CHEWY, INC., 10-Q filed on 9/1/2021
Quarterly Report
v3.21.2
Cover Page - shares
 6 Months Ended
Aug. 01, 2021
Aug. 25, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Period End Date Aug. 01, 2021  
Document Transition Report false  
Entity File Number 001-38936  
Entity Registrant Name CHEWY, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 90-1020167  
Entity Address, Address Line One 1855 Griffin Road, Suite B-428  
Entity Address, City or Town Dania Beach  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33004  
City Area Code 786  
Local Phone Number 320-7111  
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol CHWY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Fiscal Period Focus Q2  
Fiscal Year Focus 2021  
Entity Central Index Key 0001766502  
Current Fiscal Year End Date --01-30  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   106,574,936
Common Class B    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   311,188,356
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 01, 2021
Jan. 31, 2021
Current assets:    
Cash and cash equivalents $ 724,997 $ 563,345
Accounts receivable 113,433 100,699
Inventories 505,978 513,304
Prepaid expenses and other current assets 48,126 49,430
Total current assets 1,392,534 1,226,778
Property and equipment, net 277,413 210,017
Operating lease right-of-use assets 338,334 297,213
Other non-current assets 10,081 6,902
Total assets 2,018,362 1,740,910
Current liabilities:    
Trade accounts payable 829,021 778,365
Accrued expenses and other current liabilities 709,927 602,497
Total current liabilities 1,538,948 1,380,862
Operating lease liabilities 372,400 328,231
Other long-term liabilities 31,961 33,821
Total liabilities 1,943,309 1,742,914
Commitments and contingencies (Note 4)
Stockholders’ equity (deficit):    
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding as of August 1, 2021 and January 31, 2021 0 0
Additional paid-in capital 1,985,800 1,930,804
Accumulated deficit (1,914,925) (1,936,958)
Total stockholders’ equity (deficit) 75,053 (2,004)
Total liabilities and stockholders’ equity (deficit) 2,018,362 1,740,910
Common Class A    
Stockholders’ equity (deficit):    
Common stock, value 1,066 977
Common Class B    
Stockholders’ equity (deficit):    
Common stock, value $ 3,112 $ 3,173
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Aug. 01, 2021
Jan. 31, 2021
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 5,000,000 5,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 1,500,000,000 1,500,000,000
Common stock, issued (in shares) 106,574,936 97,708,518
Common stock, outstanding (in shares) 106,574,936 97,708,518
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 395,000,000 395,000,000
Common stock, issued (in shares) 311,188,356 317,338,356
Common stock, outstanding (in shares) 311,188,356 317,338,356
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Income Statement [Abstract]        
Net sales $ 2,155,036 $ 1,699,859 $ 4,290,214 $ 3,321,252
Cost of goods sold 1,561,582 1,266,503 3,106,984 2,509,187
Gross profit 593,454 433,356 1,183,230 812,065
Operating expenses:        
Selling, general and administrative 437,672 343,181 843,892 663,238
Advertising and marketing 171,968 122,446 316,403 228,584
Total operating expenses 609,640 465,627 1,160,295 891,822
(Loss) income from operations (16,186) (32,271) 22,935 (79,757)
Interest expense, net (500) (546) (902) (930)
(Loss) income before income tax provision (16,686) (32,817) 22,033 (80,687)
Income tax provision 0 0 0 0
Net (loss) income $ (16,686) $ (32,817) $ 22,033 $ (80,687)
Net (loss) income per share attributable to common Class A and Class B stockholders, basic (in dollars per share) $ (0.04) $ (0.08) $ 0.05 $ (0.20)
Net (loss) income per share attributable to common Class A and Class B stockholders, diluted (in dollars per share) $ (0.04) $ (0.08) $ 0.05 $ (0.20)
Weighted average common shares used in computing net (loss) income per share attributable to common Class A and Class B stockholders, basic (in shares) 416,665 404,377 415,957 402,891
Weighted average common shares used in computing net (loss) income per share attributable to common Class A and Class B stockholders, diluted (in shares) 416,665 404,377 427,458 402,891
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Deficit
Balance at beginning of period (in shares) at Feb. 02, 2020   401,368    
Balance at beginning of period at Feb. 02, 2020 $ (403,974) $ 4,014 $ 1,436,484 $ (1,844,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense 75,380   75,380  
Vesting of share-based compensation awards (in shares)   5,011    
Vesting of share-based compensation awards 0 $ 50 (50)  
Distribution to parent (in shares)   187    
Distribution to parent 0 $ 2 (2)  
Contribution from PetSmart 650   650  
Tax sharing agreement with related parties 31,019   31,019  
Net income (loss) (80,687)     (80,687)
Balance at end of period (in shares) at Aug. 02, 2020   406,566    
Balance at end of period at Aug. 02, 2020 (377,612) $ 4,066 1,543,481 (1,925,159)
Balance at beginning of period (in shares) at May. 03, 2020   401,461    
Balance at beginning of period at May. 03, 2020 (396,535) $ 4,015 1,491,792 (1,892,342)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense 33,151   33,151  
Vesting of share-based compensation awards (in shares)   4,918    
Vesting of share-based compensation awards 0 $ 49 (49)  
Distribution to parent (in shares)   187    
Distribution to parent 0 $ 2 (2)  
Contribution from PetSmart 325   325  
Tax sharing agreement with related parties 18,264   18,264  
Net income (loss) (32,817)     (32,817)
Balance at end of period (in shares) at Aug. 02, 2020   406,566    
Balance at end of period at Aug. 02, 2020 (377,612) $ 4,066 1,543,481 (1,925,159)
Balance at beginning of period (in shares) at Jan. 31, 2021   415,046    
Balance at beginning of period at Jan. 31, 2021 (2,004) $ 4,150 1,930,804 (1,936,958)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense 44,884   44,884  
Vesting of share-based compensation awards (in shares)   2,623    
Vesting of share-based compensation awards 0 $ 27 (27)  
Distribution to parent (in shares)   93    
Distribution to parent 0 $ 1 (1)  
Tax sharing agreement with related parties 10,140   10,140  
Net income (loss) 22,033     22,033
Balance at end of period (in shares) at Aug. 01, 2021   417,762    
Balance at end of period at Aug. 01, 2021 75,053 $ 4,178 1,985,800 (1,914,925)
Balance at beginning of period (in shares) at May. 02, 2021   415,395    
Balance at beginning of period at May. 02, 2021 69,022 $ 4,154 1,963,107 (1,898,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense 21,778   21,778  
Vesting of share-based compensation awards (in shares)   2,274    
Vesting of share-based compensation awards 0 $ 23 (23)  
Distribution to parent (in shares)   93    
Distribution to parent 0 $ 1 (1)  
Tax sharing agreement with related parties 939   939  
Net income (loss) (16,686)     (16,686)
Balance at end of period (in shares) at Aug. 01, 2021   417,762    
Balance at end of period at Aug. 01, 2021 $ 75,053 $ 4,178 $ 1,985,800 $ (1,914,925)
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Cash flows from operating activities    
Net income (loss) $ 22,033 $ (80,687)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 24,117 15,336
Share-based compensation expense 44,884 75,380
Non-cash lease expense 16,399 11,082
Other 179 216
Net change in operating assets and liabilities:    
Accounts receivable (12,734) (13,298)
Inventories 7,326 (135,232)
Prepaid expenses and other current assets (31,695) (2,010)
Other non-current assets (3,324) (99)
Trade accounts payable 50,656 19,554
Accrued expenses and other current liabilities 78,233 92,650
Operating lease liabilities (10,562) (7,196)
Other long-term liabilities (2,061) 16,159
Net cash provided by (used in) operating activities 183,451 (8,145)
Cash flows from investing activities    
Capital expenditures (63,714) (69,723)
Cash advances provided to PetSmart, net of reimbursements 0 (3,918)
Net cash used in investing activities (63,714) (73,641)
Cash flows from financing activities    
Proceeds from tax sharing agreement with related parties 42,405 23,213
Contribution from PetSmart 0 650
Principal repayments of finance lease obligations (490) (323)
Net cash provided by financing activities 41,915 23,540
Net increase (decrease) in cash and cash equivalents 161,652 (58,246)
Cash and cash equivalents, as of beginning of period 563,345 212,088
Cash and cash equivalents, as of end of period $ 724,997 $ 153,842
v3.21.2
Description of Business
 6 Months Ended
Aug. 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Chewy, Inc. and its wholly-owned subsidiaries (collectively “Chewy” or the “Company”) is a pure play e-commerce business geared toward pet products for dogs, cats, fish, birds, small pets, horses, and reptiles. Chewy serves its customers through its retail website, www.chewy.com, and its mobile applications and focuses on delivering exceptional customer service, competitive prices, outstanding convenience (including Chewy’s Autoship subscription program, fast shipping, and hassle-free returns), and a large selection of high-quality pet food, treats and supplies, and pet healthcare products.

