|
|
|
State or Other Jurisdiction of Incorporation or Organization
|
I.R.S. Employer Identification No.
|
|
12203
|
|
Address of Principal Executive Offices
|
Zip Code
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Smaller reporting company
|
Emerging growth company
|
• continued operating losses;
• impact of the novel coronavirus identified as “COVID-19” on our business and operating results;
• the ability of the Company to satisfy its liabilities and to continue as a going concern;
• maintaining Kaspien’s relationship with Amazon;
• continued revenue declines;
• decline in the Company’s stock price;
• the limited public float and trading volume for our Common Stock;
• new product introductions;
• advancements in technology;
• dependence on key employees, the ability to hire new employees and pay competitive wages;
|
• the Company’s level of debt and related restrictions and limitations;
• future cash flows;
• vendor terms;
• interest rate fluctuations;
• access to third party digital marketplaces;
• adverse publicity;
• product liability claims;
• changes in laws and regulations;
• breach of data security;
• increase in Amazon Marketplace fulfillment and storage fees;
• limitation on our acquisition and growth strategy as a result of our inability to raise necessary funding;
• the other matters set forth under Item 1A “Risk Factors,” Item 7 “Management’s Discussion and Analysis of Financial
Condition and Results of Operations”, and other sections of this Annual Report on Form 10-K
|
• |
the reported amounts and timing of revenue and expenses,
|
• |
the reported amounts and classification of assets and liabilities, and
|
• |
the disclosure of contingent assets and liabilities.
|
Item 1. |
BUSINESS
|
• |
We are partner obsessed. Our customers are our partners. Every decision is focused on building mutually beneficial relationships that deliver results.
|
• |
We are insights driven. We make data actionable. Our curiosity drives us to discover opportunities early and often.
|
• |
We create simplicity. We challenge the status quo. We take the complicated and simplify it.
|
• |
We take ownership. We make things happen. We hold ourselves accountable and have a bias for action.
|
• |
We empower each other. We welcome and learn from diverse experiences. Our empathy ignites innovation and empowers meaningful change.
|
• |
Retail business model: We buy inventory and use our expertise, technology, and services to generate revenue through marketplace transactions. Kaspien provides account
management, brand communications, listings management, data reporting, joint business planning and comprehensive marketing support services. Our target partners are enterprise-level and other large growth brands, and derive margin based on
pricing.
|
• |
Agency business model: We use our expertise, technology, and services to manage our partners’ marketplace presence through channel management with no inventory
position. Kaspien provides account management, media planning, media analytics, search strategy, business planning and data reporting support services. Our target partners in this space range from small, first-to-market brands to
