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Mar 29, 2022

Conn’s, Inc. Reports Fourth Quarter and Full Year Fiscal Year 2022 Financial Results; Announces Acquisition of Lease-to-Own Technology Platform

Annual retail sales increased 22.7% to $1.3 billion
Annual eCommerce sales increased 171.3% to a record $71.3 million
Annual credit spread of 1,170 basis points, helps drive record annual credit segment profitability
Annual GAAP earnings increased to a record $3.61 per diluted share
Repurchased 20% of the Company’s outstanding shares

THE WOODLANDS, Texas, March 29, 2022 (GLOBE NEWSWIRE) -- Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”), a specialty retailer of home goods, including furniture, appliances and consumer electronics, with a mission to elevate home life to home love, today announced its financial results for the quarter and year ended January 31, 2022

“Total retail sales increased 22.7% in fiscal year 2022 despite ongoing industry wide supply chain challenges and the emergence of the COVID-19 Omicron variant during the fourth quarter, reflecting the continued success of our strategic growth plan, our differentiated value proposition and the hard work and dedication of our team members.  I am also encouraged by record eCommerce sales as we successfully expand our digital capabilities, and the significant growth in sales to our fast and reliable customer segment as we capitalize on a larger addressable market opportunity,” stated Chandra Holt, Conn's Chief Executive Officer.

“Pursuing growth opportunities across the spectrum of payment options has de-risked our business, increased our addressable market and improved credit segment performance, which helped drive record earnings in fiscal year 2022.  In addition, enhancing our credit business is a key strategic priority for the Company.  I am excited to announce progress towards this goal with the acquisition of lease-to-own technology assets that will enable us to originate and service lease-to-own customers in-house.  I believe owning the lease-to-own platform will allow us to deliver a more seamless experience, capture a greater number of customers and financially benefit from the vertical integration of the lease-to-own business.”   

"Throughout fiscal year 2023, we will focus on transforming our business by investing in initiatives that strengthen our core, enhance our credit business and accelerate eCommerce growth.  We believe these investments will further increase our competitive advantage, drive controlled revenue and profitability growth and create sustainable value for our shareholders,” concluded Ms. Holt

Fiscal Year 2022 Financial Highlights as Compared to the Prior Fiscal Year (Unless Otherwise Noted):

  • Same store sales increased 15.3%, and increased 2.5% on a two-year basis;
  • Strong same store sales combined with the contribution of new stores drove a 22.7% increase in total retail sales;
  • eCommerce sales increased 171.3% to an annual record of $71.3 million;
  • Credit spread was 1,170 basis points, helping drive record credit segment income before taxes of $63.9 million;
  • Net earnings increased to $3.61 per diluted share, compared to a net loss of $0.11 per diluted share last fiscal year; and
  • We repurchased 2,603,479 shares as of January 31, 2022, and as of March 25, 2022 repurchased a total of 5,919,479 shares, which equates to approximately 20% of the Company's outstanding shares as of October 31, 2021.

Fourth Quarter Financial Highlights as Compared to the Prior Fiscal Year Period (Unless Otherwise Noted):

  • Same store sales increased 6.2%;
  • Total retail sales increased 13.0%;
  • eCommerce sales increased 131.8% to a quarterly record of $24.1 million;
  • Net earnings were $0.26 per diluted share, compared to $0.85 per diluted share for the same period last fiscal year;
  • At January 31, 2022, the carrying value of customer accounts receivable 60+ days past due declined 23.1% year-over-year, and the carrying value of re-aged accounts declined 40.7% year-over-year;
  • Debt as a percent of the portfolio balance at January 31, 2022, was approximately 46.3%, compared to approximately 49.4% at January 31, 2021; and
  • Net debt as a percent of the portfolio balance at January 31, 2022, was approximately 42.8%, compared to approximately 44.5% at January 31, 2021.

