Common Stock |
3 Months Ended | ||
|---|---|---|---|
May 04, 2024 | |||
| Common Stock [Abstract] | |||
| Common Stock |
Common Stock
The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares
at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 per value per share;
to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for
using the cost method.
Share Repurchase Program
On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program. Both of these authorizations were authorized to be executed through January 2023. On November
30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share
repurchase program, expiring on December 15, 2023. On November 30, 2023, the Company’s Board of Directors authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026.
The shares to be repurchased may be purchased from time to time in open market conditions (including blocks), privately negotiated transactions,
accelerated share repurchase programs or other derivative transactions, issuer self-tender offers, or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the
market price of the Company’s shares, general market, economic and business conditions, and other corporate considerations. Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which
could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Repurchases are expected to be funded from cash on hand
or through the utilization of the Company’s Revolving Credit Facility. The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Company’s Board of Directors at any
time.
During the thirteen weeks ended May 4, 2024, the Company repurchased 336,934 shares of its common stock for $25.0 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash on hand. As of May 4, 2024,
the Company had $60.6 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases
will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time.
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