Savers Value Village (SVV) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41733
Entity Registrant Name	Savers Value Village, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4165683
Entity Address, Address Line One	11400 S.E. 6th Street
Entity Address, Address Line Two	Suite 125
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	425
Local Phone Number	462-1515
Title of 12(b) Security	Common Stock, par value $0.000001 per share
Trading Symbol	SVV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,452,633
Entity Central Index Key	0001883313
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 125,307	$ 112,132
Trade receivables, net of allowance for doubtful accounts of $319 and $316	11,955	14,092
Inventories	36,007	21,822
Prepaid expenses and other current assets	25,021	35,647
Derivative asset – current	10,006	8,625
Total current assets	208,296	192,318
Property and equipment, net	218,150	190,518
Right-of-use lease assets	482,648	437,843
Goodwill	680,798	681,447
Intangible assets, net	167,236	170,651
Derivative asset – non-current	31,216	31,077
Other assets	3,251	3,961
Total assets	1,791,595	1,707,815
Current liabilities:
Accounts payable and accrued liabilities	80,650	80,748
Accrued payroll and related taxes	56,368	62,046
Lease liabilities – current	80,284	79,838
Current portion of long-term debt and short-term borrowings	6,000	50,250
Total current liabilities	223,302	272,882
Long-term debt, net	783,295	783,347
Lease liabilities – non-current	398,231	349,194
Deferred tax liabilities, net	59,278	63,141
Other liabilities	14,347	11,916
Total liabilities	1,478,453	1,480,480
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.000001 par value, 100,000 and zero shares authorized; zero shares issued and outstanding	0	0
Common stock, $0.000001 par value, 800,000 and 1,000,000 shares authorized; 160,453 and 141,590 shares issued and outstanding	0	0
Additional paid-in capital	571,475	226,327
Accumulated deficit	(291,413)	(38,443)
Accumulated other comprehensive income	33,080	39,451
Total stockholders’ equity	313,142	227,335
Total liabilities and stockholders’ equity	$ 1,791,595	$ 1,707,815

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 319	$ 316
Preferred stock, par value (in usd per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	100,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	800,000	1,000,000
Common stock, shares issued (in shares)	160,453	141,590
Common stock, shares, outstanding (in shares)	160,453	141,590

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 392,698	$ 378,292	$ 1,117,484	$ 1,070,427
Operating expenses:
Cost of merchandise sold, exclusive of depreciation and amortization	158,252	152,623	458,950	443,372
Salaries, wages and benefits	116,114	68,107	276,088	199,643
Selling, general and administrative	82,076	78,465	232,380	227,236
Depreciation and amortization	15,911	13,418	45,088	40,110
Total operating expenses	372,353	312,613	1,012,506	910,361
Operating income	20,345	65,679	104,978	160,066
Other (expense) income:
Interest expense, net	(18,708)	(16,454)	(70,912)	(45,855)
(Loss) gain on foreign currency, net	(195)	(18,371)	5,587	(26,639)
Other (expense) income, net	(45)	154	173	209
Loss on extinguishment of debt	(10,615)	0	(16,626)	(1,023)
Other expense, net	(29,563)	(34,671)	(81,778)	(73,308)
(Loss) income before income taxes	(9,218)	31,008	23,200	86,758
Income tax expense	6,394	15,511	13,957	28,472
Net (loss) income	(15,612)	15,497	9,243	58,286
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(1,508)	7,052	(3,456)	9,368
Cash flow hedges	(1,307)	7,620	(2,915)	19,453
Other comprehensive (loss) income	(2,815)	14,672	(6,371)	28,821
Comprehensive (loss) income	$ (18,427)	$ 30,169	$ 2,872	$ 87,107
Net (loss) income per share, basic (in usd per share)	$ (0.10)	$ 0.11	$ 0.06	$ 0.41
Net (loss) income per share, diluted (in usd per share)	$ (0.10)	$ 0.11	$ 0.06	$ 0.40
Basic weighted average shares outstanding (in shares)	160,247	141,551	147,885	141,551
Diluted weighted average shares outstanding (in shares)	160,247	146,124	153,134	146,124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Common stock Common A units	Common stock Common B units	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Jan. 01, 2022		0	141,545	0
Beginning balance at Jan. 01, 2022	$ 185,432	$ 0	$ 223,379	$ 1,297	$ 0	$ (53,708)	$ 14,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,081				1,081
Corporate conversion of common units to common stock (in shares)		141,545	(141,545)
Corporate conversion of common units to common stock	0		$ (223,379)	$ (1,297)	224,676
Stock issued under stock incentive plans, net (in shares)		45
Stock issued under stock compensation incentive plans, net	(292)				(292)
Comprehensive income (loss)	87,107					58,286	28,821
Ending balance (in shares) at Oct. 01, 2022		141,590	0	0
Ending balance at Oct. 01, 2022	273,328	$ 0	$ 0	$ 0	225,465	4,578	43,285
Beginning balance (in shares) at Jul. 02, 2022		141,545
Beginning balance at Jul. 02, 2022	242,360	$ 0			224,666	(10,919)	28,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	799				799
Stock issued under stock incentive plans, net (in shares)		45
Comprehensive income (loss)	30,169					15,497	14,672
Ending balance (in shares) at Oct. 01, 2022		141,590	0	0
Ending balance at Oct. 01, 2022	$ 273,328	$ 0	$ 0	$ 0	225,465	4,578	43,285
Beginning balance (in shares) at Dec. 31, 2022	141,590	141,590	0	0
Beginning balance at Dec. 31, 2022	$ 227,335	$ 0	$ 0	$ 0	226,327	(38,443)	39,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	50,970				50,970
Proceeds from initial public offering, net of underwriting fees and offering costs of $42.5 million (in shares)		18,750
Proceeds from initial public offering, net of underwriting fees and offering costs of $42,473	295,027				295,027
Stock issued under stock incentive plans, net (in shares)		158
Stock issued under stock compensation incentive plans, net	(150)				(150)
Repurchase of common stock (in shares)		(45)
Repurchase of common stock	(699)				(699)
Dividends declared	(262,213)					(262,213)
Comprehensive income (loss)	$ 2,872					9,243	(6,371)
Ending balance (in shares) at Sep. 30, 2023	160,453	160,453	0	0
Ending balance at Sep. 30, 2023	$ 313,142	$ 0	$ 0	$ 0	571,475	(291,413)	33,080
Beginning balance (in shares) at Jul. 01, 2023		141,703
Beginning balance at Jul. 01, 2023	(12,571)	$ 0			227,335	(275,801)	35,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	49,113				49,113
Proceeds from initial public offering, net of underwriting fees and offering costs of $42.5 million (in shares)		18,750
Proceeds from initial public offering, net of underwriting fees and offering costs of $42,473	295,027				295,027
Comprehensive income (loss)	$ (18,427)					(15,612)	(2,815)
Ending balance (in shares) at Sep. 30, 2023	160,453	160,453	0	0
Ending balance at Sep. 30, 2023	$ 313,142	$ 0	$ 0	$ 0	$ 571,475	$ (291,413)	$ 33,080

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)		$ 1.32
Underwriting fees and issuance costs	$ 42,473	$ 42,473

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Cash flows from operating activities:
Net income	$ 9,243	$ 58,286
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	50,970	1,081
Amortization of debt issuance costs and debt discount	4,631	2,974
Depreciation and amortization	45,088	40,110
Operating lease expense	89,204	86,109
Deferred income taxes, net	(3,725)	14,001
Loss on extinguishment of debt	16,626	1,023
Other items	(12,714)	34,890
Changes in operating assets and liabilities:
Trade receivables	341	(9,222)
Inventories	(14,227)	(6,002)
Prepaid expenses and other current assets	3,675	(10,020)
Accounts payable and accrued liabilities	2,456	4,780
Accrued payroll and related taxes	(5,519)	(17,026)
Operating lease liabilities	(84,081)	(82,876)
Other liabilities	2,434	(475)
Net cash provided by operating activities	104,402	117,633
Cash flows from investing activities:
Purchases of property and equipment	(74,579)	(80,624)
Purchase of trade name	(650)	0
Settlement of derivative instruments, net	(199)	(774)
Net cash used in investing activities	(75,428)	(81,398)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net	529,247	0
Principal payments on long-term debt	(546,431)	(8,929)
Payment of debt issuance costs	(4,359)	(161)
Prepayment premium on extinguishment of debt	(1,650)	(1,023)
Advances on revolving line of credit	42,000	53,000
Repayments of revolving line of credit	(84,000)	(53,000)
Dividends paid	(262,235)	0
Proceeds from initial public offering, net of underwriting fees	314,719	0
Payment of offering costs	(8,766)	0
Repurchase of shares and shares withheld to cover taxes	(849)	(292)
Settlement of derivative instrument, net	6,213	(1,057)
Net cash used in financing activities	(16,111)	(11,462)
Effect of exchange rate changes on cash and cash equivalents	312	(6,774)
Net change in cash and cash equivalents	13,175	17,999
Cash and cash equivalents at beginning of period	112,132	97,915
Cash and cash equivalents at end of period	125,307	115,914
Supplemental disclosures of cash flow information:
Interest paid on debt	70,225	42,715
Income taxes paid, net	10,032	24,839
Supplemental disclosure of noncash investing activities:
Noncash capital expenditures	$ 1,810	$ 4,722

