Leslie's (LESL) 10-Q 6 May 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 02, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 2, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	LESL
Entity Registrant Name	LESLIE’S, INC.
Entity Central Index Key	0001821806
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--10-01
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		182,838,623
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39667
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8397425
Entity Address, Address Line One	2005 East Indian School Road
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	602
Local Phone Number	366-3999
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Current assets
Cash and cash equivalents	$ 51,971	$ 343,498	$ 88,732
Accounts and other receivables, net	33,619	38,860	41,733
Inventories	345,046	198,789	277,860
Prepaid expenses and other current assets	41,240	20,564	40,001
Total current assets	471,876	601,711	448,326
Property and equipment, net	70,547	70,335	63,632
Operating lease right-of-use assets	208,531	212,284	181,581
Goodwill and other intangibles, net	146,865	129,020	127,851
Deferred tax assets	2,429	3,734	15,293
Other assets	29,947	25,148	20,632
Total assets	930,195	1,042,232	857,315
Current liabilities
Accounts payable and accrued expenses	268,475	233,597	262,266
Operating lease liabilities	61,612	61,071	55,395
Income taxes payable	0	6,945	0
Current portion of long-term debt	8,100	8,100	8,100
Total current liabilities	338,187	309,713	325,761
Operating lease liabilities, noncurrent	149,818	160,037	130,496
Revolving credit facility	45,000	0	0
Long-term debt, net	782,921	786,125	789,339
Other long-term liabilities	0	3,915	2,729
Total liabilities	1,315,926	1,259,790	1,248,325
Commitments and contingencies
Stockholders’ deficit
Common stock, $0.001 par value, 1,000,000,000 shares authorized and 182,784,211, 189,821,011, and 186,884,621 issued and outstanding as of April 2, 2022, October 2, 2021, and April 3, 2021, respectively.	183	190	187
Additional paid in capital	83,074	204,711	194,605
Retained deficit	(468,988)	(422,459)	(585,802)
Total stockholders’ deficit	(385,731)	(217,558)	(391,010)
Total liabilities and stockholders’ deficit	$ 930,195	$ 1,042,232	$ 857,315

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued	182,784,211	189,821,011	186,884,621
Common stock, shares outstanding	182,784,211	189,821,011	186,884,621

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Sales	$ 228,072	$ 192,441	$ 412,896	$ 337,447
Cost of merchandise and services sold	142,443	120,758	259,951	214,049
Gross profit	85,629	71,683	152,945	123,398
Selling, general and administrative expenses	89,618	70,374	169,403	147,863
Operating income (loss)	(3,989)	1,309	(16,458)	(24,465)
Other expense:
Interest expense	6,949	8,126	13,812	19,642
Loss on debt extinguishment		1,888		9,169
Other expenses, net	161	1,057	550	1,057
Total other expense	7,110	11,071	14,362	29,868
Loss before taxes	(11,099)	(9,762)	(30,820)	(54,333)
Income tax benefit	(3,659)	(3,310)	(8,929)	(17,624)
Net loss	$ (7,440)	$ (6,452)	$ (21,891)	$ (36,709)
Earnings per share:
Basic	$ (0.04)	$ (0.03)	$ (0.12)	$ (0.20)
Diluted	$ (0.04)	$ (0.03)	$ (0.12)	$ (0.20)
Weighted average shares outstanding:
Basic	182,678	186,810	185,592	181,900
Diluted	182,678	186,810	185,592	181,900

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid in Capital (Deficit)	Retained Deficit
Beginning Balance at Oct. 03, 2020	$ (826,999)	$ 157	$ (278,063)	$ (549,093)
Beginning Balance, shares at Oct. 03, 2020		156,500
Issuance of common stock upon initial public offering, net of offering costs	458,587	$ 30	458,557
Issuance of common stock upon initial public offering, net of offering costs, shares		30,000
Issuance of common stock under the Plan, shares		385
Equity-based compensation	14,111		14,111
Net loss	(36,709)			(36,709)
Ending Balance at Apr. 03, 2021	(391,010)	$ 187	194,605	(585,802)
Ending Balance, shares at Apr. 03, 2021		186,885
Beginning Balance at Jan. 02, 2021	(386,410)	$ 187	192,753	(579,350)
Beginning Balance, shares at Jan. 02, 2021		186,619
Issuance of common stock upon initial public offering, net of offering costs	(99)		(99)
Issuance of common stock under the Plan, shares		266
Equity-based compensation	1,951		1,951
Net loss	(6,452)			(6,452)
Ending Balance at Apr. 03, 2021	(391,010)	$ 187	194,605	(585,802)
Ending Balance, shares at Apr. 03, 2021		186,885
Beginning Balance at Oct. 02, 2021	(217,558)	$ 190	204,711	(422,459)
Beginning Balance, shares at Oct. 02, 2021		189,821
Issuance of common stock under the Plan	329	$ 1	328
Issuance of common stock under the Plan, shares		463
Equity-based compensation	5,535		5,535
Repurchase and retirement of common stock	(152,146)	$ 8	(127,500)	(24,638)
Repurchase and retirement of common stock, shares		(7,500)
Net loss	(21,891)			(21,891)
Ending Balance at Apr. 02, 2022	(385,731)	$ 183	83,074	(468,988)
Ending Balance, shares at Apr. 02, 2022		182,784
Beginning Balance at Jan. 01, 2022	(381,304)	$ 182	80,062	(461,548)
Beginning Balance, shares at Jan. 01, 2022		182,497
Issuance of common stock under the Plan	229	$ 1	228
Issuance of common stock under the Plan, shares		287
Equity-based compensation	2,784		2,784
Net loss	(7,440)			(7,440)
Ending Balance at Apr. 02, 2022	$ (385,731)	$ 183	$ 83,074	$ (468,988)
Ending Balance, shares at Apr. 02, 2022		182,784

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Operating Activities
Net loss	$ (21,891)	$ (36,709)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,817	12,858
Equity-based compensation	5,535	14,111
Amortization of deferred financing costs and debt discounts	986	1,134
Provision for doubtful accounts	418	64
Deferred income taxes	1,305	(8,711)
Loss (gain) on disposition of assets	118	(1,753)
Loss on debt extinguishment		9,169
Changes in operating assets and liabilities:
Accounts and other receivables	4,823	(10,316)
Inventories	(132,358)	(127,814)
Prepaid expenses and other current assets	(20,306)	(17,095)
Other assets	(4,922)	(6,150)
Accounts payable and accrued expenses	26,588	64,007
Income taxes payable	(6,945)	(1,857)
Operating lease assets and liabilities, net	(5,925)	(2,728)
Net cash used in operating activities	(136,757)	(111,790)
Investing Activities
Purchases of property and equipment	(14,322)	(9,490)
Business acquisitions, net of cash acquired	(29,988)	(6,040)
Proceeds from disposition of fixed assets	407	2,404
Net cash used in investing activities	(43,903)	(13,126)
Financing Activities
Borrowings on revolving credit facility	45,000	0
Repayment of long-term debt	(4,050)	(392,085)
Issuance of long-term debt	0	907
Payment of deferred financing costs	0	(9,562)
Proceeds from options exercised	329	0
Repurchase and retirement of common stock	(152,146)
Proceeds from issuance of common stock upon initial public offering, net	0	458,587
Net cash (used in) provided by financing activities	(110,867)	57,847
Net decrease in cash and cash equivalents	(291,527)	(67,069)
Cash and cash equivalents, beginning of period	343,498	155,801
Cash and cash equivalents, end of period	51,971	88,732
Supplemental Information:
Interest	13,325	27,081
Income taxes, net of refunds received	$ 7,358	$ 3,998

