derivative counterparties contain a provision where if the Company defaults on any of its indebtedness, and repayment of the indebtedness has been accelerated, the Company could also be declared in default on its derivative obligations. The following derivative instruments were outstanding as of the end of the periods indicated: Fair Value Balance Sheet Location November 1, 2020 February 2, 2020 Interest rate swaps Accrued liabilities $ (8,191 ) $ (3,518 ) Interest rate swaps Other liabilities (6,479 ) (6,967 ) Total derivatives (1) $ (14,670 ) $ (10,485 ) (1) The balance at November 1, 2020 relates to our swap agreements after hedge accounting was discontinued, effective April 14, 2020. The following table summarizes the activity in accumulated other comprehensive loss related to our derivative instruments: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, Amount of loss recorded in accumulated other comprehensive income $ — 2,483 $ 7,602 10,623 Amount of loss reclassified into income (1) $ (1,886 ) (326 ) $ (4,566 ) (338 ) Income tax expense (benefit) in accumulated other comprehensive income $ 516 (589 ) $ (829 ) (2,810 ) (1) Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of Comprehensive Income (Loss). Revenue recognition . In jurisdictions where we do not have a legal obligation breakage revenue. Stockholders’ equity — Our Board of Directors has approved a share repurchase program under which the Company may repurchase shares on the open market, through privately negotiated transactions and through trading plans. The total share repurchase authorization is $ and the share repurchase authorization expires at the end of fiscal 2020. During the first quarter of fiscal 2020, the Company indefinitely suspended all share repurchase activity. As of August 2, 2020, we have approximately $ of share repurchase authorization remaining under the current plan. In our consolidated financial statements, the Company treats shares withheld for tax purposes on behalf of our employees in connection with the vesting of time-based and performance restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. During the thirty-nine weeks ended November 1, 2020 and November 3, 2019, we withheld 58,189 and 11,536 shares of common stock to satisfy $916 and $595 of employees’ tax obligations, respectively. The share activity in the thirty-nine weeks ended November 1, 2020 includes the settlements of $2,517 cash obligations through the issuance of 160,540 shares of common stock. Effective March 18, 2020, the Board of Directors of the Company adopted a 364-day one-ten On April 14, 2020, pursuant to an open market sale agreement, the Company sold 6,149,936 shares of its common stock at a price of $12.20 per share, for proceeds of $75,000, prior to deducting offering expenses related to the offering. On May 4, 2020, the Company entered into an underwriting agreement, pursuant to which it sold 9,578,545 shares of its common stock at a price of $10.44 per share, and on May 18, 2020, the underwriter exercised its over-allotment option for an additional 1,014,871 shares at $10.44 per share, resulting in additional proceeds of $110,600 prior to deducting offering costs. On June 23, 2020, shareholders approved a proposal to amend our 2014 Omnibus Incentive Plan (“Plan”) to increase the number of shares available for awards under the Plan by 3,000,000 shares. Recently adopted accounting guidance 2016-13 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In January 2017, the FASB issued ASU 2017-04 , Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recent accounting pronouncements 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Reform on Financial Reporting de-designation |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Nov. 01, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Liabilities | Note 2: Accrued Liabilities Accrued liabilities consist of the following as of the end of each period: November 1, 2020 February 2, 2020 Deferred amusement revenue $ 79,210 $ 75,113 Current portion of operating lease liabilities, net (1) 51,850 45,611 Rent payable ( Note 40,542 — Variable rent liabilities ( Note 7,559 1,331 Deferred gift card revenue 10,330 11,253 Property taxes 10,285 7,226 Compensation and benefits 9,914 23,421 Current portion of derivatives 8,191 3,518 Current portion of long-term insurance 5,100 6,500 Utilities 4,111 4,442 Customer deposits 1,594 4,324 Inventory liabilities 1,948 2,179 Sales and use taxes 1,160 4,000 Dividend payable — 4,891 Other 12,369 13,643 Total accrued liabilities $ 244,163 $ 207,452 (1) The balance of leasehold incentive receivables of $5,434 and $6,339 at November 1, 2020 and February 2, 2020, respectively, is reflected as a reduction of the current portion of operating lease liabilities. |
Debt
Debt | 9 Months Ended |
Nov. 01, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 3: Debt Long-term debt consists of the following as of: November 1, 2020 February 2, 2020 Senior Secured Notes $ 550,000 $ — Credit facility - term — 266,250 Credit facility - revolver 26,000 382,000 Total debt outstanding 576,000 648,250 Current installments — (15,000 ) Debt issuance costs (14,185 ) (561 ) Long-term debt, net $ 561,815 $ 632,689 Effective April 14, 2020, we amended our existing credit facility, which provided relief from compliance with financial covenants through the third quarter of fiscal 2020. The interest rate increased to LIBOR plus 2.00% with a LIBOR floor of 1.00%. On October 27, 2020, the Company issued $550,000 aggregate principal amount of 7.625% senior secured notes (the “Notes”). Interest on the Notes accrues from October 27, 2020 and is payable in arrears on November 1 and May 1 of each year, commencing on May 1, 2021. The Notes mature on November 1, 2025, unless earlier redeemed, and are subject to the terms and conditions set forth in the related indenture. The Notes were issued by D&B Inc and are unconditionally guaranteed by D&B Holdings and certain of D&B Inc’s existing and future wholly owned material domestic subsidiaries, which is substantially the same as the guarantors of the Company’s existing credit facility. Concurrent and subject to the issuance of the