During the fiscal year ended January 31, 2021, the Company was controlled by PetSmart LLC (“PetSmart”). PetSmart is wholly-owned by a consortium including private investment funds advised by BC Partners, La Caisse de dépôt et placement du Québec, affiliates of GIC Special Investments Pte Ltd, affiliates of StepStone Group LP and funds advised by Longview Asset Management, LLC (collectively, the “Sponsors”), and controlled by affiliates of BC Partners.

On February 12, 2021, PetSmart completed a refinancing transaction and in connection with such transaction all shares of the Company’s common stock held by PetSmart and its subsidiaries were distributed to affiliates of BC Partners. Subsequent to the distribution, PetSmart no longer directly or indirectly owns any shares of the Company’s common stock.
v3.21.2
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Aug. 01, 2021
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes include the accounts of Chewy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited condensed consolidated financial statements and notes thereto of Chewy, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) accounting standards codification. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the quarterly period ended August 1, 2021 are not necessarily indicative of the results for the entire fiscal year. The unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended August 1, 2021 (“10-Q Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (“10-K Report”).

Fiscal Year

The Company has a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company’s 2021 fiscal year ends on January 30, 2022 and is a 52-week year. The Company’s 2020 fiscal year ended January 31, 2021 and was a 52-week year.

Reclassification

As the Company is no longer a subsidiary of PetSmart, balances due from and due to PetSmart have been included on a net basis within prepaid expenses and other current assets on the condensed consolidated balance sheets; corresponding amounts for prior periods have been reclassified to conform to the current period’s presentation.

Significant Accounting Policies

Other than policies noted herein or within Recent Accounting Pronouncements below, there have been no significant changes from the significant accounting policies disclosed in Note 2 of the “Notes to Consolidated Financial Statements” included in the 10-K Report.
Use of Estimates

GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates.

Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment, valuation allowances with respect to deferred tax assets, contingencies, self-insurance accruals, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.

Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities (in thousands):
As of
August 1, 2021January 31, 2021
Outbound fulfillment$336,359 $310,700 
Advertising and marketing123,848 85,835 
Payroll liabilities64,118 72,467 
Accrued expenses and other185,602 133,495 
Total accrued expenses and other current liabilities$709,927 $602,497 

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued this Accounting Standards Update (“ASU”) to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This ASU also clarifies and simplifies other aspects of the accounting for income taxes. This update became effective at the beginning of the Company’s 2021 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.
v3.21.2
Property and Equipment, net
 6 Months Ended
Aug. 01, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The following is a summary of property and equipment, net (in thousands):
As of
August 1, 2021January 31, 2021
Furniture, fixtures and equipment$109,541 $91,496 
Computer equipment47,867 43,347 
Internal-use software79,000 56,977 
Leasehold improvements96,573 80,641 
Construction in progress72,724 41,914 
405,705 314,375 
Less: accumulated depreciation and amortization128,292 104,358 
Property and equipment, net$277,413 $210,017 
Internal-use software includes labor and license costs associated with software development for internal use. As of August 1, 2021 and January 31, 2021, the Company had accumulated amortization related to internal-use software of $28.6 million and $22.5 million, respectively.

Construction in progress is stated at cost, which includes the cost of construction and other directly attributable costs. No provision for depreciation is made on construction in progress until the relevant assets are completed and put into use.
For the thirteen weeks ended August 1, 2021 and August 2, 2020, the Company recorded depreciation expense on property and equipment of $9.4 million, and $6.6 million, respectively, and amortization expense related to internal-use software costs of $3.3 million, and $1.4 million, respectively. For the twenty-six weeks ended August 1, 2021 and August 2, 2020, the Company recorded depreciation expense on property and equipment of $18.0 million, and $12.7 million, respectively, and amortization expense related to internal-use software costs of $6.1 million, and $2.6 million, respectively. The aforementioned depreciation and amortization expenses were included within selling, general and administrative expenses in the condensed consolidated statements of operations.
v3.21.2
Commitments and Contingencies
 6 Months Ended
Aug. 01, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters

Various legal claims arise from time to time in the normal course of business. In assessing loss contingencies related to legal proceedings that are pending against the Company, or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

The Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. The Company does not believe that the ultimate resolution of any matters to which it is presently a party will have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

International Business Machines Corporation (“IBM”) previously alleged that the Company is infringing four of its patents. On February 15, 2021, the Company filed a declaration judgment action in the United States District Court for the Southern District of New York against IBM seeking the court’s declaration that the Company is not infringing the four asserted IBM patents. On April 19, 2021, IBM filed an answer with counterclaims, alleging that the Company is infringing the four patents by operation of the Chewy.com website and mobile application, and seeking unspecified damages, including a request that the amount of compensatory damages be trebled, injunctive relief and costs and reasonable attorneys’ fees. The Company filed a motion to dismiss IBM’s claims against three of the asserted patents on May 14, 2021. In response, IBM filed an amended complaint on May 24, 2021 that included an additional assertion that the Company is infringing a fifth IBM patent. On June 14, 2021, the Company filed a motion to dismiss IBM’s claims with respect to four of the asserted patents, which was denied on August 4, 2021. The Company continues to deny the allegations of any infringement and intends to vigorously defend itself in this matter. The possible loss or range of loss associated with this matter is not estimable.
v3.21.2
Debt
 6 Months Ended
Aug. 01, 2021
Debt Disclosure [Abstract]  
Debt Debt
ABL Credit Facility

The Company has a five-year senior secured asset-backed credit facility (the “ABL Credit Facility”) which was scheduled to mature in June 2024 and provided for non-amortizing revolving loans in an aggregate principal amount of up to $300 million, subject to a borrowing base comprised of, among other things, inventory and sales receivables (subject to certain reserves). The ABL Credit Facility provided the right to request incremental commitments and add incremental asset-based revolving loan facilities in an aggregate principal amount of up to $100 million, subject to customary conditions. The Company was required to pay a commitment fee of between 0.25% and 0.375% with respect to the undrawn portion of the commitments, which was generally based on average daily usage of the facility. Based on the Company’s borrowing base as of August 1, 2021, which is reduced by standby letters of credit, the Company had $264.0 million of borrowing capacity under the ABL Credit Facility. As of August 1, 2021, the Company had no outstanding borrowings under the ABL Credit Facility.
On August 27, 2021, the Company amended the ABL Credit Facility to increase the aggregate principal amount to be up to $500 million and increase the amount available for incremental asset-based revolving loan facilities to $300 million. In addition, the amendments resulted in the commitment fee being modified from a range of 0.25% to 0.375% to a fixed 0.25% fee with respect to the undrawn portion of the commitments. The ABL Credit Facility now matures in August 2026.
v3.21.2
Leases
 6 Months Ended
Aug. 01, 2021
Leases [Abstract]  
Leases Leases
The Company leases all of its fulfillment and customer service centers and corporate offices under non-cancelable operating lease agreements. The terms of the Company’s real estate leases generally range from 5 to 15 years and typically allow for the leases to be renewed for up to three additional five-year terms. Fulfillment and customer service centers and corporate office leases expire at various dates through 2034, excluding renewal options. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases generally range from 3 to 5 years and do not contain renewal options. These leases expire at various dates through 2025.

The Company’s finance leases as of August 1, 2021 and January 31, 2021 were not material and were included in property and equipment on the Company's condensed consolidated balance sheets. The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands):
As of
LeasesBalance Sheet ClassificationAugust 1, 2021January 31, 2021
Assets
OperatingOperating lease right-of-use assets$338,334 $297,213 
Total operating lease assets$338,334 $297,213 
Liabilities
Current
OperatingAccrued expenses and other current liabilities$21,956 $19,142 
Non-current
OperatingOperating lease liabilities372,400 328,231 
Total operating lease liabilities$394,356 $347,373 

For the twenty-six weeks ended August 1, 2021 and August 2, 2020, assets acquired in exchange for new operating lease liabilities were $50.1 million and $67.6 million, respectively. Lease expense primarily related to operating lease costs. Lease expense for the thirteen weeks ended August 1, 2021 and August 2, 2020 was $19.6 million and $14.9 million, respectively. Lease expense for the twenty-six weeks ended August 1, 2021 and August 2, 2020 was $38.6 million and $28.3 million, respectively. The aforementioned lease expense was included within selling, general and administrative expenses in the condensed consolidated statements of operations.