Business and Operations

Business and Operations	6 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Business and Operations	Note 1—Business and Operations Leslie’s, Inc. (“Leslie’s,” “we,” “our,” “us,” “its,” or the “Company”) is the leading direct-to-consumer pool and spa care brand. We market and sell pool and spa supplies and related products and services, which primarily consist of maintenance items such as chemicals, equipment and parts, and cleaning accessories, as well as safety, recreational, and fitness-related produ cts. We currently market our products through 965 company-operated locations in 38 states and e-commerce websites.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation We prepared the accompanying interim condensed consolidated financial statements following United States generally accepted accounting principles (“GAAP”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. The interim condensed consolidated financial statements include the accounts of Leslie’s, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. These interim condensed consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended October 2, 2021. Fiscal Periods We operate on a fiscal calendar that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to September 30th. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters includes 13 weeks of operations and the fourth quarter includes 14 weeks of operations. References to the three months ended April 2, 2022 and the three months ended April 3, 2021 refer to the 13 weeks ended April 2, 2022 and April 3, 2021, respectively. References to the six months ended April 2, 2022 and the six months ended April 3, 2021 refer to the 26 weeks ended April 2, 2022 and April 3, 2021, respectively. Use of Estimates To prepare financial statements that conform to GAAP, we make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Our most significant estimates relate to sales returns, inventory obsolescence reserves, lease assumptions, vendor rebate programs, income taxes, self-insurance, valuation of intangible assets and goodwill, and intangible asset impairment evaluations. We continually review our estimates and make adjustments as necessary, but actual results could be significantly different from what we expected when we made these estimates. Prior Period Reclassifications Reclassifications of certain immaterial prior period amounts have been made to conform to current period presentation. Fair Value Measurements We use fair value measurements to record fair value of certain assets and to estimate fair value of financial instruments no t recorded at fair value but required to be disclosed at fair value. As of April 2, 2022 and October 2, 2021, we held no assets that are required to be measured at fair value on a recurring basis. The fair value of our amended and restated term loan credit agreement (“Term Loan”) due in 2028 (see Note 9—Long-Term Debt, Net ) was determined to be $ 790.9 million and $ 802.9 million as of April 2, 2022 and October 2, 2021, respectively. These fair value estimates, determined to be Level 2, are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the short-term maturity of these instruments. There were no transfers between levels in the fair value hierarchy during the three and six months ended April 2, 2022 and April 3, 2021, respectively. Seasonality Our business is highly seasonal. In general, sales and earnings are highest during our third and fourth fiscal quarters, being April through September, and represent the peak months of swimming pool use. Sales are substantially lower during our first and second fiscal quarters. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions related to intraperiod tax allocations, foreign subsidiaries and interim reporting that are present within existing GAAP rules. The ASU also provides updated guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items. In addition, ASU 2019-12 clarifies that the effect of a change in tax laws or rates should be reflected in the annual effective tax rate computation during the interim period that includes the enactment date. We adopted ASU 2019-12 as of October 3, 2021, (as of the beginning of the current annual period) and its adoption did not have a material impact on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (“Topic 805”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which includes certain amendments to improve, simplify, and provide consistency for recognition and measurement of acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments require that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. The amendments also allow for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including for any interim period, and if elected, the amendments are applied retrospectively for any acquisitions that occurred in the fiscal year of interim adoption. We adopted ASU 2021-08 during the second quarter of fiscal 2022 and its adoption did not have a material impact on our consolidated financial statements.

Business Combinations

Business Combinations	6 Months Ended
	Apr. 02, 2022
Business Combinations [Abstract]
Business Combinations	Note 3—Business Combinations The following acquisitions did not have a material impact on our financial position or results of operations. Our condensed consolidated financial statements include the results of operations of these acquisitions from the date of acquisition. The total purchase consideration was allocated to the tangible and intangible assets acquired and the liabilities assumed at their estimated fair values as of each acquisition date, with the excess recorded to goodwill. The goodwill resulting from these acquisitions is expected to be deductible for income tax purposes. During the measurement periods, which will not exceed one year from each closing, we will continue to obtain information to assist us in finalizing the acquisition date fair values. Any qualifying changes to our preliminary estimates will be recorded as adjustments to the respective assets and liabilities, with any residual amounts allocated to goodwill. Fiscal 2022 Acquisitions During the six months ended April 2, 2022, we acquired two businesses for an aggregate purchase price of $ 30.0 million. These acquisitions expanded our pool and spa footprint and added 14 new retail locations. We are in the process of obtaining third-party valuations of certain intangible assets and inventories; thus, the provisional measurement of inventories, intangible assets and goodwill are subject to change. The following table sets forth the preliminary allocation of these acquisitions in the aggregate (in thousands): Total purchase consideration, net of cash acquired $ 29,988 Less fair value of assets acquired and liabilities assumed: Inventory 13,899 Intangibles 2,000 Other assets and liabilities, net ( 1,644 ) Total assets acquired, net of liabilities assumed 14,255 Goodwill $ 15,733 Fiscal 2021 Acquisitions In fiscal 2021, we completed three acquisitions of retailers of supplies and services for hot tubs and swim spas with eight locations. During the six months ended April 2, 2022, we recorded measurement period adjustments resulting in an increase in goodwill of $ 1.5 million related to these acquisitions. The purchase accounting for two of the three acquisitions is complete.

Goodwill and Other Intangibles,

Goodwill and Other Intangibles, Net	6 Months Ended
	Apr. 02, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles, Net	Note 4 —Goodwill and Other Intangibles, Net Goodwill The following table details the changes in goodwill (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Balance at beginning of the period $ 101,114 $ 93,295 $ 93,295 Acquisitions 15,733 7,819 4,397 Measurement period adjustments 1,475 — — Balance at the end of the period $ 118,322 $ 101,114 $ 97,692 Other Intangible Assets Other intangible assets consisted of the following as of April 2, 2022 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.2 $ 7,940 $ ( 5,350 ) $ 2,590 Trade name and trademarks (indefinite life) Indefinite 17,750 — 17,750 Non-compete agreements 7.0 8,683 ( 7,276 ) 1,407 Consumer relationships 6.1 19,000 ( 12,513 ) 6,487 Other intangibles 6.7 6,620 ( 6,311 ) 309 Total $ 59,993 $ ( 31,450 ) $ 28,543 Other intangible assets consisted of the following as of October 2, 2021 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 6.6 $ 5,940 $ ( 5,274 ) $ 666 Trade name and trademarks (indefinite life) Indefinite 17,750 — 17,750 Non-compete agreements 7.5 8,633 ( 7,123 ) 1,510 Consumer relationships 6.4 19,000 ( 11,688 ) 7,312 Other intangibles 7.0 6,620 ( 5,952 ) 668 Total $ 57,943 $ ( 30,037 ) $ 27,906 Other intangible assets consisted of the following as of April 3, 2021 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 3.1 $ 5,540 $ ( 5,195 ) $ 345 Trade name and trademarks (indefinite life) Indefinite 18,550 — 18,550 Non-compete agreements 8.9 9,833 ( 7,014 ) 2,819 Consumer relationships 6.5 18,500 ( 10,853 ) 7,647 Other intangibles 7.3 5,303 ( 4,505 ) 798 Total $ 57,726 $ ( 27,567 ) $ 30,159 Amortization expen se was $ 0.1 million and $ 0.5 million for the three months ended April 2, 2022, and April 3, 2021, respectively. Amortization expense was $ 1.4 million and $ 1.0 million for the six months ended April 2, 2022, and April 3, 2021, respectively. No impairment of goodwill or other intangible assets was recorded during the three and six months ended April 2, 2022, and April 3, 2021, respectively. The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of April 2, 2022 (in thousands): Amount Remainder of fiscal 2022 $ 1,174 2023 2,123 2024 1,485 2025 1,388 2026 1,142 Thereafter 3,481 Total $ 10,793