full-scale, enterprise brands. We derive margin based on a percentage of ad spend, commissions, and/or specific service fees.
|
• |
Ad management
|
• |
Brand protection and seller tracking
|
• |
Cost recovery and case management
|
• |
Dropship automation
|
• |
Inventory management & supply chain
|
• |
Creative services
|
Item 1A. |
RISK FACTORS
|
Item 1B. |
UNRESOLVED SEC COMMENTS
|
Item 2. |
PROPERTIES
|
Location
|
Square
Footage
|
Owned or
Leased
|
Use
|
|||
Spokane, WA
|
30,700
|
Leased
|
Office administration
|
|||
Spokane, WA
|
32,000
|
Leased
|
Distribution center
|
Item 3. |
LEGAL PROCEEDINGS
|
Item 4. |
MINE SAFETY DISCLOSURES
|
Item 5. |
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
Item 6. |
[Reserved]
|
Item 7. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
January 31,
2022
|
% to
Total
|
January 30,
2021
|
% to
Total
|
Change
|
||||||||||||||||
Amazon US
|
$
|
134,125
|
93.3
|
%
|
$
|
148,526
|
93.8
|
%
|
$
|
(14,401
|
)
|
|||||||||
Amazon International
|
5,576
|
3.9
|
%
|
7,646
|
4.8
|
%
|
(2,070
|
)
|
||||||||||||
Walmart, Target & Other Marketplaces
|
2,172
|
1.5
|
%
|
884
|
0.6
|
%
|
1,288
|
|||||||||||||
Subtotal Retail
|
141,873
|
98.7
|
%
|
157,056
|
99.2
|
%
|
(15,183
|
)
|
||||||||||||
Subscriptions & Other
|
1,840
|
1.3
|
%
|
1,289
|
0.8
|
%
|
551
|
|||||||||||||
Total
|
$
|
143,713
|
100.0
|
%
|
$
|
158,345
|
100.0
|
%
|
$
|
(14,632
|
)
|
Change
|
||||||||||||||||
(amounts in thousands)
|
January 29, 2022
|
January 30, 2021
|
$ | %
|
||||||||||||
Merchandise margin
|
$
|
64,410
|
$
|
73,448
|
$
|
(9,038
|
)
|
(12.3
|
)%
|
|||||||
% of net revenue
|
44.8
|
%
|
46.4
|
%
|
(1.6
|
)%
|
||||||||||
Fulfillment fees
|
(21,655
|
)
|
(26,046
|
)
|
4,391
|
16.9
|
%
|
|||||||||
Warehousing and freight
|
(9,982
|
)
|
(7,986
|
)
|
(1,996
|
)
|
(24.9
|
)%
|
||||||||
Gross profit
|
$
|
32,773
|
$
|
39,416
|
(6,643
|
)
|
(16.9
|
)%
|
||||||||
% of net revenue
|
22.8
|
%
|
24.9
|
%
|
Change
|
||||||||||||||||
(amounts in thousands)
|
January 29, 2022
|
January 30,
2021
|
$ |
%
|
||||||||||||
Selling expenses
|
$
|
20,794
|
$
|
23,112
|
$
|
(2,318
|
)
|
(10.0
|
)%
|
|||||||
General and administrative expenses
|
19,501
|
19,890
|
(389
|
)
|
(2.0
|
)%
|
||||||||||
Depreciation and amortization expenses
|
2,096
|
2,139
|
(43
|
)
|
(2.0
|
)%
|
||||||||||
Total SG&A expenses
|
$
|
42,391
|
$
|
45,141
|
$
|
(2,750
|
)
|
(6.1
|
)%
|
|||||||
As a % of total revenue
|
29.5
|
%
|
28.5
|
%
|
(amounts in thousands)
|
Change
|
|||||||||||
January 29,
2022
|
January 30,
2021
|
$
|
||||||||||
Income tax (benefit) expense
|
$
|
27
|
$
|
(3,542
|
)
|
$
|
3,569
|
|||||
Effective tax rate
|
0.3
|
%
|
(47.6
|
)%
|
47.9
|
%
|
(amounts in thousands)
|
Change
|
|||||||||||
January 29,
2022
|
January 31,
2020
|
$
|
||||||||||
Net loss
|
$
|
(8,031
|
)
|
$
|
(3,892
|
)
|
$
|
(4,139
|
)
|
|||
Net loss as a percentage of Net revenue
|
(5.6
|
)%
|
(2.5
|
)%
|
(3.1
|
)%
|
(amounts in thousands)
|
2021
|
2020
|
2021 vs.