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of business Savers Value Village, Inc., a Washington State based company, together with its wholly owned subsidiaries (the “Company”, “we”, “us” or “our”), sells second-hand merchandise primarily in retail stores located in the United States (“U.S.”), Canada and Australia. Basis of presentation The accompanying interim condensed consolidated financial statements as of September 30, 2023 and for the thirteen and thirty-nine weeks ended September 30, 2023 and October 1, 2022, have not been audited but, in the opinion of management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The condensed consolidated balance sheet at December 31, 2022, has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the fiscal year ended December 31, 2022, and related notes as disclosed in our prospectus filed with the Securities and Exchange Commission in accordance with Rule 424(b) under the Securities Act on June 30, 2023 in connection with our initial public offering (“IPO”). Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year, which ends on the Saturday nearest to December 31. All dollar and share amounts in the notes to these unaudited interim condensed consolidated financial statements, with the exception of per share amounts, are rounded to the nearest thousand unless otherwise indicated. Corporate Conversion On January 7, 2022, S-Evergreen Holding LLC converted into a Delaware corporation and the name of the Company was changed to Savers Value Village, Inc. (the “Corporate Conversion”). In the Corporate Conversion, equityholders of S-Evergreen Holding LLC received one share of common stock of Savers Value Village, Inc. for each Class A Unit of S-Evergreen Holding, LLC and corresponding adjustments were made to the Company’s outstanding equity awards. Reverse stock split On May 26, 2023, in anticipation of the IPO, the Company effectuated a reverse stock split of its then-outstanding common stock, in which each share of pre-split common stock became 0.713506461319705 of a share of post-reverse split common stock (the “Reverse Stock Split”) and corresponding adjustments were made to the Company’s outstanding equity awards. All references to units, per unit, shares and per share amounts for all periods presented in these unaudited interim condensed consolidated financial statements have been retrospectively restated to give effect to the Reverse Stock Split. Authorized shares In connection with the Company’s IPO, the Company filed an amended and restated certificate of incorporation (the “A&R Charter”) on June 29, 2023, authorizing 800.0 million shares of common stock, par value $0.000001 per share, and 100.0 million shares of preferred stock, par value $0.000001 per share. The Company also amended and restated its bylaws, effective as of June 28, 2023. Each share of common stock entitles its holder to one vote per share on all matters to be voted on by stockholders and to receive dividends when and as declared by the board of directors from legally available sources, subject to the prior rights of the holders of our preferred stock. Common stockholders are not entitled to preemptive rights and are therefore subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that the board of directors may designate and issue in the future. In the event of a liquidation, dissolution or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of common stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of claims of creditors. Initial Public Offering The registration statement related to our IPO was declared effective on June 28, 2023, and our common stock began trading on the New York Stock Exchange on June 29, 2023. On July 3, 2023, we completed our IPO for the sale of 18.8 million shares of our common stock, $0.000001 par value per share, at a public offering price of $18.00 per share. Net proceeds to the Company from the IPO were $295.0 million after deducting underwriting discounts and commissions of $22.8 million and offering expenses of $19.7 million, of which $1.1 million had not been paid as of September 30, 2023. Certain funds, investment vehicles or accounts managed or advised by the Private Equity Group of Ares Management Corporation (the “selling stockholders”) sold 6.9 million shares, including 3.3 million shares pursuant to the exercise of the underwriters’ over-allotment option. The Company did not receive any proceeds from sales made by the selling stockholders. Emerging growth company status Upon completion of our IPO on July 3, 2023, the Company ceased to be an emerging growth company (“EGC”) under the Jumpstart Our Business Startups (“JOBS”) Act. The previous EGC status allowed the Company to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and compliance exemptions from new or revised financial accounting standards until those standards would otherwise apply to private companies. In anticipation of losing EGC status, the Company has prepared for the auditor attestation requirements pursuant to Section 404 of the Sarbanes-Oxley Act and the Company is currently in compliance with new or revised standards required for non-emerging growth companies. Accordingly, the loss of EGC status will not have a significant impact on the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies as described in the Company’s consolidated financial statements as of and for the fiscal year ended December 31, 2022. Use of estimates The preparation of these unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates are based on available information and on various other assumptions that are believed to be reasonable under the circumstances. Certain items subject to such estimates and assumptions include, but are not limited to, the valuation of intangibles, the valuation of goodwill and income taxes. Actual results could vary from those estimates under different assumptions or conditions. Revenue recognition The following table disaggregates our revenue by retail and wholesale during each of the periods presented: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Retail sales $ 373,982 $ 358,535 $ 1,061,831 $ 1,015,682 Wholesale sales 18,716 19,757 55,653 54,745 Total net sales $ 392,698 $ 378,292 $ 1,117,484 $ 1,070,427 Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments that replaces the incurred loss model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted this guidance, and subsequent amendments to this guidance, as of January 1, 2023. The change to an expected credit loss model did not have a material effect on the Company’s unaudited interim condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Topic 848 provides relief that, if elected, will ease the potential accounting burden when modifying contracts and hedging relationships that use the London Inter-Bank Offered Rate (“LIBOR”) as a reference rate. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Topic 848 allows for different elections to be made at different points in time. In accordance with the fallback provisions of our interest rate swap contracts and the discontinuation of LIBOR after June 30, 2023, the reference rate for our interest rate swaps transitioned from LIBOR to Fallback Rate (SOFR) with effect from July 1, 2023. The Company elected to apply the optional expedients under Topic 848 to this change in reference rate and therefore the modified instruments will be accounted for and presented in the same manner as the instruments existing before the modification. This change from LIBOR to Fallback Rate (SOFR) for our interest rate swaps did not have a material impact on the Company’s consolidated financial statements.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net, consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Furniture, fixtures and equipment $ 281,699 $ 230,694 Leasehold improvements 106,153 88,739 Total property and equipment 387,852 319,433 Less: accumulated depreciation 169,702 128,915 Total property and equipment, net $ 218,150 $ 190,518

