Chewy (CHWY) 10-Q 8 Dec 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Nov. 01, 2020	Dec. 01, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Period End Date	Nov. 1, 2020
Document Transition Report	false
Entity File Number	001-38936
Entity Registrant Name	CHEWY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-1020167
Entity Address, Address Line One	1855 Griffin Road, Suite B-428
Entity Address, City or Town	Dania Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33004
City Area Code	786
Local Phone Number	320-7111
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	CHWY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Fiscal Period Focus	Q3
Fiscal Year Focus	2020
Entity Central Index Key	0001766502
Current Fiscal Year End Date	--01-31
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		95,308,313
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		317,338,356

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Current assets:
Cash and cash equivalents	$ 505,828	$ 212,088
Accounts receivable	97,920	80,478
Inventories	482,649	317,808
Due from Parent, net	20,689	626
Prepaid expenses and other current assets	29,457	18,789
Total current assets	1,136,543	629,789
Property and equipment, net	202,090	118,731
Operating lease right-of-use assets	297,871	179,052
Other non-current assets	6,736	4,749
Total assets	1,643,240	932,321
Current liabilities:
Trade accounts payable	769,434	683,049
Accrued expenses and other current liabilities	549,302	417,489
Total current liabilities	1,318,736	1,100,538
Operating lease liabilities	323,948	200,439
Other long-term liabilities	56,977	35,318
Total liabilities	1,699,661	1,336,295
Commitments and contingencies (Note 4)
Stockholders’ deficit:
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding as of November 1, 2020 and February 2, 2020	0	0
Additional paid-in capital	1,897,459	1,436,484
Accumulated deficit	(1,958,006)	(1,844,472)
Total stockholders’ deficit	(56,421)	(403,974)
Total liabilities and stockholders’ deficit	1,643,240	932,321
Class A common stock, $0.01 par value per share, 1,500,000,000 shares authorized, 95,275,138 and 66,445,422 shares issued and outstanding as of November 1, 2020 and February 2, 2020, respectively
Stockholders’ deficit:
Common stock value	953	665
Class B common stock, $0.01 par value per share, 395,000,000 shares authorized, 317,338,356 and 334,922,454 shares issued and outstanding as of November 1, 2020 and February 2, 2020, respectively
Stockholders’ deficit:
Common stock value	$ 3,173	$ 3,349

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 01, 2020	Feb. 02, 2020
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common Class A
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	1,500,000,000	1,500,000,000
Common stock issued (in shares)	95,275,138	66,445,422
Common stock outstanding (in shares)	95,275,138	66,445,422
Common Class B
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	395,000,000	395,000,000
Common stock issued (in shares)	317,338,356	334,922,454
Common stock outstanding (in shares)	317,338,356	334,922,454

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Statement [Abstract]
Net sales	$ 1,782,000	$ 1,229,801	$ 5,103,252	$ 3,492,218
Cost of goods sold	1,327,442	938,021	3,836,629	2,674,313
Gross profit	454,558	291,780	1,266,623	817,905
Operating expenses:
Selling, general and administrative	352,250	258,488	1,015,488	684,948
Advertising and marketing	134,616	112,071	363,200	325,086
Total operating expenses	486,866	370,559	1,378,688	1,010,034
Loss from operations	(32,308)	(78,779)	(112,065)	(192,129)
Interest (expense) income, net	(539)	(221)	(1,469)	699
Loss before income tax provision	(32,847)	(79,000)	(113,534)	(191,430)
Income tax provision	0	0	0	0
Net loss	$ (32,847)	$ (79,000)	$ (113,534)	$ (191,430)
Net loss per share attributable to common Class A and Class B stockholders, basic and diluted (in dollars per share)	$ (0.08)	$ (0.20)	$ (0.28)	$ (0.48)
Weighted average common shares used in computing net loss per share attributable to common Class A and Class B stockholders, basic and diluted (in shares)	409,260	401,317	405,014	397,235

