2022 Q1 Form 10-K Financial Statement

#000176650222000008 Filed on March 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $2.388B $8.891B $2.043B
YoY Change 16.91% 24.41% 50.83%
Cost Of Revenue $1.783B $6.517B $1.489B
YoY Change 19.75% 22.38% 44.77%
Gross Profit $605.5M $2.374B $554.2M
YoY Change 9.26% 30.36% 69.9%
Gross Profit Margin 25.35% 26.7% 27.13%
Selling, General & Admin $652.1M $1.827B $521.5M
YoY Change 25.04% 30.68% 34.82%
% of Gross Profit 107.69% 76.97% 94.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.87M $55.01M $11.10M
YoY Change 51.96% 54.24% 40.51%
% of Gross Profit 2.79% 2.32% 2.0%
Operating Expenses $668.7M $2.446B $532.6M
YoY Change 25.55% 27.97% 37.73%
Operating Profit -$63.19M -$72.18M $21.60M
YoY Change -392.52% -20.21% -135.7%
Interest Expense -$424.0K -$1.639M -$600.0K
YoY Change -29.33% -18.94% 100.0%
% of Operating Profit -2.78%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$63.61M -$73.82M $21.00M
YoY Change -402.9% -20.19% -134.48%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$63.61M -$73.82M $21.00M
YoY Change -402.9% -20.19% -134.48%
Net Earnings / Revenue -2.66% -0.83% 1.03%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$151.8K -$0.18 $50.74K
COMMON SHARES
Basic Shares Outstanding 417.2M shares
Diluted Shares Outstanding 417.2M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $603.1M $603.1M $563.3M
YoY Change 7.06% 7.06% 165.58%
Cash & Equivalents $603.1M $603.1M $563.3M
Short-Term Investments $0.00
Other Short-Term Assets $36.51M $36.51M $27.60M
YoY Change 32.29% 32.29% 46.81%
Inventory $560.4M $560.4M $513.3M
Prepaid Expenses
Receivables $123.5M $123.5M $100.7M
Other Receivables $0.00 $0.00 $21.90M
Total Short-Term Assets $1.324B $1.324B $1.227B
YoY Change 7.89% 7.88% 94.79%
LONG-TERM ASSETS
Property, Plant & Equipment $739.9M $739.9M $507.2M
YoY Change 45.87% 45.87% 327.18%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.89M $22.89M $6.902M
YoY Change 231.64% 231.74% 45.34%
Total Long-Term Assets $762.7M $762.7M $514.1M
YoY Change 48.36% 48.37% 69.94%
TOTAL ASSETS
Total Short-Term Assets $1.324B $1.324B $1.227B
Total Long-Term Assets $762.7M $762.7M $514.1M
Total Assets $2.086B $2.086B $1.741B
YoY Change 19.84% 19.84% 86.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $883.3M $883.3M $778.4M
YoY Change 13.48% 13.48% 13.97%
Accrued Expenses $761.6M $761.6M $602.5M
YoY Change 26.4% 26.4% 44.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.645B $1.645B $1.381B
YoY Change 19.12% 19.12% 25.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.50M $426.7M $33.82M
YoY Change -51.22% 17.83% -4.24%
Total Long-Term Liabilities $16.50M $426.7M $33.82M
YoY Change -51.22% 17.83% -4.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.645B $1.645B $1.381B
Total Long-Term Liabilities $16.50M $426.7M $33.82M
Total Liabilities $2.072B $2.072B $1.743B
YoY Change 18.86% 18.86% 30.43%
SHAREHOLDERS EQUITY
Retained Earnings -$2.011B -$1.937B
YoY Change 3.81% 5.01%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.74M $14.74M -$2.004M
YoY Change
Total Liabilities & Shareholders Equity $2.086B $2.086B $1.741B
YoY Change 19.84% 19.84% 86.73%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$63.61M -$73.82M $21.00M
YoY Change -402.9% -20.19% -134.48%
Depreciation, Depletion And Amortization $16.87M $55.01M $11.10M
YoY Change 51.96% 54.24% 40.51%
Cash From Operating Activities -$65.97M $191.7M $77.50M
YoY Change -185.12% 44.43% 4.17%
INVESTING ACTIVITIES
Capital Expenditures -$57.56M -$193.3M -$30.40M
YoY Change 89.34% 47.87% 200.99%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00 $10.80M
YoY Change -100.0% -100.0% 6.93%
Cash From Investing Activities -$57.56M -$193.3M -$19.70M
YoY Change 192.17% 56.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -315.0K $41.27M -300.0K
YoY Change 5.0% -87.94% -116.67%
NET CHANGE
Cash From Operating Activities -65.97M $191.7M 77.50M
Cash From Investing Activities -57.56M -$193.3M -19.70M
Cash From Financing Activities -315.0K $41.27M -300.0K
Net Change In Cash -123.8M $39.73M 57.50M
YoY Change -315.37% -88.69% -24.54%
FREE CASH FLOW
Cash From Operating Activities -$65.97M $191.7M $77.50M
Capital Expenditures -$57.56M -$193.3M -$30.40M
Free Cash Flow -$8.409M $385.0M $107.9M
YoY Change -107.79% 46.14% 27.69%