Fourth Quarter Results

Net income for the fourth quarter of fiscal year 2022 was $7.6 million, or $0.26 per diluted share, compared to net income for the fourth quarter of fiscal year 2021 of $25.1 million, or $0.85 per diluted share. On a non-GAAP basis, adjusted net income for the fourth quarter of fiscal year 2022 was $9.6 million, or $0.33 per diluted share, which excludes charges and credits for excess import freight costs related to unprecedented congestion in U.S. ports. This compares to adjusted net income for the fourth quarter of fiscal year 2021 of $27.1 million, or $0.91 per diluted share, which excludes charges and credits for severance costs related to a change in the executive management team and a gain on extinguishment of debt.

Retail Segment Fourth Quarter Results

Retail revenues were $333.0 million for the three months ended January 31, 2022 compared to $294.7 million for the three months ended January 31, 2021, an increase of $38.3 million or 13.0%.  The increase in retail revenue was primarily driven by an increase in same store sales of 6.2%, an increase in RSA commissions and new store sales growth. The increase in same store sales reflects an increase in demand across most of the Company's home-related product categories.  The increase also reflects the impact of prior year proactive underwriting changes, which were the result of the COVID-19 pandemic.

For the three months ended January 31, 2022 and January 31, 2021, retail segment operating income was $10.9 million and $12.7 million, respectively.  On a non-GAAP basis, adjusted retail segment operating income for the three months ended January 31, 2022 was $13.6 million, which excludes charges and credits for excess import freight costs related to unprecedented congestion in U.S. ports. On a non-GAAP basis, adjusted retail segment operating income for the three months ended January 31, 2021 was $15.4 million, after excluding severance costs related to a change in the executive management team and a gain on extinguishment of debt.

The following table presents net sales and changes in net sales by category:

  Three Months Ended January 31,           Same Store
(dollars in thousands)   2022   % of Total     2021   % of Total   Change   % Change   % Change
Furniture and mattress $ 100,662   30.3 %   $ 90,100   30.6 %   $ 10,562     11.7 %   2.4 %
Home appliance   122,961   37.0       102,125   34.7       20,836     20.4     13.0  
Consumer electronics   58,032   17.4       54,255   18.4       3,777     7.0     2.3  
Home office   16,826   5.1       16,349   5.6       477     2.9     (4.5 )
Other   9,307   2.8       7,705   2.6       1,602     20.8     26.8  
Product sales   307,788   92.6       270,534   91.9       37,254     13.8     6.6  
Repair service agreement commissions(1)   22,501   6.8       21,108   7.2       1,393     6.6     2.2  
Service revenues   2,436   0.6       2,831   0.9       (395 )   (14.0 )    
Total net sales $ 332,725   100.0 %   $ 294,473   100.0 %   $ 38,252     13.0 %   6.2 %


(1) The total change in sales of repair service agreement commissions includes retrospective commissions, which are not reflected in the change in same store sales.

Credit Segment Fourth Quarter Results

Credit revenues were $69.5 million for the three months ended January 31, 2022 compared to $73.1 million for the three months ended January 31, 2021, a decrease of $3.6 million or 4.9%.  The decrease in credit revenue was primarily due to a decrease of 10.2% in the average balance of the customer receivable portfolio, which was slightly offset by an increase in insurance commissions.  The yield rate for the three months ended January 31, 2022 was 22.1% compared to 21.3% for the three months ended January 31, 2021.  The total customer accounts receivable portfolio balance was $1.1 billion at January 31, 2022 compared to $1.2 billion at January 31, 2021, a decrease of 8.4%.

Provision for bad debts increased to $28.2 million for the three months ended January 31, 2022 compared to $25.1 million for the three months ended January 31, 2021, an increase of $3.1 million. The change was primarily driven by an increase in the change in allowance for bad debts, partially offset by a decrease in net charge-offs of $16.9 million.  The increase in the change in allowance for bad debts was primarily driven by an increase in the customer account receivable portfolio balance during the fourth quarter of fiscal year 2022 versus a decrease in the fourth quarter of fiscal year 2021 and greater benefit related to the improvement of macroeconomic conditions in the prior year.

Credit segment operating income was $4.2 million for the three months ended January 31, 2022, compared to operating income of $14.6 million for the three months ended January 31, 2021.  The decrease in credit segment operating income for the three months ended January 31, 2022 as compared to the three months ended January 31, 2021 was primarily driven by an increase in provision for bad debts as well as by a decline in credit revenue, as described above.