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Debt consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Senior Secured Notes $ 495,000 $ — Term Loan Facility 323,256 814,687 Advances on Revolving Credit Facility — 42,000 Total face value of debt 818,256 856,687 Less: current portion of long-term debt and short-term borrowings 6,000 50,250 Less: unamortized debt issuance costs and debt discount 28,961 23,090 Long-term debt, net $ 783,295 $ 783,347 On February 6, 2023, the Company issued $550.0 million of Senior Secured Notes (the “Notes”) at a discount of 2.014%. In connection with the issuance of the Notes, the Company repaid $233.4 million of outstanding borrowings under the Term Loan Facility resulting in a loss on extinguishment of debt of $6.0 million. The Company did not incur a penalty on the repayment. In addition to repaying $233.4 million of outstanding borrowings with the proceeds of the Notes issuance, the Company also paid a $262.2 million dividend and a $23.6 million one-time bonus to certain employees and directors participating in our management equity incentive plan who were unable to participate in the dividend. On July 3, 2023 and July 5, 2023, respectively, the Company used the net proceeds from its IPO together with cash on its balance sheet to redeem $55.0 million aggregate principal amount of Notes and to repay $252.4 million aggregate principal amount of outstanding borrowings under the Term Loan Facility. In addition to paying accrued interest on these borrowings, the Company also paid a premium of 3%, or $1.7 million, on the partial redemption of the Notes. These transactions resulted in a loss on extinguishment of debt of $10.6 million. The Notes bear interest at a fixed rate of 9.75%. Interest began accruing on the date of issuance and the first scheduled interest payment was made on August 15, 2023, with interest due every February 15 and August 15 thereafter through maturity. The Notes are due in full at maturity in April 2028, coterminous with the Term Loan Facility. The Company’s principal subsidiaries in the U.S. are issuers of the Notes. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by most of the Company’s U.S. and Canadian subsidiaries (other than the issuers). The Notes rank pari passu with the Term Loan Facility in right of payment and are subordinated to our existing super-priority Revolving Credit Facility in right of payment. Prior to February 15, 2025, we may redeem the Notes at any time, in whole or in part, at a price equal to 100% of the principal amount of such Notes, plus a make-whole premium, plus accrued and unpaid interest. We may also redeem (a) up to an aggregate of 40% of the principal amount of the Notes with the proceeds of certain equity offerings at a redemption price of 109.750% of the principal amount of Notes redeemed, plus accrued and unpaid interest, and (b) up to 10% of the then outstanding aggregate principal amount of the Notes during each of the twelve-month periods ending after February 6, 2023, at a redemption price equal to 103% of the aggregate principal amount thereof, plus accrued and unpaid interest. On or after February 15, 2025, we may redeem the Notes in whole or in part at the redemption prices set forth below, plus accrued and unpaid interest: For the period Redemption Price February 15, 2025 through February 14, 2026 104.875 % February 15, 2026 through February 14, 2027 102.438 % On or after February 15, 2027 100.000 % If a change in control occurs, we would be required to repurchase the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest. The indenture, pursuant to which the Notes were issued, contains customary covenants limiting our ability to take certain actions, as well as a number of important exceptions. Certain covenants may be suspended in the event the Notes are assigned an investment grade rating from two of three rating agencies. On June 28, 2023, concurrent with the registration statement being declared effective for the Company’s IPO, applicable interest rates under the Senior Secured Credit Facilities were reduced by 0.25% per annum. The Company’s Senior Secured Credit Facilities are comprised of the Term Loan Facility and the Revolving Credit Facility. As of September 30, 2023, there were no advances on the Revolving Credit Facility, there were $1.2 million of letters of credit outstanding and $73.8 million was available to borrow.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes fair value measurements for its financial assets, financial liabilities and nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is based upon a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 inputs are inputs other than unadjusted quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement. The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at September 30, 2023: Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 14,964 $ — $ 14,964 Cross currency swaps — 26,154 — 26,154 Forward contracts — 104 — 104 Total $ — $ 41,222 $ — $ 41,222 Liabilities: Cross currency swaps $ — $ 39 $ — $ 39 Total $ — $ 39 $ — $ 39 The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at December 31, 2022: Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,472 $ — $ 16,472 Cross currency swaps — 22,993 — 22,993 Forward contracts — 237 — 237 Total $ — $ 39,702 $ — $ 39,702 Liabilities: Cross currency swaps $ — $ 66 $ — $ 66 Forward contracts — 14 — 14 Total $ — $ 80 $ — $ 80 Interest rate swaps, cross currency swaps and forward contracts are fair valued using independent pricing services and the Company obtains an understanding of the methods used in pricing. As such, these derivative instruments are classified within Level 2. As of September 30, 2023, the fair value of the Notes, based on Level 1 inputs, was $509.6 million. The fair value of borrowings under the Company’s Senior Secured Credit Facilities approximate their carrying value as the current rates approximate rates on similar debt and were based on rate notices provided by the Administrative Agent (Level 2 inputs) at September 30, 2023 and December 31, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As a result of its operating and financing activities, the Company is exposed to market risks from changes in interest and foreign currency exchange rates. These market risks may adversely affect the Company’s operating results, cash flows and financial position. The Company seeks to minimize risk from changes in interest and foreign currency exchange rates through the use of derivative financial instruments. Derivative contracts are not collateralized and are entered into with large, reputable financial institutions that are monitored for counterparty risk. Foreign currency contracts The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. The Company uses derivative financial instruments to manage its exposure to foreign currency exchange rate risk, specifically U.S. Dollar (“USD”) – Canadian Dollar (“CAD”) cross currency swaps and forward sales of CAD. These instruments lock in the exchange rate for a portion of the estimated cash flows of the Company’s Canadian operations. As of September 30, 2023 and December 31, 2022, cross currency swaps with notional amounts of $275.0 million were outstanding. Additionally, as of September 30, 2023 and December 31, 2022, the Company’s forward contracts had USD equivalent gross notional amounts of $53.9 million and $42.1 million, respectively. Interest rate swap contracts The Company’s market risk is affected by changes in interest rates. The Company’s Senior Secured Credit Facilities bear interest based on market rates plus an applicable spread. Because the interest rate on the Company’s floating-rate debt is tied to market rates, the Company manages its exposure to interest rate movements by effectively converting a portion of its floating-rate debt to fixed-rate debt. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement without exchange of the underlying notional amount. The Company has agreements with each of its derivative counterparties that contain a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on its indebtedness. At September 30, 2023 and December 31, 2022, interest rate swaps with notional amounts of $275.0 million were outstanding. The fair values of cross currency swap contracts, forward contracts and interest rate swap contracts were as follows: (in thousands) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments: Forward contracts Derivative asset – current $ 104 $ 237 Cross currency swaps Derivative asset – current 22 6 Cross currency swaps Derivative asset – non-current 26,132 22,987 Total derivatives in an asset position $ 26,258 $ 23,230 Forward contracts Accounts payable and accrued liabilities $ — $ 14 Cross currency swaps Accounts payable and accrued liabilities 39 66 Total derivatives in a liability position $ 39 $ 80 Derivatives designated as hedging instruments: Interest rate swaps Derivative asset – current $ 9,880 $ 8,382 Interest rate swaps Derivative asset – non-current 5,084 8,090 Total derivatives in an asset position $ 14,964 $ 16,472 Total deferred gain Accumulated other comprehensive income $ 18,099 $ 21,014 The impact of derivative financial instruments on the unaudited interim condensed consolidated statements of operations and comprehensive (loss) income was as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Gain (loss) on forward contracts recognized in (loss) gain on foreign currency, net $ 555 $ 871 $ (134) $ 1,041 Gain on cross currency swaps recognized in (loss) gain on foreign currency, net $ 6,933 $ 12,426 $ 3,003 $ 13,340 Gain on interest rate swaps recognized in interest expense, net $ 2,961 $ 795 $ 8,084 $ 378 The table below presents the effect of cash flow hedge accounting on other comprehensive (loss) income, net of tax: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amount of gain recognized in other comprehensive (loss) income $ 1,655 $ 8,415 $ 5,170 $ 19,867 Amount of gain reclassified from accumulated other comprehensive income into net (loss) income $ 2,962 $ 795 $ 8,085 $ 414 Amounts reclassified from accumulated other comprehensive income into net income are recognized in interest expense. Within the next 12 months, the Company estimates that an additional $11.8 million of gains currently recognized within accumulated other comprehensive income will be reclassified as a decrease in interest expense.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has two reportable segments: U.S. Retail and Canada Retail. In addition to its two reportable segments, the Company has retail stores in Australia and wholesale operations, both of which are classified within Other. The Company evaluates the performance of its segments based on Segment Profit, which it defines as operating income, exclusive of corporate overhead and allocations, asset impairments as applicable, and certain separately disclosed unusual or infrequent items. Segment Profit, as defined herein, may not be comparable to similarly titled measures used by other entities. These measures should not be considered as alternatives to our GAAP measures of Operating income, Net (loss) income, or cash flows from operating activities as an indicator of the Company’s performance or as a measure of its liquidity. Our segment results were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales: U.S. Retail $ 200,127 $ 193,128 $ 580,648 $ 555,350 Canada Retail 163,518 156,572 450,280 434,433 Other 29,053 28,592 86,556 80,644 Total net sales $ 392,698 $ 378,292 $ 1,117,484 $ 1,070,427 Segment profit: U.S. Retail $ 52,262 $ 49,399 $ 147,062 $ 137,003 Canada Retail 56,404 52,161 140,888 128,246 Other 10,061 10,426 29,913 26,520 Total segment profit 118,727 111,986 317,863 291,769 General corporate expenses 82,471 32,889 167,797 91,593 Depreciation and amortization 15,911 13,418 45,088 40,110 Operating income 20,345 65,679 104,978 160,066 Interest expense, net (18,708) (16,454) (70,912) (45,855) (Loss) gain on foreign currency, net (195) (18,371) 5,587 (26,639) Other (expense) income, net (45) 154 173 209 Loss on extinguishment of debt (10,615) — (16,626) (1,023) (Loss) income before income taxes (9,218) 31,008 23,200 86,758 Income tax expense 6,394 15,511 13,957 28,472 Net (loss) income $ (15,612) $ 15,497 $ 9,243 $ 58,286