Notes, the Company entered into a second amendment to its existing credit facility, which included relief from testing compliance with certain financial covenants until the last day of the fiscal quarter ending on May 1, 2022. During the financial covenant suspension period the Company is required to maintain minimum liquidity (primarily availability under the credit facility) of $ . The second amendment extended revolving portion of the facility from August 17, 2022 to , and the interest rate spread increased from % to % during the financial covenant suspension period, with an additional % utilization fee due at maturity. After the financial covenant suspension period, the interest rate spread ranges from % to %. The second amendment terminated the term loan portion of the credit facility, which triggered payment of $ of lender debt costs associated with the first amendment. The Company used the proceeds of the Notes offering, along with cash on hand, to repay the $255,000 principal balance of the term loan facility, $463,000 of borrowings under the revolving credit facility, and related accrued interest. The Company incurred debt costs of $18,200, which are being amortized over the terms of the respective Notes and revolving credit facility. As of November 1, 2020, approximately $3,300 of these debt costs had not been paid. The Company also recorded a loss of $904 related to the unamortized debt costs associated with the term portion of the credit facility. For the thirty-nine weeks ended November 1, 2020, and November 3, 2019, the Company’s weighted average interest rate on outstanding borrowings was 4.17% and 4.03%, respectively. As of November 1, 2020, we had letters of credit outstanding of $9,686 and an unused commitment balance of $464,314 under the Our credit facility and Notes contain restrictive covenants that, among other things, place certain limitations on our ability to incur additional indebtedness, make loans or advances to subsidiaries and other entities, pay dividends, acquire other businesses or sell assets. Interest expense, net Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Interest expense on debt $ 6,092 5,769 $ 17,255 14,672 Interest associated with swap agreements 1,886 326 4,566 338 Amortization of issuance cost 427 198 1,081 594 Interest income — (24 ) (22 ) (75 ) Capitalized interest (192 ) (159 ) (389 ) (758 ) Total interest expense, net $ 8,213 $ 6,110 $ 22,491 $ 14,771 |
Leases
Leases | 9 Months Ended |
Nov. 01, 2020 | |
Leases | |
Leases | Note 4: Leases We currently lease the building or site for our stores, corporate office and warehouse space under facility operating leases. These leases typically have initial terms ranging from ten to twenty years and include one or more options to renew. When determining the lease term, we include option periods for which renewal is reasonably certain. Most of the leases require us to pay property taxes, insurance and maintenance of the leased assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases also includes certain equipment leases that have a term in excess of one year. Certain facility leases also have provisions for additional contingent rentals based on revenues. Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in “Other store operating expenses” for our operating stores, “Pre-opening The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows for the fiscal year ended: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Operating lease cost $ 33,278 31,489 $ 100,162 91,729 Variable lease cost 5,351 7,692 18,405 22,335 Short-term lease cost 102 108 329 324 Total $ 38,731 $ 39,289 $ 118,896 $ 114,388 During the thirty-nine weeks ended November 1, 2020, the Company entered into 123 rent relief agreements with our respective landlords on operating locations and our corporate headquarters. Under these agreements, certain rent payments will be abated, deferred or modified without penalty for various periods, generally providing for full deferral for three months beginning April 2020, with partial deferrals continuing for periods of up to six months at approximately 50% of those locations. The Company has elected to account for lease concessions and deferrals resulting directly from COVID-19 COVID-19 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 01, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5: Commitments and Contingencies We are subject to certain legal proceedings and claims that arise in the ordinary course of our business, including claims alleging violations of federal and state law regarding workplace and employment matters, discrimination, slip-and-fall The Company is currently a defendant in several lawsuits filed in courts in California alleging violations of California Business and Professions Code, industry wage orders, wage-and-hour , as well as other lawsuits, |
Earnings per share
Earnings per share | 9 Months Ended |
Nov. 01, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | Note 6: Earnings per share Potential dilutive shares consist of the incremental common shares issuable upon the exercise of outstanding stock options (both vested and unvested), unvested time-based restricted stock units (RSU’s) and unvested performance RSU’s to the extent performance measures were attained as of the end of the reporting period, calculated using the treasury-stock method. Potential dilutive shares are excluded from the computation of earnings per share (“EPS”) if their effect is anti-dilutive. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. The weighted average anti-dilutive options excluded from the calculation of common equivalent shares were 235,368 and 134,450 in the thirteen and thirty-nine weeks ended November 3, 2019. The following table sets forth the computation of EPS, basic and diluted for the periods indicated: Thirteen Weeks Thirteen Weeks Numerator: Net income (loss) $ (48,043 ) $ 482 Denominator: Weighted average number of common shares 47,613,741 30,980,878 Weighted average dilutive impact of equity-based — 534,576 Weighted average number of common and common equivalent shares outstanding (diluted) 47,613,741 31,515,454 Net income (loss) per share: Basic $ (1.01 ) $ 0.02 Diluted $ (1.01 ) $ 0.02 Thirty-Nine Weeks Ended November 1, 2020 Thirty-Nine Weeks Ended November 3, 2019 Numerator: Net income (loss) $ (150,189 ) $ 75,281 Denominator: Weighted average number of common shares outstanding (basic) 42,185,163 34,405,503 Weighted average dilutive impact of equity-based awards (1) — 636,808 Weighted average number of common and common equivalent shares outstanding (diluted) 42,185,163 35,042,311 Net income (loss) per share: Basic $ (3.56 ) $ 2.19 Diluted $ (3.56 ) $ 2.15 (1) Due to the net loss for the thirteen and thirty-nine weeks ended November 1, 2020, no incremental shares are included because the effect would be anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Nov. 01, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 7: Share-Based Compensation Compensation expense related to stock options and restricted stock units (“RSU’s”) is included in “ General and administrative expenses ” in the Consolidated Statements of Comprehensive Income (Loss) and is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Stock options $ 269 731 $ 1,099 2,294 RSU’s 2,730 1,016 4,245 3,185 Share-based compensation expense $ 2,999 $ 1,747 $ 5,344 $ 5,479 Transactions related to stock option awards during the thirty-nine weeks ended November 1, 2020 were as follows: 2014 Stock Incentive Plan 2010 Stock Incentive Plan Number Wtd. Avg. Number Wtd. Avg. Outstanding at February 2, 2020 1,323,495 $ 36.97 266,900 $ 6.72 Granted — — — — Exercised — — (90,391 ) 5.14 Forfeited (84,395 ) 38.79 — — Outstanding at November 1, 2020 1,239,100 $ 36.84 176,509 $ 7.54 Exercisable at November 1, 2020 1,047,124 $ 34.64 176,509 $ 7.54 The total intrinsic value of options exercised during the thirty-nine weeks ended November 1, 2020 was $904. The unrecognized expense related to our stock option plan totaled approximately $869 as of November 1, 2020 and will be expensed over a weighted average period of 1.2 years. Transactions related to RSU’s during the thirty-nine weeks ended November 1, 2020, were as follows: Shares Wtd. Avg. Outstanding at February 2, 2020 216,815 $ 51.58 Granted 1,063,209 12.74 Change in performance units 4,352 59.67 Vested (102,595 ) 38.11 Forfeited (50,736 ) 27.72 Outstanding at November 1, 2020 1,131,045 $ 17.39 Fair value of our RSU’s is based on our closing stock price on the date of grant. The unrecognized expense related to the RSU’s was $9,919 as of November 1, 2020 and will be expensed over a weighted average period of 2.2 years. During the thirty-nine weeks ended November 1, 2020 and November 3, 2019, excess tax expense (benefit) of $431 and ($912), respectively, were recognized as an expense (benefit) in the “Provision (benefit) for income taxes” in the Consolidated Statement of Comprehensive Income (Loss) and classified as a source in operating activities in the Consolidated Statement of Cash Flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8: Income Taxes On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). Intended to provide economic relief to those impacted by the COVID-19 property. Additionally, the The Company has historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annualized effective tax rate for the full fiscal year to “ordinary” income or loss for the reporting period. Due to the uncertainty created by the events surrounding the COVID-19 of %, compared to an expense of % for the thirty-nine weeks ended November 3, 2019, primarily due to the impact of a decrease in operating earnings before income tax and the impact of the tax provisions within the CARES Act. As a result of the impact of the technical amendments for qualified improvement property within the CARES Act, the Company generated a taxable loss in 2019, which together with the taxable loss in 2020, can be carried back to prior years when the statutory federal tax rate was approximately %. As of November 1, 2020, the Company has recognized a current benefit of $34,090 related to estimated fiscal year 2019 and 2020 tax net operating losses that will be carried back to recover taxes paid in prior periods. The estimated tax benefit from the net operating losses is included in “Income taxes receivable” in the Consolidated Balance Sheets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 01, 2020 | |
Accounting Policies [Abstract] | |
Description of the business | The accompanying unaudited consolidated financial statements include the accounts of Dave & Buster’s Entertainment, Inc. (referred to herein as the “Company”, “we,” “us” and “our”), any predecessor companies and its wholly-owned subsidiaries, Dave & Buster’s Holdings, Inc. (“D&B Holdings”), which owns 100% of the outstanding common stock of Dave & Busters, Inc. (“D&B Inc”), the operating company. All intercompany balances and transactions have been eliminated in consolidation. The Company, headquartered in Dallas, Texas, is a leading operator of high-volume entertainment and dining venues (“stores”) in North America for adults and families under the name “Dave & Buster’s”. The Company operates its business as one operating and one reportable segment. During the thirty- nine re-open Texas area, which are near the end of their respective lease terms, and The Company operates on a 52 or 53-week The Company’s financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information as prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Our quarterly financial data should be read in conjunction with the audited financial statements and notes thereto for the year ended February 2, 2020, included in our Annual Report on Form 10-K |