Accounts and Other Receivables,

Accounts and Other Receivables, Net	6 Months Ended
	Apr. 02, 2022
Receivables [Abstract]
Accounts and Other Receivables, Net	Note 5—Accounts and Other Receivables, Net Accounts and other receivables, net consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Vendor and other rebates receivable $ 20,519 $ 23,222 $ 29,288 Customer receivables 12,193 13,473 10,464 Other receivables 1,932 4,621 2,545 Allowance for doubtful accounts ( 1,025 ) ( 2,456 ) ( 564 ) Total $ 33,619 $ 38,860 $ 41,733

Inventories

Inventories	6 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Inventories	Note 6—Inventories Inventories consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Raw materials $ 9,595 $ 4,244 $ 4,274 Finished goods 335,451 194,545 273,586 Total $ 345,046 $ 198,789 $ 277,860

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Apr. 02, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Note 7—Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Prepaid expenses $ 21,209 $ 12,814 $ 23,809 Income taxes receivable 10,555 — 11,054 Other current assets 9,476 7,750 5,138 Total $ 41,240 $ 20,564 $ 40,001

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Apr. 02, 2022
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	Note 8—Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands): April 2,2022 October 2, 2021 April 3, 2021 Accounts payable $ 160,909 $ 100,960 $ 181,524 Accrued payroll and employee benefits 20,050 40,071 20,492 Customer deposits 16,874 19,861 16,288 Interest 4,293 4,898 524 Inventory related accruals 15,072 12,444 10,544 Loyalty and deferred revenue 8,727 6,685 2,835 Sales taxes 11,807 13,975 11,741 Self-insurance reserves 11,182 7,679 5,039 Other accrued liabilities 19,561 27,024 13,279 Total $ 268,475 $ 233,597 $ 262,266 As of April 2, 2022 and October 2, 2021 there were capital expenditures included in other accrued liabilities of $ 2.0 million and $ 1.5 million, respectively. As of April 3, 2021 there were no capital expenditures included in other accrued liabilities.

Long-Term Debt, Net

Long-Term Debt, Net	6 Months Ended
	Apr. 02, 2022
Debt Disclosure [Abstract]
Long-Term Debt, Net	Note 9—Long-Term Debt, Net Our long-term debt, net consisted of the following (in thousands, except interest rates): Effective (1) April 2, 2022 October 2, 2021 April 3, 2021 Term Loan—due on March 9, 2028 3.02 % (2) $ 801,900 $ 805,950 $ 810,000 Revolving Credit Facility 1.25 % (3) 45,000 — — Total long-term debt 846,900 805,950 810,000 Less: current portion of long-term debt ( 8,100 ) ( 8,100 ) ( 8,100 ) Less: noncurrent Revolving Credit Facility ( 45,000 ) — — Less: unamortized discount ( 3,046 ) ( 3,285 ) ( 3,519 ) Less: deferred financing charges ( 7,833 ) ( 8,440 ) ( 9,042 ) Total long-term debt, net $ 782,921 $ 786,125 $ 789,339 (1) Effective interest rates as of April 2, 2022. (2) Carries interest at a specified margin over LIBOR between 2.50 % and 2.75 % with a minimum LIBOR of 0.50 % . (3) Carries interest at a specific margin between 0.25 % and 0.75 % with respect to Base Rate loans and between 1.25 % and 1.75 % with respect to Eurodollar Rate loans. Term Loan In March 2021, we entered into an amendment to our Term Loan. The amended Term Loan provides for an $ 810.0 million secured term loan facility with a maturity date of March 9, 2028 . Borrowings under the Term Loan have an initial applicable rate, at our option of, (i ) 2.75 % for loans that are LIBOR loans and (ii) 1.75 % of loans that are ABR loans. The applicable rate of the Term Loan is based on our first lien leverage ratio as follows: (a) if the first lien leverage ratio is greater than 2.75 to 1.00 , t he applicable rate will be 2.75 % for LIBOR loans and 1.75 % for ABR loans and (b) the first lien leverage ratio is less than or equal to 2.75 to 1.00 , the applicable rate will be 2.50 % for LIBOR loans and 1.50 % for ABR loans. For LIBOR loans, the loans will bear interest at the adjusted LIBOR rate plus the applicable rate, where the adjusted LIBOR rate will not be less than 0.50 %. As a result of the amendment during the three months ended April 3, 2021, we recognized a $ 1.9 million loss on debt extinguishment on our condensed consolidated statements of operations. Revolving Credit Facility In April 2021, we entered into Amendment No. 5 to our $ 200.0 million credit facility (the “Revolving Credit Facility”) maturing on August 13, 2025 (the “Amendment”). The Amendment has (i) an applicable margin on the Base Rate loans with a range of 0.25 % to 0.75 %, (ii) an applicable margin on the Eurodollar Rate loans with a range of 1.25 % to 1.75 %, (iii) a LIBOR floor of 0 %, and (iv) a commitment fee rate of 0.25 %. We are also obligated to pay a commission on all outstanding letters of credit as well as customary administrative, issuance, fronting, amendment, payment, and negotiation fees. As of April 2, 2022 , we had $ 45.0 million outstanding on the Revolving Credit Facility. As of October 2, 2021 and April 3, 2021, no amounts were outstanding on the Revolving Credit Facility, respectively. The amount available was reduced by $ 10.0 million of existing standby letters of credit as of April 2, 2022 . Subsequent to April 2, 2022, we repaid the outstanding balance on the Revolving Credit Facility of $ 45.0 million. Senior Unsecured Notes The senior unsecured notes principal of $ 390.0 million was paid in full on November 3, 2020, resulting in a loss on debt extinguishment of $ 7.3 million on our condensed consolidated statements of operations for the six months ended April 3, 2021, respectively. Representations and Covenants Substantially all of our assets are pledged as collateral to secure our indebtedness. The Term Loan and the Revolving Credit Facility do not require us to comply with any financial covenants. The Term Loan and Revolving Credit Facility contain customary representations and warranties, covenants, and conditions to borrowing. No event of default had occurred as of April 2, 2022, October 2, 2021, or April 3, 2021. Future Debt Maturities The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as o f April 2, 2022 (in thousands): Amount Remainder of fiscal 2022 $ 4,050 2023 8,100 2024 6,075 2025 55,125 2026 8,100 Thereafter 765,450 Total $ 846,900

Income Taxes

Income Taxes	6 Months Ended
	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 10—Income Taxes Our effective income tax rate was a benefit of 29.0 % for the six months ended April 2, 2022, compared to a benefit of 32.4 % for the six months ended April 3, 2021. The difference between the statutory rate and our effective rate for the six months ended April 2, 2022, was primarily attributable to state taxes. The difference between the statutory rate and our effective rate for the six months ended April 3, 2021, was primarily attributable to a reduction in the valuation allowance for our interest limitation carryforward and state taxes. Our effective income tax rate can fluctuate due to factors including valuation allowances, changes in tax laws, federal and state audits, and the impact of other discrete items.

