Stock-based compensation (Tables)
|
12 Months Ended |
Feb. 03, 2024 |
|---|
| Stock-based compensation |
|
| Schedule of information related to stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
February 3, |
|
January 28, |
|
January 29, |
(In thousands) |
|
2024 |
|
2023 |
|
2022 |
Stock options |
|
$ |
7,429 |
|
$ |
7,250 |
|
$ |
11,245 |
Restricted stock units |
|
|
19,724 |
|
|
18,483 |
|
|
19,286 |
Performance-based restricted stock units |
|
|
21,093 |
|
|
17,311 |
|
|
16,728 |
Total stock-based compensation expense |
|
$ |
48,246 |
|
$ |
43,044 |
|
$ |
47,259 |
|
|
|
|
|
|
|
|
|
|
Cash received from stock option exercises |
|
$ |
12,176 |
|
$ |
46,011 |
|
$ |
40,386 |
Income tax benefit |
|
$ |
7,167 |
|
$ |
3,829 |
|
$ |
7,088 |
|
| Schedule of weighted average assumptions to determine grant date fair value of employee stock options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
February 3, |
|
January 28, |
|
January 29, |
|
2024 |
|
2023 |
|
2022 |
Volatility rate |
|
45.0% |
|
|
49.0% |
|
|
46.9% |
Average risk-free interest rate |
|
3.8% |
|
|
2.4% |
|
|
0.4% |
Average expected life (in years) |
|
3.4 |
|
|
3.4 |
|
|
3.9 |
Dividend yield |
|
— |
|
|
— |
|
|
— |
|
| Information related to common stock options plan |
The following table presents information related to common stock options:
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
February 3, |
|
January 28, |
|
January 29, |
(In thousands, except weighted-average grant date fair value) |
|
2024 |
|
2023 |
|
2022 |
Weighted-average grant date fair value |
|
$ |
199.15 |
|
$ |
149.14 |
|
$ |
109.84 |
Fair value of options vested |
|
|
7,169 |
|
|
9,525 |
|
|
10,417 |
Intrinsic value of options exercised |
|
|
15,509 |
|
|
42,489 |
|
|
39,489 |
|
| Summary of stock option activity |
A summary of stock option activity is presented in the following table (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2023 |
|
Fiscal 2022 |
|
Fiscal 2021 |
|
|
|
|
|
Weighted- |
|
|
|
|
Weighted- |
|
|
|
|
Weighted- |
|
|
Number of |
|
|
average |
|
Number of |
|
|
average |
|
Number of |
|
|
average |
|
|
options |
|
|
exercise price |
|
options |
|
|
exercise price |
|
options |
|
|
exercise price |
Beginning of year |
|
324 |
|
$ |
260.34 |
|
498 |
|
$ |
232.85 |
|
671 |
|
$ |
208.47 |
Granted |
|
42 |
|
|
541.39 |
|
47 |
|
|
395.81 |
|
61 |
|
|
306.96 |
Exercised |
|
(54) |
|
|
223.59 |
|
(207) |
|
|
222.19 |
|
(224) |
|
|
180.05 |
Forfeited/Expired |
|
(5) |
|
|
382.48 |
|
(14) |
|
|
311.40 |
|
(10) |
|
|
225.24 |
End of year |
|
307 |
|
$ |
303.47 |
|
324 |
|
$ |
260.34 |
|
498 |
|
$ |
232.85 |
Exercisable at end of year |
|
154 |
|
$ |
264.87 |
|
118 |
|
$ |
261.57 |
|
179 |
|
$ |
248.11 |
Vested and Expected to vest |
|
297 |
|
$ |
302.05 |
|
309 |
|
$ |
260.37 |
|
474 |
|
$ |
233.28 |
|
| Schedule of options outstanding and exercisable based on ranges of exercise prices |
