0001817358-20-000012 | 10-Q | XBRL Viewer | Academy Sports Outdoors INC

Total liabilities and stockholders'/partners' equity

^[1]

984,564

Partners' Equity

^[1]

988,219

969,083

$ 4,981,916

$ 4,331,321

$ 4,488,709

[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Oct. 31, 2020

Feb. 01, 2020

Nov. 02, 2019

Statement of Financial Position [Abstract]

Allowance for doubtful accounts

$ 1,286

$ 3,275

$ 3,642

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, authorized (in shares)

50,000,000

Preferred stock, issued (in shares)

Preferred stock, outstanding (in shares)

Partners' equity membership units, authorized (in shares)

72,468,164

Partners' equity membership units, issued (in shares)

72,468,164

Partners' equity membership units, outstanding (in shares)

72,468,164

^[1]

72,468,164

^[2]

Common stock, par value (in dollars per share)

$ 0.01

Common stock, authorized (in shares)

300,000,000

Common stock, issued (in shares)

88,103,975

Common stock, outstanding (in shares)

88,103,975

[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.
[2]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2020

Nov. 02, 2019

Oct. 31, 2020

Nov. 02, 2019

Income Statement [Abstract]

NET SALES

$ 1,349,076

$ 1,145,203

$ 4,091,797

$ 3,459,405

COST OF GOODS SOLD

908,565

782,781

2,856,840

2,398,783

GROSS MARGIN

440,511

362,422

1,234,957

1,060,622

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

358,955

309,246

955,591

923,418

OPERATING INCOME

81,556

53,176

279,366

137,204

INTEREST EXPENSE, NET

22,399

24,585

70,487

77,171

GAIN ON EARLY RETIREMENT OF DEBT, NET

(7,831)

(42,265)

OTHER (INCOME) EXPENSE, NET

764

(467)

(857)

(1,921)

INCOME BEFORE INCOME TAXES

58,393

29,058

217,567

104,219

INCOME TAX (BENEFIT) EXPENSE

(1,193)

506

325

1,914

NET INCOME

$ 59,586

$ 28,552

$ 217,242

$ 102,305

EARNINGS PER COMMON SHARE:

BASIC (in dollars per share)

^[1]

$ 0.78

$ 0.39

$ 2.94

$ 1.41

DILUTED (in dollars per share)

^[1]

$ 0.74

$ 0.38

$ 2.82

$ 1.37

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

BASIC (in shares)

^[1]

76,771

72,484

73,908

72,480

DILUTED (in shares)

^[1]

80,714

75,201

77,171

74,766

[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 59,586	$ 28,552	$ 217,242	$ 102,305
Loss deferred into AOCI (net of tax impact of $53)	(331)	(1,317)	(5,371)	(14,459)
Recognized interest (income) expense on interest rate swaps	2,811	146	7,578	(1,444)
Loss on swaps from debt refinancing	1,330	0	1,330	0
Tax expense	(498)	0	(498)	0
Total comprehensive income	$ 62,898	$ 27,381	$ 220,281	$ 86,402

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

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Redeemable Membership Units, beginning balance (in shares) at Feb. 02, 2019

Consolidated Statements of Partners'/Stockholders' Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Partners' Equity

Cumulative Effect, Period of Adoption, Adjustment

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

^[1]

1,362,000

Redeemable Membership Units, beginning balance at Feb. 02, 2019

$ 17,885

Redeemable Membership Units, ending balance (in shares) at May. 04, 2019

^[1]

1,362,000

Redeemable Membership Units, ending balance at May. 04, 2019

$ 17,885

Partners' Equity, beginning balance (in shares) at Feb. 02, 2019

^[1]

71,111,000

Partners' Equity, beginning balance at Feb. 02, 2019

$ 857,039

$ 5,075

$ 848,591

$ 5,075

$ 8,448

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 02, 2019

^[1]

72,473,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 25,406

25,406

2,022

$ 2,022

(3,510)

Partners' Equity, ending balance (in shares) at May. 04, 2019

(882)

^[1]

71,111,000

Partners' Equity, ending balance at May. 04, 2019

$ 885,150

$ 881,094

4,056

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at May. 04, 2019

^[1]

72,473,000

Redeemable Membership Units, beginning balance (in shares) at Feb. 02, 2019

^[1]

1,362,000

Redeemable Membership Units, beginning balance at Feb. 02, 2019

$ 17,885

Redeemable Membership Units, ending balance (in shares) at Nov. 02, 2019

^[1]

162,000

Redeemable Membership Units, ending balance at Nov. 02, 2019

$ 2,818

Partners' Equity, beginning balance (in shares) at Feb. 02, 2019

^[1]

71,111,000

Partners' Equity, beginning balance at Feb. 02, 2019

$ 857,039

$ 5,075

$ 848,591

$ 5,075

8,448

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 02, 2019

^[1]

72,473,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Partners' Equity, ending balance (in shares) at Nov. 02, 2019

$ 102,305

^[1]

72,306,000

Partners' Equity, ending balance at Nov. 02, 2019

$ 969,083

^[2]

$ 976,538

(7,455)

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Nov. 02, 2019

^[1]

72,468,164

Redeemable Membership Units, beginning balance (in shares) at May. 04, 2019

^[1]

1,362,000

Redeemable Membership Units, beginning balance at May. 04, 2019

$ 17,885

Increase (Decrease) in Temporary Equity [Roll Forward]

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares)

^[1]

18,000

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

$ 300

Redeemable Membership Units, ending balance (in shares) at Aug. 03, 2019

^[1]

1,380,000

Redeemable Membership Units, ending balance at Aug. 03, 2019

$ 18,185

Partners' Equity, beginning balance (in shares) at May. 04, 2019

^[1]

71,111,000

Partners' Equity, beginning balance at May. 04, 2019

$ 885,150

$ 881,094

4,056

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at May. 04, 2019

^[1]

72,473,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 48,347

48,347

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

2,445

(300)

$ (300)

(9,632)

Partners' Equity, ending balance (in shares) at Aug. 03, 2019

(708)

^[1]

71,111,000

Partners' Equity, ending balance at Aug. 03, 2019

$ 925,302

$ 931,586

(6,284)

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Aug. 03, 2019

^[1]

72,491,000

Increase (Decrease) in Temporary Equity [Roll Forward]

Equity contributions from Managers (in shares)

^[1]

6,000

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

$ 101

Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)

^[1]

(29,000)

Adjustment to Redeemable Membership Units for repurchase of units from Managers

$ (538)

Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights (in shares)

^[1]

(1,195,000)

Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights

$ (14,930)

Redeemable Membership Units, ending balance (in shares) at Nov. 02, 2019

^[1]

162,000

Redeemable Membership Units, ending balance at Nov. 02, 2019

$ 2,818

Increase (Decrease) in Stockholders' Equity [Roll Forward]

28,552

Equity contributions from Managers

1,405

100

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

(100)

$ (100)

Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)

^[1]

29,000

Adjustment to Redeemable Membership Units for repurchase of units from Managers

$ 538

Repurchase of Redeemable Membership Units (in shares)

^[1]

(29,000)

Repurchase of Redeemable Membership Units

$ (473)

Reclassification of membership units with lapsed put rights (in shares)

^[1]

1,195,000

Reclassification of membership units with lapsed put rights

14,930

$ 14,930

(1,317)

Partners' Equity, ending balance (in shares) at Nov. 02, 2019

146

^[1]

72,306,000

Partners' Equity, ending balance at Nov. 02, 2019

$ 969,083

^[2]

$ 976,538

(7,455)

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Nov. 02, 2019

^[1]

72,468,164

Redeemable Membership Units, beginning balance (in shares) at Feb. 01, 2020

^[3]

162,000

Redeemable Membership Units, beginning balance at Feb. 01, 2020

$ 2,818

Increase (Decrease) in Temporary Equity [Roll Forward]

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares)

^[3]

12,000

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

$ 200

Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)

^[3]

(2,000)

Adjustment to Redeemable Membership Units for repurchase of units from Managers

$ (41)

Redeemable Membership Units, ending balance (in shares) at May. 02, 2020

^[3]

172,000

Redeemable Membership Units, ending balance at May. 02, 2020

$ 2,977

Partners' Equity, beginning balance (in shares) at Feb. 01, 2020

^[3]

72,306,000

Partners' Equity, beginning balance at Feb. 01, 2020

$ 988,219

^[2]

$ 996,285

(8,066)

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 01, 2020

^[3]

72,468,164

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ (10,020)

(10,020)

Adjustment to Redeemable Membership Units for settlement of vested Restricted Units

2,109

(200)

$ (200)

Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)

^[3]

2,000

Adjustment to Redeemable Membership Units for repurchase of units from Managers

$ 41

Repurchase of Redeemable Membership Units (in shares)

^[3]

(2,000)

Repurchase of Redeemable Membership Units

$ (37)

(4,434)

Partners' Equity, ending balance (in shares) at May. 02, 2020

1,893

^[3]

72,306,000

Partners' Equity, ending balance at May. 02, 2020

$ 977,571

$ 988,178

(10,607)

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at May. 02, 2020

^[3]

72,478,000

Redeemable Membership Units, beginning balance (in shares) at Feb. 01, 2020

^[3]

162,000

Redeemable Membership Units, beginning balance at Feb. 01, 2020

$ 2,818

Partners' Equity, beginning balance (in shares) at Feb. 01, 2020

^[3]

72,306,000

Partners' Equity, beginning balance at Feb. 01, 2020

$ 988,219

^[2]

$ 996,285

(8,066)

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 01, 2020

^[3]

72,468,164

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stockholders'/partners' equity (in shares) at Oct. 31, 2020

$ 217,242

^[3]

88,104,000

Redeemable Membership Units, beginning balance (in shares) at May. 02, 2020

^[3]

172,000

Redeemable Membership Units, beginning balance at May. 02, 2020

$ 2,977

Redeemable Membership Units, ending balance (in shares) at Aug. 01, 2020

^[3]

172,000

Redeemable Membership Units, ending balance at Aug. 01, 2020

$ 2,977

Partners' Equity, beginning balance (in shares) at May. 02, 2020

^[3]

72,306,000

Partners' Equity, beginning balance at May. 02, 2020

$ 977,571

$ 988,178

(10,607)

Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at May. 02, 2020

^[3]

72,478,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 167,676

167,676

1,581

$ 1,581

(606)

Partners' Equity, ending balance (in shares) at Aug. 01, 2020

2,874

^[3]

72,306,000

Partners' Equity, ending balance at Aug. 01, 2020

$ 1,149,096

$ 1,157,435

(8,339)

Redeemable Membership Units and Partners' Equity, ending balance (in shares) at Aug. 01, 2020

^[3]

72,478,000

Increase (Decrease) in Temporary Equity [Roll Forward]

Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights (in shares)

^[3]

(172,000)

Effect of Reorganization Transactions and Reclassification of membership units with lapsed put rights

$ (2,977)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions to holders of Membership Units

59,586

$ 59,586

(257,000)

$ (257,000)

Effect of the Reorganization Transactions (in shares)

^[3]

(72,306,000)

72,478,000

Effect of the Reorganization Transactions

2,977

$ (900,435)

$ 725

$ 66,627

836,060

Issuance of Common Stock in IPO, net of Offering Costs (in shares)

$ 23,359

23,359

^[3]

15,625,000

Issuance of common stock in IPO, net of Offering Costs

$ 184,882

$ 156

184,726

Cumulative tax effect resulting from Reorganization Transactions

(148,829)

Share-Based Award Payments

$ (32,819)

(32,819)

Stock option exercises (in shares)

^[3]

1,000

$ (278)

(278)

Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)

2,590

$ 1,000

1,000

Stockholders'/partners' equity (in shares) at Oct. 31, 2020

^[3]

88,104,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 984,564

^[2]

$ 881

$ 93,064

$ 895,646

$ (5,027)

[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.
[2]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.
[3]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Partners'/Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Feb. 02, 2019
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member

Indicates amendment to accounting standards.