Commitments & Contingencies

Commitments & Contingencies	6 Months Ended
	Apr. 02, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments & Contingencies	Note 11—Commitments & Contingencies Contingencies We are defendants in lawsuits or potential claims encountered in the normal course of business. When the potential liability from a matter can be estimated and the loss is considered probable, we record the estimated loss. Due to uncertainties related to the resolution of lawsuits, investigations and claims, the ultimate outcome may differ from the estimates. We do not expect that the resolutions of any of these matters will have a material effect to our condensed consolidated financial position or results of operations. We did not record any material loss contingencies as of April 2, 2022, October 2, 2021, and April 3, 2021, respectively. Our workers’ compensation insurance program, general liability insurance program, and employee group medical plan have self-insurance retention features of up to $ 0.4 milli on per event as of April 2, 2022 and October 2, 2021. We had standby letters of credit outstanding in th e amounts of $ 10.0 million as of April 2, 2022 for the purpose of securing such obligations under our workers’ compensation self-insurance programs.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Apr. 02, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 12—Related Party Transactions In February 2017, we entered into a management services agreement with our private equity sponsors in connection with our acquisition in February 2017. The management services agreement provided that we pay an annual fee for management and advisory services to us and our affiliates, including general management consulting services, support and analysis with respect to financing alternatives and strategic planning functions. The management services agreement terminated in October 2020 in connection with the completion of our initial public offering (“IPO” ). During the six months ended April 3, 2021, we paid or accrued management fees in the amount of $ 0.4 million. On December 14, 2021, the Company entered into a share repurchase agreement with Bubbles Investor Aggregator, L.P. and Explorer Investment Pte. Ltd. (together, the “Selling Stockholders”), each a greater than 5 % beneficial owner of the Company’s common stock, providing for the repurchase by the Company from the Selling Stockholders of an aggregate of 7.5 million shares of common stock, conditioned on the closing of a contemporaneous secondary public offering (the “Offering”). The price per share of repurchased common stock paid by the Company was $ 20.25 , which represents the per share price at which shares of common stock were sold to the public in the Offering less the underwriting discount. The repurchase transaction closed on December 16, 2021. See Note 13—Share Repurchase Program for detailed information regarding the repurchase program.

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Apr. 02, 2022
Equity [Abstract]
Share Repurchase Program	Note 13—Share Repurchase Program On December 3, 2021, the Board of Directors authorized a share repurchase program for up to an aggregate amount of $ 300 million of the Company’s outstanding shares of common stock over a period of three years . The amount and timing of repurchases depends on a number of factors, including the Company’s financial condition, capital requirements, cash flows, results of operations, future business prospects, and other factors our management may deem relevant. The timing, volume, and nature of repurchases, are subject to market conditions, applicable securities laws and other factors and may be amended, suspended or discontinued at any time. Shares may be repurchased from time to time on the open market, in privately negotiated transactions, or otherwise . On December 16, 2021, the Company repurchased and retired 7.5 million shares of common stock at a price per share of $ 20.25 . The Company paid $ 151.9 million ($ 152.1 million including offering costs) to fund the share repurchase using existing cash on hand. The Co mpany accounted for the share repurchase and retirement under the cost method by deducting its par value from common stock, reducing additional paid-in-capital by $ 127.5 million using the share price when the stock was originally issued, and the remaining excess cost of $ 24.4 million increased retained deficit. As of April 2, 2022, $ 148.1 m illion remained available for future purchases under the program. The following table presents information about our repurchases of common stock (in thousands): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Total number of shares repurchased — — 7,500 — Total amount paid for shares repurchased $ — $ — $ 151,875 $ —

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Apr. 02, 2022
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 14—Equity-Based Compensation Equity-Based Compensation 2020 Omnibus Incentive Plan In October 2020, we adopted the Leslie’s, Inc. 2020 Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of awards such as stock options to purchase Leslie’s common stock (each, a “Stock Option”) and restricted stock units (“RSUs”) which may settle in Leslie’s, Inc. common stock to our directors, executives and eligible employees of the Company. Stock Options granted under the Plan generally expire ten years from the date of grant and consist of Stock Options that vest upon the satisfaction of time-based requirements (“Service Stock Option”) and performance-based Stock Options that vest upon satisfaction of a performance-based requirement (“Performance Stock Options”). RSUs consist of grants that vest ratably upon the satisfaction of time-based requirements (“Service RSU”) and performance-based RSUs that vest upon satisfaction of performance-based requirements (“Performance RSU”). In each case, vesting of the Company’s outstanding and unvested Stock Options and RSUs is contingent upon the holder’s continued service through the date of each applicable vesting event. As of April 2, 2022, we had approximately 7.5 million shares of common stock available for future grants under the Plan. As of April 2, 2022, the aggregate unamortized value of all outstanding equity-based compensation awards was approximately $ 34.8 million, which is expected to be recognized over a weighted average period of approximately 2.8 years. Stock Options The following tables summarizes our Stock Option activity under the Plan during the six months ended (in thousands, except per share amounts): April 2, 2022 Number of Options Weighted Average Outstanding, Beginning 4,877 $ 18.22 Granted — — Exercised ( 19 ) 17.00 Forfeited ( 334 ) 18.33 Balance, Ending 4,524 $ 18.22 Vested as of April 2, 2022 (1) 1,363 $ 17.71 (1) Includes 550,736 sto ck options that were subject to the Company’s achievement of the fiscal 2021 net income target which was deemed to have been met during the six months ended April 2, 2022. As of April 2, 2022 Aggregate intrinsic value of options outstanding $ 12,009 Unamortized value of unvested stock options $ 12,122 Weighted average period (years) that expense is expected to be recognized 2.1 Weighted average remaining contractual life (years) for options outstanding 9.0 Restricted Stock Units The following table summarizes our RSU activity under the Plan during the six months ended (in thousands, except per share amounts): April 2, 2022 Number of RSUs Weighted Average Outstanding, Beginning 3,135 $ 6.90 Granted 455 19.94 Vested ( 444 ) 4.13 Forfeited ( 276 ) 6.76 Balance, Ending 2,870 $ 9.41 As of April 2, 2022 Unamortized value of unvested RSUs $ 22,701 Weighted average period (years) expense is expected to be recognized 3.2 During the three and six months ended April 2, 2022, equity-based compensation expens e was $ 2.9 million and $ 5.7 million, respectively, and includes Company related payroll tax expense. During the three months ended April 3, 2021, equity-based compensation expense wa s $ 2.0 million. During the six months ended April 3, 2021, equity-based compensation expense wa s $ 14.1 million and was primarily due to the vesting of performance-based equity units as a result of the Company’s IPO. These costs are reported in selling, general and administrative expenses (“SG&A”) in our condensed consolidated statements of operations.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 15—Earnings Per Share The following is a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding ( in thousands, except per share amounts): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Numerator: Net loss $ ( 7,440 ) $ ( 6,452 ) $ ( 21,891 ) $ ( 36,709 ) Denominator: Weighted average shares outstanding - basic 182,678 186,810 185,592 181,900 Effect of dilutive securities: Stock options — — — — RSUs — — — — Weighted average shares outstanding - diluted 182,678 186,810 185,592 181,900 Basic earnings per share $ ( 0.04 ) $ ( 0.03 ) $ ( 0.12 ) $ ( 0.20 ) Diluted earnings per share $ ( 0.04 ) $ ( 0.03 ) $ ( 0.12 ) $ ( 0.20 ) The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted earnings per share because the effect of including such shares would have been antidilutive (in thousands): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Stock options 811 760 860 437 RSUs 2,467 5,505 2,652 4,673 Total 3,278 6,265 3,512 5,110

