Leslie's (LESL) 10-Q 8 May 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 30, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2024
Document Fiscal Year Focus	2024
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	--09-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		184,742,767
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	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Current assets
Cash and cash equivalents	$ 8,436	$ 55,420	$ 8,701
Accounts and other receivables, net	32,693	29,396	37,988
Inventories	379,090	311,837	492,328
Prepaid expenses and other current assets	33,413	23,633	52,701
Total current assets	453,632	420,286	591,718
Property and equipment, net	89,820	90,285	80,612
Operating lease right-of-use assets	260,221	251,460	231,428
Goodwill and other intangibles, net	216,973	218,855	216,594
Deferred tax assets	34,297	7,598	0
Other assets	40,305	45,951	42,878
Total assets	1,095,248	1,034,435	1,163,230
Current liabilities
Accounts payable	112,441	58,556	139,804
Accrued expenses and other current liabilities	79,989	90,598	82,900
Operating lease liabilities	61,571	62,794	61,587
Income taxes payable	0	5,782	0
Current portion of long-term debt	8,100	8,100	8,100
Total current liabilities	262,101	225,830	292,391
Deferred tax liabilities	0	0	676
Operating lease liabilities, noncurrent	193,818	193,222	173,531
Revolving Credit Facility	97,000	0	172,000
Long-term debt, net	770,157	773,276	776,542
Other long-term liabilities	3,144	3,469	3,055
Total liabilities	1,326,220	1,195,797	1,418,195
Commitments and contingencies
Stockholders’ deficit
Common stock, $0.001 par value, 1,000,000,000 shares authorized and 184,742,767, 184,333,670, and 183,843,169 issued and outstanding as of March 30, 2024, September 30, 2023, and April 1, 2023, respectively.	185	184	184
Additional paid in capital	103,775	99,280	94,705
Retained deficit	(334,932)	(260,826)	(349,854)
Total stockholders’ deficit	(230,972)	(161,362)	(254,965)
Total liabilities and stockholders’ deficit	$ 1,095,248	$ 1,034,435	$ 1,163,230

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
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	184,742,767	184,333,670	183,843,169
Common stock, shares outstanding	184,742,767	184,333,670	183,843,169

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Sales	$ 188,664	$ 212,844	$ 362,624	$ 407,948
Cost of merchandise and services sold	134,336	141,674	257,888	271,482
Gross profit	54,328	71,170	104,736	136,466
Selling, general and administrative expenses	84,856	96,357	171,734	188,638
Operating loss	(30,528)	(25,187)	(66,998)	(52,172)
Other expense:
Interest expense	18,153	17,247	35,224	30,607
Total other expense	18,153	17,247	35,224	30,607
Loss before taxes	(48,681)	(42,434)	(102,222)	(82,779)
Income tax benefit	(14,128)	(10,907)	(28,116)	(20,993)
Net loss	$ (34,553)	$ (31,527)	$ (74,106)	$ (61,786)
Earnings per share:
Basic	$ (0.19)	$ (0.17)	$ (0.4)	$ (0.34)
Diluted	$ (0.19)	$ (0.17)	$ (0.4)	$ (0.34)
Weighted average shares outstanding:
Basic	184,625	183,729	184,504	183,621
Diluted	184,625	183,729	184,504	183,621

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid in Capital	Retained Deficit
Beginning Balance at Oct. 01, 2022	$ (197,951)	$ 183	$ 89,934	$ (288,068)
Beginning Balance, shares at Oct. 01, 2022		183,481
Issuance of common stock under the Plan	1	$ 1
Issuance of common stock under the Plan, shares		477
Equity-based compensation	6,510		6,510
Restricted stock units surrendered in lieu of withholding taxes	(1,739)		(1,739)
Restricted stock units surrendered in lieu of withholding taxes, shares		(115)
Net loss	(61,786)			(61,786)
Ending Balance at Apr. 01, 2023	(254,965)	$ 184	94,705	(349,854)
Ending Balance, shares at Apr. 01, 2023		183,843
Beginning Balance at Dec. 31, 2022	(225,635)	$ 184	92,508	(318,327)
Beginning Balance, shares at Dec. 31, 2022		183,564
Issuance of common stock under the Plan, shares		367
Equity-based compensation	3,517		3,517
Restricted stock units surrendered in lieu of withholding taxes	(1,320)		(1,320)
Restricted stock units surrendered in lieu of withholding taxes, shares		(88)
Net loss	(31,527)			(31,527)
Ending Balance at Apr. 01, 2023	(254,965)	$ 184	94,705	(349,854)
Ending Balance, shares at Apr. 01, 2023		183,843
Beginning Balance at Sep. 30, 2023	(161,362)	$ 184	99,280	(260,826)
Beginning Balance, shares at Sep. 30, 2023		184,334
Issuance of common stock under the Plan	1	$ 1
Issuance of common stock under the Plan, shares		541
Equity-based compensation	5,383		5,383
Restricted stock units surrendered in lieu of withholding taxes	(888)		(888)
Restricted stock units surrendered in lieu of withholding taxes, shares		(132)
Net loss	(74,106)			(74,106)
Ending Balance at Mar. 30, 2024	(230,972)	$ 185	103,775	(334,932)
Ending Balance, shares at Mar. 30, 2024		184,743
Beginning Balance at Dec. 30, 2023	(198,648)	$ 184	101,547	(300,379)
Beginning Balance, shares at Dec. 30, 2023		184,513
Issuance of common stock under the Plan	1	$ 1
Issuance of common stock under the Plan, shares		320
Equity-based compensation	2,688		2,688
Restricted stock units surrendered in lieu of withholding taxes	(460)		(460)
Restricted stock units surrendered in lieu of withholding taxes, shares		(90)
Net loss	(34,553)			(34,553)
Ending Balance at Mar. 30, 2024	$ (230,972)	$ 185	$ 103,775	$ (334,932)
Ending Balance, shares at Mar. 30, 2024		184,743