COVID-19 Considerations | COVID-19 Considerations — On March 11, 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic and on March 13, 2020, the United States declared a National Public Health Emergency. As a result, several state and local mandates were implemented that encouraged the practice of social distancing, placed restrictions from individuals gathering in groups and, in many areas, placed complete restrictions on non-essential movement outside of the home. Shortly after the national emergency declaration, state and local officials began placing restrictions on businesses , some of which allowed To-Go or curbside service only while others limited capacity in the dining room or midway. By March 20, 2020, all of our 137 operating stores were temporarily closed (including our one new store that opened on March 16). re-opened off-premise re-opened Two stores that re-opened during the second quarter were re-closed during the third quarter (one of which re-opened on November 14, 2020). As of November 1, 2020, 33 of the Company’s stores were closed to in-person guests as a result of local COVID-19 restrictions (31 of which have been closed since March 20, 2020). Subsequent to the third quarter, some local and state governments began to roll back their re-opening plans in light of climbing COVID-19 case counts. As of December 4, 2020, 4 8 The Company has been in ongoing discussions with landlords and other vendors to negotiate relief from cash payments under existing lease and trade payable obligations. As of November 1, 2020, a total of 123 rent relief agreements related to our operating locations and corporate headquarters were executed, which generally provide for full deferral for three months beginning April 2020, with partial deferral continuing for periods of up to six months, at approximately 50% of those locations. We have also been successful in negotiating extended and reduced payment terms with several vendors. In addition to reducing expenses, including capital expenditures and discretionary spending , the Company obtained additional liquidity through the sale of common stock during our first and second quarters, which resulted in net proceeds of $182,207. On October 27, 2020, D&B Inc, a wholly owned subsidiary, completed the private sale of $550,000 in aggregate principal amount of 7.625% senior secured notes due 2025. At the same time, the revolving credit commitments under our existing credit facility were extended through August 17, 2024 , was extended until the last day of the first quarter of fiscal year 2022. See Note 3, Debt, for more information on these transactions. The measures taken by the Company provide sufficient liquidity to meet estimated cash flow needs and covenant compliance obligations for at least the next twelve months from the issuance of the financial statements. The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities at the date of the consolidated financial statements and for the period then ended. Actual results could differ from those estimates. Operating results for the thirteen and thirty-nine weeks ended November 1, 2020 are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending January 31, 2021. |
Cash and cash equivalents | Cash and cash equivalents |
Fair value of financial instruments | Fair value of financial instruments The carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, and other current liabilities approximate fair value because of their short-term nature. We believe that the carrying amount of our debt, which was refinanced during the third quarter, approximates its fair value because the interest rates reflect current market conditions. The fair value of the Company’s debt was determined to be a Level Two instrument as defined by GAAP. The fair value of the Company’s interest rate swap is determined based upon Level Two inputs which includes valuation models as reported by our counterparties. These valuation models are based on the present value of expected cash flows using forward rate curves. Non-financial right-of-use During the first quarter of fiscal 2020, the Company recorded an impairment charge for its long-lived assets, including ROU assets, of $6,746, primarily driven by the expected impact of the COVID-19 COVID-19 Additionally, the Company is continuing discussions to terminate or delay possession on several executed lease contracts that have not yet commenced. The Company has also curtailed several potential new store projects that were in the early stage of development. During the thirteen and thirty-nine weeks ended November 1, 2020, we recorded an impairment loss and related contract termination costs of $0 and $6,981, respectively, related to these projects, which is included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss). |
Interest rate swap | Interest rate swaps one-month s The Company initially designated its interest rate swap agreements as a cash flow hedge and accounted for the underlying activity in accordance with hedge accounting. Effective April 14, 2020, the Company amended its existing credit facility agreement to obtain relief from its financial covenants, and as a result, the variable interest rate terms were modified to create an interest rate floor of 1.00%. Accordingly, and as a result of the current forward interest rate curve, the Company discontinued the hedging relationship as of April 14, 2020 (de-designation reclassifying its accumulated other comprehensive loss of $ as of the de-designation date into “Interest expense, net” using a straight-line approach over the remaining life of the originally designated hedging relationship. The amount of pre-tax losses in accumulated other comprehensive loss that was reclassified into interest expense subsequent to the de-designation date was $ and $ for the thirteen and thirty-nine weeks ended November 1, 2020, respectively, and the Company expects to reclassify $ within the next twelve months. Effective with the de-designation, any gain or loss on the derivatives are recognized in earnings in the period in which the change occurs. For the thirteen and thirty-nine weeks ended November 1, 2020, a gain of $ and a loss of $ were recognized, respectively, which are included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss). Prior to the de-designation, included as a component Credit risk related to the failure of our counterparties to perform under the terms of the swap agreements is minimized by entering into transactions with carefully selected, credit-worthy parties and the fact that the swap contracts are distributed among several financial institutions to reduce the concentration of credit risk. Our swap agreements with our derivative counterparties contain a provision where if the Company defaults on