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic and diluted net (loss) income per share were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share data) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator Net (loss) income $ (15,612) $ 15,497 $ 9,243 $ 58,286 Denominator Basic weighted average common shares outstanding 160,247 141,551 147,885 141,551 Dilutive effect of employee stock options and awards — 4,573 5,249 4,573 Diluted weighted average common shares outstanding (1) 160,247 146,124 153,134 146,124 Net (loss) income per share Basic $ (0.10) $ 0.11 $ 0.06 $ 0.41 Diluted $ (0.10) $ 0.11 $ 0.06 $ 0.40 ____________ (1) For the thirteen weeks ended September 30, 2023, the calculation of diluted net loss per share excludes the effect of 6.6 million potential shares of common stock relating to awards of stock options and restricted stock units that would have been antidilutive. For the thirty-nine weeks ended September 30, 2023 and the thirteen and thirty-nine weeks ended October 1, 2022, there were no stock-based awards that would have had an antidilutive impact on earnings per share.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation 2019 Management Incentive Plan On March 28, 2019, the Company adopted the 2019 Management Incentive Plan (the “2019 Plan”) which allows for the issuance of stock options to directors, officers, key employees and other key individuals. Stock options awarded under the 2019 Plan contain both service and performance conditions. Awards issued under the 2019 Plan have a 10-year contractual term. In connection with the adoption of the Omnibus Incentive Compensation Plan (as defined below), the Company ceased issuing awards under the 2019 Plan. As a result, no shares remain available for issuance under the 2019 Plan; however, the 2019 Plan continues to govern awards that are outstanding under it. As of September 30, 2023, 15.6 million shares remain outstanding under the 2019 Plan. Omnibus Incentive Plan In connection with the IPO, the Company’s Board of Directors approved the Omnibus Incentive Compensation Plan (the “Omnibus Incentive Plan”), which became effective on June 28, 2023, the date the SEC declared our IPO registration statement on Form S-1 effective. The Omnibus Incentive Plan allows for the issuance of up to 15.0 million new shares of common stock. In addition, should any awards under the 2019 Plan expire, terminate or be canceled, the shares of common stock underlying those awards will become available for issuance under the Omnibus Incentive Plan. Awards under the Omnibus Incentive Plan may be in the form of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units, other stock-based awards and cash awards. Awards issued under the Omnibus Incentive Plan have a maximum contractual term of 10 years. As of September 30, 2023, there were 14.5 million shares available for future issuance under the Omnibus Incentive Plan. Stock-based Compensation Stock-based compensation expense for the thirty-nine weeks ended September 30, 2023 and October 1, 2022 was $51.0 million and $1.1 million, respectively. Time-based options Stock option awards containing only a service condition (“time-based options”) generally vest in equal annual installments over five years from the date of grant, subject to continued employment through each vesting date. Stock-based compensation cost for time-based options is measured at the grant date based on the fair value of the award using the Black-Scholes-Merton option pricing model and is recognized ratably over the requisite service period of the awards. The Company accounts for forfeitures for time-based options as they occur. The following assumptions apply to time-based options awarded during the thirty-nine weeks ended September 30, 2023 and October 1, 2022 under the Black-Scholes-Merton option pricing model: Thirty-Nine Weeks Ended September 30, 2023 October 1, 2022 Expected volatility 35.4% to 35.7% 32.7% to 39.8% Risk-free interest rate 3.4% to 4.2% 1.8% to 3.0% Expected term (in years) 6.5 6.5 The dividend yield assumption is zero. Although the Company made a special cash dividend in February 2023, the Company has no history of making regular dividends, nor does it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of stock options awarded during the thirty-nine weeks ended September 30, 2023 and October 1, 2022 was $6.01 and $5.56, respectively. Expected volatility is based on historic share price volatilities of comparable publicly traded companies. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The risk-free rate is based on the 10 Year U.S. Treasury yield curve in effect at the time of each grant. The expected term of options granted represents the period of time that options are expected to be outstanding. The following table summarizes the activity related to time-based options as of September 30, 2023: (in thousands, except per share and remaining term amounts) Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 6,976 $ 4.99 7.66 $ 60,299 Granted 933 13.96 Exercised (186) 1.52 Forfeited or expired (100) 12.99 Outstanding at September 30, 2023 7,623 6.07 7.22 96,013 Exercisable at September 30, 2023 3,422 2.83 6.34 54,205 As of September 30, 2023, unrecognized compensation expense related to outstanding time-based options was $13.1 million, which is expected to be recognized over a weighted average remaining vesting period of 3.86 years. Performance-based options Stock option awards containing a performance condition (“performance-based options”) vest in 25% increments as performance conditions are achieved through the term of the options. Twenty-five percent of the outstanding performance-based options vested upon completion of the Company's IPO, with the remainder scheduled to vest in equal increments over three years provided market-specific performance conditions are achieved. Performance-based options are subject to continued employment through the vesting date. In October 2022, May 2023 and on July 2, 2023, the Company modified the vesting terms of its performance-based options. The Company determined that the modified vesting terms constituted modifications under Topic 718 and thus remeasured the fair value of the outstanding performance-based options as of their respective modification dates. Compensation expense for performance-based options is recognized when it is probable that performance conditions will be achieved. The Company accounts for forfeitures for performance-based options as they occur. A Black-Scholes-Merton option pricing model was used to determine the grant-date fair value of the performance-based options that were tied to the Company’s IPO and a Monte Carlo simulation under the option pricing framework was used to determine the grant-date fair value of the performance-based options subject to market-specific performance conditions. Upon completion of our IPO on July 3, 2023, we commenced recognition of stock-based compensation for our performance-based options as the underlying performance-based condition was satisfied. During the thirteen weeks ended September 30, 2023, we recognized $28.0 million of expense related to performance-based options that vested upon completion of our IPO and $19.2 million of expense related to amortization of the remaining outstanding performance-based options that are recognized on a graded vesting basis over their expected vesting period. Black-Scholes-Merton Option Pricing Model The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model: Thirty-Nine Weeks Ended September 30, 2023 October 1, 2022 Expected volatility 35.5% 35.1% Risk-free interest rate 3.5% 3.8% Expected term (in years) 6.5 6.5 The dividend yield assumption is zero. Although the Company made a special cash dividend in February 2023, the Company has no history of making regular dividends, nor does it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of stock options modified during the thirty-nine weeks ended September 30, 2023 and October 1, 2022 was $16.32 and $13.51, respectively. Expected volatility is based on historic share price volatilities of comparable publicly traded companies. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The risk-free rate is based on the 10 Year U.S. Treasury yield curve in effect at the time of each grant. The expected term of options granted represents the period of time that options are expected to be outstanding. Monte Carlo Simulation The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modifications under the Monte Carlo simulation: Thirty-Nine Weeks Ended September 30, 2023 Expected volatility 35.0% Risk-free interest rate 3.55% to 3.74% Expected term (in years) 3.1 to 6.6 The dividend yield assumption is zero. Although the Company made a special cash dividend in February 2023, the Company has no history of making regular dividends, nor does it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of stock options modified during the thirty-nine weeks ended September 30, 2023 was $21.18. Expected volatility is based on historic share price volatilities of comparable publicly traded companies. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The risk-free rate is based on the 10 Year U.S. Treasury yield curve in effect at the time of each grant. The expected term of options granted represents the period of time that options are expected to be outstanding. The following table summarizes the activity related to performance-based options as of September 30, 2023: (in thousands, except per share and remaining term amounts) Number of Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 7,948 $ 2.05 7.02 $ 90,339 Outstanding at September 30, 2023 7,948 2.05 6.28 132,004 Exercisable at September 30, 2023 1,987 2.05 6.28 33,001 As of September 30, 2023, unrecognized compensation expense related to outstanding performance-based options was $107.1 million, which is expected to be recognized over a weighted average remaining vesting period of 2.75 years. Restricted Stock Units Restricted stock units (“RSUs”) containing only a service condition generally vest in equal installments over a one-year or three-year period from the date of grant, subject to continued employment through each vesting date. The fair value of the RSUs is determined by using the closing price of the Company’s common stock on the date of the grant. All RSUs were granted after the Company’s common stock commenced trading on June 29, 2023. The following table summarizes the activity related to RSUs as of September 30, 2023: (in thousands, except per share amounts) Number of Units Weighted Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 554 22.91 Forfeited (7) 22.91 Unvested at September 30, 2023 547 22.91 As of September 30, 2023, unrecognized compensation expense related to outstanding restricted stock units was $11.3 million, which is expected to be recognized over a weighted average remaining vesting period of 2.64 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision for interim periods is generally determined using an estimate of the Company’s annual effective tax rate adjusted for discrete items. Each quarter the estimate of the annual effective tax rate is updated, and if the Company’s estimated tax rate changes, a cumulative adjustment is made. The effective tax rate for the thirteen weeks ended September 30, 2023 and October 1, 2022 was (69.4)% and 50.0%, respectively . The effective tax rates differed from the federal statutory rate primarily due to changes in the valuation allowances, tax credits, withholding taxes, state income taxes, Global Intangible Low Taxed Income (“GILTI”), Foreign Derived Intangible Income (“FDII”), Internal Revenue Code Section 162(m) excess compensation and foreign rate differential. The effective tax rate for the thirty-nine weeks ended September 30, 2023 and October 1, 2022 was 60.2% and 32.8%, respectively. The effective tax rates differed from the federal statutory rate primarily due to changes in the valuation allowances, tax credits, withholding taxes, state income taxes, GILTI, FDII, Internal Revenue Code Section 162(m) excess compensation and foreign rate differential.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and regulatory matters The Company is involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. The Company has made accruals with respect to these matters, where appropriate, which are reflected in the unaudited interim condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. The Company may enter into discussions regarding settlement of these matters and may enter into settlement agreements, if in the best interest of the Company. From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position. The Company periodically has inquiries from various government agencies regarding aspects of its operations. In 2014, the Company received such an inquiry from the Attorney General of the State of Washington. In December 2017, the Washington Attorney General (“AG”) filed a lawsuit against the Company in State Court relating to, among other things, alleged deceptive advertisements and marketing practices. The parties completed the first phase of the lawsuit in October 2019. The second phase of the lawsuit was scheduled for June 2020, but in May 2020, the Washington Court of Appeals granted the Company’s request for a discretionary review of the ruling in the first phase. On August 16, 2021, the Washington Court of Appeals ruled in the Company’s favor and dismissed all of the remaining claims. At this point, the Company had prevailed on all claims asserted in the lawsuit. On November 17, 2021, the Washington Court of Appeals denied a Motion for Reconsideration filed by the Washington AG. Thereafter, on December 17, 2021, the Washington AG filed a Petition for Review in the Washington Supreme Court. On March 30, 2022, the Washington Supreme Court granted the Washington AG’s petition to review the case. Oral argument took place at the Washington Supreme Court on October 25, 2022. On February 23, 2023, the Washington Supreme Court reaffirmed the Court of Appeals decision in favor of the Company and remanded the case to the trial court to dismiss the Washington AG’s claims and rule on attorneys’ fees and costs. On June 14, 2023, the Washington AG filed a motion for dismissal without award of attorneys’ fees or costs. On June 20, 2023, the court ruled in favor of the Company and struck the AG’s motion. On July 6, 2023, the Company filed a motion for attorneys’ fees and costs. On October 17, 2023, the court awarded the Company $4.3 million in attorneys’ fees and costs and such funds were received by the Company on November 8, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Litigation and regulatory matters On October 17, 2023, as disclosed immediately above, the Company was awarded $4.3 million in attorneys’ fees and costs in relation to litigation pursued by the Washington AG. Funds were received by the Company on November 8, 2023. The Company intends to donate $1.0 million of the $4.3 million award to its donor-advised charitable funds. Share Repurchase Authorization