Additional information on the credit portfolio and its performance may be found in the Customer Accounts Receivable Portfolio Statistics table included within this press release and in the Company’s Form 10-K for the year ended January 31, 2022, to be filed with the Securities and Exchange Commission on March 29, 2022.

Store and Facilities Update

The Company opened one new Conn’s HomePlus® store during the fourth quarter of fiscal year 2022 and has opened two new Conn’s HomePlus® stores during the first quarter of fiscal year 2023, bringing the total store count to 160 in 15 states.  During fiscal year 2023, the Company plans to open 13 to 16 new stores, including the two already opened, in existing states to leverage current infrastructure.

Liquidity and Capital Resources

As of January 31, 2022, the Company had $352.2 million of immediately available borrowing capacity under its $650.0 million revolving credit facility.  The Company also had $7.7 million of unrestricted cash available for use. 

On November 23, 2021, the Company completed an ABS transaction resulting in the issuance and sale of $377.8 million aggregate principal amount of Class A, Class B and Class C Notes secured by customer accounts receivables and restricted cash held by a consolidated VIE, which resulted in net proceeds of $375.2 million, and an all-in cost of funds of 3.91%.

On December 30, 2021 the Company completed the redemption of the 2019-B Asset Backed Notes at an aggregate redemption price of  $52.4 million (which was equal to the entire outstanding principal balance plus accrued interest).

Share Repurchase Program

On December 15, 2021, the board of directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase up to $150.0 million of our outstanding common stock.  The stock repurchase program expires on December 14, 2022.  For the year ended January 31, 2022, we repurchased 2,603,479 shares of our common stock at an average weighted cost per share of $22.61 for an aggregate amount of $58.9 million. As of March 25, 2022, we have repurchased a total of 5,919,479 shares, which equates to approximately 20% of the Company's shares outstanding as of October 31, 2021.

Conference Call Information

The Company will host a conference call on March 29, 2022, at 10 a.m. CT / 11 a.m. ET, to discuss its financial results for the three months and full year ended January 31, 2022.  Participants can join the call by dialing 877-451-6152 or 201-389-0879.  The conference call will also be broadcast simultaneously via webcast on a listen-only basis.  A link to the earnings release, webcast and fourth quarter and full year fiscal year 2022 conference call presentation will be available at ir.conns.com.

Replay of the telephonic call can be accessed through April 5, 2022 by dialing 844-512-2921 or 412-317-6671 and Conference ID:  13725847.

About Conn’s, Inc.

Conn's HomePlus (NASDAQ: CONN) is a specialty retailer of home goods, including furniture, appliances and consumer electronics, with a mission to elevate home life to home love. With 160 stores across 15 states and online at Conns.com, our over 4,000 employees strive to help all customers create a home they love through access to high-quality products, next-day delivery and personalized payment options, including our flexible, in-house credit program. Additional information can be found by visiting our investor relations website at https://ir.conns.com and social channels (@connshomeplus on Twitter, Instagram, Facebook and LinkedIn).

This press release contains forward-looking statements within the meaning of the federal securities laws, including but not limited to, the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements include information concerning our future financial performance, business strategy, plans, goals and objectives.  Statements containing the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “predict,” “will,” “potential,” or the negative of such terms or other similar expressions are generally forward-looking in nature and not historical facts. Such forward-looking statements are based on our current expectations. We can give no assurance that such statements will prove to be correct, and actual results may differ materially. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by our forward-looking statements, including, but not limited to: general economic conditions impacting our customers or potential customers; our ability to execute periodic securitizations of future originated customer loans on favorable terms; our ability to continue existing customer financing programs or to offer new customer financing programs; changes in the delinquency status of our credit portfolio; unfavorable developments in ongoing litigation; increased regulatory oversight; higher than anticipated net charge-offs in the credit portfolio; the success of our planned opening of new stores; technological and market developments and sales trends for our major product offerings; our ability to manage effectively the selection of our major product offerings; our ability to protect against cyber-attacks or data security breaches and to protect the integrity and security of individually identifiable data of our customers and employees; our ability to fund our operations, capital expenditures, debt repayment and expansion from cash flows from operations, borrowings from our Revolving Credit Facility, and proceeds from accessing debt or equity markets; the effects of epidemics or pandemics, including the COVID-19 pandemic; and other risks detailed in Part I, Item 1A, Risk Factors, in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 and other reports filed with the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise, or to provide periodic updates or guidance. All forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

