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Convertible Senior Notes and Related Transactions (Tables)
 6 Months Ended
Aug. 03, 2024
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The Notes consist of the following (in thousands):
Aug 3, 2024Feb 3, 2024
2024 Notes
Principal$— $48,078 
Unamortized debt issuance costs— (30)
Net carrying amount$— $48,048 
Fair value, net1
$— $49,182 
Initial 2028 Notes
Principal$275,000 $275,000 
Unamortized debt discount and issuance costs2,3
(7,162)(8,034)
Net carrying amount$267,838 $266,966 
Fair value, net1
$312,341 $295,550 
Additional 2028 Notes
Principal$76,947 $64,826 
Unamortized debt discount and issuance costs3
(13,139)(11,465)
Embedded derivative4
18,900 16,390 
Net carrying amount$82,708 $69,751 
Fair value, net1
$95,160 $60,099 
Net carrying amount of Initial and Additional 2028 Notes$350,546 $336,717 
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Notes:
1The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy.
2The unamortized debt discount related to the Initial 2028 Notes is due to the result of the modification accounting for a portion of the exchanged notes. This discount represents both an increase in the fair value of the embedded conversion feature, which is calculated as the difference between the fair value of the embedded conversion feature immediately before and after the exchange, and cash paid to modified noteholders. The change in conversion feature value reduces the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital. The additional cash paid to modified noteholders increased the debt discount. This debt discount is being amortized to interest expense over five years.
3For each of the three and six months ended August 3, 2024, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% and 9.3% for the Initial 2028 Notes and Additional 2028 Notes, respectively. For the three and six months ended July 29, 2023, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% for the Initial 2028 Notes.
4The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.
Schedule of Interest Expense on Convertible Notes
Interest expense for the Notes for the three and six months ended August 3, 2024 and July 29, 2023 consists of the following (in thousands):
Three Months EndedSix Months Ended
 Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
2024 Notes
Coupon interest$— $576 $334 $1,922 
Amortization of debt discount and issuance costs— 86 28 284 
Total$— $662 $362 $2,206 
Initial 2028 Notes
Coupon interest$2,578 $2,578 $5,156 $2,979 
Amortization of debt discount and issuance costs436 417 872 479 
Total$3,014 $2,995 $6,028 $3,458 
Additional 2028 Notes
Coupon interest$721 $— $1,367 $— 
Amortization of debt discount and issuance costs775 — 1,437 — 
Total$1,496 $— $2,804 $—