Long-Term Debt (Tables)

12 Months Ended

Jan. 29, 2023

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt and the current period interest rates were as follows:

(in thousands)	January 29, 2023			January 30, 2022
Revolving loans	$	150,000		$	173,000
Term loans	895,000			—
1.625% convertible senior notes due 2027	319,500			—
Total debt	1,364,500			173,000
Current portion, net	(43,104)			—
Debt issuance costs	(24,430)			(1,324)
Total long-term debt, net of debt issuance costs	$	1,296,966		$	171,676
Weighted-average effective interest rate (1)	4.84		%	1.90		%

(1) The revolving loans and Term Loans bear interest at variable rates based on LIBOR (or, after the effectiveness of the Restatement Agreement, Adjusted Term SOFR) or a Base Rate (as defined herein), at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. On January 12, 2023, the Company entered into an interest rate swap agreement with a five-year term to hedge the variability of interest payments on the first $450.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.44%, plus a variable margin and spread based on the Company's consolidated leverage ratio. In fiscal year 2021, the Company entered into an interest rate swap agreement with a three-year term to hedge the variability of interest payments on the first $150.0 million of debt outstanding on the Revolving Credit Facility at a fixed LIBOR-referenced rate of 0.73%, plus a variable margin and spread based on the Company's consolidated leverage ratio. As of January 29, 2023, the effective interest rate was a weighted-average rate that represented (a) interest on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 2.36% (total fixed rate of 3.09%), (b) interest on the first $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 2.35% (total fixed rate of 5.79%), (c) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 4.43% plus a margin and spread of 2.35% (total floating rate of 6.78%) and (d) interest on the Notes outstanding at a fixed rate of 1.625%. As of January 30, 2022, the effective interest rate was a weighted average-rate that represented (a) interest on the first $150.0 million of the debt outstanding on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 1.25% (total fixed rate of 1.98%) and (b) interest on the remainder of the debt outstanding on the revolving loans at a variable rate based on the one-month LIBOR rate, which was 0.11% as of January 30, 2022, plus a margin and spread of 1.25% (total variable rate of 1.36%).

Interest Income and Interest Expense Disclosure

Interest expense was comprised of the following components for the periods presented:

	Fiscal Year Ended
(in thousands)	January 29, 2023		January 30, 2022		January 31, 2021
Contractual interest	$	11,187	$	3,665	$	4,393
Interest rate swap agreement	(2,217)		945		461
Amortization of debt discount and issuance costs	1,421		481		482
Debt commitment fee (1)	7,255		—		—
Total interest expense	$	17,646	$	5,091	$	5,336

(1) One-time fee incurred in connection with the Commitment Letter disclosed above.