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (15,612)	$ 15,497	$ 9,243	$ 58,286

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
William Allen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		William Allen, a member of our Board of Directors, entered into a Rule 10b5-1 Plan on September 15, 2023. Mr. Allen’s plan provides for the potential exercise of vested stock options and the associated sale of up to 55,104 shares of Savers common stock. The plan expires on September 30, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	William Allen
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	381 days
Aggregate Available	55,104	55,104
Robyn Collver [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Robyn Collver, a member of our Board of Directors, entered into a Rule 10b5-1 Plan on September 15, 2023. Ms. Collver’s plan provides for the potential exercise of vested stock options and the associated sale of up to 30,737 shares of Savers common stock. The plan expires on September 30, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	Robyn Collver
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	381 days
Aggregate Available	30,737	30,737
Jubran Tanious [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Jubran Tanious, President and Chief Operating Officer, entered into a Rule 10b5-1 Plan on September 15, 2023. Mr. Tanious’ plan provides for the potential exercise of vested stock options and the associated sale of up to 428,105 shares of Savers common stock. The plan expires on December 31, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	Jubran Tanious
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	473 days
Aggregate Available	428,105	428,105
Mindy Geisser [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Mindy Geisser, Chief People Services Officer, entered into a Rule 10b5-1 Plan on September 15, 2023. Ms. Geisser’s plan provides for the potential exercise of vested stock options and the associated sale of up to 104,000 shares of Savers common stock. The plan expires on December 31, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	Mindy Geisser
Title	Chief People Services Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	473 days
Aggregate Available	104,000	104,000
Richard Medway [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Richard Medway, General Counsel, Chief Compliance Officer and Secretary, entered into a Rule 10b5-1 Plan on September 15, 2023. Mr. Medway’s plan provides for the potential exercise of vested stock options and the associated sale of up to 160,004 shares of Savers common stock. The plan expires on December 31, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	Richard Medway
Title	General Counsel, Chief Compliance Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	473 days
Aggregate Available	160,004	160,004
Scott Estes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Scott Estes, Senior Vice President of Finance, entered into a Rule 10b5-1 Plan on September 7, 2023. Mr. Este’s plan provides for the potential exercise of vested stock options and the associated sale of up to 158,400 shares of Savers common stock. The plan expires on August 14, 2024, or upon earlier completion of all authorized transactions under the plan.
Name	Scott Estes
Title	Senior Vice President of Finance
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 7, 2023
Arrangement Duration	342 days
Aggregate Available	158,400	158,400

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying interim condensed consolidated financial statements as of September 30, 2023 and for the thirteen and thirty-nine weeks ended September 30, 2023 and October 1, 2022, have not been audited but, in the opinion of management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The condensed consolidated balance sheet at December 31, 2022, has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the fiscal year ended December 31, 2022, and related notes as disclosed in our prospectus filed with the Securities and Exchange Commission in accordance with Rule 424(b) under the Securities Act on June 30, 2023 in connection with our initial public offering (“IPO”). Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year, which ends on the Saturday nearest to December 31.
Use of estimates	Use of estimates The preparation of these unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates are based on available information and on various other assumptions that are believed to be reasonable under the circumstances. Certain items subject to such estimates and assumptions include, but are not limited to, the valuation of intangibles, the valuation of goodwill and income taxes. Actual results could vary from those estimates under different assumptions or conditions.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments that replaces the incurred loss model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted this guidance, and subsequent amendments to this guidance, as of January 1, 2023. The change to an expected credit loss model did not have a material effect on the Company’s unaudited interim condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Topic 848 provides relief that, if elected, will ease the potential accounting burden when modifying contracts and hedging relationships that use the London Inter-Bank Offered Rate (“LIBOR”) as a reference rate. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Topic 848 allows for different elections to be made at different points in time. In accordance with the fallback provisions of our interest rate swap contracts and the discontinuation of LIBOR after June 30, 2023, the reference rate for our interest rate swaps transitioned from LIBOR to Fallback Rate (SOFR) with effect from July 1, 2023. The Company elected to apply the optional expedients under Topic 848 to this change in reference rate and therefore the modified instruments will be accounted for and presented in the same manner as the instruments existing before the modification. This change from LIBOR to Fallback Rate (SOFR) for our interest rate swaps did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by retail and wholesale during each of the periods presented: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Retail sales $ 373,982 $ 358,535 $ 1,061,831 $ 1,015,682 Wholesale sales 18,716 19,757 55,653 54,745 Total net sales $ 392,698 $ 378,292 $ 1,117,484 $ 1,070,427