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Revenue from Contract with Customer [Abstract]

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 217,242	$ 102,305
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,718	88,693
Non-cash lease expense	14,870	2,471
Equity compensation	27,049	5,872
Amortization of deferred loan and other costs	2,734	2,796
Loss on swaps from debt refinancing	1,330	0
Deferred income taxes	(11,739)	(246)
Non-cash gain on early retirement of debt, net	(7,831)	(42,265)
Gain on disposal of property and equipment	0	(23)
Casualty loss	114	499
Changes in assets and liabilities:
Accounts receivable, net	2,121	8,328
Merchandise inventories, net	16,727	(197,812)
Prepaid expenses and other current assets	(1,151)	(5,134)
Other noncurrent assets	245	433
Accounts payable	439,682	99,557
Accrued expenses and other current liabilities	44,733	30,240
Income taxes payable	9,590	0
Other long-term liabilities	21,784	(958)
Net cash provided by operating activities	857,218	94,756
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(21,915)	(48,614)
Proceeds from the sale of property and equipment	0	23
Notes receivable from member	8,125	(3,988)
Net cash used in investing activities	(13,790)	(52,579)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	500,000	401,100
Repayment of revolving credit facility	(500,000)	(356,800)
Repayment of term loan facility	(29,653)	(118,257)
Debt issuance fees	(556)	0
Share-Based Award Payments	(20,724)	0
Distribution	(257,000)	0
Equity contributions from Managers	0	100
Proceeds from issuance of common stock, net of Offering Costs	184,882	0
Repurchase of Redeemable Membership Units	(37)	(473)
Net cash used in financing activities	(123,088)	(74,330)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	720,340	(32,153)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	149,385	75,691
CASH AND CASH EQUIVALENTS AT END OF PERIOD	869,725	43,538
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	68,759	74,818
Cash paid for income taxes	2,461	2,588
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash issuance of common stock	132	0
Change in capital expenditures in accounts payable and accrued liabilities	985	1,668
Right-of-use assets obtained in exchange for new operating leases	$ 84,595	$ 55,562

Nature of Operations	9 Months Ended
Nature of Operations	Oct. 31, 2020
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, (1) prior to October 1, 2020, New Academy Holding Company, LLC, a Delaware limited liability company ("NAHC") and the prior parent holding company for our operations, and its consolidated subsidiaries; and (2) on and after October 1, 2020, 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. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. On August 3, 2011, an investment entity owned by investment funds and other entities affiliated with Kohlberg Kravis Roberts & Co. L.P. (collectively, "KKR"), acquired a majority interest in the Company. Upon completion of our initial public offering (the "IPO") detailed below, affiliates of KKR held a 69.9% ownership interest in the Company (see IPO Over-Allotment Exercise in Note 15). The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales. As of October 31, 2020, we operated 259 "Academy Sports + Outdoors" retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. Our distribution centers receive, store and ship merchandise to our stores and customers. We also sell merchandise to customers across most of the United States via our academy.com website. Initial Public Offering and Reorganization Transactions On October 6, 2020, ASO, Inc. completed an IPO in which we issued and sold 15,625,000 shares of common stock, $0.01 par value for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to a syndicate of underwriters led by Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives, resulting in net proceeds of approximately $184.9 million after deducting underwriting discounts, which included approximately $2.7 million paid to KKR Capital Markets LLC ("KCM"), an affiliate of KKR, for underwriting services in connection with the IPO, and $6.1 million in costs directly associated with the IPO ("Offering Costs"), such as legal and accounting fees. The shares sold in the offering were registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to our registration statement on Form S-1 (File No. 333-248683) (the "Registration Statement"), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 1, 2020. In connection with our IPO, we completed a series of reorganization transactions (the "Reorganization Transactions") that resulted in: •NAHC, the previous parent holding company for the Company, being contributed to ASO, Inc. by its members and becoming a wholly-owned subsidiary of ASO, Inc., which thereupon became our parent holding company; and •one share of common stock of ASO, Inc. issued to then-existing members of NAHC for every 3.15 membership units of NAHC contributed to ASO, Inc.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Oct. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 for the fiscal year ended February 1, 2020 included in our final prospectus dated October 1, 2020 (the "Prospectus"), as filed with the SEC on October 2, 2020 pursuant to Rule 424(b)(4) under the Securities Act. 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 thirty-nine weeks ended October 31, 2020 are not necessarily indicative of the results that will be realized for the fiscal year ending January 30, 2021 or any other period. The balance sheet as of February 1, 2020 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 for the year ended February 1, 2020. Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, ASO Co-Invest Blocker Sub, L.P., ASO Blocker Sub, L.P., NAHC, Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited. ASO Co-Invest Blocker Sub, L.P., ASO Blocker Sub, L.P., 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. Given the global economic climate and additional unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from our estimates. Reclassifications Certain reclassifications have been made in the prior period consolidated financial statements to conform to the current period presentation. 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 thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. Retrospective Presentation of Ownership Exchange Prior to the IPO, ASO, Inc. was a wholly-owned subsidiary of NAHC. On the IPO pricing date (October 1, 2020), the then-existing members of NAHC contributed all of their membership units of NAHC to ASO, Inc. and, in exchange, received one share of common stock of ASO, Inc. for every 3.15 membership units of NAHC contributed to ASO, Inc. (such 3.15:1 contribution and exchange ratio, the "Contribution Ratio"). As a result of such contributions and exchanges, upon the IPO, NAHC became a wholly-owned subsidiary of ASO, Inc., which became our parent holding company. The par value and authorized shares of the common stock of ASO, Inc. of $0.01 and 300,000,000, respectively, remain unchanged as a result of such contributions and exchanges. All membership units and redeemable membership units in the financial statements and notes have been retrospectively adjusted to give effect to the Contribution Ratio, as if such contributions and exchanges occurred as of all pre-IPO periods presented, including the periods presented on the Balance Sheets, Statements of Income, Statements of Partners’ / Stockholders’ Equity, Note 10. Equity and Share-Based Compensation and Note 11. Earnings per Share. Redeemable Membership Units Prior to October 1, 2020, Allstar Managers LLC, a Delaware limited liability company ("Managers"), owned membership units in NAHC (each, a "NAHC Membership Unit"). Managers is 100% owned by certain current and former executives and directors of the Company and was formed to facilitate the purchase of indirect contingently redeemable ownership interests in NAHC. Prior to October 1, 2020, certain executives and directors could acquire contingently redeemable membership units in Managers (the "Redeemable Membership Units"), either by (1) purchasing the Redeemable Membership Units with cash consideration, which was subsequently contributed to NAHC by Managers in exchange for a number of NAHC Membership Units equal to the number of Redeemable Membership Units purchased, or (2) by receiving the Redeemable Membership Units in settlement of vested restricted units awarded to the executive or director under the Company's 2011 Unit Incentive Plan (see Note 10). Each outstanding Redeemable Membership Unit in Managers corresponded to an outstanding NAHC Membership Unit, on a unit-for-unit basis. On October 1, 2020, Managers received one share of ASO, Inc. common stock in exchange for every 3.15 membership units in NAHC that Managers contributed to ASO, Inc., and the Redeemable Membership Units in Managers that were held by its owners were reduced proportionately by the Contribution Ratio, so that the outstanding number of Redeemable Membership Units in Managers equal the number of shares of ASO, Inc. common stock held by Managers on a 1:1 basis. NAHC is the sole managing member of Managers with a controlling voting interest, but no economic interest, in Managers. As the sole managing member of Managers, NAHC operates and controls all business affairs of Managers. The terms and conditions of the agreements governing the Redeemable Membership Units include provisions by which the holder, or its heirs, have the right to require Managers or NAHC to purchase the holder's Redeemable Membership Units upon the holder’s termination of employment due to death or disability for cash at fair value. The carrying value of the Redeemable Membership Units is classified as temporary equity, initially at fair value, as redemption was an event that was not solely within our control. If redemption becomes probable, we are required to re-measure the Redeemable Membership Units to fair value. Periodically, these rights lapsed due to contractual expiration or a holder's termination of employment for reasons other than death or disability. Due to the lapse of this right for certain issuances, $14.9 million was reclassified from temporary equity to Partners' Equity during the 2019 third quarter. Income Taxes The Company is subject to U.S. federal, state and foreign income taxes. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent we believe these assets are more-likely-than-not to be realized. In making such a determination, we consider all available positive and negative evidence, including recent results of operations, future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more-likely-than-not that all or a portion of the asset will not be realized. The Company recognizes tax benefits from uncertain tax positions only if it is more-likely-than-not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are measured based on the largest benefit having a greater than 50% likelihood of being ultimately sustained. Interest and penalties from income tax matters are recognized in income tax expense.

Net Sales

9 Months Ended

Oct. 31, 2020

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				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Merchandise division sales (1)
Outdoors	$	487,401	$	364,944	$	1,448,987	$	1,002,138
Sports and recreation	263,506		196,592		919,699		721,665
Apparel	318,731		322,375		939,388		951,385
Footwear	272,626		255,649		762,174		769,857
Total merchandise sales (2)	1,342,264		1,139,560		4,070,248		3,445,045
Other sales (3)	6,812		5,643		21,549		14,360
Net Sales	$	1,349,076	$	1,145,203	$	4,091,797	$	3,459,405

(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 thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2).

(2) E-commerce sales consisted of 7.5% and 9.8% of merchandise sales for the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and 4.5% and 3.8% for the thirteen and thirty-nine weeks ended November 2, 2019, respectively.

(3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income 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 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				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Gift card liability, beginning balance	$	55,410	$	50,631	$	67,993	$	66,153
Issued	14,910		19,382		47,524		63,883
Redeemed	(17,861)		(21,773)		(61,574)		(80,006)
Recognized as breakage income	(370)		(585)		(1,854)		(2,375)
Gift card liability, ending balance	$	52,089	$	47,655	$	52,089	$	47,655

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.