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We prepared the accompanying interim condensed consolidated financial statements following United States generally accepted accounting principles (“GAAP”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. The interim condensed consolidated financial statements include the accounts of Leslie’s, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated. These interim condensed consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended October 2, 2021.
Fiscal Periods	Fiscal Periods We operate on a fiscal calendar that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to September 30th. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters includes 13 weeks of operations and the fourth quarter includes 14 weeks of operations. References to the three months ended April 2, 2022 and the three months ended April 3, 2021 refer to the 13 weeks ended April 2, 2022 and April 3, 2021, respectively. References to the six months ended April 2, 2022 and the six months ended April 3, 2021 refer to the 26 weeks ended April 2, 2022 and April 3, 2021, respectively.
Use of Estimates	Use of Estimates To prepare financial statements that conform to GAAP, we make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Our most significant estimates relate to sales returns, inventory obsolescence reserves, lease assumptions, vendor rebate programs, income taxes, self-insurance, valuation of intangible assets and goodwill, and intangible asset impairment evaluations. We continually review our estimates and make adjustments as necessary, but actual results could be significantly different from what we expected when we made these estimates.
Prior Period Reclassifications	Prior Period Reclassifications Reclassifications of certain immaterial prior period amounts have been made to conform to current period presentation.
Fair Value Measurements	Fair Value Measurements We use fair value measurements to record fair value of certain assets and to estimate fair value of financial instruments no t recorded at fair value but required to be disclosed at fair value. As of April 2, 2022 and October 2, 2021, we held no assets that are required to be measured at fair value on a recurring basis. The fair value of our amended and restated term loan credit agreement (“Term Loan”) due in 2028 (see Note 9—Long-Term Debt, Net ) was determined to be $ 790.9 million and $ 802.9 million as of April 2, 2022 and October 2, 2021, respectively. These fair value estimates, determined to be Level 2, are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the short-term maturity of these instruments. There were no transfers between levels in the fair value hierarchy during the three and six months ended April 2, 2022 and April 3, 2021, respectively.
Seasonality	Seasonality Our business is highly seasonal. In general, sales and earnings are highest during our third and fourth fiscal quarters, being April through September, and represent the peak months of swimming pool use. Sales are substantially lower during our first and second fiscal quarters.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes. ASU 2019-12 removes certain exceptions related to intraperiod tax allocations, foreign subsidiaries and interim reporting that are present within existing GAAP rules. The ASU also provides updated guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items. In addition, ASU 2019-12 clarifies that the effect of a change in tax laws or rates should be reflected in the annual effective tax rate computation during the interim period that includes the enactment date. We adopted ASU 2019-12 as of October 3, 2021, (as of the beginning of the current annual period) and its adoption did not have a material impact on our consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (“Topic 805”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which includes certain amendments to improve, simplify, and provide consistency for recognition and measurement of acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments require that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. The amendments also allow for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including for any interim period, and if elected, the amendments are applied retrospectively for any acquisitions that occurred in the fiscal year of interim adoption. We adopted ASU 2021-08 during the second quarter of fiscal 2022 and its adoption did not have a material impact on our consolidated financial statements.

Business Combinations (Table)

Business Combinations (Table)	6 Months Ended
	Apr. 02, 2022
Business Combinations [Abstract]
Schedule of Preliminary Allocation of Acquisitions in Aggregate	The following table sets forth the preliminary allocation of these acquisitions in the aggregate (in thousands): Total purchase consideration, net of cash acquired $ 29,988 Less fair value of assets acquired and liabilities assumed: Inventory 13,899 Intangibles 2,000 Other assets and liabilities, net ( 1,644 ) Total assets acquired, net of liabilities assumed 14,255 Goodwill $ 15,733

Goodwill and Other Intangible_2

Goodwill and Other Intangibles, Net (Tables)	6 Months Ended
	Apr. 02, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill	The following table details the changes in goodwill (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Balance at beginning of the period $ 101,114 $ 93,295 $ 93,295 Acquisitions 15,733 7,819 4,397 Measurement period adjustments 1,475 — — Balance at the end of the period $ 118,322 $ 101,114 $ 97,692
Summary of Other Intangible Assets	Other intangible assets consisted of the following as of April 2, 2022 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.2 $ 7,940 $ ( 5,350 ) $ 2,590 Trade name and trademarks (indefinite life) Indefinite 17,750 — 17,750 Non-compete agreements 7.0 8,683 ( 7,276 ) 1,407 Consumer relationships 6.1 19,000 ( 12,513 ) 6,487 Other intangibles 6.7 6,620 ( 6,311 ) 309 Total $ 59,993 $ ( 31,450 ) $ 28,543 Other intangible assets consisted of the following as of October 2, 2021 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 6.6 $ 5,940 $ ( 5,274 ) $ 666 Trade name and trademarks (indefinite life) Indefinite 17,750 — 17,750 Non-compete agreements 7.5 8,633 ( 7,123 ) 1,510 Consumer relationships 6.4 19,000 ( 11,688 ) 7,312 Other intangibles 7.0 6,620 ( 5,952 ) 668 Total $ 57,943 $ ( 30,037 ) $ 27,906 Other intangible assets consisted of the following as of April 3, 2021 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 3.1 $ 5,540 $ ( 5,195 ) $ 345 Trade name and trademarks (indefinite life) Indefinite 18,550 — 18,550 Non-compete agreements 8.9 9,833 ( 7,014 ) 2,819 Consumer relationships 6.5 18,500 ( 10,853 ) 7,647 Other intangibles 7.3 5,303 ( 4,505 ) 798 Total $ 57,726 $ ( 27,567 ) $ 30,159
Summary of Estimated Future Amortization Expense Related to Finite-Lived Intangible Assets	The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of April 2, 2022 (in thousands): Amount Remainder of fiscal 2022 $ 1,174 2023 2,123 2024 1,485 2025 1,388 2026 1,142 Thereafter 3,481 Total $ 10,793

Accounts and Other Receivable_2

Accounts and Other Receivables, Net (Tables)	6 Months Ended
	Apr. 02, 2022
Receivables [Abstract]
Schedule of Accounts and Other Receivables, Net	Accounts and other receivables, net consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Vendor and other rebates receivable $ 20,519 $ 23,222 $ 29,288 Customer receivables 12,193 13,473 10,464 Other receivables 1,932 4,621 2,545 Allowance for doubtful accounts ( 1,025 ) ( 2,456 ) ( 564 ) Total $ 33,619 $ 38,860 $ 41,733

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Raw materials $ 9,595 $ 4,244 $ 4,274 Finished goods 335,451 194,545 273,586 Total $ 345,046 $ 198,789 $ 277,860

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Apr. 02, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): April 2, 2022 October 2, 2021 April 3, 2021 Prepaid expenses $ 21,209 $ 12,814 $ 23,809 Income taxes receivable 10,555 — 11,054 Other current assets 9,476 7,750 5,138 Total $ 41,240 $ 20,564 $ 40,001

