0001817358-24-000174 | 10-Q | XBRL Viewer | Academy Sports Outdoors INC

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 142,588	$ 76,465	$ 157,075	$ 93,970	$ 219,053	$ 251,045
Weighted average common shares outstanding - basic (in shares)	71,829		76,104		72,911	76,483
Weighted average common shares outstanding - diluted (in shares)	73,289		78,091		74,651	78,735
Earnings per common share - basic (in usd per share)	$ 1.99		$ 2.06		$ 3.00	$ 3.28
Earnings per common share - diluted (in usd per share)	$ 1.95		$ 2.01		$ 2.93	$ 3.19
Anti-dilutive stock-based awards excluded from diluted calculation (in shares)	129		145		120	106
Service Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	135		208		275	275
Performance Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	110		167		122	174
Service Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	1,080		1,441		1,221	1,633
Performance Unit Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	84		117		88	134
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	51		54		34	36

Long-Term Debt (Tables)

6 Months Ended

Aug. 03, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our debt consisted of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
ABL Facility, due March 2029	$	—	$	—	$	—
Term Loan, due November 2027	90,250		91,750		193,250
Notes, due November 2027	400,000		400,000		400,000
Total debt	490,250		491,750		593,250
Less current maturities	(3,000)		(3,000)		(3,000)
Less unamortized discount on Term Loan	(431)		(501)		(1,196)
Less deferred loan costs (1)	(3,202)		(3,698)		(5,325)
Long-term debt, net	$	483,617	$	484,551	$	583,729

(1) Deferred loan costs are related to the Term Loan and Notes.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Share-Based Compensation

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Omnibus Incentive Plan (the "2020 Omnibus Incentive Plan"), which became effective on October 1, 2020. The 2020 Omnibus Incentive Plan provides for the grant of certain equity incentive awards (each, an "Award"), such as options to purchase ASO, Inc. common stock (each, a "Stock Option") and restricted units that may settle in ASO, Inc. common stock (each, a "Restricted Stock Unit") to our directors, executives and eligible employees of the Company. Awards granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a "Service Option"), Restricted Stock Units that vest upon the satisfaction of time-based requirements (each, a "Service Restricted Stock Unit") and Restricted Stock Units that vest upon the satisfaction of time and performance and/or market based requirements (each, a "Performance Restricted Stock Unit"). The plan reserved a total of 5,150,000 shares of common stock for issuance. On June 1, 2023, our stockholders approved the First Amendment to the 2020 Omnibus Incentive Plan, which, among other changes, increased the number of shares available for issuance thereunder by 2,600,000 shares. As of August 3, 2024, there were 4,112,148 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020. We have reserved a total of 2,000,000 shares under the ESPP and as of August 3, 2024, there were 1,531,484 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $8.0 million and $14.1 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively. Equity compensation expense was $8.5 million and $19.9 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively. These costs are included in selling, general and administrative expenses in the consolidated statements of income. For all Awards granted in 2023 and 2024, for team members that meet the age and service requirement for retirement eligibility (as defined in the award agreement), such Awards do not require the continued employment of the team member for vesting eligibility. In such cases, expensing of Awards is accelerated through the retirement eligibility date.

The following table presents the Award grants during the twenty-six weeks ended August 3, 2024:


	Service Restricted Stock Units		Performance Restricted Stock Units
Number of shares	390,585		129,041
Weighted average grant date fair value per Award	$	63.51	$	65.48
Weighted average exercise price per Award	N/A		N/A

The following table presents the unrecognized compensation cost as of August 3, 2024:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Remaining expense	$	5,824,253	$	31,174,588	$	7,888,830
Weighted average life remaining in years	1.5		2.3		2.5