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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Long-Term Debt

9 Months Ended

Oct. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

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


	October 31, 2020		February 1, 2020		November 2, 2019
Senior Secured Asset-Based Revolving Credit Facility	$	—	$	—	$	44,300
Senior Secured Term Loan Facility, due July 2022 net of discount of $1.8 million, $2.6 million and $2.9 million, respectively	1,429,667		1,466,402		1,470,695
Total debt	1,429,667		1,466,402		1,514,995
Less current maturities	(18,250)		(34,116)		(18,250)
Less deferred loan costs (1)	(2,532)		(3,744)		(4,136)
Total long-term debt	$	1,408,885	$	1,428,542	$	1,492,609

(1) These costs are related to the 2015 Term Loan Facility.

On November 6, 2020, the Company refinanced its long-term debt (see Note 15).

2015 Term Loan Facility. On July 2, 2015, Academy, Ltd. entered into a seven-year $1.8 billion senior secured term loan facility (the "2015 Term Loan Facility"). The 2015 Term Loan Facility bears interest, at our election, at either (1) LIBOR rate with a floor of 1.00%, plus a margin of 4.00%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Morgan Stanley Senior Funding, Inc.'s "prime rate," or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 3.00%. Quarterly principal payments of approximately $4.6 million are required through June 30, 2022, with the balance due in full on the maturity date of July 2, 2022. As of October 31, 2020, the weighted average interest rate was 5.00%, with interest payable monthly. The terms and conditions of the 2015 Term Loan Facility also require that we prepay outstanding loans under the 2015 Term Loan Facility under certain circumstances. As of October 31, 2020, no prepayments of outstanding loans have been triggered under the terms and conditions of the 2015 Term Loan Facility.

During the thirty-nine weeks ended October 31, 2020 and November 2, 2019, we repurchased a portion of our principal on the 2015 Term Loan Facility, which was trading at a discount, in open market transactions. The following table provides further detail regarding these repurchases (amounts in millions):


	Thirty-Nine Weeks Ended
		October 31, 2020		November 2, 2019
Gross principal repurchased		$	23.9	$	147.7
Reacquisition price of debt		$	16.0	$	104.6
Net gain recognized		$	7.8	$	42.3

2018 ABL Facility. On July 2, 2015, Academy, Ltd. entered into a five-year $650 million secured asset-based revolving credit facility (the "2015 ABL Facility"). On May 22, 2018, the Company amended the agreement governing the 2015 ABL Facility (as amended, the "2018 ABL Facility"), to increase the commitment on the facility from $650 million to $1 billion. The operative terms, conditions, covenants and pricing of the 2018 ABL Facility remain the same in all material respects to the 2015 ABL Facility and/or have been sized in approximate proportion to the relative increase in the facility where such operative terms are based upon the commitment level on the facility. The 2018 ABL Facility matures on May 22, 2023, subject to a springing maturity clause which is triggered 91 days before the July 2, 2022 maturity of the 2015 Term Loan Facility should it not be paid off or extended at least 91 days beyond the May 22, 2023 maturity date of the 2018 ABL Facility. Academy, Ltd. has the option to increase the commitments under the 2018 ABL Facility by $250 million, subject to the satisfaction of certain conditions under the agreement.

The 2018 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 October 31, 2020, we had outstanding letters of credit of approximately $30.8 million, of which $21.1 million were issued under the 2018 ABL Facility, and we had no borrowings outstanding under the 2018 ABL Facility, leaving the available borrowing capacity under the 2018 ABL Facility of $844.7 million.

Borrowings under the 2018 ABL Facility bear interest, at our election, at either (1) LIBOR 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 LIBOR rate plus 1.00%, plus a margin of 0.25% to 0.75%. The 2018 ABL Facility also provides a fee applicable to the unused commitments of 0.25%. The terms and conditions of the 2018 ABL Facility also require that we prepay outstanding loans under the 2018 ABL Facility under certain circumstances. As of October 31, 2020, no future prepayments of outstanding loans have been triggered under the terms and conditions of the 2018 ABL Facility.

Covenants. The 2018 ABL Facility and the 2015 Term Loan Facility agreements contain covenants, including, among others, covenants that 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 2018 ABL Facility is subject to a certain minimum adjusted fixed charge coverage ratio. These covenants are subject to certain qualifications and limitations. We were in compliance with these covenants as of October 31, 2020.

Capitalized Interest. We capitalized interest primarily related to construction of new stores and store renovations in the amount of $0.1 million and $0.4 million for the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $0.2 million and $0.5 million for the thirteen and thirty-nine weeks ended November 2, 2019, respectively.

Derivative Financial Instruments

9 Months Ended

Oct. 31, 2020

Derivative Financial Instruments

We use interest rate swap agreements to hedge market risk relating to possible adverse changes in interest rates.

All interest rate swaps had been designated as cash flow hedges of variable rate interest payments on borrowings under the 2015 Term Loan Facility. On October 28, 2020, we determined that a portion of the underlying cash flows related to $100.0 million of swap notional principal amount was no longer probable of occurring over the remaining term of the interest rate swaps as a result of the Company's planned refinancing transactions (see Note 15). As a result, we reclassified approximately $1.3 million of losses from accumulated other comprehensive loss ("AOCI") to other (income) expense, net in our statements of income for the thirteen and thirty-nine weeks ended October 31, 2020 related to the portion of the forecasted transaction no longer considered probable of occurring. We also de-designated a portion of our interest rate swaps as cash flow hedges, leaving $250 million notional principal amount designated and $650 million undesignated. The remaining $4.0 million loss in AOCI as of October 31, 2020 related to the de-designated hedges will be amortized as an increase to interest expense over the original maturity of the de-designated swaps. The de-designated $650 million notional principal amount of fixed interest rate swaps will receive mark-to-market treatment prospectively, with changes in fair value recorded immediately to other (income) expense, net on the statements of income.

A summary of our interest rate swaps is as follows (dollar amounts in thousands):

Notional Amount

Fixed Rate

Effective Date

Termination Date

$250,000 (1)

2.21%

September 7, 2016

September 3, 2021

$250,000

1.54%

November 1, 2016

November 1, 2021

$400,000

2.54%

March 1, 2018

March 1, 2021

(1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3, 2017, 2018, 2019 and 2020, respectively.

The fair value of these interest rate swaps is as follows (amounts in thousands) as of:


	October 31, 2020		February 1, 2020		November 2, 2019
Derivatives designated as hedging instruments
Assets
Amounts included in other current assets	$	—	$	—	$	190

Liabilities
Amounts included in accrued expenses and other current liabilities	1,198		6,130		5,184
Amounts included in other long-term liabilities	136		1,976		2,501
Total derivatives designated as hedging instruments net liability	$	(1,334)	$	(8,106)	$	(7,495)

Derivatives not designated as hedging instruments



Liabilities
Amounts included in accrued expenses and other current liabilities	$	4,548	$	—	$	—

Total derivatives not designated as hedging instruments	(4,548)		—		—
Total derivatives net liability	$	(5,882)	$	(8,106)	$	(7,495)

For derivatives designated as hedging instruments, amounts included in AOCI are reclassified to interest expense in the same period during which the hedged transaction affects earnings, which is as interest expense is recorded on the underlying 2015 Term Loan Facility. As of October 31, 2020, we estimate that approximately $4.6 million of the balance in AOCI will be reclassified as an increase in interest expense during the next 12 months.

The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into interest expense or other (income) expense, net is as follows (amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Accumulated Other Comprehensive Income (Loss), beginning	$	(8,339)	$	(6,284)	$	(8,066)	$	8,448
Loss deferred into AOCI (net of tax impact of $53)	(278)		(1,317)		(5,318)		(14,459)
Increase (decrease) to interest expense (net of tax impact of $221)	2,590		146		7,357		(1,444)
Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)	1,000		—		1,000		—

Accumulated Other Comprehensive Income (Loss), ending	$	(5,027)	$	(7,455)	$	(5,027)	$	(7,455)

Fair Value Measurements

9 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsFair 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.

The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of:


	Fair Value Hierarchy	October 31, 2020		February 1, 2020		November 2, 2019
Assets
Interest rate swap	Level 2	$	—	$	—	$	190

Liabilities
Interest rate swap	Level 2	$	5,882	$	8,106	$	7,685

We value our derivative financial instruments using a discounted cash flow analysis based on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs including interest rates and implied volatilities. Our valuations also consider both our own and the respective counterparty's non-performance risk. We have considered unobservable market factors such as the likelihood of default by us and our counterparty, our net exposures, credit enhancements, and remaining maturities in determining a credit valuation adjustment to include as part of the fair value of our derivative financial instruments. To date, the credit valuation adjustment did not comprise a material portion of the fair value of the derivative financial instruments. Therefore, we consider our derivative financial instruments to fall within Level 2 of the fair value hierarchy.

Other Financial Instruments

Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. As of October 31, 2020 and February 1, 2020, we held $767.0 million and $113.3 million in money market funds, respectively. We held no investments in money market funds as of November 2, 2019.

The fair value of the 2015 Term Loan Facility 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 October 31, 2020, February 1, 2020 and November 2, 2019, the estimated fair value of our 2015 Term Loan Facility was $1.4 billion, $1.2 billion and $1.0 billion, respectively. As borrowings on the 2018 ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

Property, Plant and Equipment [Abstract]

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.

+ References + Details

Property and Equipment

9 Months Ended

Oct. 31, 2020

Property and Equipment

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


	October 31, 2020		February 1, 2020		November 2, 2019
Leasehold improvements	$	435,094	$	436,807	$	433,266
Equipment and software	543,147		537,364		527,845
Furniture and fixtures	317,371		316,420		314,909
Construction in progress	27,979		17,639		21,197
Land	3,698		3,698		3,698
Total property and equipment	1,327,289		1,311,928		1,300,915
Accumulated depreciation and amortization	(944,669)		(870,521)		(846,509)
Property and equipment, net	$	382,620	$	441,407	$	454,406

Depreciation expense was $25.5 million and $79.7 million in the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $29.6 million and $88.7 million in the thirteen and thirty-nine weeks ended November 2, 2019, respectively.

Leases

9 Months Ended

Oct. 31, 2020

Leases [Abstract]

Leases

In April 2020, the Financial Accounting Standards Board issued Staff Q&A - Topic 842 and Topic 840: Accounting For Lease Concessions Related to the Effects of the COVID-19 Pandemic. This guidance provides entities with the option to elect to account for certain lease concessions as though the enforceable rights and obligations had existed in the original lease. As a result, an entity will not need to reassess each existing contract to determine whether enforceable rights and obligations for concessions exist and an entity can elect to apply or not to apply the lease modification guidance in Accounting Standards Codification Topic 842, Leases, to those contracts. During the thirteen and thirty-nine weeks ended October 31, 2020, the Company received $0.4 million and $2.4 million, respectively, in lease expense credit related to landlord abated rent as a result of the elections made under this guidance. Additionally, during the thirteen and thirty-nine weeks ended October 31, 2020, the Company signed six and 46 lease extensions, respectively, requiring lease modification accounting treatment.

