Cover
Cover | 9 Months Ended |
Oct. 31, 2020 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Academy Sports & Outdoors, Inc. |
Entity Central Index Key | 0001817358 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2020 | Jun. 30, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 | ||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ 869,725 | $ 1 | $ 149,385 | $ 43,538 | |||
Accounts receivable - less allowance for doubtful accounts of $1,286, $3,275 and $3,642, respectively | 11,908 | 13,999 | 9,798 | ||||
Merchandise inventories, net | 1,082,907 | 1,099,749 | 1,331,969 | ||||
Prepaid expenses and other current assets | 25,789 | 24,548 | 26,140 | ||||
Assets held for sale | 1,763 | 1,763 | 1,763 | ||||
Total current assets | 1,992,092 | 1 | 1,289,444 | 1,413,208 | |||
PROPERTY AND EQUIPMENT, NET | 382,620 | 441,407 | 454,406 | ||||
Right-of-use assets | 1,163,361 | 1,145,705 | 1,165,826 | ||||
TRADE NAME | 577,000 | 577,000 | 577,000 | ||||
GOODWILL | 861,920 | 861,920 | 861,920 | ||||
OTHER NONCURRENT ASSETS | 4,923 | 15,845 | 16,349 | ||||
Total assets | 4,981,916 | 4,331,321 | 4,488,709 | ||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 868,879 | 428,823 | 529,926 | ||||
Accrued expenses and other current liabilities | 274,612 | 211,381 | 219,992 | ||||
Current lease liabilities | 79,361 | 76,329 | 73,252 | ||||
Current maturities of long-term debt | 18,250 | 34,116 | 18,250 | ||||
Total current liabilities | 1,241,102 | 750,649 | 841,420 | ||||
LONG-TERM DEBT, net | 1,408,885 | 1,428,542 | 1,492,609 | ||||
Long-term lease liabilities | 1,171,420 | 1,141,896 | 1,163,250 | ||||
DEFERRED TAX LIABILITIES, NET | 132,701 | ||||||
Other long-term liabilities | 43,244 | 19,197 | 19,529 | ||||
Total liabilities | 3,997,352 | 3,340,284 | 3,516,808 | ||||
COMMITMENTS AND CONTINGENCIES | |||||||
REDEEMABLE MEMBERSHIP UNITS | 2,818 | 2,818 | $ 17,885 | ||||
STOCKHOLDERS'/PARTERS' EQUITY | |||||||
Preferred stock, value | [1] | 0 | 0 | 0 | |||
Partners' equity, value | [1] | 996,285 | 976,538 | ||||
Common stock, value | 881 | [1] | 1 | ||||
Additional paid-incapital | [1] | 93,064 | |||||
Retained earnings | [1] | 895,646 | |||||
Accumulated other comprehensive income (loss) | [1] | (5,027) | (8,066) | (7,455) | |||
Stockholders'/partners' equity | 984,564 | [1] | $ 1 | ||||
Partners' Equity | 988,219 | 969,083 | 857,039 | ||||
Total liabilities and partners' equity | $ 4,981,916 | 4,331,321 | $ 4,488,709 | ||||
New Academy Holding Company, LLC | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 149,385 | 75,691 | |||||
Accounts receivable - less allowance for doubtful accounts of $1,286, $3,275 and $3,642, respectively | 13,999 | 15,725 | |||||
Merchandise inventories, net | 1,099,749 | 1,134,156 | |||||
Prepaid expenses and other current assets | 24,548 | 39,937 | |||||
Assets held for sale | 1,763 | 1,763 | |||||
Total current assets | 1,289,444 | 1,267,272 | |||||
PROPERTY AND EQUIPMENT, NET | 441,407 | 496,153 | |||||
Right-of-use assets | 1,145,705 | ||||||
TRADE NAME | 577,000 | 592,067 | |||||
GOODWILL | 861,920 | 861,920 | |||||
OTHER NONCURRENT ASSETS | 15,845 | 21,545 | |||||
Total assets | 4,331,321 | 3,238,957 | |||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 428,823 | 432,037 | |||||
Accrued expenses and other current liabilities | 211,381 | 184,141 | |||||
Current lease liabilities | 76,329 | ||||||
Current maturities of long-term debt | 34,116 | 68,305 | |||||
Total current liabilities | 750,649 | 684,483 | |||||
LONG-TERM DEBT, net | 1,428,542 | 1,556,755 | |||||
Long-term lease liabilities | 1,141,896 | ||||||
Other long-term liabilities | 19,197 | 122,795 | |||||
Total liabilities | 3,340,284 | 2,364,033 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
REDEEMABLE MEMBERSHIP UNITS | 2,818 | 17,885 | |||||
STOCKHOLDERS'/PARTERS' EQUITY | |||||||
Partners' equity, value | 996,285 | 848,591 | |||||
Retained earnings | 553,282 | ||||||
Accumulated other comprehensive income (loss) | (8,066) | 8,448 | |||||
Partners' Equity | 988,219 | 857,039 | |||||
Total liabilities and partners' equity | $ 4,331,321 | $ 3,238,957 | |||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2020 | Jun. 30, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 | |
Allowance for doubtful accounts | $ 1,286 | $ 3,275 | $ 3,642 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||
Preferred stock, issued (in shares) | 0 | 0 | 0 | |||
Preferred stock, outstanding (in shares) | 0 | 0 | 0 | |||
Partners' equity membership units, authorized (in shares) | 72,468,164 | 72,468,164 | ||||
Partners' equity membership units, issued (in shares) | 72,468,164 | 72,468,164 | ||||
Partners' equity membership units, outstanding (in shares) | [1] | 72,468,164 | 72,468,164 | 72,473,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock, authorized (in shares) | 300,000,000 | 1,000 | ||||
Common stock, issued (in shares) | 88,103,975 | 100 | ||||
Common stock, outstanding (in shares) | 88,103,975 | 100 | ||||
New Academy Holding Company, LLC | ||||||
Allowance for doubtful accounts | $ 3,275 | $ 3,008 | ||||
Partners' equity membership units, authorized (in shares) | 228,274,749 | 228,289,163 | ||||
Partners' equity membership units, issued (in shares) | 228,274,749 | 228,289,163 | ||||
Partners' equity membership units, outstanding (in shares) | 228,274,749 | 228,289,163 | ||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | ||
Net Sales | $ 1,349,076 | $ 1,145,203 | $ 4,091,797 | $ 3,459,405 | ||||
COST OF GOODS SOLD | 908,565 | 782,781 | 2,856,840 | 2,398,783 | ||||
GROSS MARGIN | 440,511 | 362,422 | 1,234,957 | 1,060,622 | ||||
Selling, general and administrative expenses | 358,955 | 309,246 | 955,591 | 923,418 | ||||
OPERATING INCOME | 81,556 | 53,176 | 279,366 | 137,204 | ||||
Interest expense, net | 22,399 | 24,585 | 70,487 | 77,171 | ||||
GAIN ON EARLY RETIREMENT OF DEBT, NET | (7,831) | (42,265) | ||||||
OTHER (INCOME) EXPENSE, NET | 764 | (467) | (857) | (1,921) | ||||
INCOME BEFORE INCOME TAXES | 58,393 | 29,058 | 217,567 | 104,219 | ||||
INCOME TAX (BENEFIT) EXPENSE | (1,193) | 506 | 325 | 1,914 | ||||
NET INCOME | $ 59,586 | $ 28,552 | $ 217,242 | $ 102,305 | ||||
EARNINGS PER COMMON SHARE: | ||||||||
BASIC (in dollars per share) | [1] | $ 0.78 | $ 0.39 | $ 2.94 | $ 1.41 | |||
DILUTED (in dollars per share) | [1] | $ 0.74 | $ 0.38 | $ 2.82 | $ 1.37 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
BASIC (in shares) | [1] | 76,771,000 | 72,484,000 | 73,908,000 | 72,480,000 | |||
DILUTED (in shares) | [1] | 80,714,000 | 75,201,000 | 77,171,000 | 74,766,000 | |||
New Academy Holding Company, LLC | ||||||||
Net Sales | $ 4,829,897 | $ 4,783,893 | $ 4,835,582 | |||||
COST OF GOODS SOLD | 3,398,743 | 3,415,941 | 3,436,618 | |||||
GROSS MARGIN | $ 362,422 | 1,431,154 | 1,367,952 | 1,398,964 | ||||
Selling, general and administrative expenses | 309,246 | 1,251,733 | 1,239,002 | 1,241,643 | ||||
OPERATING INCOME | 53,176 | 179,421 | 128,950 | 157,321 | ||||
Interest expense, net | 24,585 | 101,307 | 108,652 | 104,857 | ||||
GAIN ON EARLY RETIREMENT OF DEBT, NET | (42,265) | (6,294) | ||||||
OTHER (INCOME) EXPENSE, NET | (2,481) | (3,095) | (2,524) | |||||
INCOME BEFORE INCOME TAXES | 122,860 | 23,393 | 61,282 | |||||
INCOME TAX (BENEFIT) EXPENSE | 2,817 | 1,951 | 2,781 | |||||
NET INCOME | $ 28,552 | $ 120,043 | $ 21,442 | $ 58,501 | ||||
EARNINGS PER COMMON SHARE: | ||||||||
BASIC (in dollars per share) | $ 0.53 | $ 0.09 | $ 0.26 | |||||
DILUTED (in dollars per share) | $ 0.51 | $ 0.09 | $ 0.25 | |||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
BASIC (in shares) | 228,303,750 | 228,160,508 | 227,942,148 | |||||
DILUTED (in shares) | 235,609,118 | 236,873,973 | 236,804,721 | |||||
Unaudited pro forma Financial Information | ||||||||
Income before income taxes | $ 122,860 | |||||||
Pro forma income tax expense | 32,918 | |||||||
Pro forma net income | $ 89,942 | |||||||
Pro forma earnings Earnings per share | ||||||||
BASIC (in dollars per share) | $ 1.08 | |||||||
DILUTED (in dollars per share) | $ 1.05 | |||||||
Pro forma weighted average shares outstanding | ||||||||
BASIC (in shares) | 83,012,535 | |||||||
DILUTED (in shares) | 85,331,699 | |||||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Net income | $ 59,586 | $ 28,552 | $ 217,242 | $ 102,305 | |||
Unrealized gain (loss) on interest rate swaps | (331) | (1,317) | (5,371) | (14,459) | |||
Recognized interest (income) expense on interest rate swaps | 2,811 | 146 | 7,578 | (1,444) | |||
Loss on swaps from debt refinancing | 1,330 | 1,330 | |||||
Tax expense | (498) | (498) | |||||
Total comprehensive income | $ 62,898 | 27,381 | $ 220,281 | $ 86,402 | |||
New Academy Holding Company, LLC | |||||||
Net income | $ 28,552 | $ 120,043 | $ 21,442 | $ 58,501 | |||
Unrealized gain (loss) on interest rate swaps | (16,096) | (2,625) | 5,876 | ||||
Recognized interest (income) expense on interest rate swaps | (418) | 1,106 | 7,497 | ||||
Total comprehensive income | $ 103,529 | $ 19,923 | $ 71,874 |
Consolidated Statements of Part
Consolidated Statements of Partners'/Stockholders' Equity - USD ($) $ in Thousands | Total | New Academy Holding Company, LLC | Partners' Equity | Partners' EquityNew Academy Holding Company, LLC | Partners' EquityCumulative Effect, Period of Adoption, Adjustment | Partners' EquityCumulative Effect, Period of Adoption, AdjustmentNew Academy Holding Company, LLC | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)New Academy Holding Company, LLC | |||
Redeemable Membership Units, beginning balance (in shares) at Jan. 28, 2017 | 3,813,842 | |||||||||||||
Redeemable Membership Units, beginning balance at Jan. 28, 2017 | $ 15,231 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity contributions from Managers (in shares) | 200,648 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares) | 8,238 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 1,200 | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Feb. 03, 2018 | 4,022,728 | |||||||||||||
Redeemable Membership Units, ending balance at Feb. 03, 2018 | $ 16,431 | |||||||||||||
Partners' Equity, beginning balance (in shares) at Jan. 28, 2017 | 224,000,107 | |||||||||||||
Partners' Equity, beginning balance at Jan. 28, 2017 | $ 756,262 | $ 759,668 | $ (3,406) | |||||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Jan. 28, 2017 | 227,813,949 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 58,501 | 58,501 | ||||||||||||
Equity compensation | 4,580 | 4,580 | ||||||||||||
Equity contributions from Managers | 1,150 | 1,150 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (1,200) | (1,200) | ||||||||||||
Option Payment adjustment due to forfeitures | 21 | $ 21 | ||||||||||||
Unrealized loss on interest rate swaps | 5,876 | 5,876 | ||||||||||||
Recognized interest expense on interest rate swaps | 7,497 | 7,497 | ||||||||||||
Partners' Equity, ending balance (in shares) at Feb. 03, 2018 | 224,000,107 | |||||||||||||
Partners' Equity, ending balance at Feb. 03, 2018 | $ 832,687 | $ 822,720 | 9,967 | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Feb. 03, 2018 | 228,022,835 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity contributions from Managers (in shares) | 231,624 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares) | 34,704 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 1,454 | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Feb. 02, 2019 | 1,362,000 | [1] | 4,289,056 | |||||||||||
Redeemable Membership Units, ending balance at Feb. 02, 2019 | $ 17,885 | $ 17,885 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | 21,442 | 21,442 | ||||||||||||
Equity compensation | 4,633 | 4,633 | ||||||||||||
Equity contributions from Managers | 1,250 | 1,250 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (1,454) | $ (1,454) | ||||||||||||
Unrealized loss on interest rate swaps | (2,625) | (2,625) | ||||||||||||
Recognized interest expense on interest rate swaps | 1,106 | 1,106 | ||||||||||||
Partners' Equity, ending balance (in shares) at Feb. 02, 2019 | 71,111,000 | [1] | 224,000,107 | |||||||||||
Partners' Equity, ending balance at Feb. 02, 2019 | $ 857,039 | $ 857,039 | $ 848,591 | $ 848,591 | $ 8,448 | 8,448 | ||||||||
Partners' Equity, ending balance (Accounting Standards Update 2016-02) at Feb. 02, 2019 | $ 5,075 | $ 5,075 | ||||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Feb. 02, 2019 | 72,473,000 | [1] | 228,289,163 | |||||||||||
Redeemable Membership Units, ending balance (in shares) at May. 04, 2019 | [1] | 1,362,000 | ||||||||||||
Redeemable Membership Units, ending balance at May. 04, 2019 | $ 17,885 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | 25,406 | $ 25,406 | 25,406 | |||||||||||
Equity compensation | 2,022 | $ 2,022 | ||||||||||||
Unrealized loss on interest rate swaps | (3,510) | (3,510) | ||||||||||||
Recognized interest expense on interest rate swaps | (882) | (882) | ||||||||||||
Partners' Equity, ending balance (in shares) at May. 04, 2019 | [1] | 71,111,000 | ||||||||||||
Partners' Equity, ending balance at May. 04, 2019 | $ 885,150 | $ 881,094 | 4,056 | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at May. 04, 2019 | [1] | 72,473,000 | ||||||||||||
Redeemable Membership Units, beginning balance (in shares) at Feb. 02, 2019 | 1,362,000 | [1] | 4,289,056 | |||||||||||
Redeemable Membership Units, beginning balance at Feb. 02, 2019 | $ 17,885 | $ 17,885 | ||||||||||||
Redeemable Membership Units, ending balance (in shares) at Nov. 02, 2019 | [1] | 162,000 | ||||||||||||
Redeemable Membership Units, ending balance at Nov. 02, 2019 | $ 2,818 | |||||||||||||
Partners' Equity, beginning balance (in shares) at Feb. 02, 2019 | 71,111,000 | [1] | 224,000,107 | |||||||||||
Partners' Equity, beginning balance at Feb. 02, 2019 | $ 857,039 | $ 857,039 | $ 848,591 | $ 848,591 | 8,448 | 8,448 | ||||||||
Partners' Equity, beginning balance (Accounting Standards Update 2016-02) at Feb. 02, 2019 | 5,075 | 5,075 | ||||||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 02, 2019 | 72,473,000 | [1] | 228,289,163 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 102,305 | |||||||||||||
Partners' Equity, ending balance (in shares) at Nov. 02, 2019 | [1] | 72,306,000 | ||||||||||||
Partners' Equity, ending balance at Nov. 02, 2019 | $ 969,083 | $ 976,538 | (7,455) | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Nov. 02, 2019 | [1] | 72,468,164 | ||||||||||||
Redeemable Membership Units, beginning balance (in shares) at Feb. 02, 2019 | 1,362,000 | [1] | 4,289,056 | |||||||||||
Redeemable Membership Units, beginning balance at Feb. 02, 2019 | $ 17,885 | $ 17,885 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity contributions from Managers (in shares) | 19,231 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares) | 57,363 | |||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 400 | |||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | (91,008) | |||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ (538) | |||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights (in shares) | (3,763,118) | |||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights | $ (14,929) | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Feb. 01, 2020 | 162,000 | [1] | 511,524 | |||||||||||
Redeemable Membership Units, ending balance at Feb. 01, 2020 | $ 2,818 | $ 2,818 | ||||||||||||
Partners' Equity, beginning balance (in shares) at Feb. 02, 2019 | 71,111,000 | [1] | 224,000,107 | |||||||||||
Partners' Equity, beginning balance at Feb. 02, 2019 | $ 857,039 | $ 857,039 | $ 848,591 | $ 848,591 | 8,448 | 8,448 | ||||||||
Partners' Equity, beginning balance (Accounting Standards Update 2016-02) at Feb. 02, 2019 | $ 5,075 | $ 5,075 | ||||||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 02, 2019 | 72,473,000 | [1] | 228,289,163 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 120,043 | 120,043 | ||||||||||||
Equity compensation | 7,881 | 7,881 | ||||||||||||
Equity contributions from Managers | 100 | 100 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (400) | $ (400) | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | 91,008 | |||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ 538 | $ 538 | ||||||||||||
Repurchase of Redeemable Membership Units (in shares) | (473,000) | (91,008) | ||||||||||||
Repurchase of Redeemable Membership Units | $ (473) | $ (473) | ||||||||||||
Reclassification of membership units with lapsed put rights (in shares) | 3,763,118 | |||||||||||||
Reclassification of membership units with lapsed put rights | 14,930 | $ 14,930 | ||||||||||||
Unrealized loss on interest rate swaps | (16,096) | (16,096) | ||||||||||||
Recognized interest expense on interest rate swaps | (418) | (418) | ||||||||||||
Partners' Equity, ending balance (in shares) at Feb. 01, 2020 | 72,306,000 | [1] | 227,763,225 | |||||||||||
Partners' Equity, ending balance at Feb. 01, 2020 | $ 988,219 | $ 988,219 | $ 996,285 | $ 996,285 | (8,066) | (8,066) | ||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Feb. 01, 2020 | 72,468,164 | [1] | 228,274,749 | |||||||||||
Redeemable Membership Units, beginning balance (in shares) at May. 04, 2019 | [1] | 1,362,000 | ||||||||||||
Redeemable Membership Units, beginning balance at May. 04, 2019 | $ 17,885 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares) | [1] | 18,000 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 300 | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Aug. 03, 2019 | [1] | 1,380,000 | ||||||||||||
Redeemable Membership Units, ending balance at Aug. 03, 2019 | $ 18,185 | |||||||||||||
Partners' Equity, beginning balance (in shares) at May. 04, 2019 | [1] | 71,111,000 | ||||||||||||
Partners' Equity, beginning balance at May. 04, 2019 | $ 885,150 | $ 881,094 | 4,056 | |||||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at May. 04, 2019 | [1] | 72,473,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 48,347 | $ 48,347 | 48,347 | |||||||||||
Equity compensation | 2,445 | 2,445 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (300) | $ (300) | ||||||||||||
Unrealized loss on interest rate swaps | (9,632) | (9,632) | ||||||||||||
Recognized interest expense on interest rate swaps | (708) | (708) | ||||||||||||
Partners' Equity, ending balance (in shares) at Aug. 03, 2019 | [1] | 71,111,000 | ||||||||||||
Partners' Equity, ending balance at Aug. 03, 2019 | $ 925,302 | $ 931,586 | (6,284) | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Aug. 03, 2019 | [1] | 72,491,000 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity contributions from Managers (in shares) | [1] | 6,000 | ||||||||||||
Equity contributions from Managers | [1] | $ 0 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 101 | |||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | [1] | (29,000) | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ (538) | |||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights (in shares) | [1] | 1,195,000 | ||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights | $ (14,930) | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Nov. 02, 2019 | [1] | 162,000 | ||||||||||||
Redeemable Membership Units, ending balance at Nov. 02, 2019 | $ 2,818 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | 28,552 | $ 28,552 | 28,552 | |||||||||||
Equity compensation | 1,405 | 1,405 | ||||||||||||
Equity contributions from Managers | 100 | 100 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (100) | $ (100) | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | [1] | 29,000 | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ 538 | $ 538 | ||||||||||||
Repurchase of Redeemable Membership Units (in shares) | [1] | (29,000) | (29,000) | |||||||||||
Repurchase of Redeemable Membership Units | $ (473) | $ (473) | ||||||||||||
Reclassification of membership units with lapsed put rights (in shares) | [1] | 1,195,000 | ||||||||||||
Reclassification of membership units with lapsed put rights | 14,930 | $ 14,930 | ||||||||||||
Unrealized loss on interest rate swaps | (1,317) | (1,317) | ||||||||||||
Recognized interest expense on interest rate swaps | 146 | 146 | ||||||||||||
Partners' Equity, ending balance (in shares) at Nov. 02, 2019 | [1] | 72,306,000 | ||||||||||||
Partners' Equity, ending balance at Nov. 02, 2019 | $ 969,083 | $ 976,538 | (7,455) | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Nov. 02, 2019 | [1] | 72,468,164 | ||||||||||||
Redeemable Membership Units, ending balance (in shares) at Feb. 01, 2020 | 162,000 | [1] | 511,524 | |||||||||||
Redeemable Membership Units, ending balance at Feb. 01, 2020 | $ 2,818 | $ 2,818 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | 17,738 | |||||||||||||
Partners' Equity, ending balance (in shares) at Feb. 01, 2020 | 72,306,000 | [1] | 227,763,225 | |||||||||||
Partners' Equity, ending balance at Feb. 01, 2020 | $ 988,219 | $ 988,219 | $ 996,285 | $ 996,285 | (8,066) | (8,066) | ||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Feb. 01, 2020 | 72,468,164 | [1] | 228,274,749 | |||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares) | [1] | 12,000 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | $ 200 | |||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | [1] | (2,000) | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ (41) | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at May. 02, 2020 | [1] | 172,000 | ||||||||||||
Redeemable Membership Units, ending balance at May. 02, 2020 | $ 2,977 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | (10,020) | (10,020) | ||||||||||||
Equity compensation | 2,109 | 2,109 | ||||||||||||
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units | (200) | $ (200) | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares) | [1] | 2,000 | ||||||||||||
Adjustment to Redeemable Membership Units for repurchase of units from Managers | $ 41 | $ 41 | ||||||||||||
Repurchase of Redeemable Membership Units (in shares) | [1] | (2,000) | (2,000) | |||||||||||
Repurchase of Redeemable Membership Units | $ (37) | $ (37) | ||||||||||||
Unrealized loss on interest rate swaps | (4,434) | (4,434) | ||||||||||||
Recognized interest expense on interest rate swaps | 1,893 | 1,893 | ||||||||||||
Partners' Equity, ending balance (in shares) at May. 02, 2020 | [1] | 72,306,000 | ||||||||||||
Partners' Equity, ending balance at May. 02, 2020 | $ 977,571 | $ 988,178 | (10,607) | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at May. 02, 2020 | [1] | 72,474,000 | ||||||||||||
Redeemable Membership Units, beginning balance (in shares) at Feb. 01, 2020 | 162,000 | [1] | 511,524 | |||||||||||
Redeemable Membership Units, beginning balance at Feb. 01, 2020 | $ 2,818 | $ 2,818 | ||||||||||||
Partners' Equity, beginning balance (in shares) at Feb. 01, 2020 | 72,306,000 | [1] | 227,763,225 | |||||||||||
Partners' Equity, beginning balance at Feb. 01, 2020 | $ 988,219 | $ 988,219 | $ 996,285 | $ 996,285 | (8,066) | $ (8,066) | ||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 01, 2020 | 72,468,164 | [1] | 228,274,749 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 217,242 | |||||||||||||
Stockholders'/partners' equity (in shares) at Oct. 31, 2020 | 88,104,000 | [1] | 88,104,000 | |||||||||||
Partners' Equity, ending balance at Oct. 31, 2020 | (5,027) | |||||||||||||
Stockholders'/partners' equity at Oct. 31, 2020 | $ 984,564 | [1] | $ 881 | $ 93,064 | $ 895,646 | (5,027) | ||||||||
Redeemable Membership Units, beginning balance (in shares) at May. 02, 2020 | [1] | 172,000 | ||||||||||||
Redeemable Membership Units, beginning balance at May. 02, 2020 | $ 2,977 | |||||||||||||
Redeemable Membership Units, ending balance (in shares) at Aug. 01, 2020 | [1] | 172,000 | ||||||||||||
Redeemable Membership Units, ending balance at Aug. 01, 2020 | $ 2,977 | |||||||||||||
Partners' Equity, beginning balance (in shares) at May. 02, 2020 | [1] | 72,306,000 | ||||||||||||
Partners' Equity, beginning balance at May. 02, 2020 | $ 977,571 | $ 988,178 | (10,607) | |||||||||||
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at May. 02, 2020 | [1] | 72,474,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | $ 167,676 | 167,676 | ||||||||||||
Equity compensation | 1,581 | $ 1,581 | ||||||||||||
Unrealized loss on interest rate swaps | (606) | (606) | ||||||||||||
Recognized interest expense on interest rate swaps | 2,874 | 2,874 | ||||||||||||
Partners' Equity, ending balance (in shares) at Aug. 01, 2020 | [1] | 72,306,000 | ||||||||||||
Partners' Equity, ending balance at Aug. 01, 2020 | $ 1,149,096 | $ 1,157,435 | (8,339) | |||||||||||
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Aug. 01, 2020 | [1] | 72,478,000 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights (in shares) | [1] | (172,000) | ||||||||||||
Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights | $ (2,977) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (Loss) | 59,586 | 59,586 | ||||||||||||
Distributions to holders of Membership Units | (257,000) | $ (257,000) | ||||||||||||
Effect of the Reorganization Transactions (in shares) | (72,306,000) | [1] | 72,478,000 | |||||||||||
Effect of the Reorganization Transactions | 2,977 | $ (900,435) | $ 725 | 66,627 | 836,060 | |||||||||
Equity compensation | $ 23,359 | 23,359 | ||||||||||||
Issuance of Common Stock in IPO, net of Offering Costs (in shares) | 15,625,000 | [1] | 15,625,000 | |||||||||||
Issuance of common stock in IPO, net of Offering Costs | $ 184,882 | $ 156 | 184,726 | |||||||||||
Cumulative tax effect resulting from Reorganization Transactions | (148,829) | (148,829) | ||||||||||||
Share-Based Award Payments | $ (32,819) | (32,819) | ||||||||||||
Stock option exercises | 1,000 | [1] | 1,000 | |||||||||||
Unrealized loss on interest rate swaps | $ (278) | (278) | ||||||||||||
Recognized interest expense on interest rate swaps | 2,590 | 2,590 | ||||||||||||
Loss on swaps from debt refinancing (net of tax impact of $330) | $ 1,000 | 1,000 | ||||||||||||
Stockholders'/partners' equity (in shares) at Oct. 31, 2020 | 88,104,000 | [1] | 88,104,000 | |||||||||||
Partners' Equity, ending balance at Oct. 31, 2020 | (5,027) | |||||||||||||
Stockholders'/partners' equity at Oct. 31, 2020 | $ 984,564 | [1] | $ 881 | $ 93,064 | $ 895,646 | $ (5,027) | ||||||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2. |
Consolidated Statements of Pa_2
Consolidated Statements of Partners'/Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Oct. 31, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Unrealized loss on interest rate swaps, tax | $ 53 |
Recognized interest expense on interest rate swaps, tax | 221 |
Loss on swaps from debt refinancing, tax | $ 330 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||
Net income | $ 217,242 | $ 102,305 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 79,718 | 88,693 | |||
Non-cash lease expense | 14,870 | 2,471 | |||
Equity compensation | 27,049 | 5,872 | |||
Amortization of deferred loan and other costs | 2,734 | 2,796 | |||
Loss on swaps from debt refinancing | 1,330 | ||||
Deferred income taxes | (11,739) | (246) | |||
Non-cash gain on early retirement of debt, net | (7,831) | (42,265) | |||
Gain on disposal of property and equipment | (23) | ||||
Casualty loss | 114 | 499 | |||
Changes in assets and liabilities: | |||||
Accounts receivable, net | 2,121 | 8,328 | |||
Merchandise inventories, net | 16,727 | (197,812) | |||
Prepaid expenses and other current assets | (1,151) | (5,134) | |||
Other noncurrent assets | 245 | 433 | |||
Accounts payable | 439,682 | 99,557 | |||
Accrued expenses and other current liabilities | 44,733 | 30,240 | |||
Income taxes payable | 9,590 | ||||
Other long-term liabilities | 21,784 | (958) | |||
Net cash provided by operating activities | 857,218 | 94,756 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (21,915) | (48,614) | |||
Proceeds from the sale of property and equipment | 23 | ||||
Notes receivable from member | 8,125 | (3,988) | |||
Net cash used in investing activities | (13,790) | (52,579) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from revolving credit facility | 500,000 | 401,100 | |||
Repayment of revolving credit facility | (500,000) | (356,800) | |||
Repayment of term loan facility | (29,653) | (118,257) | |||
Debt issuance fees | (556) | ||||
Share-Based Award Payments | (20,724) | ||||
Distribution | (257,000) | ||||
Equity contributions from Managers | 100 | ||||
Proceeds from issuance of common stock, net of Offering Costs | 184,882 | ||||
Repurchase of Redeemable Membership Units | (37) | (473) | |||
Net cash provided by (used in) financing activities | (123,088) | (74,330) | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 720,340 | (32,153) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 149,385 | 75,691 | $ 75,691 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 869,725 | 43,538 | 149,385 | $ 75,691 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||
Cash paid for interest | 68,759 | 74,818 | |||
Cash paid for income taxes | 2,461 | 2,588 | |||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Non-cash issuance of common stock | 132 | ||||
Change in capital expenditures in accounts payable and accrued liabilities | 985 | 1,668 | |||
Right-of-use assets obtained in exchange for new operating leases | 84,595 | 55,562 | |||
New Academy Holding Company, LLC | |||||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||
Net income | 120,043 | 21,442 | $ 58,501 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 117,254 | 132,782 | 133,203 | ||
Non-cash lease expense | 3,965 | ||||
Equity compensation | 7,881 | 4,633 | 4,580 | ||
Amortization of deferred loan and other costs | 3,717 | 4,163 | 4,577 | ||
Deferred income taxes | 297 | (494) | 147 | ||
Non-cash gain on early retirement of debt, net | (42,265) | (6,294) | |||
Gain on disposal of property and equipment | (23) | (801) | (559) | ||
Casualty loss | 569 | 46 | 159 | ||
Impairment of long-lived assets | 1,408 | 2,477 | |||
Changes in assets and liabilities: | |||||
Accounts receivable, net | 4,476 | 2,582 | 2,934 | ||
Merchandise inventories, net | 34,407 | 89,284 | (132,687) | ||
Prepaid expenses and other current assets | (3,732) | 2,187 | (3,756) | ||
Other noncurrent assets | 398 | 274 | 1,590 | ||
Accounts payable | (2,904) | (70,029) | 6,976 | ||
Accrued expenses and other current liabilities | 20,615 | (2,703) | 990 | ||
Deferred rent/tenant improvement allowances | 2,833 | 2,297 | |||
Other long-term liabilities | (1,029) | 10,874 | 8,220 | ||
Net cash provided by operating activities | 263,669 | 198,481 | 83,355 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (62,818) | (107,905) | (132,126) | ||
Proceeds from insurance claims | 2,593 | 233 | |||
Proceeds from the sale of property and equipment | 23 | 10,429 | 15,992 | ||
Notes receivable from member | (3,988) | (4,144) | |||
Net cash used in investing activities | (66,783) | (99,027) | (115,901) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from revolving credit facility | 502,500 | 526,812 | 851,400 | ||
Repayment of revolving credit facility | (502,500) | (561,812) | (816,400) | ||
Repayment of term loan facility | (122,819) | (18,250) | (37,989) | ||
Debt issuance fees | (2,808) | ||||
Construction allowance receipts | 10,353 | ||||
Distribution | (257,000) | ||||
Equity contributions from Managers | 100 | 1,250 | 1,150 | ||
Repurchase of Redeemable Membership Units | (473) | ||||
Net cash provided by (used in) financing activities | (123,192) | (54,808) | 8,514 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 73,694 | 44,646 | (24,032) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ 149,385 | $ 75,691 | 75,691 | 31,045 | 55,077 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 149,385 | 75,691 | 31,045 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||
Cash paid for interest | 93,556 | 108,208 | 105,661 | ||
Cash paid for income taxes | 2,588 | 2,449 | 2,848 | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
De-recognition of construction assets and liabilities, net | (6,600) | ||||
Change in capital expenditures in accounts payable and accrued liabilities | 309 | $ 128 | $ 7,412 | ||
Right-of-use assets obtained in exchange for new operating leases | $ 57,383 |
Nature of Operations
Nature of Operations | Jun. 30, 2020 | Oct. 31, 2020 | Feb. 01, 2020 |
Nature of Operations | 1. Organization Academy Sports and Outdoors, Inc., or the Corporation, was organized as a Delaware corporation on June 30, 2020. The Corporation’s fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. Pursuant to a series of reorganization transactions, it is anticipated that the Corporation will be the parent of New Academy Holding Company, LLC, a Delaware limited liability company. Following the anticipated reorganization transactions, the Corporation will continue to conduct the business now conducted by New Academy Holding Company, LLC and its subsidiaries. | 1. Nature of Operations The Company All references to “we”, “us,” “our” or the “Company” in the financial statements refer to, (1) prior to October 1, 2020, New Academy Holding Company, LLC, a Delaware limited liability company (“NAHC”) and the prior parent holding company for our operations, and its consolidated subsidiaries; and (2) on and after October 1, 2020, Academy Sports and Outdoors, Inc., a Delaware corporation (“ASO, Inc.”) and the current parent holding company of our operations, and its consolidated subsidiaries. We conduct our operations primarily through our parent holding company’s indirect subsidiary, Academy, Ltd., a Texas limited partnership doing business as “Academy Sports + Outdoors”, or Academy, Ltd. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. On August 3, 2011, an investment entity owned by investment funds and other entities affiliated with Kohlberg Kravis Roberts & Co. L.P. (collectively, “KKR”), acquired a majority interest in the Company. Upon completion of our initial public offering (the “IPO”) detailed below, affiliates of KKR held a 69.9% ownership interest in the Company (see IPO Over-Allotment Exercise in Note 15). The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales. As of October 31, 2020, we operated 259 “Academy Sports + Outdoors” retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. Our distribution centers receive, store and ship merchandise to our stores and customers. We also sell merchandise to customers across most of the United States via our academy.com Initial Public Offering and Reorganization Transactions On October 6, 2020, ASO, Inc. completed an IPO in which we issued and sold 15,625,000 shares of common stock, $0.01 par value for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to a syndicate of underwriters led by Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives, resulting in net proceeds of approximately $184.9 million after deducting underwriting discounts, which included approximately $2.7 million paid to KKR Capital Markets LLC (“KCM”), an affiliate of KKR, for underwriting services in connection with the IPO, and $6.1 million in costs directly associated with the IPO (“Offering Costs”), such as legal and accounting fees. The shares sold in the offering were registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to our registration statement on Form S-1 No. 333-248683) In connection with our IPO, we completed a series of reorganization transactions (the “Reorganization Transactions”) that resulted in: • NAHC, the previous parent holding company for the Company, being contributed to ASO, Inc. by its members and becoming a wholly-owned subsidiary of ASO, Inc., which thereupon became our parent holding company; and • one share of common stock of ASO, Inc. issued to then-existing members of NAHC for every 3.15 membership units of NAHC contributed to ASO, Inc. | |