The following table presents information related to stock options outstanding and stock options exercisable at February 3, 2024 based on ranges of exercise prices (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding |
|
Options exercisable |
|
|
|
|
Weighted- |
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
remaining |
|
|
|
|
|
|
remaining |
|
|
|
|
|
|
|
contractual |
|
|
Weighted- |
|
|
|
contractual |
|
|
Weighted- |
|
|
Number of |
|
life |
|
|
average |
|
Number of |
|
life |
|
|
average |
Range of Exercise Prices |
|
options |
|
(years) |
|
|
exercise price |
|
options |
|
(years) |
|
|
exercise price |
$127.15 – $174.45 |
|
102 |
|
6 |
|
$ |
174.10 |
|
49 |
|
6 |
|
$ |
173.72 |
$174.46 – $281.53 |
|
33 |
|
4 |
|
|
231.88 |
|
33 |
|
4 |
|
|
231.88 |
$281.54 – $306.59 |
|
47 |
|
7 |
|
|
306.59 |
|
20 |
|
7 |
|
|
306.59 |
$306.60 – $348.73 |
|
43 |
|
5 |
|
|
348.73 |
|
43 |
|
5 |
|
|
348.73 |
$348.74 – $395.84 |
|
40 |
|
8 |
|
|
395.54 |
|
9 |
|
7 |
|
|
395.17 |
$395.85 – $545.67 |
|
42 |
|
9 |
|
|
541.35 |
|
|
|
|
|
|
|
$127.15 – $545.67 |
|
307 |
|
6 |
|
$ |
303.47 |
|
154 |
|
5 |
|
$ |
264.87 |
|
| Summary of restricted stock units activity |
A summary of RSU activity is presented in the following table (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2023 |
|
Fiscal 2022 |
|
Fiscal 2021 |
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
Number of |
|
average grant |
|
Number of |
|
average grant |
|
Number of |
|
average grant |
|
|
units |
|
date fair value |
|
units |
|
date fair value |
|
units |
|
date fair value |
Beginning of year |
|
221 |
|
$ |
264.08 |
|
221 |
|
$ |
236.95 |
|
253 |
|
$ |
210.46 |
Granted |
|
50 |
|
|
518.45 |
|
61 |
|
|
399.43 |
|
61 |
|
|
312.42 |
Vested |
|
(122) |
|
|
191.76 |
|
(46) |
|
|
312.70 |
|
(76) |
|
|
209.88 |
Forfeited |
|
(9) |
|
|
408.21 |
|
(15) |
|
|
262.94 |
|
(17) |
|
|
233.94 |
End of year |
|
140 |
|
$ |
408.86 |
|
221 |
|
$ |
264.08 |
|
221 |
|
$ |
236.95 |
Expected to vest |
|
130 |
|
$ |
408.86 |
|
205 |
|
$ |
264.08 |
|
205 |
|
$ |
236.95 |
|
| Summary of Performance-based restricted stock units activity |
A summary of PBS activity is presented in the following table (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2023 |
|
Fiscal 2022 |
|
Fiscal 2021 |
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Weighted- |
|
Number of |
|
average grant |
|
Number of |
|
average grant |
|
Number of |
|
average grant |
|
units |
|
date fair value |
|
units |
|
date fair value |
|
units |
|
date fair value |
Beginning of year |
76 |
|
$ |
347.89 |
|
54 |
|
$ |
314.30 |
|
37 |
|
$ |
271.88 |
Granted |
33 |
|
|
542.33 |
|
37 |
|
|
395.83 |
|
74 |
|
|
326.99 |
Change in performance award payout |
– |
|
|
– |
|
(1) |
|
|
378.79 |
|
(7) |
|
|
348.73 |
Vested |
– |
|
|
– |
|
(11) |
|
|
345.53 |
|
(47) |
|
|
295.49 |
Forfeited |
(3) |
|
|
403.60 |
|
(3) |
|
|
332.94 |
|
(3) |
|
|
319.71 |
End of year |
106 |
|
$ |
407.03 |
|
76 |
|
$ |
347.89 |
|
54 |
|
$ |
314.30 |
Expected to vest |
98 |
|
$ |
407.03 |
|
70 |
|
$ |
347.89 |
|
50 |
|
$ |
314.30 |
|