CONN-G

S.M. Berger & Company

Andrew Berger (216) 464-6400


CONN’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in thousands, except per share amounts)

  Three Months Ended
January 31,
  Year Ended
January 31,
    2022     2021       2022     2021  
Revenues:              
Total net sales $ 332,725   $ 294,473     $ 1,305,389   $ 1,064,311  
Finance charges and other revenues   69,763     73,318       284,642     321,714  
Total revenues   402,488     367,791       1,590,031     1,386,025  
Costs and expenses:              
Cost of goods sold   213,768     184,300       825,987     668,315  
Selling, general and administrative expense   142,490     128,324       544,490     478,767  
Provision for bad debts   28,526     25,139       48,184     202,003  
Charges and credits   2,677     2,737       2,677     6,326  
Total costs and expenses   387,461     340,500       1,421,338     1,355,411  
Operating income   15,027     27,291       168,693     30,614  
Interest expense   5,260     10,603       25,758     50,381  
Loss (gain) on extinguishment of debt       (440 )     1,218     (440 )
Income (loss) before income taxes   9,767     17,128       141,717     (19,327 )
Provision (benefit) for income taxes   2,203     (7,998 )     33,512     (16,190 )
Net income (loss) $ 7,564   $ 25,126     $ 108,205   $ (3,137 )
Earnings (loss) per share:              
Basic $ 0.26   $ 0.86     $ 3.70   $ (0.11 )
Diluted $ 0.26   $ 0.85     $ 3.61   $ (0.11 )
Weighted average common shares outstanding:              
Basic   28,815,757     29,199,678       29,267,691     29,060,512  
Diluted   29,638,572     29,647,593       30,001,490     29,060,512  



CONN’S, INC. AND SUBSIDIARIES
RETAIL SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)

  Three Months Ended
January 31,
  Year Ended
January 31,
    2022       2021       2022       2021  
Revenues:              
Product sales $ 307,788     $ 270,534     $ 1,205,545     $ 973,031  
Repair service agreement commissions   22,501       21,108       89,101       78,838  
Service revenues   2,436       2,831       10,743       12,442  
Total net sales   332,725       294,473       1,305,389       1,064,311  
Other revenues   254       217       949       816  
Total revenues   332,979       294,690       1,306,338       1,065,127  
Costs and expenses:              
Cost of goods sold   213,768       184,300       825,987       668,315  
Selling, general and administrative expense   105,374       94,951       399,393       335,954  
Provision for bad debts   283       21       479       443  
Charges and credits   2,677       2,737       2,677       4,092  
Total costs and expenses   322,102       282,009       1,228,536       1,008,804  
Operating income $ 10,877     $ 12,681     $ 77,802     $ 56,323  
Retail gross margin   35.8 %     37.4 %     36.7 %     37.2 %
Selling, general and administrative expense as percent of revenues   31.6 %     32.2 %     30.6 %     31.5 %
Operating margin   3.3 %     4.3 %     6.0 %     5.3 %
Store count:              
Beginning of period   157       143       146       137  
Opened   1       3       12       9  
End of period   158       146       158       146  



CONN’S, INC. AND SUBSIDIARIES
CREDIT SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)