New Academy Holding Company, LLC | |||
Nature of Operations | 1. Nature of Operations The Company New Academy Holding Company, LLC, a Delaware limited liability company, or Holdco and, together with its direct and indirect subsidiaries, the Company, we, us or our, is a holding company that conducts its operations through its subsidiaries, including its indirect subsidiary Academy, Ltd., a Texas limited partnership doing business as “Academy Sports + Outdoors”, or Academy, Ltd. On August 3, 2011, an investment entity owned by investment funds and other entities affiliated with Kohlberg Kravis Roberts & Co. L.P., or collectively, KKR, acquired a majority interest in the Company. The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales. As of February 1, 2020, we operated 259 “Academy Sports + Outdoors” retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. Our distribution centers receive, store and ship merchandise to our stores and customers. We also sell merchandise to customers across most of the United States via our academy.com Fiscal Year The Company’s fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31 each year. References herein to 2019 and 2018 relate to the 52-week 53-week |
Summary of Significant Accounti
Summary of Significant Accounting Policies | Jun. 30, 2020 | Oct. 31, 2020 | Feb. 01, 2020 |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Accounting The Balance Sheet has been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Separate statements of operations, changes in stockholders’ equity and cash flows have not been presented in the financial statements because there have been no activities in this entity or because the single transaction is fully disclosed below. | 2. Summary of Significant Accounting Policies The accompanying unaudited financial statements of the Company have been prepared as though they were required to be in accordance with Rule 10-01 S-X Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, ASO Co-Invest Co-Invest Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management including the valuation of merchandise inventories, and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and additional unforeseen effects from the COVID-19 Reclassifications Certain reclassifications have been made in the prior period consolidated financial statements to conform to the current period presentation. Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. Retrospective Presentation of Ownership Exchange Prior to the IPO, ASO, Inc. was a wholly-owned subsidiary of NAHC. On the IPO pricing date (October 1, 2020), the then-existing members of NAHC contributed all of their membership units of NAHC to ASO, Inc. and, in exchange, received one share of common stock of ASO, Inc. for every 3.15 membership units of NAHC contributed to ASO, Inc. (such 3.15:1 contribution and exchange ratio, the “Contribution Ratio”). As a result of such contributions and exchanges, upon the IPO, NAHC became a wholly-owned subsidiary of ASO, Inc., which became our parent holding company. The par value and authorized shares of the common stock of ASO, Inc. of $0.01 and 300,000,000, respectively, remain unchanged as a result of such contributions and exchanges. All membership units and redeemable membership units in the financial statements and notes have been retrospectively adjusted to give effect to the Contribution Ratio, as if such contributions and exchanges occurred as of all pre-IPO Redeemable Membership Units Prior to October 1, 2020, Allstar Managers LLC, a Delaware limited liability company (“Managers”), owned membership units in NAHC (each, a “NAHC Membership Unit”). Managers is 100% owned by certain current and former executives and directors of the Company and was formed to facilitate the purchase of indirect contingently redeemable ownership interests in NAHC. Prior to October 1, 2020, certain executives and directors could acquire contingently redeemable membership units in Managers (the “Redeemable Membership Units”), either by (1) purchasing the Redeemable Membership Units with cash consideration, which was subsequently contributed to NAHC by Managers in exchange for a number of NAHC Membership Units equal to the number of Redeemable Membership Units purchased, or (2) by receiving the Redeemable Membership Units in settlement of vested restricted units awarded to the executive or director under the Company’s 2011 Unit Incentive Plan (see Note 10). Each outstanding Redeemable Membership Unit in Managers corresponded to an outstanding NAHC Membership Unit, on a unit-for-unit On October 1, 2020, Managers received one share of ASO, Inc. common stock in exchange for every 3.15 membership units in NAHC that Managers contributed to ASO, Inc., and the Redeemable Membership Units in Managers that were held by its owners were reduced proportionately by the Contribution Ratio, so that the outstanding number of Redeemable Membership Units in Managers equal the number of shares of ASO, Inc. common stock held by Managers on a 1:1 basis. NAHC is the sole managing member of Managers with a controlling voting interest, but no economic interest, in Managers. As the sole managing member of Managers, NAHC operates and controls all business affairs of Managers. The terms and conditions of the agreements governing the Redeemable Membership Units include provisions by which the holder, or its heirs, have the right to require Managers or NAHC to purchase the holder’s Redeemable Membership Units upon the holder’s termination of employment due to death or disability for cash at fair value. The carrying value of the Redeemable Membership Units is classified as temporary equity, initially at fair value, as redemption was an event that was not solely within our control. If redemption becomes probable, we are required to re-measure Income Taxes The Company is subject to U.S. federal, state and foreign income taxes. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent we believe these assets are more-likely-than-not more-likely-than-not more-likely-than-not | |
New Academy Holding Company, LLC | |||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Holdco, its wholly owned subsidiary New Academy Finance Company LLC, or Finco, and the accounts of Finco’s wholly owned subsidiaries Academy Managing Co., LLC, Associated Investors, LLC and New Academy Finance Corporation. Academy Managing Co., LLC and Associated Investors, LLC are holding companies and are the sole general partner and sole limited partner, respectively, of Academy, Ltd., the Company’s operating company. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Pro Forma Financial Information In connection with the proposed initial public offering, or the IPO, of Academy Sports and Outdoors, Inc., a Delaware corporation, or an IPO issuer, we will undertake a series of reorganization transactions, or the Reorganization Transactions, that will result in, among other things, Holdco being contributed by its unitholders to the IPO issuer and becoming a wholly owned subsidiary of the IPO issuer. The unaudited pro forma financial information provided on the consolidated statements of income provides the estimated impact to net income and earnings per unit based upon the anticipated conversion of the Company to a C corporation in connection with the IPO. We are currently treated as a flow through entity for U.S. federal income tax purposes, and thus no federal income tax expense has been recorded in our consolidated statements of income. After consummation of the IPO, we will become subject to U.S. federal income taxes and additional state income taxes and be taxed at the prevailing corporate rates. The pro forma tax expense assumed in the unaudited pro forma financial information is estimated to be 24.5% plus certain state taxes we currently include in income tax expense as a flow through entity. Our actual income tax rate, and our actual income tax liability, after the IPO may be different from our assumed rate, and such difference may be material. On August 28, 2020, Holdco distributed a $257.0 million one-time special distribution (the “Distribution”) to existing unitholders of record as of August 25, 2020. U.S. Securities and Exchange Commission Staff Accounting Bulletin 1.B.3 requires that certain distributions to owners prior to or concurrent with an initial public offering be considered as distributions in contemplation of that offering. The Company is required to present unaudited basic and diluted pro forma net income per share of common stock as a result of the Distribution, which is assumed to have been made in contemplation of the proposed IPO. Unaudited basic and diluted pro forma net income per share data presented below assumed that (i) 72,477,381, basic, and 74,796,545, diluted, shares of common stock of the IPO issuer were issued and outstanding for 2019 in connection with the contribution of Holdco by its unitholders and related Reorganization Transactions and related cancellation of all outstanding partners’ equity at Holdco in connection with the IPO and (ii) an additional 10,535,154 shares of common stock of the IPO issuer were outstanding for 2019, which represents the number of shares of common stock that the Company would have been required to issue to fund the amount of the Distribution in excess of its net income for 2019. The number of shares of common stock that the Company would have been required to issue to pay the Distribution was calculated by dividing the portion of the total $257.0 million Distribution in excess of the Company’s net income for 2019 by an initial public offering price in the IPO of $13.00 per share. The table below sets forth the computation of the Company’s unaudited basic and diluted pro forma net income per share for 2019: PRO FORMA NET INCOME PER SHARE: (In thousands, except for share and per share data) Basic Diluted Pro forma net income $ 89,942 $ 89,942 Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions 72,477,381 74,796,545 Adjustment to weighted average shares of common stock outstanding related to the Distribution 10,535,154 10,535,154 Pro forma weighted average shares of common stock outstanding 83,012,535 85,331,699 Pro forma net income per share $ 1.08 $ 1.05 Reclassifications Certain reclassifications have been made in the 2018 and 2017 consolidated financial statements to conform to the current period presentation. Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst categories and divisions during 2019 to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions for 2018 and 2017 for comparability purposes. This reclassification is in presentation only and did not impact the overall net sales balances previously disclosed. Redeemable Membership Units Allstar Managers LLC, a Delaware limited liability company, or Managers, owns membership units in Holdco, or each a Holdco Membership Unit. Managers is 100% owned by certain current and former executives and directors of the Company and was formed to facilitate the purchase of indirect contingently redeemable ownership interests in the Company. Certain executives and directors may acquire contingently redeemable membership units in Managers, or the Redeemable Membership Units, either (1) by purchasing the Redeemable Membership Units with cash consideration, which is subsequently contributed to Holdco by Managers in exchange for a number of Holdco Membership Units equal to the number of Redeemable Membership Units purchased, or (2) by receiving the Redeemable Membership Units in settlement of vested restricted units awarded to the executive or director under the Company’s 2011 Unit Incentive Plan (see Note 11). Each outstanding Redeemable Membership Unit in Managers corresponds to an outstanding Holdco Membership Unit, on a unit-for-unit The terms and conditions of the agreements governing the Redeemable Membership Units include provisions by which the holder, or its heirs, has the right to require Managers or the Company to purchase the holder’s Redeemable Membership Units upon the holder’s termination of employment due to death or disability for cash at fair value. The carrying value of the Redeemable Membership Units is classified as temporary equity, initially at fair value, as redemption is an event that is not solely within our control. If redemption becomes probable, we are required to re-measure Cash and Cash Equivalents We consider credit and debit card transactions, which typically settle within three business days, demand deposits with banks, and all other highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Financial Instruments Financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable, certain accrued liabilities, derivatives and debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of those instruments. We enter into interest rate swaps to reduce the risk that our earnings and cash flows will be affected by changes in interest rates on our debt, and we do not hold any derivative financial instruments for trading or speculative purposes (see Note 4 and Note 5). The fair value of debt is influenced by fluctuations in market conditions for interest rates (see Note 6). Accounts Receivable Accounts receivable consists primarily of amounts due from vendors for vendor allowances and other accounts receivable. We provide an allowance for doubtful accounts based on both historical experience and a specific identification basis. Concentration of Risk Financial instruments which subject us to potential credit risk consist of cash and cash equivalents and derivative financial instruments. We have established guidelines to limit our exposure to credit risk on cash and cash equivalents by placing investments with high credit quality financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand. We use high credit quality counterparties to transact our derivative transactions. Therefore, we believe that the financial risks associated with these financial instruments are minimal. We purchase merchandise inventories from approximately 1,300 vendors. In 2019, 2018 and 2017, purchases from our largest vendor represented approximately 14%, 13% and 14% of our total inventory purchases, respectively. No other vendor in any of the aforementioned years exceeded 10% of our purchases. We typically do not enter into long-term inventory purchase commitments and there were none as of February 1, 2020 or February 2, 2019. A significant portion of our inventory purchases are manufactured outside of the United States, primarily in Asia. While we are not dependent on any single manufacturer outside of the United States, we could be adversely affected by political, health (including pandemic), safety, security, economic, tariff, climate or other disruptions affecting the business or operations of third-party manufacturers located outside of the United States. Merchandise Inventories, net Merchandise inventories are valued at the lower of weighted average cost or net realizable value using the last-in first-out, Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Cost includes interest capitalized on borrowings used to finance the construction of stores and other significant capital projects while under construction. Depreciation and amortization is computed using the straight-line method over the asset’s useful life, which is generally determined by asset category as follows: Leasehold improvements Lesser of asset useful life or lease term Software and computer equipment 2–5 years Other equipment 5–10 years Furniture and fixtures 7–10 years When assets are retired or sold, the cost and accumulated depreciation are removed from our accounts, and the resulting gain or loss is reflected in the consolidated statements of income. Repair and maintenance costs are charged to expense as incurred and significant improvements that substantially enhance the useful life of an asset are capitalized and amortized. In the normal course of business, we acquire land and construct new stores to be sold to and leased from third party landlords. New stores completed but not yet sold to and leased from third parties are classified as assets held for sale and are expected to be sold within one year. Our intent is to sell the stores for approximately the total land and construction costs incurred (which approximate the fair market value of the property, net of selling costs) and simultaneously enter into operating leases. Capitalized Computer Software Costs We capitalize certain costs incurred in connection with developing or obtaining computer software for internal use. Capitalized computer software costs are included in property and equipment on the consolidated balance sheets and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. The amounts capitalized were $12.9 million, $13.8 million and $21.0 million in 2019, 2018 and 2017, respectively. Capitalized Interest We capitalized interest primarily related to construction of new stores, store renovations, distribution centers and IT projects in the amount of $0.6 million, $1.3 million and $1.4 million in 2019, 2018 and 2017, respectively. Interest expense, net on the consolidated statement of income is shown net of capitalized interest. Impairment of Long-Lived Assets We review the carrying value of long-lived assets, including property and equipment and finite-lived intangible assets, for indicators of impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the assets to the estimated undiscounted future cash flows expected to be generated by the use of the assets. If such assets are considered to be impaired, the impairment loss recognized is the amount by which the carrying amount of the assets exceeds its estimated fair value, which is typically calculated using discounted expected future cash flows. As a result of our assessment, we did not record an impairment of long-lived store assets in 2019. In 2018 and 2017, we impaired $1.4 million and $2.5 million, respectively, of long-lived store assets. These charges are included in selling, general and administrative expenses on the consolidated statements of income (see Note 6). Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is tested for impairment annually at the last day of our eleventh fiscal month, or more frequently if events or circumstances indicate that the carrying value of goodwill may not be recoverable. We test for goodwill at the reporting unit level, which is the operating segment level. We operate in one segment with one reporting unit. The annual goodwill impairment test provides for the option of first performing a qualitative assessment to evaluate the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the qualitative assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. Our quantitative assessment for determining the fair value of our reporting unit includes using an estimated discounted cash flow model (income approach) and market value approach. The output of this assessment is an estimated fair value for our reporting unit that is compared to its carrying value to determine whether an impairment charge is necessary. The income approach uses a discounted cash flow analysis of our projected future income, and the market value approach is based on earnings multiples for a comparable set of public companies. These approaches use key input assumptions such as our projected future operating results, the discount rate, the weighting for each valuation approach and the comparable set of companies. A history of declining trends in our operating results such as comparable sales, gross margin, net income and cash flow from operations could impact these assumptions and serve as indicators of future impairment. There is significant judgment used in determining these assumptions and variability in the assumptions could cause us to reach a different conclusion on impairment. In 2019, 2018 and 2017, we performed a quantitative assessment for the determination of impairment. Based on the results of these quantitative assessments, no impairment of goodwill existed for 2019, 2018 or 2017. Intangible Assets Intangible assets consist of the trade name of “Academy Sports + Outdoors”, or the Trade Name, and our favorable leases. The favorable leases are accounted for as finite-lived assets and are amortized over their estimated useful economic lives. With the adoption of ASU 2016-02, “ Leases (Topic 842) right-of-use The Trade Name is tested for impairment annually at the last day of our eleventh fiscal month, or whenever events or circumstances indicate that the carrying amount of the Trade Name may not be recoverable. Impairment is calculated as the excess of the Trade Name’s carrying value over its fair value. The fair value of the Trade Name is determined using the relief-from-royalty method, a variation of the income approach. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these types of assets. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. The results of the 2019, 2018 and 2017 annual impairment tests indicated that the fair value of the Trade Name was in excess of its carrying value and no impairments existed. Deferred Loan Costs Costs incurred to issue debt are deferred and recorded in the consolidated balance sheets. Those costs related to the issuance of term loan facilities and senior notes are recorded in long-term debt, net of current maturities and amortized as a component of interest expense over the terms of the related debt agreement using the effective interest method. The costs related to the issuance of our revolving credit facilities are recorded in other noncurrent assets on the consolidated balance sheets and amortized as a component of interest expense over the terms of the related debt agreements using the straight-line method. Derivative Instruments We are exposed to interest rate risk, primarily related to changes in interest rates on our term loan (see Note 4) and have used interest rate swap agreements, which we have designated as “cash flow” hedges, to hedge against market risks relating to possible adverse changes in interest rates. We assess, both at the inception of the hedge and on an ongoing basis, whether derivatives used as hedging instruments are highly effective in offsetting the changes in the fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective as a hedge or ceases to be highly effective, we discontinue hedge accounting prospectively. Derivative financial instruments are recognized at fair value in the consolidated balance sheets (see Note 5 and Note 6). The changes in the fair value of derivative instruments designated as cash flow hedges are recorded in accumulated other comprehensive income, or AOCI, net of tax effects, and are subsequently reclassified to earnings when the hedged transaction affects earnings. Self-Insurance We maintain deductibles or self-insurance retentions for workers’ compensation, general liability and employee health benefits. Additionally, we use the services of an independent actuary to assist in determining losses associated with workers’ compensation, general liability and employee health benefits. Liabilities associated with these losses are actuarially derived and estimated in part by considering historical claims experience, industry factors, severity factors, claim development, as well as other actuarial assumptions. If actual trends, including the severity or frequency of claims, medical cost inflation or fluctuations in premiums, differ from our estimates, it could have a material adverse impact on our results of operations. Changes in legal claims, claim development, trends and interpretations, variability in inflation rates, changes in the nature and method of claims settlement, benefit level changes due to changes in applicable laws, insolvency of insurance carriers and changes in discount rates could all adversely affect our ultimate expected losses. We believe the actuarial valuation provides the best estimate of the ultimate expected losses, and we have recorded the present value of the actuarially determined ultimate losses for the insurance related liabilities mentioned above. Lease Incentives All of our stores, corporate office facilities, and warehouse and distribution centers are leased. We may receive reimbursement from a landlord for some or all of the cost of a construction project, which may be structured as a tenant improvement allowance, construction allowance or landlord reimbursement, or collectively, Lease Incentives. Prior to the New Lease Standard, if we were the deemed owner of the property during the construction period and the sale-leaseback criteria were met, any differences between fair value of the property and the sales price of the property, are deferred and recognized ratably as an adjustment to selling, general and administrative expenses in the consolidated statements of income over the term of the related lease. Under the New Lease Standard, the losses and gains from sale-leaseback transactions are no longer deferred, but instead recognized immediately. Upon transition to the new standard on February 3, 2019, the remaining deferred gains and losses related to our previous sale-leaseback transactions resulted in a cumulative effect adjustment to retained earnings (see Note 14). To date, the Company has not executed a sale-leaseback transaction under the New Lease Standard. Prior to the New Lease Standard, cash received from a landlord for tenant improvement allowances in store lease transactions not considered a sale-leaseback transaction were recorded in other long-term liabilities in the consolidated balance sheets and amortized as a reduction of rent expense in selling, general and administrative expenses in the consolidated statements of income over the term of the related lease. Under the New Lease Standard these receipts are a reduction to the right-of-use Net Sales We sell merchandise under implicit contracts whereby the transaction price is the listed sales price less any discounts or coupons applied. Our typical coupons offer a discount, which is applied immediately at the time of purchase. However, under certain circumstances we may issue a coupon, or similar incentive, which contains a material future right. In such instances, a portion of the revenue is deferred and subsequently recognized when earned. Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale. For e-commerce customer receipt, and accordingly online merchandise sales are recognized upon delivery of the merchandise to the customer. The Company does not extend a material amount of credit. The sales return allowance, which is our provision for anticipated merchandise returns, is provided through a reduction of sales and cost of goods sold on a gross basis in the period that the related sales are recorded. The sales return allowance and related liability are included in merchandise inventories and in accrued expenses and other liabilities, respectively, in our consolidated balance sheets. Merchandise returns are estimated based on historical experience. Cost of Goods Sold Cost of goods sold includes the direct cost of merchandise and costs related to procurement, warehousing and distribution and the related depreciation and amortization. These costs consist primarily of payroll and benefits, occupancy costs and freight. Shipping and Handling Costs Shipping and handling costs billed to customers are included in net sales. Shipping and handling costs that we incur associated with shipping products to customers are included in cost of goods sold. Vendor Allowances Vendor allowances include volume purchase rebates, promotional and advertising allowances, cooperative advertising funds and support for new store openings. These allowances are generally determined for each fiscal year with the majority of allowances based on quantitative contract terms. Allowances related to the purchase of merchandise inventories are recorded as a reduction of cost of goods sold as the related merchandise is sold. Allowances for cooperative advertising and promotion programs and other expenses are recorded in selling, general and administrative expenses as a reduction of the related costs as the related expense is incurred. Any allowance in excess of actual costs incurred that are included in selling, general and administrative expenses, or that do not require proof of performance, are recorded as a reduction of cost of sales. For volume purchase rebates, we record an estimate of vendor allowances earned based on the latest projected purchase volumes. Selling, General and Administrative Expenses Selling, general and administrative expenses include store and corporate administrative payroll and payroll benefits, store and corporate headquarters occupancy costs, advertising, credit card processing, information technology, pre-opening Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses, net of specific vendor allowances, were $142.3 million, $139.1 million and $140.8 million in 2019, 2018 and 2017, respectively. Pre-Opening Non-capital Pre-opening Deferred Rent Substantially all of our leases contain landlord incentives and escalation clauses. Where a lease contains an escalation clause calling for increased rent, or a landlord incentive such as a rent holiday, rent expense is recognized using the straight-line method over the term of the lease. With the adoption of the New Lease Standard on February 3, 2019, the deferred rent balances were netted into the right-of-use Equity Compensation We account for equity compensation in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, topic 718, Compensation-Stock Compensation Income Taxes The Company is a flow through entity for federal income tax purposes, and thus no federal income tax expense has been recorded in the consolidated statements of income. Members of the Company are responsible for federal and state income taxes on their respective share of the Company’s profit and losses. When necessary the Company’s operating agreement requires it to make distributions, or loans under certain circumstances, to fund the tax obligations of its members. There were no distributions made 2019, 2018 and 2017. In 2019 and 2018, the Company loaned $4.0 million and $4.1 million, respectively, with notes receivable issued to a member (see Note 13). The Company is responsible for certain state and foreign income taxes and recognized expense of $2.8 million, $2.0 million and $2.8 million in 2019, 2018 and 2017, respectively. As of February 1, 2020 and February 2, 2019, the Company had no uncertain tax positions that required recognition in the consolidated financial statements. We account for deferred income taxes related to state jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future taxes attributable to the difference between financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of tax net operating loss carry forwards and tax credits. In the event future utilization is determined to be unlikely, a valuation allowance is provided to reduce the tax benefits from such assets. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the period in which the temporary differences and carry forwards are expected to be recovered or settled. Deferred tax assets and deferred tax liabilities are recorded in other noncurrent assets and other long-term liabilities, respectively, in our consolidated balance sheets. The effect of a change in tax rates is recognized in the period which includes the enactment date. We recognize interest and penalties as a component of income tax expense. Comprehensive Income Comprehensive income represents the net income for the period plus the results of certain changes to partners’ equity (other comprehensive income) that are not reflected in the consolidated statements of income. Other comprehensive income consists of adjustments, net of tax, related to the Company’s interest rate swaps. Operating Segment Given the similar business activities, economic characteristics, products sold, customer base and methods of procurement, as well as the similar marketing and promotional activities of our stores and our academy.com Recently Adopted Accounting Standards Leases Effective February 3, 2019, we adopted the New Lease Standard, which requires that lessees recognize assets and liabilities arising from operating leases on the balance sheet and disclose key information about leasing arrangements. We elected the practical expedient available to us under ASU 2018-11, “Leases: Targeted Improvements” right-of-use |
Net Sales
Net Sales | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Net Sales | 3. Net Sales Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale and e-commerce The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Merchandise division sales (1) Outdoors $ 487,401 $ 364,944 $ 1,448,987 $ 1,002,138 Sports and recreation 263,506 196,592 919,699 721,665 Apparel 318,731 322,375 939,388 951,385 Footwear 272,626 255,649 762,174 769,857 Total merchandise sales (2) 1,342,264 1,139,560 4,070,248 3,445,045 Other sales (3) 6,812 5,643 21,549 14,360 Net Sales $ 1,349,076 $ 1,145,203 $ 4,091,797 $ 3,459,405 (1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce (3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items. We sell gift cards in stores, online and in third-party retail locations. A liability for gift cards, which is recorded in accrued expenses and other liabilities on our balance sheets is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website. The following is a reconciliation of the gift card liability (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Gift card liability, beginning balance $ 55,410 $ 50,631 $ 67,993 $ 66,153 Issued 14,910 19,382 47,524 63,883 Redeemed (17,861 ) (21,773 ) (61,574 ) (80,006 ) Recognized as breakage income (370 ) (585 ) (1,854 ) (2,375 ) Gift card liability, ending balance $ 52,089 $ 47,655 $ 52,089 $ 47,655 | |