Cash flows used in operating activities related to operating leases were approximately $32.0 million and $21.7 million for the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively.
v3.21.2
Stockholders' Equity (Deficit)
 6 Months Ended
Aug. 01, 2021
Equity [Abstract]  
Stockholders' Equity (Deficit) Stockholders’ Equity (Deficit)
Common Stock

2020 Equity Offering

On September 21, 2020, the Company issued and sold 5,100,000 shares of Class A common stock in an underwritten public offering at a price of $54.40 per share to Morgan Stanley & Co. LLC, who acted as sole underwriter in the offering. The Company had granted the underwriter an option to purchase up to an additional 765,000 shares of Class A common stock at a price of $54.40 per share (“Option Shares”), which was exercised on September 30, 2020. The Company raised $318.4 million in net proceeds through the equity offering (including proceeds from the sale of the Option Shares) after deducting offering costs of approximately $0.6 million.
Conversion of Class B Common Stock

On May 8, 2020, Buddy Chester Sub LLC, a wholly-owned subsidiary of Argos Intermediate Holdco I Inc. (“Argos Holdco”), which is controlled by affiliates of BC Partners, converted 17,584,098 shares of the Company’s Class B common stock into Class A common stock. On May 11, 2020, Buddy Chester Sub LLC entered into a variable forward purchase agreement to deliver up to 17,584,098 shares of the Company’s Class A common stock at the exchange date, which is expected to be May 16, 2023. The number of shares to be delivered will be determined based on, among other things, the trading price of the Company’s Class A common stock at that time.

On April 12, 2021, Argos Holdco converted 6,150,000 shares of the Company’s Class B common stock into Class A common stock and sold such Class A common stock.
v3.21.2
Share-Based Compensation
 6 Months Ended
Aug. 01, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
2019 Omnibus Incentive Plan

In June 2019, the Company’s board of directors adopted and approved the 2019 Omnibus Incentive Plan (the “2019 Plan”). The 2019 Plan became effective on June 13, 2019 and allows for the issuance of up to 31,864,865 shares of Class A common stock. No awards may be granted under the 2019 Plan after June 2029. The 2019 Plan provides for the grant of stock options, including incentive stock options, non-qualified stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards (collectively “awards”). The awards may be granted to the Company’s employees, consultants, and directors, and the employees and consultants of the Company’s affiliates and subsidiaries.

Service and Performance-Based Awards

The Company grants restricted stock units that vest upon satisfaction of both service-based vesting conditions and company performance or market-based vesting conditions (“PRSUs”), subject to the employee’s continued employment with the Company through the applicable vesting date. The Company records share-based compensation expense for PRSUs over the requisite service period and accounts for forfeitures as they occur.

Service-Based Awards

The Company grants restricted stock units with service-based vesting conditions (“RSUs”) which vest subject to the employee’s continued employment with the Company through the applicable vesting date. The Company records share-based compensation expense for RSUs on a straight-line basis over the requisite service period and accounts for forfeitures as they occur.

Service and Performance-Based Awards Activity

The following table summarizes the activity related to the Company’s PRSUs for the twenty-six weeks ended August 1, 2021 (in thousands, except for weighted average grant date fair value):
Number of PRSUsWeighted Average Grant Date Fair Value
Outstanding as of January 31, 202113,011 $35.95 
Granted32 $80.85 
Vested(2,578)$35.93 
Forfeited(731)$35.01 
Unvested and outstanding as of August 1, 20219,734 $36.17 

The total fair value of PRSUs that vested during the twenty-six weeks ended August 1, 2021 was $198.0 million. As of August 1, 2021, total unrecognized compensation expense related to unvested PRSUs was $50.1 million and is expected to be recognized over a weighted-average expected performance period of 1.4 years.
During the twenty-six weeks ended August 1, 2021 and August 2, 2020, vesting occurred for 93,309 and 186,617 PRSUs, respectively, previously granted to an employee of PetSmart. For accounting purposes, the issuance of Class A common stock upon vesting of these PRSUs is treated as a distribution to a parent entity because both the Company and PetSmart are controlled by affiliates of BC Partners.

The fair value of the PRSUs with market-based vesting conditions was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for the Company and peer companies with the following assumptions:

Performance period5 years
Weighted-average risk-free interest rate1.8%
Weighted-average volatility49.7%
Weighted-average dividend yield—%

The risk-free interest rate utilized is based on a 5-year term-matched zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on historical volatility of the stock of the Company’s peer firms. 

The fair value for PRSUs with a Company performance-based vesting condition is established based on the market price of the Company’s Class A common stock on the date of grant.

Service-Based Awards Activity

The following table summarizes the activity related to the Company’s RSUs for the twenty-six weeks ended August 1, 2021 (in thousands, except for weighted average grant date fair value):
Number of RSUsWeighted Average Grant Date Fair Value
Outstanding as of January 31, 2021713 $48.58 
Granted1,854 $80.16 
Vested(142)$41.99 
Forfeited(228)$68.24 
Unvested and outstanding as of August 1, 20212,197 $73.69 

The total fair value of RSUs that vested during the twenty-six weeks ended August 1, 2021 was $12.9 million. As of August 1, 2021, total unrecognized compensation expense related to unvested RSUs was $141.6 million and is expected to be recognized over a weighted-average expected performance period of 3.2 years.

The fair value for RSUs is established based on the market price of the Company’s Class A common stock on the date of grant.

As of August 1, 2021, there were 6.6 million additional shares of Class A common stock reserved for future issuance under the 2019 Plan.