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Operating Activities
Net loss	$ (74,106)	$ (61,786)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16,173	17,425
Equity-based compensation	5,383	6,510
Amortization of deferred financing costs and debt discounts	1,116	1,006
Provision for doubtful accounts	318	123
Deferred income taxes	(26,699)	1,944
Loss on asset dispositions	88	118
Changes in operating assets and liabilities:
Accounts and other receivables	(3,615)	7,919
Inventories	(67,253)	(127,365)
Prepaid expenses and other current assets	(9,780)	(30,897)
Other assets	5,461	(6,734)
Accounts payable	53,885	(16,652)
Accrued expenses and other current liabilities	(9,649)	(25,049)
Income taxes payable	(5,782)	(12,511)
Operating lease assets and liabilities, net	(622)	(41)
Net cash used in operating activities	(115,082)	(245,990)
Investing Activities
Purchases of property and equipment	(24,008)	(14,828)
Business acquisitions, net of cash acquired	0	(9,939)
Proceeds from asset dispositions	44	1,176
Net cash used in investing activities	(23,964)	(23,591)
Financing Activities
Borrowings on Revolving Credit Facility	130,500	193,000
Payments on Revolving Credit Facility	(33,500)	(21,000)
Repayment of long-term debt	(4,050)	(4,050)
Payment of deferred financing costs	0	(222)
Payments of employee tax withholdings related to restricted stock vesting	(888)	(1,739)
Net cash used in financing activities	92,062	165,989
Net decrease in cash and cash equivalents	(46,984)	(103,592)
Cash and cash equivalents, beginning of period	55,420	112,293
Cash and cash equivalents, end of period	8,436	8,701
Supplemental Information:
Cash paid for interest	33,517	28,339
Cash paid for income taxes, net of refunds received	$ 6,046	$ 11,932

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (34,553)	$ (31,527)	$ (74,106)	$ (61,786)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business and Operations

Business and Operations	6 Months Ended
	Mar. 30, 2024
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 products. We currently market our products thr ough over 1,000 company-operated locations in 39 states and e -commerce websites.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 30, 2024
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 should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended September 30, 2023. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on our results of operations. 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 March 30, 2024 and April 1, 2023 refer to the 13 weeks ended March 30, 2024 and April 1, 2023, respectively. References to the six months ended March 30, 2024 and April 1, 2023 refer to the 26 weeks ended March 30, 2024 and April 1, 2023, respectively. Use of Estimates Management is required to make certain estimates and assumptions during the preparation of the condensed consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. They also impact the reported amount of net income (loss) during any period. Actual results could differ from those estimates. Significant estimates underlying the accompanying condensed consolidated financial statements include inventory reserves, lease assumptions, vendor rebate programs, our loyalty program, the determination of income taxes payable and deferred income taxes, sales returns reserve, self-insurance liabilities, the recoverability of intangible assets and goodwill, fair value of assets acquired in a business combination, and contingent consideration related to business combinations. Seasonality Our business is highly seasonal. Sales and earnings are highest during our third and fourth fiscal quarters, being April through September, which represent the peak months of swimming pool use. Sales are substantially lower during our first and second fiscal quarters. Summary of Other Significant Accounting Policies There have been no changes to our Significant Accounting Policies since our Annual Report on Form 10-K for the year ended September 30, 2023. For more information regarding our Significant Accounting Policies and Estimates, see Note 2—Summary of Significant Accounting Policies included in our Annual Report on Form 10-K for the year ended September 30, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We are currently evaluating the ASU to determine its impact on our disclosures; however, we do not expect there to be a material impact. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which require an entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. This update is effective for annual periods beginning after December 15, 2023 and interim disclosures beginning after December 15, 2024, though early adoption is permitted. This update is effective retrospectively upon adoption to all periods presented in the financial statements. We are currently evaluating the ASU to determine its impact on our disclosures; however, we do not expect there to be a material impact.

Goodwill and Other Intangibles,

Goodwill and Other Intangibles, Net	6 Months Ended
	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles, Net	Note 3 —Goodwill and Other Intangibles, Net Goodwill The following table details the changes in goodwill (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Balance at beginning of the period $ 180,698 $ 173,513 $ 173,513 Acquisitions, net of measurement period adjustments — 7,185 2,831 Balance at the end of the period $ 180,698 $ 180,698 $ 176,344 Other Intangible Assets Other intangible assets consisted of the following as of March 30, 2024 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.4 $ 22,100 $ ( 4,350 ) $ 17,750 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 4.9 2,260 ( 1,265 ) 995 Consumer relationships 7.0 15,400 ( 7,332 ) 8,068 Other intangibles 4.6 4,000 ( 3,888 ) 112 Total $ 53,110 $ ( 16,835 ) $ 36,275 Other intangible assets consisted of the following as of September 30, 2023 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.8 $ 26,740 $ ( 7,958 ) $ 18,782 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 5.4 8,683 ( 7,585 ) 1,098 Consumer relationships 7.4 24,100 ( 15,317 ) 8,783 Other intangibles 5.1 6,620 ( 6,476 ) 144 Total $ 75,493 $ ( 37,336 ) $ 38,157 Other intangible assets consisted of the following as of April 1, 2023 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 10.3 $ 26,740 $ ( 6,915 ) $ 19,825 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 5.9 8,683 ( 7,482 ) 1,201 Consumer relationships 7.6 24,100 ( 14,419 ) 9,681 Other intangibles 5.6 6,620 ( 6,427 ) 193 Total $ 75,493 $ ( 35,243 ) $ 40,250 Amortization expense was $ 0.9 million and $ 1.3 million for the three months ended March 30, 2024 and April 1, 2023, respectively. Amortization expense was $ 1.9 million and $ 2.2 million for the six months ended March 30, 2024 and April 1, 2023. No impairment of goodwill or other intangible assets was recorded during the three and six months ended March 30, 2024 and April 1, 2023, respectively. The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of March 30, 2024 (in thousands): Amount Remainder of fiscal 2024 $ 1,846 2025 3,632 2026 3,385 2027 3,262 2028 3,154 Thereafter 11,646 Total $ 26,925

Accounts and Other Receivables,

Accounts and Other Receivables, Net	6 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
Accounts and Other Receivables, Net	Note 4—Accounts and Other Receivables, Net Accounts and other receivables, net consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Vendor and other rebates receivable $ 14,597 $ 6,818 $ 18,114 Customer receivables 15,120 18,334 16,560 Other receivables 4,668 5,900 4,805 Allowance for doubtful accounts ( 1,692 ) ( 1,656 ) ( 1,491 ) Total $ 32,693 $ 29,396 $ 37,988

Inventories

Inventories	6 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 5—Inventories Inventories consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Raw materials $ 4,693 $ 3,076 $ 7,184 Finished goods 374,397 308,761 485,144 Total $ 379,090 $ 311,837 $ 492,328