New Academy Holding Company, LLC | ||
Net Sales | 3. Net Sales The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Merchandise division sales (1) Outdoors $ 1,522,985 $ 1,544,021 $ 1,583,183 Sports and recreation 859,868 900,347 939,464 Apparel 1,405,258 1,321,035 1,311,054 Footwear 1,021,603 997,692 986,887 Total merchandise sales (2) 4,809,714 4,763,095 4,820,588 Other sales (3) 20,183 20,798 14,994 Net sales $ 4,829,897 $ 4,783,893 $ 4,835,582 (1) Certain products and categories were recategorized amongst categories and divisions during 2019 in order to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions for 2018 and 2017 for comparability purposes. This reclassification is in presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce (3) Other sales consists primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items. We sell gift cards in stores, online and in third-party retail locations. The gift cards we sell have no expiration dates. We establish a liability for gift cards, which is recorded in accrued expenses and other liabilities on our consolidated balance sheets, at the time of sale and recognize revenues as the gift cards are redeemed. Based on historical gift card redemption patterns, we can reasonably estimate the amount of gift cards that have a remote likelihood of redemption. These identified amounts are recorded as net sales and recognized in proportion to historical redemption trends, which is referred to as “breakage.” The following is a reconciliation of the gift card liability (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Gift card liability, beginning balance $ 66,153 $ 59,724 $ 51,493 Issued 134,839 153,429 147,004 Redeemed (128,638 ) (142,742 ) (134,580 ) Recognized as breakage income (4,361 ) (4,258 ) (4,193 ) Gift card liability, ending balance $ 67,993 $ 66,153 $ 59,724 |
Long-Term Debt
Long-Term Debt | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Long-Term Debt | 4. Long-Term Debt Our debt consisted of the following (amounts in thousands) as of: October 31, 2020 February 1, 2020 November 2, 2019 Senior Secured Asset-Based Revolving Credit Facility $ — $ — $ 44,300 Senior Secured Term Loan Facility, due July 2022 net of discount of $1.8 million, $2.6 million and $2.9 million, respectively 1,429,667 1,466,402 1,470,695 Total debt 1,429,667 1,466,402 1,514,995 Less current maturities (18,250 ) (34,116 ) (18,250 ) Less deferred loan costs (1) (2,532 ) (3,744 ) (4,136 ) Total long-term debt $ 1,408,885 $ 1,428,542 $ 1,492,609 (1) These costs are related to the 2015 Term Loan Facility. On November 6, 2020, the Company refinanced its long-term debt (see Note 15). 2015 Term Loan Facility. one-month During the thirty-nine weeks ended October 31, 2020 and November 2, 2019, we repurchased a portion of our principal on the 2015 Term Loan Facility, which was trading at a discount, in open market transactions. The following table provides further detail regarding these repurchases (amounts in millions): Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 Gross principal repurchased $ 23.9 $ 147.7 Reacquisition price of debt $ 16.0 $ 104.6 Net gain recognized $ 7.8 $ 42.3 2018 ABL Facility . The 2018 ABL Facility is used to provide financing for working capital and other general corporate purposes, as well as to support certain letters of credit requirements, and availability is subject to customary borrowing base and availability provisions. During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts. As of October 31, 2020, we had outstanding letters of credit of approximately $30.8 million, of which $21.1 million were issued under the 2018 ABL Facility, and we had no borrowings outstanding under the 2018 ABL Facility, leaving the available borrowing capacity under the 2018 ABL Facility of $844.7 million. Borrowings under the 2018 ABL Facility bear interest, at our election, at either (1) LIBOR plus a margin of 1.25% to 1.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) JPMorgan Chase Bank, N.A.’s “prime rate”, or (c) the one-month Covenants . Capitalized Interest. | |
New Academy Holding Company, LLC | ||
Long-Term Debt | 4. Long-Term Debt Our debt consisted of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Senior Secured Asset-Based Revolving Credit Facility $ — $ — Senior Secured Term Loan Facility, due July 2022 net of discount of $2.6 million and $4.0 million, respectively 1,466,402 1,630,890 Total debt 1,466,402 1,630,890 Less current maturities (34,116 ) (68,305 ) Less deferred loan costs (1) (3,744 ) (5,830 ) Total long-term debt $ 1,428,542 $ 1,556,755 (1) These costs are related to the 2015 Term Loan Facility (as defined below). As of February 1, 2020 and February 2, 2019, the balance in deferred loan costs related to the Amended ABL Facility (as defined below) was approximately $3.4 million and $4.5 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets. Total amortization of deferred loan costs was $2.6 million, $3.0 million and $3.2 million in 2019, 2018 and 2017, respectively. On July 2, 2015, Academy, Ltd. entered into a seven-year $1.8 billion senior secured term loan facility, or the 2015 Term Loan Facility, with Morgan Stanley Senior Funding, Inc., as the administrative and collateral agent, and other lenders, and a five-year $650 million secured asset-based revolving credit facility, or the 2015 ABL Facility, with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders. Academy, Ltd. received proceeds from the 2015 Term Loan Facility of $1.8 billion, which was net of discount of $9.1 million. On May 22, 2018, the Company amended the agreement governing the 2015 ABL Facility, or as amended, the Amended ABL Facility, to increase the commitment on the facility from $650 million to $1 billion. The operative terms, conditions, covenants and pricing of the Amended ABL Facility remain the same in all material respects to the 2015 ABL Facility and/or have been sized in approximate proportion to the relative increase in the facility where such operative terms are based upon the commitment level on the facility. The Amended ABL Facility matures on May 22, 2023, subject to a springing maturity clause which is triggered 91 days before the July 2, 2022 maturity of the 2015 Term Loan Facility should it not be paid off or extended at least 91 days beyond the May 22, 2023 maturity date of the Amended ABL Facility. In connection with the Amended ABL Facility, the Company capitalized related professional fees of $2.8 million as deferred loan costs and wrote off $0.1 million in previously capitalized deferred loan costs. Academy, Ltd. has the option to increase the commitments under the Amended ABL Facility by $250 million, subject to the satisfaction of certain conditions under the agreement. 2015 Term Loan Facility. one-month In 2019 and 2017, we repurchased principal on our 2015 Term Loan Facility, which was trading at a discount. The following table provides further detail regarding these repurchases (amounts in millions): Fiscal Year Ended February 1, 2020 February 3, 2018 Gross principal repurchased $ 147.7 $ 26.2 Reacquisition price of debt $ 104.6 $ 19.7 Net gain recognized $ 42.3 $ 6.3 Amended ABL Facility. Borrowings under the Amended ABL Facility bear interest, at our election, at either of (1) LIBOR plus a margin of 1.25% to 1.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) JPMorgan Chase Bank, N.A.’s “prime rate”, or (c) the one-month Liens and guarantees. • a second-priority security interest in the ABL Collateral; • a first-priority security interest in, and mortgages on, substantially all present and after acquired tangible and intangible assets of Academy, Ltd.; and • a first-priority pledge of 100% of the capital stock of Academy, Ltd.’s domestic subsidiaries and 66% of the voting capital stock of each of Academy, Ltd.’s foreign subsidiaries, if any, that are directly owned by Academy, Ltd. or a future U.S. guarantor, if any. The Amended ABL Facility and the 2015 Term Loan Facility are each guaranteed by Holdco and all of its subsidiaries except for Academy International Limited, a Hong Kong limited liability company and subsidiary of Academy, Ltd. Covenants. As of February 1, 2020, scheduled principal payments on our debt are as follows (amounts in thousands): Fiscal Year 2020 $ 34,116 2021 18,250 2022 1,416,627 Total $ 1,468,993 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Derivative Financial Instruments | 5. Derivative Financial Instruments We use interest rate swap agreements to hedge market risk relating to possible adverse changes in interest rates. All interest rate swaps had been designated as cash flow hedges of variable rate interest payments on borrowings under the 2015 Term Loan Facility. On October 28, 2020, we determined that a portion of the underlying cash flows related to $100.0 million of swap notional principal amount was no longer probable of occurring over the remaining term of the interest rate swaps as a result of the Company’s planned refinancing transactions (see Note 15). As a result, we reclassified approximately $1.3 million of losses from accumulated other comprehensive loss (“AOCI”) to other (income) expense, net in our statements of income for the thirteen and thirty-nine weeks ended October 31, 2020 related to the portion of the forecasted transaction no longer considered probable of occurring. We also de-designated de-designated de-designated de-designated mark-to-market A summary of our interest rate swaps is as follows (dollar amounts in thousands): Notional Amount Fixed Rate Effective Date Termination Date $ 250,000 (1) 2.21 % September 7, 2016 September 3, 2021 $ 250,000 1.54 % November 1, 2016 November 1, 2021 $ 400,000 2.54 % March 1, 2018 March 1, 2021 (1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3, 2017, 2018, 2019 and 2020, respectively. The fair value of these interest rate swaps is as follows (amounts in thousands) as of: October 31, 2020 February 1, 2020 November 2, 2019 Derivatives designated as hedging instruments Assets Amounts included in other current assets $ — $ — $ 190 Liabilities Amounts included in accrued expenses and other current liabilities 1,198 6,130 5,184 Amounts included in other long-term liabilities 136 1,976 2,501 Total derivatives designated as hedging instruments net liability $ (1,334 ) $ (8,106 ) $ (7,495 ) Derivatives not designated as hedging instruments Liabilities Amounts included in accrued expenses and other current liabilities $ 4,548 $ — $ — Total derivatives not designated as hedging instruments (4,548 ) — — Total derivatives net liability $ (5,882 ) $ (8,106 ) $ (7,495 ) For derivatives designated as hedging instruments, amounts included in AOCI are reclassified to interest expense in the same period during which the hedged transaction affects earnings, which is as interest expense is recorded on the underlying 2015 Term Loan Facility. As of October 31, 2020, we estimate that approximately $4.6 million of the balance in AOCI will be reclassified as an increase in interest expense during the next 12 months. The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into interest expense or other (income) expense, net is as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Accumulated Other Comprehensive Income (Loss), beginning $ (8,339 ) $ (6,284 ) $ (8,066 ) $ 8,448 Loss deferred into AOCI (net of tax impact of $53) (278 ) (1,317 ) (5,318 ) (14,459 ) Increase (decrease) to interest expense (net of tax impact of $221) 2,590 146 7,357 (1,444 ) Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330) 1,000 — 1,000 — Accumulated Other Comprehensive Income (Loss), ending $ (5,027 ) $ (7,455 ) $ (5,027 ) $ (7,455 ) | |
New Academy Holding Company, LLC | ||
Derivative Financial Instruments | 5. Derivative Financial Instruments We use interest rate swap agreements to hedge market risk relating to possible adverse changes in interest rates. A summary of our interest rate swaps is as follows (dollar amounts in thousands): Notional Amount Fixed Rate Effective Date Termination Date $320,000 (1) 2.21% September 7, 2016 September 3, 2021 $250,000 1.54% November 1, 2016 November 1, 2021 $400,000 2.54% March 1, 2018 March 1, 2021 (1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3 of 2017, 2018, 2019 and 2020, respectively. The fair value of the interest rate swaps is as follows (amounts in thousands) as of: February 1, 2020 February 2, 2019 Assets Amounts included in other current assets $ — $ 3,386 Amounts included in other noncurrent assets — 5,355 Liabilities Amounts included in accrued expenses and other current liabilities 6,130 75 Amounts included in other long-term liabilities 1,976 258 Total swap net assets (liabilities) $ (8,106 ) $ 8,408 Amounts included in AOCI are reclassified to interest expense in the same period during which the hedged transaction affects earnings, which is as interest expense is recorded on the underlying 2015 Term Loan Facility. As of February 1, 2020, we estimate that approximately $6.7 million of the balance in AOCI will be reclassified as an increase in interest expense during the next 12 months. The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into interest expense is as follows (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Gain (loss) deferred into AOCI $ (16,096 ) $ (2,625 ) $ 5,876 Increase (decrease) to interest expense $ (418 ) $ 1,106 $ 7,497 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Fair Value Measurements | 6. Fair Value Measurements Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: • Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy October 31, 2020 February 1, 2020 November 2, 2019 Assets Interest rate swap Level 2 $ — $ — $ 190 Liabilities Interest rate swap Level 2 $ 5,882 $ 8,106 $ 7,685 We value our derivative financial instruments using a discounted cash flow analysis based on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs including interest rates and implied volatilities. Our valuations also consider both our own and the respective counterparty’s non-performance Other Financial Instruments Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. As of October 31, 2020 and February 1, 2020, we held $767.0 million and $113.3 million in money market funds, respectively. We held no investments in money market funds as of November 2, 2019. The fair value of the 2015 Term Loan Facility is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of October 31, 2020, February 1, 2020 and November 2, 2019, the estimated fair value of our 2015 Term Loan Facility was $1.4 billion, $1.2 billion and $1.0 billion, respectively. As borrowings on the 2018 ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value. | |
New Academy Holding Company, LLC | ||
Fair Value Measurements | 6. Fair Value Measurements Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: • Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy February 1, 2020 February 2, 2019 Assets Interest rate swap Level 2 $ — $ 8,741 Liabilities Interest rate swap Level 2 $ 8,106 $ 333 We value our derivative financial instruments using a discounted cash flow analysis based on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs including interest rates and implied volatilities. Our valuations also consider both our own and the respective counterparty’s non-performance Non-Financial Non-Recurring Certain non-financial Other Financial Instruments Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. We held investments in money market funds of $113.3 million and $42.6 million as of February 1, 2020 and February 2, 2019, respectively. The fair value of the 2015 Term Loan Facility is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of February 1, 2020 and February 2, 2019, the estimated fair value of the 2015 Term Loan Facility was $1.2 billion and $1.1 billion, respectively. As borrowings on the Amended ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value. |
Property and Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Property and Equipment | 7. Property and Equipment Property and equipment consists of the following (amounts in thousands) as of: October 31, February 1, November 2, Leasehold improvements $ 435,094 $ 436,807 $ 433,266 Equipment and software 543,147 537,364 527,845 Furniture and fixtures 317,371 316,420 314,909 Construction in progress 27,979 17,639 21,197 Land 3,698 3,698 3,698 Total property and equipment 1,327,289 1,311,928 1,300,915 Accumulated depreciation and amortization (944,669 ) (870,521 ) (846,509 ) Property and equipment, net $ 382,620 $ 441,407 $ 454,406 Depreciation expense was $25.5 million and $79.7 million in the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $29.6 million and $88.7 million in the thirteen and thirty-nine weeks ended November 2, 2019, respectively. | |
New Academy Holding Company, LLC | ||
Property and Equipment | 7. Property and Equipment Property and equipment consists of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Leasehold improvements $ 436,807 $ 419,885 Equipment and software 537,364 496,089 Furniture and fixtures 316,420 304,784 Construction in progress and land 17,639 35,533 Land 3,698 3,698 Total property and equipment 1,311,928 1,259,989 Accumulated depreciation and amortization (870,521 ) (763,836 ) Property and equipment, net $ 441,407 $ 496,153 Depreciation expense, which is included in selling, general and administrative expenses in the consolidated statements of income, was $117.3 million, $130.4 million and $130.8 million in 2019, 2018 and 2017, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Intangible Assets | 8. Intangible Assets Intangible assets consist of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Assets subject to amortization: Favorable lease rights, net $ — $ 15,067 Assets not subject to amortization: Trade name 577,000 577,000 Trade name and other intangible assets, net $ 577,000 $ 592,067 With the adoption of the New Lease Standard on February 3, 2019, the balance of the favorable lease rights, net was netted into the right-of-use Amortization expense on favorable lease rights was $3.5 million in 2018 and 2017, respectively. Favorable lease rights are net of accumulated amortization of $25.0 million as of February 2, 2019. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: October 31, February 1, November 2, Accrued interest $ 6,996 $ 7,835 $ 3,261 Accrued personnel costs 72,995 54,065 41,237 Accrued professional fees 6,041 2,451 2,787 Accrued sales and use tax 18,590 12,651 18,041 Accrued self-insurance 13,136 14,107 13,912 Deferred revenue - gift cards and other 54,557 70,220 49,603 Income taxes payable 19,197 4,941 4,575 Interest rate swaps 5,746 6,129 5,184 Property taxes 49,679 16,919 50,066 Sales return allowance 5,000 5,500 5,500 Other 22,675 16,563 25,826 Accrued expenses and other current liabilities $ 274,612 $ 211,381 $ 219,992 | |
New Academy Holding Company, LLC | ||
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Accrued personnel costs $ 54,065 $ 36,955 Accrued interest 7,835 3,574 Accrued sales and use tax 12,651 7,521 Accrued self-insurance 14,107 14,632 Property taxes 16,919 16,941 Deferred revenue—gift cards and other 70,220 67,527 Sales return allowance 5,500 5,800 Other 30,084 31,191 Accrued expenses and other current liabilities $ 211,381 $ 184,141 |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Equity and Share-Based Compensation | 10. Equity and Share-Based Compensation On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”), which became effective on October 1, 2020. The plan reserved a total of 5,150,000 shares of common stock for issuance. Concurrent with the adoption of the 2020 Omnibus Incentive Plan, the NAHC 2011 Unit Incentive Plan (the “2011 Unit Incentive Plan”) was frozen and no further issuances will be permitted as part of the 2011 Unit Incentive Plan. As of October 31, 2020, there were 4,996,703 shares that were authorized and available for grant under the 2020 Share Incentive Plan. 2011 Unit Incentive Plan The 2011 Unit Incentive Plan provides for the grant of certain equity incentive awards (each, an “Award”), such as options to purchase ASO, Inc. common stock (each, a “Unit Option”) and restricted units that may settle in ASO, Inc. common stock (each, a “Restricted Unit”) to our directors, executives, and eligible employees of the Company. Unit Options granted under the 2011 Unit Incentive Plan consist of Unit Options that vest upon the satisfaction of time-based requirements (each, a “Service Unit Option”) and Unit Options that vest upon the satisfaction of both time-based requirements and Company performance-based requirements (each, a “Performance Unit Option”). Restricted Units granted under the 2011 Unit Incentive Plan consist of Restricted Units that vest upon the satisfaction of time-based requirements (each, a “Service Restricted Unit”) and Restricted Units that vest upon the satisfaction of a liquidity event-based requirement together with a time-based requirement and/or a performance-based requirement (each, a “Liquidity Event Restricted Unit”). In each case, vesting of the Company’s outstanding and unvested Unit Options and Restricted Units is contingent upon the holder’s continued service through the date of each applicable vesting event. Concurrent with the adoption of the 2020 Omnibus Incentive Plan on October 1, 2020, no further Awards are authorized to be granted under the 2011 Unit Incentive Plan. 2020 Omnibus Incentive Plan The 2020 Omnibus Incentive plan provides for the grant of Awards such as options to purchase ASO, Inc. common stock (each, a “Stock Option”) and restricted stock units which may settle in ASO, Inc. common stock (each, a “Restricted Stock Unit”) to our directors, executives, and eligible employees of the Company. Stock Options granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a “Service Stock Option” and Service Unit Options and Service Stock Options together are “Service Options”). Restricted Stock Units granted under the 2020 Omnibus Incentive Plan consist of Restricted Stock Units that vest upon the satisfaction of time-based requirements (each, a “Service Restricted Stock Unit”) and Restricted Stock Units that vest upon the satisfaction of a time-based requirement and performance-based requirement (each, a “Performance Restricted Stock Unit”). In each case, vesting of the Company’s outstanding and unvested Stock Options and Restricted Stock Units is contingent upon the holder’s continued service through the date of each applicable vesting event. Equity compensation expense was $23.4 million and $27.0 million in the thirteen and thirty-nine weeks ended October 31, 2020, respectively, which includes approximately $19.9 million of stock compensation expense associated with the vesting of certain outstanding restricted stock units as a result of the liquidity condition being achieved upon completion of our IPO. Equity compensation expense was $1.4 million and $5.9 million in the thirteen and thirty-nine weeks ended November 2, 2019, respectively. These costs are included in selling, general and administrative expenses in the statements of income. Distribution On August 28, 2020, NAHC paid a $257.0 million, or $1.1257 per unit (or $3.5460 as converted using the Contribution Ratio), distribution to its members of record as of August 25, 2020. Cash on hand was used to fund $248.0 million of the distribution, with the remainder distributed through an offset of outstanding loans receivable from one member and state income tax withholding made on behalf of NAHC’s members. Holders of the outstanding granted equity Awards are entitled to receive value equal to $1.1257 per Award (or $3.5460 as converted using the Contribution Ratio), which was or will be made in the form of cash payments, additional Restricted Unit grants or Unit Option exercise price adjustments. Cash payments due for unvested Awards will be payable upon vesting of such Awards. In accordance with the terms of the 2011 Unit Incentive Plan, the Company made the following adjustments to each outstanding Award (per unit components, shares and exercise prices shown above and below are converted using the Contribution Ratio as described in the Retrospective Presentation of Ownership Exchange in Note 2): • Exercise price reductions of $0.28 for 9,788,000 Unit Options (or $0.89 for 3,107,301 Stock Options, as converted); • Exercise price reductions of $1.12 for 1,746,594 Unit Options (or $3.53 for 554,474 Stock Options, as converted); • Additional Restricted Unit grants of 159,362 units (or 50,590 Liquidity Event Restricted Units, as converted); and • Cash payments for vested Unit Options and vested Restricted Units (“Share-Based Award Payments”) of $20.7 million were paid through October 31, 2020. Share-Based Award Payments payable as of October 31, 2020 for unvested awards is $12.1 million, which is reflected within accrued expenses and other current liabilities and other long-term liabilities on the Company’s consolidated balance sheets. These exercise price adjustments did not increase the value of the Unit Options and no related additional equity compensation was or will be incurred. Service Option Fair Value Assumptions The fair value for Service Options granted was estimated using a Black-Scholes option-pricing model. The expected lives of the Service Options granted were based on the “SEC simplified” method and a mid-point The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 31, 2020: Expected life in years 6.2 Expected volatility 53% to 54 % Weighted-average volatility 53 % Risk-free interest rate 0.39% to 0.76 % Dividend yield — The following table presents the Award grants during the thirty-nine weeks ended October 31, 2020: Service Service Liquidity Performance Number of shares (1) 1,417,961 11,564 1,185,474 12,772 Weighted average grant date fair value per Award $ 8.48 $ 17.30 $ 17.99 $ 13.04 Weighted average exercise price per Award $ 16.87 N/A N/A N/A (1) See Retrospective Presentation of Ownership Exchange in Note 2. The following table presents the unrecognized compensation cost as of October 31, 2020: Service Performance Service Liquidity Performance Remaining expense $ 18,952,974 $ 883,794 $ 68,493 $ 18,037,924 $ 159,999 Weighted average life remaining in years 2.7 2.3 0.4 2.1 1.6 | |
New Academy Holding Company, LLC | ||
Equity and Share-Based Compensation | 10. Equity and Unit-Based Compensation The Company had 228,274,749 Membership Units authorized, issued and outstanding as of February 1, 2020. The New Academy Holding Company, LLC 2011 Unit Incentive Plan, or the 2011 Unit Incentive Plan, provides for the grant of certain equity incentive awards, or each, an Award, such as options to purchase Holdco Membership Units, or each, a Unit Option, and restricted units that may settle in Holdco Membership Units, or each, a Restricted Unit, to our directors, executives, and eligible employees of the Company. Unit Options granted under the 2011 Unit Incentive Plan consist of Unit Options that vest upon the satisfaction of time-based requirements, or each, a Service Option, and Unit Options that vest upon the satisfaction of both time-based requirements and Company performance-based requirements, or each, a Performance Option. Restricted Units granted under the 2011 Unit Incentive Plan consist of Restricted Units that vest upon the satisfaction of time-based requirements, or each, a Service Restricted Unit, and Restricted Units that vest upon the satisfaction of both time-based requirements and liquidity event-based requirements, or each, a Liquidity Event Restricted Unit. In each case, vesting of the Company’s outstanding and unvested Unit Options and Restricted Units is contingent upon the holder’s continued service through the date of each applicable vesting event. As of February 1, 2020, the number of Holdco Membership Units authorized for the grant of Awards under the 2011 Unit Incentive Plan was 33,948,085 Membership Units. As of February 1, 2020, there were 2,051,547 Holdco Membership Units that were authorized and available for the grant of Awards under the 2011 Unit Incentive Plan. Equity compensation expense was $7.9 million, $4.6 million and $4.6 million in 2019, 2018 and 2017, respectively, and is included in selling, general and administrative expenses in our consolidated statements of income. On June 22, 2018, the Company reduced the exercise price on vested and unvested options to fair market value for current employees holding options with exercise prices greater than fair market value. The repricing affected 184 employees and 6,909,475 options. Equity compensation expense incurred at the time of the repricing was $0.7 million. As of February 1, 2020, unrecognized compensation cost related to Unit Options and Restricted Units of $16.7 million is expected to be recognized over a weighted average life of 2.7 years. The total fair value of Restricted Units vested was $0.3 million, $0.2 million and $0.2 million for 2019, 2018 and 2017, respectively. Unit Option Fair Value Assumptions The fair value for Service Options and Performance Options granted was estimated using a Black-Scholes option-pricing model. The expected lives of the Service Options and Performance Options granted were based on the “SEC simplified” method and a mid-point The following table presents the assumptions and grant date fair values for Service Options and Performance Options granted in 2019, 2018 and 2017: Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Expected life in years 6.2 6.2 6.2 Expected volatility 52% 50% to 55% 52% to 57% Weighted-average volatility 52.0% 54.1% 53.1% Risk-free interest rate 1.4% to 2.5% 2.6% to 2.9% 1.8% to 2.2% Dividend yield — — — Weighted-average grant date fair value - Service Options $2.75 $2.85 $3.10 Weighted-average grant date fair value - Performance Options $2.74 $2.84 $3.11 Unit Option Activity The Company’s outstanding and unvested Service Options typically vest ratably over a four-year period, on each anniversary of their grant date. In the event of certain Company change of control transactions, the Company’s then-outstanding and unvested Service Options will become fully vested and exercisable. The Company’s outstanding and unvested Performance Options typically vest ratably over a four-year period, after the conclusion of each fiscal year and upon our board of managers’ determination that the Company has achieved certain pre-determined case-by-case pre-determined pre-determined Unit Option activity is as follows: Service-Based Unit Options (1) Unit Weighted Weighted Aggregate Outstanding as of January 28, 2017 12,049,440 $ 3.66 6.2 $ 30,857 Granted or modified 4,126,204 5.92 Canceled or modified (533,211 ) 5.83 Forfeited (1,301,531 ) 6.00 Exercised — — Outstanding as of February 3, 2018 14,340,902 $ 4.02 6.0 $ 18,415 Granted or modified 9,654,571 5.29 Canceled or modified (5,898,381 ) 5.99 Forfeited (2,486,813 ) 5.52 Exercised — — Outstanding as of February 2, 2019 15,610,279 $ 3.82 5.7 $ 33,157 Granted or modified 4,365,143 5.27 Canceled or modified (601,974 ) 4.60 Forfeited (1,133,977 ) 5.23 Exercised — — Outstanding as of February 1, 2020 (2) 18,239,471 $ 4.05 5.5 $ 28,855 Exercisable as of February 1, 2020 11,225,459 $ 3.29 3.6 $ 26,584 (1) The fair value of a membership unit as of each period end was $6.07, $4.40, $5.91, $5.59, for the fiscal years ended 2016, 2017, 2018, and 2019, respectively. (2) The Company has elected to recognize forfeitures as they occur. Therefore, the number of awards vested and expected to vest is equal to the awards outstanding. Performance-Based Unit Options (1) Unit Weighted Weighted Aggregate Outstanding as of January 28, 2017 9,959,420 $ 3.14 5.5 $ 31,031 Granted or modified 1,232,128 5.95 Canceled or modified (436,759 ) 5.71 Forfeited (852,432 ) 6.48 Exercised — — Outstanding as of February 3, 2018 9,902,357 $ 3.09 4.8 $ 18,658 Granted or modified 3,272,337 5.29 Canceled or modified (2,258,138 ) 5.86 Forfeited (1,231,868 ) 5.59 Exercised — — Outstanding as of February 2, 2019 9,684,688 $ 2.86 4.1 $ 29,960 Granted or modified 1,335,436 5.27 Canceled or modified (228,718 ) 3.90 Forfeited (563,830 ) 5.27 Exercised — — Outstanding as of February 1, 2020 (2) 10,227,576 $ 3.02 3.6 $ 26,838 Exercisable as of February 1, 2020 7,760,964 $ 2.31 2.0 $ 26,061 (1) The fair value of a membership unit as of each period end was $6.07, $4.40, $5.91, $5.59, for the fiscal years ended 2016, 2017, 2018, and 2019, respectively. (2) The Company has elected to recognize forfeitures as they occur. Therefore, the number of awards vested and expected to vest is equal to the awards outstanding. Restricted Unit Activity Restricted Unit activity is as follows: Restricted Units Units Weighted Non-vested 1,374,348 $ 6.00 Granted 29,022 6.03 Vested (8,238 ) 6.07 Non-vested 1,395,132 $ 6.00 Granted 2,769,316 5.34 Vested (34,704 ) 5.90 Forfeited (782,295 ) 5.79 Non-vested 3,347,449 $ 5.50 Granted 180,610 5.26 Vested (57,363 ) 5.26 Forfeited (141,510 ) $ 5.30 Non-vested 3,329,186 $ 5.50 As of February 1, 2020, there are 38,024 Holdco Membership Units that are subject to outstanding and unvested Service Restricted Units issued during 2019. The Service Restricted Units contain a weighted average grant date fair value of $5.26 per unit. The Company’s outstanding and unvested Service Restricted Units typically vest 100% on the six-month one-year As of February 1, 2020, there are 3,291,162 Holdco Membership Units that are subject to outstanding and unvested Liquidity Event Restricted Units with a weighted average grant date fair value of $5.51 per unit. The Company’s outstanding and unvested Liquidity Event Restricted Units are currently not being expensed and will not be expensed until the performance objective meets the definition of “probable” in accordance with ASC 718. The Company’s outstanding and unvested Liquidity Event Restricted Units typically vest either (i) over a four-year period at rates of 30%, 30%, 20% and 20% per anniversary of the Liquidity Event Restricted Unit holder’s employment start date, so long as the Company completes an initial public offering prior to the fifth anniversary of their grant date, or (ii) immediately at a rate of 100%, upon the completion of certain Company change of control transactions, so long as the Company completes such change of control transaction prior to the fifth anniversary of their grant date. If the performance objective of the Liquidity Event Restricted Units had been met as the result of the Company completing an initial public offering on February 1, 2020, we would have expensed approximately $10.2 million of stock compensation expense associated with the vesting of the Liquidity Event Restricted Units achieved as of such date. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Earnings per Common Share | 11. Earnings per Common Share Basic earnings per common share is calculated based on net income divided by the basic weighted average common shares outstanding during the period, and diluted earnings per common share is calculated based on net income divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is based on the basic weighted average common shares outstanding plus any potential dilutive effect of stock-based awards outstanding during the period using the treasury stock method, which assumes the potential proceeds received from the dilutive stock options are used to purchase treasury stock. Anti-dilutive stock-based awards do not include awards which have a performance or liquidity event target which has yet to be achieved. Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (dollar and share amounts in thousands except per share amounts): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Net income $ 59,586 $ 28,552 $ 217,242 $ 102,305 Weighted average common shares outstanding - basic (1) 76,771 72,484 73,908 72,480 Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1) 6 6 9 9 Dilutive effect of Performance Restricted Units, Liquidity Event Restricted Units and Performance Restricted Stock Units (1) 1,423 — 991 — Dilutive effect of Service Options (1) 1,081 1,271 871 824 Dilutive effect of Performance Unit Options and Performance Stock Options (1) 1,433 1,440 1,392 1,453 Weighted average common shares outstanding - diluted (1) 80,714 75,201 77,171 74,766 Earnings per common share - basic $ 0.78 $ 0.39 $ 2.94 $ 1.41 Earnings per common share - diluted $ 0.74 $ 0.38 $ 2.82 $ 1.37 Anti-dilutive stock-based awards excluded from diluted calculation (1) 4,460 4,153 1,648 578 (1) See Retrospective Presentation of Ownership Exchange in Note 2. | |