any of its indebtedness, and repayment of the indebtedness has been accelerated, the Company could also be declared in default on its derivative obligations. The following derivative instruments were outstanding as of the end of the periods indicated: Fair Value Balance Sheet Location November 1, 2020 February 2, 2020 Interest rate swaps Accrued liabilities $ (8,191 ) $ (3,518 ) Interest rate swaps Other liabilities (6,479 ) (6,967 ) Total derivatives (1) $ (14,670 ) $ (10,485 ) (1) The balance at November 1, 2020 relates to our swap agreements after hedge accounting was discontinued, effective April 14, 2020. The following table summarizes the activity in accumulated other comprehensive loss related to our derivative instruments: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, Amount of loss recorded in accumulated other comprehensive income $ — 2,483 $ 7,602 10,623 Amount of loss reclassified into income (1) $ (1,886 ) (326 ) $ (4,566 ) (338 ) Income tax expense (benefit) in accumulated other comprehensive income $ 516 (589 ) $ (829 ) (2,810 ) (1) Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of Comprehensive Income (Loss). |
Revenue recognition | Revenue recognition . In jurisdictions where we do not have a legal obligation breakage revenue. |
Stockholders' equity | Stockholders’ equity — Our Board of Directors has approved a share repurchase program under which the Company may repurchase shares on the open market, through privately negotiated transactions and through trading plans. The total share repurchase authorization is $ and the share repurchase authorization expires at the end of fiscal 2020. During the first quarter of fiscal 2020, the Company indefinitely suspended all share repurchase activity. As of August 2, 2020, we have approximately $ of share repurchase authorization remaining under the current plan. In our consolidated financial statements, the Company treats shares withheld for tax purposes on behalf of our employees in connection with the vesting of time-based and performance restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. During the thirty-nine weeks ended November 1, 2020 and November 3, 2019, we withheld 58,189 and 11,536 shares of common stock to satisfy $916 and $595 of employees’ tax obligations, respectively. The share activity in the thirty-nine weeks ended November 1, 2020 includes the settlements of $2,517 cash obligations through the issuance of 160,540 shares of common stock. Effective March 18, 2020, the Board of Directors of the Company adopted a 364-day one-ten On April 14, 2020, pursuant to an open market sale agreement, the Company sold 6,149,936 shares of its common stock at a price of $12.20 per share, for proceeds of $75,000, prior to deducting offering expenses related to the offering. On May 4, 2020, the Company entered into an underwriting agreement, pursuant to which it sold 9,578,545 shares of its common stock at a price of $10.44 per share, and on May 18, 2020, the underwriter exercised its over-allotment option for an additional 1,014,871 shares at $10.44 per share, resulting in additional proceeds of $110,600 prior to deducting offering costs. On June 23, 2020, shareholders approved a proposal to amend our 2014 Omnibus Incentive Plan (“Plan”) to increase the number of shares available for awards under the Plan by 3,000,000 shares. |
Recently adopted accounting guidance | Recently adopted accounting guidance 2016-13 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In January 2017, the FASB issued ASU 2017-04 , Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement |
Recent accounting pronouncements | Recent accounting pronouncements 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Reform on Financial Reporting de-designation |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Accounting Policies [Abstract] | |
Summary of derivative instruments outstanding | The following derivative instruments were outstanding as of the end of the periods indicated: Fair Value Balance Sheet Location November 1, 2020 February 2, 2020 Interest rate swaps Accrued liabilities $ (8,191 ) $ (3,518 ) Interest rate swaps Other liabilities (6,479 ) (6,967 ) Total derivatives (1) $ (14,670 ) $ (10,485 ) (1) The balance at November 1, 2020 relates to our swap agreements after hedge accounting was discontinued, effective April 14, 2020. |
Summary of accumulated other comprehensive loss | The following table summarizes the activity in accumulated other comprehensive loss related to our derivative instruments: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, Amount of loss recorded in accumulated other comprehensive income $ — 2,483 $ 7,602 10,623 Amount of loss reclassified into income (1) $ (1,886 ) (326 ) $ (4,566 ) (338 ) Income tax expense (benefit) in accumulated other comprehensive income $ 516 (589 ) $ (829 ) (2,810 ) (1) Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of Comprehensive Income (Loss). |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Text Block [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following as of the end of each period: November 1, 2020 February 2, 2020 Deferred amusement revenue $ 79,210 $ 75,113 Current portion of operating lease liabilities, net (1) 51,850 45,611 Rent payable ( Note 40,542 — Variable rent liabilities ( Note 7,559 1,331 Deferred gift card revenue 10,330 11,253 Property taxes 10,285 7,226 Compensation and benefits 9,914 23,421 Current portion of derivatives 8,191 3,518 Current portion of long-term insurance 5,100 6,500 Utilities 4,111 4,442 Customer deposits 1,594 4,324 Inventory liabilities 1,948 2,179 Sales and use taxes 1,160 4,000 Dividend payable — 4,891 Other 12,369 13,643 Total accrued liabilities $ 244,163 $ 207,452 (1) The balance of leasehold incentive receivables of $5,434 and $6,339 at November 1, 2020 and February 2, 2020, respectively, is reflected as a reduction of the current portion of operating lease liabilities. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following as of: November 1, 2020 February 2, 2020 Senior Secured Notes $ 550,000 $ — Credit facility - term — 266,250 Credit facility - revolver 26,000 382,000 Total debt outstanding 576,000 648,250 Current installments — (15,000 ) Debt issuance costs (14,185 ) (561 ) Long-term debt, net $ 561,815 $ 632,689 |
