Chewy, Inc. Files Q1 2024 10-Q Report

TL;DR

Chewy's Q1 2024 10-Q is in. Check financials.

AI Summary

Chewy, Inc. filed its 10-Q for the period ending April 28, 2024, reporting on its financial performance. The company's fiscal year ends in February, and this filing covers the first quarter of fiscal year 2024. Specific financial details and operational updates are provided within the report.

Why It Matters

This filing provides investors with an update on Chewy's financial health and operational performance for the first quarter of fiscal year 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks or opportunities impacting the company's stock.

Key Players & Entities

• Chewy, Inc. (company) — Filer of the 10-Q report
• 20240428 (date) — End of the reporting period
• 20240529 (date) — Date the report was filed
• 7700 WEST SUNRISE BOULEVARD (address) — Company's business and mailing address
• PLANTATION (location) — City of the company's address
• FL (location) — State of the company's address

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share CHWY New York Stock Exchange

Filing Documents

• chwy-20240428.htm (10-Q) — 1065KB
• exhibit101formofperformanc.htm (EX-10.1) — 131KB
• exhibit102formofrestricted.htm (EX-10.2) — 112KB
• exhibit311certificateofchi.htm (EX-31.1) — 12KB
• exhibit312certificateofchi.htm (EX-31.2) — 12KB
• exhibit321certificateofchi.htm (EX-32.1) — 6KB
• chwy-20240428_g1.jpg (GRAPHIC) — 82KB
• 0001766502-24-000020.txt ( ) — 5601KB
• chwy-20240428.xsd (EX-101.SCH) — 30KB
• chwy-20240428_cal.xml (EX-101.CAL) — 58KB
• chwy-20240428_def.xml (EX-101.DEF) — 179KB
• chwy-20240428_lab.xml (EX-101.LAB) — 470KB
• chwy-20240428_pre.xml (EX-101.PRE) — 330KB
• chwy-20240428_htm.xml (XML) — 538KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of April 28 , 202 4 and January 28 , 20 24 3 Condensed Consolidated Statements of Operations and Comprehensiv e Income for the Thirteen Weeks Ended April 28 , 2 024 and April 30, 20 23 4 Condensed Consolidated Statements of Stockholders' Equity for the Thirteen Weeks Ended April 28, 2024 and April 30, 20 23 5 Condensed Consolidated Statements of Cash Flows for the Thirteen Weeks Ended April 28, 2024 and April 30, 2 023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

SIGNATURES

SIGNATURES 55

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our share repurchase program, our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to: sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings; successfully respond to business disruptions; successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations; acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins and maintain profitability; manage our growth effectively; maintain positive perceptions of the Company and preserve, grow and leverage the value of our reputation and our brand; li

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) CHEWY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) As of April 28, 2024 January 28, 2024 Assets (Unaudited) Current assets: Cash and cash equivalents $ 1,134,629 $ 602,232 Marketable securities 3,490 531,785 Accounts receivable 172,209 154,043 Inventories 752,335 719,273 Prepaid expenses and other current assets 63,499 97,015 Total current assets 2,126,162 2,104,348 Property and equipment, net 524,850 521,298 Operating lease right-of-use assets 466,300 474,617 Goodwill 39,442 39,442 Other non-current assets 44,294 47,146 Total assets $ 3,201,048 $ 3,186,851 Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 1,143,725 $ 1,104,940 Accrued expenses and other current liabilities 852,392 1,005,937 Total current liabilities 1,996,117 2,110,877 Operating lease liabilities 519,312 527,795 Other long-term liabilities 42,703 37,935 Total liabilities 2,558,132 2,676,607 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding as of April 28, 2024 and January 28, 2024 — — Class A common stock, $ 0.01 par value per share, 1,500,000,000 shares authorized, 136,495,974 and 132,913,046 shares issued and outstanding as of April 28, 2024 and January 28, 2024, respectively 1,365 1,329 Class B common stock, $ 0.01 par value per share, 395,000,000 shares authorized, 298,863,356 shares issued and outstanding as of April 28, 2024 and January 28, 2024 2,989 2,989 Additional paid-in capital 2,547,321 2,481,984 Accumulated deficit ( 1,908,755 ) ( 1,975,652 ) Accumulated other comprehensive loss ( 4 ) ( 406 ) Total stockholders' equity 642,916 510,244 Total liabilities and stockholders' equity $ 3,201,048 $ 3,186,851 See accompanying Notes to Condensed Consolidated Financial Statements. 3 CHEWY, INC. CONDENSED CONSOLID