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, and Equipment, Net	Property and equipment, net, consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Furniture, fixtures and equipment $ 281,699 $ 230,694 Leasehold improvements 106,153 88,739 Total property and equipment 387,852 319,433 Less: accumulated depreciation 169,702 128,915 Total property and equipment, net $ 218,150 $ 190,518

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Senior Secured Notes $ 495,000 $ — Term Loan Facility 323,256 814,687 Advances on Revolving Credit Facility — 42,000 Total face value of debt 818,256 856,687 Less: current portion of long-term debt and short-term borrowings 6,000 50,250 Less: unamortized debt issuance costs and debt discount 28,961 23,090 Long-term debt, net $ 783,295 $ 783,347
Debt Instrument Redemption	On or after February 15, 2025, we may redeem the Notes in whole or in part at the redemption prices set forth below, plus accrued and unpaid interest: For the period Redemption Price February 15, 2025 through February 14, 2026 104.875 % February 15, 2026 through February 14, 2027 102.438 % On or after February 15, 2027 100.000 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at September 30, 2023: Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 14,964 $ — $ 14,964 Cross currency swaps — 26,154 — 26,154 Forward contracts — 104 — 104 Total $ — $ 41,222 $ — $ 41,222 Liabilities: Cross currency swaps $ — $ 39 $ — $ 39 Total $ — $ 39 $ — $ 39 The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at December 31, 2022: Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,472 $ — $ 16,472 Cross currency swaps — 22,993 — 22,993 Forward contracts — 237 — 237 Total $ — $ 39,702 $ — $ 39,702 Liabilities: Cross currency swaps $ — $ 66 $ — $ 66 Forward contracts — 14 — 14 Total $ — $ 80 $ — $ 80

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cross Currency Swap Contracts, Forward Contracts, and Interest Rate Swaps	The fair values of cross currency swap contracts, forward contracts and interest rate swap contracts were as follows: (in thousands) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments: Forward contracts Derivative asset – current $ 104 $ 237 Cross currency swaps Derivative asset – current 22 6 Cross currency swaps Derivative asset – non-current 26,132 22,987 Total derivatives in an asset position $ 26,258 $ 23,230 Forward contracts Accounts payable and accrued liabilities $ — $ 14 Cross currency swaps Accounts payable and accrued liabilities 39 66 Total derivatives in a liability position $ 39 $ 80 Derivatives designated as hedging instruments: Interest rate swaps Derivative asset – current $ 9,880 $ 8,382 Interest rate swaps Derivative asset – non-current 5,084 8,090 Total derivatives in an asset position $ 14,964 $ 16,472 Total deferred gain Accumulated other comprehensive income $ 18,099 $ 21,014
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The impact of derivative financial instruments on the unaudited interim condensed consolidated statements of operations and comprehensive (loss) income was as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Gain (loss) on forward contracts recognized in (loss) gain on foreign currency, net $ 555 $ 871 $ (134) $ 1,041 Gain on cross currency swaps recognized in (loss) gain on foreign currency, net $ 6,933 $ 12,426 $ 3,003 $ 13,340 Gain on interest rate swaps recognized in interest expense, net $ 2,961 $ 795 $ 8,084 $ 378
Schedule of Cash Flow Hedges Included in Other Comprehensive Income (Loss)	The table below presents the effect of cash flow hedge accounting on other comprehensive (loss) income, net of tax: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amount of gain recognized in other comprehensive (loss) income $ 1,655 $ 8,415 $ 5,170 $ 19,867 Amount of gain reclassified from accumulated other comprehensive income into net (loss) income $ 2,962 $ 795 $ 8,085 $ 414

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales: U.S. Retail $ 200,127 $ 193,128 $ 580,648 $ 555,350 Canada Retail 163,518 156,572 450,280 434,433 Other 29,053 28,592 86,556 80,644 Total net sales $ 392,698 $ 378,292 $ 1,117,484 $ 1,070,427 Segment profit: U.S. Retail $ 52,262 $ 49,399 $ 147,062 $ 137,003 Canada Retail 56,404 52,161 140,888 128,246 Other 10,061 10,426 29,913 26,520 Total segment profit 118,727 111,986 317,863 291,769 General corporate expenses 82,471 32,889 167,797 91,593 Depreciation and amortization 15,911 13,418 45,088 40,110 Operating income 20,345 65,679 104,978 160,066 Interest expense, net (18,708) (16,454) (70,912) (45,855) (Loss) gain on foreign currency, net (195) (18,371) 5,587 (26,639) Other (expense) income, net (45) 154 173 209 Loss on extinguishment of debt (10,615) — (16,626) (1,023) (Loss) income before income taxes (9,218) 31,008 23,200 86,758 Income tax expense 6,394 15,511 13,957 28,472 Net (loss) income $ (15,612) $ 15,497 $ 9,243 $ 58,286

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net (Loss) Income per Share	Basic and diluted net (loss) income per share were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share data) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator Net (loss) income $ (15,612) $ 15,497 $ 9,243 $ 58,286 Denominator Basic weighted average common shares outstanding 160,247 141,551 147,885 141,551 Dilutive effect of employee stock options and awards — 4,573 5,249 4,573 Diluted weighted average common shares outstanding (1) 160,247 146,124 153,134 146,124 Net (loss) income per share Basic $ (0.10) $ 0.11 $ 0.06 $ 0.41 Diluted $ (0.10) $ 0.11 $ 0.06 $ 0.40 ____________ (1) For the thirteen weeks ended September 30, 2023, the calculation of diluted net loss per share excludes the effect of 6.6 million potential shares of common stock relating to awards of stock options and restricted stock units that would have been antidilutive. For the thirty-nine weeks ended September 30, 2023 and the thirteen and thirty-nine weeks ended October 1, 2022, there were no stock-based awards that would have had an antidilutive impact on earnings per share.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following assumptions apply to time-based options awarded during the thirty-nine weeks ended September 30, 2023 and October 1, 2022 under the Black-Scholes-Merton option pricing model: Thirty-Nine Weeks Ended September 30, 2023 October 1, 2022 Expected volatility 35.4% to 35.7% 32.7% to 39.8% Risk-free interest rate 3.4% to 4.2% 1.8% to 3.0% Expected term (in years) 6.5 6.5 The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model: Thirty-Nine Weeks Ended September 30, 2023 October 1, 2022 Expected volatility 35.5% 35.1% Risk-free interest rate 3.5% 3.8% Expected term (in years) 6.5 6.5 The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modifications under the Monte Carlo simulation: Thirty-Nine Weeks Ended September 30, 2023 Expected volatility 35.0% Risk-free interest rate 3.55% to 3.74% Expected term (in years) 3.1 to 6.6
Share-Based Payment Arrangement, Option, Activity	The following table summarizes the activity related to time-based options as of September 30, 2023: (in thousands, except per share and remaining term amounts) Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 6,976 $ 4.99 7.66 $ 60,299 Granted 933 13.96 Exercised (186) 1.52 Forfeited or expired (100) 12.99 Outstanding at September 30, 2023 7,623 6.07 7.22 96,013 Exercisable at September 30, 2023 3,422 2.83 6.34 54,205
Share-Based Payment Arrangement, Performance Shares, Activity	The following table summarizes the activity related to performance-based options as of September 30, 2023: (in thousands, except per share and remaining term amounts) Number of Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 7,948 $ 2.05 7.02 $ 90,339 Outstanding at September 30, 2023 7,948 2.05 6.28 132,004 Exercisable at September 30, 2023 1,987 2.05 6.28 33,001
Share-Based Payment Arrangement, Restricted Stock Unit, Activity	The following table summarizes the activity related to RSUs as of September 30, 2023: (in thousands, except per share amounts) Number of Units Weighted Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 554 22.91 Forfeited (7) 22.91 Unvested at September 30, 2023 547 22.91