The components of lease expense and sublease income included in selling, general and administrative ("SG&A") expenses on our statement of income is as follows (amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Operating lease expense	$	49,272	$	49,159	$	147,528	$	146,039
Short-term lease expense	—		—		—		—
Variable lease expense	1,709		1,956		3,527		5,805
Sublease income	(115)		(403)		(641)		(1,205)
Net lease expense	$	50,866	$	50,712	$	150,414	$	150,639

Information about our operating leases is as follows (dollar amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Right-of-use assets obtained in exchange for new operating lease liabilities	$	13,477	$	32,520	$	84,595	$	55,562
Cash paid for amounts included in the measurement of lease liabilities	$	48,092	$	48,283	$	130,274	$	143,848


	October 31, 2020		November 2, 2019
Weighted-average remaining lease term in years	11.2		10.9
Weighted-average incremental borrowing rate	9.09	%	8.88	%

As most of our leases do not provide an implicit rate of interest, we use our incremental borrowing rate, which is based on the market lending rates for companies with comparable credit ratings, to determine the present value of lease payments on lease commencement or remeasurement.

The remaining maturities of lease liabilities by fiscal year are as follows (amounts in thousands):


	October 31, 2020
2020	$	48,759
2021	196,666
2022	194,316
2023	186,750
2024	178,462
2025	172,512
After 2025	1,051,915
Total payments (1)	2,029,380
Less: Interest	(778,599)
Present value of lease liabilities	$	1,250,781

(1) Minimum lease payments have not been reduced by sublease rentals of $1.9 million as of October 31, 2020 due in the future under non-cancelable subleases.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 31, 2020

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:


	October 31, 2020		February 1, 2020		November 2, 2019
Accrued interest	$	6,996	$	7,835	$	3,261
Accrued personnel costs	72,995		54,065		41,237
Accrued professional fees	6,041		2,451		2,787
Accrued sales and use tax	18,590		12,651		18,041
Accrued self-insurance	13,136		14,107		13,912
Deferred revenue - gift cards and other	54,557		70,220		49,603
Income taxes payable	19,197		4,941		4,575
Interest rate swaps	5,746		6,129		5,184
Property taxes	49,679		16,919		50,066
Sales return allowance	5,000		5,500		5,500
Other	22,675		16,563		25,826
Accrued expenses and other current liabilities	$	274,612	$	211,381	$	219,992

Equity and Share-Based Compensation

9 Months Ended

Oct. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity and 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 plan reserved a total of 5,150,000 shares of common stock for issuance. Concurrent with the adoption of the 2020 Omnibus Incentive Plan, the NAHC 2011 Unit Incentive Plan (the "2011 Unit Incentive Plan") was frozen and no further issuances will be permitted as part of the 2011 Unit Incentive Plan. As of October 31, 2020, there were 4,996,703 shares that were authorized and available for grant under the 2020 Share Incentive Plan.

2011 Unit Incentive Plan

The 2011 Unit 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 "Unit Option") and restricted units that may settle in ASO, Inc. common stock (each, a "Restricted Unit") to our directors, executives, and eligible employees of the Company.

Unit Options granted under the 2011 Unit Incentive Plan consist of Unit Options that vest upon the satisfaction of time-based requirements (each, a "Service Unit Option") and Unit Options that vest upon the satisfaction of both time-based requirements and Company performance-based requirements (each, a "Performance Unit Option").

Restricted Units granted under the 2011 Unit Incentive Plan consist of Restricted Units that vest upon the satisfaction of time-based requirements (each, a "Service Restricted Unit") and Restricted Units that vest upon the satisfaction of a liquidity event-based requirement together with a time-based requirement and/or a performance-based requirement (each, a "Liquidity Event Restricted Unit"). In each case, vesting of the Company’s outstanding and unvested Unit Options and Restricted Units is contingent upon the holder’s continued service through the date of each applicable vesting event.

Concurrent with the adoption of the 2020 Omnibus Incentive Plan on October 1, 2020, no further Awards are authorized to be granted under the 2011 Unit Incentive Plan.

2020 Omnibus Incentive Plan

The 2020 Omnibus Incentive plan provides for the grant of Awards such as options to purchase ASO, Inc. common stock (each, a "Stock Option") and restricted stock units which may settle in ASO, Inc. common stock (each, a "Restricted Stock Unit") to our directors, executives, and eligible employees of the Company.

Stock Options granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a "Service Stock Option" and Service Unit Options and Service Stock Options together are "Service Options").

Restricted Stock Units granted under the 2020 Omnibus Incentive Plan consist of 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 a time-based requirement and performance-based requirement (each, a "Performance Restricted Stock Unit"). In each case, vesting of the Company’s outstanding and unvested Stock Options and Restricted Stock Units is contingent upon the holder’s continued service through the date of each applicable vesting event.

Equity compensation expense was $23.4 million and $27.0 million in the thirteen and thirty-nine weeks ended October 31, 2020, respectively, which includes approximately $19.9 million of stock compensation expense associated with the vesting of certain outstanding restricted stock units as a result of the liquidity condition being achieved upon completion of our IPO. Equity compensation expense was $1.4 million and $5.9 million in the thirteen and thirty-nine weeks ended November 2, 2019, respectively. These costs are included in selling, general and administrative expenses in the statements of income.

Distribution

On August 28, 2020, NAHC paid a $257.0 million, or $1.1257 per unit (or $3.5460 as converted using the Contribution Ratio), distribution to its members of record as of August 25, 2020. Cash on hand was used to fund $248.0 million of the distribution, with the remainder distributed through an offset of outstanding loans receivable from one member and state income tax withholding made on behalf of NAHC's members. Holders of the outstanding granted equity Awards are entitled to receive value equal to $1.1257 per Award (or $3.5460 as converted using the Contribution Ratio), which was or will be made in the form of cash payments, additional Restricted Unit grants or Unit Option exercise price adjustments. Cash payments due for unvested Awards will be payable upon vesting of such Awards. In accordance with the terms of the 2011 Unit Incentive Plan, the Company made the following adjustments to each outstanding Award (per unit components, shares and exercise prices shown above and below are converted using the Contribution Ratio as described in the Retrospective Presentation of Ownership Exchange in Note 2):

•Exercise price reductions of $0.28 for 9,788,000 Unit Options (or $0.89 for 3,107,301 Stock Options, as converted);

•Exercise price reductions of $1.12 for 1,746,594 Unit Options (or $3.53 for 554,474 Stock Options, as converted);

•Additional Restricted Unit grants of 159,362 units (or 50,590 Liquidity Event Restricted Units, as converted); and

•Cash payments for vested Unit Options and vested Restricted Units ("Share-Based Award Payments") of $20.7 million were paid through October 31, 2020. Share-Based Award Payments payable as of October 31, 2020 for unvested awards is $12.1 million, which is reflected within accrued expenses and other current liabilities and other long-term liabilities on the Company's consolidated balance sheets.

These exercise price adjustments did not increase the value of the Unit Options and no related additional equity compensation was or will be incurred.

Service Option Fair Value Assumptions

The fair value for Service Options granted was estimated using a Black-Scholes option-pricing model. The expected lives of the Service Options granted were based on the "SEC simplified" method and a mid-point assumption, respectively. Expected price volatility was determined based on the implied volatilities of comparable companies over a historical period that matches the expected life of the Award. The risk-free interest rate was based on the expected U.S. Treasury rate over the expected life. The dividend yield was based on the expectation that no dividends will be paid. The assumptions used to calculate the fair value of Awards granted are evaluated and modified, as necessary, to reflect current market conditions and experience.

The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 31, 2020:


Expected life in years	6.2
Expected volatility	53% to 54%
Weighted-average volatility	53	%
Risk-free interest rate	0.39% to 0.76%
Dividend yield	—

The following table presents the Award grants during the thirty-nine weeks ended October 31, 2020:


	Service Options		Service Restricted Units		Liquidity Event Restricted Units		Performance Restricted Units
Number of shares (1)	1,417,961		11,564		1,185,474		12,772
Weighted average grant date fair value per Award	$	8.48	$	17.30	$	17.99	$	13.04
Weighted average exercise price per Award	$	16.87	N/A		N/A		N/A

(1) See Retrospective Presentation of Ownership Exchange in Note 2.

The following table presents the unrecognized compensation cost as of October 31, 2020:


	Service Options		Performance Unit Options		Service Restricted Units		Liquidity Event Restricted Units		Performance Restricted Units
Remaining expense	$	18,952,974	$	883,794	$	68,493	$	18,037,924	$	159,999
Weighted average life remaining in years	2.7		2.3		0.4		2.1		1.6

Earnings per Common Share

9 Months Ended

Oct. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common ShareBasic 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 (dollar and share amounts in thousands except per share amounts):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Net income	$	59,586	$	28,552	$	217,242	$	102,305

Weighted average common shares outstanding - basic (1)	76,771		72,484		73,908		72,480
Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1)	6		6		9		9
Dilutive effect of Performance Restricted Units, Liquidity Event Restricted Units and Performance Restricted Stock Units (1)	1,423		—		991		—
Dilutive effect of Service Options (1)	1,081		1,271		871		824
Dilutive effect of Performance Unit Options and Performance Stock Options (1)	1,433		1,440		1,392		1,453
Weighted average common shares outstanding - diluted (1)	80,714		75,201		77,171		74,766

Earnings per common share - basic	$	0.78	$	0.39	$	2.94	$	1.41
Earnings per common share - diluted	$	0.74	$	0.38	$	2.82	$	1.37

Anti-dilutive stock-based awards excluded from diluted calculation (1)	4,460		4,153		1,648		578

(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Income Taxes

9 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Prior to October 1, 2020, the Company, was treated as a flow through entity for U.S. federal income tax purposes and thus no federal income tax expense was recorded in our statements of income for periods prior to October 1, 2020. Our tax rate prior to October 1, 2020 was almost entirely the result of state income taxes. In connection with our IPO, as a result of the Reorganization Transactions (see Note 1) completed on October 1, 2020, as described further in the Prospectus, on and after October 1, 2020, the Company is treated as a U.S. corporation for U.S. federal, state, and local income tax purposes and accordingly, a provision for income taxes has been recorded for the anticipated tax consequences of our reported results of operations for federal, state and local income taxes since October 1, 2020.

As a result of the Reorganization Transactions, the Company recorded a net deferred tax liability position of $144.2 million, which consisted of the Company’s difference between the Company's financial statement carrying value and the outside tax basis in its NAHC membership units, immediately following the completion of the Reorganization Transactions, measured at the enacted federal and state income tax rates. Additionally, $4.6 million in current tax liability was assumed by the Company as part of the Reorganization Transaction. The combined entry was recorded as a cumulative adjustment to additional paid-in capital for the year equal to $148.8 million, as reflected in the statement of stockholders' equity.

The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in the U.S. on March 27, 2020. We do not anticipate that the enactment of this legislation will significantly impact our full year effective tax rate in fiscal 2020.