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Mar. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Note 6—Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Prepaid insurance $ 5,777 $ 1,236 $ 6,125 Prepaid occupancy costs 2,167 1,967 1,937 Prepaid sales tax 3,396 4,060 3,027 Prepaid maintenance 5,329 4,426 2,589 Prepaid other 2,024 1,813 1,405 Income taxes receivable 1,682 — 22,362 Other current assets 13,038 10,131 15,256 Total $ 33,413 $ 23,633 $ 52,701

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Mar. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 7—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Accrued payroll and employee benefits $ 15,587 $ 18,558 $ 18,439 Customer deposits 6,370 7,356 8,766 Interest 1,179 581 1,604 Inventory related accruals 8,498 13,843 15,444 Loyalty and deferred revenue 7,577 6,785 6,379 Sales tax 6,532 9,146 7,534 Self-insurance reserves 11,477 9,138 9,662 Other accrued liabilities 22,769 25,191 15,072 Total $ 79,989 $ 90,598 $ 82,900 As of March 30, 2024, September 30, 2023, and April 1, 2023, capital expenditures included in other accrued liabilities were $ 0.6 million, $ 1.5 million, and $ 1.2 million, respectively.

Long-Term Debt, Net

Long-Term Debt, Net	6 Months Ended
	Mar. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt, Net	Note 8—Long-Term Debt, Net Our long-term debt, net consisted of the following (in thousands, except interest rates): Effective (1) March 30, 2024 September 30, 2023 April 1, 2023 Term Loan 8.19 % (2) $ 785,700 $ 789,750 $ 793,800 Revolving Credit Facility 6.70 % (3) 97,000 — 172,000 Total long-term debt 882,700 789,750 965,800 Less: current portion of long-term debt ( 8,100 ) ( 8,100 ) ( 8,100 ) Less: noncurrent Revolving Credit Facility ( 97,000 ) — ( 172,000 ) Less: unamortized discount ( 2,068 ) ( 2,316 ) ( 2,562 ) Less: deferred financing charges ( 5,375 ) ( 6,058 ) ( 6,596 ) Total long-term debt, net $ 770,157 $ 773,276 $ 776,542 (1) Effective interest rates as of March 30, 2024. (2) Carries interest at a specified margin over the Term Secured Overnight Financing Rate (“SOFR”) between 2.50 % and 2.75 % with a minimum SOFR of 0.50 % plus a SOFR adjustment. (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 Term SOFR loans, with a SOFR adjustment. Term Loan In June 2023, we entered into Amendment No. 1 (“Term Loan Amendment”) to our Amended and Restated Term Loan Credit Agreement (“Term Loan”). The Term Loan Amendment (i) replaced the existing LIBOR-based interest rate benchmark with a Term SOFR-based benchmark and (ii) amended certain other related terms and provisions, including the addition of a SOFR adjustment of (a) 0.11448 % per annum for one-month, (b) 0.26161 % per annum for three months, and (c) 0.42826 % per annum for six months. The other material terms of the Term Loan remained substantially unchanged. The 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 Term SOFR loans and (ii) 1.75 % for loans that are ABR loans (the “Applicable Rate”). 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 , the applicable rate will be 2.75 % for Term SOFR loans and 1.75 % for ABR loans and (b) if the first lien leverage ratio is less than or equal to 2.75 to 1.00 , the applicable rate will be 2.50 % for Term SOFR loans and 1.50 % for ABR loans. For Term SOFR loans, the loans will bear interest at the Term SOFR-based benchmark rate plus the Applicable Rate and the SOFR adjustment, as defined above. Revolving Credit Facility In March 2023, we entered into Amendment No. 6 to our $ 200.0 million credit facility (“Revolving Credit Facility”) maturing on August 13, 2025 (the “Amendment”). The Amendment (i) increased the revolving credit commitments under the Revolving Credit Facility in the amount of $ 50.0 million, such that the aggregate commitments are $ 250.0 million and (ii) replaced the existing LIBOR-based rate with a Term SOFR-based rate, as an interest rate benchmark. The Revolving Credit Facility has (i) an applicable margin on base rate loans with a range of 0.25 % to 0.75 %, (ii) an applicable margin on Term SOFR loans with a range of 1.25 % and 1.75 %, (iii) a SOFR Adjustment of 0.10 % for all borrowing periods, (iv) a floor of 0 % per annum, and (v) a commitment fee rate of 0.25 % per annum. The other material terms of the Revolving Credit Facility prior to the Amendment remained substantially unchanged. On April 3, 2024, we entered into Amendment No. 7 to our Revolving Credit Facility (the “2024 Amendment”). The 2024 Amendment (i) extended the maturity date to April 3, 2029 and (ii) revised the applicable margin on Term SOFR and base rate loans. The other material terms of the Revolving Credit Facility prior to the 2024 Amendment remained substantially unchanged. As of March 30, 2024, we had $ 97.0 million outstanding on our Revolving Credit Facility. No amounts were outstanding on the Revolving Credit Facility as of September 30, 2023. The amount available under our Revolving Credit Facility was reduced by $ 10.7 million and $ 11.4 million of existing standby letters of credit as of March 30, 2024 and September 30, 2023, respectively. Representations and Covenants Substantially all of our assets are pledged as collateral to secure our indebtedness. The Term Loan does not require us to comply with any financial covenants. The Term Loan and the Revolving Credit Facility contain customary representations and warranties, covenants, and conditions to borrowing. No event of default occurred as of March 30, 2024, September 30, 2023, and April 1, 2023. Future Debt Maturities The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as o f March 30, 2024 (in thousands): Amount Remainder of fiscal 2024 $ 4,050 2025 10,125 2026 8,100 2027 8,100 2028 755,325 Thereafter 97,000 Total $ 882,700

