v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Cash flows from operating activities:      
Net income $ 464,919 $ 402,462 $ 287,674
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 128,529 115,425 102,487
Non-cash lease expense 216,348 214,605 202,265
Provision (benefit) for deferred income taxes 12,896 (2,966) 24,711
Share-based compensation expense 30,408 31,039 30,508
Amortization of tax credit investment 17,029 17,224 15,906
Store impairment and lease abandonment charges 1,989 4,601 11,875
Asset impairment 0 0 6,404
Loss on disposition of property and equipment, net 555 1,641 309
Changes in assets and liabilities:      
Receivables (19,506) (7,319) 3,708
Inventory (72,755) (72,945) 38,785
Prepaid expenses and other assets (2,667) (17,471) (53,532)
Payables, accrued expenses and other liabilities 42,999 59,690 74,185
Operating lease liabilities (245,554) (243,152) (235,874)
Net cash provided by operating activities 575,190 502,834 509,411
Cash flows from investing activities:      
Cash paid for property and equipment (260,168) (182,581) (199,625)
Cash paid for marketable securities (565,365) (542,944) (649,389)
Sales and maturities of marketable securities 513,881 416,756 347,366
Initial cash payment for tax credit investment 0 0 (20,000)
Net cash used in investing activities (311,652) (308,769) (521,648)
Cash flows from financing activities:      
Proceeds from the exercise of share-based awards 928 851 594
Share repurchases related to share repurchase program (153,946) (52,262) 0
Share repurchases related to taxes for share-based awards (21,954) (15,402) (8,407)
Tax credit investment liability payments (16,397) (10,301) (4,319)
Net cash used in financing activities (191,369) (77,114) (12,132)
Effect of exchange rate changes on cash and cash equivalents 6,556 (4,791) 1,430
Increase (decrease) in cash and cash equivalents 78,725 112,160 (22,939)
Cash and cash equivalents at beginning of period 290,481 178,321 201,260
Cash and cash equivalents at end of period 369,206 290,481 178,321
Cash paid during the year for:      
Non-cash investing activities—Accrued capital expenditures 14,102 18,755 27,559
Non-cash investing activities-Accrued tax credit investment installments $ 0 $ 0 $ 62,120