2020
|
||||||||||
Operating Cash Flows
|
$
|
(14,534
|
)
|
$
|
(13,391
|
)
|
$
|
(1,143
|
)
|
||||
Investing Cash Flows
|
(1,431
|
)
|
10,589
|
(12,018
|
)
|
||||||||
Financing Cash Flows
|
14,233
|
505
|
13,728
|
||||||||||
Capital Expenditures
|
(1,431
|
)
|
(1,190
|
)
|
(241
|
)
|
|||||||
End of Period Balances:
|
|||||||||||||
Cash, Cash Equivalents, and Restricted Cash
|
(1)
|
4,823
|
6,555
|
(1,732
|
)
|
||||||||
Merchandise Inventory
|
30,222
|
24,515
|
5,707
|
||||||||||
Working Capital
|
16,334
|
10,762
|
5,572
|
||||||||||
(1)
|
Cash and cash equivalents per Consolidated Balance Sheets
|
$
|
1,218
|
$
|
1,809
|
(591
|
)
|
||||||
Add: Restricted cash
|
3,605
|
4,746
|
(1,141
|
)
|
|||||||||
Cash, cash equivalents, and restricted cash
|
$
|
4,823
|
$
|
6,555
|
(1,732
|
)
|
• |
Subordinated Loan and Security Agreement (as amended), pursuant to which the Related Party Entities made a $5.2 million secured term loan ($2.7 million from Alimco, $0.5 million from Kick-Start, and $2.0
million from RJHDC) to Kaspien with a scheduled maturity date of March 31, 2024, interest accruing at the rate of twelve percent (12%) per annum and compounded on the last day of each calendar quarter by becoming a part of the principal
amount, and secured by a second priority security interest in substantially all of the assets of the Company and Kaspien;
|
• |
Common Stock Purchase Warrants (“Warrants”), pursuant to which the Company issued warrants to purchase up to 244,532 shares of Common Stock to the Related Party Entities (127,208 shares for Alimco, 23,401
shares for Kick-Start, and 93,923 shares for RJHDC), subject to adjustment in accordance with the terms of the Warrants, at an exercise price of $0.01 per share. As of April 15, 2022, 238,763 warrants were exercised by the Related Party
Entities and 5,769 remained outstanding;
|
• |
Contingent Value Rights Agreement (the “CVR Agreement”), pursuant to which the Related Party Entities received contingent value rights (“CVRs”) representing the contractual right to receive cash payments from
the Company in an amount equal, in the aggregate, to 19.9% of the proceeds (10.35% for Alimco, 1.90% for Kick-Start, and 7.64% for RJHDC) received by the Company in respect of certain intercompany indebtedness owing to it by Kaspien and/or
its equity interest in Kaspien; and
|
• |
Voting Agreement (the “Voting Agreement”), pursuant to which the Related Party Entities, the Trust, Mr. Simpson and their respective related entities agreed to how their respective shares of the Company’s
capital stock held by the parties will be voted with respect to the designation, election, removal, and replacement of members of the Board. Pursuant to the Voting Agreement, Messrs. Marcus and Simpson were appointed as directors of the
Company, and Mr. Reickert, a trustee of the Trust, remained as a director of the Company. Mr. Subin was also granted board observer rights.
|
• |
An amendment to the Subordinated Loan and Security Agreement, pursuant to which Alimco made an additional $5,000,000.00 secured term loan (the “Additional Subordinated Loan”) with a scheduled maturity date
of March 31, 2024, interest accruing at the rate fifteen percent (15.0%) per annum, compounded on the last day of each calendar quarter by becoming a part of the principal amount of the Additional Subordinated Loan, and secured by a
second priority security interest in substantially all of the assets of the Company and Kaspien;
|
• |
Common Stock Purchase Warrant (“Alimco Warrant”), pursuant to which the Company issued warrants to purchase up to 320,000 shares of Common Stock to Alimco, subject to adjustment in accordance with the terms
of the Alimco Warrant, at an exercise price of $0.01 per share;
|
• |
Registration Rights Agreement, pursuant to which Alimco has been granted customary demand and piggyback registration rights with respect to the Warrant Shares issued upon exercise of the Alimco Warrant; and
|
• |
Contingent Value Rights Agreement (the “Second CVR Agreement”) pursuant to which Alimco received additional contingent value rights (“Additional CVRs”) representing the contractual right to receive cash
payments from the Company in an amount equal, in the aggregate, to 9.0% of the proceeds received by the Company in respect of certain distributions by the Company or Kaspien; recapitalizations or financings of the Company or Kaspien (with
appropriate carve out for trade financing in the ordinary course); repayment of intercompany indebtedness owing to the Company by Kaspien; or sale or transfer of any stock of the Company or Kaspien.
