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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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