Share-Based Compensation Expense

Share-based compensation expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations. The Company recognized share-based compensation expense as follows (in thousands):

13 Weeks Ended26 Weeks Ended
August 1,
2021		August 2,
2020		August 1,
2021		August 2,
2020
PRSUs$10,037 $32,138 $24,149 $74,148 
RSUs11,741 1,013 20,735 1,232 
Total share-based compensation expense$21,778 $33,151 $44,884 $75,380 
v3.21.2
Income Taxes
 6 Months Ended
Aug. 01, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Chewy is subject to taxation in the U.S. and various state and local jurisdictions. The Company’s losses and tax attributes were previously included in PetSmart’s consolidated tax return activity at the U.S. federal level and any applicable state and local level. Income taxes as presented in the Company’s condensed consolidated financial statements have been prepared based on the separate return method. As of January 31, 2021, Chewy was no longer a member of PetSmart’s affiliated group for U.S. federal income tax purposes. For presentation purposes, during the fiscal year ended January 31, 2021, the Company reduced the deferred tax attributes previously utilized by PetSmart, along with the associated valuation allowances, from the financial statements in order to properly reflect the deferred tax attributes available to the Company; this had no net impact on the Company’s income tax expense.

The Company did not have a current or deferred provision for income taxes for any taxing jurisdiction during the thirteen and twenty-six weeks ended August 1, 2021, and August 2, 2020. Additionally, the Company maintained a full valuation allowance on its net deferred tax assets.

Concurrent with its initial public offering during the fiscal year ended February 2, 2020, the Company, PetSmart, and Argos Intermediate Holdco I Inc. (“Argos Holdco”) entered into a tax sharing agreement which governs the respective rights, responsibilities, and obligations of the Company, PetSmart, and Argos Holdco with respect to tax matters, including taxes attributable to PetSmart, entitlement to refunds, allocation of tax attributes, preparation of tax returns, certain tax elections, control of tax contests and other tax matters regarding U.S. federal, state, and local income taxes. During the twenty-six weeks ended August 1, 2021 and August 2, 2020, the Company collected $42.4 million and $23.2 million, respectively, pursuant to the tax sharing agreement. Though the tax sharing agreement was effectively terminated with PetSmart upon tax deconsolidation for federal income taxes, future settlements will occur upon the filing of final tax returns. Additionally, the Company will continue to receive payments from Argos Holdco upon the filing of certain combined state tax returns for the fiscal year ended January 31, 2021 and thereafter. As of August 1, 2021, the Company did not have an outstanding position related to the tax sharing agreement. As of January 31, 2021, the Company had a receivable related to the tax sharing agreement of $30.5 million, which has been collected during the twenty-six weeks ended August 1, 2021.
v3.21.2
Net Income (Loss) per Share
 6 Months Ended
Aug. 01, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Net (Loss) Income per Share
Basic and diluted net (loss) income per share attributable to common stockholders is presented using the two class method required for participating securities. Under the two class method, net (loss) income attributable to common stockholders is determined by allocating undistributed earnings between common stock and participating securities. Undistributed earnings for the periods presented are calculated as net (loss) income less distributed earnings. Undistributed earnings are allocated proportionally to common Class A and Class B stockholders as both classes are entitled to share equally, on a per share basis, in dividends and other distributions. Basic and diluted net (loss) income per share is calculated by dividing net (loss) income attributable to common stockholders by the weighted-average shares outstanding during the period.

For the twenty-six weeks ended August 1, 2021, the Company’s calculations of basic and diluted net income per share attributable to common Class A and Class B stockholders include the dilutive effect of stock-based awards in the diluted net income per share calculation. The computation of diluted net income per share attributable to common stockholders does not include 2.9 million potential common shares for the twenty-six weeks ended August 1, 2021.

For the thirteen weeks ended August 1, 2021 and thirteen and twenty-six weeks ended August 2, 2020, the Company’s calculations of basic and diluted net loss per share attributable to common Class A and Class B stockholders are the same because the Company generated a net loss to common stockholders and common stock equivalents are excluded from diluted net loss per share as they have an antidilutive impact. The computation of diluted net loss per share attributable to common stockholders does not include 11.9 million and 16.6 million potential common shares for the thirteen weeks ended August 1, 2021 and thirteen and twenty-six weeks ended August 2, 2020, respectively. as the effect of their inclusion would have been antidilutive.
The following table sets forth basic and diluted net (loss) income per share attributable to common stockholders for the periods presented (in thousands, except per share data):
13 Weeks Ended26 Weeks Ended
August 1,
2021		August 2,
2020		August 1,
2021		August 2,
2020
Basic and diluted net (loss) income per share
Numerator
Net (loss) income attributable to common stockholders$(16,686)$(32,817)$22,033$(80,687)
Denominator
Weighted average common shares used in computing net (loss) income per share attributable to Class A and Class B stockholders, basic416,665404,377415,957402,891
Weighted-average effect of dilutive stock-based awards——11,501—
Weighted average common shares used in computing net (loss) income per share attributable to Class A and Class B stockholders, diluted416,665404,377427,458402,891
Net (loss) income per common share
Net (loss) income per share attributable to common Class A and Class B stockholders, basic$(0.04)$(0.08)$0.05 $(0.20)
Net (loss) income per share attributable to common Class A and Class B stockholders, diluted$(0.04)$(0.08)$0.05 $(0.20)
v3.21.2
Certain Relationships and Related Party Transactions
 6 Months Ended
Aug. 01, 2021
Related Party Transactions [Abstract]  
Certain Relationships and Related Party Transactions Certain Relationships and Related Party Transactions
The Company’s condensed consolidated financial statements include management fee expenses of $0.3 million and $0.7 million allocated to the Company by PetSmart for organizational oversight and certain limited corporate functions provided by its sponsors for the thirteen and twenty-six weeks ended August 2, 2020. Allocated costs are included within selling, general and administrative expenses in the condensed consolidated statements of operations.

