Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

The provision for income taxes consisted of the following:

	Fiscal Year
(in thousands)	2020		2019
Current:
Domestic:
Federal	$	—	$	(130	)
State		152		188
Foreign		27		40
Total current		179		98
Deferred:
Domestic:
Federal		1,365		—
State		322		—
Foreign		—		—
Total deferred		1,687		—
Total provision for income taxes	$	1,866	$	98

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

	Fiscal Year
	2020			2019
Statutory federal rate		21.0	%		21.0	%
State taxes, net of federal benefit		3.6	%		5.8	%
Non-deductible Tax Receivable Agreement adjustment ⁽¹⁾		0.0	%		(38.3	)%
Valuation allowance		(29.1	)%		4.6	%
Return to provision adjustment		1.1	%		0.2	%
Non-deductible Officers Compensation		0.0	%		2.1	%
Rate Differential on Foreign Income		(0.1	)%		0.1	%
Other		0.6	%		4.8	%
Total		(2.9	)%		0.3	%

⁽¹⁾

Non-deductible Tax Receivable Agreement liability revaluation in fiscal 2019 is a result of changes in levels of projected pre-tax income, as well as the acquisition of NOLs from the Acquired Businesses. See “Tax Receivable Agreement” under Note 14 “Related Party Transactions” for additional information.

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consisted of the following:

	January 30,			February 1,
(in thousands)	2021			2020
Deferred tax assets:
Depreciation and amortization	$	7,700		$	2,063
Employee related costs		1,114			2,857
Allowance for asset valuations		2,604			1,664
Accrued expenses		358			361
Lease liability		29,900			27,712
Net operating losses		108,994			91,345
Tax credits		92			193
Other		290			679
Total deferred tax assets		151,052			126,874
Less: valuation allowances		(119,425	)		(100,846	)
Net deferred tax assets		31,627			26,028
Deferred tax liabilities:
Indefinite lived intangibles		(8,213	)		—
ROU lease asset		(23,102	)		(23,630	)
Other		(2,000	)		(2,296	)
Total deferred tax liabilities		(33,315	)		(25,926	)
Net deferred tax (liability) asset	$	(1,688	)	$	102
Included in:
Deferred income tax asset	$	—		$	102
Deferred income tax liability		(1,688	)		—
Net deferred tax (liability) asset	$	(1,688	)	$	102

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Interest and Penalties

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows:

	Fiscal Year
(in thousands)	2020		2019
Beginning balance	$	2,304	$	2,304
Increases for tax positions in current year		—		—
Increases for tax positions in prior years		—		—
Decreases for tax positions in prior years		—		—
Ending balance	$	2,304	$	2,304