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Feb. 03, 2019		0
Beginning balance at Feb. 03, 2019	$ (335,942)	$ 0	$ 1,256,160	$ (1,592,102)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		5,600,000
Issuance of common stock	110,349	$ 56	110,293
Share-based compensation expense	90,361		90,361
Change in capital structure (in shares)		393,000,000
Change in capital structure	0	$ 3,930	(3,930)
Contribution from Parent	975		975
Tax sharing agreement with Parent	15,740		15,740
Termination of loan from Parent	(79,510)		(79,510)
Net loss	(191,430)			(191,430)
Ending balance (in shares) at Nov. 03, 2019		398,600,000
Ending balance at Nov. 03, 2019	$ (389,457)	$ 3,986	1,390,089	(1,783,532)
Beginning balance (in shares) at Jun. 17, 2019	100
Beginning balance (in shares) at Aug. 04, 2019		398,600,000
Beginning balance at Aug. 04, 2019	$ (361,733)	$ 3,986	1,338,813	(1,704,532)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs	(235)		(235)
Share-based compensation expense	39,348		39,348
Contribution from Parent	325		325
Tax sharing agreement with Parent	11,838		11,838
Net loss	(79,000)			(79,000)
Ending balance (in shares) at Nov. 03, 2019		398,600,000
Ending balance at Nov. 03, 2019	(389,457)	$ 3,986	1,390,089	(1,783,532)
Beginning balance (in shares) at Feb. 02, 2020		401,368,000
Beginning balance at Feb. 02, 2020	(403,974)	$ 4,014	1,436,484	(1,844,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		5,865,000
Issuance of common stock	318,416	$ 59	318,357
Share-based compensation expense	100,188		100,188
Vesting of share-based compensation awards (in shares)		5,193,000
Vesting of share-based compensation awards	0	$ 51	(51)
Distribution to Parent (in shares)		187,000
Distribution to Parent	0	$ 2	(2)
Contribution from Parent	975		975
Tax sharing agreement with Parent	41,508		41,508
Net loss	(113,534)			(113,534)
Ending balance (in shares) at Nov. 01, 2020		412,613,000
Ending balance at Nov. 01, 2020	(56,421)	$ 4,126	1,897,459	(1,958,006)
Beginning balance (in shares) at Aug. 02, 2020		406,566,000
Beginning balance at Aug. 02, 2020	(377,612)	$ 4,066	1,543,481	(1,925,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		5,865,000
Issuance of common stock	318,416	$ 59	318,357
Share-based compensation expense	24,808		24,808
Vesting of share-based compensation awards (in shares)		182,000
Vesting of share-based compensation awards	0	$ 1	(1)
Contribution from Parent	325		325
Tax sharing agreement with Parent	10,489		10,489
Net loss	(32,847)			(32,847)
Ending balance (in shares) at Nov. 01, 2020		412,613,000
Ending balance at Nov. 01, 2020	$ (56,421)	$ 4,126	$ 1,897,459	$ (1,958,006)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Cash flows from operating activities
Net loss	$ (113,534)	$ (191,430)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	24,598	22,716
Share-based compensation expense	100,188	90,361
Non-cash lease expense	18,020	13,571
Other	223	2,075
Net change in operating assets and liabilities:
Accounts receivable	(17,442)	(45,348)
Inventories	(164,841)	(69,081)
Prepaid expenses and other current assets	(11,581)	(25,619)
Other non-current assets	(204)	(2,397)
Trade accounts payable	86,385	134,807
Accrued expenses and other current liabilities	123,232	46,899
Operating lease liabilities	(11,415)	(6,006)
Other long-term liabilities	21,659	1,699
Net cash provided by (used in) operating activities	55,288	(27,753)
Cash flows from investing activities
Capital expenditures	(100,258)	(38,539)
Cash advances provided to Parent, net of reimbursements	(1,767)	(11,320)
Other	(2,000)	0
Net cash used in investing activities	(104,025)	(49,859)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	318,775	0
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs	0	110,576
Proceeds from tax sharing agreement with Parent	23,213	14,500
Payment of debt issuance costs	0	(781)
Contribution from Parent	975	975
Principal repayments of finance lease obligations	(486)	(118)
Net cash provided by financing activities	342,477	125,152
Net increase in cash and cash equivalents	293,740	47,540
Cash and cash equivalents, as of beginning of period	212,088	88,331
Cash and cash equivalents, as of end of period	$ 505,828	$ 135,871