Income Taxes

Income Taxes	6 Months Ended
	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes Our effective income tax rate was 27.5 % for the six months ended March 30, 2024, compared to 25.4 % for the six months ended April 1, 2023. The difference between the statutory rate and our effective rate for the six months ended March 30, 2024 and April 1, 2023 was primarily attributable to 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
	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments & Contingencies	Note 10—Commitments & Contingencies Contingencies On September 8, 2023, a class action complaint for violation of federal securities laws was filed by West Palm Beach Police Pension Fund in the U.S. District Court for the District of Arizona against us, our Chief Executive Officer and our former Chief Financial Officer. The complaint alleges that we violated federal securities laws by issuing materially false and misleading statements that failed to disclose adverse facts about our financial guidance, business operations and prospects, and seeks class certification, damages, interest, attorneys’ fees, and other relief. Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. We dispute the allegations of wrongdoing and intend to defend ourselves vigorously in this matter. On March 13, 2024 and March 14, 2024, derivative actions were separately filed in the U.S. District Court for the District of Arizona and Delaware by John Clemens and Sally Flynn, on behalf of the Company, against our officers and directors. Both complaints include substantially the same allegations as those in the securities class action, and allege that the defendant directors and officers harmed the Company by either making false or misleading statements, or allowing false or misleading statements to be made. The complaints seek the award of damages, costs and attorneys’ fees, and other declaratory relief. The parties in the Delaware derivative action filed a joint stipulation to stay the action pending resolution of the securities class action. Due to the early stage of these proceedings, we cannot reasonably estimate the potential range of loss, if any. We dispute the allegations of wrongdoing and intend to defend ourselves vigorously in these matters. 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 on our condensed consolidated financial position or results of operations. We did not record any material loss contingencies as of March 30, 2024, September 30, 2023, and April 1, 2023. Our workers’ compensation insurance program, general liability insurance pr ogram, and employee group medical plan have self-insurance retention features of up to $ 0.4 million per event as of March 30, 2024, September 30, 2023, and April 1, 2023. We had standby letters of credit outstanding in the amount of $ 10.7 million as of March 30, 2024 for the purpose of securing such obligations under our workers’ compensation self-insurance programs.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 11—Related Party Transactions 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 at the time of the transaction, 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 12—Share Repurchase Program for detailed information regarding our share repurchase program.

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Share Repurchase Program	Note 12—Share Repurchase Program On December 3, 2021, the board of directors authorized a share repurchase program for up to an aggregate of $ 300 million of the Company’s outstanding shares of common stock over a period of three years , expiring December 31, 2024 . The amount, price, manner, and timing of repurchases are determined by the Company in its discretion and depends on a number of factors, including legal requirements, price, economic and market conditions, the Company’s financial condition, capital requirements, cash flows, results of operations, future business prospects, and other factors our management may deem relevant. The share repurchase program may be amended, suspended, or discontinued at any time. Shares may be repurchased from time-to-time using a variety of methods, including on the open market and/or in privately negotiated transactions, including under plans complying with Rule 10b5-1 under the Exchange Act, as part of accelerated share repurchases, and other methods. On December 16, 2021, the Company repurchased and retired 7.5 million shares of common stock at a price per share of $ 20.25 under the program. The Company paid $ 151.9 million ($ 152.1 million including offering costs) to fund the share repurchase using existing cash on hand. The Company accounted for the share repurchase and retirement of shares 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 shares were originally issued), and increasing retained deficit by the remaining excess cost of $ 24.4 million. As of March 30, 2024, approximately $ 147.7 million remained available for future purchases under our share repurchase program. The following table presents information about our repurchases of common stock under our share repurchase program (in thousands): Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Total number of shares repurchased — — — 27 Total amount paid for shares repurchased $ — $ — $ — $ 419

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 13—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 was most recently amended and restated in March 2024. The Plan provides for the grant of awards such as non-qualified stock options to purchase Leslie’s common stock (each, a “Stock Option”), restricted stock units (“RSUs”) and performance stock units (“PSUs”) which may settle in Leslie’s, Inc. common stock to our directors, executives, and eligible employees of the Company. T he vesting of the Company’s outstanding and unvested Stock Options, RSUs, and PSUs is contingent upon each holder’s continued service through the date of each applicable vesting event. On March 15, 2024 the Company’s shareholders approved an amendment to the Plan increasing the shares of common stock available for future grants by 7.2 million shares. As of March 30, 2024, we had approximately 13.9 million shares of common stock available for future grants under the Plan. As of March 30, 2024, the aggregate unamortized value of all outstanding equity-based compensation awards was approximate ly $ 21.5 million, which is expected to be recognized over a weighted average perio d of approximately 2.5 years. Stock Options 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. The following tables summarizes our Stock Option activity under the Plan during the six months ended March 30, 2024 (in thousands, except per share amounts): Number of Options Weighted Average Outstanding, Beginning as of October 1, 2023 3,308 $ 18.10 Granted — — Exercised — — Forfeited/Expired ( 475 ) 18.46 Balance, Ending as of March 30, 2024 2,833 $ 18.04 Vested and exercisable as of March 30, 2024 2,289 $ 17.85 As of March 30, 2024 Aggregate intrinsic value of options outstanding $ — Unamortized value of unvested stock options $ 1,786 Weighted average years that expense is expected to be recognized 0.7 Weighted average remaining contractual years outstanding 6.9 Restricted Stock Units and Performance Units RSUs represent grants that vest ratably upon the satisfaction of time-based requirements. PSUs represent grants potentially issuable in the future based upon the Company’s achievement of certain performance conditions. The fair value of our RSUs and PSUs are calculated based on the Company’s stock price on the date of the grant. The following table summarizes our RSU and PSU activity under the Plan during the six months ended March 30, 2024 (in thousands, except per share amounts): Number of RSUs/PSUs Weighted Average Outstanding, Beginning as of October 1, 2023 2,084 $ 11.92 Granted 1,758 5.53 Vested ( 540 ) 7.01 Forfeited ( 317 ) 11.93 Balance, Ending March 30, 2024 2,985 $ 9.04 During the six months ended March 30, 2024, 0.4 million PSUs were granted subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during fiscal years 2024 and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0 % to 200 % of the base number of awards granted. The weighted average grant date fair value of the PSUs was $ 5.43 . The Company assesses the attainment of target payout rates each reporting period. Equity-based compensation expense is recognized for awards deemed probable of vesting. In December 2022, the Company granted 0.3 million PSUs subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during each of the fiscal years 2023, 2024, and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0 % to 200 % of the base number of awards granted. As of March 30, 2024, the performance targets had not been met for the PSUs to vest, and no PSUs had vested as of such date. As of March 30, 2024 Unamortized value of unvested RSUs/PSUs $ 19,704 Weighted average period (years) expense is expected to be recognized 2.7 During the three months ended March 30, 2024 and April 1, 2023, equity-based compensation expense w as $ 2.7 million and $ 3.5 million, respectively. During the six months ended March 30, 2024 and April 1, 2023, equity-based compensation expense was $ 5.4 million and $ 6.5 million, respectively. Equity-based compensation expense is reported in selling, general, & administrative expenses (“SG&A”) in our condensed consolidated statements of operations.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 14—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 March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Numerator: Net loss $ ( 34,553 ) $ ( 31,527 ) $ ( 74,106 ) $ ( 61,786 ) Denominator: Weighted average shares outstanding - basic 184,625 183,729 184,504 183,621 Effect of dilutive securities: Stock Options — — — — RSUs — — — — Weighted average shares outstanding - diluted 184,625 183,729 184,504 183,621 Basic earnings per share $ ( 0.19 ) $ ( 0.17 ) $ ( 0.40 ) $ ( 0.34 ) Diluted earnings per share $ ( 0.19 ) $ ( 0.17 ) $ ( 0.40 ) $ ( 0.34 ) 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 March 30, 2024 April 1. 2023 March 30, 2024 April 1, 2023 Stock Options 2,915 3,573 3,048 3,636 RSUs 1,512 1,761 1,620 1,865 Total 4,427 5,334 4,668 5,501