|
Item 7A. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
Item 9. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
Item 9A. |
CONTROLS AND PROCEDURES
|
Item 9B. |
OTHER INFORMATION
|
Item 9C. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
|
Item 10. |
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Item 11. |
EXECUTIVE COMPENSATION
|
Item 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS
|
Item 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
Item 14. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Item 15. |
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
Item 16. |
Form 10-K Summary
|
KASPIEN HOLDINGS INC.
|
||
Date: April 29, 2022
|
By:
|
/s/ Brock Kowalchuk |
Brock Kowalchuk
|
||
Principal Executive Officer |
Name
|
Title
|
Date
|
/s/ Brock Kowalchuk
|
April 29, 2022
|
|
(Brock Kowalchuk)
|
Principal Executive Officer
|
|
/s/ Edwin Sapienza
|
Chief Financial Officer
|
April 29, 2022
|
(Edwin Sapienza)
|
(Principal Financial and Chief Accounting Officer)
|
|
/s/ Jonathan Marcus
|
||
(Jonathan Marcus)
|
Director
|
April 29, 2022
|
/s/ Michael Reickert
|
||
(Michael Reickert)
|
Director
|
April 29, 2022
|
/s/ Tom Simpson
|
||
(Tom Simpson)
|
Director
|
April 29, 2022
|
|
Form 10-K
Page No.
|
|
|
|
|
Report of Independent Registered Public Accounting Firm (PCAOB ID # )
|
30
|
|
|
Consolidated Financial Statements
|
|
|
|
32
|
|
|
|
33
|
|
|
|
34 |
|
|
|
35
|
|
|
|
36
|
|
|
|
38
|
• |
We evaluated the appropriateness and consistency of management’s methods and assumptions used in the identification, recognition, and measurement of the
inventory costs and reserves in considering applicable generally accepted accounting principles.
|
• |
We tested the significant inputs, sampled underlying transactions, and analyzed historical trends and timing of receipts associated with management’s reserve
estimates and recognition of inbound costs and inventory in-transit.
|
• |
We evaluated whether management had appropriately considered new information that could significantly change the measurement or disclosure of the inventory
valuation, and evaluated the disclosures related to the financial statement impacts of the transactions.
|
January 29,
2022
|
January 30,
2021
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Accounts receivable
|
|
|
||||||
Merchandise inventory
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Restricted cash
|
|
|
||||||
Fixed assets, net
|
|
|
||||||
Operating lease right-of-use assets
|
|
|
||||||
Intangible assets, net
|
|
|
||||||
Cash surrender value
|
|
|
||||||
Other assets
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Short-term borrowings
|
|
|
||||||
Accrued expenses and other current liabilities
|
|
|
||||||
Current portion of operating lease liabilities
|
|
|
||||||
Current portion of PPP loan
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
PPP loan
|
|
|
||||||
Long-term debt
|
|
|
||||||
Other long-term liabilities
|
|
|
||||||
TOTAL LIABILITIES
|
|
|
||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Preferred stock ($
|
|
|
||||||
Common stock ($
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Treasury stock at cost (
|
(
|
)
|
(
|
)
|
||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
TOTAL SHAREHOLDERS’ EQUITY
|
|
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
|
$
|
|
Fiscal Year Ended
|
||||||||
January 29,
2022
|
January 30,
2021
|
|||||||
Net revenue
|
$
|
|
$
|
|
||||
Cost of sales
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general and administrative expenses
|
|
|
||||||
Loss from continuing operations
|
(
|
)
|
(
|
)
|
||||
Interest expense
|
|
|
||||||
Other income |
( |
) | ||||||
Loss from operations before income tax benefit
|
(
|
)
|
(
|
)
|
||||
Income tax (benefit) expense
|
|
(
|
)
|
|||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Basic and diluted loss per share
