0001223389-21-000060 | 10-Q | XBRL Viewer

Cover - shares	9 Months Ended
Cover - shares	Oct. 31, 2021	Nov. 29, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2021
Document Transition Report	false
Entity File Number	001-34956
Entity Registrant Name	CONN’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1672840
Entity Address, Address Line One	2445 Technology Forest Blvd.,
Entity Address, Address Line Two	Suite 800,
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	936
Local Phone Number	230-5899
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CONN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,516,584
Entity Central Index Key	0001223389
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,597	$ 9,703
Restricted cash (includes VIE balances of $23,478 and $48,622, respectively)	25,528	50,557
Customer accounts receivable, net of allowances (includes VIE balances of $131,754 and $259,811, respectively)	460,808	478,734
Other accounts receivable	74,811	61,716
Inventories	263,134	196,463
Income taxes receivable	8,787	38,059
Prepaid expenses and other current assets	9,745	8,831
Total current assets	853,410	844,063
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $42,047 and $184,304, respectively)	426,220	430,749
Property and equipment, net	188,502	190,962
Operating lease right-of-use assets	265,592	265,798
Deferred income taxes	0	9,448
Other assets	52,855	14,064
Total assets	1,786,579	1,755,084
Current liabilities:
Current finance lease obligations	942	934
Accounts payable	91,084	69,367
Accrued compensation and related expenses	38,546	24,944
Accrued expenses	89,508	58,046
Operating lease liability - current	50,390	44,011
Income taxes payable	2,718	1,447
Deferred revenues and other credits	13,684	13,007
Total current liabilities	286,872	211,756
Operating lease liability - non current	345,756	354,598
Long-term debt and finance lease obligations (includes VIE balances of $146,862 and $411,551, respectively)	459,319	608,635
Deferred tax liability	8,693	0
Other long-term liabilities	22,424	22,940
Total liabilities	1,123,064	1,197,929
Commitments and contingencies
Stockholders’ equity:
Preferred stock ($0.01 par value, 1,000,000 shares authorized; none issued or outstanding)	0	0
Common stock ($0.01 par value, 100,000,000 shares authorized; 32,982,249 and 32,711,623 shares issued, respectively)	330	327
Treasury stock (at cost; 3,485,441 shares and 3,485,441 shares, respectively)	(66,290)	(66,290)
Additional paid-in capital	137,824	132,108
Retained earnings	591,651	491,010
Total stockholders’ equity	663,515	557,155
Total liabilities and stockholders’ equity	$ 1,786,579	$ 1,755,084

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Restricted cash (includes VIE balances of $23,478 and $48,622, respectively)	$ 25,528	$ 50,557
Customer accounts receivable, net of allowances (includes VIE balances of $131,754 and $259,811, respectively)	460,808	478,734
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $42,047 and $184,304, respectively)	426,220	$ 430,749
Long-term debt	$ 147,425
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	32,982,249	32,711,623
Treasury stock, shares (in shares)	3,485,441	3,485,441
Variable Interest Entity
Restricted cash (includes VIE balances of $23,478 and $48,622, respectively)	$ 23,478	$ 48,622
Customer accounts receivable, net of allowances (includes VIE balances of $131,754 and $259,811, respectively)	131,754	259,811
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $42,047 and $184,304, respectively)	42,047	184,304
Long-term debt	$ 146,862	$ 411,551

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Revenues:
Total net sales	$ 334,583	$ 259,772	$ 972,664	$ 769,838
Finance charges and other revenues	70,875	74,386	214,879	248,396
Total revenues	405,458	334,158	1,187,543	1,018,234
Costs and expenses:
Cost of goods sold	211,298	160,378	612,219	484,015
Selling, general and administrative expense	138,081	122,158	402,000	350,443
Provision for bad debts	26,532	27,493	19,658	176,864
Charges and credits	0	0	0	3,589
Total costs and expenses	375,911	310,029	1,033,877	1,014,911
Operating income	29,547	24,129	153,666	3,323
Interest expense	5,206	11,563	20,498	39,778
Loss on extinguishment of debt	0	0	1,218	0
Income (loss) before income taxes	24,341	12,566	131,950	(36,455)
Provision (benefit) for income taxes	6,102	5,147	31,309	(8,192)
Net income (loss)	$ 18,239	$ 7,419	$ 100,641	$ (28,263)
Income (loss) per share:
Basic (in dollars per share)	$ 0.62	$ 0.25	$ 3.42	$ (0.97)
Diluted (in dollars per share)	$ 0.60	$ 0.25	$ 3.34	$ (0.97)
Weighted average common shares outstanding:
Basic (in shares)	29,488,321	29,142,843	29,418,047	29,013,759
Diluted (in shares)	30,261,421	29,483,481	30,127,419	29,013,759
Product sales
Revenues:
Total net sales	$ 308,301	$ 239,157	$ 897,757	$ 702,497
Repair service agreement commissions
Revenues:
Total net sales	23,769	17,465	66,600	57,730
Service revenues
Revenues:
Total net sales	$ 2,513	$ 3,150	$ 8,307	$ 9,611

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning balance ( in shares) at Jan. 31, 2020		32,125,055
Beginning balance at Jan. 31, 2020	$ 627,180	$ 321	$ 122,513	$ 570,636	$ (66,290)
Beginning balance (Accounting Standards Update 2016-13) at Jan. 31, 2020	(76,490)			(76,490)
Treasury stock, beginning balance (in shares) at Jan. 31, 2020					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		321,468
Exercise of options and vesting of restricted stock, net of withholding tax	(1,285)	$ 3	(1,288)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		47,450
Issuance of common stock under Employee Stock Purchase Plan	177	$ 1	176
Stock-based compensation	2,430		2,430
Net income (loss)	(56,202)			(56,202)
Ending balance (in shares) at Apr. 30, 2020		32,493,973
Ending balance at Apr. 30, 2020	$ 495,810	$ 325	123,831	437,944	$ (66,290)
Treasury stock, ending balance (in shares) at Apr. 30, 2020					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Beginning balance ( in shares) at Jan. 31, 2020		32,125,055
Beginning balance at Jan. 31, 2020	$ 627,180	$ 321	122,513	570,636	$ (66,290)
Beginning balance (Accounting Standards Update 2016-13) at Jan. 31, 2020	(76,490)			(76,490)
Treasury stock, beginning balance (in shares) at Jan. 31, 2020					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(28,263)
Ending balance (in shares) at Oct. 31, 2020		32,645,472
Ending balance at Oct. 31, 2020	528,471	$ 326	128,552	465,883	$ (66,290)
Treasury stock, ending balance (in shares) at Oct. 31, 2020					(3,485,441)
Beginning balance ( in shares) at Apr. 30, 2020		32,493,973
Beginning balance at Apr. 30, 2020	495,810	$ 325	123,831	437,944	$ (66,290)
Treasury stock, beginning balance (in shares) at Apr. 30, 2020					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		70,271
Exercise of options and vesting of restricted stock, net of withholding tax	(158)	$ 1	(159)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		51,643
Issuance of common stock under Employee Stock Purchase Plan	160		160
Stock-based compensation	2,254		2,254
Net income (loss)	20,520			20,520
Ending balance (in shares) at Jul. 31, 2020		32,615,887
Ending balance at Jul. 31, 2020	518,586	$ 326	126,086	458,464	$ (66,290)
Treasury stock, ending balance (in shares) at Jul. 31, 2020					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		6,856
Exercise of options and vesting of restricted stock, net of withholding tax	(32)		(32)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		22,729
Issuance of common stock under Employee Stock Purchase Plan	194		194
Stock-based compensation	2,304		2,304
Net income (loss)	7,419			7,419
Ending balance (in shares) at Oct. 31, 2020		32,645,472
Ending balance at Oct. 31, 2020	528,471	$ 326	128,552	465,883	$ (66,290)
Treasury stock, ending balance (in shares) at Oct. 31, 2020					(3,485,441)
Beginning balance ( in shares) at Jan. 31, 2021		32,711,623
Beginning balance at Jan. 31, 2021	$ 557,155	$ 327	132,108	491,010	$ (66,290)
Treasury stock, beginning balance (in shares) at Jan. 31, 2021	(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		115,159
Exercise of options and vesting of restricted stock, net of withholding tax	$ (998)	$ 1	(999)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		18,240
Issuance of common stock under Employee Stock Purchase Plan	180		180
Stock-based compensation	2,039		2,039
Net income (loss)	45,398			45,398
Ending balance (in shares) at Apr. 30, 2021		32,845,022
Ending balance at Apr. 30, 2021	603,774	$ 328	133,328	536,408	$ (66,290)
Treasury stock, ending balance (in shares) at Apr. 30, 2021					(3,485,441)
Beginning balance ( in shares) at Jan. 31, 2021		32,711,623
Beginning balance at Jan. 31, 2021	$ 557,155	$ 327	132,108	491,010	$ (66,290)
Treasury stock, beginning balance (in shares) at Jan. 31, 2021	(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 100,641
Ending balance (in shares) at Oct. 31, 2021		32,982,249
Ending balance at Oct. 31, 2021	$ 663,515	$ 330	137,824	591,651	$ (66,290)
Treasury stock, ending balance (in shares) at Oct. 31, 2021	(3,485,441)				(3,485,441)
Beginning balance ( in shares) at Apr. 30, 2021		32,845,022
Beginning balance at Apr. 30, 2021	$ 603,774	$ 328	133,328	536,408	$ (66,290)
Treasury stock, beginning balance (in shares) at Apr. 30, 2021					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		112,223
Exercise of options and vesting of restricted stock, net of withholding tax	(228)	$ 1	(229)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		10,563
Issuance of common stock under Employee Stock Purchase Plan	187		187
Stock-based compensation	1,713		1,713
Net income (loss)	37,004			37,004
Ending balance (in shares) at Jul. 31, 2021		32,967,808
Ending balance at Jul. 31, 2021	642,450	$ 329	134,999	573,412	$ (66,290)
Treasury stock, ending balance (in shares) at Jul. 31, 2021					(3,485,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of withholding tax (in shares)		3,394
Exercise of options and vesting of restricted stock, net of withholding tax	(25)		(25)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		11,047
Issuance of common stock under Employee Stock Purchase Plan	221	$ 1	220
Stock-based compensation	2,630		2,630
Net income (loss)	18,239			18,239
Ending balance (in shares) at Oct. 31, 2021		32,982,249
Ending balance at Oct. 31, 2021	$ 663,515	$ 330	$ 137,824	$ 591,651	$ (66,290)
Treasury stock, ending balance (in shares) at Oct. 31, 2021	(3,485,441)				(3,485,441)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 100,641	$ (28,263)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation	34,233	30,506
Change in right-of-use asset	25,910	21,926
Amortization of debt issuance costs	4,098	6,388
Provision for bad debts and uncollectible interest	45,120	225,713
Stock-based compensation expense	6,382	6,988
Charges, net of credits	0	3,589
Deferred income taxes	18,141	(3,954)
Loss on extinguishment of debt	1,218	0
Loss on disposal of property and equipment	514	198
Tenant improvement allowances received from landlords	11,537	15,137
Change in operating assets and liabilities:
Customer accounts receivable	(22,468)	79,357
Other accounts receivables	(13,291)	11,918
Inventories	(66,672)	3,595
Other assets	(132)	(342)
Accounts payable	21,717	23,423
Accrued expenses	47,323	24,666
Operating leases	(39,704)	(29,151)
Income taxes	(6,574)	(4,370)
Deferred revenues and other credits	(317)	(1,862)
Net cash provided by operating activities	167,676	385,462
Cash flows from investing activities:
Purchases of property and equipment	(33,150)	(46,644)
Net cash used in investing activities	(33,150)	(46,644)
Cash flows from financing activities:
Proceeds from issuance of asset-backed notes	62,900	240,100
Payments on asset-backed notes	(329,464)	(438,523)
Borrowings under revolving credit facility	1,092,106	1,143,311
Payments on revolving credit facility	(837,106)	(1,172,411)
Payments of debt issuance costs and amendment fees	(4,350)	(4,570)
Proceeds from stock issued under employee benefit plans	587	533
Tax payments associated with equity-based compensation transactions	(1,252)	(1,477)
Payment for extinguishment of debt	(141,279)	0
Other	(803)	(440)
Net cash used in financing activities	(158,661)	(233,477)
Net change in cash, cash equivalents and restricted cash	(24,135)	105,341
Cash, cash equivalents and restricted cash, beginning of period	60,260	80,855
Cash, cash equivalents and restricted cash, end of period	36,125	186,196
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new finance lease liabilities	1,160	1,045
Right-of-use assets obtained in exchange for new operating lease liabilities	34,896	65,958
Property and equipment purchases not yet paid	5,545	7,023
Supplemental cash flow data:
Cash interest paid	14,756	28,803
Cash income taxes paid, net	$ 19,733	$ 394

Summary of Significant Accounting Policies

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Business. Conn’s, Inc., a Delaware corporation, is a holding company with no independent assets or operations other than its investments in its subsidiaries. References to “we,” “our,” “us,” “the Company,” “Conn’s” or “CONN” refer to Conn’s, Inc. and, as apparent from the context, its subsidiaries. Conn’s is a leading specialty retailer that offers a broad selection of quality, branded durable consumer goods and related services in addition to proprietary credit solutions for its core credit-constrained consumers. We operate an integrated and scalable business through our retail stores and website. Our complementary product offerings include furniture and mattresses, home appliances, consumer electronics and home office products from leading global brands across a wide range of price points. Our credit offering provides financing solutions to a large, under-served population of credit-constrained consumers who typically have limited credit alternatives.