The components of the income tax expense (benefit) are as follows (amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Current tax expense:

Federal	$	8,369	$	—	$	8,369	$	—
State	2,168		575		3,656		2,135
Foreign	9		13		39		25
Total current tax expense	10,546		588		12,064		2,160
Deferred tax expense:
Federal	(10,024)		—		(10,024)		—
State	(1,715)		(59)		(1,715)		(223)
Foreign	—		(23)		—		(23)
Total deferred tax benefit	(11,739)		(82)		(11,739)		(246)
Total tax expense (benefit)	$	(1,193)	$	506	$	325	$	1,914

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Federal income tax at the statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State income tax, net of federal benefit	0.8		1.8		0.9		1.8
Effect of pre-IPO pass-through income allocated to our members	(23.1)		(21.0)		(21.6)		(21.0)
Effect of permanent items	(0.7)		—		(0.2)		0.0
Other, including foreign	0.0		—		0.0		0.0
Effective income tax rate	(2.0)	%	1.8	%	0.1	%	1.8	%

The effective tax rate for the periods reflected is less than the U.S. federal tax rate on corporations primarily as a result of the Company’s status as a flow-through entity prior to October 1, 2020. The thirteen weeks and thirty-nine weeks ended October 31, 2020 includes one month of activity subject to U.S. federal and state income tax in addition to the historically reported Texas franchise tax as a result of the Reorganization Transactions. For complete annual periods on and after October 1, 2020, no portion of the Company’s income remains flow-through to the prior members of NAHC and our estimated statutory federal and state income tax rates are between 24% and 25% before adjustments for permanent differences, valuation allowances and uncertain tax positions.

Components of deferred tax assets and liabilities consist of the following:


	October 31, 2020		February 1, 2020		November 2, 2019
Deferred tax assets:
Other	$	127	$	220	$	764
Total deferred tax assets	127		220		764

Deferred tax liabilities:
Investment in NAHC	(132,828)		—		—
Total deferred tax liabilities	(132,828)		—		—
Net deferred tax asset (liability)	$	(132,701)	$	220	$	764

The Reorganization Transactions (see Note 1) resulted in our ownership of 100% of NAHC which continues to operate as a tax partnership. The deferred tax liability as of October 31, 2020 reflects the excess of financial statement carrying value over our tax basis in NAHC membership units measured using the federal income tax rate of 21% and our weighted average state income tax rate equal to approximately 3.8% net of federal tax benefit. For the periods ended February 1, 2020 and November 2, 2019, the net deferred tax asset is included in other noncurrent assets.

Management evaluates the realizability of deferred tax assets and the need for valuation allowances annually. As of October 31, 2020, based on current facts and circumstances, management believes that it is more likely than not the Company will realize benefit for its gross deferred tax assets.

As of October 31, 2020, we had no unrecognized tax benefits and we do not anticipate that unrecognized tax benefits will significantly increase or decrease over the next twelve months. The Company files a consolidated federal income tax return and files tax returns in various state and local jurisdictions. The statute of limitations is open for federal and state tax audits for the tax fiscal years ending 2018 through 2020, and 2017 through 2020, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Oct. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Monitoring Agreement On August 3, 2011 (the "Effective Date"), we entered into a monitoring agreement (the "Monitoring Agreement"), with Kohlberg Kravis Roberts & Co. L.P. (the "Adviser") pursuant to which the Adviser provides advisory, consulting and financial services to us. In accordance with the terms of the Monitoring Agreement, we pay an aggregate annual advisory fee which increases by 5.0% annually on each anniversary of the Effective Date. The Adviser may also charge us a customary fee for services rendered in connection with securing, structuring and negotiating equity and debt financings by us. Additionally, we are required to reimburse the Adviser for any out-of-pocket expenses in connection with these services. The Monitoring Agreement continues in effect from year-to-year, unless amended or terminated by the Adviser and us. Upon the completion of the IPO, in the third quarter of 2020 the Monitoring Agreement terminated and we accrued the final termination fee of $12.3 million. The termination fee is equal to the net present value of the advisory fees that would have been paid from the termination date through the twelfth anniversary of the Effective Date of the Monitoring Agreement. We recognized advisory fees related to the Monitoring Agreement, including reimbursement of expenses and the termination fee, of approximately $13.0 million and $14.8 million in each of the thirteen and thirty-nine weeks ended October 31, 2020, respectively, and $0.9 million and $2.7 million in each of the thirteen and thirty-nine weeks ended November 2, 2019, respectively. These expenses are included in selling, general and administrative expenses in the statements of income. Other Related Party Transactions We paid $2.7 million to KCM for underwriting services in connection with the IPO. KKR has ownership interests in a broad range of portfolio companies and we may enter into commercial transactions for goods or services in the ordinary course of business with these companies. We do not believe such transactions are material to our business. Investments in Managers There were no investments in Managers for the thirteen and thirty-nine weeks ended October 31, 2020. During the thirteen and thirty-nine weeks ended November 2, 2019, an executive of the Company purchased Redeemable Membership Units in Managers for approximately $0.1 million in cash. The cash consideration paid for the Redeemable Membership Units was concurrently contributed to NAHC by Managers in exchange for a number of NAHC Membership Units equal to the number of Redeemable Membership Units purchased. There were no equity repurchases from Managers for the thirteen weeks ended October 31, 2020. During the thirty-nine weeks ended October 31, 2020, Managers repurchased at fair market value approximately $37.0 thousand of Redeemable Membership Units from a director of the Company for cash. During the thirteen and thirty-nine weeks ended November 2, 2019, Managers repurchased at fair market value approximately $0.5 million of Redeemable Membership Units from a director and an executive of the Company for cash. NAHC concurrently repurchased from Managers for cash, at fair market value, a number of NAHC membership units equal to the number of Redeemable Membership Units repurchased from the director and executive. Notes Receivable from Member and Distribution Under NAHC's LLC agreement, certain members may require the Company to provide a tax loan on their behalf under certain circumstances. On April 10, 2019, the Company loaned $4.0 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.5% per annum with outstanding principal and interest due on April 10, 2022. This note receivable was recorded in other non-current assets on the balance sheet. On April 5, 2018, the Company loaned $4.1 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.1%, with outstanding principal and interest due April 5, 2021. This note receivable was recorded in prepaid expenses and other current assets on the balance sheet. On August 28, 2020, the Company made a distribution to its members of record as of August 25, 2020, of $257.0 million (see Note 10). Of the $257.0 million, $8.5 million was used to offset and satisfy the remaining balances of the notes receivable and related interest receivable from a member.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Technology Related Commitments and Other As of October 31, 2020, we have obligations under technology related contractual commitments as well as other commitments, such as construction commitments, in the amount of $15.2 million. Of such commitments, approximately $12.7 million is payable in the next 12 months. Commitments Related to Monitoring Agreement As of October 31, 2020, we have obligations under the Monitoring Agreement, which include the termination fee upon completion of the IPO, in the amount of $13.3 million, of which $13.3 million is payable in the next 12 months (see Note 13). 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 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 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, 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. 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 October 31, 2020, we have $12.8 million in related commitments through 2027, of which $7.4 million is payable in the next 12 months.

