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Debt (Tables) | 6 Months Ended
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Aug. 02, 2024
Debt Disclosure [Abstract] |
Summary of Company's Maximum Borrowing Availability Under ABL Facility |
|  | August 2, 2024 |  | July 28, 2023 |  | February 2, 2024
(in thousands) |  | Amount |  |  | Interest Rate |  | Amount |  |  | Interest Rate |  | Amount |  |  | Interest Rate
ABL Facility limit |  | $ | 275,000 |  |  |  |  | $ | 275,000 |  |  |  |  | $ | 275,000 |  |  |
Borrowing Base |  |  | 145,620 |  |  |  |  |  | 207,326 |  |  |  |  |  | 176,311 |  |  |
Outstanding borrowings |  |  | 20,000 |  |  | 6.68% |  |  | 70,000 |  |  | 6.82% |  |  | — |  |  |
Outstanding letters of credit |  |  | 8,101 |  |  |  |  |  | 8,554 |  |  |  |  |  | 9,070 |  |  |
ABL Facility utilization at end of period |  |  | 28,101 |  |  |  |  |  | 78,554 |  |  |  |  |  | 9,070 |  |  |
ABL Facility borrowing availability |  | $ | 117,519 |  |  |  |  | $ | 128,772 |  |  |  |  | $ | 167,241 |  |  |
Effective with the Fourth Amendment to the ABL Facility executed May 12, 2023, the benchmark interest rate was changed from LIBOR to SOFR plus an adjustment of 0.10% for all loans (“ABL Adjusted SOFR”). Loan interest rates are selected at the borrower’s election, is either (1) ABL Adjusted SOFR, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50%, (b) the one-month ABL Adjusted SOFR rate plus 1.00%, or (c) the Wells Fargo “prime rate”. The borrowing margin for ABL Adjusted SOFR loans is (i) less than $95.0 million, 1.25%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 1.50%, and (iii) greater than or equal to $180.0 million, 1.75%. For base rate loans, the borrowing margin is (i) less than $95.0 million, 0.50%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 0.75%, and (iii) greater than or equal to $180.0 million, 1.00% (“Applicable Borrowing Margin”). The Applicable Borrowing Margin for all loans is based upon the average daily total loans outstanding for the previous quarter. The Fourth Amendment had no material interest rate impact. The ABL Facility fees include (i) commitment fees of 0.25% based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter, (ii) customary letter of credit fees and (iii) customary annual agent fees. As of August 2, 2024, the Company had $20.0 million borrowings outstanding under the ABL Facility.
Schedule of Company's Long Term Debt | The Company’s long-term debt consisted of the following:
|  | August 2, 2024 |  | July 28, 2023 |  | February 2, 2024
(in thousands) |  | Amount |  |  | Interest Rate |  | Amount |  |  | Interest Rate |  | Amount |  |  | Interest Rate
Former Term Loan Facility |  | $ | — |  |  | —% |  | $ | 237,188 |  |  | 14.97% |  | $ | — |  |  | —%
Current Term Loan Facility |  |  | 253,500 |  |  | 13.70% |  |  | — |  |  | —% |  |  | 260,000 |  |  | 13.70%
Less: Current portion of long-term debt |  |  | 13,000 |  |  |  |  |  | 13,750 |  |  |  |  |  | 13,000 |  |  |
Less: Unamortized debt issuance costs |  |  | 10,273 |  |  |  |  |  | 5,416 |  |  |  |  |  | 10,830 |  |  |
Long-term debt, net |  | $ | 230,227 |  |  |  |  | $ | 218,022 |  |  |  |  | $ | 236,170 |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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