Description of Business and B_2

Description of Business and Basis of Presentation (Details) $ / shares in Units, shares in Thousands, $ in Millions			9 Months Ended
	Jul. 03, 2023 USD ($) $ / shares shares	May 26, 2023	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 28, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Reverse stock split, conversion ratio		0.713506461319705
Common stock, shares authorized (in shares)			800,000	800,000	1,000,000
Common stock, par value (in usd per share) | $ / shares			$ 0.000001	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)			100,000	100,000	0
Preferred stock, par value (in usd per share) | $ / shares			$ 0.000001	$ 0.000001	$ 0.000001
Votes per share | vote				1
Selling Stockholders
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,900
IPO
Class of Stock [Line Items]
Common stock, par value (in usd per share) | $ / shares	$ 0.000001
Sale of stock, number of shares issued in transaction (in shares)	18,800
Sale of stock, price per share (in usd per share) | $ / shares	$ 18
Consideration received on transaction | $	$ 295
Underwriting discounts and commissions | $	22.8
Offering expenses | $	$ 19.7
Offering costs not yet paid | $			$ 1.1
Over-Allotment Option | Selling Stockholders
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 392,698	$ 378,292	$ 1,117,484	$ 1,070,427
Retail sales
Disaggregation of Revenue [Line Items]
Net sales	373,982	358,535	1,061,831	1,015,682
Wholesale sales
Disaggregation of Revenue [Line Items]
Net sales	$ 18,716	$ 19,757	$ 55,653	$ 54,745

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 387,852		$ 387,852		$ 319,433
Less: accumulated depreciation	169,702		169,702		128,915
Property and equipment, net	218,150		218,150		190,518
Depreciation	14,600	$ 12,200	41,200	$ 36,100
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	281,699		281,699		230,694
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 106,153		$ 106,153		$ 88,739

Indebtedness - Schedule of Debt

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total face value of debt	$ 818,256	$ 856,687
Less: current portion of long-term debt and short-term borrowings	6,000	50,250
Less: unamortized debt issuance costs and debt discount	28,961	23,090
Long-term debt, net	783,295	783,347
Senior Notes | Senior Secured Notes
Debt Instrument [Line Items]
Total face value of debt	495,000	0
Line of Credit | Term Loan Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total face value of debt	323,256	814,687
Line of Credit | Revolving Credit Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total face value of debt	$ 0	$ 42,000

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended		9 Months Ended
	Jul. 05, 2023	Jul. 05, 2023	Jul. 03, 2023	Feb. 06, 2023	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Jun. 28, 2023
Debt Instrument [Line Items]
Repayments of long-term debt							$ 546,431	$ 8,929
Loss on extinguishment of debt		$ 10,600			$ 10,615	$ 0	16,626	1,023
Dividends paid				$ 262,200			262,235	$ 0
One-time bonus				$ 23,600
Senior Notes
Debt Instrument [Line Items]
Debt discount percentage				2.014%
Senior Notes | Senior Secured Notes
Debt Instrument [Line Items]
Face amount				$ 550,000
Repayments of senior debt			$ 55,000
Early redemption fee rate			3%
Early redemption fee			$ 1,700
Interest rate				9.75%
Senior Notes | Debt Instrument, Redemption, Period One | Senior Secured Notes
Debt Instrument [Line Items]
Redemption Price				100%
Senior Notes | Debt Instrument, Redemption, Period Two | Senior Secured Notes
Debt Instrument [Line Items]
Redemption Price				109.75%
Principal amount, percentage				40%
Senior Notes | Debt Instrument, Redemption, Period Three | Senior Secured Notes
Debt Instrument [Line Items]
Redemption Price				103%
Principal amount, percentage				10%
Senior Notes | Debt Instrument, Redemption, Period Four | Senior Secured Notes
Debt Instrument [Line Items]
Redemption Price				101%
Term Loan Facility | Term Loan Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Repayments of long-term debt	$ 252,400			$ 233,400
Loss on extinguishment of debt				$ 6,000
Line of Credit | Term Loan Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Interest rate reduction									0.25%
Line of Credit | Revolving Credit Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Advances on revolving credit facility					0		0
Line of credit facility, remaining borrowing capacity					73,800		73,800
Line of Credit | Letter of Credit | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Letters of credit outstanding, amount					$ 1,200		$ 1,200

Indebtedness - Debt Instrument

Indebtedness - Debt Instrument Redemption (Details)	9 Months Ended
	Sep. 30, 2023
February 15, 2025 through February 14, 2026
Debt Instrument, Redemption [Line Items]
Redemption Price	104.875%
February 15, 2026 through February 14, 2027
Debt Instrument, Redemption [Line Items]
Redemption Price	102.438%
On or after February 15, 2027
Debt Instrument, Redemption [Line Items]
Redemption Price	100%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Derivative assets		$ 39,702
Total	$ 41,222
Liabilities:
Derivative liabilities		80
Total	39
Fair Value, Inputs, Level 1
Assets:
Derivative assets		0
Total	0
Liabilities:
Derivative liabilities		0
Total	0
Fair Value, Inputs, Level 2
Assets:
Derivative assets		39,702
Total	41,222
Liabilities:
Derivative liabilities		80
Total	39
Fair Value, Inputs, Level 3
Assets:
Derivative assets		0
Total	0
Liabilities:
Derivative liabilities		0
Total	0
Interest rate swaps
Assets:
Derivative assets	14,964	16,472
Interest rate swaps | Fair Value, Inputs, Level 1
Assets:
Derivative assets	0	0
Interest rate swaps | Fair Value, Inputs, Level 2
Assets:
Derivative assets	14,964	16,472
Interest rate swaps | Fair Value, Inputs, Level 3
Assets:
Derivative assets	0	0
Cross currency swaps
Assets:
Derivative assets	26,154	22,993
Liabilities:
Derivative liabilities	39	66
Cross currency swaps | Fair Value, Inputs, Level 1
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Cross currency swaps | Fair Value, Inputs, Level 2
Assets:
Derivative assets	26,154	22,993
Liabilities:
Derivative liabilities	39	66
Cross currency swaps | Fair Value, Inputs, Level 3
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Forward contracts
Assets:
Derivative assets	104	237
Liabilities:
Derivative liabilities		14
Forward contracts | Fair Value, Inputs, Level 1
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities		0
Forward contracts | Fair Value, Inputs, Level 2
Assets:
Derivative assets	104	237
Liabilities:
Derivative liabilities		14
Forward contracts | Fair Value, Inputs, Level 3
Assets:
Derivative assets	$ 0	0
Liabilities:
Derivative liabilities		$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Fair Value, Inputs, Level 1 | Senior Secured Notes | Senior Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	$ 509.6

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains that will be reclassified within 12 months	$ 11.8
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	53.9	$ 42.1
Cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	275	275
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 275	$ 275

Derivative Financial Instrume_4

Derivative Financial Instruments - Cross Currency Swap (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total deferred gain	$ 18,099	$ 21,014
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	26,258	23,230
Total derivatives in a liability position	39	80
Not Designated as Hedging Instrument | Forward contracts | Derivative asset – current
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	104	237
Not Designated as Hedging Instrument | Forward contracts | Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	0	14
Not Designated as Hedging Instrument | Cross currency swaps | Derivative asset – current
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	22	6
Not Designated as Hedging Instrument | Cross currency swaps | Derivative asset – non-current
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	26,132	22,987
Not Designated as Hedging Instrument | Cross currency swaps | Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Total derivatives in a liability position	39	66
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	14,964	16,472
Designated as Hedging Instrument | Interest rate swaps | Derivative asset – current
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	9,880	8,382
Designated as Hedging Instrument | Interest rate swaps | Derivative asset – non-current
Derivatives, Fair Value [Line Items]
Total derivatives in an asset position	$ 5,084	$ 8,090

Derivative Financial Instrume_5

Derivative Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Forward contracts | Foreign Currency Gain (Loss)
Derivatives, Fair Value [Line Items]
Gain (loss) on derivative instruments recognized in (loss) gain on foreign currency, net	$ 555	$ 871	$ (134)	$ 1,041
Cross currency swaps | Foreign Currency Gain (Loss)
Derivatives, Fair Value [Line Items]
Gain (loss) on derivative instruments recognized in (loss) gain on foreign currency, net	6,933	12,426	3,003	13,340
Interest rate swaps | Interest Expense
Derivatives, Fair Value [Line Items]
Gain on interest rate swaps recognized in interest expense, net	$ 2,961	$ 795	$ 8,084	$ 378