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 30, 2024
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 should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended September 30, 2023.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on our results of operations.
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 March 30, 2024 and April 1, 2023 refer to the 13 weeks ended March 30, 2024 and April 1, 2023, respectively. References to the six months ended March 30, 2024 and April 1, 2023 refer to the 26 weeks ended March 30, 2024 and April 1, 2023, respectively.
Use of Estimates	Use of Estimates Management is required to make certain estimates and assumptions during the preparation of the condensed consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. They also impact the reported amount of net income (loss) during any period. Actual results could differ from those estimates. Significant estimates underlying the accompanying condensed consolidated financial statements include inventory reserves, lease assumptions, vendor rebate programs, our loyalty program, the determination of income taxes payable and deferred income taxes, sales returns reserve, self-insurance liabilities, the recoverability of intangible assets and goodwill, fair value of assets acquired in a business combination, and contingent consideration related to business combinations.
Seasonality	Seasonality Our business is highly seasonal. Sales and earnings are highest during our third and fourth fiscal quarters, being April through September, which represent the peak months of swimming pool use. Sales are substantially lower during our first and second fiscal quarters.
Summary of Other Significant Accounting Policies	Summary of Other Significant Accounting Policies There have been no changes to our Significant Accounting Policies since our Annual Report on Form 10-K for the year ended September 30, 2023. For more information regarding our Significant Accounting Policies and Estimates, see Note 2—Summary of Significant Accounting Policies included in our Annual Report on Form 10-K for the year ended September 30, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We are currently evaluating the ASU to determine its impact on our disclosures; however, we do not expect there to be a material impact. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which require an entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. This update is effective for annual periods beginning after December 15, 2023 and interim disclosures beginning after December 15, 2024, though early adoption is permitted. This update is effective retrospectively upon adoption to all periods presented in the financial statements. We are currently evaluating the ASU to determine its impact on our disclosures; however, we do not expect there to be a material impact.

Goodwill and Other Intangible_2

Goodwill and Other Intangibles, Net (Tables)	6 Months Ended
	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill	The following table details the changes in goodwill (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Balance at beginning of the period $ 180,698 $ 173,513 $ 173,513 Acquisitions, net of measurement period adjustments — 7,185 2,831 Balance at the end of the period $ 180,698 $ 180,698 $ 176,344
Summary of Other Intangible Assets	Other intangible assets consisted of the following as of March 30, 2024 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.4 $ 22,100 $ ( 4,350 ) $ 17,750 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 4.9 2,260 ( 1,265 ) 995 Consumer relationships 7.0 15,400 ( 7,332 ) 8,068 Other intangibles 4.6 4,000 ( 3,888 ) 112 Total $ 53,110 $ ( 16,835 ) $ 36,275 Other intangible assets consisted of the following as of September 30, 2023 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 9.8 $ 26,740 $ ( 7,958 ) $ 18,782 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 5.4 8,683 ( 7,585 ) 1,098 Consumer relationships 7.4 24,100 ( 15,317 ) 8,783 Other intangibles 5.1 6,620 ( 6,476 ) 144 Total $ 75,493 $ ( 37,336 ) $ 38,157 Other intangible assets consisted of the following as of April 1, 2023 (in thousands, except weighted average remaining useful life): Weighted Gross Accumulated Net Trade name and trademarks (finite life) 10.3 $ 26,740 $ ( 6,915 ) $ 19,825 Trade name and trademarks (indefinite life) Indefinite 9,350 — 9,350 Non-compete agreements 5.9 8,683 ( 7,482 ) 1,201 Consumer relationships 7.6 24,100 ( 14,419 ) 9,681 Other intangibles 5.6 6,620 ( 6,427 ) 193 Total $ 75,493 $ ( 35,243 ) $ 40,250
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 March 30, 2024 (in thousands): Amount Remainder of fiscal 2024 $ 1,846 2025 3,632 2026 3,385 2027 3,262 2028 3,154 Thereafter 11,646 Total $ 26,925

Accounts and Other Receivable_2

Accounts and Other Receivables, Net (Tables)	6 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
Schedule of Accounts and Other Receivables, Net	Accounts and other receivables, net consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Vendor and other rebates receivable $ 14,597 $ 6,818 $ 18,114 Customer receivables 15,120 18,334 16,560 Other receivables 4,668 5,900 4,805 Allowance for doubtful accounts ( 1,692 ) ( 1,656 ) ( 1,491 ) Total $ 32,693 $ 29,396 $ 37,988

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Raw materials $ 4,693 $ 3,076 $ 7,184 Finished goods 374,397 308,761 485,144 Total $ 379,090 $ 311,837 $ 492,328

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Mar. 30, 2024
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): March 30, 2024 September 30, 2023 April 1, 2023 Prepaid insurance $ 5,777 $ 1,236 $ 6,125 Prepaid occupancy costs 2,167 1,967 1,937 Prepaid sales tax 3,396 4,060 3,027 Prepaid maintenance 5,329 4,426 2,589 Prepaid other 2,024 1,813 1,405 Income taxes receivable 1,682 — 22,362 Other current assets 13,038 10,131 15,256 Total $ 33,413 $ 23,633 $ 52,701

