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Debt (Tables)

6 Months Ended

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.

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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

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