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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2023
Income Taxes |
Summary of Income Before Income Taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED
​ | ​ | JANUARY 28, | ​ | JANUARY 29, | ​ | JANUARY 30,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Domestic | ​ | $ | 418,216 | ​ | $ | 821,001 | ​ | $ | 378,267
Foreign | ​ |  | 19,068 | ​ |  | 1,103 | ​ |  | (1,854)
Total | ​ | $ | 437,284 | ​ | $ | 822,104 | ​ | $ | 376,413
Summary of Income Tax Expense (Benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED
​ | ​ | JANUARY 28, | ​ | JANUARY 29, | ​ | JANUARY 30,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (6,773) | ​ | $ | 111,975 | ​ | $ | 85,708
State | ​ |  | 1,013 | ​ |  | 28,141 | ​ |  | 23,684
Foreign | ​ |  | 7,012 | ​ |  | 363 | ​ |  | 126
Total current tax expense | ​ |  | 1,252 | ​ |  | 140,479 | ​ |  | 109,518
Deferred | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (78,032) | ​ |  | (3,841) | ​ |  | (2,251)
State | ​ |  | (18,639) | ​ |  | (2,885) | ​ |  | (2,536)
Foreign | ​ |  | 4,061 | ​ |  | (195) | ​ |  | (133)
Total deferred tax benefit | ​ |  | (92,610) | ​ |  | (6,921) | ​ |  | (4,920)
Total income tax expense (benefit) | ​ | $ | (91,358) | ​ | $ | 133,558 | ​ | $ | 104,598
​
Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | YEAR ENDED | ​
​ |  | JANUARY 28, |  | JANUARY 29, |  | JANUARY 30, | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Provision at federal statutory tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes—net of federal tax impact |  | (2.8) |  | 2.4 |  | 4.2 | ​
Stock compensation—excess benefits |  | (50.0) |  | (8.0) |  | (4.9) | ​
Tax impact of convertible senior notes repurchase | ​ | 9.4 | ​ | — | ​ | — | ​
Non-deductible stock-based compensation |  | 0.9 |  | 0.6 |  | 6.5 | ​
Valuation allowance |  | 0.5 |  | — |  | 0.1 | ​
Tax rate adjustments and other |  | 0.1 |  | 0.2 |  | 0.3 | ​
Other permanent items |  | — |  | — |  | 0.6 | ​
Effective tax rate |  | (20.9) | % | 16.2 | % | 27.8 | %
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | JANUARY 28, |  | JANUARY 29,
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Non-current deferred tax assets (liabilities) |  | ​ |  |  | ​ |
Lease liabilities | ​ | $ | 339,911 | ​ | $ | 317,971
Net operating loss carryforwards | ​ |  | 120,586 | ​ |  | 2,884
Accrued expenses | ​ |  | 30,108 | ​ |  | 19,572
Interest expense carryforwards | ​ | ​ | 28,584 | ​ | ​ | —
Stock-based compensation | ​ | ​ | 14,974 | ​ | ​ | 26,205
Merchandise inventories | ​ |  | 13,346 | ​ |  | 10,318
Deferred revenue | ​ |  | 3,242 | ​ |  | 1,739
Deferred lease credits | ​ |  | — | ​ |  | 4,854
Convertible senior notes | ​ |  | — | ​ |  | 779
Other | ​ |  | 4,483 | ​ |  | 1,152
Non-current deferred tax assets | ​ |  | 555,234 | ​ |  | 385,474
Valuation allowance | ​ |  | (4,202) | ​ |  | (1,959)
Non-current deferred tax assets—net | ​ | $ | 551,032 | ​ | $ | 383,515
Property and equipment | ​ | $ | (212,424) | ​ | $ | (154,821)
Lease right-of-use assets | ​ |  | (142,199) | ​ |  | (146,368)
Prepaid expense and other | ​ |  | (15,894) | ​ |  | (11,077)
Tradename, trademarks and intangibles | ​ |  | (11,452) | ​ |  | (12,603)
State benefit | ​ |  | (8,339) | ​ |  | (1,803)
Non-current deferred tax liabilities | ​ |  | (390,308) | ​ |  | (326,672)
Total non-current deferred tax assets—net | ​ | $ | 160,724 | ​ | $ | 56,843
​
Schedule of Reconciliation of Valuation Allowance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | JANUARY 28, |  | JANUARY 29,
​ |  | 2023 |  | 2022
​ | ​ | (in thousands)
Non-current deferred tax assets (liabilities) |  | ​ |  |  | ​ |
Lease liabilities | ​ | $ | 339,911 | ​ | $ | 317,971
Net operating loss carryforwards | ​ |  | 120,586 | ​ |  | 2,884
Accrued expenses | ​ |  | 30,108 | ​ |  | 19,572
Interest expense carryforwards | ​ | ​ | 28,584 | ​ | ​ | —
Stock-based compensation | ​ | ​ | 14,974 | ​ | ​ | 26,205
Merchandise inventories | ​ |  | 13,346 | ​ |  | 10,318
Deferred revenue | ​ |  | 3,242 | ​ |  | 1,739
Deferred lease credits | ​ |  | — | ​ |  | 4,854
Convertible senior notes | ​ |  | — | ​ |  | 779
Other | ​ |  | 4,483 | ​ |  | 1,152
Non-current deferred tax assets | ​ |  | 555,234 | ​ |  | 385,474
Valuation allowance | ​ |  | (4,202) | ​ |  | (1,959)
Non-current deferred tax assets—net | ​ | $ | 551,032 | ​ | $ | 383,515
Property and equipment | ​ | $ | (212,424) | ​ | $ | (154,821)
Lease right-of-use assets | ​ |  | (142,199) | ​ |  | (146,368)
Prepaid expense and other | ​ |  | (15,894) | ​ |  | (11,077)
Tradename, trademarks and intangibles | ​ |  | (11,452) | ​ |  | (12,603)
State benefit | ​ |  | (8,339) | ​ |  | (1,803)
Non-current deferred tax liabilities | ​ |  | (390,308) | ​ |  | (326,672)
Total non-current deferred tax assets—net | ​ | $ | 160,724 | ​ | $ | 56,843
​
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the exposures related to unrecognized tax benefits was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | YEAR ENDED
​ |  | JANUARY 28, |  | JANUARY 29, |  | JANUARY 30,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Balance at beginning of fiscal year | ​ | $ | 8,604 | ​ | $ | 8,456 | ​ | $ | 8,514
Gross decreases—prior period tax positions | ​ |  | — | ​ |  | (143) | ​ |  | (129)
Gross increases—current period tax positions | ​ |  | — | ​ |  | 933 | ​ |  | 690
Reductions based on the lapse of the applicable statutes of limitations | ​ |  | (453) | ​ |  | (642) | ​ |  | (619)
Balance at end of fiscal year | ​ | $ | 8,151 | ​ | $ | 8,604 | ​ | $ | 8,456

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