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our management evaluated events or transactions that occurred after October 31, 2020, through December 10, 2020, the issuance date of the financial statements, and identified the following matters to report: IPO Over-Allotment Exercise On November 3, 2020, the Company issued and sold an additional 1,807,495 shares of the Company’s common stock, par value $0.01 per share, for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to the IPO underwriters, resulting in approximately $22.1 million in proceeds net of underwriting discounts, which included $0.3 million paid to KCM for underwriting services, pursuant to the partial exercise by the underwriters of their option to purchase up to 2,343,750 additional shares to cover over-allotments in connection with the IPO. The option has expired with respect to the remaining shares. Upon completion of the over-allotment exercise, affiliates of KKR held a 68.5% ownership interest in the Company. Debt Refinancing On November 6, 2020, the Company issued the 2020 Notes (as defined below), entered the 2020 Term Loan Facility (as defined below), and entered into the 2020 ABL Amendment (as defined below). The Company used the net proceeds from the 2020 Notes and the net proceeds from the 2020 Term Loan Facility, together with cash on hand, to repay in full outstanding borrowings under its then-existing term loan, in the amount of $1,431.4 million. We paid KCM approximately $2.5 million with respect to the debt refinancing transactions. 2020 Notes On November 6, 2020, Academy, Ltd. issued $400.0 million of 6.00% senior secured notes which are due November 15, 2027 (the "2020 Notes"), pursuant to an indenture, dated as of November 6, 2020 (the "Indenture"), by and among Academy, Ltd. the Guarantors (as defined below) and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent (in such capacity, the "Notes Collateral Agent"). The 2020 Notes were sold in the United States to persons reasonably believed to be "qualified institutional buyers" pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The 2020 Notes will be fully and unconditionally guaranteed on a senior secured basis by each of NAHC, Associated Investors L.L.C. and Academy Managing Co., L.L.C., each a direct or indirect, wholly-owned subsidiary of the Company (collectively, the "Guarantors"), and each of Academy, Ltd.’s future wholly-owned domestic restricted subsidiaries, to the extent such subsidiary guarantees Academy, Ltd.’s senior secured credit facilities or certain capital markets debt. In order to secure the 2020 Notes and the guarantees, Academy, Ltd. and the Guarantors entered into certain security documents with the Notes Collateral Agent, including a security agreement and a pledge agreement, each dated as of November 6, 2020. The 2020 Notes and the guarantees will be secured by (i) a first-priority lien on all of Academy, Ltd.’s and the Guarantors’ personal property that secure the 2020 Term Loan Facility on a first-priority basis and (ii) a second-priority lien on Academy, Ltd.’s and the Guarantors’ personal property consisting of accounts and all other rights to payment, inventory, tax refunds, cash, deposit accounts, securities and commodities accounts, and documents and supporting obligations, securing the 2020 ABL Facility (as defined below) on a first-priority basis and the 2020 Term Loan Facility on a second-priority basis (the "ABL Priority Collateral"). On November 6, 2020, (i) Academy Ltd.’s, the Guarantors party thereto, the Notes Collateral Agent, the Term Loan Agent (as defined below) and the several other parties named therein entered into a first lien intercreditor agreement as to the relative priorities of their respective security interests in the assets securing the 2020 Notes and the 2020 Term Loan Facility and certain other matters relating to the administration of security interests and (ii) the Notes Collateral Agent, the Term Loan Agent and the ABL Agent (as defined below) entered into a lien sharing and priority confirmation joinder to the ABL Intercreditor Agreement, dated as of July 2, 2015, as to the relative priorities of their respective security interests in the assets securing the 2020 Notes, the 2020 Term Loan Facility and the 2020 ABL Facility and certain other matters relating to the administration of security interests. The 2020 Notes will mature on November 15, 2027. The 2020 Notes will pay interest semi-annually in arrears in cash on May 15 and November 15 of each year at a rate of 6.00% per year, commencing on May 15, 2021. On or after November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or a part of the 2020 Notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or part of the 2020 Notes at a redemption price equal to 100% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a "make-whole" premium as described in the Indenture. In addition, at any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2020 Notes at a redemption price equal to 106.00% of the aggregate principal amount thereof, with an amount equal to or less than the net cash proceeds from one or more equity offerings to the extent such net cash proceeds are received by or contributed to Academy, Ltd., plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), Academy, Ltd. will be required to make an offer to repurchase all of the 2020 Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Indenture contains certain covenants that limit the ability of Academy, Ltd. and its restricted subsidiaries to, among other things, (i) incur or guarantee additional indebtedness or issue disqualified stock and preferred stock; (ii) incur liens on assets; (iii) pay dividends or make other distributions in respect of, or repurchase or redeem, their capital stock; (iv) prepay, redeem or repurchase certain debt; (v) make certain loans, investments or other restricted payments; (vi) engage in certain transactions with affiliates; (vii) enter into agreements restricting certain subsidiaries’ ability to pay dividends; and (viii) sell or transfer certain assets or merge or consolidate, in each case subject to certain exceptions and qualifications set forth in the Indenture. The Indenture provides for events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in respect of the 2020 Notes, acceleration of certain other indebtedness, failure to pay certain final judgments, failure of certain guarantees to be enforceable, failure to perfect certain collateral securing the 2020 Notes and certain events of bankruptcy or insolvency, which events of default, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding 2020 Notes to be due and payable immediately. 2020 Term Loan Facility On November 6, 2020, Academy, Ltd., as borrower, and the Guarantors, as guarantors, entered into the Second Amended and Restated Credit Agreement (the "2020 Term Loan Agreement"), with Credit Suisse AG, Cayman Island Branch ("Credit Suisse"), as the administrative agent and collateral agent (the "Term Loan Agent"), the several lenders from time to time parties thereto and the several other parties named therein, which established a new $400.0 million first lien term loan facility. The 2020 Term Loan Facility will mature on November 6, 2027. The 2020 Term Loan Facility bears interest, at Academy, Ltd.’s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 5.00%, 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%. Quarterly principal payments of approximately $1.0 million are required through September 30, 2027, with the balance due in full on the maturity date of November 6, 2027. The terms and conditions of the 2020 Term Loan Facility also require that outstanding loans under the 2020 Term Loan Facility are prepaid under certain circumstances. The 2020 Term Loan Facility will be guaranteed by the Guarantors on a senior secured basis. All obligations under the 2020 Term Loan Facility and the guarantees of those obligations will be secured by (i) a second-priority security interest in the ABL Priority Collateral and (ii) a first-priority security interest in, and mortgages on, substantially all present and after acquired tangible and intangible assets of Academy, Ltd. and the Guarantors and a first-priority pledge of 100% of the capital stock of Academy, Ltd. and its domestic subsidiaries and 66% of the voting capital stock of each of Academy, Ltd.’s foreign subsidiaries, if any, that are directly owned by Academy, Ltd. or a future U.S. guarantor, if any. The 2020 Term Loan Agreement contains certain covenants that limit the ability of Academy, Ltd. and its restricted subsidiaries to, among other things, (i) incur or guarantee additional indebtedness or issue disqualified stock and preferred stock; (ii) incur liens on assets; (iii) pay dividends or make other distributions in respect of, or repurchase or redeem, their capital stock; (iv) prepay, redeem or repurchase certain debt; (v) make certain loans, investments or other restricted payments; (vi) engage in certain transactions with affiliates; (vii) enter into agreements restricting certain subsidiaries’ ability to pay dividends; (viii) sell or transfer certain assets or merge or consolidate and (ix) amend material documents, in each case subject to certain exceptions and qualifications set forth in the 2020 Term Loan Agreement. The 2020 Term Loan Agreement contains customary events of default including, but not limited to, failure to pay principal or interest, breaches of representations and warranties, violations of affirmative or negative covenants, cross-defaults to other material indebtedness, a bankruptcy or similar proceeding, rendering of certain monetary judgments, invalidity of collateral documents and changes of control. 2020 ABL Facility On November 6, 2020, Academy, Ltd., as borrower, and the Guarantors, as guarantors, entered into an amendment (the "2020 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 (the "ABL Agent") 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 (the "2020 ABL Facility") to November 6, 2025.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, ASO Co-Invest Blocker Sub, L.P., ASO Blocker Sub, L.P., NAHC, Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited.
Principals 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. Given the global economic climate and additional unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from our estimates.
Reclassifications	Certain reclassifications have been made in the prior period consolidated financial statements to conform to the current period presentation. 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 thirty-nine weeks ended November 2, 2019 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.
Income Taxes	The Company is subject to U.S. federal, state and foreign income taxes. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent we believe these assets are more-likely-than-not to be realized. In making such a determination, we consider all available positive and negative evidence, including recent results of operations, future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more-likely-than-not that all or a portion of the asset will not be realized. The Company recognizes tax benefits from uncertain tax positions only if it is more-likely-than-not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are measured based on the largest benefit having a greater than 50% likelihood of being ultimately sustained. Interest and penalties from income tax matters are recognized in income tax expense.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

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Revenue from Contract with Customer [Abstract]

Net Sales (Tables)

9 Months Ended

Oct. 31, 2020

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				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Merchandise division sales (1)
Outdoors	$	487,401	$	364,944	$	1,448,987	$	1,002,138
Sports and recreation	263,506		196,592		919,699		721,665
Apparel	318,731		322,375		939,388		951,385
Footwear	272,626		255,649		762,174		769,857
Total merchandise sales (2)	1,342,264		1,139,560		4,070,248		3,445,045
Other sales (3)	6,812		5,643		21,549		14,360
Net Sales	$	1,349,076	$	1,145,203	$	4,091,797	$	3,459,405

Reconciliation of Gift Card Liability

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


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Gift card liability, beginning balance	$	55,410	$	50,631	$	67,993	$	66,153
Issued	14,910		19,382		47,524		63,883
Redeemed	(17,861)		(21,773)		(61,574)		(80,006)
Recognized as breakage income	(370)		(585)		(1,854)		(2,375)
Gift card liability, ending balance	$	52,089	$	47,655	$	52,089	$	47,655

Long-Term Debt (Tables)

9 Months Ended

Oct. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	October 31, 2020		February 1, 2020		November 2, 2019
Senior Secured Asset-Based Revolving Credit Facility	$	—	$	—	$	44,300
Senior Secured Term Loan Facility, due July 2022 net of discount of $1.8 million, $2.6 million and $2.9 million, respectively	1,429,667		1,466,402		1,470,695
Total debt	1,429,667		1,466,402		1,514,995
Less current maturities	(18,250)		(34,116)		(18,250)
Less deferred loan costs (1)	(2,532)		(3,744)		(4,136)
Total long-term debt	$	1,408,885	$	1,428,542	$	1,492,609

(1) These costs are related to the 2015 Term Loan Facility.

The following table provides further detail regarding these repurchases (amounts in millions):


	Thirty-Nine Weeks Ended
		October 31, 2020		November 2, 2019
Gross principal repurchased		$	23.9	$	147.7
Reacquisition price of debt		$	16.0	$	104.6
Net gain recognized		$	7.8	$	42.3

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 235
-SubTopic 10
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2020

Summary of Interest Rate Swaps

A summary of our interest rate swaps is as follows (dollar amounts in thousands):

Notional Amount

Fixed Rate

Effective Date

Termination Date

$250,000 (1)

2.21%

September 7, 2016

September 3, 2021

$250,000

1.54%

November 1, 2016

November 1, 2021

$400,000

2.54%

March 1, 2018

March 1, 2021

(1) The initial $600,000 notional amount of the swap amortizes to $525,000, $430,000, $320,000 and $250,000 on September 3, 2017, 2018, 2019 and 2020, respectively.

Fair Value of Interest Rate Swaps

The fair value of these interest rate swaps is as follows (amounts in thousands) as of:


	October 31, 2020		February 1, 2020		November 2, 2019
Derivatives designated as hedging instruments
Assets
Amounts included in other current assets	$	—	$	—	$	190

Liabilities
Amounts included in accrued expenses and other current liabilities	1,198		6,130		5,184
Amounts included in other long-term liabilities	136		1,976		2,501
Total derivatives designated as hedging instruments net liability	$	(1,334)	$	(8,106)	$	(7,495)

Derivatives not designated as hedging instruments



Liabilities
Amounts included in accrued expenses and other current liabilities	$	4,548	$	—	$	—

Total derivatives not designated as hedging instruments	(4,548)		—		—
Total derivatives net liability	$	(5,882)	$	(8,106)	$	(7,495)

Impact of Gains and Losses Related to Interest Rate Swaps


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Accumulated Other Comprehensive Income (Loss), beginning	$	(8,339)	$	(6,284)	$	(8,066)	$	8,448
Loss deferred into AOCI (net of tax impact of $53)	(278)		(1,317)		(5,318)		(14,459)
Increase (decrease) to interest expense (net of tax impact of $221)	2,590		146		7,357		(1,444)
Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)	1,000		—		1,000		—

Accumulated Other Comprehensive Income (Loss), ending	$	(5,027)	$	(7,455)	$	(5,027)	$	(7,455)

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of:


	Fair Value Hierarchy	October 31, 2020		February 1, 2020		November 2, 2019
Assets
Interest rate swap	Level 2	$	—	$	—	$	190

Liabilities
Interest rate swap	Level 2	$	5,882	$	8,106	$	7,685

Property, Plant and Equipment [Abstract]

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Property and Equipment (Tables)

9 Months Ended

Oct. 31, 2020

Property and Equipment

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


	October 31, 2020		February 1, 2020		November 2, 2019
Leasehold improvements	$	435,094	$	436,807	$	433,266
Equipment and software	543,147		537,364		527,845
Furniture and fixtures	317,371		316,420		314,909
Construction in progress	27,979		17,639		21,197
Land	3,698		3,698		3,698
Total property and equipment	1,327,289		1,311,928		1,300,915
Accumulated depreciation and amortization	(944,669)		(870,521)		(846,509)
Property and equipment, net	$	382,620	$	441,407	$	454,406

Leases (Tables)

9 Months Ended

Oct. 31, 2020

Leases [Abstract]

Components of Lease Expense and Sublease Income

The components of lease expense and sublease income included in selling, general and administrative ("SG&A") expenses on our statement of income is as follows (amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Operating lease expense	$	49,272	$	49,159	$	147,528	$	146,039
Short-term lease expense	—		—		—		—
Variable lease expense	1,709		1,956		3,527		5,805
Sublease income	(115)		(403)		(641)		(1,205)
Net lease expense	$	50,866	$	50,712	$	150,414	$	150,639

Information about our operating leases is as follows (dollar amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Right-of-use assets obtained in exchange for new operating lease liabilities	$	13,477	$	32,520	$	84,595	$	55,562
Cash paid for amounts included in the measurement of lease liabilities	$	48,092	$	48,283	$	130,274	$	143,848


	October 31, 2020		November 2, 2019
Weighted-average remaining lease term in years	11.2		10.9
Weighted-average incremental borrowing rate	9.09	%	8.88	%

Remaining Maturities of Lease Liabilities

The remaining maturities of lease liabilities by fiscal year are as follows (amounts in thousands):


	October 31, 2020
2020	$	48,759
2021	196,666
2022	194,316
2023	186,750
2024	178,462
2025	172,512
After 2025	1,051,915
Total payments (1)	2,029,380
Less: Interest	(778,599)
Present value of lease liabilities	$	1,250,781

(1) Minimum lease payments have not been reduced by sublease rentals of $1.9 million as of October 31, 2020 due in the future under non-cancelable subleases.