We operate two reportable segments: retail and credit. Our retail stores bear the “Conn’s HomePlus” name with all of our stores providing the same products and services to a common customer group. Our stores follow the same procedures and methods in managing their operations. Our retail business and credit business are operated independently from each other. The credit segment is dedicated to providing short- and medium-term financing to our retail customers. The retail segment is not involved in credit approval decisions or collection efforts. Our management evaluates performance and allocates resources based on the operating results of the retail and credit segments.

Basis of Presentation. The accompanying unaudited Condensed Consolidated Financial Statements of Conn’s, Inc. and its wholly-owned subsidiaries, including its Variable Interest Entities (“VIEs”), have been prepared by management in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practice for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, we do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The condensed consolidated financial position, results of operations and cash flows for these interim periods are not necessarily indicative of the results that may be expected in future periods. The balance sheet at January 31, 2021 has been derived from the audited financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on March 31, 2021.

Fiscal Year. Our fiscal year ends on January 31. References to a fiscal year refer to the calendar year in which the fiscal year ends.

Principles of Consolidation. The Condensed Consolidated Financial Statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.

Variable Interest Entities. VIEs are consolidated if the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has (i) the power to direct the activities that most significantly impact the performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

We securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. We retain the servicing of the securitized portfolio and have a variable interest in each corresponding VIE by holding the residual equity. We have determined that we are the primary beneficiary of each respective VIE because (i) our servicing responsibilities for the securitized portfolio give us the power to direct the activities that most significantly impact the performance of the VIE and (ii) our variable interest in the VIE gives us the obligation to absorb losses and the right to receive residual returns that potentially could be significant. As a result, we consolidate the respective VIEs within our Condensed Consolidated Financial Statements.

Refer to Note 4, Debt and Financing Lease Obligations, and Note 6, Variable Interest Entities, for additional information.

Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ, even significantly, from these estimates. Management evaluates its estimates and related assumptions regularly, including those related to the allowance for doubtful accounts and allowances for no-interest option credit programs, which are particularly sensitive given the size of our customer portfolio balance.

Restricted Cash. The restricted cash balance as of October 31, 2021 and January 31, 2021 includes $18.7 million and $41.6 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $4.8 million and $7.0 million, respectively, of cash held by the VIEs as additional collateral for the asset-backed notes.

Customer Accounts Receivable. Customer accounts receivable reported in the Condensed Consolidated Balance Sheet includes total receivables managed, including both those transferred to the VIEs and those not transferred to the VIEs. Customer accounts receivable are recognized at the time the customer takes possession of the product. Expected lifetime losses on customer accounts receivable are recognized upon origination through an allowance for credit losses account that is deducted from the customer account receivable balance and presented net. Customer accounts receivable include the net of unamortized deferred fees charged to customers and origination costs. Customer receivables are considered delinquent if a payment has not been received on the scheduled due date. Accounts that are delinquent more than 209 days as of the end of a month are charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment.

In an effort to mitigate losses on our accounts receivable, we may make loan modifications to a borrower experiencing financial difficulty. The loan modifications are intended to maximize net cash flow after expenses and avoid the need to exercise legal remedies available to us. We may extend or “re-age” a portion of our customer accounts, which involves modifying the payment terms to defer a portion of the cash payments due. Our re-aging of customer accounts does not change the interest rate or the total principal amount due from the customer and typically does not reduce the monthly contractual payments. To a much lesser extent, we may provide the customer the ability to refinance their account, which typically does not change the interest rate or the total principal amount due from the customer but does reduce the monthly contractual payments and extend the term. We consider accounts that have been re-aged in excess of three months or refinanced as Troubled Debt Restructurings (“TDR” or “Restructured Accounts”).

On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law to address the economic impact of the COVID-19 pandemic. Under the CARES Act, modifications deemed to be COVID-19 related are not considered a TDR if the loan was current (not more than 30 days past due as of March 31, 2020) and the deferral was executed between April 1, 2020 and the earlier of 60 days after the termination of the COVID-19 national emergency or December 31, 2020. In response to the CARES Act, the Company implemented short-term deferral programs for our customers. The carrying value of the customer receivables on accounts which were current prior to receiving a COVID-19 related deferment was $25.7 million and $65.2 million as of October 31, 2021 and January 31, 2021, respectively. All COVID-19 specific deferral programs ended during the third quarter of fiscal year 2021.

Interest Income on Customer Accounts Receivable. Interest income, which includes interest income and amortization of deferred fees and origination costs, is recorded using the interest method and is reflected in finance charges and other revenues. Typically, interest income is recorded until the customer account is paid off or charged-off and we provide an allowance for estimated uncollectible interest. We reserve for interest that is more than 60 days past due. Any contractual interest income received from customers in excess of the interest income calculated using the interest method is recorded as deferred revenue on our balance sheets. At October 31, 2021 and January 31, 2021, there was $8.5 million and $8.9 million, respectively, of deferred interest included in deferred revenues and other credits and other long-term liabilities. The deferred interest will ultimately be brought into income as the accounts pay off or charge-off.

We offer a 12-month no-interest option program. If the customer is delinquent in making a scheduled monthly payment or does not repay the principal in full by the end of the no-interest option program period (grace periods are provided), the account does not qualify for the no-interest provision and none of the interest earned is waived. Interest income is recognized based on estimated accrued interest earned to date on all no-interest option finance programs with an offsetting reserve for those customers expected to satisfy the requirements of the program based on our historical experience.

We recognize interest income on TDR accounts using the interest income method, which requires reporting interest income equal to the increase in the net carrying amount of the loan attributable to the passage of time. Cash proceeds and other adjustments are applied to the net carrying amount such that it equals the present value of expected future cash flows.

We place accounts in non-accrual status when legally required. Payments received on non-accrual loans are applied to principal and reduce the balance of the loan. At October 31, 2021 and January 31, 2021, the carrying value of customer accounts receivable in non-accrual status was $6.7 million and $8.5 million, respectively. At October 31, 2021 and January 31, 2021, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $70.2 million and $111.5 million, respectively. At October 31, 2021 and January 31, 2021, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $6.2 million and $5.2 million, respectively, were included within the customer receivables balance carried in non-accrual status.

Allowance for Doubtful Accounts. The determination of the amount of the allowance for credit losses is, by nature, highly complex and subjective. Future events that are inherently uncertain could result in material changes to the level of the allowance for credit losses. General economic conditions, changes to state or federal regulations and a variety of other factors

that affect the ability of borrowers to service their debts or our ability to collect will impact the future performance of the portfolio.

We establish an allowance for credit losses, including estimated uncollectible interest, to cover expected credit losses on our customer accounts receivable resulting from the failure of customers to make contractual payments. Our customer accounts receivable portfolio balance consists of a large number of relatively small, homogeneous accounts. None of our accounts are large enough to warrant individual evaluation for impairment. The allowance for credit losses is measured on a collective (pool) basis where similar risk characteristics exist. The allowance for credit losses is determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis.

We use a risk-based, pool-level segmentation framework to calculate the expected loss rate. This framework is based on our historical gross charge-off history. In addition to adjusted historical gross charge-off rates, estimates of post-charge-off recoveries, including cash payments from customers, sales tax recoveries from taxing jurisdictions, and payments received under credit insurance and repair service agreement (“RSA”) policies are also considered. We also consider forward-looking economic forecasts based on a statistical analysis of economic factors (specifically, forecast of unemployment rates over the reasonable and supportable forecasting period). To the extent that situations and trends arise which are not captured in our model, management will layer on additional qualitative adjustments.

Pursuant to ASC 326 requirements, the Company uses a 24-month reasonable and supportable forecast period for the customer accounts receivable portfolio. We estimate losses beyond the 24-month forecast period based on historic loss rates experienced over the life of our historic loan portfolio by loan pool type. We revisit our measurement methodology and assumption annually, or more frequently if circumstances warrant.

As of October 31, 2021 and January 31, 2021, the balance of allowance for doubtful accounts and uncollectible interest for non-TDR customer receivables was $158.4 million and $219.7 million, respectively. As of October 31, 2021 and January 31, 2021, the amount included in the allowance for doubtful accounts associated with principal and interest on TDR accounts was $49.8 million and $78.3 million, respectively.

Loss on Extinguishment. During the nine months ended October 31, 2021, we incurred a loss of $1.0 million related to the retirement of the remaining $141.2 million aggregate principal amount of our 7.25% Senior Notes due 2022 (“Senior Notes”) and a loss of $0.2 million related to the amendment of our Fifth Amended and Restated Loan and Security Agreement.

Income Taxes. For the nine months ended October 31, 2021 and 2020, we utilized the estimated annual effective tax rate based on our estimated fiscal year 2022 and 2021 pre-tax income, respectively, in determining income tax expense.

Provision for income taxes for interim periods is based on an estimated annual income tax rate, adjusted for discrete tax items. As a result, our interim effective tax rates may vary significantly from the statutory tax rate and the annual effective tax rate.

For the nine months ended October 31, 2021 and 2020, the effective tax rate was 23.7% and 22.5%, respectively. The primary factor affecting the decrease in our effective tax rate for the nine months ended October 31, 2021 was the impact of the tax loss carryback provisions of the CARES Act that was reflected in the prior period.

Stock-based compensation expense is recorded, net of actual forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model.

The following table sets forth the RSUs and PSUs granted during the three and nine months ended October 31, 2021 and 2020:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
RSUs (1)	204,376		—		586,107		622,195
PSUs (2)	115,688		—		268,037		270,828
Total stock awards granted	320,064		—		854,144		893,023
Aggregate grant date fair value (in thousands)	$	8,599	$	—	$	17,849	$	7,957

(1)The RSUs issued during the nine months ended October 31, 2021 and 2020 are scheduled to vest ratably over periods of three years to four years from the date of grant.

(2)The weighted-average assumptions used in the Monte Carlo models for the PSUs granted during the nine months ended October 31, 2021 included expected volatility of 83.0%-87.0%, an expected term of 3 years and risk-free interest rates of 0.17%-0.67%. No dividend yield was included in the weighted-average assumptions for the PSUs granted during the nine months ended October 31, 2021. The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the nine months ended October 31, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted average assumptions for the PSUs granted during the nine months ended October 31, 2020.

For the three months ended October 31, 2021 and 2020, stock-based compensation expense was $2.6 million and $2.3 million, respectively. For the nine months ended October 31, 2021 and 2020, stock-based compensation expense was $6.4 million and $7.0 million, respectively.

