Convertible Senior Notes and Related Transactions (Tables)

12 Months Ended

Feb. 03, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Notes

The Notes consist of the following (in thousands):

	Feb 3, 2024		Jan 28, 2023
2024 Notes
Principal	$	48,078	$	300,000
Unamortized debt issuance costs	(30)		(1,069)
Net carrying amount	$	48,048	$	298,931
Fair value, net1	$	49,182	$	331,862
Initial 2028 Notes
Principal	$	275,000	$	—
Unamortized debt discount and issuance costs2	(8,034)		—
Net carrying amount	$	266,966	$	—
Fair value, net1	$	295,550	$	—
Additional 2028 Notes
Principal	$	64,826	$	—
Unamortized debt discount and issuance costs	(11,465)		—
Embedded derivative3	16,390		—
Net carrying amount	$	69,751	$	—
Fair value, net1	$	60,099	$	—

_____________________________________________________________________

1The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. See Note 20 for further information regarding the fair value measurement of the Notes.

2The unamortized debt discount related to the Initial 2028 Notes is due to the result of the modification accounting for a portion of the exchanged notes. This discount represents both an increase in the fair value of the embedded conversion feature, which is calculated as the difference between the fair value of the embedded conversion feature immediately before and after the exchange, and cash paid to modified noteholders. The change in conversion feature value reduces the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital. The additional cash paid to modified noteholders increased the debt discount. This debt discount is being amortized to interest expense using an effective interest rate of 4.5% over five years.

3The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. See Note 20 for further information regarding the fair value measurement of the embedded derivative.

Schedule of Interest Expense on Convertible Notes

Interest expense for the Notes consists of the following (in thousands):

	Feb 3, 2024		Jan 28, 2023		Jan 29, 2022
2024 Notes
Coupon interest	$	2,711	$	6,000	$	6,000
Amortization of debt discount and issuance costs	404		838		11,981
Total	$	3,115	$	6,838	$	17,981
Initial 2028 Notes
Coupon interest	$	8,135	$	—	$	—
Amortization of debt discount and issuance costs	1,309		—		—
Total	$	9,444	$	—	$	—
Additional 2028 Notes
Coupon interest	$	716	$	—	$	—
Amortization of debt discount and issuance costs	148		—		—
Total	$	864	$	—	$	—