New Academy Holding Company, LLC | ||
Earnings per Common Share | 11. Earnings Per Unit Basic earnings per unit is calculated based on net income divided by the weighted average total number of Membership Units outstanding during the period, and dilutive earnings per unit is calculated based on net income divided by diluted weighted average units outstanding. Dilutive weighted average units outstanding is based on the basic weighted average units outstanding plus any potential dilutive effect of units outstanding during the period using the treasury stock method, which assumes the potential proceeds received from the dilutive Unit Options are used to purchase treasury stock. Anti-dilutive stock-based awards do not include awards which have a performance or liquidity event target which has yet to be achieved. Basic and dilutive units outstanding are calculated as follows (dollar amounts in thousands except per unit amounts): Fiscal Year Ended February 1, February 2, February 3, Net income $ 120,043 $ 21,442 $ 58,501 Weighed average units outstanding - basic 228,303,750 228,160,508 227,942,148 Dilutive effect of Restricted Units 35,376 51,417 19,608 Dilutive effect of Service Options 2,886,601 4,036,699 4,062,335 Dilutive effect of Performance 4,383,391 4,625,349 4,780,630 Weighed average units outstanding - diluted 235,609,118 236,873,973 236,804,721 Earnings per unit - basic $ 0.53 $ 0.09 $ 0.26 Earnings per unit - diluted $ 0.51 $ 0.09 $ 0.25 Anti-dilutive stock-based awards excluded form diluted calculation 1,833,855 7,485,706 10,150,627 |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Income Taxes | 12. Income Taxes Prior to October 1, 2020, the Company, was treated as a flow through entity for U.S. federal income tax purposes and thus no federal income tax expense was recorded in our statements of income for periods prior to October 1, 2020. Our tax rate prior to October 1, 2020 was almost entirely the result of state income taxes. In connection with our IPO, as a result of the Reorganization Transactions (see Note 1) completed on October 1, 2020, as described further in the Prospectus, on and after October 1, 2020, the Company is treated as a U.S. corporation for U.S. federal, state, and local income tax purposes and accordingly, a provision for income taxes has been recorded for the anticipated tax consequences of our reported results of operations for federal, state and local income taxes since October 1, 2020. As a result of the Reorganization Transactions, the Company recorded a net deferred tax liability position of $144.2 million, which consisted of the Company’s difference between the Company’s financial statement carrying value and the outside tax basis in its NAHC membership units, immediately following the completion of the Reorganization Transactions, measured at the enacted federal and state income tax rates. Additionally, $4.6 million in current tax liability was assumed by the Company as part of the Reorganization Transaction. The combined entry was recorded as a cumulative adjustment to additional paid-in The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in the U.S. on March 27, 2020. We do not anticipate that the enactment of this legislation will significantly impact our full year effective tax rate in fiscal 2020. The components of the income tax expense (benefit) are as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Current tax expense: Federal $ 8,369 $ — $ 8,369 $ — State 2,168 575 3,656 2,135 Foreign 9 13 39 25 Total current tax expense 10,546 588 12,064 2,160 Deferred tax expense: Federal (10,024 ) — (10,024 ) — State (1,715 ) (59 ) (1,715 ) (223 ) Foreign — (23 ) — (23 ) Total deferred tax benefit (11,739 ) (82 ) (11,739 ) (246 ) Total tax expense (benefit) $ (1,193 ) $ 506 $ 325 $ 1,914 A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Federal income tax at the statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 0.8 1.8 0.9 1.8 Effect of pre-IPO (23.1 ) (21.0 ) (21.6 ) (21.0 ) Effect of permanent items (0.7 ) — (0.2 ) 0.0 Other, including foreign 0.0 — 0.0 0.0 Effective income tax rate (2.0 )% 1.8 % 0.1 % 1.8 % The effective tax rate for the periods reflected is less than the U.S. federal tax rate on corporations primarily as a result of the Company’s status as a flow-through entity prior to October 1, 2020. The thirteen weeks and thirty-nine weeks ended October 31, 2020 includes one month of activity subject to U.S. federal and state income tax in addition to the historically reported Texas franchise tax as a result of the Reorganization Transactions. For complete annual periods on and after October 1, 2020, no portion of the Company’s income remains flow-through to the prior members of NAHC and our estimated statutory federal and state income tax rates are between 24% and 25% before adjustments for permanent differences, valuation allowances and uncertain tax positions. Components of deferred tax assets and liabilities consist of the following: October 31, February 1, November 2, Deferred tax assets: Other $ 127 $ 220 $ 764 Total deferred tax assets 127 220 764 Deferred tax liabilities: Investment in NAHC (132,828 ) — — Total deferred tax liabilities (132,828 ) — — Net deferred tax asset (liability) $ (132,701 ) $ 220 $ 764 The Reorganization Transactions (see Note 1) resulted in our ownership of 100% of NAHC which continues to operate as a tax partnership. The deferred tax liability as of October 31, 2020 reflects the excess of financial statement carrying value over our tax basis in NAHC membership units measured using the federal income tax rate of 21% and our weighted average state income tax rate equal to approximately 3.8% net of federal tax benefit. For the periods ended February 1, 2020 and November 2, 2019, the net deferred tax asset is included in other noncurrent assets. Management evaluates the realizability of deferred tax assets and the need for valuation allowances annually. As of October 31, 2020, based on current facts and circumstances, management believes that it is more likely than not the Company will realize benefit for its gross deferred tax assets. As of October 31, 2020, we had no unrecognized tax benefits and we do not anticipate that unrecognized tax benefits will significantly increase or decrease over the next twelve months. The Company files a consolidated federal income tax return and files tax returns in various state and local jurisdictions. The statute of limitations is open for federal and state tax audits for the tax fiscal years ending 2018 through 2020, and 2017 through 2020, respectively. | |
New Academy Holding Company, LLC | ||
Income Taxes | 12. Income Taxes The income tax provision consists of the following (amounts in thousands) as of: Fiscal Year Ended February 1, February 2, February 3, Current expense: U.S. Federal $ — $ — $ — U.S. State 2,501 2,412 2,580 Foreign 19 33 54 Total current expense 2,520 2,445 2,634 Deferred expense (benefit): U.S. Federal — — — U.S. State 318 (514 ) 145 Foreign (21 ) 20 2 Change in valuation allowance — — — Total deferred expense (benefit) 297 (494 ) 147 Income tax expense $ 2,817 $ 1,951 $ 2,781 The provision for income taxes differs from the amounts computed by applying the federal statutory rate (dollar amounts in thousands) as follows: Fiscal Year Ended February 1, February 2, February 3, Income before income taxes $ 122,860 $ 23,393 $ 61,282 Tax at federal statutory rate (21% for 2019, 21% for 2018 and 33.8% for 2017) 25,801 4,913 20,731 Increase in tax expense resulting from: State income tax 2,818 1,898 2,725 Foreign tax (1 ) 53 56 Effect of rates due to pass through entities (25,801 ) (4,913 ) (20,731 ) Income tax expense $ 2,817 $ 1,951 $ 2,781 Effective income tax rate 2.3 % 8.3 % 4.5 % Income tax expense is less than the federal statutory rate since the Company is a flow through entity for federal income tax purposes. As such, no federal income tax expense has been recorded in the consolidated statements of income. Our tax rate is almost entirely the result of state income taxes. On December 22, 2017, the Tax Cuts and Jobs Act, or the Act, was signed into law. The Act decreased the U.S. corporate federal tax rate from 35% to 21% effective January 1, 2018. The Company did not have any impact on recorded deferred tax balances as the Company is a pass-through entity and only has deferred items related to state taxes. The components that give rise to significant portions of the net deferred tax assets and liabilities are presented below (amounts in thousands) as of: February 1, February 2, Deferred tax assets: Tax credits $ 2,749 $ 2,741 Other 944 985 Total gross deferred tax assets 3,693 3,726 Deferred tax liabilities: Intangibles and depreciation 2,760 2,767 Inventories and other 713 442 Total gross deferred tax liabilities 3,473 3,209 Net deferred tax asset $ 220 $ 517 Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances annually. At February 1, 2020, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its gross deferred tax assets. As of February 1, 2020, we had no unrecognized tax benefits and we do not anticipate that unrecognized tax benefits will significantly increase or decrease over the next 12 months. There are no tax returns that are currently under examination. Federal and state tax years that remain subject to examination are periods ended January 28, 2017 through February 1, 2020. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Related Party Transactions | 13. Related Party Transactions Monitoring Agreement On August 3, 2011 (the “Effective Date”), we entered into a monitoring agreement (the “Monitoring Agreement”), with Kohlberg Kravis Roberts & Co. L.P. (the “Adviser”) pursuant to which the Adviser provides advisory, consulting and financial services to us. In accordance with the terms of the Monitoring Agreement, we pay an aggregate annual advisory fee which increases by 5.0% annually on each anniversary of the Effective Date. The Adviser may also charge us a customary fee for services rendered in connection with securing, structuring and negotiating equity and debt financings by us. Additionally, we are required to reimburse the Adviser for any out-of-pocket year-to-year, Upon the completion of the IPO, in the third quarter of 2020 the Monitoring Agreement terminated and we accrued the final termination fee of $12.3 million. The termination fee is equal to the net present value of the advisory fees that would have been paid from the termination date through the twelfth anniversary of the Effective Date of the Monitoring Agreement. We recognized advisory fees related to the Monitoring Agreement, including reimbursement of expenses and the termination fee, of approximately $13.0 million and $14.8 million in each of the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $0.9 million and $2.7 million in each of the thirteen and thirty-nine weeks ended November 2, 2019, respectively. These expenses are included in selling, general and administrative expenses in the statements of income. Other Related Party Transactions We paid $2.7 million to KCM for underwriting services in connection with the IPO. KKR has ownership interests in a broad range of portfolio companies and we may enter into commercial transactions for goods or services in the ordinary course of business with these companies. We do not believe such transactions are material to our business. Investments in Managers There were no investments in Managers for the thirteen and thirty-nine weeks ended October 31, 2020. During the thirteen and thirty-nine weeks ended November 2, 2019, an executive of the Company purchased Redeemable Membership Units in Managers for approximately $0.1 million in cash. The cash consideration paid for the Redeemable Membership Units was concurrently contributed to NAHC by Managers in exchange for a number of NAHC Membership Units equal to the number of Redeemable Membership Units purchased. There were no equity repurchases from Managers for the thirteen weeks ended October 31, 2020. During the thirty-nine weeks ended October 31, 2020, Managers repurchased at fair market value approximately $37.0 thousand of Redeemable Membership Units from a director of the Company for cash. During the thirteen and thirty-nine weeks ended November 2, 2019, Managers repurchased at fair market value approximately $0.5 million of Redeemable Membership Units from a director and an executive of the Company for cash. NAHC concurrently repurchased from Managers for cash, at fair market value, a number of NAHC membership units equal to the number of Redeemable Membership Units repurchased from the director and executive. Notes Receivable from Member and Distribution Under NAHC’s LLC agreement, certain members may require the Company to provide a tax loan on their behalf under certain circumstances. On April 10, 2019, the Company loaned $4.0 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.5% per annum with outstanding principal and interest due on April 10, 2022. This note receivable was recorded in other non-current On April 5, 2018, the Company loaned $4.1 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.1%, with outstanding principal and interest due April 5, 2021. This note receivable was recorded in prepaid expenses and other current assets on the balance sheet. On August 28, 2020, the Company made a distribution to its members of record as of August 25, 2020, of $257.0 million (see Note 10). Of the $257.0 million, $8.5 million was used to offset and satisfy the remaining balances of the notes receivable and related interest receivable from a member. | |
New Academy Holding Company, LLC | ||
Related Party Transactions | 13. Related Party Transactions Monitoring Agreement On August 3, 2011, or the Effective Date, we entered into a monitoring agreement, or the Monitoring Agreement, with Kohlberg Kravis Roberts & Co. L.P., or the Adviser, pursuant to which the Adviser provides advisory, consulting and financial services to us. In accordance with the terms of the Monitoring Agreement, we pay an aggregate annual advisory fee of $3.7 million which increases by 5.0% annually on each anniversary of the Effective Date. The Adviser may also charge us a customary fee for services rendered in connection with securing, structuring and negotiating equity and debt financings by us. Additionally, we are required to reimburse the Adviser for any out-of-pocket year-to-year, The Monitoring Agreement terminates automatically upon the consummation of an initial public offering, unless we elect otherwise. In the event of such a termination, the Adviser is entitled to all unpaid monitoring fees and expenses plus the net present value of the advisory fees that would have been paid from the termination date through the twelfth anniversary of the Effective Date of the Monitoring Agreement. If an initial public offering was consummated and the Monitoring Agreement was terminated on February 1, 2020, we would have owed approximately $14.2 million of termination fees to the Adviser. Pursuant to a separate agreement, the Adviser would be expected to share a portion of any such termination fee with certain investors who are family descendants of our founder, Max Gochman, or Gochman Investors. Transaction and Other Fee Arrangements In 2015, we paid KKR Capital Markets LLC, or KCM, an affiliate of KKR, $2.1 million in fees in connection with the 2015 Term Loan Facility. These fees are recorded as deferred loan costs, net of amortization, within the long-term debt on the balance sheets. The Company also incurred expenses of $0.9 million and $0.3 million in 2018 and 2017, respectively, related to professional fees owed to an affiliate of KKR. These expenses are included in selling, general and administrative expenses in the statements of income. Other Related Party Transactions KKR has ownership interest in a broad range of portfolio companies and we may enter into commercial transactions for goods or services in the ordinary course of business with these companies. We do not believe such transactions are material to our business. Equity Purchases For the years ended February 1, 2020, February 2, 2019 and February 3, 2018, executives and directors of the Company made cash purchases of Redeemable Membership Units in Managers for approximately $0.1 million, $1.3 million and $1.2 million, respectively. The cash consideration paid for the Redeemable Membership Units was subsequently contributed to Holdco by Managers in exchange for a number of Holdco Membership Units equal to the number of Redeemable Membership Units purchased. During the year ended February 1, 2020, Managers repurchased at fair market value approximately $0.5 million of Redeemable Membership Units from a director and an executive of the Company for cash. Holdco concurrently repurchased from Managers for cash, at fair market value, a number of Holdco membership units equal to the number for Redeemable Membership Units repurchased from the director and executive. Note Receivable from Member Under Holdco’s LLC agreement, certain members may require the Company to provide a tax loan on their behalf under certain circumstances. On April 10, 2019, the Company loaned $4.0 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.5% per annum with outstanding principal and interest due on April 10, 2022. On April 5, 2018, the Company loaned $4.1 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.1% per annum, with outstanding principal and interest due on April 5, 2021. These notes receivable have been recorded in other non-current |
Leases
Leases | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Leases | 8. Leases In April 2020, the Financial Accounting Standards Board issued Staff Q&A—Topic 842 and Topic 840: Accounting For Lease Concessions Related to the Effects of the COVID-19 Leases The components of lease expense and sublease income included in selling, general and administrative (“SG&A”) expenses on our statement of income is as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Operating lease expense $ 49,272 $ 49,159 $ 147,528 $ 146,039 Short-term lease expense — — — — Variable lease expense 1,709 1,956 3,527 5,805 Sublease income (115 ) (403 ) (641 ) (1,205 ) Net lease expense $ 50,866 $ 50,712 $ 150,414 $ 150,639 Information about our operating leases is as follows (dollar amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Right-of-use $ 13,477 $ 32,520 $ 84,595 $ 55,562 Cash paid for amounts included in the measurement of lease liabilities $ 48,092 $ 48,283 $ 130,274 $ 143,848 October 31, November 2, Weighted-average remaining lease term in years 11.2 10.9 Weighted-average incremental borrowing rate 9.09 % 8.88 % As most of our leases do not provide an implicit rate of interest, we use our incremental borrowing rate, which is based on the market lending rates for companies with comparable credit ratings, to determine the present value of lease payments on lease commencement or remeasurement. The remaining maturities of lease liabilities by fiscal year are as follows (amounts in thousands): October 31, 2020 $ 48,759 2021 196,666 2022 194,316 2023 186,750 2024 178,462 2025 172,512 After 2025 1,051,915 Total payments (1) 2,029,380 Less: Interest (778,599 ) Present value of lease liabilities $ 1,250,781 (1) Minimum lease payments have not been reduced by sublease rentals of $1.9 million as of October 31, 2020 due in the future under non-cancelable | |
New Academy Holding Company, LLC | ||
Leases | 14. Leases We lease all of our retail stores, distribution centers and corporate offices. Our leases primarily relate to building leases, which generally include options to renew at our sole discretion for five years or more. We regularly extend options for our building leases, which constitutes a lease modification and thus requires a re-measurement Effective February 3, 2019, we adopted the New Lease Standard, which requires that lessees recognize assets and liabilities arising from operating leases on the balance sheet and disclose key information about leasing arrangements. In conjunction with the adoption of the New Lease Standard, we have elected to utilize the package of practical expedients, which allows us to carry forward our historical lease classifications and eliminates the need to assess whether our pre-existing non-lease right-of-use The following table reflects the balance sheet impact of the implementation of the New Lease Standard upon adoption (amounts in thousands): As of Adoption As of Assets: Prepaid expenses and other current assets (1) $ 39,937 $ (15,778 ) $ 24,159 Right-of-use — 1,173,741 1,173,741 Trade name and other intangible assets, net (1) 592,067 (15,067 ) 577,000 Other noncurrent assets (1)(2) 21,545 (2,826 ) 18,719 Liabilities and Partners’ Equity: Current lease liabilities — 84,849 84,849 Long-term lease liabilities — 1,154,697 1,154,697 Other long-term liabilities (1) (2) 122,795 (104,551 ) 18,244 Retained earnings (2) $ 553,282 $ 5,075 $ 558,357 (1) The difference between the additional lease assets and lease liabilities relates to certain prepaid or deferred rents, lease incentives and purchase accounting related fair market value lease adjustments which were adjusted out of the accounts above and were netted into the right-of-use (2) As of February 2, 2019 we had a deferred loss in other noncurrent assets and deferred gain in other long-term liabilities related to previous sale-leaseback transactions, which upon transition resulted in a cumulative-effect adjustment to retained earnings. Adoption of the New Lease Standard resulted in $1.2 billion in right-of-use In addition, in certain situations, we may sublease real estate to third parties. Our sublease portfolio consists mainly of operating leases of former store locations for which we are still under lease and existing store leases in which we have excess or unused space. The components of lease expense and sublease income included in selling, general and administrative, or SG&A, expenses on our statement of income is as follows (amounts in thousands): Fiscal year ended February 1, 2020 Operating lease expense $ 195,301 Short-term lease expense — Variable lease expense 7,736 Sublease income (1,591 ) Net lease expense $ 201,446 Information about our operating leases is as follows (dollar amounts in thousands): Fiscal year ended February 1, 2020 Right-of-use $ 57,383 Cash paid for amounts included in the measurement of lease liabilities $ 192,849 As of Weighted-average remaining lease term in years 10.7 Weighted-average incremental borrowing rate 8.89 % As most of our leases do not provide an implicit rate of interest, we use our incremental borrowing rate, which is based on the market lending rates for companies with comparable credit ratings, to determine the present value of lease payments on lease commencement or remeasurement. The remaining maturities of lease liabilities by fiscal year as of February 1, 2020 are as follows (amounts in thousands): 2020 $ 196,088 2021 195,323 2022 190,609 2023 181,499 2024 171,720 2025 164,071 After 2025 834,644 Total lease payments (1) 1,933,954 Less: Interest (715,729 ) Present value of lease liabilities $ 1,218,225 (1) Minimum lease payments have not been reduced by sublease rentals of $1.6 million due in the future under non-cancelable Future minimum payments determined under the previous accounting standards for operating lease obligations, including committed leases that had not yet commenced, as of February 2, 2019, were as follows (in thousands): 2019 $ 192,632 2020 193,878 2021 192,610 2022 188,048 2023 177,750 Thereafter 1,172,506 Total minimum lease payments (1) 2,117,424 Lease minimum sublease income (7,719 ) Net minimum lease payments $ 2,109,705 (1) Minimum lease payments have not been reduced by sublease rentals of $7.7 million due in the future under non-cancelable |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Commitments and Contingencies | 14. Commitments and Contingencies Technology Related Commitments and Other As of October 31, 2020, we have obligations under technology related contractual commitments as well as other commitments, such as construction commitments, in the amount of $15.2 million. Of such commitments, approximately $12.7 million is payable in the next 12 months. Commitments Related to Monitoring Agreement As of October 31, 2020, we have obligations under the Monitoring Agreement, which include the termination fee upon completion of the IPO, in the amount of $13.3 million, of which $13.3 million is payable in the next 12 months (see Note 13). Financial Guarantees During the normal course of business, we enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we believe the risk of loss to be remote. Legal Proceedings We are a defendant or co-defendant Sponsorship Agreement and Intellectual Property Commitments We periodically enter into sponsorship agreements generally with professional sports teams, associations, events, networks, or individual professional players and collegiate athletic programs in exchange for marketing and advertising promotions. We also enter into intellectual property agreements whereby the Company receives the right to use third-party owned trademarks typically in exchange for royalties on sales. These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company. As of October 31, 2020, we have $12.8 million in related commitments through 2027, of which $7.4 million is payable in the next 12 months. | |
New Academy Holding Company, LLC | ||
Commitments and Contingencies | 15. Commitments and Contingencies Technology Related Commitments and Other As of February 1, 2020, we have obligations under technology related contractual commitments as well as other commitments, such as construction commitments, in the amount of $29.8 million. Of such commitments, approximately $20.6 million is payable in the next 12 months. Commitments Related to Monitoring Agreement As of February 1, 2020, we have obligations under the Monitoring Agreement (see Note 13) in the amount of $14.4 million, of which $4.1 million is payable in the next 12 months. Financial Guarantees During the normal course of business, we enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we believe the risk of loss to be remote. Legal Proceedings We are a defendant or co-defendant Sponsorship Agreements and Intellectual Property Commitments We periodically enter into sponsorship agreements generally with professional sports teams, associations, events, networks or individual professional players and collegiate athletic programs in exchange for marketing and advertising promotions. We also enter into intellectual property agreements whereby the Company receives the right to use third-party owned trademarks typically in exchange for royalties on sales. These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company. As of February 1, 2020, we have $7.7 million in related commitments through 2027, of which $4.2 million is payable in next 12 months. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Employee Benefit Plans | 16. Employee Benefit Plans 401(k) Plan We sponsor a safe harbor defined contribution 401(k) profit sharing plan, or the 401(k) Plan, for our eligible employees. The 401(k) plan includes an eligible employee compensation deferral feature, Company matching contributions and a Company profit sharing component. Eligible employees are permitted to contribute up to 75% of their eligible compensation on a pretax basis to the 401(k) Plan, subject to Internal Revenue Service limitations. We match 100% of amounts contributed by a plan participant to the 401(k) Plan each pay period, on a dollar-for-dollar |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Valuation and Qualifying Accounts | 17. Valuation and Qualifying Accounts (amounts in thousands) Balance at Charged Deductions Balance February 1, 2020: Allowance for doubtful accounts $ 3,008 $ 499 $ (232 ) (1) $ 3,275 Sales return allowance 5,800 9,400 (2) (9,700 ) (2) 5,500 Inventory shrink adjustments 19,271 62,975 (69,355 ) (3) 12,891 Self-insurance reserves 22,807 61,220 (61,598 ) (4) 22,429 February 2, 2019: Allowance for doubtful accounts $ 2,616 $ 1,020 $ (628 ) (1) $ 3,008 Sales return allowance 6,500 9,400 (2) (10,100 ) (2) 5,800 Inventory shrink adjustments 14,683 69,047 (64,459 ) (3) 19,271 Self-insurance reserves 19,942 62,000 (59,135 ) (4) 22,807 February 3, 2018: Allowance for doubtful accounts $ 3,410 $ 1,900 $ (2,694 ) (1) $ 2,616 Sales return allowance 6,100 9,100 (2) (8,700 ) (2) 6,500 Inventory shrink adjustments 5,976 93,248 (84,541 ) (3) 14,683 Self-insurance reserves 18,027 67,419 (65,504 ) (4) 19,942 (1) Represents write-offs to the reserve. (2) Represents the monthly increase (decrease) in the required reserve based on the Company’s evaluation of anticipated merchandise returns. (3) Represents the actual inventory shrinkage experienced at the time of physical inventories. (4) Represents claim payments for self-insured claims. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Selected Quarterly Financial Data (Unaudited) | 18. Selected Quarterly Financial Data (Unaudited) (amounts in thousands) 1st 2nd 3rd 4th 2019: Net sales $ 1,076,792 $ 1,237,410 $ 1,145,203 $ 1,370,492 Gross margin 312,996 385,204 362,422 370,532 Selling, general and administrative expenses 301,602 312,570 309,246 328,315 Operating income 11,394 72,634 53,176 42,217 Interest expense, net 27,037 25,549 24,585 24,136 Gain on early retirement of debt, net (41,138 ) (1,127 ) — — Net income $ 25,406 $ 48,347 $ 28,552 $ 17,738 2018: Net sales $ 1,119,480 $ 1,262,207 $ 1,060,188 $ 1,342,018 Gross margin 320,356 387,130 328,333 332,133 Selling, general and administrative expenses 295,278 317,164 300,195 326,365 Operating income 25,078 69,966 28,138 5,768 Interest expense, net 26,795 27,173 27,076 27,608 Net income (loss) $ (976 ) $ 42,103 $ 1,773 $ (21,458 ) |
Subsequent Events
Subsequent Events | Jun. 30, 2020 | Oct. 31, 2020 | Feb. 01, 2020 |