Description of Business

Description of Business	9 Months Ended
	Nov. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Chewy, Inc. and its wholly-owned subsidiaries (collectively “Chewy” or the “Company”) is a pure play e-commerce business geared toward pet products for dogs, cats, fish, birds, small pets, horses, and reptiles. Chewy serves its customers through its retail website, www.chewy.com, and its mobile applications and focuses on delivering exceptional customer service, competitive prices, outstanding convenience (including Chewy’s Autoship subscription program, fast shipping, and hassle-free returns), and a large selection of high-quality pet food, treats and supplies, and pet healthcare products. The Company is controlled by PetSmart, Inc. (“PetSmart” or the “Parent”). PetSmart is wholly-owned by a consortium including private investment funds advised by BC Partners, La Caisse de dépôt et placement du Québec, affiliates of GIC Special Investments Pte Ltd, affiliates of StepStone Group LP and funds advised by Longview Asset Management, LLC (collectively, the “Sponsors”), and controlled by affiliates of BC Partners. Initial Public Offering On June 18, 2019, the Company closed its initial public offering (“IPO”), in which it issued and sold 5.6 million shares of its Class A common stock. The price at IPO was $22.00 per share. The Company received net proceeds of approximately $110.3 million from the IPO after deducting underwriting discounts and commissions of $6.2 million and offering costs. Prior to the completion of the IPO, the Company amended and restated its certificate of incorporation to authorize Class A and Class B common stock and reclassify the 100 outstanding shares of common stock into 393,000,000 shares of Class B common stock. In connection with the IPO, 47,875,000 shares of the Company’s Class B common stock were reclassified into shares of Class A common stock on a one-to-one basis. Upon completion of the IPO, 53,475,000 shares of the Company’s Class A common stock and 345,125,000 shares of Class B common stock were outstanding. The Class A common stock outstanding includes the shares issued in the IPO. 2020 Equity Offering

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes include the accounts of Chewy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited condensed consolidated financial statements and notes thereto of Chewy, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) accounting standards codification. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the quarterly period ended November 1, 2020 are not necessarily indicative of the results for the entire fiscal year. The unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended November 1, 2020 (“10-Q Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2020 (“10-K Report”). Fiscal Year The Company has a 52 or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company’s 2020 fiscal year ends on January 31, 2021 and is a 52-week year. The Company’s 2019 fiscal year ended February 2, 2020 and was a 52-week year. Significant Accounting Policies There have been no significant changes from the significant accounting policies disclosed in Note 2 of the “Notes to Consolidated Financial Statements” included in the 10-K Report. Use of Estimates GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates. Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment, valuation allowances with respect to deferred tax assets, contingencies, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. Accrued Expenses and Other Current Liabilities The following table presents the components of accrued expenses and other current liabilities (in thousands): As of November 1, February 2, Outbound fulfillment $ 281,297 $ 182,589 Advertising and marketing 92,408 96,836 Accrued expenses and other 175,597 138,064 Total accrued expenses and other current liabilities $ 549,302 $ 417,489 Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. In August 2018, the FASB issued this Accounting Standards Update (“ASU”) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This update became effective at the beginning of the Company’s 2020 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, the FASB issued this ASU to amend the current accounting guidance which requires the measurement of all expected losses to be based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. This update became effective at the beginning of the Company’s 2020 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued this ASU to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This ASU also clarifies and simplifies other aspects of the accounting for income taxes. This update is effective at the beginning of the Company’s 2021 fiscal year, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Nov. 01, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net The following is a summary of property and equipment, net (in thousands): As of November 1, 2020 February 2, 2020 Furniture, fixtures and equipment $ 85,558 $ 65,329 Computer equipment 42,099 32,259 Internal-use software 50,272 30,222 Leasehold improvements 77,684 39,447 Finance lease assets 3,102 2,565 Construction in progress 37,344 18,927 296,059 188,749 Less: accumulated depreciation and amortization 93,969 70,018 Property and equipment, net $ 202,090 $ 118,731 Internal-use software includes labor and license costs associated with software development for internal use. As of November 1, 2020 and February 2, 2020, the Company had accumulated amortization related to internal-use software of $20.2 million and $15.9 million, respectively. Construction in progress is stated at cost, which includes the cost of construction and other directly attributable costs. No provision for depreciation is made on construction in progress until the relevant assets are completed and put into use.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 01, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAs of November 1, 2020, there were no material changes to the Company’s legal matters disclosed in Note 4 of the “Notes to Consolidated Financial Statements” included in the 10-K Report.

Debt

Debt	9 Months Ended
	Nov. 01, 2020
Debt Disclosure [Abstract]
Debt	DebtABL Credit FacilityOn June 18, 2019, the Company entered into a five-year senior secured asset-backed credit facility (the “ABL Credit Facility”) which provides for non-amortizing revolving loans in an aggregate principal amount of up to $300 million, subject to a borrowing base comprised of, among other things, inventory and sales receivables (subject to certain reserves). The ABL Credit Facility provides the right to request incremental commitments and add incremental asset-based revolving loan facilities in an aggregate principal amount of up to $100 million, subject to customary conditions. The Company is required to pay a commitment fee of between 0.25% and 0.375% with respect to the undrawn portion of the commitments, which is generally based on average daily usage of the facility. As of November 1, 2020, the Company had no outstanding borrowings under the ABL Credit Facility.