Earnings (Loss) Per Share. Basic earnings (loss) per share for a particular period is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effects of any stock options, RSUs and PSUs, which are calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations:


	Three Months Ended October 31,		Nine Months Ended October 31,
	2021	2020	2021	2020
Weighted-average common shares outstanding - Basic	29,488,321	29,142,843	29,418,047	29,013,759
Dilutive effect of stock options, PSUs and RSUs	773,100	340,638	709,372	—
Weighted-average common shares outstanding - Diluted	30,261,421	29,483,481	30,127,419	29,013,759

For the three months ended October 31, 2021 and 2020, the weighted average number of stock options, RSUs and PSUs not included in the calculation due to their anti-dilutive effect, was 715,051 and 894,130, respectively. For the nine months ended October 31, 2021 and 2020, the weighted average number of stock options, RSUs and PSUs not included in the calculation due to their anti-dilutive effect, was 734,407 and 1,225,771, respectively.

Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to subjectivity associated with the inputs to fair value measurements as follows:

•Level 1 – Inputs represent unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (for example, quoted market prices for similar assets or liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs).

•Level 3 – Inputs that are not observable from objective sources such as our internally developed assumptions used in pricing an asset or liability (for example, an estimate of future cash flows used in our internally developed present value of future cash flows model that underlies the fair-value measurement).

In determining fair value, we use observable market data when available, or models that incorporate observable market data. When we are required to measure fair value and there is not a market-observable price for the asset or liability or for a similar asset or liability, we use the cost or income approach depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost.

The income approach is based on management’s best assumptions regarding expectations of future net cash flows and discounts the expected cash flows using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, economic and regulatory climates, and other factors, most of which are often outside of management’s control. However, we believe assumptions used reflect a market participant’s view of long-term prices, costs, and other factors and are consistent with assumptions used in our business plans and investment decisions.

In arriving at fair-value estimates, we use relevant observable inputs available for the valuation technique employed. If a fair-value measurement reflects inputs at multiple levels within the hierarchy, the fair-value measurement is characterized based on the lowest level of input that is significant to the fair-value measurement.

The fair value of cash and cash equivalents, restricted cash and accounts payable approximate their carrying amounts because of the short maturity of these instruments. The fair value of customer accounts receivable, determined using a Level 3 discounted cash flow analysis, approximates their carrying value, net of the allowance for doubtful accounts. The fair value of our Revolving Credit Facility approximates carrying value based on the current borrowing rate for similar types of borrowing arrangements. At October 31, 2021, the fair value of the asset backed notes was $148.0 million as compared to the carrying value of $147.4 million and was determined using Level 2 inputs based on inactive trading activity.

Deferred Revenue. Deferred revenue related to contracts with customers consists of deferred customer deposits and deferred RSA administration fees. During the nine months ended October 31, 2021, we recognized $4.7 million of revenue for customer deposits deferred as of January 31, 2021. During the nine months ended October 31, 2021, we recognized $2.7 million of revenue for RSA administrative fees deferred as of January 31, 2021.

Recent Accounting Pronouncements Adopted.

Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, an update intended to simplify various aspects related to accounting for income taxes. This guidance removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This accounting standards update became effective for us in the first quarter of fiscal year 2022. The adoption did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Yet to Be Adopted.

Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, an update that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, to clarify the scope of the guidance and reduce potential diversity in practice. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These accounting standard updates were effective upon issuance, with adoption permitted through December 31, 2022. We expect to adopt ASC 2020-04 and ASC 2021-01 upon transition from LIBOR, prior to December 31, 2022. We do not expect the adoption to have a material impact on our consolidated financial statements.

Customer Accounts Receivable

9 Months Ended

Oct. 31, 2021

Receivables [Abstract]

Customer Accounts Receivable

Customer accounts receivable consisted of the following:


(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable (1)	$	1,124,872	$	1,233,717
Deferred fees and origination costs, net	(13,482)		(14,212)
Allowance for no-interest option credit programs	(16,208)		(11,985)
Allowance for uncollectible interest	(13,777)		(21,427)
Carrying value of customer accounts receivable	1,081,405		1,186,093
Allowance for credit losses (2)	(194,377)		(276,610)
Carrying value of customer accounts receivable, net of allowance for credit losses	887,028		909,483
Short-term portion of customer accounts receivable, net	(460,808)		(478,734)
Long-term customer accounts receivable, net	$	426,220	$	430,749


	Carrying Value
(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable 60+ days past due (3)	$	95,534	$	146,820
Re-aged customer accounts receivable (4)	198,279		306,845
Restructured customer accounts receivable (5)	115,928		178,374

(1)As of October 31, 2021 and January 31, 2021, the customer accounts receivable balance included $21.4 million and $31.1 million, respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of October 31, 2021 and January 31, 2021 was $7.6 million and $9.7 million, respectively.

(2)Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of October 31, 2021 and January 31, 2021, which incorporated the continued estimated impact of the global COVID-19 outbreak on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting a decrease in unemployment rates.

(3)As of October 31, 2021 and January 31, 2021, the carrying value of customer accounts receivable past due one day or greater was $270.2 million and $340.8 million, respectively. These amounts include the 60+ days past due balances shown above.

(4)The re-aged carrying value as of October 31, 2021 and January 31, 2021 includes $48.8 million and $88.0 million, respectively, in carrying value that are both 60+ days past due and re-aged.

(5)The restructured carrying value as of October 31, 2021 and January 31, 2021 includes $30.8 million and $57.1 million, respectively, in carrying value that are both 60+ days past due and restructured.

The allowance for credit losses included in the current and long-term portion of customer accounts receivable, net as shown in the Condensed Consolidated Balance Sheet were as follows:


(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable - current	$	578,250	$	643,903
Allowance for credit losses for customer accounts receivable - current	(117,442)		(165,169)
Customer accounts receivable, net of allowances	460,808		478,734
Customer accounts receivable - non current	516,932		563,617
Allowance for credit losses for customer accounts receivable - non current	(90,712)		(132,868)
Long-term portion of customer accounts receivable, net of allowances	426,220		430,749
Total customer accounts receivable, net	$	887,028	$	909,483

The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables:


	Nine Months Ended October 31, 2021						Nine Months Ended October 31, 2020
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total		Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period, prior to adoption of ASC 326	$	219,740	$	78,297	$	298,037	$	145,680	$	88,123	$	233,803
Impact of adoption ASC 326	—		—		—		95,136		3,526		98,662
Provision for (benefit from) credit losses (1)	21,845		23,079		44,924		164,697		60,595		225,292
Principal charge-offs (2)	(81,710)		(50,691)		(132,401)		(144,048)		(62,678)		(206,726)
Interest charge-offs	(22,432)		(13,917)		(36,349)		(40,340)		(17,553)		(57,893)
Recoveries (3)	20,947		12,996		33,943		16,922		7,363		24,285
Allowance at end of period	$	158,390	$	49,764	$	208,154	$	238,047	$	79,376	$	317,423
Average total customer portfolio balance	$	985,634	$	149,745	$	1,135,379	$	1,219,794	$	216,433	$	1,436,227

(1)Includes provision for uncollectible interest, which is included in finance charges and other revenues, and changes in expected future recoveries.

(2)Charge-offs include the principal amount of losses (excluding accrued and unpaid interest). Recoveries include the principal amount collected during the period for previously charged-off balances. Net charge-offs are calculated as the net of principal charge-offs and recoveries.

(3)Recoveries include the principal amount collected during the period for previously charged-off balances.

We manage our customer accounts receivable portfolio using delinquency as a key credit quality indicator. The following table presents the delinquency distribution of the carrying value of customer accounts receivable by year of origination. The information is presented as of October 31, 2021:


(in thousands)
Delinquency Bucket	2021		2020		2019		2018		Prior		Total		% of Total
Current	$	474,139	$	219,476	$	102,045	$	13,529	$	2,042	$	811,231	75.0	%
1-30	52,445		42,934		30,315		7,286		1,195		134,175		12.4	%
31-60	15,199		12,681		9,369		2,741		475		40,465		3.8	%
61-90	8,945		7,768		6,165		1,901		324		25,103		2.3	%
91+	17,531		24,488		20,410		6,809		1,193		70,431		6.5	%
Total	$	568,259	$	307,347	$	168,304	$	32,266	$	5,229	$	1,081,405	100.0	%

Finance Charges and Other Revenue

9 Months Ended

Oct. 31, 2021

Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]

Finance Charges and Other Revenues

Finance charges and other revenues consisted of the following:


	Three Months Ended October 31,				Nine Months Ended October 31,
(in thousands)	2021		2020		2021		2020
Interest income and fees	$	63,621	$	69,996	$	196,303	$	235,438
Insurance income	6,992		4,222		17,881		12,359
Other revenues	262		168		695		599
Total finance charges and other revenues	$	70,875	$	74,386	$	214,879	$	248,396

Interest income and fees and insurance income are derived from the credit segment operations, whereas other revenues are derived from the retail segment operations. Insurance income is comprised of sales commissions from third-party insurance companies that are recognized when coverage is sold and retrospective income paid by the insurance carrier if insurance claims are less than earned premiums.

During the three months ended October 31, 2021 and 2020, interest income and fees reflected provisions for uncollectible interest of $10.5 million and $16.9 million, respectively. The amounts included in interest income and fees related to TDR accounts for the three months ended October 31, 2021 and 2020 were $5.8 million and $9.3 million, respectively. During the nine months ended October 31, 2021 and 2020, interest income and fees reflected provisions for uncollectible interest of $25.5 million and $48.8 million, respectively. The amounts included in interest income and fees related to TDR accounts for the nine months ended October 31, 2021 and 2020 were $20.0 million and $28.8 million, respectively.

Debt and Financing Lease Obligations

9 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Debt and Financing Lease Obligations

Debt and financing lease obligations consisted of the following:


(in thousands)	October 31, 2021		January 31, 2021
Revolving Credit Facility	$	307,000	$	52,000
Senior Notes	—		141,172
2019-A VIE Asset-backed Class A Notes	—		19,521
2019-A VIE Asset-backed Class B Notes	—		25,069
2019-A VIE Asset-backed Class C Notes	—		24,202
2019-B VIE Asset-backed Class A Notes	—		17,860
2019-B VIE Asset-backed Class B Notes	—		85,540
2019-B VIE Asset-backed Class C Notes	70,691		83,270
2020-A VIE Asset-backed Class A Notes	15,584		93,326
2020-A VIE Asset-backed Class B Notes	31,124		65,200
2020-A VIE Asset-backed Class C Notes	30,026		—
Financing lease obligations	6,399		6,072
Total debt and financing lease obligations	460,824		613,232
Less:
Discount on debt	—		(524)
Deferred debt issuance costs	(563)		(3,139)
Current maturities of long-term debt and financing lease obligations	(942)		(934)
Long-term debt and financing lease obligations	$	459,319	$	608,635

Senior Notes. On July 1, 2014, we issued an aggregate principal amount of $250.0 million in unsecured 7.25% Senior Notes due 2022 (the “Senior Notes”) pursuant to an indenture dated July 1, 2014 (as amended, the “Indenture”), among Conn’s, Inc., its subsidiary guarantors (the “Guarantors”) and U.S. Bank National Association, as trustee. On April 15, 2021 we completed the redemption of all of our outstanding Senior Notes in an aggregate principal amount of $141.2 million.

Asset-backed Notes. From time to time, we securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. In turn, the VIEs issue asset-backed notes secured by the transferred customer accounts receivables and restricted cash held by the VIEs.

Under the terms of the securitization transactions, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of issued notes, and then to us as the holder of non-issued notes, if any, and residual equity. We retain the servicing of the securitized portfolios and receive a monthly fee of 4.75% (annualized) based on the outstanding balance of the securitized receivables. In addition, we, rather than the VIEs, retain all credit insurance income together with certain recoveries related to credit insurance and RSAs on charge-offs of the securitized receivables, which are reflected as a reduction to net charge-offs on a consolidated basis.