Recorded Interest Expense, Net | Interest expense, net Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Interest expense on debt $ 6,092 5,769 $ 17,255 14,672 Interest associated with swap agreements 1,886 326 4,566 338 Amortization of issuance cost 427 198 1,081 594 Interest income — (24 ) (22 ) (75 ) Capitalized interest (192 ) (159 ) (389 ) (758 ) Total interest expense, net $ 8,213 $ 6,110 $ 22,491 $ 14,771 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Lessee, Operating Lease, Disclosure | The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows for the fiscal year ended: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Operating lease cost $ 33,278 31,489 $ 100,162 91,729 Variable lease cost 5,351 7,692 18,405 22,335 Short-term lease cost 102 108 329 324 Total $ 38,731 $ 39,289 $ 118,896 $ 114,388 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of EPS, basic and diluted for the periods indicated: Thirteen Weeks Thirteen Weeks Numerator: Net income (loss) $ (48,043 ) $ 482 Denominator: Weighted average number of common shares 47,613,741 30,980,878 Weighted average dilutive impact of equity-based — 534,576 Weighted average number of common and common equivalent shares outstanding (diluted) 47,613,741 31,515,454 Net income (loss) per share: Basic $ (1.01 ) $ 0.02 Diluted $ (1.01 ) $ 0.02 Thirty-Nine Weeks Ended November 1, 2020 Thirty-Nine Weeks Ended November 3, 2019 Numerator: Net income (loss) $ (150,189 ) $ 75,281 Denominator: Weighted average number of common shares outstanding (basic) 42,185,163 34,405,503 Weighted average dilutive impact of equity-based awards (1) — 636,808 Weighted average number of common and common equivalent shares outstanding (diluted) 42,185,163 35,042,311 Net income (loss) per share: Basic $ (3.56 ) $ 2.19 Diluted $ (3.56 ) $ 2.15 (1) Due to the net loss for the thirteen and thirty-nine weeks ended November 1, 2020, no incremental shares are included because the effect would be anti-dilutive. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Compensation expense related to stock options and restricted stock units (“RSU’s”) is included in “ General and administrative expenses ” in the Consolidated Statements of Comprehensive Income (Loss) and is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Stock options $ 269 731 $ 1,099 2,294 RSU’s 2,730 1,016 4,245 3,185 Share-based compensation expense $ 2,999 $ 1,747 $ 5,344 $ 5,479 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Transactions related to stock option awards during the thirty-nine weeks ended November 1, 2020 were as follows: 2014 Stock Incentive Plan 2010 Stock Incentive Plan Number Wtd. Avg. Number Wtd. Avg. Outstanding at February 2, 2020 1,323,495 $ 36.97 266,900 $ 6.72 Granted — — — — Exercised — — (90,391 ) 5.14 Forfeited (84,395 ) 38.79 — — Outstanding at November 1, 2020 1,239,100 $ 36.84 176,509 $ 7.54 Exercisable at November 1, 2020 1,047,124 $ 34.64 176,509 $ 7.54 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Transactions related to RSU’s during the thirty-nine weeks ended November 1, 2020, were as follows: Shares Wtd. Avg. Outstanding at February 2, 2020 216,815 $ 51.58 Granted 1,063,209 12.74 Change in performance units 4,352 59.67 Vested (102,595 ) 38.11 Forfeited (50,736 ) 27.72 Outstanding at November 1, 2020 1,131,045 $ 17.39 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 31, 2020USD ($) | Jun. 23, 2020shares | May 18, 2020$ / sharesshares | May 04, 2020USD ($)$ / sharesshares | Apr. 14, 2020USD ($)$ / sharesshares | Mar. 18, 2020 | Nov. 01, 2020USD ($)StoresSegmentStatesshares | Nov. 03, 2019shares | Nov. 01, 2020USD ($)StoresSegmentStatesshares | Nov. 03, 2019USD ($)shares | Nov. 14, 2020Stores | Oct. 27, 2020USD ($) | Sep. 30, 2020Stores | Mar. 30, 2020$ / shares | Mar. 20, 2020Stores | Feb. 02, 2020USD ($) |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 137 | 137 | ||||||||||||||
Number of states store operates | States | 40 | 40 | ||||||||||||||
Number of operating segment | Segment | 1 | |||||||||||||||
Number of reportable segment | Segment | 1 | |||||||||||||||
Book overdrafts reclassified to accounts payable | $ 0 | $ 0 | $ 14,026 | |||||||||||||
Share repurchase program authorized amount | 800,000 | 800,000 | ||||||||||||||
Share repurchase program remaining authorized amount | 172,820 | 172,820 | ||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | 916 | $ 595 | ||||||||||||||
National amount of the swap agreement | $ 350,000 | $ 350,000 | ||||||||||||||
Derivative, Average Fixed Interest Rate | 2.47% | 2.47% | ||||||||||||||
Impairment of Long-Lived Assets | $ 13,727 | $ 0 | ||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 58,189 | 11,536 | ||||||||||||||
Proceeds from Issuance of common stock | $ 182,207 | $ 0 | ||||||||||||||
Impairment Loss And Contract Termination Costs | $ 0 | 6,981 | ||||||||||||||
Debt Instrument, Maturity Date, Description | senior secured notes due 2025 | |||||||||||||||
Secured Debt [Member] | Senior Notes [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 550,000 | $ 550,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% | ||||||||||||||
2014 Stock Incentive Plan [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Share based payment award, number of additional shares authorized | shares | 3,000,000 | |||||||||||||||
Shareholder Rights Plan [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Dividends Payable, Date Declared | Mar. 18, 2020 | |||||||||||||||
Dividends Payable, Nature Description | one preferred share purchase right for each outstanding share of common stock | |||||||||||||||
Preferred Stock, Par Value Per Share | $ / shares | $ 0.01 | |||||||||||||||
Exercise price of rights | $ / shares | $ 45 | |||||||||||||||
Dividends Payable, Date of Record | Mar. 30, 2020 | |||||||||||||||
Settlement Of Cash Obligation [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Stock issued during period, shares, issued for services | shares | 160,540 | |||||||||||||||
Cash obligation | 2,517 | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Interest payments reclassified to interest expense | 17,609 | |||||||||||||||