  Three Months Ended
January 31,
  Year Ended
January 31,
    2022       2021       2022       2021  
Revenues:              
Finance charges and other revenues $ 69,509     $ 73,101     $ 283,693     $ 320,898  
Costs and expenses:              
Selling, general and administrative expense   37,116       33,373       145,097       142,813  
Provision for bad debts   28,243       25,118       47,705       201,560  
Charges and credits                     2,234  
Total costs and expenses   65,359       58,491       192,802       346,607  
Operating income (loss)   4,150       14,610       90,891       (25,709 )
Interest expense   5,260       10,603       25,758       50,381  
Loss (gain) on extinguishment of debt         (440 )     1,218       (440 )
Income (loss) before income taxes $ (1,110 )   $ 4,447     $ 63,915     $ (75,650 )
Selling, general and administrative expense as percent of revenues   53.4 %     45.7 %     51.1 %     44.5 %
Selling, general and administrative expense as percent of average outstanding customer accounts receivable balance (annualized)   13.1 %     10.6 %     12.8 %     10.2 %
Operating margin   6.0 %     20.0 %     32.0 %   (8.0)         %



CONN’S, INC. AND SUBSIDIARIES
CUSTOMER ACCOUNTS RECEIVABLE PORTFOLIO STATISTICS
(unaudited)

  January 31,
    2022       2021  
Weighted average credit score of outstanding balances (1)   606       600  
Average outstanding customer balance $ 2,498     $ 2,463  
Balances 60+ days past due as a percentage of total customer portfolio carrying value (2)(3)(4)   10.4 %     12.4 %
Re-aged balance as a percentage of total customer portfolio carrying value (2)(3)(5)   16.8 %     25.9 %
Carrying value of account balances re-aged more than six months (in thousands) (3) $ 50,282     $ 92,883  
Allowance for bad debts and uncollectible interest as a percentage of total customer accounts receivable portfolio balance   18.5 %     24.2 %
Percent of total customer accounts receivable portfolio balance represented by no-interest option receivables (7)   33.7 %     20.5 %


  Three Months Ended
January 31,
  Year Ended
January 31,
    2022       2021       2022       2021  
Total applications processed   325,569       342,924       1,297,025       1,251,002  
Weighted average origination credit score of sales financed (1)   619       617       616       615  
Percent of total applications approved and utilized   21.3 %     21.2 %     21.8 %     21.5 %
Average income of credit customer at origination $ 51,100     $ 48,500     $ 49,100     $ 47,100  
Percent of retail sales paid for by:              
In-house financing, including down payments received   51.2 %     50.9 %     51.0 %     52.1 %
Third-party financing   18.3 %     19.9 %     17.7 %     20.4 %
Third-party lease-to-own option   8.9 %     9.8 %     10.4 %     8.5 %
    78.4 %     80.6 %     79.1 %     81.0 %


(1) Credit scores exclude non-scored accounts.
(2) Accounts that become delinquent after being re-aged are included in both the delinquency and re-aged amounts.
(3) Carrying value reflects the total customer accounts receivable portfolio balance, net of deferred fees and origination costs, the allowance for no-interest option credit programs and the allowance for uncollectible interest.
(4) Decrease was primarily due to an increase in cash collections that occurred in fiscal year 2022 and the tightening of underwriting standards that occurred in fiscal year 2021.
(5) Decrease was primarily due to an increase in cash collections, the change in the unilateral re-age policy that occurred in the second quarter of fiscal year 2021 and the tightening of underwriting standards that occurred in fiscal year 2021.
(6) Increase is due to a shift in underwriting strategy that occurred in the first quarter of fiscal year 2022.


CONN’S, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)

  January 31,
    2022     2021
Assets      
Current Assets:      
Cash and cash equivalents $ 7,707   $ 9,703
Restricted cash   31,930     50,557
Customer accounts receivable, net of allowances   455,787     478,734
Other accounts receivable   63,055     61,716
Inventories   246,826     196,463
Income taxes receivable   6,745     38,059
Prepaid expenses and other current assets   8,756     8,831
Total current assets   820,806     844,063
Long-term portion of customer accounts receivable, net of allowances   432,431     430,749
Operating lease right-of-use assets   256,267     265,798
Property and equipment, net   192,763     190,962
Deferred income taxes       9,448
Other assets   52,199     14,064
Total assets $ 1,754,466   $ 1,755,084
Liabilities and Stockholders’ Equity      
Current liabilities:      
Current finance lease obligations $ 889   $ 934
Accounts payable   74,705     69,367
Accrued expenses   109,712     82,990
Operating lease liability - current   54,534     44,011
Other current liabilities   18,576     14,454
Total current liabilities   258,416     211,756
Operating lease liability - non current   330,439     354,598
Long-term debt and finance lease obligations   522,149     608,635
Deferred tax liability   7,351    
Other long-term liabilities   21,292     22,940
Total liabilities   1,139,647     1,197,929
Stockholders’ equity   614,819     557,155
Total liabilities and stockholders’ equity $ 1,754,466   $ 1,755,084