The asset-backed notes were offered and sold to qualified institutional buyers pursuant to the exemptions from registration provided by Rule 144A under the Securities Act of 1933. If an event of default were to occur under the indenture that governs the respective asset-backed notes, the payment of the outstanding amounts may be accelerated, in which event the cash proceeds of the receivables that otherwise might be released to the residual equity holder would instead be directed entirely toward repayment of the asset-backed notes, or if the receivables are liquidated, all liquidation proceeds could be directed solely to repayment of the asset-backed notes as governed by the respective terms of the asset-backed notes. The holders of the asset-backed notes have no recourse to assets outside of the VIEs. Events of default include, but are not limited to, failure to make required payments on the asset-backed notes or specified bankruptcy-related events.

The asset-backed notes outstanding as of October 31, 2021 consisted of the following:


(dollars in thousands)
Asset-Backed Notes	Original Principal Amount		Original Net Proceeds (1)		Current Principal Amount		Issuance Date	Maturity Date	Contractual Interest Rate	Effective Interest Rate (2)
2019-B Class B Notes	$	85,540	$	84,916	$	—	11/26/2019	6/17/2024	3.62%	4.59%
2019-B Class C Notes	83,270		82,456		70,691		11/26/2019	6/17/2024	4.60%	5.15%
2020-A Class A Notes	174,900		173,716		15,584		10/16/2020	6/16/2025	1.71%	4.51%
2020-A Class B Notes	65,200		64,754		31,124		10/16/2020	6/16/2025	4.27%	5.52%
2020-A Class C Notes	62,900		62,535		30,026		2/24/2021	6/16/2025	4.20%	5.71%
Total	$	471,810	$	468,377	$	147,425

(1)After giving effect to debt issuance costs.

(2)For the nine months ended October 31, 2021, and inclusive of the impact of changes in timing of actual and expected cash flows.

On February 24, 2021, the Company completed the sale of $62.9 million aggregate principal amount of 4.20% Asset Backed Notes, Class C, Series 2020-A, which were previously issued and held by the Company. The asset-backed notes are secured by the transferred customer accounts receivables and restricted cash held by a consolidated VIE, which resulted in net proceeds to us of $62.5 million, net of debt issuance costs. Net proceeds from the sale were used to repay amounts outstanding under the Company’s Revolving Credit Facility.

On May 12, 2021, the Company completed the redemption of the 2019-A Asset Backed Notes at an aggregate redemption price of $41.1 million (which was equal to the entire outstanding principal balance plus accrued interest). We funded the redemption with cash on hand and borrowings under our Revolving Credit Facility.

Revolving Credit Facility. On March 29, 2021, Conn’s, Inc. and certain of its subsidiaries (the “Borrowers”) entered into the Fifth Amended and Restated Loan and Security Agreement (the “Fifth Amended and Restated Loan Agreement”), with certain lenders, which provides for a $650.0 million asset-based revolving credit facility (as amended, the “Revolving Credit Facility”) under which credit availability is subject to a borrowing base and a maturity date of March 29, 2025.

The Fifth Amended and Restated Loan Agreement, among other things, permits borrowings under the Letter of Credit Subline (as defined in the Fifth Amended and Restated Loan Agreement) that exceed the cap of $40 million to $100 million, solely at the discretion of the lenders for such amounts in excess of $40 million. The obligations under the Revolving Credit Facility are secured by substantially all assets of the Company, excluding the assets of the VIEs. As of October 31, 2021, we had immediately available borrowing capacity of $320.5 million under our Revolving Credit Facility, net of standby letters of credit issued of $22.5 million.

Loans under the Revolving Credit Facility bear interest, at our option, at a rate of LIBOR plus a margin ranging from 2.50% to 3.25% per annum (depending on a pricing grid determined by our total leverage ratio) or the alternate base rate plus a margin ranging from 1.50% to 2.25% per annum (depending on a pricing grid determined by our total leverage ratio). We also pay an unused fee on the portion of the commitments that is available for future borrowings or letters of credit at a rate ranging from 0.25% to 0.50% per annum, depending on the average outstanding balance and letters of credit of the Revolving Credit Facility in the immediately preceding quarter. The weighted-average interest rate on borrowings outstanding and including unused line fees under the Revolving Credit Facility was 4.1% for the nine months ended October 31, 2021.

The Revolving Credit Facility places restrictions on our ability to incur additional indebtedness, grant liens on assets, make distributions on equity interests, dispose of assets, make loans, pay other indebtedness, engage in mergers, and other matters. The Revolving Credit Facility restricts our ability to make dividends and distributions unless no event of default exists and a liquidity test is satisfied. Subsidiaries of the Company may pay dividends and make distributions to the Company and other obligors under the Revolving Credit Facility without restriction. As of October 31, 2021, we were restricted from making distributions in excess of $164.9 million as a result of the Revolving Credit Facility distribution and payment restrictions. The Revolving Credit Facility contains customary default provisions, which, if triggered, could result in acceleration of all amounts outstanding under the Revolving Credit Facility.

Debt Covenants. We were in compliance with our debt covenants at October 31, 2021. A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status at October 31, 2021 is presented below:


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	10.12:1.00	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	12.34:1.00	1.50:1.00
Leverage Ratio must not exceed maximum	1.25:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	1.06:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$24.8 million	$100.0 million

All capitalized terms in the above table are defined in the Revolving Credit Facility and may or may not match directly to the financial statement captions in this document. The covenants are calculated quarterly, except for capital expenditures, which is calculated for a period of four consecutive fiscal quarters, as of the end of each fiscal quarter.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Contingencies	9 Months Ended
Contingencies	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Securities Litigation. On May 15, 2020, a putative securities class action lawsuit was filed against us and two of our executive officers in the United States District Court for the Southern District of Texas, captioned Uddin v. Conn’s, Inc., et al., No. 4:20-1705 (“Uddin Action”). On November 16, 2020, the lead plaintiff voluntarily dismissed the action without prejudice. The court entered an order recognizing the dismissal on November 17, 2020. On April 2, 2018, MicroCapital Fund, LP, MicroCapital Fund, Ltd., and MicroCapital LLC (collectively, “MicroCapital”) filed a lawsuit against us and certain of our former executive officers in the U.S. District Court for the Southern District of Texas, Cause No. 4:18-CV-01020 (the “MicroCapital Action”). The plaintiffs in this action allege that the defendants made false and misleading statements or failed to disclose material facts about our credit and underwriting practices, accounting and internal controls. Plaintiffs allege violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, Texas and Connecticut common law fraud, and Texas common law negligent misrepresentation against all defendants; as well as violations of section 20A of the Securities Exchange Act of 1934; and Connecticut common law negligent misrepresentation against certain defendants arising from plaintiffs’ purchase of Conn’s, Inc. securities between April 3, 2013 and February 20, 2014. The complaint does not specify the amount of damages sought. The Court previously stayed the MicroCapital Action pending resolution of other outstanding litigation (In re Conn’s Inc. Sec. Litig., Cause No. 14-CV-00548 (S.D. Tex.) (the “Consolidated Securities Action”)), which was settled in October 2018. After that settlement, the stay was lifted, and the defendants filed a motion to dismiss plaintiff’s complaint in the MicroCapital Action on November 6, 2018. On July 26, 2019, the magistrate judge issued a report recommending that defendants’ motion to dismiss the complaint be granted in part and denied in part. On September 25, 2019, the district court adopted the magistrate judge’s report, which permitted MicroCapital to file an amended complaint, which MicroCapital filed on October 30, 2019. Defendants filed their answer to the amended complaint on November 27, 2019. The parties reached a settlement agreement in this matter on October 28, 2021, that resolves the claims against the defendants in their entirety, and the case was dismissed with prejudice on November 18, 2021. Neither the Company nor any individual defendant admitted any wrongdoing. Derivative Litigation. On December 1, 2014, an alleged shareholder, purportedly on behalf of the Company, filed a shareholder derivative lawsuit in federal court against us and certain of our current and former directors and former executive officers captioned Robert Hack, derivatively on behalf of Conn’s, Inc., v. Theodore M. Wright (former executive officer and former director), Bob L. Martin, Jon E.M. Jacoby (former director), Kelly M. Malson, Douglas H. Martin, David Schofman, Scott L. Thompson (former director), Brian Taylor (former executive officer) and Michael J. Poppe (former executive officer) and Conn’s, Inc., Case No. 4:14-cv-03442 (S.D. Tex.). The complaint asserts claims for breach of fiduciary duty, unjust enrichment, gross mismanagement, and insider trading based on substantially similar factual allegations as those asserted in the Consolidated Securities Action. The plaintiff seeks unspecified damages against these persons and does not request any damages from Conn’s. On February 25, 2015, an additional federal derivative action, captioned 95250 Canada LTEE, derivatively on Behalf of Conn’s, Inc. v. Wright et al., Cause No. 4:15-cv-00521 (S.D. Tex.), was filed, asserting substantially similar claims against the same defendants. It was consolidated with the Hack litigation (collectively, the Federal Derivative Actions). The parties have reached a settlement in principle to fully resolve the Federal Derivative Actions. The settlement remains subject to court approval. Neither the Company nor any individual defendant admits any wrongdoing through the settlement agreement. In addition to the Federal Derivative Actions, a derivative action was filed in Texas state court on January 27, 2015, captioned Richard A. Dohn v. Wright, et al., Cause No. 2015-04405, in the 281st Judicial District Court, Harris County, Texas. This action makes substantially similar allegations to the Federal Derivative Actions against the same defendants. This case is stayed until at least April 29, 2022. Prior to filing his lawsuit, another alleged shareholder, Robert J. Casey II (“Casey”), submitted a demand under Delaware law, which our Board of Directors refused. On May 19, 2016, Casey, purportedly on behalf of the Company, filed a second state court lawsuit against us and certain of our current and former directors and former executive officers in the 55th Judicial District Court, Harris County, Texas, captioned Casey, derivatively on behalf of Conn’s, Inc., v. Theodore M. Wright (former executive officer and former director), Michael J. Poppe (former executive officer), Brian Taylor (former executive officer), Bob L. Martin, Jon E.M. Jacoby (former director), Kelly M. Malson (former director), Douglas H. Martin, David Schofman, Scott L. Thompson (former director) and William E. Saunders Jr., and Conn’s, Inc., Cause No. 2016-33135. The complaint asserts claims for breach of fiduciary duties and unjust enrichment based on substantially similar factual allegations as those asserted in the Federal Derivative Actions. The complaint does not specify the amount of damages sought. Since April 2018, this case has been abated pending the resolution of related cases. In July 2021, the parties requested that the court extend the abatement pending further developments in the Federal Derivative Actions. The case currently remains abated. Other than Casey, none of the plaintiffs in the other derivative actions made a demand on our Board of Directors prior to filing their respective lawsuits. The defendants in the two state court derivative actions intend to vigorously defend against these claims. It is not possible at this time to predict the timing or outcome of any unsettled litigation, and we cannot reasonably estimate the possible loss or range of possible loss from such claims. We are involved in other routine litigation and claims, incidental to our business from time to time which, individually or in the aggregate, are not expected to have a material adverse effect on us. As required, we accrue estimates of the probable costs for the resolution of these matters. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. However, the results of these proceedings cannot be predicted with certainty, and changes in facts and circumstances could impact our estimate of reserves for litigation. The Company believes that any probable and reasonably estimable loss associated with the foregoing has been adequately reflected in the accompanying financial statements.

Variable Interest Entity

9 Months Ended

Oct. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

From time to time, we securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. Under the terms of the respective securitization transactions, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of the asset-backed notes, and then to the residual equity holder. We retain the servicing of the securitized portfolio and receive a monthly fee of 4.75% (annualized) based on the outstanding balance of the securitized receivables, and we currently hold all of the residual equity. In addition, we, rather than the VIEs, will retain certain credit insurance income together with certain recoveries related to credit insurance and RSAs on charge-offs of the securitized receivables, which will continue to be reflected as a reduction of net charge-offs on a consolidated basis for as long as we consolidate the VIEs.