Interest payments to be reclassified during next 12 months | 7,547 | |||||||||||||||
Interest payments reclassified to interest expense during the period | 1,886 | 4,088 | ||||||||||||||
Interest Rate Swap [Member] | Other Store Operating Expenses [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Loss on Derivative | $ 218 | $ 1,578 | ||||||||||||||
COVID19 [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 101 | 101 | ||||||||||||||
Number of states store operates | States | 36 | 36 | ||||||||||||||
Impairment of Long-Lived Assets | $ 0 | $ 6,746 | ||||||||||||||
COVID19 [Member] | Manchester New Hampshire [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 1 | 1 | ||||||||||||||
COVID19 [Member] | Lehigh Valley Pennsylvania [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 1 | 1 | ||||||||||||||
COVID19 [Member] | Off Premise Dining Option [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 2 | 2 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Stock Issued During Period | shares | 9,578,545 | 6,149,936 | 61,518 | 13,360 | 17,096,878 | 173,009 | ||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 10.44 | $ 12.20 | ||||||||||||||
Proceeds from Issuance of common stock | $ 110,600 | $ 75,000 | $ 182,207 | |||||||||||||
Common Stock [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Stock Issued During Period | shares | 1,014,871 | |||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 10.44 | |||||||||||||||
Stores Open [Member] | COVID19 [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 104 | 104 | 1 | |||||||||||||
Stores Temporarily Re-Closed [Member] | COVID19 [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of stores | Stores | 33 | 33 | 2 | 31 | ||||||||||||
Dave And Busters Holdings Inc [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of outstanding common stock owned | 100.00% | 100.00% | ||||||||||||||
Canada [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of Canadian province | Segment | 1 | 1 | ||||||||||||||
Amusement Revenue [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Deferred revenue recognized | $ 3,300 | $ 15,400 | ||||||||||||||
Gift Card Revenue [Member] | ||||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Deferred amusement revenue | 640 | 2,080 | ||||||||||||||
Gift card breakage revenue | $ 380 | $ 590 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Derivative Instruments Outstanding (Details) - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Current portion of derivatives | $ (8,191) | $ (3,518) | |
Non-current portion of derivatiives | (6,479) | (6,967) | |
Total derivatives | [1] | $ (14,670) | $ (10,485) |
[1] | The balance at November 1, 2020 relates to our swap agreements after hedge accounting was discontinued, effective April 14, 2020. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||
Amount of loss recorded in accumulated other comprehensive income | $ 0 | $ 2,483 | $ 7,602 | $ 10,623 | |
Income tax expense (benefit) in accumulated other comprehensive income | 516 | (589) | (829) | (2,810) | |
Interest Expense [Member] | |||||
Amount of loss reclassified into income | [1] | $ (1,886) | $ (326) | $ (4,566) | $ (338) |
[1] | Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of Comprehensive Income (Loss). |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Deferred amusement revenue | $ 79,210 | $ 75,113 |
Current portion of operating lease liabilities, net (1) | 51,850 | 45,611 |
Rent payable (Note 4) | 40,542 | |
Variable rent liabilities (Note 4) | 7,559 | 1,331 |
Deferred gift card revenue | 10,330 | 11,253 |
Property taxes | 10,285 | 7,226 |
Compensation and benefits | 9,914 | 23,421 |
Current portion of derivatives | 8,191 | 3,518 |
Current portion of long-term insurance | 5,100 | 6,500 |
Utilities | 4,111 | 4,442 |
Customer deposits | 1,594 | 4,324 |
Inventory liabilities | 1,948 | 2,179 |
Sales and use taxes | 1,160 | 4,000 |
Dividend payable | 4,891 | |
Other | 12,369 | 13,643 |
Total accrued liabilities | $ 244,163 | $ 207,452 |
Accrued Liabilities - Accrued_2
Accrued Liabilities - Accrued Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Receivables for tenant improvement allowances | $ 5,434 | $ 6,339 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 27, 2020 | Nov. 01, 2020 | Nov. 03, 2019 | Oct. 31, 2020 |
Debt Instrument [Line Items] | ||||
Deferred financing costs net | $ 3,300 | |||
Debt issuance costs | $ 16,805 | $ 0 | ||
Weighted average effective interest | 4.17% | 4.03% | ||
Debt issuance costs | $ 18,200 | |||
Repayments of long-term debt | 255,000 | |||
Repayments of lines of credit | $ 463,000 | |||
Secured Debt [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured credit facility | $ 550,000 | $ 550,000 | ||
Maturity date | Nov. 1, 2025 | |||
Weighted average interest rate | 7.625% | 7.625% | ||
Frequency of periodic interest payment | November 1 and May 1 of each year | |||
Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Letter of credit facility outstanding | $ 9,686 | |||
Borrowing available | 464,314 | |||
Credit Facility [Member] | First Amendment [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 1,900 | |||
Debt instrument interest rate | 2.00% | |||
Interest Rate Floor | 1.00% | |||
Credit Facility [Member] | Second Amendment [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, maximum borrowing capacity | $ 500,000 | |||
Maturity date | Aug. 17, 2024 | |||
Debt instrument interest rate | 4.00% | |||
Required liquidity amount | $ 150,000 | |||
Debt instrument, utilization fee percentage | 1.00% | |||
Write off of deferred debt issuance costs | $ 904 | |||
Debt instrument interest rate | 2.00% | |||
Credit Facility [Member] | Minimum [Member] | Interest Rate Spread Post Financial Covenant Suspension Period [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 1.25% | |||
Credit Facility [Member] | Maximum [Member] | Interest Rate Spread Post Financial Covenant Suspension Period [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 3.00% |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Debt Instrument [Line Items] | ||
Total debt outstanding | $ 576,000 | $ 648,250 |