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Weighted average number of shares outstanding - basic and diluted
|
|
|
Fiscal Year Ended
|
||||||||
January 29,
2022
|
January 30,
2021
|
|||||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Pension actuarial gain (loss) adjustment
|
|
(
|
)
|
|||||
Comprehensive loss
|
$
|
(
|
)
|
$
|
(
|
)
|
Common
Shares
|
Treasury
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Treasury
Stock
At Cost
|
Accumulated
Other
Comprehensive
Loss
|
Retained
Earnings
(Accumulated
Deficit)
|
Shareholders’
Equity
|
|||||||||||||||||||||||||
Balance as of February 1, 2020
|
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||||||
Net Loss
|
-
|
-
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Pension actuarial loss adjustment
|
-
|
-
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Issuance of warrants |
- | - | ||||||||||||||||||||||||||||||
Vested restricted shares
|
|
(
|
)
|
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||||||||||
Common stock issued- Director grants | ||||||||||||||||||||||||||||||||
Exercise of warrants | ||||||||||||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization
|
-
|
-
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance as of January 30, 2021
|
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||||||
Net Loss
|
-
|
-
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Pension actuarial loss adjustment
|
-
|
-
|
|
|
|
|
|
|
||||||||||||||||||||||||
Exercise of warrants
|
|
|
|
|
(
|
)
|
|
|
|
|||||||||||||||||||||||
Common stock issued- Director grants
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Exercise of stock options
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Amortization of unearned compensation/restricted stock amortization
|
-
|
-
|
|
|
|
|
|
|
||||||||||||||||||||||||
Sale of shares, net of expense |
||||||||||||||||||||||||||||||||
Balance as of January 29, 2022
|
|
(
|
)
|
$
|
|
$ |
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Fiscal Year Ended
|
||||||||
January 29,
2022
|
January 30,
2021
|
|||||||
OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation of fixed assets
|
|
|
||||||
Amortization of intangible assets
|
|
|
||||||
Amortization of right-of-use asset
|
|
|
||||||
Stock based compensation
|
|
|
||||||
Warrant proceeds amortization to interest
|
|
|
||||||
Interest on long term debt
|
|
|
||||||
Reversal of ASC 740 liability
|
|
(
|
)
|
|||||
Forgiveness of PPP loan
|
( |
) | ||||||
Change in cash surrender value
|
(
|
)
|
(
|
)
|
||||
Changes in operating assets and liabilities that provide (use) cash:
|
||||||||
Accounts receivable
|
|
|
||||||
Merchandise inventory
|
(
|
)
|
(
|
)
|
||||
Prepaid expenses and other current assets
|
(
|
)
|
|
|||||
Other long-term assets
|
|
|
||||||
Accounts payable
|
(
|
)
|
(
|
)
|
||||
Accrued expenses and other current liabilities
|
(
|
)
|
(
|
)
|
||||
Other long-term liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
INVESTING ACTIVITIES:
|
||||||||
Purchases of fixed assets
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of fye business
|
|
|
||||||
Net cash provided by (used in) investing activities
|
(
|
)
|
|
|||||
FINANCING ACTIVITIES:
|
||||||||
Proceeds from (payments of) long term borrowings
|
(
|
)
|
|
|||||
Proceeds from (payments of) PPP Loan
|
(
|
)
|
|
|||||
Issuance of director deferred shares and RSUs
|
|
|
||||||
Proceeds from short term borrowings
|
|
|
||||||
Payments of short-term borrowings
|
(
|
)
|
(
|
)
|
||||
Proceeds from stock offering
|
||||||||
Exercise of stock options
|
||||||||
Net cash provided by financing activities
|
|
|
||||||
Net decrease in cash, cash equivalents, and restricted cash
|
(
|
)
|
(
|
)
|
||||
Cash, cash equivalents, and restricted cash, beginning of year
|
|
|
||||||
Cash, cash equivalents, and restricted cash, end of year
|
$
|
|
$
|
|
||||
Supplemental disclosures and non-cash investing and financing activities:
|
||||||||
Interest paid
|
$
|
|
$
|
|
Note
No.