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CY2020 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable Trade
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CY2021 us-gaap Increase Decrease In Accounts Payable Trade
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CY2020 us-gaap Increase Decrease In Accounts Payable Trade
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Other Productive Assets
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CY2020 us-gaap Payments To Acquire Other Productive Assets
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CY2022 us-gaap Payments To Acquire Intangible Assets
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CY2021 us-gaap Payments To Acquire Intangible Assets
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CY2020 us-gaap Payments To Acquire Intangible Assets
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CY2021 chwy Cash Advances Provided To Reimbursements From Parent
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CY2020 chwy Cash Advances Provided To Reimbursements From Parent
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 chwy Proceeds From Tax Sharing Agreement
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CY2020 chwy Proceeds From Tax Sharing Agreement
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Issuance Initial Public Offering
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CY2021 us-gaap Proceeds From Issuance Initial Public Offering
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CY2020 us-gaap Proceeds From Issuance Initial Public Offering
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CY2021 us-gaap Proceeds From Contributions From Parent
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CY2020 us-gaap Proceeds From Contributions From Parent
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2021 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2021 us-gaap Finance Lease Principal Payments
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CY2020 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Proceeds From Payments For Other Financing Activities
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CY2020 us-gaap Proceeds From Payments For Other Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Interest Paid Net
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CY2022 us-gaap Fiscal Period
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<div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fiscal Year </span></div><div style="padding-left:13.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company’s 2021 fiscal year ended January 30, 2022 and included 52 weeks (“Fiscal Year 2021”). The Company’s 2020 fiscal year ended January 31, 2021 and included 52 weeks (“Fiscal Year 2020”). The Company’s 2019 fiscal year ended February 2, 2020 and included 52 weeks (“Fiscal Year 2019”).</span></div><div style="padding-left:13.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassification</span></div><div style="padding-left:13.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the Company is no longer a subsidiary of PetSmart, balances due from and due to PetSmart have been included on a net basis within prepaid expenses and other current assets on the consolidated balance sheets; corresponding amounts for prior periods have been reclassified to conform to the current period’s presentation.</span></div>
CY2022 us-gaap Use Of Estimates
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<div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="padding-left:13.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates.</span></div><div style="padding-left:13.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment and intangible assets, valuation allowances with respect to deferred tax assets, contingencies, self-insurance accruals, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.</span></div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit Risk The Company maintains the majority of its cash and cash equivalents in accounts with large financial institutions. At times, balances in these accounts may exceed federally insured limits; however, to date, the Company has not incurred any losses on its deposits of cash and cash equivalents.