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Aug. 03, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: •Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and •Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and cash equivalents on the condensed consolidated balance sheets and are redeemable on demand. As of August 3, 2024, February 3, 2024 and July 29, 2023, we held $254.7 million, $303.4 million and $145.7 million in money market funds, respectively. The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of August 3, 2024, February 3, 2024, and July 29, 2023, the estimated fair value of the Term Loan and Notes was $0.5 billion, $0.5 billion and $0.6 billion, respectively. As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Stockholders' Equity, beginning balance (in shares) at Jan. 28, 2023		76,712,000
Stockholders' Equity, beginning balance at Jan. 28, 2023	$ 1,628,306	$ 767	$ 216,209	$ 1,411,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,970			93,970
Equity compensation	11,382		11,382
Repurchase of common stock for retirement (in shares)		(750,000)
Repurchase of common stock for retirement	(50,264)	$ (8)	(2,450)	(47,806)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		93,000
Settlement of vested Restricted Stock Units, net of shares withheld	(2,469)	$ 1	(2,470)
Stock option exercises (in shares)		385,000
Stock option exercises, net of shares withheld	$ 6,966	$ 4	6,962
Cash dividends declared (in dollars per share)	$ 0.09
Cash dividends declared	$ (6,929)			(6,929)
Stockholders' Equity, ending balance (in shares) at Apr. 29, 2023		76,440,000
Stockholders' Equity, ending balance at Apr. 29, 2023	1,680,962	$ 764	229,633	1,450,565
Stockholders' Equity, beginning balance (in shares) at Jan. 28, 2023		76,712,000
Stockholders' Equity, beginning balance at Jan. 28, 2023	1,628,306	$ 767	216,209	1,411,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 251,045
Repurchase of common stock for retirement (in shares)	(2,744,074)
Repurchase of common stock for retirement	$ (157,600)
Stockholders' Equity, ending balance (in shares) at Jul. 29, 2023	74,845,563	74,846,000
Stockholders' Equity, ending balance at Jul. 29, 2023	$ 1,738,039	$ 748	236,789	1,500,502
Stockholders' Equity, beginning balance (in shares) at Apr. 29, 2023		76,440,000
Stockholders' Equity, beginning balance at Apr. 29, 2023	1,680,962	$ 764	229,633	1,450,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	157,075			157,075
Equity compensation	$ 8,501		8,501
Repurchase of common stock for retirement (in shares)	(1,994,064)	(1,994,000)
Repurchase of common stock for retirement	$ (107,349)	$ (20)	(7,087)	(100,242)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		41,000
Settlement of vested Restricted Stock Units, net of shares withheld	(268)		(268)
Issuance of common stock under employee stock purchase plan (in shares)		67,000
Issuance of common stock under employee stock purchase plan	2,887	$ 1	2,886
Stock option exercises (in shares)		292,000
Stock option exercises, net of shares withheld	$ 3,127	$ 3	3,124
Cash dividends declared (in dollars per share)	$ 0.09
Cash dividends declared	$ (6,896)			(6,896)
Stockholders' Equity, ending balance (in shares) at Jul. 29, 2023	74,845,563	74,846,000
Stockholders' Equity, ending balance at Jul. 29, 2023	$ 1,738,039	$ 748	236,789	1,500,502
Stockholders' Equity, beginning balance (in shares) at Feb. 03, 2024	74,349,927	74,350,000
Stockholders' Equity, beginning balance at Feb. 03, 2024	$ 1,954,650	$ 743	242,098	1,711,809
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,465			76,465
Equity compensation	6,138		6,138
Repurchase of common stock for retirement (in shares)		(1,984,000)
Repurchase of common stock for retirement	(123,500)	$ (19)	(7,625)	(115,856)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		98,000
Settlement of vested Restricted Stock Units, net of shares withheld	(2,797)	$ 1	(2,798)
Stock option exercises (in shares)		127,000
Stock option exercises, net of shares withheld	$ 2,747	$ 1	2,746
Cash dividends declared (in dollars per share)	$ 0.11
Cash dividends declared	$ (8,182)			(8,182)
Stockholders' Equity, ending balance (in shares) at May. 04, 2024		72,591,000
Stockholders' Equity, ending balance at May. 04, 2024	$ 1,905,521	$ 726	240,559	1,664,236
Stockholders' Equity, beginning balance (in shares) at Feb. 03, 2024	74,349,927	74,350,000
Stockholders' Equity, beginning balance at Feb. 03, 2024	$ 1,954,650	$ 743	242,098	1,711,809
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 219,053
Repurchase of common stock for retirement (in shares)	(3,793,823)
Repurchase of common stock for retirement	$ (222,300)
Stockholders' Equity, ending balance (in shares) at Aug. 03, 2024	70,915,916	70,916,000
Stockholders' Equity, ending balance at Aug. 03, 2024	$ 1,952,394	$ 709	244,584	1,707,101
Stockholders' Equity, beginning balance (in shares) at May. 04, 2024		72,591,000
Stockholders' Equity, beginning balance at May. 04, 2024	1,905,521	$ 726	240,559	1,664,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	142,588			142,588
Equity compensation	$ 7,955		7,955
Repurchase of common stock for retirement (in shares)	(1,809,856)	(1,810,000)
Repurchase of common stock for retirement	$ (98,781)	$ (18)	(6,961)	(91,802)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		43,000
Settlement of vested Restricted Stock Units, net of shares withheld	(574)	$ 0	(574)
Issuance of common stock under employee stock purchase plan (in shares)		62,000
Issuance of common stock under employee stock purchase plan	2,819	$ 1	2,818
Stock option exercises (in shares)		30,000
Stock option exercises, net of shares withheld	$ 787	$ 0	787
Cash dividends declared (in dollars per share)	$ 0.11
Cash dividends declared	$ (7,921)			(7,921)
Stockholders' Equity, ending balance (in shares) at Aug. 03, 2024	70,915,916	70,916,000
Stockholders' Equity, ending balance at Aug. 03, 2024	$ 1,952,394	$ 709	$ 244,584	$ 1,707,101

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 03, 2024 USD ($)
Freight, technology-related, construction and other contractual commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	$ 91.4
Contractual commitment obligations, payable in next 12 months	52.0
Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	12.7
Contractual commitment obligations, payable in next 12 months	$ 6.1
Minimum \| Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	1 year
Maximum \| Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	3 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net income	$ 142,588	$ 76,465	$ 157,075	$ 93,970	$ 219,053	$ 251,045

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Aug. 03, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Technology Related and Other Commitments As of August 3, 2024, we have obligations under technology-related, construction and other contractual commitments in the amount of $91.4 million. Of such commitments, approximately $52.0 million is payable in the next 12 months. Financial Guarantees During the normal course of business, we enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we believe the risk of loss to be remote. Legal Proceedings We are a defendant or co-defendant in lawsuits, claims and demands brought by various parties relating to matters normally incident to our business. No individual case, or group of cases against us, presenting substantially similar issues of law or fact, is expected to have a material effect on the manner in which we conduct our business or on our consolidated results of operations, financial position or liquidity. The majority of these cases are alleging product, premises, employment and/or commercial liability. Reserves have been established that we believe to be adequate based on our current evaluations and experience in these types of claim situations; however, the ultimate outcome of these cases cannot be determined at this time. We believe, taking into consideration our indemnities, defenses, insurance and reserves, the ultimate resolution of these matters will not have a material impact on our financial position, results of operations or cash flows. In addition, government agencies and self-regulatory organizations have the ability to conduct periodic examinations of and administrative proceedings regarding our business. As previously disclosed, in May and December 2023, U.S. Customs and Border Protection ("CBP") notified us that we owed additional duties relating to certain products that we imported from China that CBP believed were subject to certain anti-dumping and/or countervailing duties. While we contested CBP’s determination, we were required to deposit with CBP duties relating to these products (the “AD/CVD deposits”), which are included in prepaid expenses and other current assets on the Company’s consolidated balance sheet. In January 2024, we requested a changed circumstances review of CBP’s determination by the U.S. Department of Commerce (the “DOC”). In April 2024, the DOC made a determination in the Company’s favor in connection with the changed circumstances review, and in May 2024, instructed CBP to begin the process of issuing refunds to the Company on the AD/CVD deposits. For additional details, see “Note 11, Subsequent Events” below. Other than as discussed above, there have been no material developments during the fiscal quarter ended August 3, 2024, with respect to any of the matters discussed under the heading "Legal Proceedings" in the Annual Report. We are not currently party to any other legal proceedings that we believe would have a material adverse effect on our financial position, results of operations or cash flows. Sponsorship Agreement and Intellectual Property Commitments We periodically enter into sponsorship agreements generally with professional sports teams, associations, events, networks, or individual professional players and collegiate athletic programs in exchange for marketing and advertising promotions. We also enter into intellectual property agreements whereby the Company receives the right to use third-party owned trademarks typically in exchange for royalties on sales. These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company. As of August 3, 2024, we have $12.7 million in related commitments through 2027, of which $6.1 million is payable in the next 12 months.