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Apr. 02, 2022
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following (in thousands): April 2,2022 October 2, 2021 April 3, 2021 Accounts payable $ 160,909 $ 100,960 $ 181,524 Accrued payroll and employee benefits 20,050 40,071 20,492 Customer deposits 16,874 19,861 16,288 Interest 4,293 4,898 524 Inventory related accruals 15,072 12,444 10,544 Loyalty and deferred revenue 8,727 6,685 2,835 Sales taxes 11,807 13,975 11,741 Self-insurance reserves 11,182 7,679 5,039 Other accrued liabilities 19,561 27,024 13,279 Total $ 268,475 $ 233,597 $ 262,266

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	6 Months Ended
	Apr. 02, 2022
Debt Disclosure [Abstract]
Summary of Long-Term Debt, Net	Our long-term debt, net consisted of the following (in thousands, except interest rates): Effective (1) April 2, 2022 October 2, 2021 April 3, 2021 Term Loan—due on March 9, 2028 3.02 % (2) $ 801,900 $ 805,950 $ 810,000 Revolving Credit Facility 1.25 % (3) 45,000 — — Total long-term debt 846,900 805,950 810,000 Less: current portion of long-term debt ( 8,100 ) ( 8,100 ) ( 8,100 ) Less: noncurrent Revolving Credit Facility ( 45,000 ) — — Less: unamortized discount ( 3,046 ) ( 3,285 ) ( 3,519 ) Less: deferred financing charges ( 7,833 ) ( 8,440 ) ( 9,042 ) Total long-term debt, net $ 782,921 $ 786,125 $ 789,339 (1) Effective interest rates as of April 2, 2022. (2) Carries interest at a specified margin over LIBOR between 2.50 % and 2.75 % with a minimum LIBOR of 0.50 % . (3) Carries interest at a specific margin between 0.25 % and 0.75 % with respect to Base Rate loans and between 1.25 % and 1.75 % with respect to Eurodollar Rate loans.
Schedule of Debt Maturities and Principal Repayments of Indebtedness	The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as o f April 2, 2022 (in thousands): Amount Remainder of fiscal 2022 $ 4,050 2023 8,100 2024 6,075 2025 55,125 2026 8,100 Thereafter 765,450 Total $ 846,900

Share Repurchase Program (Table

Share Repurchase Program (Tables)	6 Months Ended
	Apr. 02, 2022
Equity [Abstract]
Schedule of Repurchases of Common Stock	The following table presents information about our repurchases of common stock (in thousands): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Total number of shares repurchased — — 7,500 — Total amount paid for shares repurchased $ — $ — $ 151,875 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Apr. 02, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock Options Activity	The following tables summarizes our Stock Option activity under the Plan during the six months ended (in thousands, except per share amounts): April 2, 2022 Number of Options Weighted Average Outstanding, Beginning 4,877 $ 18.22 Granted — — Exercised ( 19 ) 17.00 Forfeited ( 334 ) 18.33 Balance, Ending 4,524 $ 18.22 Vested as of April 2, 2022 (1) 1,363 $ 17.71 (1) Includes 550,736 sto ck options that were subject to the Company’s achievement of the fiscal 2021 net income target which was deemed to have been met during the six months ended April 2, 2022. As of April 2, 2022 Aggregate intrinsic value of options outstanding $ 12,009 Unamortized value of unvested stock options $ 12,122 Weighted average period (years) that expense is expected to be recognized 2.1 Weighted average remaining contractual life (years) for options outstanding 9.0
Summary of RSU Activity under Plan	The following table summarizes our RSU activity under the Plan during the six months ended (in thousands, except per share amounts): April 2, 2022 Number of RSUs Weighted Average Outstanding, Beginning 3,135 $ 6.90 Granted 455 19.94 Vested ( 444 ) 4.13 Forfeited ( 276 ) 6.76 Balance, Ending 2,870 $ 9.41 As of April 2, 2022 Unamortized value of unvested RSUs $ 22,701 Weighted average period (years) expense is expected to be recognized 3.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Summary of Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding	The following is a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding ( in thousands, except per share amounts): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Numerator: Net loss $ ( 7,440 ) $ ( 6,452 ) $ ( 21,891 ) $ ( 36,709 ) Denominator: Weighted average shares outstanding - basic 182,678 186,810 185,592 181,900 Effect of dilutive securities: Stock options — — — — RSUs — — — — Weighted average shares outstanding - diluted 182,678 186,810 185,592 181,900 Basic earnings per share $ ( 0.04 ) $ ( 0.03 ) $ ( 0.12 ) $ ( 0.20 ) Diluted earnings per share $ ( 0.04 ) $ ( 0.03 ) $ ( 0.12 ) $ ( 0.20 )
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Earnings Per Share	The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted earnings per share because the effect of including such shares would have been antidilutive (in thousands): Three Months Ended Six Months Ended April 2, 2022 April 3, 2021 April 2, 2022 April 3, 2021 Stock options 811 760 860 437 RSUs 2,467 5,505 2,652 4,673 Total 3,278 6,265 3,512 5,110

Business and Operations - Addit

Business and Operations - Additional Information (Details)	6 Months Ended
	Apr. 02, 2022LocationState
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of company-operated locations | Location	965
Number of states in which entity operates | State	38

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0		$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0		0
Fair value, liabilities, level 1 to level 2 transfers, amount	0		0
Fair value, liabilities, level 2 to level 1 transfers, amount	0		$ 0
Level 2 | Term Loan due in 2028
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Fair value of term loan	790,900,000	$ 802,900,000
Recurring Basis
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Assets measured at fair value	$ 0	$ 0

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Apr. 02, 2022USD ($)LocationNumber	Apr. 03, 2021USD ($)	Oct. 02, 2021NumberLocation
Business Acquisition [Line Items]
Number of Businesses Acquired | Number	2		3
Business acquisitions, net of cash acquired | $	$ (29,988)	$ (6,040)
Number of locations in which assets acquired | Location	14
Denver, Colorado, Medford, Oregon and Washington, DC
Business Acquisition [Line Items]
Number of locations in which assets acquired | Location			8
Accounting adjustments of increase in goodwill | $	$ 1,500

Business Combinations - Schedul

Business Combinations - Schedule of Preliminary Allocation of Acquisitions in Aggregate (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Business Acquisition, Pro Forma Information [Abstract]
Total purchase consideration, net of cash acquired	$ 29,988	$ 6,040
Less fair value of assets acquired and liabilities assumed:
Inventory	13,899
Intangibles	2,000
Other assets and liabilities, net	(1,644)
Total assets acquired, net of liabilities assumed	14,255
Goodwill	$ 15,733	$ 4,397	$ 7,819

Goodwill and Other Intangible_3

Goodwill and Other Intangibles, Net - Summary of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Goodwill [Roll Forward]
Balance at beginning of the period	$ 101,114	$ 93,295	$ 93,295
Acquisitions	15,733	4,397	7,819
Measurement period adjustments	1,475	0	0
Balance at the end of the period	$ 118,322	$ 97,692	$ 101,114