Leases

Leases	9 Months Ended
	Nov. 01, 2020
Leases [Abstract]
Leases	Leases The Company leases all of its fulfillment and customer service centers and corporate offices under non-cancelable operating lease agreements. The terms of the Company’s real estate leases generally range from 5 to 15 years and typically allow for the leases to be renewed for up to three additional five-year terms. Fulfillment and customer service centers and corporate office leases expire at various dates through 2034, excluding renewal options. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases generally range from 3 to 5 years and do not contain renewal options. These leases expire at various dates through 2025. The Company’s finance leases as of November 1, 2020 and February 2, 2020 were not material. The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands): As of Leases Balance Sheet Classification November 1, 2020 February 2, 2020 Assets Operating Operating lease right-of-use assets $ 297,871 $ 179,052 Total operating lease assets $ 297,871 $ 179,052 Liabilities Current Operating Accrued expenses and other current liabilities $ 16,927 $ 15,491 Non-current Operating Operating lease liabilities 323,948 200,439 Total operating lease liabilities $ 340,875 $ 215,930 For the thirty-nine weeks ended November 1, 2020 and November 3, 2019, assets acquired in exchange for new operating lease liabilities were $118.3 million and $29.4 million, respectively. Lease expense primarily related to operating lease costs. Lease expense for the thirteen weeks ended November 1, 2020 and November 3, 2019 was $16.9 million and $12.3 million, respectively. Lease expense for the thirty-nine weeks ended November 1, 2020 and November 3, 2019 was $45.2 million and $35.2 million, respectively. The aforementioned lease expense was included within selling, general and administrative expenses in the condensed consolidated statements of operations. Operating cash flows related to cash paid for operating leases were approximately $39.1 million and $27.4 million for the thirty-nine weeks ended November 1, 2020 and November 3, 2019, respectively.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Nov. 01, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2019 Omnibus Incentive Plan In June 2019, the Company’s board of directors adopted and approved the 2019 Omnibus Incentive Plan (the “2019 Plan”). The 2019 Plan became effective on June 13, 2019 and allows for the issuance of up to 31,864,865 shares of Class A common stock. No awards may be granted under the 2019 Plan after June 2029. The 2019 Plan provides for the grant of stock options, including incentive stock options, non-qualified stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards (collectively “awards”). The awards may be granted to the Company’s employees, consultants, and directors, and the employees and consultants of the Company’s affiliates and subsidiaries. Service and Performance-Based Awards Beginning in June 2019, the Company granted restricted stock units that vest upon satisfaction of both a service-based vesting condition and a performance-based vesting condition (“PRSUs”) as described below. The service-based vesting condition was or will be satisfied with respect to 25% of an employee’s PRSUs on either (i) the first anniversary of the registration date (as defined in the 2019 Plan) or (ii) the first anniversary of the vesting commencement date, and will then be satisfied with respect to 12.5% of an employee’s PRSUs at the end of each six month period thereafter, subject to the employee’s continued employment with the Company through the applicable vesting date. The performance-based vesting condition shall be satisfied with respect to a percentage of an employee’s PRSUs, as and when the price per share of Class A common stock specified is achieved, on a volume adjusted weighted-average basis, on every trading day during a consecutive 45-trading day period completed prior to the fifth anniversary of the 2019 Plan’s effective date subject to the employee’s continued employment with the Company through the applicable vesting date. As of June 13, 2020, the performance-based vesting condition was fully satisfied. Service-Based Awards During the thirty-nine weeks ended November 1, 2020, the Company granted restricted stock units with a service-based vesting condition (“RSUs”). The service-based vesting condition for employees will be satisfied with respect to 25% of an employee’s RSUs on the one-year anniversary of the vesting commencement date and 12.5% of an employee’s RSUs at the end of each six month period thereafter, subject to the employee’s continued employment with the Company through the applicable vesting date. The Company records share-based compensation expense for RSUs on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. Service and Performance-Based Awards Activity The following table summarizes the activity related to the Company’s PRSUs for the thirty-nine weeks ended November 1, 2020 (in thousands, except for weighted average grant date fair value): Number of PRSUs Weighted Average Grant Date Fair Value Outstanding as of February 2, 2020 21,284 $ 36.20 Granted 805 $ 32.30 Vested (5,389) $ 36.37 Forfeited (959) $ 34.86 Unvested and outstanding as of November 1, 2020 15,741 $ 36.03 The total fair value of PRSUs that vested during the thirty-nine weeks ended November 1, 2020 was $577.3 million. As of November 1, 2020, total unrecognized compensation expense related to unvested PRSUs was $104.9 million and is expected to be recognized over a weighted-average expected performance period of 1.8 years. During the thirty-nine weeks ended November 1, 2020, vesting occurred for 186,617 PRSUs previously granted to a director of the Company. For accounting purposes, the issuance of Class A common stock upon vesting of these PRSUs is treated as a distribution to the Parent because such director is an employee of the Parent. The fair value of the PRSUs with share price hurdles was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for the Company and peer companies with the following assumptions: Performance period 5 years Weighted-average risk-free interest rate 1.8% Weighted-average volatility 49.7% Weighted-average dividend yield —% The risk-free interest rate utilized is based on a 5-year term-matched zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on historical volatility of the stock of the Company’s peer firms. Service-Based Awards Activity The following table summarizes the activity related to the Company’s RSUs for the thirty-nine weeks ended November 1, 2020 (in thousands, except for weighted average grant date fair value): Number of RSUs Weighted Average Grant Date Fair Value Outstanding as of February 2, 2020 — $ — Granted 674 $ 42.85 Forfeited (25) $ 39.20 Unvested and outstanding as of November 1, 2020 649 $ 42.85 As of November 1, 2020, total unrecognized compensation expense related to unvested RSUs was $24.2 million and is expected to be recognized over a weighted-average expected performance period of 3.5 years. The fair value for RSUs is established based on the market price of the Company’s Class A common stock on the date of grant. As of November 1, 2020, there were 7.3 million additional shares of Class A common stock reserved for future issuance under the 2019 Plan. Citrus Profits Interest Plan Subsequent to PetSmart’s acquisition of the Company in 2017, the Company’s share-based compensation included profits interests units (“PIUs”) granted by Citrus Intermediate Holdings L.P. (the “Citrus Partnership”), a Delaware limited partnership (the “Citrus Profits Interest Plan”). The Citrus Partnership is a parent company of PetSmart and a wholly-owned subsidiary of the Sponsors. The Company recognizes share-based compensation as equity contributions from the Citrus Partnership in its condensed consolidated financial statements for awards granted under the Citrus Profits Interest Plan as it relates to grantees’ services as employees of the Company. As of June 13, 2019, an aggregate of 768,785 profits interests units under the Citrus Profits Interest Plan were held by employees of Chewy, Inc. and were canceled. Share-Based Compensation Expense Share-based compensation expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations. The Company recognized share-based compensation expense as follows (in thousands): 13 Weeks Ended 39 Weeks Ended November 1, November 3, November 1, November 3, PRSUs $ 22,463 $ 39,348 $ 96,611 $ 80,196 RSUs 2,345 — 3,577 — PIUs — — — 10,165 Total share-based compensation expense $ 24,808 $ 39,348 $ 100,188 $ 90,361