We consolidate VIEs when we determine that we are the primary beneficiary of these VIEs, we have the power to direct the activities that most significantly impact the performance of the VIEs and our obligation to absorb losses and the right to receive residual returns are significant.

The following table presents the assets and liabilities held by the VIEs (for legal purposes, the assets and liabilities of the VIEs will remain distinct from Conn’s, Inc.):


(in thousands)	October 31, 2021		January 31, 2021
Assets:
Restricted cash	$	23,478	$	48,622
Due from Conn’s, Inc., net	(12,307)		(5,661)
Customer accounts receivable:
Customer accounts receivable	171,036		509,574
Restructured accounts	68,433		105,395
Allowance for uncollectible accounts	(64,025)		(159,849)
Allowance for no-interest option credit programs	—		(5,502)
Deferred fees and origination costs	(1,643)		(5,503)
Total customer accounts receivable, net	173,801		444,115
Total assets	$	184,972	$	487,076
Liabilities:
Accrued expenses	$	1,497	$	3,707
Other liabilities	1,682		4,459

Long-term debt:
2019-A Class A Notes	—		19,521
2019-A Class B Notes	—		25,069
2019-A Class C Notes	—		24,202
2019-B Class A Notes	—		17,860
2019-B Class B Notes	—		85,540
2019-B Class C Notes	70,691		83,270
2020-A Class A Notes	15,584		93,326
2020-A Class B Notes	31,124		65,200
2020-A Class C Notes	30,026		—
	147,425		413,988
Less: deferred debt issuance costs	(563)		(2,437)
Total debt	$	146,862	$	411,551
Total liabilities	$	150,041	$	419,717

The assets of the VIEs serve as collateral for the obligations of the VIEs. The holders of asset-backed notes have no recourse to assets outside of the respective VIEs.

Segment Information

9 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information Operating segments are defined as components of an enterprise that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker to make decisions about how to allocate resources and assess performance. We are a leading specialty retailer and offer a broad selection of quality, branded durable consumer goods and related services in addition to a proprietary credit solution for our core credit-constrained consumers. We have two operating segments: (i) retail and (ii) credit. Our operating segments complement one another. The retail segment operates primarily through our stores and website. Our retail segment product offerings include furniture and mattresses, home appliances, consumer electronics and home office products from leading global brands across a wide range of price points. Our credit segment offers affordable financing solutions to a large, under-served population of credit-constrained consumers who typically have limited credit alternatives. Our operating segments provide customers the opportunity to comparison shop across brands with confidence in our competitive prices as well as affordable monthly payment options, next day delivery and installation in the majority of our markets, and product repair service. The operating segments follow the same accounting policies used in our Condensed Consolidated Financial Statements.

We evaluate a segment’s performance based upon operating income before taxes. Selling, general and administrative expenses (“SG&A”) includes the direct expenses of the retail and credit operations, allocated overhead expenses, and a charge to the credit segment to reimburse the retail segment for expenses it incurs related to occupancy, personnel, advertising and other direct costs of the retail segment, which benefit the credit operations by sourcing credit customers and collecting payments. The reimbursement received by the retail segment from the credit segment is calculated using an annual rate of 2.5% times the average outstanding portfolio balance for each applicable period.

As of October 31, 2021, we operated retail stores in 15 states with no operations outside of the United States. No single customer accounts for more than 10% of our total revenues.

Financial information by segment is presented in the following tables:


	Three Months Ended October 31, 2021						Three Months Ended October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Revenues:
Furniture and mattress	$	106,756	$	—	$	106,756	$	82,793	$	—	$	82,793
Home appliance	128,385		—		128,385		99,872		—		99,872
Consumer electronics	46,751		—		46,751		35,517		—		35,517
Home office	17,373		—		17,373		16,711		—		16,711
Other	9,036		—		9,036		4,264		—		4,264
Product sales	308,301		—		308,301		239,157		—		239,157
Repair service agreement commissions	23,769		—		23,769		17,465		—		17,465
Service revenues	2,513		—		2,513		3,150		—		3,150
Total net sales	334,583		—		334,583		259,772		—		259,772
Finance charges and other revenues	262		70,613		70,875		168		74,218		74,386
Total revenues	334,845		70,613		405,458		259,940		74,218		334,158
Costs and expenses:
Cost of goods sold	211,298		—		211,298		160,378		—		160,378
Selling, general and administrative expense (1)	100,969		37,112		138,081		84,245		37,913		122,158
Provision for bad debts	36		26,496		26,532		72		27,421		27,493
Total costs and expenses	312,303		63,608		375,911		244,695		65,334		310,029
Operating income	22,542		7,005		29,547		15,245		8,884		24,129
Interest expense	—		5,206		5,206		—		11,563		11,563
Income (loss) before income taxes	$	22,542	$	1,799	$	24,341	$	15,245	$	(2,679)	$	12,566


	Nine Months Ended October 31, 2021						Nine Months Ended October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Revenues:
Furniture and mattress	$	310,505	$	—	$	310,505	$	232,670	$	—	$	232,670
Home appliance	377,090		—		377,090		288,839		—		288,839
Consumer electronics	133,202		—		133,202		118,677		—		118,677
Home office	49,881		—		49,881		49,056		—		49,056
Other	27,079		—		27,079		13,255		—		13,255
Product sales	897,757		—		897,757		702,497		—		702,497
Repair service agreement commissions	66,600		—		66,600		57,730		—		57,730
Service revenues	8,307		—		8,307		9,611		—		9,611
Total net sales	972,664		—		972,664		769,838		—		769,838
Finance charges and other revenues	695		214,184		214,879		599		247,797		248,396
Total revenues	973,359		214,184		1,187,543		770,437		247,797		1,018,234
Costs and expenses:
Cost of goods sold	612,219		—		612,219		484,015		—		484,015
Selling, general and administrative expense (1)	294,019		107,981		402,000		241,003		109,440		350,443
Provision for bad debts	196		19,462		19,658		422		176,442		176,864
Charges and credits	—		—		—		1,355		2,234		3,589
Total costs and expenses	906,434		127,443		1,033,877		726,795		288,116		1,014,911
Operating income (loss)	66,925		86,741		153,666		43,642		(40,319)		3,323
Interest expense	—		20,498		20,498		—		39,778		39,778
Loss on extinguishment of debt	—		1,218		1,218		—		—		—
Income (loss) before income taxes	$	66,925	$	65,025	$	131,950	$	43,642	$	(80,097)	$	(36,455)
	October 31, 2021						October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Total assets	$	707,402	$	1,079,177	$	1,786,579	$	743,568	$	1,189,888	$	1,933,456

(1)For the three months ended October 31, 2021 and 2020, the amount of corporate overhead allocated to each segment reflected in SG&A was $11.1 million and $8.5 million, respectively. For the three months ended October 31, 2021 and 2020, the amount of reimbursement made to the retail segment by the credit segment was $7.0 million and $8.2 million, respectively. For the nine months ended October 31, 2021 and 2020, the amount of corporate overhead allocated to each segment reflected in SG&A was $30.0 million and $24.2 million, respectively. For the nine months ended October 31, 2021 and 2020, the amount of reimbursement made to the retail segment by the credit segment was $21.2 million and $26.9 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsAsset-backed Note. On November 23, 2021, an affiliate of the Company (“the Issuer”) completed the issuance and sale of asset-backed notes in the aggregate principal amount of $377.8 million secured by the transferred customer accounts receivable and restricted cash held by a VIE, which resulted in net proceeds to us of $375.2 million, net of debt issuance costs. Net proceeds from the offering were used to repay indebtedness under the Company’s asset-based credit facility and for other general corporate purposes. The asset-backed notes mature on May 15, 2026 and consist of $247.8 million of the Issuer’s 1.05% Class A, Series 2021-A Asset Backed Fixed Rate Notes, $66.1 million of 2.87% Class B, Series 2021-A Asset Backed Fixed Rate Notes, and $63.9 million of 4.59% Class C, Series 2021-A Asset Backed Fixed Rate Notes.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Business and Basis of Presentation

Fiscal Year

Fiscal Year. Our fiscal year ends on January 31. References to a fiscal year refer to the calendar year in which the fiscal year ends.

Principles of Consolidation

Variable Interest Entity

Refer to Note 4, Debt and Financing Lease Obligations, and Note 6, Variable Interest Entities, for additional information.

Use of Estimates

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents. As of October 31, 2021 and January 31, 2021, cash and cash equivalents included cash and credit card deposits in transit. Credit card deposits in transit included in cash and cash equivalents were $8.2 million and $7.9 million as of October 31, 2021 and January 31, 2021, respectively. Restricted Cash. The restricted cash balance as of October 31, 2021 and January 31, 2021 includes $18.7 million and $41.6 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $4.8 million and $7.0 million, respectively, of cash held by the VIEs as additional collateral for the asset-backed notes.

Customer Accounts Receivable

Interest Income on Customer Accounts Receivable

Allowance for Doubtful Accounts

that affect the ability of borrowers to service their debts or our ability to collect will impact the future performance of the portfolio.

Debt Issuance Costs and Loss on Extinguishment

Debt Issuance Costs. Costs that are direct and incremental to debt issuance are deferred and amortized to interest expense using the effective interest method over the expected life of the debt. All other costs related to debt issuance are expensed as incurred. We present debt issuance costs associated with long-term debt as a reduction of the carrying amount of the debt. Unamortized costs related to the Revolving Credit Facility, as defined in Note 4, Debt and Financing Lease Obligations, are included in other assets on our Condensed Consolidated Balance Sheet and were $5.5 million and $3.5 million as of October 31, 2021 and January 31, 2021, respectively.Loss on Extinguishment. During the nine months ended October 31, 2021, we incurred a loss of $1.0 million related to the retirement of the remaining $141.2 million aggregate principal amount of our 7.25% Senior Notes due 2022 (“Senior Notes”) and a loss of $0.2 million related to the amendment of our Fifth Amended and Restated Loan and Security Agreement.

Income Taxes

Share-based Compensation

Stock-based Compensation. During the nine months ended October 31, 2021, the Company granted performance stock awards (“PSUs”) and restricted stock awards (“RSUs”). The awards had a combined aggregate grant date fair value of $17.8 million. The PSUs will vest in fiscal year 2025, if at all, upon certification by the Compensation Committee of the Board of Directors of satisfaction of certain total stockholder return performance conditions over the three fiscal years commencing with fiscal year 2022. The RSUs will vest ratably, over periods of three years to four years from the date of grant.Stock-based compensation expense is recorded, net of actual forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model.

Earnings (loss) per Share


	Three Months Ended October 31,		Nine Months Ended October 31,
	2021	2020	2021	2020
Weighted-average common shares outstanding - Basic	29,488,321	29,142,843	29,418,047	29,013,759
Dilutive effect of stock options, PSUs and RSUs	773,100	340,638	709,372	—
Weighted-average common shares outstanding - Diluted	30,261,421	29,483,481	30,127,419	29,013,759

Fair Value of Financial Instruments

•Level 1 – Inputs represent unadjusted quoted prices in active markets for identical assets or liabilities.

Deferred Revenue

Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Yet To Be Adopted

Recent Accounting Pronouncements Adopted.

Recent Accounting Pronouncements Yet to Be Adopted.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

RSUs, PSUs and stock options granted during the period

The following table sets forth the RSUs and PSUs granted during the three and nine months ended October 31, 2021 and 2020:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
RSUs (1)	204,376		—		586,107		622,195
PSUs (2)	115,688		—		268,037		270,828
Total stock awards granted	320,064		—		854,144		893,023
Aggregate grant date fair value (in thousands)	$	8,599	$	—	$	17,849	$	7,957

(1)The RSUs issued during the nine months ended October 31, 2021 and 2020 are scheduled to vest ratably over periods of three years to four years from the date of grant.

