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Income Taxes - (Tables) | 12 Months Ended
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Jan. 31, 2021
Income Tax Disclosure [Abstract] |
Effective Income Tax Rate Reconciliation | The Company’s effective income tax rate reconciliation is as follows for the periods presented:
| Fiscal Year
| 2020 |  | 2019 |  | 2018
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 20.6 | % |  | 4.4 | % |  | 1.5 | %
Change in tax rate | 1.7 | % |  | 0.6 | % |  | — | %
Share-based compensation | 73.0 | % |  | 4.0 | % |  | — | %
Research and development tax credit | 7.8 | % |  | 1.3 | % |  | — | %
Other | 0.9 | % |  | (3.4) | % |  | (1.1) | %
Change in valuation allowance | (125.0) | % |  | (27.9) | % |  | (21.4) | %
Effective rate | — | % |  | — | % |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The temporary differences which comprise the Company’s deferred taxes are as follows for the periods presented (in thousands):
| As of
| January 31, 2021 |  | February 2, 2020
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 89,117 |  |  | $ | 53,578 |
Inventories | 3,883 |  |  | 7,485 |
Share-based compensation | 31,372 |  |  | 29,639 |
Accrued expenses and reserves | 22,865 |  |  | 10,814 |
Other | 4,044 |  |  | 12,882 |
Net operating loss carryforwards | 87,881 |  |  | 190,307 |
Total deferred tax assets | 239,162 |  |  | 304,705 |
Less: valuation allowance | 124,012 |  |  | 242,974 |
Deferred tax assets, net of valuation allowance | 115,150 |  |  | 61,731 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | 76,249 |  |  | 44,428 |
Depreciation | 37,821 |  |  | 15,681 |
Prepaids | 1,080 |  |  | 1,622 |
Total deferred tax liabilities | 115,150 |  |  | 61,731 |
Net deferred tax assets | $ | — |  |  | $ | — |
Summary of Valuation Allowance | The following summarizes the activity related to valuation allowances on deferred tax assets (in thousands):
| Fiscal Year
| 2020 |  | 2019 |  | 2018
Valuation allowance, as of beginning of period | $ | 242,974 |  |  | $ | 172,481 |  |  | $ | 115,143 |
Valuation allowances established | 113,286 |  |  | 69,009 |  |  | 57,232 |
Changes to existing valuation allowances | 1,528 |  |  | 1,484 |  |  | 106 |
Reduction of valuation allowance as a result of deconsolidation | (233,776) |  |  | — |  |  | — |
Valuation allowance, as of end of period | $ | 124,012 |  |  | $ | 242,974 |  |  | $ | 172,481 |
Summary of Operating Loss Carryforwards | These deferred tax assets expire as follows (in thousands):
2021 | $ | 36 |
2025 | 75 |
2028 | 10 |
2030 | 444 |
2032 | 881 |
Thereafter | 11,605 |
Indefinite | 74,830 |
Total loss carryforwards | $ | 87,881 |
Summary of Tax Credit Carryforwards | As of January 31, 2021, the Company had the following tax credit carryforwards (in thousands):
Year of Expiration | Research and Development |  | Work Opportunity |  |  |  | Total
2022 | $ | 62 |  |  | $ | — |  |  |  |  | $ | 62 |
2023 | 82 |  |  | — |  |  |  |  | 82 |
2039 | 1,536 |  |  | — |  |  |  |  | 1,536 |
2040 | 2,909 |  |  | 339 |  |  |  |  | 3,248 |
| $ | 4,589 |  |  | $ | 339 |  |  |  |  | $ | 4,928 |

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