Income Taxes

Income Taxes	9 Months Ended
	Nov. 01, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes are presented in the Company’s condensed consolidated financial statements using the separate return method. The Company did not maintain a net current or deferred provision for income taxes for any taxing jurisdiction during the thirteen and thirty-nine weeks ended November 1, 2020, and November 3, 2019. Additionally, the Company maintained a full valuation allowance on its net deferred tax assets.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Nov. 01, 2020
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic and diluted net loss per share attributable to common stockholders is presented using the two class method required for participating securities. Under the two class method, net loss attributable to common stockholders is determined by allocating undistributed earnings between common stock and participating securities. Undistributed earnings for the periods presented are calculated as net loss less distributed earnings. Basic and diluted net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average shares outstanding during the period. The weighted-average shares outstanding during the periods presented reflects the reclassification of the 100 outstanding shares of pre-IPO common stock into 393,000,000 shares of Class B common stock. For the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019, the Company’s basic and diluted net loss per share attributable to common Class A and Class B stockholders are the same because the Company has generated a net loss to common stockholders and common stock equivalents are excluded from diluted net loss per share as they have an antidilutive impact. The computation of diluted net loss per share attributable to common stockholders does not include 16.4 million potential common shares for the thirteen and thirty-nine weeks ended November 1, 2020 and 20.9 million potential common shares for the thirteen and thirty-nine weeks ended November 3, 2019, as the effect of their inclusion would have been antidilutive. Conversion of Class B Common Stock On May 8, 2020, Buddy Chester Sub LLC, a wholly-owned subsidiary of PetSmart, converted 17,584,098 shares of the Company’s Class B common stock into Class A common stock. On May 11, 2020, Buddy Chester Sub LLC entered into a variable forward purchase agreement (the “Forward Purchase Agreement”) to deliver up to 17,584,098 shares of the Company’s Class A common stock at the exchange date, which is expected to be May 16, 2023, determined by reference to the trading price of the common stock at that time.