Derivative Financial Instrume_6

Derivative Financial Instruments - Cash Flow Hedge (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain recognized in other comprehensive (loss) income	$ 1,655	$ 8,415	$ 5,170	$ 19,867
Amount of gain reclassified from accumulated other comprehensive income into net (loss) income	$ 2,962	$ 795	$ 8,085	$ 414

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment R

Segment Information - Segment Results (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 05, 2023	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Net sales		$ 392,698	$ 378,292	$ 1,117,484	$ 1,070,427
Total segment profit		118,727	111,986	317,863	291,769
General corporate expenses		82,471	32,889	167,797	91,593
Depreciation and amortization		15,911	13,418	45,088	40,110
Operating income		20,345	65,679	104,978	160,066
Interest expense, net		(18,708)	(16,454)	(70,912)	(45,855)
(Loss) gain on foreign currency, net		(195)	(18,371)	5,587	(26,639)
Other (expense) income, net		(45)	154	173	209
Loss on extinguishment of debt	$ (10,600)	(10,615)	0	(16,626)	(1,023)
(Loss) income before income taxes		(9,218)	31,008	23,200	86,758
Income tax expense		6,394	15,511	13,957	28,472
Net (loss) income		(15,612)	15,497	9,243	58,286
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net sales		29,053	28,592	86,556	80,644
Total segment profit		10,061	10,426	29,913	26,520
U.S. Retail | Operating Segments
Segment Reporting Information [Line Items]
Net sales		200,127	193,128	580,648	555,350
Total segment profit		52,262	49,399	147,062	137,003
Canada Retail | Operating Segments
Segment Reporting Information [Line Items]
Net sales		163,518	156,572	450,280	434,433
Total segment profit		$ 56,404	$ 52,161	$ 140,888	$ 128,246

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Numerator
Net (loss) income	$ (15,612)	$ 15,497	$ 9,243	$ 58,286
Denominator
Basic weighted average common shares outstanding (in shares)	160,247,000	141,551,000	147,885,000	141,551,000
Dilutive effect of employee stock options (in shares)	0	4,573,000	5,249,000	4,573,000
Diluted weighted average common shares outstanding (in shares)	160,247,000	146,124,000	153,134,000	146,124,000
Net (loss) income per share
Basic (in usd per share)	$ (0.10)	$ 0.11	$ 0.06	$ 0.41
Diluted (in usd per share)	$ (0.10)	$ 0.11	$ 0.06	$ 0.40
Antidilutive securities excluded from computation of earnings per share (in shares)	6,600,000	0	0	0

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	9 Months Ended
	Jul. 03, 2023	Mar. 28, 2019	Sep. 30, 2023	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)			15,000,000	15,000,000
Common stock reserved for future issuance (in shares)			14,500,000	14,500,000
Stock-based compensation expense				$ 51	$ 1.1
Unrecognized share-based compensation cost, period of recognition				3 years 10 months 9 days
Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period				10 years
Options | 2019 Management Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period		10 years
Number of options available for issuance (in shares)			0	0
Outstanding (shares)			15,600,000	15,600,000
Time-Based Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)			7,623,000	7,623,000		6,976,000
Vesting period				5 years
Dividend yield assumption				0%
Weighted average grant date fair value of stock options awarded (in dollars per share)				$ 6.01	$ 5.56
Unrecognized compensation expense, options			$ 13.1	$ 13.1
Performance based options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (shares)			7,948,000	7,948,000		7,948,000
Unrecognized compensation expense, options			$ 107.1	$ 107.1
Unrecognized share-based compensation cost, period of recognition				2 years 9 months
Vesting rights through term				25%
Performance based options | Black-Scholes-Merton Option Pricing Model
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield assumption				0%
Weighted average grant date fair value of stock options modified (in dollars per share)				$ 16.32	$ 13.51
Performance based options | Monte Carlo Simulation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield assumption				0%
Weighted average grant date fair value of stock options modified (in dollars per share)				$ 21.18
Performance based options | Share-Based Payment Arrangement, Tranche One | IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights through term				25%
Performance based options | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Performance based options | IPO Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 28
Performance based options | Graded Vesting Basis
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			19.2
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation cost, period of recognition				2 years 7 months 20 days
Unrecognized compensation expense, excluding options			$ 11.3	$ 11.3
Restricted Stock Units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				1 year
Restricted Stock Units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years

Stock-based Compensation - Weig

Stock-based Compensation - Weighted Average Assumptions for Time-based Options (Details) - Time-Based Options	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	35.40%	32.70%
Expected volatility, maximum	35.70%	39.80%
Risk-free interest rate, minimum	3.40%	1.80%
Risk-free interest rate, maximum	4.20%	3%
Expected term (in years)	6 years 6 months	6 years 6 months

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Time-Based Options
Number of options
Beginning, Outstanding (in shares)	6,976
Granted (in shares)	933
Exercised (in shares)	(186)
Forfeited or expired (in shares)	(100)
Ending, Outstanding (in shares)	7,623	6,976
Weighted average exercise price per share
Beginning, Options outstanding, Weighted average exercise price per share (in $ per share)	$ 4.99
Granted, Weighted average exercise price per share (in $ per share)	13.96
Options exercised, Weighted average exercise price per share (in $ per share)	1.52
Options forfeited or expired, Weighted average exercise price per share (in $ per share)	12.99
Ending, Options outstanding, Weighted average exercise price per share (in $ per share)	$ 6.07	$ 4.99
Stock Options Additional Disclosures
Options exercisable, Number of options (in shares)	3,422
Options exercisable, Weighted average exercise price per share (in dollars per share)	$ 2.83
Weighted average remaining contractual term (in years)	7 years 2 months 19 days	7 years 7 months 28 days
Options exercisable, Weighted average remaining contractual term	6 years 4 months 2 days
Aggregate intrinsic value	$ 96,013	$ 60,299
Options exercisable, Aggregate intrinsic value	$ 54,205
Performance based options
Number of options
Beginning, Outstanding (in shares)	7,948
Ending, Outstanding (in shares)	7,948	7,948
Weighted average exercise price per share
Beginning, Options outstanding, Weighted average exercise price per share (in $ per share)	$ 2.05
Ending, Options outstanding, Weighted average exercise price per share (in $ per share)	$ 2.05	$ 2.05
Stock Options Additional Disclosures
Options exercisable, Number of options (in shares)	1,987
Options exercisable, Weighted average exercise price per share (in dollars per share)	$ 2.05
Weighted average remaining contractual term (in years)	6 years 3 months 10 days	7 years 7 days
Options exercisable, Weighted average remaining contractual term	6 years 3 months 10 days
Aggregate intrinsic value	$ 132,004	$ 90,339
Options exercisable, Aggregate intrinsic value	$ 33,001

Stock-based Compensation - We_2

Stock-based Compensation - Weighted Average Assumptions for Performance-based Options (Details) - Performance based options	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Black-Scholes-Merton Option Pricing Model
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	35.50%	35.10%
Risk-free interest rate	3.50%	3.80%
Expected term (in years)	6 years 6 months	6 years 6 months
Monte Carlo Simulation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	35%
Risk-free interest rate, maximum	3.74%
Risk-free interest rate, minimum	3.55%
Minimum | Monte Carlo Simulation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 1 month 6 days
Maximum | Monte Carlo Simulation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 7 months 6 days

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Units
Beginning, Outstanding (in shares) | shares	0
Granted (in shares) | shares	554
Forfeited or expired (in shares) | shares	(7)
Ending, Outstanding (in shares) | shares	547
Weighted Average Grant Date Fair Value per share
Beginning, Outstanding, Weighted average grant date fair value ($ per share) | $ / shares	$ 0
Granted, Weighted average grant date fair value ($ per share) | $ / shares	22.91
Forfeited, Weighted average grant date fair value ($ per share) | $ / shares	22.91
Ending, Outstanding, Weighted average grant date fair value ($ per share) | $ / shares	$ 22.91

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	(69.40%)	50%	60.20%	32.80%
Prepaid taxes	$ 6.3		$ 6.3

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Nov. 08, 2023 USD ($)
Subsequent Event
Other Commitments [Line Items]
Attorney fees and costs awarded from other party	$ 4.3

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Nov. 08, 2023	Nov. 09, 2023	Oct. 17, 2023
Subsequent Event [Line Items]
Attorney fees and costs awarded from other party	$ 4.3
Contingent charitable contribution			$ 1
Share repurchase program, authorized amount		$ 50