Subsequent Events | 4. Subsequent Events Events and transactions occurring through July 10, 2020, the date of issuance of the financial statement, have been evaluated by management and, when appropriate, recognized or disclosed in the financial statements or notes to the consolidated financial statements. | 15. Subsequent Events Our management evaluated events or transactions that occurred after October 31, 2020, through December 10, 2020, the issuance date of the financial statements, and identified the following matters to report: IPO Over-Allotment Exercise On November 3, 2020, the Company issued and sold an additional 1,807,495 shares of the Company’s common stock, par value $0.01 per share, for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to the IPO underwriters, resulting in approximately $22.1 million in proceeds net of underwriting discounts, which included $0.3 million paid to KCM for underwriting services, pursuant to the partial exercise by the underwriters of their option to purchase up to 2,343,750 additional shares to cover over-allotments in connection with the IPO. The option has expired with respect to the remaining shares. Upon completion of the over-allotment exercise, affiliates of KKR held a 68.5% ownership interest in the Company. Debt Refinancing On November 6, 2020, the Company issued the 2020 Notes (as defined below), entered the 2020 Term Loan Facility (as defined below), and entered into the 2020 ABL Amendment (as defined below). The Company used the net proceeds from the 2020 Notes and the net proceeds from the 2020 Term Loan Facility, together with cash on hand, to repay in full outstanding borrowings under its then-existing term loan, in the amount of $1,431.4 million. We paid KCM approximately $2.5 million with respect to the debt refinancing transactions. 2020 Notes On November 6, 2020, Academy, Ltd. issued $400.0 million of 6.00% senior secured notes which are due November 15, 2027 (the “2020 Notes”), pursuant to an indenture, dated as of November 6, 2020 (the “Indenture”), by and among Academy, Ltd. the Guarantors (as defined below) and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent (in such capacity, the “Notes Collateral Agent”). The 2020 Notes were sold in the United States to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. The 2020 Notes will be fully and unconditionally guaranteed on a senior secured basis by each of NAHC, Associated Investors L.L.C. and Academy Managing Co., L.L.C., each a direct or indirect, wholly-owned subsidiary of the Company (collectively, the “Guarantors”), and each of Academy, Ltd.’s future wholly-owned domestic restricted subsidiaries, to the extent such subsidiary guarantees Academy, Ltd.’s senior secured credit facilities or certain capital markets debt. In order to secure the 2020 Notes and the guarantees, Academy, Ltd. and the Guarantors entered into certain security documents with the Notes Collateral Agent, including a security agreement and a pledge agreement, each dated as of November 6, 2020. The 2020 Notes and the guarantees will be secured by (i) a first-priority lien on all of Academy, Ltd.’s and the Guarantors’ personal property that secure the 2020 Term Loan Facility on a first-priority basis and (ii) a second-priority lien on Academy, Ltd.’s and the Guarantors’ personal property consisting of accounts and all other rights to payment, inventory, tax refunds, cash, deposit accounts, securities and commodities accounts, and documents and supporting obligations, securing the 2020 ABL Facility (as defined below) on a first-priority basis and the 2020 Term Loan Facility on a second-priority basis (the “ABL Priority Collateral”). On November 6, 2020, (i) Academy Ltd.’s, the Guarantors party thereto, the Notes Collateral Agent, the Term Loan Agent (as defined below) and the several other parties named therein entered into a first lien intercreditor agreement as to the relative priorities of their respective security interests in the assets securing the 2020 Notes and the 2020 Term Loan Facility and certain other matters relating to the administration of security interests and (ii) the Notes Collateral Agent, the Term Loan Agent and the ABL Agent (as defined below) entered into a lien sharing and priority confirmation joinder to the ABL Intercreditor Agreement, dated as of July 2, 2015, as to the relative priorities of their respective security interests in the assets securing the 2020 Notes, the 2020 Term Loan Facility and the 2020 ABL Facility and certain other matters relating to the administration of security interests. The 2020 Notes will mature on November 15, 2027. The 2020 Notes will pay interest semi-annually in arrears in cash on May 15 and November 15 of each year at a rate of 6.00% per year, commencing on May 15, 2021. On or after November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or a part of the 2020 Notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or part of the 2020 Notes at a redemption price equal to 100% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a “make-whole” premium as described in the Indenture. In addition, at any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2020 Notes at a redemption price equal to 106.00% of the aggregate principal amount thereof, with an amount equal to or less than the net cash proceeds from one or more equity offerings to the extent such net cash proceeds are received by or contributed to Academy, Ltd., plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), Academy, Ltd. will be required to make an offer to repurchase all of the 2020 Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Indenture contains certain covenants that limit the ability of Academy, Ltd. and its restricted subsidiaries to, among other things, (i) incur or guarantee additional indebtedness or issue disqualified stock and preferred stock; (ii) incur liens on assets; (iii) pay dividends or make other distributions in respect of, or repurchase or redeem, their capital stock; (iv) prepay, redeem or repurchase certain debt; (v) make certain loans, investments or other restricted payments; (vi) engage in certain transactions with affiliates; (vii) enter into agreements restricting certain subsidiaries’ ability to pay dividends; and (viii) sell or transfer certain assets or merge or consolidate, in each case subject to certain exceptions and qualifications set forth in the Indenture. The Indenture provides for events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in respect of the 2020 Notes, acceleration of certain other indebtedness, failure to pay certain final judgments, failure of certain guarantees to be enforceable, failure to perfect certain collateral securing the 2020 Notes and certain events of bankruptcy or insolvency, which events of default, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding 2020 Notes to be due and payable immediately. 2020 Term Loan Facility On November 6, 2020, Academy, Ltd., as borrower, and the Guarantors, as guarantors, entered into the Second Amended and Restated Credit Agreement (the “2020 Term Loan Agreement”), with Credit Suisse AG, Cayman Island Branch (“Credit Suisse”), as the administrative agent and collateral agent (the “Term Loan Agent”), the several lenders from time to time parties thereto and the several other parties named therein, which established a new $400.0 million first lien term loan facility. The 2020 Term Loan Facility will mature on November 6, 2027. The 2020 Term Loan Facility bears interest, at Academy, Ltd.’s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 5.00%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Credit Suisse’s “prime rate”, or (c) the one-month The 2020 Term Loan Facility will be guaranteed by the Guarantors on a senior secured basis. All obligations under the 2020 Term Loan Facility and the guarantees of those obligations will be secured by (i) a second-priority security interest in the ABL Priority Collateral and (ii) a first-priority security interest in, and mortgages on, substantially all present and after acquired tangible and intangible assets of Academy, Ltd. and the Guarantors and a first-priority pledge of 100% of the capital stock of Academy, Ltd. and its domestic subsidiaries and 66% of the voting capital stock of each of Academy, Ltd.’s foreign subsidiaries, if any, that are directly owned by Academy, Ltd. or a future U.S. guarantor, if any. The 2020 Term Loan Agreement contains certain covenants that limit the ability of Academy, Ltd. and its restricted subsidiaries to, among other things, (i) incur or guarantee additional indebtedness or issue disqualified stock and preferred stock; (ii) incur liens on assets; (iii) pay dividends or make other distributions in respect of, or repurchase or redeem, their capital stock; (iv) prepay, redeem or repurchase certain debt; (v) make certain loans, investments or other restricted payments; (vi) engage in certain transactions with affiliates; (vii) enter into agreements restricting certain subsidiaries’ ability to pay dividends; (viii) sell or transfer certain assets or merge or consolidate and (ix) amend material documents, in each case subject to certain exceptions and qualifications set forth in the 2020 Term Loan Agreement. The 2020 Term Loan Agreement contains customary events of default including, but not limited to, failure to pay principal or interest, breaches of representations and warranties, violations of affirmative or negative covenants, cross-defaults to other material indebtedness, a bankruptcy or similar proceeding, rendering of certain monetary judgments, invalidity of collateral documents and changes of control. 2020 ABL Facility On November 6, 2020, Academy, Ltd., as borrower, and the Guarantors, as guarantors, entered into an amendment (the “2020 ABL Amendment”) to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender (the “ABL Agent”) and the several lenders party thereto, which ABL Amendment, among other things, extended the maturity of Academy, Ltd.’s asset-based revolving credit facility thereunder (the “2020 ABL Facility”) to November 6, 2025. | |
New Academy Holding Company, LLC | |||
Subsequent Events | 19. Subsequent Events Our management evaluated events or transactions that occurred after February 1, 2020 through July 10, 2020. We identified the following matters to report: The global outbreak of COVID-19, On June 30, 2020, New Academy Holding Company, LLC purchased 100 shares of common stock from Academy Sports and Outdoors, Inc. for a purchase price per share equal to the par value per share of such shares, or $1 in the aggregate. |
Stockholder's Equity
Stockholder's Equity | Jun. 30, 2020 |
Equity [Abstract] | |
Stockholder's Equity | 3. Stockholder’s Equity The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share, under the Corporation’s certificate of incorporation in effect as of June 30, 2020. In exchange for $1.00, the Corporation has issued 100 shares of Common Stock, all of which were held by New Academy Holding Company, LLC as of June 30, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | Jun. 30, 2020 | Oct. 31, 2020 | Feb. 01, 2020 |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management including the valuation of merchandise inventories, and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and additional unforeseen effects from the COVID-19 | ||
Basis of Presentation | Basis of Accounting The Balance Sheet has been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Separate statements of operations, changes in stockholders’ equity and cash flows have not been presented in the financial statements because there have been no activities in this entity or because the single transaction is fully disclosed below. | These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, ASO Co-Invest Co-Invest | |
Reclassifications | Reclassifications Certain reclassifications have been made in the prior period consolidated financial statements to conform to the current period presentation. Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. | ||
Income Taxes | Income Taxes The Company is subject to U.S. federal, state and foreign income taxes. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent we believe these assets are more-likely-than-not more-likely-than-not more-likely-than-not | ||
Principals of Consolidation | All intercompany balances and transactions have been eliminated in consolidation. | ||
New Academy Holding Company, LLC | |||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. | ||
Basis of Presentation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Holdco, its wholly owned subsidiary New Academy Finance Company LLC, or Finco, and the accounts of Finco’s wholly owned subsidiaries Academy Managing Co., LLC, Associated Investors, LLC and New Academy Finance Corporation. Academy Managing Co., LLC and Associated Investors, LLC are holding companies and are the sole general partner and sole limited partner, respectively, of Academy, Ltd., the Company’s operating company. All intercompany balances and transactions have been eliminated in consolidation. | ||
Unaudited Pro Forma Financial Information | Unaudited Pro Forma Financial Information In connection with the proposed initial public offering, or the IPO, of Academy Sports and Outdoors, Inc., a Delaware corporation, or an IPO issuer, we will undertake a series of reorganization transactions, or the Reorganization Transactions, that will result in, among other things, Holdco being contributed by its unitholders to the IPO issuer and becoming a wholly owned subsidiary of the IPO issuer. The unaudited pro forma financial information provided on the consolidated statements of income provides the estimated impact to net income and earnings per unit based upon the anticipated conversion of the Company to a C corporation in connection with the IPO. We are currently treated as a flow through entity for U.S. federal income tax purposes, and thus no federal income tax expense has been recorded in our consolidated statements of income. After consummation of the IPO, we will become subject to U.S. federal income taxes and additional state income taxes and be taxed at the prevailing corporate rates. The pro forma tax expense assumed in the unaudited pro forma financial information is estimated to be 24.5% plus certain state taxes we currently include in income tax expense as a flow through entity. Our actual income tax rate, and our actual income tax liability, after the IPO may be different from our assumed rate, and such difference may be material. On August 28, 2020, Holdco distributed a $257.0 million one-time special distribution (the “Distribution”) to existing unitholders of record as of August 25, 2020. U.S. Securities and Exchange Commission Staff Accounting Bulletin 1.B.3 requires that certain distributions to owners prior to or concurrent with an initial public offering be considered as distributions in contemplation of that offering. The Company is required to present unaudited basic and diluted pro forma net income per share of common stock as a result of the Distribution, which is assumed to have been made in contemplation of the proposed IPO. Unaudited basic and diluted pro forma net income per share data presented below assumed that (i) 72,477,381, basic, and 74,796,545, diluted, shares of common stock of the IPO issuer were issued and outstanding for 2019 in connection with the contribution of Holdco by its unitholders and related Reorganization Transactions and related cancellation of all outstanding partners’ equity at Holdco in connection with the IPO and (ii) an additional 10,535,154 shares of common stock of the IPO issuer were outstanding for 2019, which represents the number of shares of common stock that the Company would have been required to issue to fund the amount of the Distribution in excess of its net income for 2019. The number of shares of common stock that the Company would have been required to issue to pay the Distribution was calculated by dividing the portion of the total $257.0 million Distribution in excess of the Company’s net income for 2019 by an initial public offering price in the IPO of $13.00 per share. The table below sets forth the computation of the Company’s unaudited basic and diluted pro forma net income per share for 2019: PRO FORMA NET INCOME PER SHARE: (In thousands, except for share and per share data) Basic Diluted Pro forma net income $ 89,942 $ 89,942 Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions 72,477,381 74,796,545 Adjustment to weighted average shares of common stock outstanding related to the Distribution 10,535,154 10,535,154 Pro forma weighted average shares of common stock outstanding 83,012,535 85,331,699 Pro forma net income per share $ 1.08 $ 1.05 | ||
Reclassifications | Reclassifications Certain reclassifications have been made in the 2018 and 2017 consolidated financial statements to conform to the current period presentation. Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst categories and divisions during 2019 to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions for 2018 and 2017 for comparability purposes. This reclassification is in presentation only and did not impact the overall net sales balances previously disclosed. | ||
Redeemable Membership Units | Redeemable Membership Units Allstar Managers LLC, a Delaware limited liability company, or Managers, owns membership units in Holdco, or each a Holdco Membership Unit. Managers is 100% owned by certain current and former executives and directors of the Company and was formed to facilitate the purchase of indirect contingently redeemable ownership interests in the Company. Certain executives and directors may acquire contingently redeemable membership units in Managers, or the Redeemable Membership Units, either (1) by purchasing the Redeemable Membership Units with cash consideration, which is subsequently contributed to Holdco by Managers in exchange for a number of Holdco Membership Units equal to the number of Redeemable Membership Units purchased, or (2) by receiving the Redeemable Membership Units in settlement of vested restricted units awarded to the executive or director under the Company’s 2011 Unit Incentive Plan (see Note 11). Each outstanding Redeemable Membership Unit in Managers corresponds to an outstanding Holdco Membership Unit, on a unit-for-unit The terms and conditions of the agreements governing the Redeemable Membership Units include provisions by which the holder, or its heirs, has the right to require Managers or the Company to purchase the holder’s Redeemable Membership Units upon the holder’s termination of employment due to death or disability for cash at fair value. The carrying value of the Redeemable Membership Units is classified as temporary equity, initially at fair value, as redemption is an event that is not solely within our control. If redemption becomes probable, we are required to re-measure | ||
Cash and Cash Equivalents | Cash and Cash Equivalents We consider credit and debit card transactions, which typically settle within three business days, demand deposits with banks, and all other highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. | ||
Financial Instruments | Financial Instruments Financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable, certain accrued liabilities, derivatives and debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of those instruments. We enter into interest rate swaps to reduce the risk that our earnings and cash flows will be affected by changes in interest rates on our debt, and we do not hold any derivative financial instruments for trading or speculative purposes (see Note 4 and Note 5). The fair value of debt is influenced by fluctuations in market conditions for interest rates (see Note 6). | ||
Accounts Receivable | Accounts Receivable Accounts receivable consists primarily of amounts due from vendors for vendor allowances and other accounts receivable. We provide an allowance for doubtful accounts based on both historical experience and a specific identification basis. | ||
Concentration of Risk | Concentration of Risk Financial instruments which subject us to potential credit risk consist of cash and cash equivalents and derivative financial instruments. We have established guidelines to limit our exposure to credit risk on cash and cash equivalents by placing investments with high credit quality financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand. We use high credit quality counterparties to transact our derivative transactions. Therefore, we believe that the financial risks associated with these financial instruments are minimal. We purchase merchandise inventories from approximately 1,300 vendors. In 2019, 2018 and 2017, purchases from our largest vendor represented approximately 14%, 13% and 14% of our total inventory purchases, respectively. No other vendor in any of the aforementioned years exceeded 10% of our purchases. We typically do not enter into long-term inventory purchase commitments and there were none as of February 1, 2020 or February 2, 2019. A significant portion of our inventory purchases are manufactured outside of the United States, primarily in Asia. While we are not dependent on any single manufacturer outside of the United States, we could be adversely affected by political, health (including pandemic), safety, security, economic, tariff, climate or other disruptions affecting the business or operations of third-party manufacturers located outside of the United States. | ||
Merchandise Inventories, net | Merchandise Inventories, net Merchandise inventories are valued at the lower of weighted average cost or net realizable value using the last-in first-out, | ||
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Cost includes interest capitalized on borrowings used to finance the construction of stores and other significant capital projects while under construction. Depreciation and amortization is computed using the straight-line method over the asset’s useful life, which is generally determined by asset category as follows: Leasehold improvements Lesser of asset useful life or lease term Software and computer equipment 2–5 years Other equipment 5–10 years Furniture and fixtures 7–10 years When assets are retired or sold, the cost and accumulated depreciation are removed from our accounts, and the resulting gain or loss is reflected in the consolidated statements of income. Repair and maintenance costs are charged to expense as incurred and significant improvements that substantially enhance the useful life of an asset are capitalized and amortized. In the normal course of business, we acquire land and construct new stores to be sold to and leased from third party landlords. New stores completed but not yet sold to and leased from third parties are classified as assets held for sale and are expected to be sold within one year. Our intent is to sell the stores for approximately the total land and construction costs incurred (which approximate the fair market value of the property, net of selling costs) and simultaneously enter into operating leases. | ||
Capitalized Computer Software Costs | Capitalized Computer Software Costs We capitalize certain costs incurred in connection with developing or obtaining computer software for internal use. Capitalized computer software costs are included in property and equipment on the consolidated balance sheets and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. The amounts capitalized were $12.9 million, $13.8 million and $21.0 million in 2019, 2018 and 2017, respectively. | ||
Capitalized Interest | Capitalized Interest We capitalized interest primarily related to construction of new stores, store renovations, distribution centers and IT projects in the amount of $0.6 million, $1.3 million and $1.4 million in 2019, 2018 and 2017, respectively. Interest expense, net on the consolidated statement of income is shown net of capitalized interest. | ||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review the carrying value of long-lived assets, including property and equipment and finite-lived intangible assets, for indicators of impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the assets to the estimated undiscounted future cash flows expected to be generated by the use of the assets. If such assets are considered to be impaired, the impairment loss recognized is the amount by which the carrying amount of the assets exceeds its estimated fair value, which is typically calculated using discounted expected future cash flows. As a result of our assessment, we did not record an impairment of long-lived store assets in 2019. In 2018 and 2017, we impaired $1.4 million and $2.5 million, respectively, of long-lived store assets. These charges are included in selling, general and administrative expenses on the consolidated statements of income (see Note 6). | ||
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is tested for impairment annually at the last day of our eleventh fiscal month, or more frequently if events or circumstances indicate that the carrying value of goodwill may not be recoverable. We test for goodwill at the reporting unit level, which is the operating segment level. We operate in one segment with one reporting unit. The annual goodwill impairment test provides for the option of first performing a qualitative assessment to evaluate the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the qualitative assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. Our quantitative assessment for determining the fair value of our reporting unit includes using an estimated discounted cash flow model (income approach) and market value approach. The output of this assessment is an estimated fair value for our reporting unit that is compared to its carrying value to determine whether an impairment charge is necessary. The income approach uses a discounted cash flow analysis of our projected future income, and the market value approach is based on earnings multiples for a comparable set of public companies. These approaches use key input assumptions such as our projected future operating results, the discount rate, the weighting for each valuation approach and the comparable set of companies. A history of declining trends in our operating results such as comparable sales, gross margin, net income and cash flow from operations could impact these assumptions and serve as indicators of future impairment. There is significant judgment used in determining these assumptions and variability in the assumptions could cause us to reach a different conclusion on impairment. In 2019, 2018 and 2017, we performed a quantitative assessment for the determination of impairment. Based on the results of these quantitative assessments, no impairment of goodwill existed for 2019, 2018 or 2017. | ||
Intangible Assets | Intangible Assets Intangible assets consist of the trade name of “Academy Sports + Outdoors”, or the Trade Name, and our favorable leases. The favorable leases are accounted for as finite-lived assets and are amortized over their estimated useful economic lives. With the adoption of ASU 2016-02, “ Leases (Topic 842) right-of-use The Trade Name is tested for impairment annually at the last day of our eleventh fiscal month, or whenever events or circumstances indicate that the carrying amount of the Trade Name may not be recoverable. Impairment is calculated as the excess of the Trade Name’s carrying value over its fair value. The fair value of the Trade Name is determined using the relief-from-royalty method, a variation of the income approach. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these types of assets. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. The results of the 2019, 2018 and 2017 annual impairment tests indicated that the fair value of the Trade Name was in excess of its carrying value and no impairments existed. | ||
Deferred Loan Costs | Deferred Loan Costs Costs incurred to issue debt are deferred and recorded in the consolidated balance sheets. Those costs related to the issuance of term loan facilities and senior notes are recorded in long-term debt, net of current maturities and amortized as a component of interest expense over the terms of the related debt agreement using the effective interest method. The costs related to the issuance of our revolving credit facilities are recorded in other noncurrent assets on the consolidated balance sheets and amortized as a component of interest expense over the terms of the related debt agreements using the straight-line method. | ||
Derivative Instruments | Derivative Instruments We are exposed to interest rate risk, primarily related to changes in interest rates on our term loan (see Note 4) and have used interest rate swap agreements, which we have designated as “cash flow” hedges, to hedge against market risks relating to possible adverse changes in interest rates. We assess, both at the inception of the hedge and on an ongoing basis, whether derivatives used as hedging instruments are highly effective in offsetting the changes in the fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective as a hedge or ceases to be highly effective, we discontinue hedge accounting prospectively. Derivative financial instruments are recognized at fair value in the consolidated balance sheets (see Note 5 and Note 6). The changes in the fair value of derivative instruments designated as cash flow hedges are recorded in accumulated other comprehensive income, or AOCI, net of tax effects, and are subsequently reclassified to earnings when the hedged transaction affects earnings. | ||
Self-Insurance | Self-Insurance We maintain deductibles or self-insurance retentions for workers’ compensation, general liability and employee health benefits. Additionally, we use the services of an independent actuary to assist in determining losses associated with workers’ compensation, general liability and employee health benefits. Liabilities associated with these losses are actuarially derived and estimated in part by considering historical claims experience, industry factors, severity factors, claim development, as well as other actuarial assumptions. If actual trends, including the severity or frequency of claims, medical cost inflation or fluctuations in premiums, differ from our estimates, it could have a material adverse impact on our results of operations. Changes in legal claims, claim development, trends and interpretations, variability in inflation rates, changes in the nature and method of claims settlement, benefit level changes due to changes in applicable laws, insolvency of insurance carriers and changes in discount rates could all adversely affect our ultimate expected losses. We believe the actuarial valuation provides the best estimate of the ultimate expected losses, and we have recorded the present value of the actuarially determined ultimate losses for the insurance related liabilities mentioned above. | ||
Lease Incentives | Lease Incentives All of our stores, corporate office facilities, and warehouse and distribution centers are leased. We may receive reimbursement from a landlord for some or all of the cost of a construction project, which may be structured as a tenant improvement allowance, construction allowance or landlord reimbursement, or collectively, Lease Incentives. Prior to the New Lease Standard, if we were the deemed owner of the property during the construction period and the sale-leaseback criteria were met, any differences between fair value of the property and the sales price of the property, are deferred and recognized ratably as an adjustment to selling, general and administrative expenses in the consolidated statements of income over the term of the related lease. Under the New Lease Standard, the losses and gains from sale-leaseback transactions are no longer deferred, but instead recognized immediately. Upon transition to the new standard on February 3, 2019, the remaining deferred gains and losses related to our previous sale-leaseback transactions resulted in a cumulative effect adjustment to retained earnings (see Note 14). To date, the Company has not executed a sale-leaseback transaction under the New Lease Standard. Prior to the New Lease Standard, cash received from a landlord for tenant improvement allowances in store lease transactions not considered a sale-leaseback transaction were recorded in other long-term liabilities in the consolidated balance sheets and amortized as a reduction of rent expense in selling, general and administrative expenses in the consolidated statements of income over the term of the related lease. Under the New Lease Standard these receipts are a reduction to the right-of-use | ||
Net Sales | Net Sales We sell merchandise under implicit contracts whereby the transaction price is the listed sales price less any discounts or coupons applied. Our typical coupons offer a discount, which is applied immediately at the time of purchase. However, under certain circumstances we may issue a coupon, or similar incentive, which contains a material future right. In such instances, a portion of the revenue is deferred and subsequently recognized when earned. Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale. For e-commerce customer receipt, and accordingly online merchandise sales are recognized upon delivery of the merchandise to the customer. The Company does not extend a material amount of credit. The sales return allowance, which is our provision for anticipated merchandise returns, is provided through a reduction of sales and cost of goods sold on a gross basis in the period that the related sales are recorded. The sales return allowance and related liability are included in merchandise inventories and in accrued expenses and other liabilities, respectively, in our consolidated balance sheets. Merchandise returns are estimated based on historical experience. | ||
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold includes the direct cost of merchandise and costs related to procurement, warehousing and distribution and the related depreciation and amortization. These costs consist primarily of payroll and benefits, occupancy costs and freight. | ||
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs billed to customers are included in net sales. Shipping and handling costs that we incur associated with shipping products to customers are included in cost of goods sold. | ||
Vendor Allowances | Vendor Allowances Vendor allowances include volume purchase rebates, promotional and advertising allowances, cooperative advertising funds and support for new store openings. These allowances are generally determined for each fiscal year with the majority of allowances based on quantitative contract terms. Allowances related to the purchase of merchandise inventories are recorded as a reduction of cost of goods sold as the related merchandise is sold. Allowances for cooperative advertising and promotion programs and other expenses are recorded in selling, general and administrative expenses as a reduction of the related costs as the related expense is incurred. Any allowance in excess of actual costs incurred that are included in selling, general and administrative expenses, or that do not require proof of performance, are recorded as a reduction of cost of sales. For volume purchase rebates, we record an estimate of vendor allowances earned based on the latest projected purchase volumes. | ||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include store and corporate administrative payroll and payroll benefits, store and corporate headquarters occupancy costs, advertising, credit card processing, information technology, pre-opening | ||
Advertising Expenses | Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses, net of specific vendor allowances, were $142.3 million, $139.1 million and $140.8 million in 2019, 2018 and 2017, respectively. | ||
Pre-Opening Expenses | Pre-Opening Non-capital Pre-opening | ||