|
|
Pages
No
|
|
||
1.
|
Nature of Operations and Summary of Significant Accounting Policies
|
38
|
|
||
2.
|
Recently Adopted and Issued Accounting Pronouncements
|
42
|
|
||
3.
|
Other Intangible Assets
|
43
|
|
||
4.
|
Fixed Assets
|
44
|
|
||
5.
|
Restricted Cash
|
44
|
|
||
6.
|
Debt
|
44
|
|
||
7.
|
Leases
|
45
|
|
||
8.
|
Shareholders’ Equity
|
46
|
|
||
9.
|
Benefit Plans
|
46
|
|
||
10.
|
Income Taxes
|
49
|
|
||
11.
|
Related Party Transactions
|
51
|
|
||
12.
|
Commitments and Contingencies
|
52
|
|
||
13.
|
Quarterly Financial Information (Unaudited)
|
53
|
|
||
14.
|
Subsequent Events
|
53
|
Fixtures and equipment
|
|
Leasehold improvements
|
|
Technology
|
|
• |
Level 1 — Quoted prices in active markets for identical assets or liabilities.
|
• |
Level 2 — Significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities
in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
• |
Level 3 — Significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants.
|
(amounts in thousands)
|
January 29, 2022
|
|||||||||||||||||||
Weighted Average
Amortization
Period
(in months)
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Impairment
|
Net Carrying
Amount
|
||||||||||||||||
Technology
|
|
$ |
|
$ |
|
$ |
|
|
||||||||||||
Trade names and trademarks
|
|
|
|
|
|
|||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
(amounts in thousands)
|
January 30,
2021
|
Amortization
|
January 29,
2022
|
|||||||||
Amortized intangible assets:
|
||||||||||||
Technology
|
$ |
|
$ |
|
$ |
|
||||||
Trade names and trademarks
|
|
|
|
|||||||||
Net amortized intangible assets
|
$
|
|
$
|
|
$
|
|
(amounts in thousands)
|
February 1,
2020
|
Amortization
|
January 30,
2021
|
|||||||||
Amortized intangible assets:
|
||||||||||||
Technology
|
$
|
|
$
|
|
$
|
|
||||||
Trade names and trademarks
|
|
|
|
|||||||||
Net amortized intangible assets
|
$
|
|
$
|
|
$
|
|
January 29,
2022
|
January 30,
2021
|
|||||||
(amounts in thousands)
|
||||||||
Capitalized software
|
$
|
|
$
|
|
||||
Fixtures and equipment
|
|
|
||||||
Leasehold improvements
|
|
|
||||||
Total fixed assets
|
|
|
||||||
Allowances for depreciation and amortization
|
(
|
)
|
(
|
)
|
||||
Fixed assets, net
|
$
|
|
$
|
|
January 29,
2022
|
January 30,
2021
|
|||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Total cash, cash equivalents and restricted cash
|
$
|
|
$
|
|
Operating Leases
|
||||
(amounts in thousands)
|
||||
2022
|
$ |
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
Thereafter
|
|
|||
Total lease payments
|
|
|||
Less: amounts representing interest
|
(
|
)
|
||
Present value of lease liabilities
|
$
|
|
As of January 29, 2022
|
||||
Weighted-average remaining lease term (years)
|
||||
Operating leases
|
|
|||
Weighted-average discount rate Operating leases
|
|
%
|
Fiscal 2021
|
||||
(amounts in thousands)
|
||||
Cash paid for amounts included in the measurement of operating lease liabilities
|
||||
Operating cash flows from operating leases
|
$
|
|
(amounts in thousands)
|
Operating Leases
|
|||
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
Thereafter
|
|
|||
Total minimum lease payments
|
$
|
|