Goodwill and Other Intangible_4

Goodwill and Other Intangibles, Net - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Finite and Indefinite Lived Intangible Assets [Line Items]
Net Carrying Amount, Finite Life	$ 10,793
Gross Carrying Value	59,993	$ 57,726	$ 57,943
Accumulated Amortization	31,450	(27,567)	(30,037)
Net Carrying Amount	$ 28,543	$ 30,159	$ 27,906
Trade Name and Trademarks
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	9 years 2 months 12 days	3 years 1 month 6 days	6 years 7 months 6 days
Gross Carrying Value, Finite Life	$ 7,940	$ 5,540	$ 5,940
Accumulated Amortization, Finite Life	5,350	(5,195)	(5,274)
Net Carrying Amount, Finite Life	$ 2,590	$ 345	$ 666
Non-compete Agreements
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	7 years	8 years 10 months 24 days	7 years 6 months
Gross Carrying Value, Finite Life	$ 8,683	$ 9,833	$ 8,633
Accumulated Amortization, Finite Life	7,276	(7,014)	(7,123)
Net Carrying Amount, Finite Life	$ 1,407	$ 2,819	$ 1,510
Consumer Relationships
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	6 years 1 month 6 days	6 years 6 months	6 years 4 months 24 days
Gross Carrying Value, Finite Life	$ 19,000	$ 18,500	$ 19,000
Accumulated Amortization, Finite Life	12,513	(10,853)	(11,688)
Net Carrying Amount, Finite Life	$ 6,487	$ 7,647	$ 7,312
Other Intangibles
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	6 years 8 months 12 days	7 years 3 months 18 days	7 years
Gross Carrying Value, Finite Life	$ 6,620	$ 5,303	$ 6,620
Accumulated Amortization, Finite Life	6,311	(4,505)	(5,952)
Net Carrying Amount, Finite Life	$ 309	$ 798	$ 668
Trade Name and Trademarks
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Indefinite Life	Indefinite	Indefinite	Indefinite
Net Carrying Amount, Indefinite Life	$ 17,750	$ 18,550	$ 17,750

Goodwill and Other Intangible_5

Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Finite And Indefinite Lived Intangible Assets [Line Items]
Amortization expense	$ 100,000	$ 500,000	$ 1,400,000	$ 1,000,000
Impairment of goodwill or other intangible assets	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible_6

Goodwill and Other Intangibles, Net - Summary of Estimated Future Amortization Expense Related to Finite-Lived Intangible Assets (Details) $ in Thousands	Apr. 02, 2022USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
Remainder of Fiscal 2022	$ 1,174
2023	2,123
2024	1,485
2025	1,388
2026	1,142
Thereafter	3,481
Net Carrying Amount, Finite Life	$ 10,793

Accounts and Other Receivable_3

Accounts and Other Receivables, Net - Schedule of Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Receivables [Abstract]
Vendor and other rebates receivable	$ 20,519	$ 23,222	$ 29,288
Customer receivables	12,193	13,473	10,464
Other receivables	1,932	4,621	2,545
Allowance for doubtful accounts	(1,025)	(2,456)	(564)
Total	$ 33,619	$ 38,860	$ 41,733

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 9,595	$ 4,244	$ 4,274
Finished goods	335,451	194,545	273,586
Total	$ 345,046	$ 198,789	$ 277,860

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expense	$ 21,209	$ 12,814	$ 23,809
Income taxes receivable	10,555		11,054
Other current assets	9,476	7,750	5,138
Total	$ 41,240	$ 20,564	$ 40,001

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Payables And Accruals [Abstract]
Accounts payable	$ 160,909	$ 100,960	$ 181,524
Accrued payroll and employee benefits	20,050	40,071	20,492
Customer deposits	16,874	19,861	16,288
Interest	4,293	4,898	524
Inventory related accruals	15,072	12,444	10,544
Loyalty and deferred revenue	8,727	6,685	2,835
Sales taxes	11,807	13,975	11,741
Self-insurance reserves	11,182	7,679	5,039
Other accrued liabilities	19,561	27,024	13,279
Total	$ 268,475	$ 233,597	$ 262,266

Accounts Payable and Accrued _4

Accounts Payable and Accrued Expenses (Additional Information) (Details) - USD ($)	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Payables And Accruals [Abstract]
Capital expenditures included in other accrued liabilities	$ 2,000,000	$ 1,500,000	$ 0

Long-Term Debt, Net - Summary o

Long-Term Debt, Net - Summary of Long-Term Debt, Net (Details) - USD ($) $ in Thousands		Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Debt Instrument [Line Items]
Total long-term debt		$ 846,900	$ 805,950	$ 810,000
Less: current portion of long-term debt		(8,100)	(8,100)	(8,100)
Less: noncurrent Revolving Credit Facility		(45,000)	0	0
Less: unamortized discount		(3,046)	(3,285)	(3,519)
Less: deferred financing charges		(7,833)	(8,440)	(9,042)
Total long-term debt, net		$ 782,921	786,125	789,339
Term Loan Due on March 9, 2028
Debt Instrument [Line Items]
Effective Interest Rate	[1]	3.02%
Total long-term debt		$ 801,900	805,950	810,000
Revolving Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate	[2]	1.25%
Total long-term debt		$ 45,000	$ 0	$ 0
[1]	Carries interest at a specified margin over LIBOR between 2.50 % and 2.75 % with a minimum LIBOR of 0.50 %
[2]	Carries interest at a specific margin between 0.25 % and 0.75 % with respect to Base Rate loans and between 1.25 % and 1.75 % with respect to Eurodollar Rate loans.

Long-Term Debt, Net - Summary_2

Long-Term Debt, Net - Summary of Long-Term Debt, Net (Parenthetical) (Details)	6 Months Ended
	Apr. 02, 2022
LIBOR | Term Loan Due on March 9, 2028 | Maximum
Debt Instrument [Line Items]
Interest rate range	2.75%
LIBOR | Term Loan Due on March 9, 2028 | Minimum
Debt Instrument [Line Items]
Interest rate range	2.50%
Interest rate	0.50%
ABL Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate	0.75%
ABL Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate	0.25%
ABL Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Interest rate	1.75%
ABL Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Interest rate	1.25%

Long-Term Debt, Net - Term Loan

Long-Term Debt, Net - Term Loan - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		15 Months Ended
	Mar. 31, 2021	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Apr. 03, 2022	Oct. 02, 2021
Debt Instrument [Line Items]
Secured term loan facility		$ 846,900	$ 810,000	$ 846,900	$ 810,000		$ 805,950
Loss on debt extinguishment			$ 1,888		$ 9,169
Term Loan
Debt Instrument [Line Items]
Secured term loan facility	$ 810,000
Debt instrument, maturity date	Mar. 9, 2028
Loss on debt extinguishment						$ (1,900)
Term Loan | Minimum | First Lien Leverage Ratio Greater Than 2.75 to 100
Debt Instrument [Line Items]
Interest rate	1.00%
Term Loan | Minimum | First Lien Leverage Ratio Less Than or Equal to 2.75 to 1.00
Debt Instrument [Line Items]
Interest rate	1.00%
Term Loan | Maximum | First Lien Leverage Ratio Greater Than 2.75 to 100
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | Maximum | First Lien Leverage Ratio Less Than or Equal to 2.75 to 1.00
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | LIBOR | Applicable Rate
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | LIBOR | First Lien Leverage Ratio Greater Than 2.75 to 100 | Applicable Rate
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | LIBOR | First Lien Leverage Ratio Less Than or Equal to 2.75 to 1.00 | Applicable Rate
Debt Instrument [Line Items]
Interest rate	2.50%
Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate	0.50%
Term Loan | ABR | Applicable Rate
Debt Instrument [Line Items]
Interest rate	1.75%
Term Loan | ABR | First Lien Leverage Ratio Greater Than 2.75 to 100 | Applicable Rate
Debt Instrument [Line Items]
Interest rate	1.75%
Term Loan | ABR | First Lien Leverage Ratio Less Than or Equal to 2.75 to 1.00 | Applicable Rate
Debt Instrument [Line Items]
Interest rate	1.50%