Less current installments | (15,000) | |
Long-term debt, net | 561,815 | 632,689 |
Credit Facility - term [Member] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | 266,250 | |
Less current installments | (15,000) | |
Less debt issuance costs | (14,185) | (561) |
Credit Facility - revolver [Member] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | 26,000 | $ 382,000 |
Secured Debt [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured Notes | $ 550,000 |
Debt - Recorded Interest Expens
Debt - Recorded Interest Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Debt Disclosure [Abstract] | ||||
Interest expense on debt | $ 6,092 | $ 5,769 | $ 17,255 | $ 14,672 |
Interest associated with swap agreements | 1,886 | 326 | 4,566 | 338 |
Amortization of issuance cost and discount | 427 | 198 | 1,081 | 594 |
Interest income | (24) | (22) | (75) | |
Capitalized interest | (192) | (159) | (389) | (758) |
Total interest expense, net | $ 8,213 | $ 6,110 | $ 22,491 | $ 14,771 |
Leases - Lease Expense (Detail)
Leases - Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Leases | ||||
Operating lease cost | $ 33,278 | $ 31,489 | $ 100,162 | $ 91,729 |
Variable lease cost | 5,351 | 7,692 | 18,405 | 22,335 |
Short-term lease cost | 102 | 108 | 329 | 324 |
Total | $ 38,731 | $ 39,289 | $ 118,896 | $ 114,388 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended |
Nov. 03, 2019 | Nov. 03, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted average anti-dilutive options excluded from calculation of common equivalent shares | 235,368 | 134,450 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||
Numerator: | |||||
Net income (loss) | $ (48,043) | $ 482 | $ (150,189) | $ 75,281 | |
Denominator: | |||||
Weighted average number of common shares outstanding (basic) | 47,613,741 | 30,980,878 | 42,185,163 | 34,405,503 | |
Weighted average dilutive impact of equity-based awards | [1] | 534,576 | 636,808 | ||
Weighted average number of common and common equivalent shares outstanding (diluted) | 47,613,741 | 31,515,454 | 42,185,163 | 35,042,311 | |
Net income (loss) per share: | |||||
Basic | $ (1.01) | $ 0.02 | $ (3.56) | $ 2.19 | |
Diluted | $ (1.01) | $ 0.02 | $ (3.56) | $ 2.15 | |
[1] | Due to the net loss for the thirteen and thirty-nine weeks ended November 1, 2020, no incremental shares are included because the effect would be anti-dilutive. |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | 9 Months Ended |
Nov. 01, 2020 | Nov. 01, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average dilutive impact of equity-based awards | 0 | 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Nov. 03, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess income tax benefit related to stock-based compensation plans | $ 431 | $ 912 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised | 904 | |
Unrecognized expense related to stock option plan | $ 869 | |
Unrecognized compensation expense, weighted average years | 1 year 2 months 12 days | |
Restricted Stock Units (RSU's) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense, weighted average years | 2 years 2 months 12 days | |
Unrecognized expense related to unvested restricted stock and RSUs | $ 9,919 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||||
Stock options | $ 269 | $ 731 | $ 1,099 | $ 2,294 |
RSU's | 2,730 | 1,016 | 4,245 | 3,185 |
Share-based compensation expense | $ 2,999 | $ 1,747 | $ 5,344 | $ 5,479 |
Share-Based Compensation - Tran
Share-Based Compensation - Transactions Related to Stock Option Awards (Detail) | 9 Months Ended |
Nov. 01, 2020$ / sharesshares | |
2014 Stock Incentive Plan [Member] | |
Number of Options | |
Options outstanding at February 2, 2020 | shares | 1,323,495 |
Forfeited | shares | (84,395) |
Options outstanding at , November 1, 2020 | shares | 1,239,100 |
Options exercisable at , November 1, 2020 | shares | 1,047,124 |
Weighted Average Exercise Price | |
Options outstanding at February 2, 2020 | $ / shares | $ 36.97 |
Forfeited | $ / shares | 38.79 |
Options outstanding at , November 1, 2020 | $ / shares | 36.84 |
Options exercisable at , November 1, 2020 | $ / shares | $ 34.64 |
2010 Stock Incentive Plan [Member] | |
Number of Options | |
Options outstanding at February 2, 2020 | shares | 266,900 |
Exercised | shares | (90,391) |
Options outstanding at , November 1, 2020 | shares | 176,509 |
Options exercisable at , November 1, 2020 | shares | 176,509 |
Weighted Average Exercise Price | |
Options outstanding at February 2, 2020 | $ / shares | $ 6.72 |
Exercised | $ / shares | 5.14 |
Options outstanding at , November 1, 2020 | $ / shares | 7.54 |
Options exercisable at , November 1, 2020 | $ / shares | $ 7.54 |
Share-Based Compensation - Tr_2
Share-Based Compensation - Transactions Related to Time-based and Performance-based RSU's and Restricted Stock (Detail) - Time-Based and Performance-Based RSU's [Member] | 9 Months Ended |
Nov. 01, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards, February 2, 2020 | shares | 216,815 |
Restricted Stock Awards, Granted | shares | 1,063,209 |
Restricted Stock Awards, Change in units based on performance | shares | 4,352 |
Restricted Stock Awards, Vested | shares | (102,595) |
Restricted Stock Awards, Forfeited | shares | (50,736) |
Restricted Stock Awards, November 1, 2020 | shares | 1,131,045 |
Weighted Average Grant Date Fair Value, February 2, 2020 | $ / shares | $ 51.58 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 12.74 |
Weighted Average Fair Value Grant Date, Change in units based on performance | $ / shares | 59.67 |
Weighted Average Fair Value, Vested | $ / shares | 38.11 |
Weighted Average Fair Value, Forfeited | $ / shares | 27.72 |
Weighted Average Fair Value, November 1, 2020 | $ / shares | $ 17.39 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Nov. 03, 2019 | |
Income Taxes [Line Items] | ||
Corporate tax rate | 32.30% | 21.30% |
Net operating loss carryback, Percentage | 35.00% | |
CARES Act [Member] | ||
Income Taxes [Line Items] | ||
Deferred social security tax | $ 3,398 | |
Tax Year 2019 and 2020 [Member] | ||
Income Taxes [Line Items] | ||
Net tax operating losses that can be carried back | $ 34,090 |