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	Jun. 01, 2023	Oct. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 8.0	$ 8.5	$ 14.1	$ 19.9
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	2,000,000		2,000,000
Common stock authorized for grant (in shares)	1,531,484		1,531,484
Common stock available for grant (in shares)	1,531,484		1,531,484
2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					2,600,000	5,150,000
Common stock authorized for grant (in shares)	4,112,148		4,112,148
Common stock available for grant (in shares)	4,112,148		4,112,148

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	Nov. 29, 2023	Jun. 02, 2022	Sep. 02, 2021	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, period in force	3 years
Liability associated with supplier finance programs				$ 5,100,000	$ 7,200,000	$ 6,600,000
2021 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount			$ 500,000,000
Share repurchase program, period in force			3 years
Share repurchase program, remaining authorized amount				0
2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount		$ 600,000,000
Share repurchase program, period in force		3 years
Share repurchase program, remaining authorized amount				0
2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount	$ 600,000,000
Share repurchase program, remaining authorized amount				$ 476,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	Feb. 03, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,794,764	$ 1,613,620	$ 1,794,764	$ 1,613,620	$ 1,712,135
Accumulated depreciation and amortization	(1,324,012)	(1,208,653)	(1,324,012)	(1,208,653)	(1,266,926)
Property and equipment, net	470,752	404,967	470,752	404,967	445,209
Depreciation expense	28,900	25,700	57,800	52,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	605,746	499,499	605,746	499,499	571,785
Equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	713,400	659,693	713,400	659,693	688,143
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	407,371	364,423	407,371	364,423	398,415
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	53,326	86,307	53,326	86,307	38,873
Building and Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 14,921	$ 3,698	$ 14,921	$ 3,698	$ 14,919

Net Sales

6 Months Ended

Aug. 03, 2024

Revenue from Contract with Customer [Abstract]

Net Sales

Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale and e-commerce sales are recognized upon delivery to the customer.

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Merchandise division sales (1)
Outdoors	$	391,703	$	388,437	$	766,597	$	754,746
Sports and recreation	402,025		433,570		752,613		799,875
Apparel	436,564		446,426		772,204		791,674
Footwear	312,119		308,032		604,553		604,323
Total merchandise sales (2)	1,542,411		1,576,465		2,895,967		2,950,618
Other sales (3)	6,569		6,612		17,233		16,068
Net Sales	$	1,548,980	$	1,583,077	$	2,913,200	$	2,966,686

(1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 29, 2023, for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

(2) E-commerce sales consisted of 9.7% and 9.4% for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and 9.4% and 8.8% for the thirteen and twenty-six weeks ended July 29, 2023, respectively.

(3) Other sales consisted primarily of the gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income, sales return allowance and other items.

We sell gift cards in stores, online and in third-party retail locations. A liability for gift cards, which is recorded in accrued expenses and other liabilities on our consolidated balance sheets is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website.

The following is a reconciliation of the gift card liability (amounts in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Gift card liability, beginning balance	$	82,269	$	78,112	$	94,155	$	90,650
Issued	25,777		25,820		43,797		43,113
Redeemed	(28,019)		(28,076)		(56,564)		(56,791)
Recognized as breakage income	(1,259)		(1,106)		(2,620)		(2,222)
Gift card liability, ending balance	$	78,768	$	74,750	$	78,768	$	74,750

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Share-Based Compensation (Tables)

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Units Granted

The following table presents the Award grants during the twenty-six weeks ended August 3, 2024:


	Service Restricted Stock Units		Performance Restricted Stock Units
Number of shares	390,585		129,041
Weighted average grant date fair value per Award	$	63.51	$	65.48
Weighted average exercise price per Award	N/A		N/A

Unrecognized Compensation Cost

The following table presents the unrecognized compensation cost as of August 3, 2024:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Remaining expense	$	5,824,253	$	31,174,588	$	7,888,830
Weighted average life remaining in years	1.5		2.3		2.5

Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,548,980	$ 1,583,077	$ 2,913,200	$ 2,966,686
Customer Concentration Risk \| Revenue from Contract with Customer Benchmark \| E-Commerce
Disaggregation of Revenue [Line Items]
Percentage of sales	9.70%	9.40%	9.40%	8.80%
Total merchandise sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,542,411	$ 1,576,465	$ 2,895,967	$ 2,950,618
Outdoors
Disaggregation of Revenue [Line Items]
Net Sales	391,703	388,437	766,597	754,746
Sports and recreation
Disaggregation of Revenue [Line Items]
Net Sales	402,025	433,570	752,613	799,875
Apparel
Disaggregation of Revenue [Line Items]
Net Sales	436,564	446,426	772,204	791,674
Footwear
Disaggregation of Revenue [Line Items]
Net Sales	312,119	308,032	604,553	604,323
Other sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 6,569	$ 6,612	$ 17,233	$ 16,068

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Payables and Accruals [Abstract]
Accrued interest	$ 6,964	$ 6,717	$ 7,453
Accrued personnel costs	34,472	30,899	39,940
Accrued professional fees	2,180	1,818	2,328
Accrued sales and use tax	17,979	14,828	14,388
Accrued self-insurance	15,953	15,269	15,486
Deferred revenue - gift cards and other	82,619	96,688	78,095
Income taxes payable	29,114	9,313	2,184
Property taxes	36,425	14,239	37,639
Sales return allowance	5,500	6,400	6,300
Other	27,863	21,761	30,198
Accrued expenses and other current liabilities	$ 259,069	$ 217,932	$ 234,011