Shares outstanding for the earnings per share calculations

The following table sets forth the shares outstanding for the earnings per share calculations:


	Three Months Ended October 31,		Nine Months Ended October 31,
	2021	2020	2021	2020
Weighted-average common shares outstanding - Basic	29,488,321	29,142,843	29,418,047	29,013,759
Dilutive effect of stock options, PSUs and RSUs	773,100	340,638	709,372	—
Weighted-average common shares outstanding - Diluted	30,261,421	29,483,481	30,127,419	29,013,759

Customer Accounts Receivable (Tables)

9 Months Ended

Oct. 31, 2021

Receivables [Abstract]

Allowance for doubtful accounts and uncollectible interest for customer receivables

Customer accounts receivable consisted of the following:


(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable (1)	$	1,124,872	$	1,233,717
Deferred fees and origination costs, net	(13,482)		(14,212)
Allowance for no-interest option credit programs	(16,208)		(11,985)
Allowance for uncollectible interest	(13,777)		(21,427)
Carrying value of customer accounts receivable	1,081,405		1,186,093
Allowance for credit losses (2)	(194,377)		(276,610)
Carrying value of customer accounts receivable, net of allowance for credit losses	887,028		909,483
Short-term portion of customer accounts receivable, net	(460,808)		(478,734)
Long-term customer accounts receivable, net	$	426,220	$	430,749


	Carrying Value
(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable 60+ days past due (3)	$	95,534	$	146,820
Re-aged customer accounts receivable (4)	198,279		306,845
Restructured customer accounts receivable (5)	115,928		178,374

(4)The re-aged carrying value as of October 31, 2021 and January 31, 2021 includes $48.8 million and $88.0 million, respectively, in carrying value that are both 60+ days past due and re-aged.

Schedule of allowance for credit losses

The allowance for credit losses included in the current and long-term portion of customer accounts receivable, net as shown in the Condensed Consolidated Balance Sheet were as follows:


(in thousands)	October 31, 2021		January 31, 2021
Customer accounts receivable - current	$	578,250	$	643,903
Allowance for credit losses for customer accounts receivable - current	(117,442)		(165,169)
Customer accounts receivable, net of allowances	460,808		478,734
Customer accounts receivable - non current	516,932		563,617
Allowance for credit losses for customer accounts receivable - non current	(90,712)		(132,868)
Long-term portion of customer accounts receivable, net of allowances	426,220		430,749
Total customer accounts receivable, net	$	887,028	$	909,483

Activity in the allowance for doubtful accounts and uncollectible interest for customer receivables

The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables:


	Nine Months Ended October 31, 2021						Nine Months Ended October 31, 2020
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total		Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period, prior to adoption of ASC 326	$	219,740	$	78,297	$	298,037	$	145,680	$	88,123	$	233,803
Impact of adoption ASC 326	—		—		—		95,136		3,526		98,662
Provision for (benefit from) credit losses (1)	21,845		23,079		44,924		164,697		60,595		225,292
Principal charge-offs (2)	(81,710)		(50,691)		(132,401)		(144,048)		(62,678)		(206,726)
Interest charge-offs	(22,432)		(13,917)		(36,349)		(40,340)		(17,553)		(57,893)
Recoveries (3)	20,947		12,996		33,943		16,922		7,363		24,285
Allowance at end of period	$	158,390	$	49,764	$	208,154	$	238,047	$	79,376	$	317,423
Average total customer portfolio balance	$	985,634	$	149,745	$	1,135,379	$	1,219,794	$	216,433	$	1,436,227

(1)Includes provision for uncollectible interest, which is included in finance charges and other revenues, and changes in expected future recoveries.

(3)Recoveries include the principal amount collected during the period for previously charged-off balances.

Schedule of delinquency bucket


(in thousands)
Delinquency Bucket	2021		2020		2019		2018		Prior		Total		% of Total
Current	$	474,139	$	219,476	$	102,045	$	13,529	$	2,042	$	811,231	75.0	%
1-30	52,445		42,934		30,315		7,286		1,195		134,175		12.4	%
31-60	15,199		12,681		9,369		2,741		475		40,465		3.8	%
61-90	8,945		7,768		6,165		1,901		324		25,103		2.3	%
91+	17,531		24,488		20,410		6,809		1,193		70,431		6.5	%
Total	$	568,259	$	307,347	$	168,304	$	32,266	$	5,229	$	1,081,405	100.0	%

Finance Charges and Other Revenue (Tables)

9 Months Ended

Oct. 31, 2021

Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]

Schedule of finance charges and other revenues

Finance charges and other revenues consisted of the following:


	Three Months Ended October 31,				Nine Months Ended October 31,
(in thousands)	2021		2020		2021		2020
Interest income and fees	$	63,621	$	69,996	$	196,303	$	235,438
Insurance income	6,992		4,222		17,881		12,359
Other revenues	262		168		695		599
Total finance charges and other revenues	$	70,875	$	74,386	$	214,879	$	248,396

Debt and Financing Lease Obligations (Tables)

9 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

Long-term debt

Debt and financing lease obligations consisted of the following:


(in thousands)	October 31, 2021		January 31, 2021
Revolving Credit Facility	$	307,000	$	52,000
Senior Notes	—		141,172
2019-A VIE Asset-backed Class A Notes	—		19,521
2019-A VIE Asset-backed Class B Notes	—		25,069
2019-A VIE Asset-backed Class C Notes	—		24,202
2019-B VIE Asset-backed Class A Notes	—		17,860
2019-B VIE Asset-backed Class B Notes	—		85,540
2019-B VIE Asset-backed Class C Notes	70,691		83,270
2020-A VIE Asset-backed Class A Notes	15,584		93,326
2020-A VIE Asset-backed Class B Notes	31,124		65,200
2020-A VIE Asset-backed Class C Notes	30,026		—
Financing lease obligations	6,399		6,072
Total debt and financing lease obligations	460,824		613,232
Less:
Discount on debt	—		(524)
Deferred debt issuance costs	(563)		(3,139)
Current maturities of long-term debt and financing lease obligations	(942)		(934)
Long-term debt and financing lease obligations	$	459,319	$	608,635

Schedule of asset-backed notes

The asset-backed notes outstanding as of October 31, 2021 consisted of the following:


(dollars in thousands)
Asset-Backed Notes	Original Principal Amount		Original Net Proceeds (1)		Current Principal Amount		Issuance Date	Maturity Date	Contractual Interest Rate	Effective Interest Rate (2)
2019-B Class B Notes	$	85,540	$	84,916	$	—	11/26/2019	6/17/2024	3.62%	4.59%
2019-B Class C Notes	83,270		82,456		70,691		11/26/2019	6/17/2024	4.60%	5.15%
2020-A Class A Notes	174,900		173,716		15,584		10/16/2020	6/16/2025	1.71%	4.51%
2020-A Class B Notes	65,200		64,754		31,124		10/16/2020	6/16/2025	4.27%	5.52%
2020-A Class C Notes	62,900		62,535		30,026		2/24/2021	6/16/2025	4.20%	5.71%
Total	$	471,810	$	468,377	$	147,425

(1)After giving effect to debt issuance costs.

(2)For the nine months ended October 31, 2021, and inclusive of the impact of changes in timing of actual and expected cash flows.

Covenant compliance

A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status at October 31, 2021 is presented below:


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	10.12:1.00	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	12.34:1.00	1.50:1.00
Leverage Ratio must not exceed maximum	1.25:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	1.06:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$24.8 million	$100.0 million

Variable Interest Entities (Tables)

9 Months Ended

Oct. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assets and liabilities held by the VIE

The following table presents the assets and liabilities held by the VIEs (for legal purposes, the assets and liabilities of the VIEs will remain distinct from Conn’s, Inc.):


(in thousands)	October 31, 2021		January 31, 2021
Assets:
Restricted cash	$	23,478	$	48,622
Due from Conn’s, Inc., net	(12,307)		(5,661)
Customer accounts receivable:
Customer accounts receivable	171,036		509,574
Restructured accounts	68,433		105,395
Allowance for uncollectible accounts	(64,025)		(159,849)
Allowance for no-interest option credit programs	—		(5,502)
Deferred fees and origination costs	(1,643)		(5,503)
Total customer accounts receivable, net	173,801		444,115
Total assets	$	184,972	$	487,076
Liabilities:
Accrued expenses	$	1,497	$	3,707
Other liabilities	1,682		4,459

Long-term debt:
2019-A Class A Notes	—		19,521
2019-A Class B Notes	—		25,069
2019-A Class C Notes	—		24,202
2019-B Class A Notes	—		17,860
2019-B Class B Notes	—		85,540
2019-B Class C Notes	70,691		83,270
2020-A Class A Notes	15,584		93,326
2020-A Class B Notes	31,124		65,200
2020-A Class C Notes	30,026		—
	147,425		413,988
Less: deferred debt issuance costs	(563)		(2,437)
Total debt	$	146,862	$	411,551
Total liabilities	$	150,041	$	419,717

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Information (Tables)

9 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Financial information by segment

Financial information by segment is presented in the following tables:


	Three Months Ended October 31, 2021						Three Months Ended October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Revenues:
Furniture and mattress	$	106,756	$	—	$	106,756	$	82,793	$	—	$	82,793
Home appliance	128,385		—		128,385		99,872		—		99,872
Consumer electronics	46,751		—		46,751		35,517		—		35,517
Home office	17,373		—		17,373		16,711		—		16,711
Other	9,036		—		9,036		4,264		—		4,264
Product sales	308,301		—		308,301		239,157		—		239,157
Repair service agreement commissions	23,769		—		23,769		17,465		—		17,465
Service revenues	2,513		—		2,513		3,150		—		3,150
Total net sales	334,583		—		334,583		259,772		—		259,772
Finance charges and other revenues	262		70,613		70,875		168		74,218		74,386
Total revenues	334,845		70,613		405,458		259,940		74,218		334,158
Costs and expenses:
Cost of goods sold	211,298		—		211,298		160,378		—		160,378
Selling, general and administrative expense (1)	100,969		37,112		138,081		84,245		37,913		122,158
Provision for bad debts	36		26,496		26,532		72		27,421		27,493
Total costs and expenses	312,303		63,608		375,911		244,695		65,334		310,029
Operating income	22,542		7,005		29,547		15,245		8,884		24,129
Interest expense	—		5,206		5,206		—		11,563		11,563
Income (loss) before income taxes	$	22,542	$	1,799	$	24,341	$	15,245	$	(2,679)	$	12,566


	Nine Months Ended October 31, 2021						Nine Months Ended October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Revenues:
Furniture and mattress	$	310,505	$	—	$	310,505	$	232,670	$	—	$	232,670
Home appliance	377,090		—		377,090		288,839		—		288,839
Consumer electronics	133,202		—		133,202		118,677		—		118,677
Home office	49,881		—		49,881		49,056		—		49,056
Other	27,079		—		27,079		13,255		—		13,255
Product sales	897,757		—		897,757		702,497		—		702,497
Repair service agreement commissions	66,600		—		66,600		57,730		—		57,730
Service revenues	8,307		—		8,307		9,611		—		9,611
Total net sales	972,664		—		972,664		769,838		—		769,838
Finance charges and other revenues	695		214,184		214,879		599		247,797		248,396
Total revenues	973,359		214,184		1,187,543		770,437		247,797		1,018,234
Costs and expenses:
Cost of goods sold	612,219		—		612,219		484,015		—		484,015
Selling, general and administrative expense (1)	294,019		107,981		402,000		241,003		109,440		350,443
Provision for bad debts	196		19,462		19,658		422		176,442		176,864
Charges and credits	—		—		—		1,355		2,234		3,589
Total costs and expenses	906,434		127,443		1,033,877		726,795		288,116		1,014,911
Operating income (loss)	66,925		86,741		153,666		43,642		(40,319)		3,323
Interest expense	—		20,498		20,498		—		39,778		39,778
Loss on extinguishment of debt	—		1,218		1,218		—		—		—
Income (loss) before income taxes	$	66,925	$	65,025	$	131,950	$	43,642	$	(80,097)	$	(36,455)
	October 31, 2021						October 31, 2020
(in thousands)	Retail		Credit		Total		Retail		Credit		Total
Total assets	$	707,402	$	1,079,177	$	1,786,579	$	743,568	$	1,189,888	$	1,933,456