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	9 Months Ended
	Nov. 01, 2020
Related Party Transactions [Abstract]
Certain Relationships and Related Party Transactions	Certain Relationships and Related Party Transactions The Company’s condensed consolidated financial statements include management fee expenses of $0.3 million and $1.0 million allocated to the Company by the Parent for organizational oversight and certain limited corporate functions provided by its sponsors for the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019, respectively. Allocated costs are included within selling, general and administrative expenses in the condensed consolidated statements of operations. Certain of the Company’s pharmacy operations are currently, and have been since launch on July 2, 2018, conducted through a wholly-owned subsidiary of PetSmart. The Company has entered into a services agreement with PetSmart that provides for the payment of a management fee due from PetSmart with respect to this arrangement. The Company recognized $8.6 million and $30.2 million during the thirteen and thirty-nine weeks ended November 1, 2020 within net sales in the condensed consolidated statements of operations for the services provided compared to $9.9 million and $31.4 million during the thirteen and thirty-nine weeks ended November 3, 2019. PetSmart Guarantees PetSmart currently provides a guarantee of payment with respect to certain equipment and other leases that the Company has entered into and serves as a guarantor in respect of the Company’s obligations under a credit insurance policy in favor of certain of the Company’s current or future suppliers.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies - (Policies)	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes include the accounts of Chewy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited condensed consolidated financial statements and notes thereto of Chewy, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) accounting standards codification. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the quarterly period ended November 1, 2020 are not necessarily indicative of the results for the entire fiscal year. The unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended November 1, 2020 (“10-Q Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2020 (“10-K Report”). Fiscal Year The Company has a 52 or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company’s 2020 fiscal year ends on January 31, 2021 and is a 52-week year. The Company’s 2019 fiscal year ended February 2, 2020 and was a 52-week year.
Use of Estimates	Use of Estimates GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates. Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment, valuation allowances with respect to deferred tax assets, contingencies, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. In August 2018, the FASB issued this Accounting Standards Update (“ASU”) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This update became effective at the beginning of the Company’s 2020 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, the FASB issued this ASU to amend the current accounting guidance which requires the measurement of all expected losses to be based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. This update became effective at the beginning of the Company’s 2020 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued this ASU to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This ASU also clarifies and simplifies other aspects of the accounting for income taxes. This update is effective at the beginning of the Company’s 2021 fiscal year, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Nov. 01, 2020
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	The following table presents the components of accrued expenses and other current liabilities (in thousands): As of November 1, February 2, Outbound fulfillment $ 281,297 $ 182,589 Advertising and marketing 92,408 96,836 Accrued expenses and other 175,597 138,064 Total accrued expenses and other current liabilities $ 549,302 $ 417,489

Property and Equipment, net - (

Property and Equipment, net - (Tables)	9 Months Ended
	Nov. 01, 2020
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, net	The following is a summary of property and equipment, net (in thousands): As of November 1, 2020 February 2, 2020 Furniture, fixtures and equipment $ 85,558 $ 65,329 Computer equipment 42,099 32,259 Internal-use software 50,272 30,222 Leasehold improvements 77,684 39,447 Finance lease assets 3,102 2,565 Construction in progress 37,344 18,927 296,059 188,749 Less: accumulated depreciation and amortization 93,969 70,018 Property and equipment, net $ 202,090 $ 118,731

Leases - (Tables)

Leases - (Tables)	9 Months Ended
	Nov. 01, 2020
Leases [Abstract]
Assets and Liabilities, Lessee	The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands): As of Leases Balance Sheet Classification November 1, 2020 February 2, 2020 Assets Operating Operating lease right-of-use assets $ 297,871 $ 179,052 Total operating lease assets $ 297,871 $ 179,052 Liabilities Current Operating Accrued expenses and other current liabilities $ 16,927 $ 15,491 Non-current Operating Operating lease liabilities 323,948 200,439 Total operating lease liabilities $ 340,875 $ 215,930