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 324,568	$ 347,920	$ 311,336
Accounts receivable - less allowance for doubtful accounts of $2,080, $2,217 and $2,534, respectively	12,812	19,371	14,625
Merchandise inventories, net	1,366,616	1,194,159	1,309,033
Prepaid expenses and other current assets	108,392	83,450	80,490
Total current assets	1,812,388	1,644,900	1,715,484
PROPERTY AND EQUIPMENT, NET	470,752	445,209	404,967
RIGHT-OF-USE ASSETS	1,103,242	1,111,237	1,091,145
TRADE NAME	578,550	578,236	577,929
GOODWILL	861,920	861,920	861,920
OTHER NONCURRENT ASSETS	47,506	35,211	23,971
Total assets	4,874,358	4,676,713	4,675,416
CURRENT LIABILITIES:
Accounts payable	704,578	541,077	669,832
Accrued expenses and other current liabilities	259,069	217,932	234,011
Current lease liabilities	124,628	117,849	112,936
Current maturities of long-term debt	3,000	3,000	3,000
Total current liabilities	1,091,275	879,858	1,019,779
LONG-TERM DEBT, NET	483,617	484,551	583,729
LONG-TERM LEASE LIABILITIES	1,083,390	1,091,294	1,060,996
DEFERRED TAX LIABILITIES, NET	252,919	254,796	260,909
OTHER LONG-TERM LIABILITIES	10,763	11,564	11,964
Total liabilities	2,921,964	2,722,063	2,937,377
COMMITMENTS AND CONTINGENCIES (NOTE 10)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding	0	0	0
Common stock, $0.01 par value, authorized 300,000,000 shares; 70,915,916; 74,349,927 and 74,845,563 issued and outstanding as of August 3, 2024, February 3, 2024 and July 29, 2023, respectively.	709	743	748
Additional paid-in capital	244,584	242,098	236,789
Retained earnings	1,707,101	1,711,809	1,500,502
Stockholders' equity	1,952,394	1,954,650	1,738,039
Total liabilities and stockholders' equity	$ 4,874,358	$ 4,676,713	$ 4,675,416

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 500.0	$ 500.0	$ 600.0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 254.7	$ 303.4	$ 145.7

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Nature of Operations (Details)	Aug. 03, 2024 location state distributionCenter
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of retail locations \| location	285
Number of states \| state	19
Number of distribution centers \| distributionCenter	3

Share-Based Compensation - Unrecognized Compensation Cost (Details)	6 Months Ended
	Aug. 03, 2024 USD ($)
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, remaining expense	$ 5,824,253
Weighted average life remaining in years	1 year 6 months
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, remaining expense	$ 31,174,588
Weighted average life remaining in years	2 years 3 months 18 days
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, remaining expense	$ 7,888,830
Weighted average life remaining in years	2 years 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Sep. 05, 2024	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.11	$ 0.11	$ 0.09	$ 0.09
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.11

Summary of Significant Accounting Policies - Summary of Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Accounting Policies [Abstract]
Shares repurchased (in shares)	1,809,856		1,994,064		3,793,823	2,744,074
Aggregate amount paid (amounts in millions)	$ 98,781	$ 123,500	$ 107,349	$ 50,264	$ 222,300	$ 157,600
Excise tax fees	$ 900		$ 900		$ 2,000	$ 1,200

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 03, 2024
Accounting Policies [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and its subsidiaries, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., L.L.C., Associated Investors, L.L.C., Academy, Ltd., the Company's operating company, Academy Procurement Co., LLC, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies.
Principles of Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management, including the valuation of merchandise inventories and performing goodwill, intangible and long-lived asset impairment analyses.
Supplier Finance Programs	Supplier Finance Programs We have previously entered into a supply chain financing arrangement with a third-party financial institution, whereby certain suppliers have the ability to settle outstanding payment obligations earlier than the due date required by our original supplier terms. Subsequently, we settle invoices with the financial institution within 45 days, which approximates our original supplier terms. The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted. Our liability associated with these arrangements, which is presented within accounts payable on the condensed consolidated balance sheets, was $5.1 million, $7.2 million and $6.6 million as of August 3, 2024, February 3, 2024 and July 29, 2023, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures. This pronouncement is intended to enhance the transparency and decision usefulness of income tax disclosures and establishes new income tax disclosure requirements, including requiring disaggregation of a reporting entity’s effective tax rate reconciliation and disaggregation of the income taxes paid based on the applicable tax jurisdiction. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance the disclosures on reportable segments. Under this pronouncement, all public entities (including those with a single reporting segment) are required to include incremental disclosures related to a public entity’s reportable segments, including disclosure of disaggregated expense information that is regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be adopted retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Subsequent Events	6 Months Ended
Subsequent Events	Aug. 03, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our management evaluated events or transactions that occurred after August 3, 2024 through September 10, 2024, the issuance date of the consolidated financial statements, and identified the following matters to report: Resolution of CBP Matter As discussed above in Note 10, in May and December 2023, CBP notified us that we owed additional duties relating to certain products that we imported from China that CBP believed were subject to certain anti-dumping and/or countervailing duties. While we contested CBP’s determination, we were required to deposit the AD/CVD deposits, which were included in prepaid expenses and other current assets on the Company’s consolidated balance sheet. In January 2024, we requested a changed circumstances review of CBP’s determination by the DOC. In April 2024, the DOC made a determination in the Company’s favor in connection with the changed circumstances review, and in May 2024, instructed CBP to begin the process of issuing refunds to the Company on the AD/CVD deposits. In August 2024, subsequent to the period covered by this report, the Company received a full refund of the AD/CVD deposits. This matter is now resolved, and the refund will be recorded as cash within cash and cash equivalents on our unaudited condensed consolidated balance sheet for the quarter ending November 2, 2024. Declaration of Dividend On September 5, 2024, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended August 3, 2024, of $0.11 per share of the Company's common stock, payable on October 17, 2024, to stockholders of record as of the close of business on September 19, 2024.

Earnings per Common Share

6 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated based on net income divided by the basic weighted average common shares outstanding during the period, and diluted earnings per common share is calculated based on net income divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is based on the basic weighted average common shares outstanding plus any potential dilutive effect of stock-based awards outstanding during the period using the treasury stock method, which assumes the potential proceeds received from the dilutive stock options are used to purchase treasury stock. Anti-dilutive stock-based awards do not include awards which have a performance or liquidity event target which has yet to be achieved.

