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Convertible Senior Notes and Related Transactions (Tables) | 6 Months Ended
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Aug. 03, 2024
Debt Disclosure [Abstract] |
Schedule of Convertible Debt | The Notes consist of the following (in thousands):
| Aug 3, 2024 |  | Feb 3, 2024
2024 Notes |  |  |
Principal | $ | — |  |  | $ | 48,078 |
Unamortized debt issuance costs | — |  |  | (30) |
Net carrying amount | $ | — |  |  | $ | 48,048 |
Fair value, net 1 | $ | — |  |  | $ | 49,182 |
Initial 2028 Notes |  |  |
Principal | $ | 275,000 |  |  | $ | 275,000 |
Unamortized debt discount and issuance costs 2,3 | (7,162) |  |  | (8,034) |
Net carrying amount | $ | 267,838 |  |  | $ | 266,966 |
Fair value, net 1 | $ | 312,341 |  |  | $ | 295,550 |
Additional 2028 Notes |  |  |
Principal | $ | 76,947 |  |  | $ | 64,826 |
Unamortized debt discount and issuance costs 3 | (13,139) |  |  | (11,465) |
Embedded derivative 4 | 18,900 |  |  | 16,390 |
Net carrying amount | $ | 82,708 |  |  | $ | 69,751 |
Fair value, net 1 | $ | 95,160 |  |  | $ | 60,099 |
Net carrying amount of Initial and Additional 2028 Notes | $ | 350,546 |  |  | $ | 336,717 |
______________________________________________________________________ Notes: 1 The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. 2 The unamortized debt discount related to the Initial 2028 Notes is due to the result of the modification accounting for a portion of the exchanged notes. This discount represents both an increase in the fair value of the embedded conversion feature, which is calculated as the difference between the fair value of the embedded conversion feature immediately before and after the exchange, and cash paid to modified noteholders. The change in conversion feature value reduces the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital. The additional cash paid to modified noteholders increased the debt discount. This debt discount is being amortized to interest expense over five years. 3 For each of the three and six months ended August 3, 2024, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% and 9.3% for the Initial 2028 Notes and Additional 2028 Notes, respectively. For the three and six months ended July 29, 2023, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% for the Initial 2028 Notes. 4 The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.
Schedule of Interest Expense on Convertible Notes | Interest expense for the Notes for the three and six months ended August 3, 2024 and July 29, 2023 consists of the following (in thousands):
| Three Months Ended |  | Six Months Ended
| Aug 3, 2024 |  | Jul 29, 2023 |  | Aug 3, 2024 |  | Jul 29, 2023
2024 Notes |  |  |  |  |  |  |
Coupon interest | $ | — |  |  | $ | 576 |  |  | $ | 334 |  |  | $ | 1,922 |
Amortization of debt discount and issuance costs | — |  |  | 86 |  |  | 28 |  |  | 284 |
Total | $ | — |  |  | $ | 662 |  |  | $ | 362 |  |  | $ | 2,206 |
Initial 2028 Notes |  |  |  |  |  |  |
Coupon interest | $ | 2,578 |  |  | $ | 2,578 |  |  | $ | 5,156 |  |  | $ | 2,979 |
Amortization of debt discount and issuance costs | 436 |  |  | 417 |  |  | 872 |  |  | 479 |
Total | $ | 3,014 |  |  | $ | 2,995 |  |  | $ | 6,028 |  |  | $ | 3,458 |
Additional 2028 Notes |  |  |  |  |  |  |
Coupon interest | $ | 721 |  |  | $ | — |  |  | $ | 1,367 |  |  | $ | — |
Amortization of debt discount and issuance costs | 775 |  |  | — |  |  | 1,437 |  |  | — |
Total | $ | 1,496 |  |  | $ | — |  |  | $ | 2,804 |  |  | $ | — |

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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