CONN’S, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS
(unaudited)
(dollars in thousands, except per share amounts)

Basis for presentation of non-GAAP disclosures:

To supplement the consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company also provides the following non-GAAP financial measures: adjusted retail segment operating income, adjusted net income, adjusted net income per diluted share, and net debt. These non-GAAP financial measures are not meant to be considered as a substitute for, or superior to, comparable GAAP measures and should be considered in addition to results presented in accordance with GAAP.  They are intended to provide additional insight into our operations and the factors and trends affecting the business.  Management believes these non-GAAP financial measures are useful to financial statement readers because (1) they allow for greater transparency with respect to key metrics we use in our financial and operational decision making and (2) they are used by some of our institutional investors and the analyst community to help them analyze our operating results.

RETAIL SEGMENT ADJUSTED OPERATING INCOME

  Three Months Ended
January 31,
  Year Ended
January 31,
    2022     2021     2022     2021
Retail segment operating income, as reported $ 10,877   $ 12,681   $ 77,802   $ 56,323
Adjustments:              
Professional fees(1)               1,355
Employee severance(2)       2,737         2,737
Excess import freight costs(3)   2,677         2,677    
Retail segment operating income, as adjusted $ 13,554   $ 15,418   $ 80,479   $ 60,415


(1) Represents costs related to professional fees associated with non-recurring expenses.
(2) Represents severance costs related to a change in the executive management team.
(3) Represents non-recurring domestic transportation costs incurred due to unprecedented congestion in U.S. ports.

ADJUSTED NET INCOME AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE

  Three Months Ended
January 31,
  Year Ended
January 31,
    2022       2021       2022       2021  
Net income (loss), as reported $ 7,564     $ 25,126     $ 108,205     $ (3,137 )
Adjustments:              
Professional fees (1)                     3,589  
Employee severance (2)         2,737             2,737  
Excess import freight costs(3)   2,677             2,677        
Loss (gain) on extinguishment of debt (4)         (440 )     1,218       (440 )
Tax impact of adjustments (5)   (602 )     (306 )     (876 )     (1,111 )
Net income, as adjusted $ 9,639     $ 27,117     $ 111,224     $ 1,638  
Weighted average common shares outstanding - Diluted   29,638,572       29,647,593       30,001,490       29,287,950  
Diluted earnings (loss) per share:              
As reported $ 0.26     $ 0.85     $ 3.61     $ (0.11 )
As adjusted $ 0.33     $ 0.91     $ 3.71     $ 0.06  


(1) Represents costs related to professional fees associated with non-recurring expenses.
(2) Represents severance costs related to a change in the executive management team.
(3) Represents non-recurring domestic transportation costs due to unprecedented congestion in U.S. ports.
(4) Represents benefits and costs incurred for the early retirement of our debt.
(5) Represents the tax effect of the adjusted items based on the applicable statutory tax rate.


NET DEBT

  January 31,
    2022       2021  
Debt, as reported      
Current finance lease obligations $ 889     $ 934  
Long-term debt and finance lease obligations   522,149       608,635  
Total debt   523,038       609,569  
Cash, as reported      
Cash and cash equivalents   7,707       9,703  
Restricted cash   31,930       50,557  
Total cash   39,637       60,260  
Net debt $ 483,401     $ 549,309  
Ending portfolio balance, as reported $ 1,130,395     $ 1,233,717  
Net debt as a percentage of the portfolio balance   42.8 %     44.5 %

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Source: Conn's, Inc.