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Net income	$	142,588	$	157,075	$	219,053	$	251,045

Weighted average common shares outstanding - basic	71,829		76,104		72,911		76,483
Dilutive effect of Service Restricted Units and Service Restricted Stock Units	135		208		275		275
Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units	110		167		122		174
Dilutive effect of Service Options	1,080		1,441		1,221		1,633
Dilutive effect of Performance Unit Options	84		117		88		134
Dilutive effect of ESPP Shares	51		54		34		36
Weighted average common shares outstanding - diluted	73,289		78,091		74,651		78,735

Earnings per common share - basic	$	1.99	$	2.06	$	3.00	$	3.28
Earnings per common share - diluted	$	1.95	$	2.01	$	2.93	$	3.19

Anti-dilutive stock-based awards excluded from diluted calculation	129		145		120		106

Long-Term Debt - Additional Detail (Details) - USD ($)					3 Months Ended		6 Months Ended
Long-Term Debt - Additional Detail (Details) - USD ($)	Mar. 08, 2024	Aug. 01, 2023	Nov. 06, 2020	Jul. 02, 2015	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	Feb. 03, 2024
Debt Instrument [Line Items]
Deferred loan costs					$ 3,202,000	$ 5,325,000	$ 3,202,000	$ 5,325,000	$ 3,698,000
Amortization of debt issuance costs							1,279,000	1,348,000
Outstanding letters of credit					9,300,000		9,300,000
Write off of deferred loan costs							449,000	0
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs					600,000	600,000	1,200,000	1,200,000
Accretion of original discount					0.0	100,000	100,000	200,000
Borrowings outstanding					0		0
Remaining borrowing capacity					990,700,000		990,700,000
Unused commitment fee, percentage				0.25%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Other noncurrent assets
Debt Instrument [Line Items]
Deferred loan costs					$ 6,900,000	$ 2,600,000	$ 6,900,000	$ 2,600,000	$ 2,100,000
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Federal funds rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Base Rate \| Variable Rate Component, Two \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Base Rate \| Variable Rate Component, Two \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Adjusted Term SOFR \| Variable Rate Component, One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Adjusted Term SOFR \| Variable Rate Component, One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Line of Credit \| ABL Facility, due March 2029 \| Revolving Credit Facility \| Adjusted Term SOFR \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Secured Debt \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Weighted average interest rate					9.19%		9.19%
Secured Debt \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Debt term			7 years
Debt face amount			$ 400,000,000
Quarterly principal payments			$ 750,000
Days prior to maturity threshold	91 days
Secured Debt \| 2020 Term Loan Facility \| LIBOR rate \| Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor			0.75%
Basis spread on variable rate			3.75%
Secured Debt \| 2020 Term Loan Facility \| LIBOR rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Secured Debt \| 2020 Term Loan Facility \| Federal funds rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%	0.50%
Secured Debt \| 2020 Term Loan Facility \| Base Rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Secured Debt \| 2020 Term Loan Facility \| Adjusted Term SOFR \| Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor		0.75%
Basis spread on variable rate		3.75%
Secured Debt \| 2020 Term Loan Facility \| Adjusted Term SOFR \| Variable Rate Component, Two
Debt Instrument [Line Items]
Interest rate floor		0.75%
Basis spread on variable rate		3.75%
Secured Debt \| 2020 Senior Secured Notes
Debt Instrument [Line Items]
Debt face amount			$ 400,000,000
Interest rate, stated percentage			6.00%

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Summary of Share Repurchases

The following table summarizes our share repurchases for the periods presented:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Shares repurchased	1,809,856		1,994,064		3,793,823		2,744,074
Aggregate amount paid (amounts in millions) (1)	$	98.8	$	107.3	$	222.3	$	157.6

(1) Includes estimated excise tax fees of $0.9 million and $2.0 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and $0.9 million and $1.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively.

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Debt Instrument [Line Items]
Total debt	$ 490,250	$ 491,750	$ 593,250
Current maturities of long-term debt	(3,000)	(3,000)	(3,000)
Less unamortized discount on Term Loan	(431)	(501)	(1,196)
Less deferred loan costs	(3,202)	(3,698)	(5,325)
Long-term debt, net	483,617	484,551	583,729
Secured Debt \| Term Loan, due November 2027
Debt Instrument [Line Items]
Total debt	90,250	91,750	193,250
Senior Notes \| Notes, due November 2027
Debt Instrument [Line Items]
Total debt	400,000	400,000	400,000
Revolving Credit Facility \| ABL Facility, due March 2029
Debt Instrument [Line Items]
Total debt	$ 0	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 219,053	$ 251,045
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,771	52,021
Non-cash lease expense	7,271	1,604
Equity compensation	14,093	19,883
Amortization of deferred loan and other costs	1,279	1,348
Deferred income taxes	(1,876)	1,866
Write off of deferred loan costs	449	0
Gain on disposal of property and equipment	0	(361)
Changes in assets and liabilities:
Accounts receivable, net	6,559	1,878
Merchandise inventories, net	(172,457)	(25,516)
Prepaid expenses and other current assets	(24,943)	(37,559)
Other noncurrent assets	(7,462)	(6,924)
Accounts payable	153,613	(12,446)
Accrued expenses and other current liabilities	19,073	(3,316)
Income taxes payable	19,801	805
Other long-term liabilities	(1,201)	(762)
Net cash provided by operating activities	291,023	243,566
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(73,425)	(109,759)
Purchases of intangible assets	(314)	(213)
Proceeds from the sale of property and equipment	0	2,126
Net cash used in investing activities	(73,739)	(107,846)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Revolving Credit Facilities	3,900	0
Repayment of Revolving Credit Facilities	(3,900)	0
Repayment of Term Loan	(1,500)	(1,500)
Debt issuance fees	(5,690)	0
Proceeds from exercise of stock options	3,575	11,639
Proceeds from issuance of common stock under employee stock purchase program	2,819	2,887
Taxes paid related to net share settlement of equity awards	(3,412)	(4,283)
Repurchase of common stock for retirement	(220,325)	(156,447)
Dividends paid	(16,103)	(13,825)
Net cash used in financing activities	(240,636)	(161,529)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(23,352)	(25,809)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	347,920	337,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	324,568	311,336
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	17,564	21,521
Cash paid for income taxes	45,788	69,169
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Non-cash capital expenditures	16,575	5,542
Right-of-use assets obtained in exchange for new operating leases	$ 56,185	$ 45,237

Earnings per Common Share (Tables)

6 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Net income	$	142,588	$	157,075	$	219,053	$	251,045