Deferred Rent | Deferred Rent Substantially all of our leases contain landlord incentives and escalation clauses. Where a lease contains an escalation clause calling for increased rent, or a landlord incentive such as a rent holiday, rent expense is recognized using the straight-line method over the term of the lease. With the adoption of the New Lease Standard on February 3, 2019, the deferred rent balances were netted into the right-of-use | ||
Equity Compensation | Equity Compensation We account for equity compensation in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, topic 718, Compensation-Stock Compensation | ||
Income Taxes | Income Taxes The Company is a flow through entity for federal income tax purposes, and thus no federal income tax expense has been recorded in the consolidated statements of income. Members of the Company are responsible for federal and state income taxes on their respective share of the Company’s profit and losses. When necessary the Company’s operating agreement requires it to make distributions, or loans under certain circumstances, to fund the tax obligations of its members. There were no distributions made 2019, 2018 and 2017. In 2019 and 2018, the Company loaned $4.0 million and $4.1 million, respectively, with notes receivable issued to a member (see Note 13). The Company is responsible for certain state and foreign income taxes and recognized expense of $2.8 million, $2.0 million and $2.8 million in 2019, 2018 and 2017, respectively. As of February 1, 2020 and February 2, 2019, the Company had no uncertain tax positions that required recognition in the consolidated financial statements. We account for deferred income taxes related to state jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future taxes attributable to the difference between financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of tax net operating loss carry forwards and tax credits. In the event future utilization is determined to be unlikely, a valuation allowance is provided to reduce the tax benefits from such assets. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the period in which the temporary differences and carry forwards are expected to be recovered or settled. Deferred tax assets and deferred tax liabilities are recorded in other noncurrent assets and other long-term liabilities, respectively, in our consolidated balance sheets. The effect of a change in tax rates is recognized in the period which includes the enactment date. We recognize interest and penalties as a component of income tax expense. | ||
Comprehensive Income | Comprehensive Income Comprehensive income represents the net income for the period plus the results of certain changes to partners’ equity (other comprehensive income) that are not reflected in the consolidated statements of income. Other comprehensive income consists of adjustments, net of tax, related to the Company’s interest rate swaps. | ||
Operating Segment | Operating Segment Given the similar business activities, economic characteristics, products sold, customer base and methods of procurement, as well as the similar marketing and promotional activities of our stores and our academy.com | ||
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Leases Effective February 3, 2019, we adopted the New Lease Standard, which requires that lessees recognize assets and liabilities arising from operating leases on the balance sheet and disclose key information about leasing arrangements. We elected the practical expedient available to us under ASU 2018-11, “Leases: Targeted Improvements” right-of-use |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) - New Academy Holding Company, LLC | 12 Months Ended |
Feb. 01, 2020 | |
Unaudited basic and diluted pro forma net income per share | The table below sets forth the computation of the Company’s unaudited basic and diluted pro forma net income per share for 2019: PRO FORMA NET INCOME PER SHARE: (In thousands, except for share and per share data) Basic Diluted Pro forma net income $ 89,942 $ 89,942 Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions 72,477,381 74,796,545 Adjustment to weighted average shares of common stock outstanding related to the Distribution 10,535,154 10,535,154 Pro forma weighted average shares of common stock outstanding 83,012,535 85,331,699 Pro forma net income per share $ 1.08 $ 1.05 |
Property Plant and Equipment Useful Life | Depreciation and amortization is computed using the straight-line method over the asset’s useful life, which is generally determined by asset category as follows: Leasehold improvements Lesser of asset useful life or lease term Software and computer equipment 2–5 years Other equipment 5–10 years Furniture and fixtures 7–10 years |
Net Sales (Tables)
Net Sales (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Disaggregation of Revenue | The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Merchandise division sales (1) Outdoors $ 487,401 $ 364,944 $ 1,448,987 $ 1,002,138 Sports and recreation 263,506 196,592 919,699 721,665 Apparel 318,731 322,375 939,388 951,385 Footwear 272,626 255,649 762,174 769,857 Total merchandise sales (2) 1,342,264 1,139,560 4,070,248 3,445,045 Other sales (3) 6,812 5,643 21,549 14,360 Net Sales $ 1,349,076 $ 1,145,203 $ 4,091,797 $ 3,459,405 (1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce (3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items. | |
Reconciliation of Gift Card Liability | The following is a reconciliation of the gift card liability (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Gift card liability, beginning balance $ 55,410 $ 50,631 $ 67,993 $ 66,153 Issued 14,910 19,382 47,524 63,883 Redeemed (17,861 ) (21,773 ) (61,574 ) (80,006 ) Recognized as breakage income (370 ) (585 ) (1,854 ) (2,375 ) Gift card liability, ending balance $ 52,089 $ 47,655 $ 52,089 $ 47,655 | |
New Academy Holding Company, LLC | ||
Disaggregation of Revenue | The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Merchandise division sales (1) Outdoors $ 1,522,985 $ 1,544,021 $ 1,583,183 Sports and recreation 859,868 900,347 939,464 Apparel 1,405,258 1,321,035 1,311,054 Footwear 1,021,603 997,692 986,887 Total merchandise sales (2) 4,809,714 4,763,095 4,820,588 Other sales (3) 20,183 20,798 14,994 Net sales $ 4,829,897 $ 4,783,893 $ 4,835,582 (1) Certain products and categories were recategorized amongst categories and divisions during 2019 in order to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions for 2018 and 2017 for comparability purposes. This reclassification is in presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce (3) Other sales consists primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items. | |
Reconciliation of Gift Card Liability | The following is a reconciliation of the gift card liability (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Gift card liability, beginning balance $ 66,153 $ 59,724 $ 51,493 Issued 134,839 153,429 147,004 Redeemed (128,638 ) (142,742 ) (134,580 ) Recognized as breakage income (4,361 ) (4,258 ) (4,193 ) Gift card liability, ending balance $ 67,993 $ 66,153 $ 59,724 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Schedule of Lond-term Debt | Our debt consisted of the following (amounts in thousands) as of: October 31, 2020 February 1, 2020 November 2, 2019 Senior Secured Asset-Based Revolving Credit Facility $ — $ — $ 44,300 Senior Secured Term Loan Facility, due July 2022 net of discount of $1.8 million, $2.6 million and $2.9 million, respectively 1,429,667 1,466,402 1,470,695 Total debt 1,429,667 1,466,402 1,514,995 Less current maturities (18,250 ) (34,116 ) (18,250 ) Less deferred loan costs (1) (2,532 ) (3,744 ) (4,136 ) Total long-term debt $ 1,408,885 $ 1,428,542 $ 1,492,609 (1) These costs are related to the 2015 Term Loan Facility. The following table provides further detail regarding these repurchases (amounts in millions): Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 Gross principal repurchased $ 23.9 $ 147.7 Reacquisition price of debt $ 16.0 $ 104.6 Net gain recognized $ 7.8 $ 42.3 | |
New Academy Holding Company, LLC | ||
Schedule of Lond-term Debt | Our debt consisted of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Senior Secured Asset-Based Revolving Credit Facility $ — $ — Senior Secured Term Loan Facility, due July 2022 net of discount of $2.6 million and $4.0 million, respectively 1,466,402 1,630,890 Total debt 1,466,402 1,630,890 Less current maturities (34,116 ) (68,305 ) Less deferred loan costs (1) (3,744 ) (5,830 ) Total long-term debt $ 1,428,542 $ 1,556,755 (1) These costs are related to the 2015 Term Loan Facility (as defined below). The following table provides further detail regarding these repurchases (amounts in millions): Fiscal Year Ended February 1, 2020 February 3, 2018 Gross principal repurchased $ 147.7 $ 26.2 Reacquisition price of debt $ 104.6 $ 19.7 Net gain recognized $ 42.3 $ 6.3 | |
Summary of Scheduled Principal Payment on Debt | As of February 1, 2020, scheduled principal payments on our debt are as follows (amounts in thousands): Fiscal Year 2020 $ 34,116 2021 18,250 2022 1,416,627 Total $ 1,468,993 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Summary of Interest Rate Swaps | A summary of our interest rate swaps is as follows (dollar amounts in thousands): Notional Amount Fixed Rate Effective Date Termination Date $ 250,000 (1) 2.21 % September 7, 2016 September 3, 2021 $ 250,000 1.54 % November 1, 2016 November 1, 2021 $ 400,000 2.54 % March 1, 2018 March 1, 2021 (1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3, 2017, 2018, 2019 and 2020, respectively. | |
Fair Value of Interest Rate Swaps | The fair value of these interest rate swaps is as follows (amounts in thousands) as of: October 31, 2020 February 1, 2020 November 2, 2019 Derivatives designated as hedging instruments Assets Amounts included in other current assets $ — $ — $ 190 Liabilities Amounts included in accrued expenses and other current liabilities 1,198 6,130 5,184 Amounts included in other long-term liabilities 136 1,976 2,501 Total derivatives designated as hedging instruments net liability $ (1,334 ) $ (8,106 ) $ (7,495 ) Derivatives not designated as hedging instruments Liabilities Amounts included in accrued expenses and other current liabilities $ 4,548 $ — $ — Total derivatives not designated as hedging instruments (4,548 ) — — Total derivatives net liability $ (5,882 ) $ (8,106 ) $ (7,495 ) | |
Impact of Gains and Losses Related to Interest Rate Swaps | The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into interest expense or other (income) expense, net is as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Accumulated Other Comprehensive Income (Loss), beginning $ (8,339 ) $ (6,284 ) $ (8,066 ) $ 8,448 Loss deferred into AOCI (net of tax impact of $53) (278 ) (1,317 ) (5,318 ) (14,459 ) Increase (decrease) to interest expense (net of tax impact of $221) 2,590 146 7,357 (1,444 ) Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330) 1,000 — 1,000 — Accumulated Other Comprehensive Income (Loss), ending $ (5,027 ) $ (7,455 ) $ (5,027 ) $ (7,455 ) | |
New Academy Holding Company, LLC | ||
Summary of Interest Rate Swaps | A summary of our interest rate swaps is as follows (dollar amounts in thousands): Notional Amount Fixed Rate Effective Date Termination Date $320,000 (1) 2.21% September 7, 2016 September 3, 2021 $250,000 1.54% November 1, 2016 November 1, 2021 $400,000 2.54% March 1, 2018 March 1, 2021 (1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3 of 2017, 2018, 2019 and 2020, respectively. | |
Fair Value of Interest Rate Swaps | The fair value of the interest rate swaps is as follows (amounts in thousands) as of: February 1, 2020 February 2, 2019 Assets Amounts included in other current assets $ — $ 3,386 Amounts included in other noncurrent assets — 5,355 Liabilities Amounts included in accrued expenses and other current liabilities 6,130 75 Amounts included in other long-term liabilities 1,976 258 Total swap net assets (liabilities) $ (8,106 ) $ 8,408 | |
Impact of Gains and Losses Related to Interest Rate Swaps | The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into interest expense is as follows (amounts in thousands): Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Gain (loss) deferred into AOCI $ (16,096 ) $ (2,625 ) $ 5,876 Increase (decrease) to interest expense $ (418 ) $ 1,106 $ 7,497 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Fair Value Measurements, Recurring and Nonrecurring | The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy October 31, 2020 February 1, 2020 November 2, 2019 Assets Interest rate swap Level 2 $ — $ — $ 190 Liabilities Interest rate swap Level 2 $ 5,882 $ 8,106 $ 7,685 | |
New Academy Holding Company, LLC | ||
Fair Value Measurements, Recurring and Nonrecurring | The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy February 1, 2020 February 2, 2019 Assets Interest rate swap Level 2 $ — $ 8,741 Liabilities Interest rate swap Level 2 $ 8,106 $ 333 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Property and Equipment | Property and equipment consists of the following (amounts in thousands) as of: October 31, February 1, November 2, Leasehold improvements $ 435,094 $ 436,807 $ 433,266 Equipment and software 543,147 537,364 527,845 Furniture and fixtures 317,371 316,420 314,909 Construction in progress 27,979 17,639 21,197 Land 3,698 3,698 3,698 Total property and equipment 1,327,289 1,311,928 1,300,915 Accumulated depreciation and amortization (944,669 ) (870,521 ) (846,509 ) Property and equipment, net $ 382,620 $ 441,407 $ 454,406 | |
New Academy Holding Company, LLC | ||
Property and Equipment | Property and equipment consists of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Leasehold improvements $ 436,807 $ 419,885 Equipment and software 537,364 496,089 Furniture and fixtures 316,420 304,784 Construction in progress and land 17,639 35,533 Land 3,698 3,698 Total property and equipment 1,311,928 1,259,989 Accumulated depreciation and amortization (870,521 ) (763,836 ) Property and equipment, net $ 441,407 $ 496,153 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Summary of Intangible Assets | Intangible assets consist of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Assets subject to amortization: Favorable lease rights, net $ — $ 15,067 Assets not subject to amortization: Trade name 577,000 577,000 Trade name and other intangible assets, net $ 577,000 $ 592,067 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: October 31, February 1, November 2, Accrued interest $ 6,996 $ 7,835 $ 3,261 Accrued personnel costs 72,995 54,065 41,237 Accrued professional fees 6,041 2,451 2,787 Accrued sales and use tax 18,590 12,651 18,041 Accrued self-insurance 13,136 14,107 13,912 Deferred revenue - gift cards and other 54,557 70,220 49,603 Income taxes payable 19,197 4,941 4,575 Interest rate swaps 5,746 6,129 5,184 Property taxes 49,679 16,919 50,066 Sales return allowance 5,000 5,500 5,500 Other 22,675 16,563 25,826 Accrued expenses and other current liabilities $ 274,612 $ 211,381 $ 219,992 | |
New Academy Holding Company, LLC | ||
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: February 1, 2020 February 2, 2019 Accrued personnel costs $ 54,065 $ 36,955 Accrued interest 7,835 3,574 Accrued sales and use tax 12,651 7,521 Accrued self-insurance 14,107 14,632 Property taxes 16,919 16,941 Deferred revenue—gift cards and other 70,220 67,527 Sales return allowance 5,500 5,800 Other 30,084 31,191 Accrued expenses and other current liabilities $ 211,381 $ 184,141 |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Assumptions and Grant Date Fair Values for Options Granted | The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 31, 2020: Expected life in years 6.2 Expected volatility 53% to 54 % Weighted-average volatility 53 % Risk-free interest rate 0.39% to 0.76 % Dividend yield — | |
Summary of Service-Based Unit Options | The following table presents the Award grants during the thirty-nine weeks ended October 31, 2020: Service Service Liquidity Performance Number of shares (1) 1,417,961 11,564 1,185,474 12,772 Weighted average grant date fair value per Award $ 8.48 $ 17.30 $ 17.99 $ 13.04 Weighted average exercise price per Award $ 16.87 N/A N/A N/A (1) See Retrospective Presentation of Ownership Exchange in Note 2. | |
Unrecognized Compensation Cost | The following table presents the unrecognized compensation cost as of October 31, 2020: Service Performance Service Liquidity Performance Remaining expense $ 18,952,974 $ 883,794 $ 68,493 $ 18,037,924 $ 159,999 Weighted average life remaining in years 2.7 2.3 0.4 2.1 1.6 | |
New Academy Holding Company, LLC | ||
Assumptions and Grant Date Fair Values for Options Granted | The following table presents the assumptions and grant date fair values for Service Options and Performance Options granted in 2019, 2018 and 2017: Fiscal Year Ended February 1, 2020 February 2, 2019 February 3, 2018 Expected life in years 6.2 6.2 6.2 Expected volatility 52% 50% to 55% 52% to 57% Weighted-average volatility 52.0% 54.1% 53.1% Risk-free interest rate 1.4% to 2.5% 2.6% to 2.9% 1.8% to 2.2% Dividend yield — — — Weighted-average grant date fair value - Service Options $2.75 $2.85 $3.10 Weighted-average grant date fair value - Performance Options $2.74 $2.84 $3.11 | |
Summary of Service-Based Unit Options | Service-Based Unit Options (1) Unit Weighted Weighted Aggregate Outstanding as of January 28, 2017 12,049,440 $ 3.66 6.2 $ 30,857 Granted or modified 4,126,204 5.92 Canceled or modified (533,211 ) 5.83 Forfeited (1,301,531 ) 6.00 Exercised — — Outstanding as of February 3, 2018 14,340,902 $ 4.02 6.0 $ 18,415 Granted or modified 9,654,571 5.29 Canceled or modified (5,898,381 ) 5.99 Forfeited (2,486,813 ) 5.52 Exercised — — Outstanding as of February 2, 2019 15,610,279 $ 3.82 5.7 $ 33,157 Granted or modified 4,365,143 5.27 Canceled or modified (601,974 ) 4.60 Forfeited (1,133,977 ) 5.23 Exercised — — Outstanding as of February 1, 2020 (2) 18,239,471 $ 4.05 5.5 $ 28,855 Exercisable as of February 1, 2020 11,225,459 $ 3.29 3.6 $ 26,584 (1) The fair value of a membership unit as of each period end was $6.07, $4.40, $5.91, $5.59, for the fiscal years ended 2016, 2017, 2018, and 2019, respectively. (2) The Company has elected to recognize forfeitures as they occur. Therefore, the number of awards vested and expected to vest is equal to the awards outstanding. | |
Summary of Performance-Based Unit Options | Performance-Based Unit Options (1) Unit Weighted Weighted Aggregate Outstanding as of January 28, 2017 9,959,420 $ 3.14 5.5 $ 31,031 Granted or modified 1,232,128 5.95 Canceled or modified (436,759 ) 5.71 Forfeited (852,432 ) 6.48 Exercised — — Outstanding as of February 3, 2018 9,902,357 $ 3.09 4.8 $ 18,658 Granted or modified 3,272,337 5.29 Canceled or modified (2,258,138 ) 5.86 Forfeited (1,231,868 ) 5.59 Exercised — — Outstanding as of February 2, 2019 9,684,688 $ 2.86 4.1 $ 29,960 Granted or modified 1,335,436 5.27 Canceled or modified (228,718 ) 3.90 Forfeited (563,830 ) 5.27 Exercised — — Outstanding as of February 1, 2020 (2) 10,227,576 $ 3.02 3.6 $ 26,838 Exercisable as of February 1, 2020 7,760,964 $ 2.31 2.0 $ 26,061 (1) The fair value of a membership unit as of each period end was $6.07, $4.40, $5.91, $5.59, for the fiscal years ended 2016, 2017, 2018, and 2019, respectively. (2) The Company has elected to recognize forfeitures as they occur. Therefore, the number of awards vested and expected to vest is equal to the awards outstanding. | |
Summary of Restricted Unit Activity | Restricted Unit activity is as follows: Restricted Units Units Weighted Non-vested 1,374,348 $ 6.00 Granted 29,022 6.03 Vested (8,238 ) 6.07 Non-vested 1,395,132 $ 6.00 Granted 2,769,316 5.34 Vested (34,704 ) 5.90 Forfeited (782,295 ) 5.79 Non-vested 3,347,449 $ 5.50 Granted 180,610 5.26 Vested (57,363 ) 5.26 Forfeited (141,510 ) $ 5.30 Non-vested 3,329,186 $ 5.50 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Earnings Per Common Share | Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (dollar and share amounts in thousands except per share amounts): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Net income $ 59,586 $ 28,552 $ 217,242 $ 102,305 Weighted average common shares outstanding - basic (1) 76,771 72,484 73,908 72,480 Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1) 6 6 9 9 Dilutive effect of Performance Restricted Units, Liquidity Event Restricted Units and Performance Restricted Stock Units (1) 1,423 — 991 — Dilutive effect of Service Options (1) 1,081 1,271 871 824 Dilutive effect of Performance Unit Options and Performance Stock Options (1) 1,433 1,440 1,392 1,453 Weighted average common shares outstanding - diluted (1) 80,714 75,201 77,171 74,766 Earnings per common share - basic $ 0.78 $ 0.39 $ 2.94 $ 1.41 Earnings per common share - diluted $ 0.74 $ 0.38 $ 2.82 $ 1.37 Anti-dilutive stock-based awards excluded from diluted calculation (1) 4,460 4,153 1,648 578 (1) See Retrospective Presentation of Ownership Exchange in Note 2. | |
New Academy Holding Company, LLC | ||
Earnings Per Common Share | Basic and dilutive units outstanding are calculated as follows (dollar amounts in thousands except per unit amounts): Fiscal Year Ended February 1, February 2, February 3, Net income $ 120,043 $ 21,442 $ 58,501 Weighed average units outstanding - basic 228,303,750 228,160,508 227,942,148 Dilutive effect of Restricted Units 35,376 51,417 19,608 Dilutive effect of Service Options 2,886,601 4,036,699 4,062,335 Dilutive effect of Performance 4,383,391 4,625,349 4,780,630 Weighed average units outstanding - diluted 235,609,118 236,873,973 236,804,721 Earnings per unit - basic $ 0.53 $ 0.09 $ 0.26 Earnings per unit - diluted $ 0.51 $ 0.09 $ 0.25 Anti-dilutive stock-based awards excluded form diluted calculation 1,833,855 7,485,706 10,150,627 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Schedule of Provision for Income Taxes | The components of the income tax expense (benefit) are as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Current tax expense: Federal $ 8,369 $ — $ 8,369 $ — State 2,168 575 3,656 2,135 Foreign 9 13 39 25 Total current tax expense 10,546 588 12,064 2,160 Deferred tax expense: Federal (10,024 ) — (10,024 ) — State (1,715 ) (59 ) (1,715 ) (223 ) Foreign — (23 ) — (23 ) Total deferred tax benefit (11,739 ) (82 ) (11,739 ) (246 ) Total tax expense (benefit) $ (1,193 ) $ 506 $ 325 $ 1,914 | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Federal income tax at the statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 0.8 1.8 0.9 1.8 Effect of pre-IPO (23.1 ) (21.0 ) (21.6 ) (21.0 ) Effect of permanent items (0.7 ) — (0.2 ) 0.0 Other, including foreign 0.0 — 0.0 0.0 Effective income tax rate (2.0 )% 1.8 % 0.1 % 1.8 % | |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities consist of the following: October 31, February 1, November 2, Deferred tax assets: Other $ 127 $ 220 $ 764 Total deferred tax assets 127 220 764 Deferred tax liabilities: Investment in NAHC (132,828 ) — — Total deferred tax liabilities (132,828 ) — — Net deferred tax asset (liability) $ (132,701 ) $ 220 $ 764 | |
New Academy Holding Company, LLC | ||
Schedule of Provision for Income Taxes | The income tax provision consists of the following (amounts in thousands) as of: Fiscal Year Ended February 1, February 2, February 3, Current expense: U.S. Federal $ — $ — $ — U.S. State 2,501 2,412 2,580 Foreign 19 33 54 Total current expense 2,520 2,445 2,634 Deferred expense (benefit): U.S. Federal — — — U.S. State 318 (514 ) 145 Foreign (21 ) 20 2 Change in valuation allowance — — — Total deferred expense (benefit) 297 (494 ) 147 Income tax expense $ 2,817 $ 1,951 $ 2,781 | |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amounts computed by applying the federal statutory rate (dollar amounts in thousands) as follows: Fiscal Year Ended February 1, February 2, February 3, Income before income taxes $ 122,860 $ 23,393 $ 61,282 Tax at federal statutory rate (21% for 2019, 21% for 2018 and 33.8% for 2017) 25,801 4,913 20,731 Increase in tax expense resulting from: State income tax 2,818 1,898 2,725 Foreign tax (1 ) 53 56 Effect of rates due to pass through entities (25,801 ) (4,913 ) (20,731 ) Income tax expense $ 2,817 $ 1,951 $ 2,781 Effective income tax rate 2.3 % 8.3 % 4.5 % | |
Schedule of Deferred Tax Assets and Liabilities | The components that give rise to significant portions of the net deferred tax assets and liabilities are presented below (amounts in thousands) as of: February 1, February 2, Deferred tax assets: Tax credits $ 2,749 $ 2,741 Other 944 985 Total gross deferred tax assets 3,693 3,726 Deferred tax liabilities: Intangibles and depreciation 2,760 2,767 Inventories and other 713 442 Total gross deferred tax liabilities 3,473 3,209 Net deferred tax asset $ 220 $ 517 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Components of Lease Expense and Sublease Income | The components of lease expense and sublease income included in selling, general and administrative (“SG&A”) expenses on our statement of income is as follows (amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Operating lease expense $ 49,272 $ 49,159 $ 147,528 $ 146,039 Short-term lease expense — — — — Variable lease expense 1,709 1,956 3,527 5,805 Sublease income (115 ) (403 ) (641 ) (1,205 ) Net lease expense $ 50,866 $ 50,712 $ 150,414 $ 150,639 Information about our operating leases is as follows (dollar amounts in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 2, October 31, November 2, Right-of-use $ 13,477 $ 32,520 $ 84,595 $ 55,562 Cash paid for amounts included in the measurement of lease liabilities $ 48,092 $ 48,283 $ 130,274 $ 143,848 October 31, November 2, Weighted-average remaining lease term in years 11.2 10.9 Weighted-average incremental borrowing rate 9.09 % 8.88 % | |
Remaining Maturities of Lease Liabilities | The remaining maturities of lease liabilities by fiscal year are as follows (amounts in thousands): October 31, 2020 $ 48,759 2021 196,666 2022 194,316 2023 186,750 2024 178,462 2025 172,512 After 2025 1,051,915 Total payments (1) 2,029,380 Less: Interest (778,599 ) Present value of lease liabilities $ 1,250,781 (1) Minimum lease payments have not been reduced by sublease rentals of $1.9 million as of October 31, 2020 due in the future under non-cancelable | |
New Academy Holding Company, LLC | ||
Summary of Balance Sheet Impact of Implementation of New Lease Standard Upon Adoption | The following table reflects the balance sheet impact of the implementation of the New Lease Standard upon adoption (amounts in thousands): As of Adoption As of Assets: Prepaid expenses and other current assets (1) $ 39,937 $ (15,778 ) $ 24,159 Right-of-use — 1,173,741 1,173,741 Trade name and other intangible assets, net (1) 592,067 (15,067 ) 577,000 Other noncurrent assets (1)(2) 21,545 (2,826 ) 18,719 Liabilities and Partners’ Equity: Current lease liabilities — 84,849 84,849 Long-term lease liabilities — 1,154,697 1,154,697 Other long-term liabilities (1) (2) 122,795 (104,551 ) 18,244 Retained earnings (2) $ 553,282 $ 5,075 $ 558,357 (1) The difference between the additional lease assets and lease liabilities relates to certain prepaid or deferred rents, lease incentives and purchase accounting related fair market value lease adjustments which were adjusted out of the accounts above and were netted into the right-of-use (2) As of February 2, 2019 we had a deferred loss in other noncurrent assets and deferred gain in other long-term liabilities related to previous sale-leaseback transactions, which upon transition resulted in a cumulative-effect adjustment to retained earnings. | |
Components of Lease Expense and Sublease Income | The components of lease expense and sublease income included in selling, general and administrative, or SG&A, expenses on our statement of income is as follows (amounts in thousands): Fiscal year ended February 1, 2020 Operating lease expense $ 195,301 Short-term lease expense — Variable lease expense 7,736 Sublease income (1,591 ) Net lease expense $ 201,446 Information about our operating leases is as follows (dollar amounts in thousands): Fiscal year ended February 1, 2020 Right-of-use $ 57,383 Cash paid for amounts included in the measurement of lease liabilities $ 192,849 As of Weighted-average remaining lease term in years 10.7 Weighted-average incremental borrowing rate 8.89 % | |
Remaining Maturities of Lease Liabilities | The remaining maturities of lease liabilities by fiscal year as of February 1, 2020 are as follows (amounts in thousands): 2020 $ 196,088 2021 195,323 2022 190,609 2023 181,499 2024 171,720 2025 164,071 After 2025 834,644 Total lease payments (1) 1,933,954 Less: Interest (715,729 ) Present value of lease liabilities $ 1,218,225 (1) Minimum lease payments have not been reduced by sublease rentals of $1.6 million due in the future under non-cancelable | |
Summary of Future Minimum Payments Under Operating Lease Obligations | Future minimum payments determined under the previous accounting standards for operating lease obligations, including committed leases that had not yet commenced, as of February 2, 2019, were as follows (in thousands): 2019 $ 192,632 2020 193,878 2021 192,610 2022 188,048 2023 177,750 Thereafter 1,172,506 Total minimum lease payments (1) 2,117,424 Lease minimum sublease income (7,719 ) Net minimum lease payments $ 2,109,705 (1) Minimum lease payments have not been reduced by sublease rentals of $7.7 million due in the future under non-cancelable |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Schedule of Valuation And Qualifying Accounts | (amounts in thousands) Balance at Charged Deductions Balance February 1, 2020: Allowance for doubtful accounts $ 3,008 $ 499 $ (232 ) (1) $ 3,275 Sales return allowance 5,800 9,400 (2) (9,700 ) (2) 5,500 Inventory shrink adjustments 19,271 62,975 (69,355 ) (3) 12,891 Self-insurance reserves 22,807 61,220 (61,598 ) (4) 22,429 February 2, 2019: Allowance for doubtful accounts $ 2,616 $ 1,020 $ (628 ) (1) $ 3,008 Sales return allowance 6,500 9,400 (2) (10,100 ) (2) 5,800 Inventory shrink adjustments 14,683 69,047 (64,459 ) (3) 19,271 Self-insurance reserves 19,942 62,000 (59,135 ) (4) 22,807 February 3, 2018: Allowance for doubtful accounts $ 3,410 $ 1,900 $ (2,694 ) (1) $ 2,616 Sales return allowance 6,100 9,100 (2) (8,700 ) (2) 6,500 Inventory shrink adjustments 5,976 93,248 (84,541 ) (3) 14,683 Self-insurance reserves 18,027 67,419 (65,504 ) (4) 19,942 (1) Represents write-offs to the reserve. (2) Represents the monthly increase (decrease) in the required reserve based on the Company’s evaluation of anticipated merchandise returns. (3) Represents the actual inventory shrinkage experienced at the time of physical inventories. (4) Represents claim payments for self-insured claims. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
New Academy Holding Company, LLC | |
Schedule of Quarterly Financial Information | (amounts in thousands) 1st 2nd 3rd 4th 2019: Net sales $ 1,076,792 $ 1,237,410 $ 1,145,203 $ 1,370,492 Gross margin 312,996 385,204 362,422 370,532 Selling, general and administrative expenses 301,602 312,570 309,246 328,315 Operating income 11,394 72,634 53,176 42,217 Interest expense, net 27,037 25,549 24,585 24,136 Gain on early retirement of debt, net (41,138 ) (1,127 ) — — Net income $ 25,406 $ 48,347 $ 28,552 $ 17,738 2018: Net sales $ 1,119,480 $ 1,262,207 $ 1,060,188 $ 1,342,018 Gross margin 320,356 387,130 328,333 332,133 Selling, general and administrative expenses 295,278 317,164 300,195 326,365 Operating income 25,078 69,966 28,138 5,768 Interest expense, net 26,795 27,173 27,076 27,608 Net income (loss) $ (976 ) $ 42,103 $ 1,773 $ (21,458 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 06, 2020USD ($)$ / sharesshares | Oct. 31, 2020LocationStateDistributionCenter$ / shares | Jun. 30, 2020$ / shares | Feb. 01, 2020LocationStateDistributionCenter |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of retail locations | Location | 259 | |||
Number of states | State | 16 | |||
Number of distribution centers | DistributionCenter | 3 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Stock issuance costs | $ | $ 6.1 | |||
Conversion ratio | 3.15 | |||
IPO | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of shares issued in transaction (in shares) | shares | 15,625,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Price per share (in dollars per share) | 12.22 | |||
Offering price, net of underwriting discounts (in dollars per share) | $ 13 | |||
Net proceeds from sale of stock | $ | $ 184.9 | |||
KKR | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock issuance costs | $ | $ 2.7 | |||
Affiliates of KKR | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership interest | 69.90% | |||
New Academy Holding Company, LLC | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of retail locations | Location | 259 | |||
Number of states | State | 16 | |||
Number of distribution centers | DistributionCenter | 3 | |||
Ownership interest | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 06, 2020 | Aug. 28, 2020USD ($) | Oct. 31, 2020USD ($)$ / sharesshares | Nov. 02, 2019USD ($) | Oct. 31, 2020USD ($)$ / sharesshares | Nov. 02, 2019USD ($) | Feb. 01, 2020USD ($)Vendor$ / sharesshares | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jun. 30, 2020$ / sharesshares |
Accounting Policies [Abstract] | ||||||||||
Distribution | $ 257,000 | $ 257,000 | ||||||||
Reclassifications of Temporary to Partner's Equity | $ 2,977 | $ 14,930 | ||||||||
Capitalized interest amount | 100 | 200 | 400 | $ 500 | ||||||
Income tax expense | $ (1,193) | $ 506 | $ 325 | $ 1,914 | ||||||
Conversion ratio | 3.15 | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common stock, authorized (in shares) | shares | 300,000,000 | 300,000,000 | 1,000 | |||||||
New Academy Holding Company, LLC | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Pro forma Tax Expense, percentage | 24.50% | |||||||||
Distribution | $ 257,000 | $ 257,000 | ||||||||
Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions | shares | 72,477,381 | |||||||||
Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions | shares | 74,796,545 | |||||||||
Adjustment to weighted average shares of common stock outstanding related to the Distribution | shares | 10,535,154 | |||||||||
Share Price | $ / shares | $ 13 | |||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||
Reclassifications of Temporary to Partner's Equity | $ 14,929 | |||||||||