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	October 31, 2020		February 1, 2020		November 2, 2019
Accrued interest	$	6,996	$	7,835	$	3,261
Accrued personnel costs	72,995		54,065		41,237
Accrued professional fees	6,041		2,451		2,787
Accrued sales and use tax	18,590		12,651		18,041
Accrued self-insurance	13,136		14,107		13,912
Deferred revenue - gift cards and other	54,557		70,220		49,603
Income taxes payable	19,197		4,941		4,575
Interest rate swaps	5,746		6,129		5,184
Property taxes	49,679		16,919		50,066
Sales return allowance	5,000		5,500		5,500
Other	22,675		16,563		25,826
Accrued expenses and other current liabilities	$	274,612	$	211,381	$	219,992

Schedule of Other Current Liabilities

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


	October 31, 2020		February 1, 2020		November 2, 2019
Accrued interest	$	6,996	$	7,835	$	3,261
Accrued personnel costs	72,995		54,065		41,237
Accrued professional fees	6,041		2,451		2,787
Accrued sales and use tax	18,590		12,651		18,041
Accrued self-insurance	13,136		14,107		13,912
Deferred revenue - gift cards and other	54,557		70,220		49,603
Income taxes payable	19,197		4,941		4,575
Interest rate swaps	5,746		6,129		5,184
Property taxes	49,679		16,919		50,066
Sales return allowance	5,000		5,500		5,500
Other	22,675		16,563		25,826
Accrued expenses and other current liabilities	$	274,612	$	211,381	$	219,992

Equity and Share-Based Compensation (Tables)

9 Months Ended

Oct. 31, 2020

Share-based Payment Arrangement [Abstract]

Assumptions and Grant Date Fair Values for Options Granted

The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 31, 2020:


Expected life in years	6.2
Expected volatility	53% to 54%
Weighted-average volatility	53	%
Risk-free interest rate	0.39% to 0.76%
Dividend yield	—

Units Granted

The following table presents the Award grants during the thirty-nine weeks ended October 31, 2020:


	Service Options		Service Restricted Units		Liquidity Event Restricted Units		Performance Restricted Units
Number of shares (1)	1,417,961		11,564		1,185,474		12,772
Weighted average grant date fair value per Award	$	8.48	$	17.30	$	17.99	$	13.04
Weighted average exercise price per Award	$	16.87	N/A		N/A		N/A

(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Unrecognized Compensation Cost

The following table presents the unrecognized compensation cost as of October 31, 2020:


	Service Options		Performance Unit Options		Service Restricted Units		Liquidity Event Restricted Units		Performance Restricted Units
Remaining expense	$	18,952,974	$	883,794	$	68,493	$	18,037,924	$	159,999
Weighted average life remaining in years	2.7		2.3		0.4		2.1		1.6

Earnings per Common Share (Tables)

9 Months Ended

Oct. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Net income	$	59,586	$	28,552	$	217,242	$	102,305

Weighted average common shares outstanding - basic (1)	76,771		72,484		73,908		72,480
Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1)	6		6		9		9
Dilutive effect of Performance Restricted Units, Liquidity Event Restricted Units and Performance Restricted Stock Units (1)	1,423		—		991		—
Dilutive effect of Service Options (1)	1,081		1,271		871		824
Dilutive effect of Performance Unit Options and Performance Stock Options (1)	1,433		1,440		1,392		1,453
Weighted average common shares outstanding - diluted (1)	80,714		75,201		77,171		74,766

Earnings per common share - basic	$	0.78	$	0.39	$	2.94	$	1.41
Earnings per common share - diluted	$	0.74	$	0.38	$	2.82	$	1.37

Anti-dilutive stock-based awards excluded from diluted calculation (1)	4,460		4,153		1,648		578

(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Income Taxes (Tables)

9 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The components of the income tax expense (benefit) are as follows (amounts in thousands):


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Current tax expense:

Federal	$	8,369	$	—	$	8,369	$	—
State	2,168		575		3,656		2,135
Foreign	9		13		39		25
Total current tax expense	10,546		588		12,064		2,160
Deferred tax expense:
Federal	(10,024)		—		(10,024)		—
State	(1,715)		(59)		(1,715)		(223)
Foreign	—		(23)		—		(23)
Total deferred tax benefit	(11,739)		(82)		(11,739)		(246)
Total tax expense (benefit)	$	(1,193)	$	506	$	325	$	1,914

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Federal income tax at the statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State income tax, net of federal benefit	0.8		1.8		0.9		1.8
Effect of pre-IPO pass-through income allocated to our members	(23.1)		(21.0)		(21.6)		(21.0)
Effect of permanent items	(0.7)		—		(0.2)		0.0
Other, including foreign	0.0		—		0.0		0.0
Effective income tax rate	(2.0)	%	1.8	%	0.1	%	1.8	%

Schedule of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities consist of the following:


	October 31, 2020		February 1, 2020		November 2, 2019
Deferred tax assets:
Other	$	127	$	220	$	764
Total deferred tax assets	127		220		764

Deferred tax liabilities:
Investment in NAHC	(132,828)		—		—
Total deferred tax liabilities	(132,828)		—		—
Net deferred tax asset (liability)	$	(132,701)	$	220	$	764

Nature of Operations (Details) $ / shares in Units, $ in Millions	Oct. 06, 2020 USD ($) $ / shares shares	Oct. 31, 2020 location state distributionCenter $ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of retail locations \| location		259
Number of states \| state		16
Number of distribution centers \| distributionCenter		3
Common stock, par value (in dollars per share)		$ 0.01
Stock issuance costs \| $	$ 6.1
Conversion ratio	3.15
IPO
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares) \| shares	15,625,000
Common stock, par value (in dollars per share)	$ 0.01
Price per share (in dollars per share)	12.22
Offering price, net of underwriting discounts (in dollars per share)	$ 13.00
Net proceeds from sale of stock \| $	$ 184.9
KKR
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs \| $	$ 2.7
Affiliates of KKR
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	69.90%

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Oct. 06, 2020	Oct. 31, 2020 USD ($) $ / shares shares	Nov. 02, 2019 USD ($)
Accounting Policies [Abstract]
Conversion ratio	3.15
Reclassifications of temporary to partners' equity \| $		$ 2,977	$ 14,930
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01
Common stock, authorized (in shares) \| shares		300,000,000

Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,349,076	$ 1,145,203	$ 4,091,797	$ 3,459,405
Customer Concentration Risk \| Revenue from Contract with Customer Benchmark \| E-Commerce
Disaggregation of Revenue [Line Items]
Percentage of sales	7.50%	4.50%	9.80%	3.80%
Outdoors
Disaggregation of Revenue [Line Items]
Net Sales	$ 487,401	$ 364,944	$ 1,448,987	$ 1,002,138
Sports and recreation
Disaggregation of Revenue [Line Items]
Net Sales	263,506	196,592	919,699	721,665
Apparel
Disaggregation of Revenue [Line Items]
Net Sales	318,731	322,375	939,388	951,385
Footwear
Disaggregation of Revenue [Line Items]
Net Sales	272,626	255,649	762,174	769,857
Total Merchandise
Disaggregation of Revenue [Line Items]
Net Sales	1,342,264	1,139,560	4,070,248	3,445,045
Other sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 6,812	$ 5,643	$ 21,549	$ 14,360

Net Sales - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 55,410	$ 50,631	$ 67,993	$ 66,153
Issued	14,910	19,382	47,524	63,883
Gift card liability, ending balance	52,089	47,655	52,089	47,655
Redeemed
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	(17,861)	(21,773)	(61,574)	(80,006)
Recognized as breakage income
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	$ (370)	$ (585)	$ (1,854)	$ (2,375)

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Debt Instrument [Line Items]
Total debt	$ 1,429,667	$ 1,466,402	$ 1,514,995
Less current maturities	(18,250)	(34,116)	(18,250)
Less deferred loan costs	(2,532)	(3,744)	(4,136)
Total long-term debt	1,408,885	1,428,542	1,492,609
Secured Debt \| 2015 Term Loan Facility
Debt Instrument [Line Items]
Total debt	1,429,667	1,466,402	1,470,695
Debt discount	1,800	2,600	2,900
Revolving Credit Facility \| Line of Credit \| Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	$ 0	$ 44,300

Long-Term Debt - 2015 Term Loan Facility (Details) - Secured Debt - 2015 Term Loan Facility - USD ($)		9 Months Ended
	Jul. 02, 2015	Oct. 31, 2020	Nov. 02, 2019
Debt Instrument [Line Items]
Debt term	7 years
Debt face amount	$ 1,800,000,000
Quarterly principal payments	$ 4,600,000
Weighted average interest rate		5.00%
Gross principal repurchased		$ 23,900,000	$ 147,700,000
Reacquisition price of debt		16,000,000.0	104,600,000
Net gain recognized		$ 7,800,000	$ 42,300,000
LIBOR Rate \| Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor	1.00%
Basis spread on variable rate	4.00%
LIBOR Rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Federal funds rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Base Rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Long-Term Debt - 2018 ABL Facility and Capitalized Interest (Details) - USD ($)			3 Months Ended		9 Months Ended
	May 22, 2018	Jul. 02, 2015	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Debt Instrument [Line Items]
Outstanding letters of credit			$ 30,800,000		$ 30,800,000
Capitalized interest			100,000	$ 200,000	400,000	$ 500,000
Revolving Credit Facility \| Line of Credit \| Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity	$ 1,000,000,000	$ 650,000,000
Springing maturity clause period	91 days
Credit facility increase limit	$ 250,000,000
Borrowings outstanding			0		0
Remaining borrowing capacity			844,700,000		844,700,000
Unused commitment fee, percentage		0.25%
Revolving Credit Facility \| Line of Credit \| LIBOR Rate \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility \| Line of Credit \| LIBOR Rate \| Minimum \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, One
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility \| Line of Credit \| LIBOR Rate \| Maximum \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, One
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Revolving Credit Facility \| Line of Credit \| Federal funds rate \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| Line of Credit \| Base Rate \| Minimum \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Revolving Credit Facility \| Line of Credit \| Base Rate \| Maximum \| Senior Secured Asset-Based Revolving Credit Facility \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Letter of Credit \| Line of Credit \| Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit			$ 21,100,000		$ 21,100,000

