STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Feb. 01, 2025

STOCK-BASED COMPENSATION

Summary of Stock Option Activity

		WEIGHTED-AVERAGE
	OPTIONS	EXERCISE PRICE
Outstanding—February 3, 2024	3,576,556	$	192.94
Granted	546,850		277.64
Exercised	(356,453)		90.60
Cancelled	(114,839)		287.07
Outstanding—February 1, 2025	3,652,114	$	212.65

Schedule of Assumptions Used to Estimate Fair Value of Stock Options Issued

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
Expected volatility	56.8	%	54.3	%	62.4	%
Expected life (years)	7.2		7.3		7.3
Risk-free interest rate	4.5	%	3.9	%	3.8	%
Dividend yield	—		—		—

Summary of Additional Information about Stock Options

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands, except per share amounts)
Weighted-average fair value per share of stock options granted	$	172.87	$	160.57	$	171.78
Aggregate intrinsic value of stock options exercised		90,058		34,556		1,102,657
Fair value of stock options vested		27,063		19,113		18,071

Stock options outstanding, vested or expected to vest, and exercisable

	OPTIONS OUTSTANDING				OPTIONS EXERCISABLE
		WEIGHTED-
		AVERAGE	WEIGHTED-			WEIGHTED-
		REMAINING	AVERAGE			AVERAGE
	NUMBER OF	CONTRACTUAL LIFE	EXERCISE		NUMBER OF	EXERCISE
RANGE OF EXERCISE PRICES	OPTIONS	(in years)	PRICE		OPTIONS	PRICE
$25.39 — $45.21	151,950	1.3	$	35.79	151,950	$	35.79
$50.00 — $50.00	1,000,000	2.3		50.00	1,000,000		50.00
$87.31 — $154.82	580,369	4.7		135.01	301,643		128.26
$159.00 — $267.09	804,615	8.5		260.75	66,510		221.46
$278.30 — $379.26	297,630	7.2		316.98	74,645		328.62
$385.30 — $385.30	700,000	5.7		385.30	700,000		385.30
$389.34 — $713.52	117,550	6.9		586.84	31,165		611.96
Total	3,652,114		$	212.65	2,325,913	$	181.51
Vested or expected to vest	3,332,168		$	206.51

Schedule of options outstanding, vested or expected to vest, and exercisable

		WEIGHTED-		WEIGHTED-		AGGREGATE
		AVERAGE		AVERAGE		INTRINSIC
		EXERCISE		REMAINING TERM		VALUE
	SHARES	PRICE		(in years)		(in thousands)
Options outstanding	3,652,114	$	212.65		5.2	$	774,076
Options vested or expected to vest	3,332,168	$	206.51		4.9	$	725,915
Options exercisable	2,325,913	$	181.51		3.8	$	558,694

Schedule of stock-based compensation expense

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Stock-based compensation expense(1)	$	40,516	$	36,509	$	40,583

(1) On October 18, 2020, our Board of Directors granted Mr. Friedman an option to purchase 700,000 shares of our common stock with an exercise price equal to $385.30 per share under the Stock Incentive Plan. The option will result in aggregate non-cash stock compensation expense of $174 million. Amounts presented include $4.5 million, $9.6 million and $18 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, related to Mr. Friedman’s option.

Summary of Restricted Stock Award Activity

		WEIGHTED-
		AVERAGE		INTRINSIC
		GRANT DATE FAIR		VALUE
	AWARDS	VALUE		(in thousands)
Outstanding—February 3, 2024	15,940	$	437.02
Granted	15,829		301.31
Released	(19,749)		335.72
Cancelled	(800)		300.98
Outstanding—February 1, 2025	11,220	$	433.56	$	4,702

Summary of Additional Information about Restricted Stock Awards

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
Weighted-average fair value per share of awards granted	$	301.31	$	322.24	$	318.86
Grant date fair value of awards released (in thousands)		6,630		2,846		2,694

Summary of stock-based compensation expense related to restricted stock awards

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Stock-based compensation expense	$	3,669	$	2,874	$	2,962