Share-Based Compensation - (Tab

Share-Based Compensation - (Tables)	9 Months Ended
	Nov. 01, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the activity related to the Company’s PRSUs for the thirty-nine weeks ended November 1, 2020 (in thousands, except for weighted average grant date fair value): Number of PRSUs Weighted Average Grant Date Fair Value Outstanding as of February 2, 2020 21,284 $ 36.20 Granted 805 $ 32.30 Vested (5,389) $ 36.37 Forfeited (959) $ 34.86 Unvested and outstanding as of November 1, 2020 15,741 $ 36.03 The following table summarizes the activity related to the Company’s RSUs for the thirty-nine weeks ended November 1, 2020 (in thousands, except for weighted average grant date fair value): Number of RSUs Weighted Average Grant Date Fair Value Outstanding as of February 2, 2020 — $ — Granted 674 $ 42.85 Forfeited (25) $ 39.20 Unvested and outstanding as of November 1, 2020 649 $ 42.85
Valuation Assumptions	The fair value of the PRSUs with share price hurdles was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for the Company and peer companies with the following assumptions: Performance period 5 years Weighted-average risk-free interest rate 1.8% Weighted-average volatility 49.7% Weighted-average dividend yield —%
Share-based Payment Arrangement, Cost By Plan	Share-based compensation expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations. The Company recognized share-based compensation expense as follows (in thousands): 13 Weeks Ended 39 Weeks Ended November 1, November 3, November 1, November 3, PRSUs $ 22,463 $ 39,348 $ 96,611 $ 80,196 RSUs 2,345 — 3,577 — PIUs — — — 10,165 Total share-based compensation expense $ 24,808 $ 39,348 $ 100,188 $ 90,361

Description of Business - Narra

Description of Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2020	Sep. 21, 2020	Jun. 18, 2019	Jun. 17, 2019	Nov. 01, 2020	Feb. 02, 2020
Subsidiary, Sale of Stock [Line Items]
Underwriting discounts and commissions	$ 0.6		$ 6.2
Common stock outstanding (in shares)				100
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in dollars per share)			$ 22
Sale of stock			$ 110.3
Equity offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in dollars per share)		$ 54.40
Sale of stock	$ 318.4
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in dollars per share)		$ 54.40
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock outstanding (in shares)			53,475,000		95,275,138	66,445,422
Conversion of stock (in shares)			47,875,000
Common Class A | IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)			5,600,000
Common Class A | Equity offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)		5,100,000
Common Class A | Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)		765,000
Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock outstanding (in shares)			345,125,000		317,338,356	334,922,454
Conversion of stock (in shares)			(47,875,000)	393,000,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Payables and Accruals [Abstract]
Outbound fulfillment	$ 281,297	$ 182,589
Advertising and marketing	92,408	96,836
Accrued expenses and other	175,597	138,064
Total accrued expenses and other current liabilities	$ 549,302	$ 417,489

Property and Equipment, net - S

Property and Equipment, net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 3,102	$ 2,565
Property and equipment and finance lease assets, gross	296,059	188,749
Less: accumulated depreciation and amortization	93,969	70,018
Property and equipment, net	202,090	118,731
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	85,558	65,329
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,099	32,259
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	50,272	30,222
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	77,684	39,447
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 37,344	$ 18,927

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019	Feb. 02, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 7.5	$ 5.6	$ 20.2	$ 15.8
Internal-use software
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	20.2		20.2		$ 15.9
Amortization expense	$ 1.8	$ 2.5	$ 4.4	$ 6.9

Debt - Narrative (Details)

Debt - Narrative (Details) - Line of Credit - Revolving Credit Facility - USD ($)	Jun. 18, 2019	Nov. 01, 2020
Line of Credit Facility [Line Items]
Debt instrument term	5 years
Line of credit facility principal	$ 300,000,000
Line of credit facility additional aggregate principal increase limit	$ 100,000,000
Outstanding borrowings		$ 0
Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.375%

Leases - Narrative (Details)