Weighted average common shares outstanding - basic	71,829		76,104		72,911		76,483
Dilutive effect of Service Restricted Units and Service Restricted Stock Units	135		208		275		275
Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units	110		167		122		174
Dilutive effect of Service Options	1,080		1,441		1,221		1,633
Dilutive effect of Performance Unit Options	84		117		88		134
Dilutive effect of ESPP Shares	51		54		34		36
Weighted average common shares outstanding - diluted	73,289		78,091		74,651		78,735

Earnings per common share - basic	$	1.99	$	2.06	$	3.00	$	3.28
Earnings per common share - diluted	$	1.95	$	2.01	$	2.93	$	3.19

Anti-dilutive stock-based awards excluded from diluted calculation	129		145		120		106

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.09	$ 0.09

Net Sales - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 82,269	$ 78,112	$ 94,155	$ 90,650
Issued	25,777	25,820	43,797	43,113
Gift card liability, ending balance	78,768	74,750	78,768	74,750
Redeemed
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	(28,019)	(28,076)	(56,564)	(56,791)
Recognized as breakage income
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	$ (1,259)	$ (1,106)	$ (2,620)	$ (2,222)

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Aug. 03, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
Accrued interest	$	6,964	$	6,717	$	7,453
Accrued personnel costs	34,472		30,899		39,940
Accrued professional fees	2,180		1,818		2,328
Accrued sales and use tax	17,979		14,828		14,388
Accrued self-insurance	15,953		15,269		15,486
Deferred revenue - gift cards and other	82,619		96,688		78,095
Income taxes payable	29,114		9,313		2,184

Property taxes	36,425		14,239		37,639
Sales return allowance	5,500		6,400		6,300
Other	27,863		21,761		30,198
Accrued expenses and other current liabilities	$	259,069	$	217,932	$	234,011

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
Accrued interest	$	6,964	$	6,717	$	7,453
Accrued personnel costs	34,472		30,899		39,940
Accrued professional fees	2,180		1,818		2,328
Accrued sales and use tax	17,979		14,828		14,388
Accrued self-insurance	15,953		15,269		15,486
Deferred revenue - gift cards and other	82,619		96,688		78,095
Income taxes payable	29,114		9,313		2,184

Property taxes	36,425		14,239		37,639
Sales return allowance	5,500		6,400		6,300
Other	27,863		21,761		30,198
Accrued expenses and other current liabilities	$	259,069	$	217,932	$	234,011

Property and Equipment

6 Months Ended

Aug. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
Leasehold improvements	$	605,746	$	571,785	$	499,499
Equipment and software	713,400		688,143		659,693
Furniture and fixtures	407,371		398,415		364,423
Construction in progress	53,326		38,873		86,307
Building and Land	14,921		14,919		3,698
Total property and equipment	1,794,764		1,712,135		1,613,620
Accumulated depreciation and amortization	(1,324,012)		(1,266,926)		(1,208,653)
Property and equipment, net	$	470,752	$	445,209	$	404,967

Depreciation expense was $28.9 million and $57.8 million in the thirteen and twenty-six weeks ended August 3, 2024, respectively, and $25.7 million and $52.0 million in the thirteen and twenty-six weeks ended July 29, 2023, respectively.

Summary of Significant Accounting Policies

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The accompanying unaudited financial statements of the Company have been prepared as though they were required to be in accordance with Rule 10-01 of Regulation S-X for interim financial statements, however, they do not include all information and footnotes required by United States generally accepted accounting principles ("GAAP") for complete financial statements. Certain information and footnote disclosures normally included in our annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024, as filed with the Securities and Exchange Commission on March 21, 2024 (the "Annual Report"). The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the thirteen and twenty-six weeks ended August 3, 2024 are not necessarily indicative of the results that will be realized for the fiscal year ending February 1, 2025 or any other period. The balance sheet as of February 3, 2024 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in the Annual Report.

Basis of Presentation and Principles of Consolidation

These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and its subsidiaries, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., L.L.C., Associated Investors, L.L.C., Academy, Ltd., the Company's operating company, Academy Procurement Co., LLC, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management, including the valuation of merchandise inventories and performing goodwill, intangible and long-lived asset impairment analyses.

Reclassifications

Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 29, 2023 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

Share Repurchases

On September 2, 2021, the Board of Directors of the Company authorized a share repurchase program (the "2021 Share Repurchase Program") under which the Company may purchase up to $500 million of its outstanding shares during the three-year period ending September 2, 2024. On June 2, 2022, the Board of Directors of the Company authorized a new share repurchase program (the "2022 Share Repurchase Program") under which the Company may purchase up to $600 million of its outstanding shares during the three-year period ending June 2, 2025. On November 29, 2023, the Board of Directors authorized a new share repurchase program (the "2023 Share Repurchase Program") under which the Company may purchase up to $600 million of its outstanding shares during the three-year period ending November 29, 2026. The 2023 Share Repurchase Program, the 2022 Share Repurchase Program and the 2021 Share Repurchase Program are collectively referred to as the "Share Repurchase Programs".

Under the Share Repurchase Programs, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions, accelerated share repurchase programs and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and other applicable legal requirements. The timing, manner, price and amount of any common share repurchases under the Share Repurchase Programs are determined by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. The Share Repurchase Programs do not obligate the Company to acquire any particular number of common shares, and the programs may be suspended, extended, modified or discontinued at any time.

The following table summarizes our share repurchases for the periods presented:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Shares repurchased	1,809,856		1,994,064		3,793,823		2,744,074
Aggregate amount paid (amounts in millions) (1)	$	98.8	$	107.3	$	222.3	$	157.6

(1) Includes estimated excise tax fees of $0.9 million and $2.0 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and $0.9 million and $1.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively.

As of August 3, 2024, we no longer had availability under the 2021 Share Repurchase Program or 2022 Share Repurchase Program, and we had $476.4 million available under the 2023 Share Repurchase Program.

Supplier Finance Programs

We have previously entered into a supply chain financing arrangement with a third-party financial institution, whereby certain suppliers have the ability to settle outstanding payment obligations earlier than the due date required by our original supplier terms. Subsequently, we settle invoices with the financial institution within 45 days, which approximates our original supplier terms. The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted. Our liability associated with these arrangements, which is presented within accounts payable on the condensed consolidated balance sheets, was $5.1 million, $7.2 million and $6.6 million as of August 3, 2024, February 3, 2024 and July 29, 2023, respectively.