Since launch on July 2, 2018, certain of the Company’s pharmacy operations have been and continue to be conducted through a wholly-owned subsidiary of PetSmart. The Company has entered into a services agreement with PetSmart that provides for the payment of a management fee due from PetSmart with respect to this arrangement. The Company recognized $9.1 million and $19.7 million during the thirteen and twenty-six weeks ended August 1, 2021 within net sales in the condensed consolidated statements of operations for the services provided compared to $9.9 million and $21.6 million during the thirteen and twenty-six weeks ended August 2, 2020.

As of August 1, 2021 and January 31, 2021, the Company had a net receivable from PetSmart of $7.5 million and $21.9 million, respectively, which was included in prepaid expenses and other current assets on the Company's condensed consolidated balance sheets.

PetSmart Guarantees

PetSmart previously provided a guarantee of payment with respect to certain equipment and other leases that the Company entered into and served as a guarantor in respect of the Company’s obligations under a credit insurance policy in favor of certain of the Company’s suppliers. As of August 1, 2021, all such guarantees had been released, with the exception of guarantees pertaining to two of the Company’s lease agreements.
v3.21.2
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Aug. 01, 2021
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes include the accounts of Chewy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited condensed consolidated financial statements and notes thereto of Chewy, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) accounting standards codification. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the quarterly period ended August 1, 2021 are not necessarily indicative of the results for the entire fiscal year. The unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended August 1, 2021 (“10-Q Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (“10-K Report”).
Fiscal Year
Fiscal Year

The Company has a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company’s 2021 fiscal year ends on January 30, 2022 and is a 52-week year. The Company’s 2020 fiscal year ended January 31, 2021 and was a 52-week year.
Reclassification
Reclassification

As the Company is no longer a subsidiary of PetSmart, balances due from and due to PetSmart have been included on a net basis within prepaid expenses and other current assets on the condensed consolidated balance sheets; corresponding amounts for prior periods have been reclassified to conform to the current period’s presentation.
Use of Estimates
Use of Estimates

GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates.

Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment, valuation allowances with respect to deferred tax assets, contingencies, self-insurance accruals, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued this Accounting Standards Update (“ASU”) to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This ASU also clarifies and simplifies other aspects of the accounting for income taxes. This update became effective at the beginning of the Company’s 2021 fiscal year. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.
v3.21.2
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Aug. 01, 2021
Accounting Policies [Abstract]  
Schedule of Accrued Liabilities
The following table presents the components of accrued expenses and other current liabilities (in thousands):
As of
August 1, 2021January 31, 2021
Outbound fulfillment$336,359 $310,700 
Advertising and marketing123,848 85,835 
Payroll liabilities64,118 72,467 
Accrued expenses and other185,602 133,495 
Total accrued expenses and other current liabilities$709,927 $602,497 
v3.21.2
Property and Equipment, net (Tables)
 6 Months Ended
Aug. 01, 2021
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment, net
The following is a summary of property and equipment, net (in thousands):
As of
August 1, 2021January 31, 2021
Furniture, fixtures and equipment$109,541 $91,496 
Computer equipment47,867 43,347 
Internal-use software79,000 56,977 
Leasehold improvements96,573 80,641 
Construction in progress72,724 41,914 
405,705 314,375 
Less: accumulated depreciation and amortization128,292 104,358 
Property and equipment, net$277,413 $210,017 
v3.21.2
Leases (Tables)
 6 Months Ended
Aug. 01, 2021
Leases [Abstract]  
Assets and Liabilities, Lessee The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands):
As of
LeasesBalance Sheet ClassificationAugust 1, 2021January 31, 2021
Assets
OperatingOperating lease right-of-use assets$338,334 $297,213 
Total operating lease assets$338,334 $297,213 
Liabilities
Current
OperatingAccrued expenses and other current liabilities$21,956 $19,142 
Non-current
OperatingOperating lease liabilities372,400 328,231 
Total operating lease liabilities$394,356 $347,373 
v3.21.2
Share-Based Compensation (Tables)
 6 Months Ended
Aug. 01, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s PRSUs for the twenty-six weeks ended August 1, 2021 (in thousands, except for weighted average grant date fair value):
Number of PRSUsWeighted Average Grant Date Fair Value
Outstanding as of January 31, 202113,011 $35.95 
Granted32 $80.85 
Vested(2,578)$35.93 
Forfeited(731)$35.01 
Unvested and outstanding as of August 1, 20219,734 $36.17 
The following table summarizes the activity related to the Company’s RSUs for the twenty-six weeks ended August 1, 2021 (in thousands, except for weighted average grant date fair value):
Number of RSUsWeighted Average Grant Date Fair Value
Outstanding as of January 31, 2021713 $48.58 
Granted1,854 $80.16 
Vested(142)$41.99 
Forfeited(228)$68.24 
Unvested and outstanding as of August 1, 20212,197 $73.69 
Schedule of Fair Value Assumptions
The fair value of the PRSUs with market-based vesting conditions was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for the Company and peer companies with the following assumptions:

Performance period5 years
Weighted-average risk-free interest rate1.8%
Weighted-average volatility49.7%
Weighted-average dividend yield—%
Share-based Compensation Expense The Company recognized share-based compensation expense as follows (in thousands):
13 Weeks Ended26 Weeks Ended
August 1,
2021		August 2,
2020		August 1,
2021		August 2,
2020
PRSUs$10,037 $32,138 $24,149 $74,148 
RSUs11,741 1,013 20,735 1,232 
Total share-based compensation expense$21,778 $33,151 $44,884 $75,380 
v3.21.2
Net Income (Loss) per Share (Tables)
 6 Months Ended
Aug. 01, 2021
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net (Loss) Income Per Share
The following table sets forth basic and diluted net (loss) income per share attributable to common stockholders for the periods presented (in thousands, except per share data):
13 Weeks Ended26 Weeks Ended
August 1,
2021		August 2,
2020		August 1,
2021		August 2,
2020
Basic and diluted net (loss) income per share
Numerator
Net (loss) income attributable to common stockholders$(16,686)$(32,817)$22,033$(80,687)
Denominator
Weighted average common shares used in computing net (loss) income per share attributable to Class A and Class B stockholders, basic416,665404,377415,957402,891
Weighted-average effect of dilutive stock-based awards——11,501—
Weighted average common shares used in computing net (loss) income per share attributable to Class A and Class B stockholders, diluted416,665404,377427,458402,891
Net (loss) income per common share
Net (loss) income per share attributable to common Class A and Class B stockholders, basic$(0.04)$(0.08)$0.05 $(0.20)
Net (loss) income per share attributable to common Class A and Class B stockholders, diluted$(0.04)$(0.08)$0.05 $(0.20)
v3.21.2
Basis of Presentation and Significant Accounting Policies (Details) - USD ($)
$ in Thousands
Aug. 01, 2021
Jan. 31, 2021
Accounting Policies [Abstract]    
Outbound fulfillment $ 336,359 $ 310,700
Advertising and marketing 123,848 85,835
Payroll liabilities 64,118 72,467
Accrued expenses and other 185,602 133,495
Total accrued expenses and other current liabilities $ 709,927 $ 602,497
v3.21.2
Property and Equipment, net - Summary of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Aug. 01, 2021
Jan. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 405,705 $ 314,375
Less: accumulated depreciation and amortization 128,292 104,358
Property and equipment, net 277,413 210,017
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 109,541 91,496
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 47,867 43,347
Internal-use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 79,000 56,977
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 96,573 80,641
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 72,724 $ 41,914
v3.21.2
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Jan. 31, 2021
Property, Plant and Equipment [Line Items]          
Depreciation expense $ 9.4 $ 6.6 $ 18.0 $ 12.7  
Internal-use software          
Property, Plant and Equipment [Line Items]          
Accumulated amortization 28.6   28.6   $ 22.5
Amortization expense $ 3.3 $ 1.4 $ 6.1 $ 2.6  
v3.21.2
Commitments and Contingencies (Details) - patent
Jun. 14, 2021
May 14, 2021
Feb. 14, 2021
Loss Contingencies [Line Items]      
Number of patents allegedly infringed, motion to dismiss 4 3  
Pending litigation      
Loss Contingencies [Line Items]      
Number of patents allegedly infringed     4
v3.21.2
Debt (Details) - Line of Credit - Revolving Credit Facility - USD ($)
 6 Months Ended
Aug. 27, 2021
Aug. 01, 2021
Line of Credit Facility [Line Items]    
Debt instrument, term   5 years
Aggregate principal balance   $ 300,000,000
Additional aggregate principal increase limit (up to)   100,000,000
Current borrowing capacity   264,000,000
Outstanding borrowings   $ 0
Subsequent Event    
Line of Credit Facility [Line Items]    
Aggregate principal balance $ 500,000,000  
Additional aggregate principal increase limit (up to) $ 300,000,000  
Commitment fee, percentage 0.25%  
Minimum    
Line of Credit Facility [Line Items]    
Commitment fee, percentage   0.25%
Maximum    
Line of Credit Facility [Line Items]    
Commitment fee, percentage   0.375%
v3.21.2
Leases - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 01, 2021
USD ($)
renewalOption
Aug. 02, 2020
USD ($)
Aug. 01, 2021
USD ($)
renewalOption
Aug. 02, 2020
USD ($)
Lessee, Lease, Description [Line Items]        
Assets acquired in exchange for new operating lease liabilities     $ 50.1 $ 67.6
Lease expense $ 19.6 $ 14.9 38.6 28.3
Operating lease payments     $ 32.0 $ 21.7
Real Estate        
Lessee, Lease, Description [Line Items]        
Number of renewal options | renewalOption 3   3  
Renewal term 5 years   5 years  
Real Estate | Minimum        
Lessee, Lease, Description [Line Items]        
Lease term 5 years   5 years  
Real Estate | Maximum        
Lessee, Lease, Description [Line Items]        
Lease term 15 years   15 years  
Equipment | Minimum        
Lessee, Lease, Description [Line Items]        
Lease term 3 years   3 years  
Equipment | Maximum        
Lessee, Lease, Description [Line Items]        
Lease term 5 years   5 years  
v3.21.2
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Aug. 01, 2021
Jan. 31, 2021
Assets    
Operating $ 338,334 $ 297,213
Current    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating $ 21,956 $ 19,142
Non-current    
Operating 372,400 328,231
Total operating lease liabilities $ 394,356 $ 347,373
v3.21.2
Stockholders' Equity (Deficit) (Details) - USD ($)
$ / shares in Units, $ in Millions
Apr. 12, 2021
Sep. 30, 2020
Sep. 21, 2020
May 11, 2020
May 08, 2020
Class of Stock [Line Items]          
Underwriting discounts and commissions   $ 0.6      
Equity offering          
Class of Stock [Line Items]          
Sale of stock (in dollars per share)     $ 54.40    
Sale of stock   $ 318.4      
Over-allotment option          
Class of Stock [Line Items]          
Sale of stock (in dollars per share)     $ 54.40    
Class A common stock | Buddy Chester Sub LLC          
Class of Stock [Line Items]          
