Income Taxes (Tables)

12 Months Ended

Jan. 31, 2020

Income Taxes

Components of Income Tax Expense (Benefit)

	Year Ended January 31,
	2020		2019		2018
Current:
Federal	$	—	$	—	$	—
State		0.4		0.6		0.1
		0.4		0.6		0.1
Deferred:
Federal		(8.0)		—		—
State		(0.9)		—		—
		(8.9)		—		—
Total income tax (benefit) expense	$	(8.5)	$	0.6	$	0.1

Difference Between Income Tax Expense (Benefit) and Amount Computed by Applying Statutory United States Federal Income Tax Rate to Pre-Tax Earnings

	Year Ended January 31,
	2020		2019		2018
Statutory federal income tax (benefit) expense	$	(22.0)	$	3.1	$	(8.1)
State income taxes, net of federal benefit		(1.8)		0.2		(0.5)
Change in valuation allowance		7.2		(6.5)		(98.0)
Non-taxable/non-deductible items		0.1		0.3		0.1
Stock compensation		0.1		3.4		(0.8)
Non-deductible Spin-Off costs		—		2.1		—
Meals & entertainment		0.9		0.7		0.5
Officer compensation		2.9		0.7		—
Tax credits		(0.2)		(0.3)		—
Goodwill impairment		3.9		—		—
Acquisition costs		0.4		—		—
Change in tax rate		—		(3.1)		106.9
	$	(8.5)	$	0.6	$	0.1

Tax Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Income Tax Assets and Liabilities

	January 31, 2020		January 31, 2019
Deferred tax assets:
Accrued liabilities	$	5.9	$	4.5
Intangible assets		77.3		83.3
Net operating loss carryforward		36.4		19.1
Inventory capitalization		0.6		0.8
Interest expense limitation		8.7		1.9
Other		2.2		0.6
		131.1		110.2
Deferred tax liabilities:
Depreciation		(56.2)		(42.5)
		(56.2)		(42.5)
Net deferred tax asset before valuation allowance		74.9		67.7
Valuation allowance		(74.9)		(67.7)
Net deferred tax asset	$	—	$	—