Long-Term Debt, Net - Revolving

Long-Term Debt, Net - Revolving Credit Facility - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2021	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
ABL Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate		0.25%
ABL Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate		0.75%
ABL Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Interest rate		1.25%
ABL Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Interest rate		1.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 13, 2025
Credit facility, current borrowing capacity		$ 45,000,000	$ 0	$ 0
Credit facility, maximum borrowing capacity	$ 200,000,000
Credit facility, commitment fee percentage	0.25%
Repayment of revolving credit facility		45,000,000
Revolving Credit Facility | Standby Letter of Credit
Debt Instrument [Line Items]
Amount of Letters of credit on credit facility		$ 10,000,000
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate	0.25%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate	0.75%
Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Interest rate	1.25%
Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Interest rate	1.75%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate	0.00%

Long-Term Debt, Net - Senior Un

Long-Term Debt, Net - Senior Unsecured Notes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Nov. 03, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment		$ 1,888,000		$ 9,169,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, principal amount					$ 390,000,000
Loss on debt extinguishment				$ (7,300,000)

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Debt Maturities and Principal Repayments of Indebtedness (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Long Term Debt By Maturity [Abstract]
Remainder of Fiscal 2022	$ 4,050
2023	8,100
2024	6,075
2025	55,125
2026	8,100
Thereafter	765,450
Total long-term debt	$ 846,900	$ 805,950	$ 810,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	(29.00%)	(32.40%)

Commitments & Contingencies - A

Commitments & Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021	Apr. 03, 2021
Loss Contingencies [Line Items]
Credit facility, remaining borrowing capacity	$ 45,000	$ 0	$ 0
Workers' Compensation Insurance Program | Maximum
Loss Contingencies [Line Items]
Self insurance retention amount	400	$ 400
Workers' Compensation Insurance Program | Standby Letter of Credit
Loss Contingencies [Line Items]
Credit facility, remaining borrowing capacity	$ 10,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 16, 2021	Dec. 14, 2021	Apr. 02, 2022	Apr. 03, 2021
Related Party Transaction [Line Items]
Paid or accrued management fees				$ 0.4
Common Stock
Related Party Transaction [Line Items]
Common stock, shares repurchased	7,500,000		7,500,000
Common stock repurchased, price per share	$ 20.25
Bubbles Investor Aggregator, L.P. | Minimum
Related Party Transaction [Line Items]
Beneficial ownership interest in common stock		5.00%
Explorer Investment Pte. Ltd. | Minimum
Related Party Transaction [Line Items]
Beneficial ownership interest in common stock		5.00%
Bubbles Investor Aggregator, L.P. and Explorer Investment Pte. Ltd. | Common Stock
Related Party Transaction [Line Items]
Common stock, shares repurchased		7,500,000
Common stock repurchased, price per share		$ 20.25

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands	Dec. 16, 2021	Dec. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Equity, Class of Treasury Stock [Line Items]
Repurchase and retirement of common stock including offering costs			$ 152,146,000
Additional paid in capital	$ 127,500,000
Increase in retained earnings	$ 24,400,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Authorized amount under share repurchase program		$ 300,000,000
Period during which shares can be repurchased under share repurchase program		3 years
Remained available amount under share repurchase program			$ 148,100,000
Stock repurchased and retired	7,500		7,500
Stock repurchased paid	$ 151,900,000		$ 151,875,000
Repurchase and retirement of common stock including offering costs	$ 152,100,000
Common stock repurchased, price per share	$ 20.25

Share Repurchase Program - Sche

Share Repurchase Program - Schedule of Repurchases of Common Stock (Details) - Common Stock - USD ($) shares in Thousands, $ in Thousands	Dec. 16, 2021	Apr. 02, 2022
Equity, Class of Treasury Stock [Line Items]
Total number of shares repurchased	7,500	7,500
Total amount paid for shares repurchased	$ 151,900	$ 151,875

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized value of outstanding equity-based compensation awards		$ 34.8		$ 34.8
Unamortized equity-based compensation costs, expected to be recognized, weighted average period				2 years 9 months 18 days
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 2.9	$ 2	$ 5.7	$ 14.1
Common Stock | 2020 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant		7.5		7.5
Stock Options | 2020 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	10 years

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock Options Activity (Details) - Stock Options	6 Months Ended
	Apr. 02, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Beginning Balance	4,877,000
Number of Options, Granted	0
Number of Options, Exercised	(19,000)
Number of Options, Forfeited	(334,000)
Number of Options, Ending Balance	4,524,000
Number of Options, Vested	1,363,000	[1]
Weighted Average Exercise Price, Balance, Beginning | $ / shares	$ 18.22
Weighted Average Exercise Price, Granted | $ / shares	0
Weighted Average Exercise Price, Exercised | $ / shares	17
Weighted Average Exercise Price, Forfeited | $ / shares	18.33
Weighted Average Exercise Price, Balance, Ending | $ / shares	$ 18.22
Weighted Average Exercise Price, Vested	17.71	[1]
[1]	Includes 550,736 sto ck options that were subject to the Company’s achievement of the fiscal 2021 net income target which was deemed to have been met during the six months ended April 2, 2022. As of April 2, 2022 Aggregate intrinsic value of options outstanding $ 12,009 Unamortized value of unvested stock options $ 12,122 Weighted average period (years) that expense is expected to be recognized 2.1 Weighted average remaining contractual life (years) for options outstanding 9.0

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock Options Activity (Parenthetical) (Details)	6 Months Ended
	Apr. 02, 2022USD ($)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock option vested	$ 550,736

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Stock Options Activity Additional Information (Details) $ in Millions	6 Months Ended
	Apr. 02, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized value of unvested stock options	$ 34.8
Weighted average period (years) that expense is expected to be recognized	2 years 9 months 18 days

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of RSU Activity under Plan (Details) - Restricted Stock Units shares in Thousands	6 Months Ended
	Apr. 02, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	3,135
Granted | shares	455
Vested | shares	(444)
Forfeited | shares	(276)
Ending Balance | shares	2,870
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 6.90
Weighted Average Grant Date Fair Value, Granted | $ / shares	19.94
Weighted Average Grant Date Fair Value, Vested | $ / shares	4.13
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	6.76
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 9.41

Equity-Based Compensation - S_5

Equity-Based Compensation - Summary of RSU Activity under Plan Additional Information (Details)	6 Months Ended
	Apr. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period (years) that expense is expected to be recognized	2 years 9 months 18 days

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Numerator:
Net loss	$ (7,440)	$ (6,452)	$ (21,891)	$ (36,709)
Denominator:
Weighted average shares outstanding - basic	182,678	186,810	185,592	181,900
Effect of dilutive securities:
Weighted average shares outstanding - diluted	182,678	186,810	185,592	181,900
Basic earnings per share	$ (0.04)	$ (0.03)	$ (0.12)	$ (0.20)
Diluted earnings per share	$ (0.04)	$ (0.03)	$ (0.12)	$ (0.20)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	3,278	6,265	3,512	5,110
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	811	760	860	437
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	2,467	5,505	2,652	4,673