Capitalized interest amount | 600 | $ 1,300 | $ 1,400 | |||||||
Impaired assets | 1,408 | 2,477 | ||||||||
Impairment of goodwill | 0 | 0 | 0 | |||||||
Advertising expense | 142,300 | 139,100 | 140,800 | |||||||
Pre-opening costs | 3,200 | 3,400 | 10,800 | |||||||
Company loans | 4,000 | 4,100 | ||||||||
Income tax expense | 2,817 | 1,951 | 2,781 | |||||||
Additional lease | 1,200,000 | |||||||||
Finance lease right of use asset | 1,200,000 | |||||||||
Increase in retained earnings | 5,100 | |||||||||
New Academy Holding Company, LLC | Property and Equipment | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Capitalized computer software | $ 12,900 | $ 13,800 | $ 21,000 | |||||||
New Academy Holding Company, LLC | Customer Concentration Risk | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Number Of Vendors | Vendor | 1,300 | |||||||||
Concentration Risk, Supplier, Purchases | 14.00% | 13.00% | 14.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Unaudited basic and diluted pro forma net income per share (Detail) - New Academy Holding Company, LLC $ / shares in Units, $ in Thousands | 12 Months Ended |
Feb. 01, 2020USD ($)$ / sharesshares | |
Pro forma, net income per share, Basic | |
Pro forma net income | $ | $ 89,942 |
Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions | 72,477,381 |
Adjustment to weighted average shares of common stock outstanding related to the Distribution | 10,535,154 |
Pro forma weighted average shares of common stock outstanding | 83,012,535 |
Pro forma net income per share | $ / shares | $ 1.08 |
Pro forma, net income per share, Diluted | |
Pro forma net income | $ | $ 89,942 |
Weighted average shares of common stock outstanding after giving effect to the Reorganization Transactions , Diluted | 74,796,545 |
Adjustment to weighted average shares of common stock outstanding related to the Distribution, Diluted | 10,535,154 |
Pro forma weighted average shares of common stock outstanding , Diluted | 85,331,699 |
Pro forma net income per share, Diluted | $ / shares | $ 1.05 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property Plant and Equipment Useful Life (Detail) - New Academy Holding Company, LLC | 12 Months Ended |
Feb. 01, 2020 | |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | Lesser of asset useful life or lease term |
Software and Computer Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 2 years |
Software and Computer Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 5 years |
Other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 5 years |
Other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 10 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 7 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 10 years |
Net Sales - Disaggregation of R
Net Sales - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 1,349,076 | $ 1,145,203 | $ 4,091,797 | $ 3,459,405 | |||
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | E-Commerce | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Percentage of sales | 7.50% | 4.50% | 9.80% | 3.80% | |||
Outdoors | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 487,401 | $ 364,944 | $ 1,448,987 | $ 1,002,138 | |||
Sports and recreation | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 263,506 | 196,592 | 919,699 | 721,665 | |||
Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 318,731 | 322,375 | 939,388 | 951,385 | |||
Footwear | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 272,626 | 255,649 | 762,174 | 769,857 | |||
Total Merchandise | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 1,342,264 | 1,139,560 | 4,070,248 | 3,445,045 | |||
Other sales | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 6,812 | $ 5,643 | $ 21,549 | $ 14,360 | |||
New Academy Holding Company, LLC | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 4,829,897 | $ 4,783,893 | $ 4,835,582 | ||||
New Academy Holding Company, LLC | Customer Concentration Risk | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Percentage of sales | 14.00% | 13.00% | 14.00% | ||||
New Academy Holding Company, LLC | Customer Concentration Risk | Revenue from Contract with Customer Benchmark | E-Commerce | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Percentage of sales | 5.10% | 4.90% | 4.00% | ||||
New Academy Holding Company, LLC | Outdoors | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 1,522,985 | $ 1,544,021 | $ 1,583,183 | ||||
New Academy Holding Company, LLC | Sports and recreation | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 859,868 | 900,347 | 939,464 | ||||
New Academy Holding Company, LLC | Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 1,405,258 | 1,321,035 | 1,311,054 | ||||
New Academy Holding Company, LLC | Footwear | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 1,021,603 | 997,692 | 986,887 | ||||
New Academy Holding Company, LLC | Total Merchandise | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | 4,809,714 | 4,763,095 | 4,820,588 | ||||
New Academy Holding Company, LLC | Other sales | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net Sales | $ 20,183 | $ 20,798 | $ 14,994 |
Net Sales - Gift Card Liability
Net Sales - Gift Card Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Gift card liability, beginning balance | $ 55,410 | $ 50,631 | $ 67,993 | $ 66,153 | $ 66,153 | ||
Issued | 14,910 | 19,382 | 47,524 | 63,883 | |||
Gift card liability, ending balance | 52,089 | 47,655 | 52,089 | 47,655 | 67,993 | $ 66,153 | |
Total Merchandise | |||||||
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Redeemed and recognized as breakage income | (17,861) | (21,773) | (61,574) | (80,006) | |||
Other sales | |||||||
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Redeemed and recognized as breakage income | $ (370) | $ (585) | (1,854) | (2,375) | |||
New Academy Holding Company, LLC | |||||||
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Gift card liability, beginning balance | $ 67,993 | $ 66,153 | 66,153 | 59,724 | $ 51,493 | ||
Issued | 134,839 | 153,429 | 147,004 | ||||
Gift card liability, ending balance | 67,993 | 66,153 | 59,724 | ||||
New Academy Holding Company, LLC | Total Merchandise | |||||||
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Redeemed and recognized as breakage income | (128,638) | (142,742) | (134,580) | ||||
New Academy Holding Company, LLC | Other sales | |||||||
Change in Contract with Customer, Liability [Roll Forward] | |||||||
Redeemed and recognized as breakage income | $ (4,361) | $ (4,258) | $ (4,193) |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Debt Instrument [Line Items] | ||||
Total debt | $ 1,429,667 | $ 1,466,402 | $ 1,514,995 | |
Less current maturities | (18,250) | (34,116) | (18,250) | |
Less deferred loan costs | (2,532) | (3,744) | (4,136) | |
Total long-term debt | 1,408,885 | 1,428,542 | 1,492,609 | |
Secured Debt | 2015 Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,429,667 | 1,466,402 | 1,470,695 | |
Debt discount | 1,800 | 2,600 | 2,900 | |
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 0 | $ 44,300 | |
New Academy Holding Company, LLC | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,466,402 | $ 1,630,890 | ||
Less current maturities | (34,116) | (68,305) | ||
Less deferred loan costs | (3,744) | (5,830) | ||
Total long-term debt | 1,428,542 | 1,556,755 | ||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,466,402 | 1,630,890 | ||
Debt discount | $ 2,600 | $ 4,000 |
Long-Term Debt - 2015 Term Loan
Long-Term Debt - 2015 Term Loan Facility (Detail) - USD ($) | May 22, 2018 | Jul. 02, 2015 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 03, 2018 | Feb. 02, 2019 |
Debt Instrument [Line Items] | |||||||
Deferred loan costs | $ 2,532,000 | $ 4,136,000 | $ 3,744,000 | ||||
Outstanding letters of credit | $ 30,800,000 | ||||||
Secured Debt | 2015 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 7 years | ||||||
Debt face amount | $ 1,800,000,000 | ||||||
Quarterly principal payments | $ 4,600,000 | ||||||
Weighted average interest rate | 5.00% | ||||||
Gross principal repurchased | $ 23,900,000 | 147,700,000 | |||||
Reacquisition price of debt | 16,000,000 | 104,600,000 | |||||
Net gain recognized | 7,800,000 | $ 42,300,000 | |||||
Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate floor | 1.00% | ||||||
Basis spread on variable rate | 4.00% | ||||||
Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Secured Debt | 2015 Term Loan Facility | Federal funds rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Secured Debt | 2015 Term Loan Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
New Academy Holding Company, LLC | |||||||
Debt Instrument [Line Items] | |||||||
Deferred loan costs | 3,744,000 | $ 5,830,000 | |||||
Amortization of deferred loan costs | 2,600,000 | $ 3,200,000 | 3,000,000 | ||||
Outstanding letters of credit | 17,700,000 | ||||||
Borrowings outstanding | 1,468,993,000,000 | ||||||
New Academy Holding Company, LLC | 2015 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Net of discount long term debt | $ 9,100,000 | ||||||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 7 years | ||||||
Debt face amount | $ 1,800,000,000 | ||||||
Quarterly principal payments | $ 4,600,000 | ||||||
Weighted average interest rate | 5.77% | ||||||
Prepayment of loan due | $ 15,900,000 | ||||||
Gross principal repurchased | 147,700,000 | 26,200,000 | |||||
Reacquisition price of debt | 104,600,000 | 19,700,000 | |||||
Net gain recognized | $ 42,300,000 | $ 6,300,000 | |||||
Debt instrument, guarantee, percent of capital stock pledged | 100.00% | ||||||
Debt Instrument, Guarantee, Percent Of Voting Capital Stock Pledged | 6600.00% | ||||||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate floor | 1.00% | ||||||
Basis spread on variable rate | 4.00% | ||||||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | Federal funds rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
New Academy Holding Company, LLC | Secured Debt | 2015 Term Loan Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | ||||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 650,000,000 | |||||
Springing maturity clause period | 91 days | ||||||
Credit facility increase limit | $ 250,000,000 | ||||||
Borrowings outstanding | 0 | ||||||
Remaining borrowing capacity | 844,700,000 | ||||||
Unused commitment fee, percentage | 0.25% | ||||||
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Federal funds rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Revolving Credit Facility | Minimum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
Revolving Credit Facility | Minimum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Revolving Credit Facility | Maximum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Revolving Credit Facility | Maximum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.75% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | ||||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 650,000,000 | |||||
Springing maturity clause period | 91 days | ||||||
Professional fees | $ 2,800,000 | ||||||
Deferred loan costs write off | 100,000 | ||||||
Credit facility increase limit | $ 250,000,000 | ||||||
Borrowings outstanding | $ 0 | ||||||
Remaining borrowing capacity | 827,400,000 | ||||||
Unused commitment fee, percentage | 0.25% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Federal funds rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Minimum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Minimum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Maximum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, One | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Revolving Credit Facility | New Academy Holding Company, LLC | Maximum | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Base Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.75% | ||||||
Letter of Credit | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit | $ 21,100,000 | ||||||
Letter of Credit | New Academy Holding Company, LLC | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit | 15,900,000 | ||||||
Letter of Credit | New Academy Holding Company, LLC | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | LIBOR Rate | Variable Rate Component, Two | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Other Non current Assets [Member] | New Academy Holding Company, LLC | |||||||
Debt Instrument [Line Items] | |||||||
Deferred loan costs | $ 3,400,000 | $ 4,500,000 |
Long-Term Debt - Summary of Sch
Long-Term Debt - Summary of Scheduled Principal Payment on Debt (Detail) - New Academy Holding Company, LLC $ in Millions | Feb. 01, 2020USD ($) |
2020 | $ 34,116 |
2021 | 18,250 |
2022 | 1,416,627 |
Total | $ 1,468,993 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Interest Rate Swaps (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Sep. 03, 2020 | Feb. 01, 2020 | Sep. 03, 2019 | Sep. 03, 2018 | Sep. 03, 2017 | Sep. 03, 2016 |
Interest rate swap, effective September 7, 2016 | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | $ 250,000 | $ 320,000 | $ 430,000 | $ 525,000 | $ 600,000 | |
Fixed Rate | 2.21% | ||||||
Interest rate swap, effective September 7, 2016 | New Academy Holding Company, LLC | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | $ 320,000 | $ 320,000 | $ 430,000 | $ 525,000 | $ 600,000 | |
Fixed Rate | 2.21% | ||||||
Interest rate swap, effective November 1, 2016 | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | ||||||
Fixed Rate | 1.54% | ||||||
Interest rate swap, effective November 1, 2016 | New Academy Holding Company, LLC | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | ||||||
Fixed Rate | 1.54% | ||||||
Interest rate swap, effective March 1, 2018 | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 400,000 | ||||||
Fixed Rate | 2.54% | ||||||
Interest rate swap, effective March 1, 2018 | New Academy Holding Company, LLC | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 400,000 | ||||||
Fixed Rate | 2.54% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Interest Rate Swaps (Parenthetical) (Detail) - Interest rate swap, effective September 7, 2016 - USD ($) $ in Thousands | Oct. 31, 2020 | Sep. 03, 2020 | Feb. 01, 2020 | Sep. 03, 2019 | Sep. 03, 2018 | Sep. 03, 2017 | Sep. 03, 2016 |
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | $ 250,000 | $ 320,000 | $ 430,000 | $ 525,000 | $ 600,000 | |
New Academy Holding Company, LLC | |||||||
Derivative [Line Items] | |||||||
Notional Amount | $ 250,000 | $ 320,000 | $ 320,000 | $ 430,000 | $ 525,000 | $ 600,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value of Interest Rate Swaps (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Derivative [Line Items] | ||||
Total derivatives net liability | $ (5,882) | $ (8,106) | $ (7,495) | |
New Academy Holding Company, LLC | ||||
Derivative [Line Items] | ||||
Total derivatives net liability | (8,106) | $ 8,408 | ||
Interest rate swaps | Other current assets | New Academy Holding Company, LLC | ||||
Derivative [Line Items] | ||||
Assets | 0 | 3,386 | ||
Interest rate swaps | Accrued expenses and other current liabilities | New Academy Holding Company, LLC | ||||
Derivative [Line Items] | ||||
Liabilities | 6,130 | 75 | ||
Interest rate swaps | Other long-term liabilities | New Academy Holding Company, LLC | ||||
Derivative [Line Items] | ||||
Liabilities | 1,976 | 258 | ||
Interest rate swaps | Other Non current Assets [Member] | New Academy Holding Company, LLC | ||||
Derivative [Line Items] | ||||
Assets | 0 | $ 5,355 | ||
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Total derivatives net liability | (1,334) | (8,106) | (7,495) | |
Designated as Hedging Instrument | Interest rate swaps | Other current assets | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | 190 | |
Designated as Hedging Instrument | Interest rate swaps | Accrued expenses and other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 1,198 | 6,130 | 5,184 | |
Designated as Hedging Instrument | Interest rate swaps | Other long-term liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 136 | 1,976 | 2,501 | |
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Total derivatives net liability | (4,548) | 0 | 0 | |
Not Designated as Hedging Instrument | Interest rate swaps | Accrued expenses and other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | $ 4,548 | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Oct. 28, 2020 | |
Derivative [Line Items] | |||||||||||
Losses in AOCI to be reclassified during the next twelve months | $ 4,600 | $ 4,600 | |||||||||
Loss on swaps from debt refinancing | 1,330 | 1,330 | |||||||||
Recognized interest expense on interest rate swaps | (2,590) | $ (2,874) | $ (1,893) | $ (146) | $ 708 | $ 882 | |||||
New Academy Holding Company, LLC | |||||||||||
Derivative [Line Items] | |||||||||||
Losses in AOCI to be reclassified during the next twelve months | $ 6,700 | ||||||||||
Recognized interest expense on interest rate swaps | $ 418 | $ (1,106) | $ (7,497) | ||||||||
Interest rate swaps | |||||||||||
Derivative [Line Items] | |||||||||||
Loss on swaps from debt refinancing | 1,300 | ||||||||||
Recognized interest expense on interest rate swaps | 4,000 | ||||||||||
Interest rate swaps | Not Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Notional Amount | 650,000 | 650,000 | $ 100,000 | ||||||||
Interest rate swaps | Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Notional Amount | $ 250,000 | $ 250,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Impact of Gains and Losses Related to Interest Rate Swaps (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Partners' Equity, beginning balance | $ 1,149,096 | $ 977,571 | $ 988,219 | $ 925,302 | $ 885,150 | $ 857,039 | $ 988,219 | $ 857,039 | $ 857,039 | ||
Gain (loss) deferred into AOCI | (278) | (606) | (4,434) | (1,317) | (9,632) | (3,510) | |||||
Increase (decrease) to interest expense | (2,590) | (2,874) | (1,893) | (146) | 708 | 882 | |||||
Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330) | 1,000 | ||||||||||
Partners' Equity, ending balance | 1,149,096 | 977,571 | 969,083 | 925,302 | 885,150 | 969,083 | 988,219 | $ 857,039 | |||
New Academy Holding Company, LLC | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Partners' Equity, beginning balance | 988,219 | 857,039 | 988,219 | 857,039 | 857,039 | 832,687 | $ 756,262 | ||||
Gain (loss) deferred into AOCI | (16,096) | (2,625) | 5,876 | ||||||||
Increase (decrease) to interest expense | 418 | (1,106) | (7,497) | ||||||||
Partners' Equity, ending balance | 988,219 | 857,039 | 832,687 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Partners' Equity, beginning balance | (8,339) | (10,607) | (8,066) | (6,284) | 4,056 | 8,448 | (8,066) | 8,448 | 8,448 | ||
Gain (loss) deferred into AOCI | (278) | (606) | (4,434) | (1,317) | (9,632) | (3,510) | |||||
Increase (decrease) to interest expense | (2,590) | (2,874) | (1,893) | (146) | 708 | 882 | |||||
Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330) | 1,000 | ||||||||||
Partners' Equity, ending balance | (5,027) | $ (8,339) | (10,607) | (7,455) | $ (6,284) | 4,056 | (5,027) | (7,455) | (8,066) | 8,448 | |
Accumulated Other Comprehensive Income (Loss) | New Academy Holding Company, LLC | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Partners' Equity, beginning balance | $ (8,066) | $ 8,448 | (8,066) | 8,448 | 8,448 | 9,967 | (3,406) | ||||
Gain (loss) deferred into AOCI | (16,096) | (2,625) | 5,876 | ||||||||
Increase (decrease) to interest expense | 418 | (1,106) | (7,497) | ||||||||
Partners' Equity, ending balance | (8,066) | 8,448 | 9,967 | ||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) deferred into AOCI | (278) | (1,317) | (5,318) | (14,459) | |||||||
Increase (decrease) to interest expense | (2,590) | $ (146) | (7,357) | $ 1,444 | |||||||
Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330) | $ 1,000 | $ 1,000 | |||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | New Academy Holding Company, LLC | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) deferred into AOCI | (16,096) | (2,625) | 5,876 | ||||||||
Increase (decrease) to interest expense | $ (418) | $ 1,106 | $ 7,497 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy (Detail) - Level 2 - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Assets | ||||
Interest rate swap | $ 0 | $ 0 | $ 190 | |
Liabilities | ||||
Interest rate swap | $ 5,882 | 8,106 | $ 7,685 | |
New Academy Holding Company, LLC | ||||
Assets | ||||
Interest rate swap | 0 | $ 8,741 | ||
Liabilities | ||||
Interest rate swap | $ 8,106 | $ 333 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Feb. 02, 2019 | Feb. 03, 2018 | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | |
2015 Term Loan Facility | Secured Debt | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Borrowings, fair value | $ 1,400,000,000 | $ 1,200,000,000 | $ 1,000,000,000 | ||
New Academy Holding Company, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of long-lived assets | $ 1,408,000 | $ 2,477,000 | |||
New Academy Holding Company, LLC | 2015 Term Loan Facility | Secured Debt | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Borrowings, fair value | 1,100,000,000 | 1,200,000,000 | |||
Money Market Funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Money market funds | $ 767,000,000 | 113,300,000 | $ 0 | ||
Money Market Funds | New Academy Holding Company, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Money market funds | $ 42,600,000 | $ 113,300,000 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | $ 1,327,289 | $ 1,311,928 | $ 1,300,915 | |
Accumulated depreciation and amortization | (944,669) | (870,521) | (846,509) | |
Property and equipment, net | 382,620 | 441,407 | 454,406 | |
New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 1,311,928 | $ 1,259,989 | ||
Accumulated depreciation and amortization | (870,521) | (763,836) | ||
Property and equipment, net | 441,407 | 496,153 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 435,094 | 436,807 | 433,266 | |
Leasehold improvements | New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 436,807 | 419,885 | ||
Equipment and software | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 543,147 | 537,364 | 527,845 | |
Equipment and software | New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 537,364 | 496,089 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 317,371 | 316,420 | 314,909 | |
Furniture and fixtures | New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 316,420 | 304,784 | ||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 27,979 | 17,639 | 21,197 | |
Construction in progress | New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | 17,639 | 35,533 | ||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | $ 3,698 | 3,698 | $ 3,698 | |
Land | New Academy Holding Company, LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | $ 3,698 | $ 3,698 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Property, Plant and Equipment [Line Items] | |||||||
Depreciation | $ 25.5 | $ 29.6 | $ 79.7 | $ 88.7 | |||
New Academy Holding Company, LLC | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation | $ 117.3 | $ 130.4 | $ 130.8 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Trade name and other intangible assets, net | $ 577,000 | $ 577,000 | $ 577,000 | |
New Academy Holding Company, LLC | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Favorable lease rights, net | $ 15,067 | |||
Trade name | 577,000 | 577,000 | ||
Trade name and other intangible assets, net | $ 577,000 | $ 592,067 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - New Academy Holding Company, LLC - USD ($) $ in Millions | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization expense on favorable lease rights | $ 3.5 | $ 3.5 |
Accumulated amortization | $ 25 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Accrued interest | $ 6,996 | $ 7,835 | $ 3,261 | |
Accrued personnel costs | 72,995 | 54,065 | 41,237 | |
Accrued professional fees | 6,041 | 2,451 | 2,787 | |
Accrued sales and use tax | 18,590 | 12,651 | 18,041 | |
Accrued self-insurance | 13,136 | 14,107 | 13,912 | |
Deferred revenue - gift cards and other | 54,557 | 70,220 | 49,603 | |
Income taxes payable | 19,197 | 4,941 | 4,575 | |
Interest rate swaps | 5,746 | 6,129 | 5,184 | |
Property taxes | 49,679 | 16,919 | 50,066 | |
Sales return allowance | 5,000 | 5,500 | 5,500 | |
Other | 22,675 | 16,563 | 25,826 | |
Accrued expenses and other current liabilities | $ 274,612 | 211,381 | $ 219,992 | |
New Academy Holding Company, LLC | ||||
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Accrued interest | 7,835 | $ 3,574 | ||
Accrued personnel costs | 54,065 | 36,955 | ||
Accrued sales and use tax | 12,651 | 7,521 | ||
Accrued self-insurance | 14,107 | 14,632 | ||
Deferred revenue - gift cards and other | 70,220 | 67,527 | ||
Property taxes | 16,919 | 16,941 | ||
Sales return allowance | 5,500 | 5,800 | ||
Other | 30,084 | 31,191 | ||
Accrued expenses and other current liabilities | $ 211,381 | $ 184,141 |
Equity and Share-Based Compen_3
Equity and Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 28, 2020USD ($)$ / sharesshares | Jun. 22, 2018USD ($)Employeeshares | Oct. 31, 2020USD ($)shares | Nov. 02, 2019USD ($)shares | Oct. 31, 2020USD ($)$ / sharesshares | Nov. 02, 2019USD ($)shares | Feb. 01, 2020USD ($)$ / sharesshares | Feb. 02, 2019USD ($)$ / sharesshares | Feb. 03, 2018USD ($)$ / sharesshares | Oct. 01, 2020shares | Aug. 01, 2020shares | May 02, 2020shares | Aug. 03, 2019shares | May 04, 2019shares | Jan. 28, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Partners' equity membership units, authorized (in shares) | 72,468,164 | 72,468,164 | 72,468,164 | |||||||||||||
Partners' equity membership units, issued (in shares) | 72,468,164 | 72,468,164 | 72,468,164 | |||||||||||||
Partners' equity membership units, outstanding (in shares) | [1] | 72,468,164 | 72,468,164 | 72,468,164 | 72,473,000 | 72,478,000 | 72,474,000 | 72,491,000 | 72,473,000 | |||||||
Equity compensation expense | $ | $ 23,400 | $ 1,400 | $ 27,000 | $ 5,900 | ||||||||||||
Distribution | $ | $ 257,000 | 257,000 | ||||||||||||||
Distributions to unitholders (in dollars per share) | $ / shares | $ 1.1257 | |||||||||||||||
Distributions to unitholders after conversion (in dollars per share) | $ / shares | $ 3.5460 | |||||||||||||||
Cash used for distributions | $ | $ 248,000 | |||||||||||||||
Share-based award payments payable | $ | 12,100 | 12,100 | ||||||||||||||
Exercise Price Range, One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Exercise price reduction (in dollars pershare) | $ / shares | $ 0.89 | |||||||||||||||
Unit options (in shares) | 3,107,301 | |||||||||||||||
Exercise Price Range, Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Exercise price reduction (in dollars pershare) | $ / shares | $ 3.53 | |||||||||||||||
Unit options (in shares) | 554,474 | |||||||||||||||
New Academy Holding Company, LLC | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Partners' equity membership units, authorized (in shares) | 228,274,749 | 228,289,163 | ||||||||||||||
Partners' equity membership units, issued (in shares) | 228,274,749 | 228,289,163 | ||||||||||||||
Partners' equity membership units, outstanding (in shares) | 228,274,749 | 228,289,163 | 228,022,835 | 227,813,949 | ||||||||||||
Equity compensation expense | $ | $ 700 | $ 7,900 | $ 4,600 | $ 4,600 | ||||||||||||
Number of repricing affected employees | Employee | 184 | |||||||||||||||
Repricing affected options | 6,909,475 | |||||||||||||||
Unrecognized compensation cost | $ | $ 16,700 | |||||||||||||||
Unrecognized compensation cost, weighted average life | 2 years 8 months 12 days | |||||||||||||||
Distribution | $ | $ 257,000 | $ 257,000 | ||||||||||||||
Restricted Stock Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity compensation expense | $ | $ 19,900 | $ 19,900 | ||||||||||||||
Restricted units, granted (in shares) | 159,362 | |||||||||||||||
Restricted Stock Units | New Academy Holding Company, LLC | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Total fair value of Restricted Units vested | $ | $ 300 | $ 200 | $ 200 | |||||||||||||
Restricted units, granted (in shares) | 180,610 | 2,769,316 | 29,022 | |||||||||||||
Restricted units, weighted average grant date fair value (in usd per share) | $ / shares | $ 5.26 | $ 5.34 | $ 6.03 | |||||||||||||
Unit Options | Exercise Price Range, One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Exercise price reduction (in dollars pershare) | $ / shares | $ 0.28 | |||||||||||||||
Unit options (in shares) | 9,788,000 | |||||||||||||||
Unit Options | Exercise Price Range, Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Exercise price reduction (in dollars pershare) | $ / shares | $ 1.12 | |||||||||||||||
Unit options (in shares) | 1,746,594 | |||||||||||||||
Liquidity Event Restricted Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Unrecognized compensation cost, weighted average life | 2 years 1 month 6 days | |||||||||||||||
Restricted units, granted (in shares) | 50,590 | 1,185,474 | ||||||||||||||
Restricted units, weighted average grant date fair value (in usd per share) | $ / shares | $ 17.99 | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity compensation expense | $ | $ 10,200 | |||||||||||||||
Restricted units, granted (in shares) | 3,291,162 | |||||||||||||||
Restricted units, weighted average grant date fair value (in usd per share) | $ / shares | $ 5.51 | |||||||||||||||
Vesting description | The Company's outstanding and unvested Liquidity Event Restricted Units typically vest either (i) over a four-year period at rates of 30%, 30%, 20% and 20% per anniversary of the Liquidity Event Restricted Unit holder's employment start date, so long as the Company completes an initial public offering prior to the fifth anniversary of their grant date, or (ii) immediately at a rate of 100%, upon the completion of certain Company change of control transactions, so long as the Company completes such change of control transaction prior to the fifth anniversary of their grant date. | |||||||||||||||
Vesting Period | 4 years | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | Share-based Payment Arrangement, Tranche One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting percentage | 30.00% | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | Share-based Payment Arrangement, Tranche Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting percentage | 30.00% | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | Share-based Payment Arrangement, Tranche Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting percentage | 20.00% | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | Liquidity Event Restricted Units Vesting Year Four [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting percentage | 20.00% | |||||||||||||||
Liquidity Event Restricted Units | New Academy Holding Company, LLC | Share Based Compensation Award Tranche Four | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting percentage | 100.00% | |||||||||||||||
Unit Options And Restricted Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity compensation expense | $ | $ 20,700 | |||||||||||||||
Service Restricted Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Unrecognized compensation cost, weighted average life | 4 months 24 days | |||||||||||||||
Restricted units, granted (in shares) | 11,564 | |||||||||||||||
Restricted units, weighted average grant date fair value (in usd per share) | $ / shares | $ 17.30 | |||||||||||||||
Service Restricted Units | New Academy Holding Company, LLC | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Restricted units, granted (in shares) | 38,024 | |||||||||||||||
Restricted units, weighted average grant date fair value (in usd per share) | $ / shares | $ 5.26 | |||||||||||||||
Vesting percentage | 100.00% | |||||||||||||||
Vesting description | The Company's outstanding and unvested Service Restricted Units typically vest 100% on the six-month or one-year anniversary of their grant date. | |||||||||||||||
2020 Share Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Common stock reserved for future issuance (in shares) | 5,150,000 | |||||||||||||||
Authorized for grant (in shares) | 4,996,703 | 4,996,703 | ||||||||||||||
Available for grant (in shares) | 4,996,703 | 4,996,703 | ||||||||||||||
2011 Unit Incentive Plan | New Academy Holding Company, LLC | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Common stock reserved for future issuance (in shares) | 33,948,085 | |||||||||||||||
Authorized for grant (in shares) | 2,051,547 | |||||||||||||||
Available for grant (in shares) | 2,051,547 | |||||||||||||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2. |
Equity and Share-Based Compen_4
Equity and Share-Based Compensation - Assumption and Grant Date Fair Values for Options Granted (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
New Academy Holding Company, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 2 months 12 days | |
Expected volatility | 52.00% | |||
Expected volatility, minimum | 50.00% | 52.00% | ||
Expected volatility, maximum | 55.00% | 57.00% | ||
Weighted-average volatility | 52.00% | 54.10% | 53.10% | |
Risk-free interest rate, minimum | 1.40% | 2.60% | 1.80% | |
Risk-free interest rate, maximum | 2.50% | 2.90% | 2.20% | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Service Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 2 months 12 days | |||
Expected volatility, minimum | 53.00% | |||
Expected volatility, maximum | 54.00% | |||
Weighted-average volatility | 53.00% | |||
Risk-free interest rate, minimum | 0.39% | |||
Risk-free interest rate, maximum | 0.76% | |||
Dividend yield | 0.00% | |||
Weighted-average grant date fair value | $ 8.48 | |||
Service Options | New Academy Holding Company, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value | $ 2.75 | $ 2.85 | $ 3.10 | |
Performance Unit Options | New Academy Holding Company, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value | $ 2.74 | $ 2.84 | $ 3.11 |
Equity and Share-Based Compen_5
Equity and Share-Based Compensation - Summary of Unit Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Service Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unit Options, Granted or modified | 1,417,961 | ||||
Weighted Average Exercise Price, Exercisable as of February 1, 2020 | $ 16.87 | ||||
New Academy Holding Company, LLC | Service Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate Intrinsic Value, Outstanding balance | $ 28,855 | $ 33,157 | $ 18,415 | $ 30,857 | |
