Stockholders' Equity (Tables)

12 Months Ended

Jan. 29, 2022

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 29, 2022		January 30, 2021		February 1, 2020
	(52 weeks)		(52 weeks)		(52 weeks)
RSUs and RSAs	$	25,459	$	1,991	$	—
Options		8,002		391		—
ESPP		1,034		—		—
Other awards		14,770		10,533		9,489
Total equity-based compensation expense	$	49,265	$	12,915	$	9,489
Total related tax benefit	$	5,033	$	329	$	178

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 30, 2021		3,414		$	18.00		1.7	$	88,864
Granted		449			21.81
Vested and delivered		(926	)		18.00
Forfeited/expired		(350	)		18.21
Nonvested, January 29, 2022		2,587		$	18.63		1.0	$	47,342

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 30, 2021		3,482		$	18.00		10.0	$	27,962
Granted		—
Exercised		(1	)		18.00
Forfeited/expired		(154	)		18.00
Outstanding, January 29, 2022		3,327		$	18.00		9.0	$	998
Exercisable, January 29, 2022		1,132		$	18.00		8.9	$	340

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 years ended
	January 30, 2021	February 1, 2020
	(52 weeks)	(52 weeks)
Dividend yield	0.0%	0.0%
Expected volatility (1)	60.0 - 81.9%	60.0%
Weighted average volatility (1)	81.1%	60.0%
Risk-free interest rate (2)	0.1% -  1.3%	1.4% -  2.3%
Expected term (3)	2.0 to 4.0 years	5.0 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 30, 2021		214,006
Granted		—
Forfeited		(6,828	)
Outstanding, January 29, 2022		207,178
Vested, January 29, 2022		119,438

Share-based Payment Arrangement, Option

Black-Scholes Assumptions for Options

No stock option awards were granted in fiscal 2021 or fiscal 2019. The fair value of stock option awards granted in fiscal 2020 was estimated at the grant date using the Black-Scholes option pricing model with the following assumptions:

Dividend yield	0.0%
Expected volatility (1)	40.4%
Risk-free interest rate (2)	0.7%
Expected term (3)	5.9 years
Grant date fair value per share	$	18.00
Estimated fair value per option granted	$	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.