Subsequent Events

9 Months Ended

Oct. 29, 2023

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Management has evaluated events or transactions that may have occurred that would merit recognition or disclosure in the condensed consolidated financial statements.

Secondary Offering and Repurchase Transaction

On November 9, 2023, a secondary public offering of 19,000,000 shares of Class A common stock on behalf of the Selling Stockholders was completed at a price to the public of $30.440 per share (the “November 2023 Secondary Offering”). As part of the November 2023 Secondary Offering, the underwriters were granted an option to purchase an additional 2,850,000 shares of Class A common stock (the “November Underwriter Option Exercise”). As part of the November 2023 Secondary Offering, 7,122,234 limited partner interests of Holdings (“Partnership Interests”) were exchanged, together with the retirement of a corresponding number of shares of Class B common stock, for an equal number of shares of Class A common stock, which were a portion of the shares sold by the Selling Stockholders. These shares were sold along with an existing 11,877,766 shares of Class A common stock held by the Selling Stockholders. On November 15, 2023 the underwriters exercised their option and purchased an additional 2,850,000 shares of Class A common stock from the Selling Stockholders.

Concurrently with the completion of the November 2023 Secondary Offering, (i) the Company repurchased from the Selling Stockholders an aggregate of 3,125,728 shares of our Class A common stock, with Holdings redeeming from the Company a corresponding number of Partnership Interests, and (ii) Holdings redeemed from one of the Selling Stockholders 1,874,272 Partnership Interests, with the Company repurchasing a corresponding number of shares of our Class B common stock from such Selling Stockholder for no additional consideration, with each repurchase of Class A common stock and redemption of Partnership Interests at the same price per share of $30.440 paid by the underwriter to the Selling Stockholders in the November 2023 Secondary Offering for total consideration paid of $152 million (collectively, the "November 2023 Repurchase Transaction").

The Company did not receive any of the proceeds from the November 2023 Secondary Offering or November Underwriter Option Exercise. The Company paid the costs associated with the sale of shares by the Selling Stockholders in the November 2023 Secondary Offering and November Underwriter Option Exercise, other than underwriting discounts and commissions.