Aggregate Intrinsic Value, Exercisable as of February 1, 2020 | $ 26,584 | ||||
Unit Options, Outstanding balance | 18,239,471 | 15,610,279 | 14,340,902 | 12,049,440 | |
Unit Options, Granted or modified | 4,365,143 | 9,654,571 | 4,126,204 | ||
Unit Options, Canceled or modified | (601,974) | (5,898,381) | (533,211) | ||
Unit Options, Forfeited | (1,133,977) | (2,486,813) | (1,301,531) | ||
Unit Options, Outstanding balance | 18,239,471 | 15,610,279 | 14,340,902 | 12,049,440 | |
Weighted Average Exercise Price, Outstanding balance | $ 4.05 | $ 3.82 | $ 4.02 | $ 3.66 | |
Unit Options, Exercisable as of February 1, 2020 | 11,225,459 | ||||
Weighted Average Exercise Price, Granted or modified | $ 5.27 | 5.29 | 5.92 | ||
Weighted Average Exercise Price, Canceled or modified | 4.60 | 5.99 | 5.83 | ||
Weighted Average Exercise Price, Forfeited | 5.23 | 5.52 | 6 | ||
Weighted Average Exercise Price, Outstanding balance | 4.05 | $ 3.82 | $ 4.02 | $ 3.66 | |
Weighted Average Exercise Price, Exercisable as of February 1, 2020 | $ 3.29 | ||||
Weighted Average Remaining Contractual Life (in years), Outstanding balance | 5 years 6 months | 5 years 8 months 12 days | 6 years | 6 years 2 months 12 days | |
Weighted Average Remaining Contractual Life (in years), Exercisable as of February 1, 2020 | 3 years 7 months 6 days | ||||
New Academy Holding Company, LLC | Performance Unit Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate Intrinsic Value, Outstanding balance | $ 26,838 | $ 29,960 | $ 18,658 | $ 31,031 | |
Aggregate Intrinsic Value, Exercisable as of February 1, 2020 | $ 26,061 | ||||
Unit Options, Outstanding balance | 10,227,576 | 9,684,688 | 9,902,357 | 9,959,420 | |
Unit Options, Granted or modified | 1,335,436 | 3,272,337 | 1,232,128 | ||
Unit Options, Canceled or modified | (228,718) | (2,258,138) | (436,759) | ||
Unit Options, Forfeited | (563,830) | (1,231,868) | (852,432) | ||
Unit Options, Outstanding balance | 10,227,576 | 9,684,688 | 9,902,357 | 9,959,420 | |
Weighted Average Exercise Price, Outstanding balance | $ 3.02 | $ 2.86 | $ 3.09 | $ 3.14 | |
Unit Options, Exercisable as of February 1, 2020 | 7,760,964 | ||||
Weighted Average Exercise Price, Granted or modified | $ 5.27 | 5.29 | 5.95 | ||
Weighted Average Exercise Price, Canceled or modified | 3.90 | 5.86 | 5.71 | ||
Weighted Average Exercise Price, Forfeited | 5.27 | 5.59 | 6.48 | ||
Weighted Average Exercise Price, Outstanding balance | 3.02 | $ 2.86 | $ 3.09 | $ 3.14 | |
Weighted Average Exercise Price, Exercisable as of February 1, 2020 | $ 2.31 | ||||
Weighted Average Remaining Contractual Life (in years), Outstanding balance | 3 years 7 months 6 days | 4 years 1 month 6 days | 4 years 9 months 18 days | 5 years 6 months | |
Weighted Average Remaining Contractual Life (in years), Exercisable as of February 1, 2020 | 2 years |
Equity and Share-Based Compen_6
Equity and Share-Based Compensation - Summary of Unit Options Activity (Parenthetical) (Detail) - New Academy Holding Company, LLC - $ / shares | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Service Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of membership unit per share | $ 5.59 | $ 5.91 | $ 4.40 | $ 6.07 |
Performance Unit Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of membership unit per share | $ 5.59 | $ 5.91 | $ 4.40 | $ 6.07 |
Equity and Share-Based Compen_7
Equity and Share-Based Compensation - Summary of Restricted Unit Activity (Detail) - Restricted Stock Units - $ / shares | Aug. 28, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units, Granted | 159,362 | |||
New Academy Holding Company, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units, Non-vested balance | 3,347,449 | 1,395,132 | 1,374,348 | |
Units, Granted | 180,610 | 2,769,316 | 29,022 | |
Units, Vested | (57,363) | (34,704) | (8,238) | |
Units, Forfeited | (141,510) | (782,295) | ||
Units, Non-vested balance | 3,329,186 | 3,347,449 | 1,395,132 | |
Weighted Average Grant Date Fair Value Per Unit, Non-vested balance | $ 5.50 | $ 6 | $ 6 | |
Weighted Average Grant Date Fair Value Per Unit, Granted | 5.26 | 5.34 | 6.03 | |
Weighted Average Grant Date Fair Value Per Unit, Vested | 5.26 | 5.90 | 6.07 | |
Weighted Average Grant Date Fair Value Per Unit, Forfeited | 5.30 | 5.79 | ||
Weighted Average Grant Date Fair Value Per Unit, Non-vested balance | $ 5.50 | $ 5.50 | $ 6 |
Earnings per Common Share - Sch
Earnings per Common Share - Schedule Of Earning per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Net income | $ 59,586 | $ 167,676 | $ (10,020) | $ 28,552 | $ 48,347 | $ 25,406 | $ 217,242 | $ 102,305 | |||||||||
Weighted average common shares outstanding - basic (in shares) | [1] | 76,771,000 | 72,484,000 | 73,908,000 | 72,480,000 | ||||||||||||
Weighted average common shares outstanding - diluted (in shares) | [1] | 80,714,000 | 75,201,000 | 77,171,000 | 74,766,000 | ||||||||||||
Earnings per common share - basic (in usd per share) | [1] | $ 0.78 | $ 0.39 | $ 2.94 | $ 1.41 | ||||||||||||
Earnings per common share - diluted (in usd per share) | [1] | $ 0.74 | $ 0.38 | $ 2.82 | $ 1.37 | ||||||||||||
Anti-dilutive stock-based awards excluded from diluted calculation (in shares) | 4,460,000 | 4,153,000 | 1,648,000 | 578,000 | |||||||||||||
Service Restricted Units | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 6,000 | 6,000 | 9,000 | 9,000 | |||||||||||||
Performance Restricted Units | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 1,423,000 | 991,000 | |||||||||||||||
Service Options | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 1,081,000 | 1,271,000 | 871,000 | 824,000 | |||||||||||||
Performance Unit Options | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 1,433,000 | 1,440,000 | 1,392,000 | 1,453,000 | |||||||||||||
New Academy Holding Company, LLC | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Net income | $ 17,738 | $ 28,552 | $ 48,347 | $ 25,406 | $ (21,458) | $ 1,773 | $ 42,103 | $ (976) | $ 120,043 | $ 21,442 | $ 58,501 | ||||||
Weighted average common shares outstanding - basic (in shares) | 228,303,750 | 228,160,508 | 227,942,148 | ||||||||||||||
Weighted average common shares outstanding - diluted (in shares) | 235,609,118 | 236,873,973 | 236,804,721 | ||||||||||||||
Earnings per common share - basic (in usd per share) | $ 0.53 | $ 0.09 | $ 0.26 | ||||||||||||||
Earnings per common share - diluted (in usd per share) | $ 0.51 | $ 0.09 | $ 0.25 | ||||||||||||||
Anti-dilutive stock-based awards excluded from diluted calculation (in shares) | 1,833,855 | 7,485,706 | 10,150,627 | ||||||||||||||
New Academy Holding Company, LLC | Service Restricted Units | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 35,376 | 51,417 | 19,608 | ||||||||||||||
New Academy Holding Company, LLC | Service Options | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 2,886,601 | 4,036,699 | 4,062,335 | ||||||||||||||
New Academy Holding Company, LLC | Performance Unit Options | |||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||
Dilutive effect of stock-based awards (in shares) | 4,383,391 | 4,625,349 | 4,780,630 | ||||||||||||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Current tax expense: | |||||||
Federal | $ 8,369 | $ 0 | $ 8,369 | $ 0 | |||
State | 2,168 | 575 | 3,656 | 2,135 | |||
Foreign | 9 | 13 | 39 | 25 | |||
Total current expense | 10,546 | 588 | 12,064 | 2,160 | |||
Deferred tax expense: | |||||||
Federal | (10,024) | 0 | (10,024) | 0 | |||
State | (1,715) | (59) | (1,715) | (223) | |||
Foreign | 0 | (23) | 0 | (23) | |||
Total deferred tax benefit | (11,739) | (82) | (11,739) | (246) | |||
Income tax expense | $ (1,193) | $ 506 | $ 325 | $ 1,914 | |||
New Academy Holding Company, LLC | |||||||
Current tax expense: | |||||||
State | $ 2,501 | $ 2,412 | $ 2,580 | ||||
Foreign | 19 | 33 | 54 | ||||
Total current expense | 2,520 | 2,445 | 2,634 | ||||
Deferred tax expense: | |||||||
State | 318 | (514) | 145 | ||||
Foreign | (21) | 20 | 2 | ||||
Change in valuation allowance | 0 | 0 | 0 | ||||
Total deferred tax benefit | 297 | (494) | 147 | ||||
Income tax expense | $ 2,817 | $ 1,951 | $ 2,781 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | Dec. 22, 2017 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Income before income taxes | $ 58,393 | $ 29,058 | $ 217,567 | $ 104,219 | ||||||
Federal income tax at the statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | ||||||
State income tax, net of federal benefit | 0.80% | 1.80% | 0.90% | 1.80% | ||||||
Increase in tax expense resulting from: | ||||||||||
Income tax expense | $ (1,193) | $ 506 | $ 325 | $ 1,914 | ||||||
Effect of pre-IPOpass-through income allocated to our members | (23.10%) | (21.00%) | (21.60%) | (21.00%) | ||||||
Effect of permanent items | (0.70%) | (0.20%) | 0.00% | |||||||
Other, including foreign | 0.00% | 0.00% | 0.00% | |||||||
Effective income tax rate | (2.00%) | 1.80% | 0.10% | 1.80% | ||||||
New Academy Holding Company, LLC | ||||||||||
Income before income taxes | $ 122,860 | $ 23,393 | $ 61,282 | |||||||
Federal income tax at the statutory rate | 35.00% | 21.00% | 21.00% | 33.80% | ||||||
Tax at federal statutory rate | $ 25,801 | $ 4,913 | $ 20,731 | |||||||
Increase in tax expense resulting from: | ||||||||||
State income tax | 2,818 | 1,898 | 2,725 | |||||||
Foreign tax | (1) | 53 | 56 | |||||||
Effect of rates due to pass through entities | (25,801) | (4,913) | (20,731) | |||||||
Income tax expense | $ 2,817 | $ 1,951 | $ 2,781 | |||||||
Effective income tax rate | 2.30% | 8.30% | 4.50% |
Income Taxes - Effective Inco_2
Income Taxes - Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) | Dec. 22, 2017 | Oct. 31, 2020 | Feb. 02, 2019 | Oct. 31, 2020 | Feb. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Federal income tax at the statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | ||||
New Academy Holding Company, LLC | ||||||||
Federal income tax at the statutory rate | 35.00% | 21.00% | 21.00% | 33.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Oct. 06, 2020 | Dec. 22, 2017 | Oct. 31, 2020 | Feb. 02, 2019 | Oct. 31, 2020 | Feb. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Income Tax Contingency [Line Items] | |||||||||
Federal income tax at the statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | |||||
Unrecognized Tax Benefits | $ 0 | $ 0 | |||||||
Deferred Income Tax Liabilities, Net | $ 144,200,000 | 132,701,000 | $ 132,701,000 | ||||||
Taxes Payable, Current | 4,600,000 | ||||||||
Adjustments to Additional Paid in Capital, Value, Cumulative Deferred Tax Liability Effect From Reorganization | $ 148,829,000 | ||||||||
State income tax, net of federal benefit | 0.80% | 1.80% | 0.90% | 1.80% | |||||
Minimum | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Federal income tax at the statutory rate | 24.00% | ||||||||
Maximum | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Federal income tax at the statutory rate | 25.00% | ||||||||
Weighted Average | |||||||||
Income Tax Contingency [Line Items] | |||||||||
State income tax, net of federal benefit | 3.80% | ||||||||
Additional Paid-In Capital | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Adjustments to Additional Paid in Capital, Value, Cumulative Deferred Tax Liability Effect From Reorganization | $ 148,800,000 | $ 148,829,000 | |||||||
New Academy Holding Company, LLC | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Federal income tax at the statutory rate | 35.00% | 21.00% | 21.00% | 33.80% | |||||
Unrecognized Tax Benefits | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 |
Deferred tax assets: | ||||
Other | $ 127 | $ 220 | $ 764 | |
Total deferred tax assets | 127 | 220 | 764 | |
Deferred tax liabilities: | ||||
Investment in NAHC | (132,828) | |||
Total deferred tax liabilities | 132,828 | |||
Net deferred tax asset (liability) | $ (132,701) | |||
Net deferred tax asset | 220 | $ 764 | ||
New Academy Holding Company, LLC | Liability [Member] | ||||
Deferred tax liabilities: | ||||
Total deferred tax liabilities | 3,473,000 | $ 3,209,000 | ||
Intangibles and depreciation | 2,760,000 | 2,767,000 | ||
Inventories and other | 713,000 | 442,000 | ||
Net deferred tax asset | 220,000 | 517,000 | ||
New Academy Holding Company, LLC | Assets [Member] | ||||
Deferred tax assets: | ||||
Other | 944,000 | 985,000 | ||
Total deferred tax assets | 3,693,000 | 3,726,000 | ||
Tax credits | $ 2,749,000 | $ 2,741,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 28, 2020 | Aug. 25, 2020 | Apr. 10, 2019 | Apr. 05, 2018 | Aug. 03, 2011 | Jan. 31, 2015 | Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Oct. 06, 2020 |
Related Party Transaction [Line Items] | ||||||||||||||
Distribution | $ 257,000 | $ 0 | $ 0 | |||||||||||
Notes receivable from member | $ 8,500 | 8,125 | $ (3,988) | |||||||||||
New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes receivable from member | $ (3,988) | $ (4,144) | ||||||||||||
Majority Shareholder | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accrued underwriting expense | $ 2,700 | |||||||||||||
Majority Shareholder | New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payments in connection with term loan facility | $ 2,100 | |||||||||||||
Incurred expenses, professional fees | 900 | 300 | ||||||||||||
Majority Shareholder | Monitoring Agreement, advisory fees | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party expense | 13,000 | $ 900 | 14,800 | 2,700 | ||||||||||
Contract termination fee | 12,300 | |||||||||||||
Majority Shareholder | Monitoring Agreement, advisory fees | New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Annual advisory fee increase | 5.00% | |||||||||||||
Related party expense | $ 3,700 | 3,600 | 3,500 | $ 3,400 | ||||||||||
Contract termination fee | 14,200 | |||||||||||||
Executive Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repurchase of Redeemable Membership Units | 100 | 100 | ||||||||||||
Executive Officer [Member] | New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repurchase of Redeemable Membership Units | 100 | $ 1,300 | $ 1,200 | |||||||||||
Management [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repurchase of Redeemable Membership Units | $ 0 | $ 500 | $ 37,000 | $ 500 | ||||||||||
Management [Member] | New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repurchase of Redeemable Membership Units | $ 500 | |||||||||||||
Investor [Member] | Related Party Notes Receivable [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note receivable issued to member | $ 4,000 | $ 4,100 | ||||||||||||
Interest rate | 2.50% | 2.10% | ||||||||||||
Investor [Member] | Related Party Notes Receivable [Member] | New Academy Holding Company, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note receivable issued to member | $ 4,000 | $ 4,100 | ||||||||||||
Interest rate | 2.50% | 2.10% |
Leases - Summary of Balance She
Leases - Summary of Balance Sheet Impact of Implementation of New Lease Standard Upon Adoption (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | |
Leases Disclosure [Line Items] | |||||||
Prepaid expenses and other current assets | $ 25,789 | $ 24,548 | $ 26,140 | ||||
Right-of-use assets | 1,163,361 | 1,145,705 | 1,165,826 | ||||
OTHER NONCURRENT ASSETS | 4,923 | 15,845 | 16,349 | ||||
Current lease liabilities | 79,361 | 76,329 | 73,252 | ||||
Long-term lease liabilities | 1,171,420 | 1,141,896 | 1,163,250 | ||||
Other long-term liabilities | 43,244 | 19,197 | $ 19,529 | ||||
Retained earnings | [1] | $ 895,646 | |||||
New Academy Holding Company, LLC | |||||||
Leases Disclosure [Line Items] | |||||||
Prepaid expenses and other current assets | 24,548 | $ 24,159 | $ 39,937 | ||||
Right-of-use assets | 1,145,705 | 1,173,741 | |||||
Trade name and other intangible assets, net | 577,000 | 592,067 | |||||
OTHER NONCURRENT ASSETS | 15,845 | 18,719 | 21,545 | ||||
Current lease liabilities | 76,329 | 84,849 | |||||
Long-term lease liabilities | 1,141,896 | 1,154,697 | |||||
Other long-term liabilities | $ 19,197 | 18,244 | 122,795 | ||||
Retained earnings | $ 558,357 | $ 553,282 | |||||
Revision of Prior Period, Accounting Standards Update, Adjustment | New Academy Holding Company, LLC | |||||||
Leases Disclosure [Line Items] | |||||||
Prepaid expenses and other current assets | $ (15,778) | ||||||
Right-of-use assets | 1,173,741 | ||||||
Trade name and other intangible assets, net | (15,067) | ||||||
OTHER NONCURRENT ASSETS | (2,826) | ||||||
Current lease liabilities | 84,849 | ||||||
Long-term lease liabilities | 1,154,697 | ||||||
Other long-term liabilities | (104,551) | ||||||
Retained earnings | $ 5,075 | ||||||
[1] | See Retrospective Presentation of Ownership Exchange in Note 2. |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020USD ($) | Oct. 31, 2020USD ($) | Feb. 01, 2020USD ($) | Nov. 02, 2019USD ($) | Feb. 03, 2019USD ($) | |
Leases Disclosure [Line Items] | |||||
Right-of-use assets | $ 1,163,361 | $ 1,163,361 | $ 1,145,705 | $ 1,165,826 | |
Lease liabilities | 1,250,781 | 1,250,781 | |||
Lease liabilities, current | 79,361 | 79,361 | 76,329 | 73,252 | |
Lease liabilities, long-term | 1,171,420 | 1,171,420 | 1,141,896 | $ 1,163,250 | |
Lease expense credit | $ 400 | $ 2,400 | |||
Number of extensions | 6 | 46 | |||
New Academy Holding Company, LLC | |||||
Leases Disclosure [Line Items] | |||||
Right-of-use assets | 1,145,705 | $ 1,173,741 | |||
Lease liabilities | 1,218,225 | 1,200,000 | |||
Lease liabilities, current | 76,329 | 84,849 | |||
Lease liabilities, long-term | $ 1,141,896 | $ 1,154,697 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Sublease Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | |
Leases Disclosure [Line Items] | |||||
Operating lease expense | $ 49,272 | $ 49,159 | $ 147,528 | $ 146,039 | |
Short-term lease expense | 0 | 0 | 0 | 0 | |
Variable lease expense | 1,709 | 1,956 | 3,527 | 5,805 | |
Sublease income | (115) | (403) | (641) | (1,205) | |
Net lease expense | $ 50,866 | $ 50,712 | $ 150,414 | $ 150,639 | |
New Academy Holding Company, LLC | |||||
Leases Disclosure [Line Items] | |||||
Operating lease expense | $ 195,301 | ||||
Short-term lease expense | 0 | ||||
Variable lease expense | 7,736 | ||||
Sublease income | (1,591) | ||||
Net lease expense | $ 201,446 |
Leases - Information About Oper
Leases - Information About Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | |
Leases Disclosure [Line Items] | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 13,477 | $ 32,520 | $ 84,595 | $ 55,562 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 48,092 | $ 48,283 | $ 130,274 | $ 143,848 | |
Weighted-average remaining lease term in years | 11 years 2 months 12 days | 10 years 10 months 24 days | 11 years 2 months 12 days | 10 years 10 months 24 days | |
Weighted-average incremental borrowing rate | 9.09% | 8.88% | 9.09% | 8.88% | |
New Academy Holding Company, LLC | |||||
Leases Disclosure [Line Items] | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 57,383 | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 192,849 | ||||
Weighted-average remaining lease term in years | 10 years 8 months 12 days | ||||
Weighted-average incremental borrowing rate | 8.89% |
Leases - Remaining Maturities o
Leases - Remaining Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Feb. 03, 2019 |
Leases Disclosure [Line Items] | |||
2020 | $ 48,759 | ||
2021 | 196,666 | ||
2022 | 194,316 | ||
2023 | 186,750 | ||
2024 | 178,462 | ||
2025 | 172,512 | ||
After 2025 | 1,051,915 | ||
Total lease payments | 2,029,380 | ||
Less: Interest | (778,599) | ||
Present value of lease liabilities | $ 1,250,781 | ||
New Academy Holding Company, LLC | |||
Leases Disclosure [Line Items] | |||
2020 | $ 196,088 | ||
2021 | 195,323 | ||
2022 | 190,609 | ||
2023 | 181,499 | ||
2024 | 171,720 | ||
2025 | 164,071 | ||
After 2025 | 834,644 | ||
Total lease payments | 1,933,954 | ||
Less: Interest | (715,729) | ||
Present value of lease liabilities | $ 1,218,225 | $ 1,200,000 |
Leases - Remaining Maturities_2
Leases - Remaining Maturities of Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | |
Leases Disclosure [Line Items] | |||
Sublease rentals | $ 1.9 | ||
New Academy Holding Company, LLC | |||
Leases Disclosure [Line Items] | |||
Sublease rentals | $ 1.6 | $ 7.7 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Lease Obligations (Detail) - New Academy Holding Company, LLC $ in Thousands | Feb. 02, 2019USD ($) |
Leases Disclosure [Line Items] | |
2019 | $ 192,632 |
2020 | 193,878 |
2021 | 192,610 |
2022 | 188,048 |
2023 | 177,750 |
Thereafter | 1,172,506 |
Total minimum lease payments | 2,117,424 |
Lease minimum sublease income | (7,719) |
Net minimum lease payments | $ 2,109,705 |
Leases - Summary of Future Mi_2
Leases - Summary of Future Minimum Payments Under Operating Lease Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | |
Leases Disclosure [Line Items] | |||
Sublease rentals | $ 1.9 | ||
New Academy Holding Company, LLC | |||
Leases Disclosure [Line Items] | |||
Sublease rentals | $ 1.6 | $ 7.7 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Technology Related Commitments And Other | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | $ 15.2 | |
Contractual commitment obligations, payable in next 12 months | 12.7 | |
Technology Related Commitments And Other | New Academy Holding Company, LLC | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | $ 29.8 | |
Contractual commitment obligations, payable in next 12 months | 20.6 | |
Commitments Related To Monitoring Agreements | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | 13.3 | |
Contractual commitment obligations, payable in next 12 months | 13.3 | |
Commitments Related To Monitoring Agreements | New Academy Holding Company, LLC | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | 14.4 | |
Contractual commitment obligations, payable in next 12 months | 4.1 | |
Sponsorship Agreement And Intellectual Property Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | 12.8 | |
Contractual commitment obligations, payable in next 12 months | $ 7.4 | |
Sponsorship Agreement And Intellectual Property Commitments | New Academy Holding Company, LLC | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual commitment obligations | 7.7 | |
Contractual commitment obligations, payable in next 12 months | $ 4.2 | |
Sponsorship Agreement And Intellectual Property Commitments | Minimum | ||
Long-term Purchase Commitment [Line Items] | ||
Agreement term | 1 year | |
Sponsorship Agreement And Intellectual Property Commitments | Minimum | New Academy Holding Company, LLC | ||
Long-term Purchase Commitment [Line Items] | ||
Agreement term | 1 year | |
Sponsorship Agreement And Intellectual Property Commitments | Maximum | ||
Long-term Purchase Commitment [Line Items] | ||
Agreement term | 3 years | |
Sponsorship Agreement And Intellectual Property Commitments | Maximum | New Academy Holding Company, LLC | ||
Long-term Purchase Commitment [Line Items] | ||
Agreement term | 3 years |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - 401 k Plan - New Academy Holding Company, LLC - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of eligible compensation on a pretax basis | 75.00% | ||
Percentage of amounts contributed | 100.00% | ||
Employer matching contribution percentage | 6.00% | ||
Employee contribution amount | $ 12.4 | $ 11.9 | $ 11.6 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Schedule of Valuation And Qualifying Accounts (Detail) - New Academy Holding Company, LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 3,008 | $ 2,616 | $ 3,410 |
Charged to costs and expenses | 499 | 1,020 | 1,900 |
Deductions | (232) | (628) | (2,694) |
Balance at end of period | 3,275 | 3,008 | 2,616 |
Allowance for Sales Returns and Allowances [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 5,800 | 6,500 | 6,100 |
Charged to costs and expenses | 9,400 | 9,400 | 9,100 |
Deductions | (9,700) | (10,100) | (8,700) |
Balance at end of period | 5,500 | 5,800 | 6,500 |
Inventory Shrink Adjustments [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 19,271 | 14,683 | 5,976 |
Charged to costs and expenses | 62,975 | 69,047 | 93,248 |
Deductions | (69,355) | (64,459) | (84,541) |
Balance at end of period | 12,891 | 19,271 | 14,683 |
Self Insurance Reserves [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 22,807 | 19,942 | 18,027 |
Charged to costs and expenses | 61,220 | 62,000 | 67,419 |
Deductions | (61,598) | (59,135) | (65,504) |
Balance at end of period | $ 22,429 | $ 22,807 | $ 19,942 |
Schedule of Quarterly Financial
Schedule of Quarterly Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Quarterly Financial Information [Line Items] | ||||||||||||||||
Gross margin | $ 440,511 | $ 362,422 | $ 1,234,957 | $ 1,060,622 | ||||||||||||
Selling, general and administrative expenses | 358,955 | 309,246 | 955,591 | 923,418 | ||||||||||||
Operating income | 81,556 | 53,176 | 279,366 | 137,204 | ||||||||||||
Interest expense, net | 22,399 | 24,585 | 70,487 | 77,171 | ||||||||||||
Net income | $ 59,586 | $ 167,676 | $ (10,020) | 28,552 | $ 48,347 | $ 25,406 | $ 217,242 | $ 102,305 | ||||||||
New Academy Holding Company, LLC | ||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||
Net sales | $ 1,370,492 | 1,145,203 | 1,237,410 | 1,076,792 | $ 1,342,018 | $ 1,060,188 | $ 1,262,207 | $ 1,119,480 | ||||||||
Gross margin | 370,532 | 362,422 | 385,204 | 312,996 | 332,133 | 328,333 | 387,130 | 320,356 | $ 1,431,154 | $ 1,367,952 | $ 1,398,964 | |||||
Selling, general and administrative expenses | 328,315 | 309,246 | 312,570 | 301,602 | 326,365 | 300,195 | 317,164 | 295,278 | 1,251,733 | 1,239,002 | 1,241,643 | |||||
Operating income | 42,217 | 53,176 | 72,634 | 11,394 | 5,768 | 28,138 | 69,966 | 25,078 | 179,421 | 128,950 | 157,321 | |||||
Interest expense, net | 24,136 | 24,585 | 25,549 | 27,037 | 27,608 | 27,076 | 27,173 | 26,795 | 101,307 | 108,652 | 104,857 | |||||
Gain on early retirement of debt, net | (1,127) | (41,138) | ||||||||||||||
Net income | $ 17,738 | $ 28,552 | $ 48,347 | $ 25,406 | $ (21,458) | $ 1,773 | $ 42,103 | $ (976) | $ 120,043 | $ 21,442 | $ 58,501 |
Subsequent Event - Additional I
Subsequent Event - Additional Informations (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 06, 2020 | Nov. 03, 2020 | Oct. 06, 2020 | Jun. 30, 2020 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Mar. 31, 2020 |
Subsequent Event [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||
Stock issuance costs | $ 6,100 | |||||||||
Repayments of term loan | $ 29,653 | $ 118,257 | ||||||||
Affiliates of KKR | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership interest | 69.90% | |||||||||
New Academy Holding Company, LLC | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership interest | 100.00% | |||||||||
Repayments of term loan | $ 122,819 | $ 18,250 | $ 37,989 | |||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of term loan | $ 1,431,400 | |||||||||
Payments for debt refinancing | 2,500 | |||||||||
Subsequent Event | Senior Notes | A2020 Senior Secured Notes | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt face amount | $ 400,000 | |||||||||
Interest rate, stated percentage | 6.00% | |||||||||
Subsequent Event | Secured Debt | A2020 Senior Secured Notes | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt face amount | $ 400,000 | |||||||||
Subsequent Event | Secured Debt | A 2020 Term Loan Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, periodic payment, principal | $ 1,000 | |||||||||
Debt instrument, guarantee, percent of capital stock pledged | 100.00% | |||||||||
Debt Instrument, Guarantee, Percent Of Voting Capital Stock Pledged | 66.00% | |||||||||
Subsequent Event | LIBOR Rate | Secured Debt | Variable Rate Component, One | A 2020 Term Loan Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Interest rate floor | 0.75% | |||||||||
Debt instrument, basis spread on variable rate | 5.00% | |||||||||
Subsequent Event | LIBOR Rate | Secured Debt | Variable Rate Component, Two | A 2020 Term Loan Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||
Subsequent Event | Federal funds rate | Secured Debt | Variable Rate Component, Two | A 2020 Term Loan Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||
Subsequent Event | Base Rate | Secured Debt | Variable Rate Component, Two | A 2020 Term Loan Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 4.00% | |||||||||
Subsequent Event | Debt Instrument Redemption Option One | Senior Notes | A2020 Senior Secured Notes | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Redemption price, percentage | 100.00% | |||||||||
Subsequent Event | Debt Instrument Redemption Option Two [Member] | Senior Notes | A2020 Senior Secured Notes | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Redemption price, percentage | 106.00% | |||||||||
Redemption price, percentage of principal amount redeemed | 40.00% | |||||||||
Subsequent Event | Debt Instrument Redemption Option Three | Senior Notes | A2020 Senior Secured Notes | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Redemption price, percentage | 101.00% | |||||||||
Subsequent Event | Affiliates of KKR | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ownership interest | 68.50% | |||||||||
Subsequent Event | New Academy Holding Company, LLC | New Academy Holding Company | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock purchased | 100 | |||||||||
Price per share | $ 1 | |||||||||
Subsequent Event | New Academy Holding Company, LLC | ABL Credit Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Borrowed amount | $ 500,000 | |||||||||
Debt repayment | $ 500,000 | |||||||||
Subsequent Event | Over-Allotment Option | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares issued in transaction (in shares) | 1,807,495 | |||||||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||||||
Price per share (in dollars per share) | 12.22 | |||||||||
Offering price, net of underwriting discounts (in dollars per share) | $ 13 | |||||||||
Net proceeds from sale of stock | $ 22,100 | |||||||||
Stock issuance costs | $ 300 | |||||||||
Subsequent Event | Over-Allotment Option | Maximum | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares issued in transaction (in shares) | 2,343,750 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - $ / shares | Oct. 31, 2020 | Jun. 30, 2020 |
Equity [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Authorized | 300,000,000 | 1,000 |
Common stock, issued (in shares) | 88,103,975 | 100 |
Long-Term Debt - 2018 ABL Facil
Long-Term Debt - 2018 ABL Facility and Capitalized Interest - Additional Information (Detail) - USD ($) | May 22, 2018 | Jul. 02, 2015 | Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 |
Debt Instrument [Line Items] | ||||||
Outstanding letters of credit | $ 30,800,000 | $ 30,800,000 | ||||
Capitalized interest | 100,000 | $ 200,000 | 400,000 | $ 500,000 | ||
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 5 years | |||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 650,000,000 | ||||
Springing maturity clause period | 91 days | |||||
Credit facility increase limit | $ 250,000,000 | |||||
Borrowings outstanding | 0 | 0 | ||||
Remaining borrowing capacity | 844,700,000 | 844,700,000 | ||||
Unused commitment fee, percentage | 0.25% | |||||
Revolving Credit Facility | Line of Credit | LIBOR Rate | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility | Line of Credit | LIBOR Rate | Minimum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, One | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Revolving Credit Facility | Line of Credit | LIBOR Rate | Maximum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, One | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Revolving Credit Facility | Line of Credit | Federal funds rate | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.25% | |||||
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.75% | |||||
Letter of Credit | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding letters of credit | $ 21,100,000 | $ 21,100,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Impact of Gains and Losses Related to Interest Rate Swaps (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Oct. 31, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Unrealized loss on interest rate swaps, tax | $ 53 |
Recognized interest expense on interest rate swaps, tax | 221 |
Loss on swaps from debt refinancing, tax | $ 330 |
Equity and Share-Based Compen_8
Equity and Share-Based Compensation - Units Granted (Detail) - $ / shares | Aug. 28, 2020 | Oct. 31, 2020 |
Service Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, granted (in shares) | 1,417,961 | |
Options, weighted average grant date fair value (in usd per share) | $ 8.48 | |
Options, weighted average exercise price (in usd per share) | $ 16.87 | |
Service Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted units, granted (in shares) | 11,564 | |
Restricted units, weighted average grant date fair value (in usd per share) | $ 17.30 | |
Liquidity Event Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted units, granted (in shares) | 50,590 | 1,185,474 |
Restricted units, weighted average grant date fair value (in usd per share) | $ 17.99 | |
Performance Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted units, granted (in shares) | 12,772 | |
Restricted units, weighted average grant date fair value (in usd per share) | $ 13.04 |
Equity and Share-Based Compen_9
Equity and Share-Based Compensation - Unrecognized Compensation Cost (Detail) | 9 Months Ended |
Oct. 31, 2020USD ($) | |
Service Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining expense, options | $ 18,952,974 |
Weighted average life remaining in years | 2 years 8 months 12 days |
Performance Unit Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining expense, options | $ 883,794 |
Weighted average life remaining in years | 2 years 3 months 18 days |
Service Restricted Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining expense, restricted units | $ 68,493 |
Weighted average life remaining in years | 4 months 24 days |
Liquidity Event Restricted Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining expense, restricted units | $ 18,037,924 |
Weighted average life remaining in years | 2 years 1 month 6 days |
Performance Restricted Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining expense, restricted units | $ 159,999 |
Weighted average life remaining in years | 1 year 7 months 6 days |