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Mar. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 30, 2024 September 30, 2023 April 1, 2023 Accrued payroll and employee benefits $ 15,587 $ 18,558 $ 18,439 Customer deposits 6,370 7,356 8,766 Interest 1,179 581 1,604 Inventory related accruals 8,498 13,843 15,444 Loyalty and deferred revenue 7,577 6,785 6,379 Sales tax 6,532 9,146 7,534 Self-insurance reserves 11,477 9,138 9,662 Other accrued liabilities 22,769 25,191 15,072 Total $ 79,989 $ 90,598 $ 82,900

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	6 Months Ended
	Mar. 30, 2024
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) March 30, 2024 September 30, 2023 April 1, 2023 Term Loan 8.19 % (2) $ 785,700 $ 789,750 $ 793,800 Revolving Credit Facility 6.70 % (3) 97,000 — 172,000 Total long-term debt 882,700 789,750 965,800 Less: current portion of long-term debt ( 8,100 ) ( 8,100 ) ( 8,100 ) Less: noncurrent Revolving Credit Facility ( 97,000 ) — ( 172,000 ) Less: unamortized discount ( 2,068 ) ( 2,316 ) ( 2,562 ) Less: deferred financing charges ( 5,375 ) ( 6,058 ) ( 6,596 ) Total long-term debt, net $ 770,157 $ 773,276 $ 776,542 (1) Effective interest rates as of March 30, 2024. (2) Carries interest at a specified margin over the Term Secured Overnight Financing Rate (“SOFR”) between 2.50 % and 2.75 % with a minimum SOFR of 0.50 % plus a SOFR adjustment. (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 Term SOFR loans, with a SOFR adjustment.
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 March 30, 2024 (in thousands): Amount Remainder of fiscal 2024 $ 4,050 2025 10,125 2026 8,100 2027 8,100 2028 755,325 Thereafter 97,000 Total $ 882,700

Share Repurchase Program (Table

Share Repurchase Program (Tables)	6 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Schedule of Repurchases of Common Stock	The following table presents information about our repurchases of common stock under our share repurchase program (in thousands): Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Total number of shares repurchased — — — 27 Total amount paid for shares repurchased $ — $ — $ — $ 419

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Mar. 30, 2024
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 March 30, 2024 (in thousands, except per share amounts): Number of Options Weighted Average Outstanding, Beginning as of October 1, 2023 3,308 $ 18.10 Granted — — Exercised — — Forfeited/Expired ( 475 ) 18.46 Balance, Ending as of March 30, 2024 2,833 $ 18.04 Vested and exercisable as of March 30, 2024 2,289 $ 17.85 As of March 30, 2024 Aggregate intrinsic value of options outstanding $ — Unamortized value of unvested stock options $ 1,786 Weighted average years that expense is expected to be recognized 0.7 Weighted average remaining contractual years outstanding 6.9
Summary of RSU and PSU Activity under Plan	The following table summarizes our RSU and PSU activity under the Plan during the six months ended March 30, 2024 (in thousands, except per share amounts): Number of RSUs/PSUs Weighted Average Outstanding, Beginning as of October 1, 2023 2,084 $ 11.92 Granted 1,758 5.53 Vested ( 540 ) 7.01 Forfeited ( 317 ) 11.93 Balance, Ending March 30, 2024 2,985 $ 9.04 During the six months ended March 30, 2024, 0.4 million PSUs were granted subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during fiscal years 2024 and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0 % to 200 % of the base number of awards granted. The weighted average grant date fair value of the PSUs was $ 5.43 . The Company assesses the attainment of target payout rates each reporting period. Equity-based compensation expense is recognized for awards deemed probable of vesting. In December 2022, the Company granted 0.3 million PSUs subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during each of the fiscal years 2023, 2024, and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0 % to 200 % of the base number of awards granted. As of March 30, 2024, the performance targets had not been met for the PSUs to vest, and no PSUs had vested as of such date. As of March 30, 2024 Unamortized value of unvested RSUs/PSUs $ 19,704 Weighted average period (years) expense is expected to be recognized 2.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 30, 2024
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 March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Numerator: Net loss $ ( 34,553 ) $ ( 31,527 ) $ ( 74,106 ) $ ( 61,786 ) Denominator: Weighted average shares outstanding - basic 184,625 183,729 184,504 183,621 Effect of dilutive securities: Stock Options — — — — RSUs — — — — Weighted average shares outstanding - diluted 184,625 183,729 184,504 183,621 Basic earnings per share $ ( 0.19 ) $ ( 0.17 ) $ ( 0.40 ) $ ( 0.34 ) Diluted earnings per share $ ( 0.19 ) $ ( 0.17 ) $ ( 0.40 ) $ ( 0.34 )
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 March 30, 2024 April 1. 2023 March 30, 2024 April 1, 2023 Stock Options 2,915 3,573 3,048 3,636 RSUs 1,512 1,761 1,620 1,865 Total 4,427 5,334 4,668 5,501

Business and Operations - Addit

Business and Operations - Additional Information (Details)	6 Months Ended
	Mar. 30, 2024 State Location
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of company-operated locations | Location	1,000
Number of states in which entity operates | State	39

Goodwill and Other Intangible_3

Goodwill and Other Intangibles, Net - Summary of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Sep. 30, 2023
Goodwill [Roll Forward]
Balance at beginning of the period	$ 180,698	$ 173,513	$ 173,513
Acquisitions, net of measurement period adjustments	0	2,831	7,185
Balance at the end of the period	$ 180,698	$ 176,344	$ 180,698

