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PREPAID EXPENSE AND OTHER ASSETS

9 Months Ended

Nov. 01, 2025

NOTE 4—PREPAID EXPENSE AND OTHER ASSETS

Prepaid expense and other current assets consisted of the following:


	NOVEMBER 1,		FEBRUARY 1,
	2025		2025

	(in thousands)
Value added tax (VAT) receivable	$	32,252	$	9,866
Prepaid expenses		21,371		29,595
Vendor deposits		19,637		20,441
Capitalized cloud computing costs		11,419		9,851
Capitalized catalog costs		7,921		30,162
Tenant allowance receivable		6,744		12,668
Right of return asset for merchandise		6,548		6,237
Federal and state tax receivable⁽¹⁾		4,106		24,729
Promissory notes receivable, including interest⁽²⁾		1,154		3,674
Other current assets		32,110		30,620
Total prepaid expense and other current assets	$	143,262	$	177,843

(1)	As of February 1, 2025, includes $19 million related to a federal tax receivable from a carryback claim.

(2)	Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs. Refer to Note 6—Variable Interest Entities.

Other non-current assets consisted of the following:


	NOVEMBER 1,		FEBRUARY 1,
	2025		2025

	(in thousands)
Landlord assets under construction—net of tenant allowances	$	113,423	$	138,701
Initial direct costs prior to lease commencement		82,503		80,897
Capitalized cloud computing costs—net⁽¹⁾		29,304		22,738
Federal tax receivable—non-current⁽²⁾		19,483		—
Other deposits		8,354		7,754
Deferred financing fees		3,732		1,512
Vendor deposits—non-current		3,285		2,684
Other non-current assets		14,460		17,100
Total other non-current assets	$	274,544	$	271,386

(1)	Presented net of accumulated amortization of $40 million and $30 million as of November 1, 2025 and February 1, 2025, respectively.

(2)	Represents a federal tax receivable from a carryback claim.