Derivative Financial Instruments - Summary of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Oct. 31, 2020	Nov. 02, 2019	Oct. 28, 2020	Sep. 03, 2020	Sep. 03, 2019	Sep. 03, 2018	Sep. 03, 2017	Sep. 03, 2016
Derivative [Line Items]
Loss on swaps from debt refinancing	$ (1,330)			$ 0			$ (1,330)	$ 0
Recognized interest expense on interest rate swaps	2,590	$ 2,874	$ 1,893	$ 146	$ (708)	$ (882)
Interest rate swap, effective September 7, 2016
Derivative [Line Items]
Notional Amount	$ 250,000						$ 250,000			$ 250,000	$ 320,000	$ 430,000	$ 525,000	$ 600,000
Fixed Rate	2.21%						2.21%
Interest rate swap, effective November 1, 2016
Derivative [Line Items]
Notional Amount	$ 250,000						$ 250,000
Fixed Rate	1.54%						1.54%
Interest rate swap, effective March 1, 2018
Derivative [Line Items]
Notional Amount	$ 400,000						$ 400,000
Fixed Rate	2.54%						2.54%
Interest rate swaps
Derivative [Line Items]
Loss on swaps from debt refinancing	$ 1,300						$ 1,300
Recognized interest expense on interest rate swaps							4,000
Interest rate swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	650,000						650,000		$ 100,000
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 250,000						$ 250,000

Derivative Financial Instruments - Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Derivative [Line Items]
Total derivatives designated as hedging instruments net liability	$ (5,882)	$ (8,106)	$ (7,495)
Designated as Hedging Instrument
Derivative [Line Items]
Total derivatives designated as hedging instruments net liability	(1,334)	(8,106)	(7,495)
Not Designated as Hedging Instrument
Derivative [Line Items]
Total derivatives designated as hedging instruments net liability	(4,548)	0	0
Interest rate swaps \| Other current assets \| Designated as Hedging Instrument
Derivative [Line Items]
Assets	0	0	190
Interest rate swaps \| Accrued expenses and other current liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Liabilities	1,198	6,130	5,184
Interest rate swaps \| Accrued expenses and other current liabilities \| Not Designated as Hedging Instrument
Derivative [Line Items]
Liabilities	4,548	0	0
Interest rate swaps \| Other long-term liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Liabilities	$ 136	$ 1,976	$ 2,501

Derivative Financial Instruments - Impact of Gains and Losses Related to Interest Rate Swaps (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2020

Aug. 01, 2020

May 02, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Oct. 31, 2020

Nov. 02, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Losses in AOCI to be reclassified during the next twelve months

$ 4,600

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Partners' Equity, beginning balance

1,149,096

$ 977,571

$ 988,219

^[1]

$ 925,302

$ 885,150

$ 857,039

988,219

^[1]

$ 857,039

Loss deferred into AOCI, tax

Loss deferred into AOCI (net of tax impact of $53)

(278)

(606)

(4,434)

(1,317)

(9,632)

(3,510)

Increase (decrease) to interest expense, tax

221

Loss on swaps from debt refinancing, tax

2,590

2,874

1,893

146

(708)

(882)

330

Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)

1,000

Partners' Equity, ending balance

^[1]

984,564

1,149,096

977,571

969,083

^[1]

925,302

885,150

969,083

^[1]

Accumulated Other Comprehensive Income (Loss)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Partners' Equity, beginning balance

(8,339)

(10,607)

(8,066)

(6,284)

4,056

8,448

(8,066)

8,448

Loss deferred into AOCI (net of tax impact of $53)

(278)

(606)

(4,434)

(1,317)

(9,632)

(3,510)

Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)

2,590

2,874

1,893

(708)

(882)

1,000

Partners' Equity, ending balance

(5,027)

$ (8,339)

$ (10,607)

(7,455)

$ (6,284)

$ 4,056

(7,455)

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Loss deferred into AOCI (net of tax impact of $53)

(278)

(1,317)

(5,318)

(14,459)

Loss on swaps from debt refinancing in other (income) expense, net (net of tax impact of $330)

2,590

146

7,357

(1,444)

$ 1,000

$ 0

$ 1,000

$ 0

[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Fair Value Measurements - Fair Value Hierarchy (Details) - Level 2 - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Assets
Interest rate swap	$ 0	$ 0	$ 190
Liabilities
Interest rate swap	$ 5,882	$ 8,106	$ 7,685

Fair Value Measurements - Additional Information (Details) - USD ($)	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
2015 Term Loan Facility \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 1,400,000,000	$ 1,200,000,000	$ 1,000,000,000.0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 767,000,000.0	$ 113,300,000	$ 0

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,327,289	$ 1,300,915	$ 1,327,289	$ 1,300,915	$ 1,311,928
Accumulated depreciation and amortization	(944,669)	(846,509)	(944,669)	(846,509)	(870,521)
Property and equipment, net	382,620	454,406	382,620	454,406	441,407
Depreciation expense	25,500	29,600	79,700	88,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	435,094	433,266	435,094	433,266	436,807
Equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	543,147	527,845	543,147	527,845	537,364
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	317,371	314,909	317,371	314,909	316,420
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	27,979	21,197	27,979	21,197	17,639
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,698	$ 3,698	$ 3,698	$ 3,698	$ 3,698

Leases - Components of Lease Expense and Sublease Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020 USD ($) extension	Nov. 02, 2019 USD ($)	Oct. 31, 2020 USD ($) extension	Nov. 02, 2019 USD ($)
Leases [Abstract]
Lease expense credit	$ 400		$ 2,400
Number of extensions \| extension	6		46
Operating lease expense	$ 49,272	$ 49,159	$ 147,528	$ 146,039
Short-term lease expense	0	0	0	0
Variable lease expense	1,709	1,956	3,527	5,805
Sublease income	(115)	(403)	(641)	(1,205)
Net lease expense	$ 50,866	$ 50,712	$ 150,414	$ 150,639

Leases - Information About Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 13,477	$ 32,520	$ 84,595	$ 55,562
Cash paid for amounts included in the measurement of lease liabilities	$ 48,092	$ 48,283	$ 130,274	$ 143,848
Weighted-average remaining lease term in years	11 years 2 months 12 days	10 years 10 months 24 days	11 years 2 months 12 days	10 years 10 months 24 days
Weighted-average incremental borrowing rate	9.09%	8.88%	9.09%	8.88%

Leases - Remaining Maturities of Lease Liabilities (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2020 USD ($)
Leases [Abstract]
2020	$ 48,759
2021	196,666
2022	194,316
2023	186,750
2024	178,462
2025	172,512
After 2025	1,051,915
Total payments	2,029,380
Less: Interest	(778,599)
Present value of lease liabilities	1,250,781
Sublease rentals	$ 1,900

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Payables and Accruals [Abstract]
Accrued interest	$ 6,996	$ 7,835	$ 3,261
Accrued personnel costs	72,995	54,065	41,237
Accrued professional fees	6,041	2,451	2,787
Accrued sales and use tax	18,590	12,651	18,041
Accrued self-insurance	13,136	14,107	13,912
Deferred revenue - gift cards and other	54,557	70,220	49,603
Income taxes payable	19,197	4,941	4,575
Interest rate swaps	5,746	6,129	5,184
Property taxes	49,679	16,919	50,066
Sales return allowance	5,000	5,500	5,500
Other	22,675	16,563	25,826
Accrued expenses and other current liabilities	$ 274,612	$ 211,381	$ 219,992

Equity and Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 28, 2020	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019	Oct. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense		$ 23,400	$ 1,400	$ 27,000	$ 5,900
Distribution	$ 257,000			257,000	$ 0
Distributions to unitholders (in dollars per share)	$ 1.1257
Distributions to unitholders after conversion (in dollars per share)	$ 3.5460
Cash used for distributions	$ 248,000
Share-based award payments payable		12,100		12,100
Exercise Price Range, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)	$ 0.89
Unit options (in shares)	3,107,301
Exercise Price Range, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)	$ 3.53
Unit options (in shares)	554,474
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense		$ 19,900		19,900
Restricted units, granted (in shares)	159,362
Unit Options And Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense				$ 20,700
Unit Options \| Exercise Price Range, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)	$ 0.28
Unit options (in shares)	9,788,000
Unit Options \| Exercise Price Range, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)	$ 1.12
Unit options (in shares)	1,746,594
Liquidity Event Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)	50,590			1,185,474
2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						5,150,000
Authorized for grant (in shares)		4,996,703		4,996,703
Available for grant (in shares)		4,996,703		4,996,703

Equity and Share-Based Compensation - Assumptions and Grant Date Fair Values for Options Granted (Details) - Service Options	9 Months Ended
	Oct. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 2 months 12 days
Expected volatility, minimum	53.00%
Expected volatility, maximum	54.00%
Weighted-average volatility	53.00%
Risk-free interest rate, minimum	0.39%
Risk-free interest rate, maximum	0.76%
Dividend yield	0.00%

Equity and Share-Based Compensation - Units Granted (Details) - $ / shares		9 Months Ended
	Aug. 28, 2020	Oct. 31, 2020
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted (in shares)		1,417,961
Options, weighted average grant date fair value (in usd per share)		$ 8.48
Options, weighted average exercise price (in usd per share)		$ 16.87
Service Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)		11,564
Restricted units, weighted average grant date fair value (in usd per share)		$ 17.30
Liquidity Event Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)	50,590	1,185,474
Restricted units, weighted average grant date fair value (in usd per share)		$ 17.99
Performance Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)		12,772
Restricted units, weighted average grant date fair value (in usd per share)		$ 13.04

Equity and Share-Based Compensation - Unrecognized Compensation Cost (Details)	9 Months Ended
	Oct. 31, 2020 USD ($)
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, options	$ 18,952,974
Weighted average life remaining in years	2 years 8 months 12 days
Performance Unit Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, options	$ 883,794
Weighted average life remaining in years	2 years 3 months 18 days
Service Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 68,493
Weighted average life remaining in years	4 months 24 days
Liquidity Event Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 18,037,924
Weighted average life remaining in years	2 years 1 month 6 days
Performance Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 159,999
Weighted average life remaining in years	1 year 7 months 6 days

Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2020

Aug. 01, 2020

May 02, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Oct. 31, 2020

Nov. 02, 2019

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Net income

$ 59,586

$ 167,676

$ (10,020)

$ 28,552

$ 48,347

$ 25,406

$ 217,242

$ 102,305

Weighted average common shares outstanding - basic (in shares)

^[1]

76,771

72,484

73,908

72,480

Weighted average common shares outstanding - diluted (in shares)

^[1]

80,714

75,201

77,171

74,766

Earnings per common share - basic (in usd per share)

^[1]

$ 0.78

$ 0.39

$ 2.94

$ 1.41

Earnings per common share - diluted (in usd per share)

^[1]

$ 0.74

$ 0.38

$ 2.82

$ 1.37

Anti-dilutive stock-based awards excluded from diluted calculation (in shares)

4,460

4,153

1,648

578

Service Restricted Units

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Performance Restricted Units

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

1,423

991

Service Options

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

1,081

1,271

871

824

Performance Unit Options