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021 USD ($) shares	Oct. 31, 2020 USD ($) shares	Oct. 31, 2021 USD ($) segment account shares	Oct. 31, 2020 USD ($) shares	Apr. 15, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jan. 31, 2020 USD ($)	Jul. 01, 2014
Debt Instrument [Line Items]
Number of operating segments \| segment			2
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents include credit card deposits in-transit	$ 8,200		$ 8,200			$ 7,900
Restricted cash, VIE	25,528		25,528			50,557
Customer Accounts Receivable
Customer receivables which were current prior to receiving a COVID-19 related deferment	25,700		$ 25,700			65,200
Interest Income on Customer Accounts Receivable
No-interest option program period			12 months
Nonaccrual status	6,700		$ 6,700			8,500
90 days past due and still accruing	70,200		70,200			111,500
Financing Receivable, Not past Due	6,200		$ 6,200			5,200
Allowance for Doubtful Accounts
Number of accounts, warrant individual evaluation for impairment \| account			0
Accounts receivable, allowance for credit loss	208,154	$ 317,423	$ 208,154	$ 317,423		298,037	$ 233,803
Debt Issuance Costs
Deferred debt issuance costs	563		563			3,139
Loss on Extinguishment
Loss on extinguishment of debt	0	0	$ 1,218	$ 0
Income Taxes
Effective tax rate			23.70%	22.50%
Stock-based Compensation
Aggregate grant date fair value	8,599	0	$ 17,849	$ 7,957
Stock-based compensation expense	2,600	$ 2,300	6,382	$ 6,988
Fair Value of Financial Instruments
Long-term debt	$ 147,425		147,425
Customer Deposits
Deferred Revenue
Deferred revenue			4,700
RSA Administration Fees
Deferred Revenue
Deferred revenue			$ 2,700
Performance Shares
Stock-based Compensation
Number of award vesting years			3 years
Restricted Stock Units And Phantom Share Units
Earnings (loss) per Share
Weighted average number of stock options and restricted stock units not included in the calculation of the dilutive effect of stock options and restricted stock units (in shares) \| shares	715,051	894,130	734,407	1,225,771
Minimum
Stock-based Compensation
Vesting period			3 years	3 years
Minimum \| (RSUs)
Stock-based Compensation
Vesting period			3 years
Maximum
Stock-based Compensation
Vesting period			4 years	4 years
Maximum \| (RSUs)
Stock-based Compensation
Vesting period			4 years
Revolving Credit Facility
Loss on Extinguishment
Loss on extinguishment of debt			$ 200
Secured Debt
Fair Value of Financial Instruments
Debt fair value	$ 148,000		148,000
Senior Notes
Loss on Extinguishment
Loss on extinguishment of debt			1,000
Debt instrument, repurchase amount					$ 141,200
Fair Value of Financial Instruments
Long-term debt	0		0			141,172
Senior Notes \| Senior Unsecured Notes Due July 2022
Loss on Extinguishment
Interest rate on notes								7.25%
Secured Debt
Fair Value of Financial Instruments
Long-term debt	147,400		147,400
Revolving Credit Facility
Debt Issuance Costs
Deferred debt issuance costs	5,500		5,500			3,500
Deferred Revenues And Other Credits
Interest Income on Customer Accounts Receivable
Deferred revenue	8,500		8,500
Other long-term liabilities
Interest Income on Customer Accounts Receivable
Deferred revenue						8,900
Accounts Receivable
Allowance for Doubtful Accounts
Accounts receivable, allowance for credit loss	158,390	$ 238,047	158,390	$ 238,047		219,740	145,680
Restructured Accounts
Allowance for Doubtful Accounts
Accounts receivable, allowance for credit loss	49,764	$ 79,376	49,764	$ 79,376		78,297	$ 88,123
Collateral Held by VIE
Cash and Cash Equivalents and Restricted Cash
Restricted cash, VIE	18,700		18,700			41,600
Securitized Receivables Servicer
Cash and Cash Equivalents and Restricted Cash
Restricted cash, VIE	$ 4,800		$ 4,800			$ 7,000

Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock awards granted (in shares)	320,064	0	854,144	893,023
Aggregate grant date fair value	$ 8,599	$ 0	$ 17,849	$ 7,957
Dividend yield (as a percent)			0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years	4 years
(RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs (in shares)	204,376	0	586,107	622,195
(RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
(RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
(PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs (in shares)	115,688	0	268,037	270,828
Expected volatility rate (as a percent)				60.00%
Expected term			3 years	3 years
Risk free interest rate (as a percent)				1.42%
(PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility rate (as a percent)			83.00%
Risk free interest rate (as a percent)			0.17%
(PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility rate (as a percent)			87.00%
Risk free interest rate (as a percent)			0.67%

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Accounting Policies [Abstract]
Weighted average common shares outstanding - Basic (in shares)	29,488,321	29,142,843	29,418,047	29,013,759
Dilutive effect of stock options, RSUs and PSUs (in shares)	773,100	340,638	709,372	0
Weighted average common shares outstanding - Diluted (in shares)	30,261,421	29,483,481	30,127,419	29,013,759

Customer Accounts Receivable - Allowance for Doubtful Accounts and Uncollectible Interest for Customer Receivables (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Quantitative information about the receivables portfolio managed [Abstract]
Customer accounts receivable	$ 1,124,872	$ 1,233,717
Deferred fees and origination costs, net	(13,482)	(14,212)
Allowance for no-interest option credit programs	(16,208)	(11,985)
Allowance for uncollectible interest	(13,777)	(21,427)
Carrying value of customer accounts receivable	1,081,405	1,186,093
Allowance for credit losses	(194,377)	(276,610)
Total customer accounts receivable, net	887,028	909,483
Short-term portion of customer accounts receivable, net	(460,808)	(478,734)
Long-term customer accounts receivable, net	426,220	430,749
Customer accounts receivable 60+ days past due	95,534	146,820
Re-aged customer accounts receivable	198,279	306,845
Restructured customer accounts receivable	115,928	178,374
Interest receivable	21,400	31,100
Interest receivable outstanding net of allowance for uncollectible interest	7,600	9,700
Financing receivable past due	270,200	340,800
Amounts included within past due and reaged accounts	48,800	88,000
Accounts receivable, restructured accounts, past due	$ 30,800	$ 57,100

Customer Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Receivables [Abstract]
Customer accounts receivable - current	$ 578,250	$ 643,903
Allowance for credit losses for customer accounts receivable - current	(117,442)	(165,169)
Customer accounts receivable, net of allowances	460,808	478,734
Customer accounts receivable - non current	516,932	563,617
Allowance for credit losses for customer accounts receivable - non current	(90,712)	(132,868)
Long-term portion of customer accounts receivable, net of allowances	426,220	430,749
Total customer accounts receivable, net	$ 887,028	$ 909,483

Customer Accounts Receivable - Activity in the Allowance for Doubtful Accounts and Uncollectible Interest for Customer Receivables (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	$ 298,037	$ 233,803
Provision for (benefit from) credit losses	44,924	225,292
Principal charge-offs	(132,401)	(206,726)
Interest charge-offs	(36,349)	(57,893)
Recoveries	33,943	24,285
Allowance at end of period	208,154	317,423
Average total customer portfolio balance	1,135,379	1,436,227
Customer Accounts Receivable
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	219,740	145,680
Provision for (benefit from) credit losses	21,845	164,697
Principal charge-offs	(81,710)	(144,048)
Interest charge-offs	(22,432)	(40,340)
Recoveries	20,947	16,922
Allowance at end of period	158,390	238,047
Average total customer portfolio balance	985,634	1,219,794
Restructured Accounts
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	78,297	88,123
Provision for (benefit from) credit losses	23,079	60,595
Principal charge-offs	(50,691)	(62,678)
Interest charge-offs	(13,917)	(17,553)
Recoveries	12,996	7,363
Allowance at end of period	49,764	79,376
Average total customer portfolio balance	149,745	216,433
Accounting Standards Update 2016-13 \| Cumulative Effect, Period Of Adoption, Adjustment
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	0	98,662
Accounting Standards Update 2016-13 \| Cumulative Effect, Period Of Adoption, Adjustment \| Customer Accounts Receivable
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	0	95,136
Accounting Standards Update 2016-13 \| Cumulative Effect, Period Of Adoption, Adjustment \| Restructured Accounts
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	$ 0	$ 3,526

Customer Accounts Receivable - Delinquency Bucket (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Financing Receivable, Past Due [Line Items]
2021	$ 568,259
2020	307,347
2019	168,304
2018	32,266
Prior	5,229
Total	$ 1,081,405	$ 1,186,093
% of Total	100.00%
Current
Financing Receivable, Past Due [Line Items]
2021	$ 474,139
2020	219,476
2019	102,045
2018	13,529
Prior	2,042
Total	$ 811,231
% of Total	75.00%
1-30
Financing Receivable, Past Due [Line Items]
2021	$ 52,445
2020	42,934
2019	30,315
2018	7,286
Prior	1,195
Total	$ 134,175
% of Total	12.40%
31-60
Financing Receivable, Past Due [Line Items]
2021	$ 15,199
2020	12,681
2019	9,369
2018	2,741
Prior	475
Total	$ 40,465
% of Total	3.80%
61-90
Financing Receivable, Past Due [Line Items]
2021	$ 8,945
2020	7,768
2019	6,165
2018	1,901
Prior	324
Total	$ 25,103
% of Total	2.30%
91+
Financing Receivable, Past Due [Line Items]
2021	$ 17,531
2020	24,488
2019	20,410
2018	6,809
Prior	1,193
Total	$ 70,431
% of Total	6.50%

Finance Charges and Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Interest income and fees	$ 63,621	$ 69,996	$ 196,303	$ 235,438
Insurance income	6,992	4,222	17,881	12,359
Other revenues	262	168	695	599
Other Income	70,875	74,386	214,879	248,396
Provisions for uncollectible interest	10,500	16,900	25,500	48,800
Financing Receivable
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Interest income and fees	$ 5,800	$ 9,300	$ 20,000	$ 28,800

Debt and Financing Lease Obligations - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021
Long-term debt [Abstract]
Long-term debt	$ 147,425
Financing lease obligations	6,399	$ 6,072
Total debt and financing lease obligations	460,824	613,232
Less:
Discount on debt	0	(524)
Deferred debt issuance costs	(563)	(3,139)
Current maturities of long-term debt and financing lease obligations	(942)	(934)
Long-term debt and finance lease obligations (includes VIE balances of $146,862 and $411,551, respectively)	459,319	608,635
2019-B VIE Asset-backed Class B Notes
Long-term debt [Abstract]
Long-term debt	0
2019-B VIE Asset-backed Class C Notes
Long-term debt [Abstract]
Long-term debt	70,691
2020-A VIE Asset-backed Class A Notes
Long-term debt [Abstract]
Long-term debt	15,584
2020-A VIE Asset-backed Class B Notes
Long-term debt [Abstract]
Long-term debt	31,124
2020-A VIE Asset-backed Class C Notes
Long-term debt [Abstract]
Long-term debt	30,026
Senior Notes
Long-term debt [Abstract]
Long-term debt	0	141,172
Secured Debt
Long-term debt [Abstract]
Long-term debt	147,400
Secured Debt \| 2019-A VIE Asset-backed Class A Notes
Long-term debt [Abstract]
Long-term debt	0	19,521
Secured Debt \| 2019-A VIE Asset-backed Class B Notes
Long-term debt [Abstract]
Long-term debt	0	25,069
Secured Debt \| 2019-A VIE Asset-backed Class C Notes
Long-term debt [Abstract]
Long-term debt	0	24,202
Secured Debt \| 2019-B VIE Asset-backed Class A Notes
Long-term debt [Abstract]
Long-term debt	0	17,860
Secured Debt \| 2019-B VIE Asset-backed Class B Notes
Long-term debt [Abstract]
Long-term debt	0	85,540
Secured Debt \| 2019-B VIE Asset-backed Class C Notes
Long-term debt [Abstract]
Long-term debt	70,691	83,270
Secured Debt \| 2020-A VIE Asset-backed Class A Notes
Long-term debt [Abstract]
Long-term debt	15,584	93,326
Secured Debt \| 2020-A VIE Asset-backed Class B Notes
Long-term debt [Abstract]
Long-term debt	31,124	65,200
Secured Debt \| 2020-A VIE Asset-backed Class C Notes
Long-term debt [Abstract]
Long-term debt	30,026	0
Revolving Credit Facility
Less:
Deferred debt issuance costs	(5,500)	(3,500)
Revolving Credit Facility \| Line of Credit
Long-term debt [Abstract]
Long-term debt	$ 307,000	$ 52,000