Recent Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures. This pronouncement is intended to enhance the transparency and decision usefulness of income tax disclosures and establishes new income tax disclosure requirements, including requiring disaggregation of a reporting entity’s effective tax rate reconciliation and disaggregation of the income taxes paid based on the applicable tax jurisdiction. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance the disclosures on reportable segments. Under this pronouncement, all public entities (including those with a single reporting segment) are required to include incremental disclosures related to a public entity’s reportable segments, including disclosure of disaggregated expense information that is regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be adopted retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Aug. 03, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
Accrued interest	$	6,964	$	6,717	$	7,453
Accrued personnel costs	34,472		30,899		39,940
Accrued professional fees	2,180		1,818		2,328
Accrued sales and use tax	17,979		14,828		14,388
Accrued self-insurance	15,953		15,269		15,486
Deferred revenue - gift cards and other	82,619		96,688		78,095
Income taxes payable	29,114		9,313		2,184

Property taxes	36,425		14,239		37,639
Sales return allowance	5,500		6,400		6,300
Other	27,863		21,761		30,198
Accrued expenses and other current liabilities	$	259,069	$	217,932	$	234,011

Share-Based Compensation - Units Granted (Details)	6 Months Ended
Share-Based Compensation - Units Granted (Details)	Aug. 03, 2024 $ / shares shares
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, Number of shares (in shares) \| shares	390,585
Restricted units, Weighted average grant date fair value per Award (in usd per share) \| $ / shares	$ 63.51
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, Number of shares (in shares) \| shares	129,041
Restricted units, Weighted average grant date fair value per Award (in usd per share) \| $ / shares	$ 65.48

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Nature of Operations	6 Months Ended
Nature of Operations	Aug. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The Company All references to "we," "us," "our" or the "Company" in the financial statements refer to Academy Sports and Outdoors, Inc., a Delaware corporation ("ASO, Inc.") and the current parent holding company of our operations, and its consolidated subsidiaries. We conduct our operations primarily through our parent holding company's indirect subsidiary, Academy, Ltd., a Texas limited partnership doing business as "Academy Sports + Outdoors", or Academy, Ltd. All of the Company's sales and business operations occur at Academy, Ltd., and Academy, Ltd. is also the borrower and/or issuer of the Company's long-term debt and lessee of facilities. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. The Company is a leading full-line sporting goods and outdoor recreational products retailer in the United States in terms of net sales. As of August 3, 2024, we operated 285 "Academy Sports + Outdoors" retail locations in 19 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. We also sell merchandise to customers across most of the United States via our academy.com website.

Property and Equipment (Tables)

6 Months Ended

Aug. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
Leasehold improvements	$	605,746	$	571,785	$	499,499
Equipment and software	713,400		688,143		659,693
Furniture and fixtures	407,371		398,415		364,423
Construction in progress	53,326		38,873		86,307
Building and Land	14,921		14,919		3,698
Total property and equipment	1,794,764		1,712,135		1,613,620
Accumulated depreciation and amortization	(1,324,012)		(1,266,926)		(1,208,653)
Property and equipment, net	$	470,752	$	445,209	$	404,967

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Income Statement [Abstract]
NET SALES	$ 1,548,980	$ 1,583,077	$ 2,913,200	$ 2,966,686
COST OF GOODS SOLD	990,255	1,019,631	1,898,681	1,936,125
GROSS MARGIN	558,725	563,446	1,014,519	1,030,561
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	368,639	352,483	722,050	693,402
OPERATING INCOME	190,086	210,963	292,469	337,159
INTEREST EXPENSE, NET	9,071	11,313	18,557	22,543
WRITE OFF OF DEFERRED LOAN COSTS	0	0	449	0
OTHER (INCOME), NET	(5,531)	(3,623)	(10,735)	(7,336)
INCOME BEFORE INCOME TAXES	186,546	203,273	284,198	321,952
INCOME TAX EXPENSE	43,958	46,198	65,145	70,907
NET INCOME	$ 142,588	$ 157,075	$ 219,053	$ 251,045
EARNINGS PER COMMON SHARE:
BASIC (in dollars per share)	$ 1.99	$ 2.06	$ 3.00	$ 3.28
DILUTED (in dollars per share)	$ 1.95	$ 2.01	$ 2.93	$ 3.19
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	71,829	76,104	72,911	76,483
DILUTED (in shares)	73,289	78,091	74,651	78,735

Cover - shares	6 Months Ended
Cover - shares	Aug. 03, 2024	Sep. 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 03, 2024
Document Transition Report	false
Entity File Number	001-39589
Entity Registrant Name	Academy Sports and Outdoors, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1800912
Entity Address, Address Line One	1800 North Mason Road
Entity Address, City or Town	Katy
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77449
City Area Code	281
Local Phone Number	646-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ASO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,308,612
Entity Central Index Key	0001817358
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-01

Long-Term Debt

6 Months Ended

Aug. 03, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Our debt consisted of the following (amounts in thousands) as of:


	August 3, 2024		February 3, 2024		July 29, 2023
ABL Facility, due March 2029	$	—	$	—	$	—
Term Loan, due November 2027	90,250		91,750		193,250
Notes, due November 2027	400,000		400,000		400,000
Total debt	490,250		491,750		593,250
Less current maturities	(3,000)		(3,000)		(3,000)
Less unamortized discount on Term Loan	(431)		(501)		(1,196)
Less deferred loan costs (1)	(3,202)		(3,698)		(5,325)
Long-term debt, net	$	483,617	$	484,551	$	583,729

(1) Deferred loan costs are related to the Term Loan and Notes.

As of August 3, 2024, February 3, 2024 and July 29, 2023, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $6.9 million, $2.1 million and $2.6 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets. Total amortization of deferred loan costs was $0.6 million and $1.2 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and $0.6 million and $1.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively. Total expenses related to accretion of original issuance discount was $0.0 and $0.1 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and $0.1 million and $0.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively. The expenses related to amortization of deferred loan costs and accretion of original issuance discount are included in interest expense, net on the consolidated statements of income.

Term Loan

We refer to the 2020 Term Loan and the amendments thereto collectively as the "Term Loan".

