Income Taxes - (Tables)

12 Months Ended

Feb. 02, 2020

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate reconciliation is composed of the following for the periods presented:

	Fiscal Year
	2019		2018		2017
Federal statutory rate	21.0	%	21.0	%	33.9	%
State income taxes, net of federal tax benefit	4.4	%	1.5	%	1.1	%
Change in tax rate	0.6	%	—	%	(21.3)	%
Share-based compensation	4.0	%	—	%	7.4	%
Other	(2.1)	%	(1.1)	%	(1.3)	%
Change in valuation allowance	(27.9)	%	(21.4)	%	(19.8)	%
Effective rate	—	%	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The temporary differences which comprise the Company’s deferred taxes are as follows for the periods presented (in thousands):

	As of
	February 2, 2020		February 3, 2019
Deferred tax assets:
Operating lease liabilities	$	53,578	$	—
Inventories	7,485		11,474
Deferred rent	—		7,415
Share-based compensation	29,639		—
Accrued expenses and reserves	10,814		10,271
Other	12,882		1,668
Net operating loss carryforwards	190,307		156,360
Total deferred tax assets	304,705		187,188
Less: valuation allowance	242,974		172,481
Deferred tax assets, net of valuation allowance	61,731		14,707
Deferred tax liabilities:
Operating lease right-of-use assets	44,428		—
Depreciation	15,681		14,707
Prepaids	1,622		—
Total deferred tax liabilities	61,731		14,707
Net deferred tax assets	$	—	$	—

Summary of Operating Loss Carryforwards

These deferred tax assets expire as follows (in thousands):

2030	$	45
2032	401
2034	163
2035	18,258
2036	34,752
Thereafter	136,688
Total loss carryforwards	$	190,307

Summary of Tax Credit Carryforwards

As of February 2, 2020, the Company had the following tax credit carryforwards (in thousands):

Year of Expiration	Research and Development		Work Opportunity		Hurricane Retention		Total
2036	$	227	$	—	$	—	$	227
2037	1,609		94		848		2,551
2038	1,622		761		—		2,383
2039	1,622		775		—		2,397
	$	5,080	$	1,630	$	848	$	7,558

Summary of Valuation Allowance

The following summarizes the activity related to valuation allowances on deferred tax assets (in thousands):

	Fiscal Year
	2019		2018		2017
Valuation allowance, as of beginning of period	$	172,481	$	115,143	$	43,015
Valuation allowances established	69,009		57,232		88,768
Changes to existing valuation allowances	1,484		106		(16,640)
Release of valuation allowances	—		—		—
Valuation allowance, as of end of period	$	242,974	$	172,481	$	115,143