Leases - Narrative (Details)	Aug. 12, 2020USD ($)	Nov. 01, 2020USD ($)renewal_option	Nov. 03, 2019USD ($)	Nov. 01, 2020USD ($)renewal_option	Nov. 03, 2019USD ($)
Lessee, Lease, Description [Line Items]
Assets acquired in exchange for new operating lease liabilities				$ 118,300,000	$ 29,400,000
Lease expense		$ 16,900,000	$ 12,300,000	45,200,000	35,200,000
Operating lease payments				$ 39,100,000	$ 27,400,000
Local Government Agency
Lessee, Lease, Description [Line Items]
Maximum principal amount	$ 70,000,000
Capital Addition Purchase Commitments
Lessee, Lease, Description [Line Items]
Maximum capital investment	$ 70,000,000
Term of agreement	3 years
Real Estate
Lessee, Lease, Description [Line Items]
Number of renewal options | renewal_option		3		3
Renewal term		5 years		5 years
Minimum | Real Estate
Lessee, Lease, Description [Line Items]
Lease term		5 years		5 years
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Lease term		3 years		3 years
Maximum | Real Estate
Lessee, Lease, Description [Line Items]
Lease term		15 years		15 years
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Lease term		5 years		5 years

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Feb. 02, 2020
Assets
Operating	$ 297,871	$ 179,052
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating	$ 16,927	$ 15,491
Non-current
Operating	323,948	200,439
Total operating lease liabilities	$ 340,875	$ 215,930

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	Jun. 13, 2019shares	Nov. 01, 2020USD ($)dayshares
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price hurdle period | day		45
Fair value of vested awards | $		$ 577.3
Cost not yet recognized | $		$ 104.9
Weighted average performance period		1 year 9 months 18 days
Granted (in shares)		805,000
Cancelled (in shares)		959,000
PRSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		186,617
PRSUs | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		25.00%
PRSUs | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PRSUs | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PRSUs | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PRSUs | Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PRSUs | Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PRSUs | Tranche Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized | $		$ 24.2
Weighted average performance period		3 years 6 months
Granted (in shares)		674,000
Cancelled (in shares)		25,000
RSUs | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		25.00%
RSUs | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs | Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs | Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
RSUs | Tranche Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		12.50%
PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cancelled (in shares)	768,785
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		7,300,000
2019 Omnibus Incentive Plan | Common Class A | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares allowed for issuance (in shares)	31,864,865

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) shares in Thousands	9 Months Ended
	Nov. 01, 2020$ / sharesshares
PRSUs
Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	21,284
Granted (in shares) | shares	805
Vested (in shares) | shares	(5,389)
Forfeited (in shares) | shares	(959)
Ending balance (in shares) | shares	15,741
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 36.20
Granted (in dollars per share) | $ / shares	32.30
Vested (in dollars per share) | $ / shares	36.37
Forfeited (in dollars per share) | $ / shares	34.86
Ending balance (in dollars per share) | $ / shares	$ 36.03
RSUs
Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	674
Forfeited (in shares) | shares	(25)
Ending balance (in shares) | shares	649
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	42.85
Forfeited (in dollars per share) | $ / shares	39.20
Ending balance (in dollars per share) | $ / shares	$ 42.85

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Fair Value Assumptions (Details) - PRSUs	9 Months Ended
	Nov. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years
Weighted-average risk-free interest rate	1.80%
Weighted-average volatility	49.70%
Weighted-average dividend yield	0.00%

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 24,808	$ 39,348	$ 100,188	$ 90,361
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	22,463	39,348	96,611	80,196
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	2,345	0	3,577	0
PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ 0	$ 10,165

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Tax Disclosure [Abstract]
Current income tax provision	$ 0	$ 0	$ 0	$ 0
Deferred income tax provision	$ 0	$ 0	0	0
Proceeds from tax sharing agreement with Parent			$ 23,213,000	$ 14,500,000

Net Loss per Share - Narrative

Net Loss per Share - Narrative (Details) - shares	May 11, 2020	May 08, 2020	Jun. 18, 2019	Jun. 17, 2019	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019	Feb. 02, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock outstanding (in shares)				100
Securities excluded from computation of diluted loss per share (in shares)					16,400,000	20,900,000	16,400,000	20,900,000
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock outstanding (in shares)			345,125,000		317,338,356		317,338,356		334,922,454
Conversion of stock (in shares)			(47,875,000)	393,000,000
Common Class B | Buddy Chester Sub LLC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock (in shares)		(17,584,098)
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock outstanding (in shares)			53,475,000		95,275,138		95,275,138		66,445,422
Conversion of stock (in shares)			47,875,000
Common Class A | Buddy Chester Sub LLC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock (in shares)		17,584,098
Forward purchase agreement (in shares)	17,584,098

Certain Relationships and Rel_2

Certain Relationships and Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Sponsors and Parent | Management Fee
Related Party Transaction [Line Items]
Management fee	$ 0.3	$ 0.3	$ 1	$ 1
Affiliated Entity
Related Party Transaction [Line Items]
Net sales	$ 8.6	$ 9.9	$ 30.2	$ 31.4