On November 6, 2020, Academy, Ltd. entered into a seven-year $400.0 million senior secured term loan (the "2020 Term Loan"). On May 25, 2021, Academy, Ltd. entered into Amendment No. 4 (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent, the several lenders party thereto and the several other parties named therein. Under the Amendment, the Term Loan bore interest, at Academy, Ltd.'s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 3.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Credit Suisse's "prime rate", or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 4.00%.

On May 17, 2023, Academy, Ltd. entered into a Conforming Changes Amendment to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent and the several lenders party thereto and the several other parties named therein, which updated the Term Loan benchmark base interest rate from LIBOR to Adjusted Term SOFR (as defined in the Conforming Changes Amendment to the Second Amended and Restated Credit Agreement). The transition of our Term Loan to Adjusted Term SOFR became effective on August 1, 2023. Borrowings under the Term Loan bear interest, at our election, at either (1) Adjusted Term SOFR with a floor of 0.75% rate plus a margin of 3.75% or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the U.S. "prime rate" announced by the administrative agent, or (c) the one-month Adjusted Term SOFR with a floor of 0.75% rate, plus a margin of 3.75%. Quarterly principal payments of $750 thousand are required through September 30, 2027 and borrowings mature on November 6, 2027. As of August 3, 2024, the weighted average interest rate was 9.19%, with interest payable monthly. The terms and conditions of the Term Loan also require that the outstanding balance under the Term Loan is prepaid under certain circumstances. As of August 3, 2024, no prepayment was due under the terms and conditions of the Term Loan.

Notes

On November 6, 2020, Academy, Ltd. issued $400.0 million of 6.00% senior secured notes which are due November 15, 2027 (the "Notes"), pursuant to an indenture, dated as of November 6, 2020 (the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent. The Notes require cash interest payments semi-annually in arrears on May 15 and November 15 of each year at a rate of 6.00% per year.

ABL Facility

We refer to the 2020 ABL Facility and the amendments thereto collectively as the "ABL Facility".

On November 6, 2020, Academy, Ltd., as borrower, and the guarantors, amended the previously existing secured asset-based revolving credit facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of November 6, 2020, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender and the several lenders party thereto, which ABL amendment, among other things, extended the maturity of Academy, Ltd.’s asset-based revolving credit facility thereunder to November 6, 2025 (the "2020 ABL Facility").

On March 30, 2023, Academy, Ltd., as borrower, and the guarantors, amended the 2020 ABL Facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JP Morgan Chase Bank, N.A. as the ABL Agent and the several lenders party thereto, which ABL amendment updated its benchmark base interest rate from LIBOR to Adjusted Term SOFR.

On March 8, 2024, Academy, Ltd., as borrower, and New Academy Holding Company, LLC, Associated Investors, L.L.C. and Academy Managing Co., L.L.C., as guarantors, entered into an amendment (the “ABL Amendment”) to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender, and the several lenders party thereto, which ABL Amendment, among other things, extended the maturity of Academy’s asset-based revolving credit facility (the “ABL Credit Facility”) to March 8, 2029, unless (i) more than $100 million of the aggregate principal amount of the Notes or the Term Loan, or any refinancing thereof, in each case, is outstanding on the date that is 91 days prior to the earliest maturity date of any such indebtedness or (ii) equal to or less than $100 million of the aggregate principal amount of the Notes or the Term Loan, in either case, is outstanding on the date that is 91 days prior to the earliest maturity date of any such indebtedness and a Reserve (as defined in the ABL Amendment) in the ABL Credit Facility has not been taken for such amount, then the maturity date of the ABL Credit Facility will be the date that is 91 days earlier than the earlier maturity date of the Notes and the Term Loan.

The ABL Facility is used to provide financing for working capital and other general corporate purposes, as well as to support certain letters of credit requirements, and availability is subject to customary borrowing base and availability provisions. During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts. As of August 3, 2024, we had outstanding letters of credit of approximately $9.3 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving an available borrowing capacity under the ABL Facility of $990.7 million.

Borrowings under the ABL Facility bear interest, at our election, at either (1) Adjusted Term SOFR plus a margin of 1.25% to 1.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) JPMorgan Chase Bank, N.A.'s "prime rate", or (c) the one-month Adjusted Term SOFR rate plus 1.00%, plus a margin of 0.25% to 0.75%. The ABL Facility also provides a fee applicable to the unused commitments of 0.25%. The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances. As of August 3, 2024, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility. In connection with the reduction of two lenders who dropped out of the ABL Facility, the Company wrote off $0.4 million of deferred loan costs related to the ABL Facility.

Covenants. The ABL Facility, Term Loan and Notes agreements contain covenants, including, among other things, covenants that may restrict Academy, Ltd.'s ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents. Additionally, at certain times, the ABL Facility is subject to a minimum adjusted fixed charge coverage ratio. These covenants are subject to certain qualifications and limitations. We were in compliance with these covenants as of August 3, 2024.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,080	$ 2,217	$ 2,534
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000	300,000,000
Common stock, issued (in shares)	70,915,916	74,349,927	74,845,563
Common stock, outstanding (in shares)	70,915,916	74,349,927	74,845,563

Net Sales (Tables)

6 Months Ended

Aug. 03, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Merchandise division sales (1)
Outdoors	$	391,703	$	388,437	$	766,597	$	754,746
Sports and recreation	402,025		433,570		752,613		799,875
Apparel	436,564		446,426		772,204		791,674
Footwear	312,119		308,032		604,553		604,323
Total merchandise sales (2)	1,542,411		1,576,465		2,895,967		2,950,618
Other sales (3)	6,569		6,612		17,233		16,068
Net Sales	$	1,548,980	$	1,583,077	$	2,913,200	$	2,966,686

Reconciliation of Gift Card Liability

The following is a reconciliation of the gift card liability (amounts in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Gift card liability, beginning balance	$	82,269	$	78,112	$	94,155	$	90,650
Issued	25,777		25,820		43,797		43,113
Redeemed	(28,019)		(28,076)		(56,564)		(56,791)
Recognized as breakage income	(1,259)		(1,106)		(2,620)		(2,222)
Gift card liability, ending balance	$	78,768	$	74,750	$	78,768	$	74,750