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
	Mar. 30, 2024	Apr. 01, 2023	Sep. 30, 2023
Finite and Indefinite Lived Intangible Assets [Line Items]
Total	$ 26,925
Gross Carrying Value	53,110	$ 75,493	$ 75,493
Accumulated Amortization	(16,835)	(35,243)	(37,336)
Net Carrying Amount	$ 36,275	$ 40,250	$ 38,157
Trade Name and Trademarks
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	9 years 4 months 24 days	10 years 3 months 18 days	9 years 9 months 18 days
Gross Carrying Value, Finite Life	$ 22,100	$ 26,740	$ 26,740
Accumulated Amortization, Finite Life	(4,350)	(6,915)	(7,958)
Total	$ 17,750	$ 19,825	$ 18,782
Non-compete Agreements
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	4 years 10 months 24 days	5 years 10 months 24 days	5 years 4 months 24 days
Gross Carrying Value, Finite Life	$ 2,260	$ 8,683	$ 8,683
Accumulated Amortization, Finite Life	(1,265)	(7,482)	(7,585)
Total	$ 995	$ 1,201	$ 1,098
Consumer Relationships
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	7 years	7 years 7 months 6 days	7 years 4 months 24 days
Gross Carrying Value, Finite Life	$ 15,400	$ 24,100	$ 24,100
Accumulated Amortization, Finite Life	(7,332)	(14,419)	(15,317)
Total	$ 8,068	$ 9,681	$ 8,783
Other Intangibles
Finite and Indefinite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life, Finite Life	4 years 7 months 6 days	5 years 7 months 6 days	5 years 1 month 6 days
Gross Carrying Value, Finite Life	$ 4,000	$ 6,620	$ 6,620
Accumulated Amortization, Finite Life	(3,888)	(6,427)	(6,476)
Total	$ 112	$ 193	$ 144
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	$ 9,350	$ 9,350	$ 9,350
Gross Carrying Value	$ 9,350	$ 9,350	$ 9,350

Goodwill and Other Intangible_5

Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 900,000	$ 1,300,000	$ 1,900,000	$ 2,200,000
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	Mar. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of Fiscal 2024	$ 1,846
2025	3,632
2026	3,385
2027	3,262
2028	3,154
Thereafter	11,646
Total	$ 26,925

Accounts and Other Receivable_3

Accounts and Other Receivables, Net - Schedule of Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Receivables [Abstract]
Vendor and other rebates receivable	$ 14,597	$ 6,818	$ 18,114
Customer receivables	15,120	18,334	16,560
Other receivables	4,668	5,900	4,805
Allowance for doubtful accounts	(1,692)	(1,656)	(1,491)
Total	$ 32,693	$ 29,396	$ 37,988

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 4,693	$ 3,076	$ 7,184
Finished goods	374,397	308,761	485,144
Total	$ 379,090	$ 311,837	$ 492,328

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 5,777	$ 1,236	$ 6,125
Prepaid occupancy costs	2,167	1,967	1,937
Prepaid sales tax	3,396	4,060	3,027
Prepaid maintenance	5,329	4,426	2,589
Prepaid other	2,024	1,813	1,405
Income taxes receivable	1,682		22,362
Other current assets	13,038	10,131	15,256
Total	$ 33,413	$ 23,633	$ 52,701

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Payables and Accruals [Abstract]
Accrued payroll and employee benefits	$ 15,587	$ 18,558	$ 18,439
Customer deposits	6,370	7,356	8,766
Interest	1,179	581	1,604
Inventory related accruals	8,498	13,843	15,444
Loyalty and deferred revenue	7,577	6,785	6,379
Sales taxes	6,532	9,146	7,534
Self-insurance reserves	11,477	9,138	9,662
Other accrued liabilities	22,769	25,191	15,072
Total	$ 79,989	$ 90,598	$ 82,900

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Payables and Accruals [Abstract]
Capital expenditures included in other accrued liabilities	$ 0.6	$ 1.5	$ 1.2

Long-Term Debt, Net - Summary o

Long-Term Debt, Net - Summary of Long-Term Debt, Net (Details) - USD ($) $ in Thousands		Mar. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Apr. 01, 2023
Debt Instrument [Line Items]
Total long-term debt		$ 882,700	$ 789,750		$ 965,800
Less: current portion of long-term debt		(8,100)	(8,100)		(8,100)
Less: noncurrent Revolving Credit Facility		(97,000)	0		(172,000)
Less: unamortized discount		(2,068)	(2,316)		(2,562)
Less: deferred financing charges		(5,375)	(6,058)		(6,596)
Total long-term debt, net		$ 770,157	773,276		776,542
Term Loan
Debt Instrument [Line Items]
Effective Interest Rate	[1],[2]	8.19%
Total long-term debt		$ 785,700	789,750	$ 810,000	793,800
Revolving Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate	[2],[3]	6.70%
Total long-term debt		$ 97,000	$ 0		$ 172,000
[1] Carries interest at a specified margin over the Term Secured Overnight Financing Rate (“SOFR”) between 2.50 % and 2.75 % with a minimum SOFR of 0.50 % plus a SOFR adjustment. Effective interest rates as of March 30, 2024. 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 Term SOFR loans, with a SOFR adjustment.

Long-Term Debt, Net - Summary_2

Long-Term Debt, Net - Summary of Long-Term Debt, Net (Parenthetical) (Details)	6 Months Ended
	Mar. 30, 2024
SOFR | Term Loan | Maximum
Debt Instrument [Line Items]
Interest rate range	2.75%
SOFR | Term Loan | 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 | SOFR | Maximum
Debt Instrument [Line Items]
Interest rate	1.75%
ABL Credit Facility | SOFR | 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	6 Months Ended
	Jun. 30, 2023	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Debt Instrument [Line Items]
Total long term debt		$ 882,700	$ 789,750	$ 965,800
SOFR | One-month
Debt Instrument [Line Items]
Interest rate	0.11448%
SOFR | Three-months
Debt Instrument [Line Items]
Interest rate	0.26161%
SOFR | Six-months
Debt Instrument [Line Items]
Interest rate	0.42826%
Term Loan
Debt Instrument [Line Items]
Total long term debt	$ 810,000	$ 785,700	$ 789,750	$ 793,800
Debt instrument, maturity date	Mar. 09, 2028
Term Loan | Minimum | First Lien Leverage Ratio Greater Than 2.75 to 100
Debt Instrument [Line Items]
Interest rate	1%
Term Loan | Minimum | First Lien Leverage Ratio Less Than or Equal to 2.75 to 1.00
Debt Instrument [Line Items]
Interest rate	1%
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 | SOFR | Applicable Rate
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | SOFR | First Lien Leverage Ratio Greater Than 2.75 to 100 | Applicable Rate
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan | SOFR | 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 | SOFR | Minimum
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) - Revolving Credit Facility - USD ($)		1 Months Ended
	Apr. 03, 2024	Mar. 31, 2023	Mar. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 03, 2029	Aug. 13, 2025
Credit facility, current borrowing capacity			$ 97,000	$ 0
Credit facility, maximum borrowing capacity		$ 200,000,000
Increased revolving credit commitments		50,000,000
Aggregate commitments		$ 250,000,000
Amount of Letters of credit on credit facility			$ 10,700,000	$ 11,400,000
Credit facility, commitment fee percentage		0.25%
Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate		0.25%
Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate		0.75%
SOFR
Debt Instrument [Line Items]
Interest rate		0.10%
SOFR | Minimum
Debt Instrument [Line Items]
Interest rate		1.25%
SOFR | Maximum
Debt Instrument [Line Items]
Interest rate		1.75%
Floor
Debt Instrument [Line Items]
Interest rate		0%

