Stockholders' Equity (Tables)

12 Months Ended

Jan. 28, 2023

Summary of Equity-based Compensation Expense by Award Type

The following table summarizes the Company’s equity-based compensation expense by award type (in thousands):

	Fiscal years ended
	January 28, 2023		January 29, 2022		January 30, 2021
	(52 weeks)		(52 weeks)		(52 weeks)
RSUs and RSAs	$	38,146	$	25,459	$	1,991
Options		9,418		8,002		391
ESPP		1,274		1,034		—
Other awards		11,946		14,770		10,533
Total equity-based compensation expense	$	60,784	$	49,265	$	12,915
Total related tax benefit	$	8,160	$	5,033	$	329

Schedule of RSU Activity

RSU activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):

	Shares			Weighted average grant date fair value per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Nonvested, January 29, 2022		2,587		$	18.63		1.0	$	47,342
Granted		7,536			15.23
Vested and delivered		(1,402	)		18.63
Forfeited/expired		(919	)		18.52
Nonvested, January 28, 2023		7,802		$	15.36		1.2	$	91,596

Schedule of Stock Option Activity

Stock option activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):

	Shares subject to options			Weighted average exercise price per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding, January 29, 2022		3,327		$	18.00		9.0	$	998
Granted		5,125			11.97
Exercised		(45	)		18.00
Forfeited/expired		(593	)		18.36
Outstanding, January 28, 2023		7,814		$	14.02		9.1	$	3,512
Exercisable, January 28, 2023		1,853		$	18.00		7.9	$	—

Black-Scholes Assumptions for Series C Units

The weighted average fair value per Series C Unit was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions:

	Fiscal year ended
	January 30, 2021
	(52 weeks)
Dividend yield	0.0%
Expected volatility (1)	60.0 - 81.9%
Weighted average volatility (1)	81.1%
Risk-free interest rate (2)	0.1% - 1.3%
Expected term (3)	2.0 to 4.0 years

(1)The expected volatility was estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term consistent with the expected term of the Series C Units.

(2)The risk-free interest rates were based on the U.S. Treasury constant maturity interest rate for a term consistent with the expected term of the Series C Units.

(3)The expected term of the Series C Units was based on estimated liquidity event timing.

Schedule of Series C Unit Activity Under 2016 Incentive Plan

Series C Unit activity under the 2016 Incentive Plan was as follows (in thousands):

	Units
Outstanding, January 29, 2022		207,178
Granted		—
Forfeited		(5,819	)
Outstanding, January 28, 2023		201,359
Vested, January 28, 2023		151,597

Share-based Payment Arrangement, Option

Black-Scholes Assumptions for Options

No stock option awards were granted in fiscal 2021. The fair value of stock option awards granted in fiscal 2022 and 2020 was estimated at the grant dates using the Black-Scholes option pricing model with the following assumptions:

	Fiscal years ended
	January 28, 2023	January 30, 2021
	(52 weeks)	(52 weeks)
Dividend yield	0.0%	0.0%
Expected volatility (1)	38.0% - 48.4%	40.4%
Risk-free interest rate (2)	2.8% - 3.6%	0.7%
Expected term (3)	5.8 to 5.9 years	5.9 years
Grant date fair value per share	$10.98 - $21.06	$18.00
Estimated fair value per option granted	$5.46 - $8.64	$7.00

(1)The expected volatility was estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term consistent with the expected term of the stock options.

(2)The risk-free interest rates were based on the U.S. Treasury constant maturity interest rate for a term consistent with the expected term of the stock options.

(3)The expected term of the stock options represents the estimated period of time until exercise and was calculated using the simplified method.