Conversion of stock (in shares)         17,584,098
Forward purchase agreement (in shares)       17,584,098  
Class A common stock | Argos Holdco          
Class of Stock [Line Items]          
Conversion of stock (in shares) 6,150,000        
Class A common stock | Equity offering          
Class of Stock [Line Items]          
Sale of stock (in shares)     5,100,000    
Class A common stock | Over-allotment option          
Class of Stock [Line Items]          
Sale of stock (in shares)     765,000    
Class B common stock | Buddy Chester Sub LLC          
Class of Stock [Line Items]          
Conversion of stock (in shares)         (17,584,098)
Class B common stock | Argos Holdco          
Class of Stock [Line Items]          
Conversion of stock (in shares) (6,150,000)        
v3.21.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Jun. 13, 2019
PRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested awards $ 198.0    
Cost not yet recognized $ 50.1    
Weighted average performance period 1 year 4 months 24 days    
Vested in period (in shares) 2,578,000    
PRSUs | Share-based Payment Arrangement, Employee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vested in period (in shares) 93,309 186,617  
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested awards $ 12.9    
Cost not yet recognized $ 141.6    
Weighted average performance period 3 years 2 months 12 days    
Vested in period (in shares) 142,000    
Common Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserved for future issuance (in shares) 6,600,000    
2019 Omnibus Incentive Plan | Common Class A | Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares allowed for issuance (in shares)     31,864,865
v3.21.2
Share-Based Compensation - Schedule of Restricted Stock Unit Activity (Details)
shares in Thousands
 6 Months Ended
Aug. 01, 2021
$ / shares
shares
PRSUs  
Number of Shares  
Balance at beginning of period (in shares) | shares 13,011
Granted (in shares) | shares 32
Vested (in shares) | shares (2,578)
Forfeited (in shares) | shares (731)
Balance at end of period (in shares) | shares 9,734
Weighted Average Grant Date Fair Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 35.95
Granted (in dollars per share) | $ / shares 80.85
Vested (in dollars per share) | $ / shares 35.93
Forfeited (in dollars per share) | $ / shares 35.01
Balance at end of period (in dollars per share) | $ / shares $ 36.17
RSUs  
Number of Shares  
Balance at beginning of period (in shares) | shares 713
Granted (in shares) | shares 1,854
Vested (in shares) | shares (142)
Forfeited (in shares) | shares (228)
Balance at end of period (in shares) | shares 2,197
Weighted Average Grant Date Fair Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 48.58
Granted (in dollars per share) | $ / shares 80.16
Vested (in dollars per share) | $ / shares 41.99
Forfeited (in dollars per share) | $ / shares 68.24
Balance at end of period (in dollars per share) | $ / shares $ 73.69
v3.21.2
Share-Based Compensation - Schedule of Fair Value Assumptions (Details) - PRSUs
 6 Months Ended
Aug. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Performance period 5 years
Weighted-average risk-free interest rate 1.80%
Weighted-average volatility 49.70%
Weighted-average dividend yield 0.00%
v3.21.2
Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense $ 21,778 $ 33,151 $ 44,884 $ 75,380
PRSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense 10,037 32,138 24,149 74,148
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense $ 11,741 $ 1,013 $ 20,735 $ 1,232
v3.21.2
Income Taxes (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Jan. 31, 2021
Related Party Transaction [Line Items]          
Current income tax provision $ 0 $ 0 $ 0 $ 0  
Deferred income tax provision 0 $ 0 0 0  
Proceeds from tax sharing agreement with related parties     42,405,000 $ 23,213,000  
Receivable from related parties $ 7,500,000   7,500,000   $ 21,900,000
Tax Sharing Agreement          
Related Party Transaction [Line Items]          
Receivable from related parties         $ 30,500,000
Collection of receivable from related parties     $ 30,500,000    
v3.21.2
Net Income (Loss) per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Earnings Per Share [Abstract]        
Securities excluded from computation of diluted loss per share (in shares) 11.9 16.6 2.9 16.6
v3.21.2
Net Income (Loss) per Share - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 01, 2021
Aug. 02, 2020
Aug. 01, 2021
Aug. 02, 2020
Numerator        
Net (loss) income attributable to common stockholders $ (16,686) $ (32,817) $ 22,033 $ (80,687)
Denominator        
Weighted average common shares used in computing net (loss) income per share attributable to common Class A and Class B stockholders, basic (in shares) 416,665 404,377 415,957 402,891
Weighted-average effect of dilutive stock-based awards (in shares) 0 0 11,501 0
Weighted average common shares used in computing net (loss) income per share attributable to common Class A and Class B stockholders, diluted (in shares) 416,665 404,377 427,458 402,891
Net (loss) income per common share        
Net (loss) income per share attributable to common Class A and Class B stockholders, basic (in dollars per share) $ (0.04) $ (0.08) $ 0.05 $ (0.20)
Net (loss) income per share attributable to common Class A and Class B stockholders, diluted (in dollars per share) $ (0.04) $ (0.08) $ 0.05 $ (0.20)
v3.21.2
Certain Relationships and Related Party Transactions (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 01, 2021
USD ($)
guarantee
Aug. 02, 2020
USD ($)
Aug. 01, 2021
USD ($)
guarantee
Aug. 02, 2020
USD ($)
Jan. 31, 2021
USD ($)
Related Party Transaction [Line Items]          
Receivable from PetSmart $ 7.5   $ 7.5   $ 21.9
PetSmart          
Related Party Transaction [Line Items]          
Number of guarantees held | guarantee 2   2    
Affiliated entity          
Related Party Transaction [Line Items]          
Net sales from management fee $ 9.1 $ 9.9 $ 19.7 $ 21.6  
Affiliated entity | Management Fee          
Related Party Transaction [Line Items]          
Related party expense   $ 0.3   $ 0.7