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Debt Maturities and Principal Repayments of Indebtedness (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of fiscal 2024	$ 4,050
2025	10,125
2026	8,100
2027	8,100
2028	755,325
Thereafter	97,000
Total long-term debt	$ 882,700	$ 789,750	$ 965,800

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	27.50%	25.40%

Commitments & Contingencies - A

Commitments & Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 30, 2024	Sep. 30, 2023	Apr. 01, 2023
Workers' Compensation Insurance Program
Loss Contingencies [Line Items]
Standby letters of credit outstanding amount	$ 10.7
General Liability Insurance Program | Maximum
Loss Contingencies [Line Items]
Self insurance retention amount	$ 0.4	$ 0.4	$ 0.4

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - $ / shares shares in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 14, 2021	Dec. 16, 2021	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Common Stock
Related Party Transaction [Line Items]
Common stock, shares repurchased		7,500	0	0	0	27
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%
Explorer Investment Pte. Ltd. | Minimum
Related Party Transaction [Line Items]
Beneficial ownership interest in common stock	5%
Bubbles Investor Aggregator, L.P. and Explorer Investment Pte. Ltd. | Common Stock
Related Party Transaction [Line Items]
Common stock, shares repurchased	7,500
Common stock repurchased, price per share	$ 20.25

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Details) - Common Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 03, 2021	Dec. 16, 2021	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Equity, Class of Treasury Stock [Line Items]
Authorized amount under share repurchase program	$ 300,000
Period during which shares can be repurchased under share repurchase program	3 years
Expiration date of share repurchase program	Dec. 31, 2024
Common stock, shares repurchased		7,500	0	0	0	27
Common stock repurchased, price per share		$ 20.25
Repurchase of common stock		$ 151,900	$ 0	$ 0	$ 0	$ 419
Repurchase and retirement of common stock including offering costs		152,100
Additional paid in capital		127,500
Increase in retained earnings		$ 24,400
Remained available amount under share repurchase program			$ 147,700		$ 147,700

Share Repurchase Program - Sche

Share Repurchase Program - Schedule of Repurchases of Common Stock (Details) - Common Stock - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 16, 2021	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock, shares repurchased	7,500	0	0	0	27
Total amount paid for shares repurchased	$ 151,900	$ 0	$ 0	$ 0	$ 419

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended
	Mar. 15, 2024	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized value of unvested stock options		$ 21,500		$ 21,500
Weighted average period (years) that expense is expected to be recognized				2 years 6 months
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 2,700	$ 3,500	$ 5,400	$ 6,500
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares available for grant	7.2
Shares available for grant		13.9		13.9
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option expiration period				10 years
Unamortized value of unvested stock options		$ 1,786		$ 1,786
Weighted average period (years) that expense is expected to be recognized				8 months 12 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock Options Activity (Details) - Employee Stock Option	6 Months Ended
	Mar. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning Balance	3,308,000
Number of Options, Granted	0
Number of Options, Exercised	0
Number of Options, Forfeited/Expired	(475,000)
Number of Options, Ending Balance	2,833,000
Number of Options, Vested	2,289,000
Weighted Average Exercise Price, Balance, Beginning | $ / shares	$ 18.1
Weighted Average Exercise Price, Granted | $ / shares	0
Weighted Average Exercise Price, Exercised | $ / shares	0
Weighted Average Exercise Price, Forfeited/Expired | $ / shares	18.46
Weighted Average Exercise Price, Balance, Ending | $ / shares	$ 18.04
Weighted Average Exercise Price, Vested	17.85

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock Options Activity Additional Information (Details) $ in Thousands	6 Months Ended
	Mar. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized value of unvested stock options	$ 21,500
Weighted average period (years) that expense is expected to be recognized	2 years 6 months
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of options outstanding	$ 0
Unamortized value of unvested stock options	$ 1,786
Weighted average period (years) that expense is expected to be recognized	8 months 12 days
Weighted average remaining contractual life (years) for options outstanding	6 years 10 months 24 days

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of RSU and PSU Activity under Plan (Details) - Restricted Stock Units And Performance Units shares in Thousands	6 Months Ended
	Mar. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	2,084
Granted | shares	1,758
Vested | shares	(540)
Forfeited | shares	(317)
Ending Balance | shares	2,985
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 11.92
Weighted Average Grant Date Fair Value, Granted | $ / shares	5.53
Weighted Average Grant Date Fair Value, Vested | $ / shares	7.01
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	11.93
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 9.04

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of RSU and PSU Activity under Plan (Parenthetical) (Details) - Performance Units - $ / shares shares in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2022	Mar. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	0.3	0.4
Weighted Average Grant Date Fair Value, Granted		$ 5.43
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares granted	200%	200%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares granted	0%	0%

Equity-Based Compensation - S_5

Equity-Based Compensation - Summary of RSU and PSU Activity under Plan Additional Information (Details) $ in Thousands	6 Months Ended
	Mar. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period (years) that expense is expected to be recognized	2 years 6 months
Restricted Stock Units And Performance Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized value of unvested RSUs/PSUs	$ 19,704
Weighted average period (years) that expense is expected to be recognized	2 years 8 months 12 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
	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Numerator:
Net loss	$ (34,553)	$ (31,527)	$ (74,106)	$ (61,786)
Denominator:
Weighted average shares outstanding - basic	184,625	183,729	184,504	183,621
Effect of dilutive securities:
Stock Options	0	0	0	0
RSUs	0	0	0	0
Weighted average shares outstanding - diluted	184,625	183,729	184,504	183,621
Basic earnings per share	$ (0.19)	$ (0.17)	$ (0.4)	$ (0.34)
Diluted earnings per share	$ (0.19)	$ (0.17)	$ (0.4)	$ (0.34)

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
	Mar. 30, 2024	Apr. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	4,427	5,334	4,668	5,501
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	2,915	3,573	3,048	3,636
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share	1,512	1,761	1,620	1,865