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v3.19.1

Income Taxes (Tables) | 12 Months Ended
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Feb. 02, 2019
Income Tax Disclosure [Abstract] |
Summary of Income Before Income Taxes | The following is a summary of the income before income taxes (in thousands):
|  | Year Ended |
|  | February 2, |  |  | February 3, |  |  | January 28, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Domestic |  | $ | 178,016 |  |  | $ | 28,859 |  |  | $ | 8,370 |
Foreign |  |  | 3,137 |  |  |  | 1,292 |  |  |  | 184 |
Total income before income taxes |  | $ | 181,153 |  |  | $ | 30,151 |  |  | $ | 8,554 |
Summary of Income Tax Expense (Benefit) | The following is a summary of the income tax expense (benefit) (in thousands):
|  | Year Ended |
|  | February 2, |  |  | February 3, |  |  | January 28, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 24,012 |  |  | $ | 18,593 |  |  | $ | 751 |
State |  |  | 6,275 |  |  |  | 2,761 |  |  |  | 2,410 |
Foreign |  |  | 1,270 |  |  |  | 933 |  |  |  | 694 |
Total current tax expense |  |  | 31,557 |  |  |  | 22,287 |  |  |  | 3,855 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (465 | ) |  |  | 6,042 |  |  |  | 2,109 |
State |  |  | (731 | ) |  |  | (355 | ) |  |  | (2,414 | )
Foreign |  |  | 153 |  |  |  | (3 | ) |  |  | (397 | )
Total deferred tax expense (benefit) |  |  | (1,043 | ) |  |  | 5,684 |  |  |  | (702 | )
Total income tax expense |  | $ | 30,514 |  |  | $ | 27,971 |  |  | $ | 3,153 |
Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate | A reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows:
|  | Year Ended |
|  | February 2, |  |  | February 3, |  |  | January 28, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Provision at federal statutory tax rate |  |  | 21.0 | % |  |  | 33.7 | % |  |  | 35.0 | %
State income taxes—net of federal tax impact |  |  | 2.1 |  |  |  | 4.8 |  |  |  | 4.8 |
Goodwill impairment |  |  | 1.6 |  |  |  | 17.9 |  |  |  | — |
Valuation allowance |  |  | 0.3 |  |  |  | 1.1 |  |  |  | 0.9 |
Meals and entertainment |  |  | 0.2 |  |  |  | 1.5 |  |  |  | 5.0 |
Other permanent items |  |  | 0.2 |  |  |  | 1.3 |  |  |  | 2.8 |
Aircraft expenses |  |  | 0.1 |  |  |  | 3.6 |  |  |  | 3.3 |
Tax rate adjustments |  |  | 0.1 |  |  |  | (0.6 | ) |  |  | (5.8 | )
Stock compensation—excess benefits |  |  | (8.8 | ) |  |  | (20.9 | ) |  |  | — |
Non-deductible stock-based compensation |  |  | — |  |  |  | 26.7 |  |  |  | — |
Federal statutory tax rate change |  |  | — |  |  |  | 20.1 |  |  |  | — |
Foreign income inclusion—transition tax |  |  | — |  |  |  | 3.3 |  |  |  | — |
Net adjustments to tax accruals and other |  |  | — |  |  |  | 1.4 |  |  |  | 1.2 |
Foreign income |  |  | — |  |  |  | (0.9 | ) |  |  | (4.2 | )
Donation of appreciated property |  |  | — |  |  |  | (0.2 | ) |  |  | (8.7 | )
Transaction costs |  |  | — |  |  |  | — |  |  |  | 2.6 |
Effective tax rate |  |  | 16.8 | % |  |  | 92.8 | % |  |  | 36.9 | %
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | February 2, |  |  | February 3, |
|  | 2019 |  |  | 2018 |
Non-current deferred tax assets (liabilities) |  |  |  |  |  |  |  |
Stock-based compensation |  | $ | 22,721 |  |  | $ | 25,047 |
Deferred lease credits |  |  | 20,900 |  |  |  | 18,355 |
Accrued expense |  |  | 16,657 |  |  |  | 10,488 |
Inventory |  |  | 14,735 |  |  |  | 16,132 |
Net operating loss carryforwards |  |  | 1,654 |  |  |  | 1,584 |
Property and equipment |  |  | (27,583 | ) |  |  | (21,869 | )
Tradenames, trademarks and intangibles |  |  | (12,386 | ) |  |  | (14,991 | )
Prepaid expense and other |  |  | (4,209 | ) |  |  | (12,379 | )
State tax benefit |  |  | (2,250 | ) |  |  | (2,394 | )
Convertible senior notes |  |  | (1,054 | ) |  |  | (1,890 | )
Deferred revenue |  |  | (152 | ) |  |  | 3,313 |
Other |  |  | 2,618 |  |  |  | 3,105 |
Non-current deferred tax assets |  |  | 31,651 |  |  |  | 24,501 |
Valuation allowance |  |  | (1,618 | ) |  |  | (1,190 | )
Net non-current deferred tax assets |  | $ | 30,033 |  |  | $ | 23,311 |
Schedule of Reconciliation of Valuation Allowance | A reconciliation of the valuation allowance is as follows (in thousands):
|  | Year Ended |
|  | February 2, |  |  | February 3, |  |  | January 28, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Balance at beginning of fiscal year |  | $ | 1,190 |  |  | $ | 760 |  |  | $ | 158 |
Net changes in deferred tax assets and liabilities |  |  | 428 |  |  |  | 430 |  |  |  | 602 |
Balance at end of fiscal year |  | $ | 1,618 |  |  | $ | 1,190 |  |  | $ | 760 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the exposures related to unrecognized tax benefits is as follows (in thousands):
|  | Year Ended |
|  | February 2, |  |  | February 3, |  |  | January 28, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Balance at beginning of fiscal year |  | $ | 8,152 |  |  | $ | 2,190 |  |  | $ | 921 |
Gross increases—prior period tax positions |  |  | 239 |  |  |  | 5,491 |  |  |  | 53 |
Gross increases—current period tax positions |  |  | 375 |  |  |  | 471 |  |  |  | 1,216 |
Lapses in statute of limitations |  |  | (307 | ) |  |  | — |  |  |  | — |
Balance at end of fiscal year |  | $ | 8,459 |  |  | $ | 8,152 |  |  | $ | 2,190 |

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