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310700000 USD
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CY2021 chwy Fulfillment Costs
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CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2020 us-gaap Depreciation
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CY2021Q2 chwy Loss Contingency Patents Allegedly Infringed Motion To Dismiss Number
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CY2021Q4 us-gaap Loss Contingency Patents Found Not Infringed Number
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CY2021Q4 us-gaap Loss Contingency Patents Allegedly Infringed Number
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022 chwy Potential Adjustments To Additional Paid In Capital Cumulative Effect Of Valuation Allowance Release
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.279
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 chwy Deferred Tax Assets Operating Lease Liabilities
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110846000 USD
CY2021Q1 chwy Deferred Tax Assets Operating Lease Liabilities
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89117000 USD
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29672000 USD
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31372000 USD
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16718000 USD
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22865000 USD
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31919000 USD
CY2021Q1 us-gaap Deferred Tax Assets Other
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4044000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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181843000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
87881000 USD
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
378237000 USD
CY2021Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
239162000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
217032000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
124012000 USD
CY2022Q1 us-gaap Deferred Tax Assets Net
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161205000 USD
CY2021Q1 us-gaap Deferred Tax Assets Net
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115150000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
95102000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
76249000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
64545000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
37821000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
1558000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
1080000 USD
CY2022Q1 us-gaap Deferred Income Tax Liabilities
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161205000 USD
CY2021Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
115150000 USD
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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93000000 USD
CY2022 chwy Valuation Allowance Deferred Tax Asset Increase Decrease Due To Current Year Losses
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87500000 USD
CY2022 chwy Valuation Allowance Deferred Tax Asset Increase Decrease Other
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5700000 USD
CY2022 chwy Valuation Allowance Deferred Tax Asset Increase Decrease Due To State Blended Tax Rate
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-200000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
124012000 USD
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
242974000 USD
CY2019Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
172481000 USD
CY2022 chwy Deferred Tax Asset Valuation Allowance Increase Decrease To Establish Allowances
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93199000 USD
CY2021 chwy Deferred Tax Asset Valuation Allowance Increase Decrease To Establish Allowances
DeferredTaxAssetValuationAllowanceIncreaseDecreaseToEstablishAllowances
113286000 USD
CY2020 chwy Deferred Tax Asset Valuation Allowance Increase Decrease To Establish Allowances
DeferredTaxAssetValuationAllowanceIncreaseDecreaseToEstablishAllowances
69009000 USD
CY2022 chwy Deferred Tax Asset Valuation Allowance Increase Decrease Due To Tax Rate Change
DeferredTaxAssetValuationAllowanceIncreaseDecreaseDueToTaxRateChange
-179000 USD
CY2021 chwy Deferred Tax Asset Valuation Allowance Increase Decrease Due To Tax Rate Change
DeferredTaxAssetValuationAllowanceIncreaseDecreaseDueToTaxRateChange
1528000 USD
CY2020 chwy Deferred Tax Asset Valuation Allowance Increase Decrease Due To Tax Rate Change
DeferredTaxAssetValuationAllowanceIncreaseDecreaseDueToTaxRateChange
1484000 USD
CY2022 chwy Deferred Tax Asset Valuation Allowance Increase Decrease Due To Deconsolidation
DeferredTaxAssetValuationAllowanceIncreaseDecreaseDueToDeconsolidation
0 USD
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-233776000 USD
CY2020 chwy Deferred Tax Asset Valuation Allowance Increase Decrease Due To Deconsolidation
DeferredTaxAssetValuationAllowanceIncreaseDecreaseDueToDeconsolidation
0 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
217032000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
124012000 USD
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
242974000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
181800000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
166731000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
181843000 USD
CY2022Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
28553000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2022 chwy Proceeds From Tax Sharing Agreement
ProceedsFromTaxSharingAgreement
43700000 USD
CY2021 chwy Proceeds From Tax Sharing Agreement
ProceedsFromTaxSharingAgreement
23200000 USD
CY2019Q2 us-gaap Common Stock Shares Outstanding
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100 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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9800000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13700000 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21300000 shares
CY2022Q1 us-gaap Due From Affiliate Current
DueFromAffiliateCurrent
2500000 USD
CY2021Q1 us-gaap Due From Affiliate Current
DueFromAffiliateCurrent
21900000 USD

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0001766502-22-000008.txt Edgar Link pending
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0001766502-22-000008-xbrl.zip Edgar Link pending
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chwy-20220130.xsd Edgar Link pending
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