Debt and Financing Lease Obligations - Senior Notes (Details) - USD ($)	Oct. 31, 2021	Apr. 15, 2021	Jul. 01, 2014
Debt Instrument [Line Items]
Original principal amount	$ 471,810,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		$ 141,200,000
Senior Notes \| Senior Unsecured Notes Due July 2022
Debt Instrument [Line Items]
Original principal amount			$ 250,000,000
Interest rate on notes			7.25%

Debt and Financing Lease Obligations - Asset Backed Notes (Details) - USD ($) $ in Thousands				9 Months Ended
	Feb. 24, 2021	Oct. 16, 2020	Nov. 26, 2019	Oct. 31, 2021	May 12, 2021	Jan. 31, 2021
Debt Instrument [Line Items]
Original Principal Amount				$ 471,810
Proceeds from issuance of debt				468,377
Current Principal Amount				147,425
Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				147,400
2019-B VIE Asset-backed Class B Notes
Debt Instrument [Line Items]
Original Principal Amount				85,540
Proceeds from issuance of debt			$ 84,916
Current Principal Amount				$ 0
Contractual Interest Rate				3.62%
Effective interest rate				4.59%
2019-B VIE Asset-backed Class B Notes \| Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				$ 0		$ 85,540
2019-B VIE Asset-backed Class C Notes
Debt Instrument [Line Items]
Original Principal Amount				83,270
Proceeds from issuance of debt			$ 82,456
Current Principal Amount				$ 70,691
Contractual Interest Rate				4.60%
Effective interest rate				5.15%
2019-B VIE Asset-backed Class C Notes \| Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				$ 70,691		83,270
2020-A VIE Asset-backed Class A Notes
Debt Instrument [Line Items]
Original Principal Amount				174,900
Proceeds from issuance of debt		$ 173,716
Current Principal Amount				$ 15,584
Contractual Interest Rate				1.71%
Effective interest rate				4.51%
2020-A VIE Asset-backed Class A Notes \| Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				$ 15,584		93,326
2020-A VIE Asset-backed Class B Notes
Debt Instrument [Line Items]
Original Principal Amount				65,200
Proceeds from issuance of debt		$ 64,754
Current Principal Amount				$ 31,124
Contractual Interest Rate				4.27%
Effective interest rate				5.52%
2020-A VIE Asset-backed Class B Notes \| Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				$ 31,124		65,200
2020-A VIE Asset-backed Class C Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 62,900			62,900
Proceeds from issuance of debt	$ 62,535
Current Principal Amount				$ 30,026
Contractual Interest Rate	4.20%			4.20%
Effective interest rate				5.71%
2020-A VIE Asset-backed Class C Notes \| Secured Debt
Debt Instrument [Line Items]
Current Principal Amount				$ 30,026		$ 0
2019-A VIE Notes \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, repurchase amount					$ 41,100
Asset-backed Securities
Debt Instrument [Line Items]
Monthly fee percentage on outstanding balance				4.75%

Debt and Financing Lease Obligations - Revolving Credit Facility (Details)		9 Months Ended
	Mar. 29, 2021 USD ($)	Oct. 31, 2021 USD ($) quarter
Line of Credit Facility [Line Items]
Debt instrument, covenant, threshold consecutive quarter \| quarter		4
Revolving Credit Facility
Line of Credit Facility [Line Items]
Available borrowing capacity		$ 320,500,000
Sub-facility for letters of credit		$ 22,500,000
Revolving Credit Facility \| Minimum \| LIBOR
Line of Credit Facility [Line Items]
Variable basis spread	2.50%
Revolving Credit Facility \| Maximum \| LIBOR
Line of Credit Facility [Line Items]
Variable basis spread	3.25%
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 40,000,000
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	100,000,000
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum capacity extended under credit facility	$ 650,000,000
Weighted-average interest rate		4.10%
Debt instrument, restrictions on payment of dividends, amount free from restriction		$ 164,900,000
Revolving Credit Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.25%
Revolving Credit Facility \| Line of Credit \| Minimum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Variable basis spread	1.50%
Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.50%
Revolving Credit Facility \| Line of Credit \| Maximum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Variable basis spread	2.25%

Debt and Financing Lease Obligations - Debt Covenants (Details) $ in Millions	3 Months Ended
	Oct. 31, 2021 USD ($)
Actual
Interest Coverage Ratio for the quarter must equal or exceed minimum	10.12
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	12.34
Leverage Ratio must not exceed maximum	1.25
ABS Excluded Leverage Ratio must not exceed maximum	1.06
Capital Expenditures, net, must not exceed maximum	$ 24.8
Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	1.50
Leverage Ratio must not exceed maximum	4.50
ABS Excluded Leverage Ratio must not exceed maximum	2.50
Capital Expenditures, net, must not exceed maximum	$ 100.0

Contingencies (Details)		9 Months Ended
Contingencies (Details)	May 15, 2020 officer	Oct. 31, 2021 plaintiff stateCourt
Securities Litigation
Loss Contingencies [Line Items]
Loss contingency, number of defendants \| officer	2
Derivative Action Lawsuits
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		0
Number of state court derivative action \| stateCourt		2

Variable Interest Entities - Narrative (Details)	9 Months Ended
Variable Interest Entities - Narrative (Details)	Oct. 31, 2021
Asset-backed Securities
Variable Interest Entity [Line Items]
Monthly fee percentage on outstanding balance	4.75%

Variable Interest Entities - Schedule of Assets and Liabilities Held by the VIE (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2020
Assets:
Restricted cash	$ 25,528	$ 50,557
Customer accounts receivable:
Restructured accounts	115,928	178,374
Allowance for uncollectible accounts	(208,154)	(298,037)	$ (317,423)	$ (233,803)
Allowance for no-interest option credit programs	16,208	11,985
Deferred fees and origination costs, net	(13,482)	(14,212)
Total customer accounts receivable, net	887,028	909,483
Total assets	1,786,579	1,755,084	$ 1,933,456
Liabilities:
Total debt	147,425
Less: deferred debt issuance costs	(563)	(3,139)
Total liabilities	1,123,064	1,197,929
2019-B VIE Asset-backed Class B Notes
Liabilities:
Total debt	0
2019-B VIE Asset-backed Class C Notes
Liabilities:
Total debt	70,691
2020-A VIE Asset-backed Class A Notes
Liabilities:
Total debt	15,584
2020-A VIE Asset-backed Class B Notes
Liabilities:
Total debt	31,124
2020-A VIE Asset-backed Class C Notes
Liabilities:
Total debt	30,026
Secured Debt
Liabilities:
Total debt	147,400
Secured Debt \| 2019-A VIE Asset-backed Class A Notes
Liabilities:
Total debt	0	19,521
Secured Debt \| 2019-A VIE Asset-backed Class B Notes
Liabilities:
Total debt	0	25,069
Secured Debt \| 2019-A VIE Asset-backed Class C Notes
Liabilities:
Total debt	0	24,202
Secured Debt \| 2019-B VIE Asset-backed Class A Notes
Liabilities:
Total debt	0	17,860
Secured Debt \| 2019-B VIE Asset-backed Class B Notes
Liabilities:
Total debt	0	85,540
Secured Debt \| 2019-B VIE Asset-backed Class C Notes
Liabilities:
Total debt	70,691	83,270
Secured Debt \| 2020-A VIE Asset-backed Class A Notes
Liabilities:
Total debt	15,584	93,326
Secured Debt \| 2020-A VIE Asset-backed Class B Notes
Liabilities:
Total debt	31,124	65,200
Secured Debt \| 2020-A VIE Asset-backed Class C Notes
Liabilities:
Total debt	30,026	0
Variable Interest Entity
Assets:
Restricted cash	23,478	48,622
Due from Conn’s, Inc., net	(12,307)	(5,661)
Customer accounts receivable:
Customer accounts receivable	171,036	509,574
Restructured accounts	68,433	105,395
Allowance for uncollectible accounts	(64,025)	(159,849)
Allowance for no-interest option credit programs	0	5,502
Deferred fees and origination costs, net	(1,643)	(5,503)
Total customer accounts receivable, net	173,801	444,115
Total assets	184,972	487,076
Liabilities:
Accrued expenses	1,497	3,707
Other liabilities	1,682	4,459
Total debt	146,862	411,551
Long-term debt	147,425	413,988
Less: deferred debt issuance costs	(563)	(2,437)
Total liabilities	$ 150,041	$ 419,717

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Oct. 31, 2021 USD ($) state store	Oct. 31, 2020 USD ($)	Oct. 31, 2021 USD ($) segment state store	Oct. 31, 2020 USD ($)	Jan. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			2
Estimated annual rate of reimbursement (as a percent)			2.50%
Number of states with retail stores \| state	15		15
Revenues:
Total net sales	$ 334,583	$ 259,772	$ 972,664	$ 769,838
Finance charges and other revenues	70,875	74,386	214,879	248,396
Total revenues	405,458	334,158	1,187,543	1,018,234
Costs and expenses:
Cost of goods sold	211,298	160,378	612,219	484,015
Selling, general and administrative expense	138,081	122,158	402,000	350,443
Provision for bad debts	26,532	27,493	19,658	176,864
Charges and credits	0	0	0	3,589
Total costs and expenses	375,911	310,029	1,033,877	1,014,911
Operating income	29,547	24,129	153,666	3,323
Interest expense	5,206	11,563	20,498	39,778
Loss on extinguishment of debt	0	0	1,218	0
Income (loss) before income taxes	24,341	12,566	131,950	(36,455)
Allocation of overhead by operating segments	11,100	8,500	30,000	24,200
Total assets	1,786,579	1,933,456	1,786,579	1,933,456	$ 1,755,084
Intersegment Eliminations
Revenues:
Total net sales	7,000	8,200	21,200	26,900
Retail
Revenues:
Total net sales	334,583	259,772	972,664	769,838
Finance charges and other revenues	262	168	695	599
Total revenues	334,845	259,940	973,359	770,437
Costs and expenses:
Cost of goods sold	211,298	160,378	612,219	484,015
Selling, general and administrative expense	100,969	84,245	294,019	241,003
Provision for bad debts	36	72	196	422
Charges and credits			0	1,355
Total costs and expenses	312,303	244,695	906,434	726,795
Operating income	22,542	15,245	66,925	43,642
Interest expense	0	0	0	0
Loss on extinguishment of debt			0	0
Income (loss) before income taxes	22,542	15,245	66,925	43,642
Total assets	707,402	743,568	707,402	743,568
Credit
Revenues:
Total net sales	0	0	0	0
Finance charges and other revenues	70,613	74,218	214,184	247,797
Total revenues	70,613	74,218	214,184	247,797
Costs and expenses:
Cost of goods sold	0	0	0	0
Selling, general and administrative expense	37,112	37,913	107,981	109,440
Provision for bad debts	26,496	27,421	19,462	176,442
Charges and credits			0	2,234
Total costs and expenses	63,608	65,334	127,443	288,116
Operating income	7,005	8,884	86,741	(40,319)
Interest expense	5,206	11,563	20,498	39,778
Loss on extinguishment of debt			1,218	0
Income (loss) before income taxes	1,799	(2,679)	65,025	(80,097)
Total assets	1,079,177	1,189,888	1,079,177	1,189,888
Furniture and mattress
Revenues:
Total net sales	106,756	82,793	310,505	232,670
Furniture and mattress \| Retail
Revenues:
Total net sales	106,756	82,793	310,505	232,670
Furniture and mattress \| Credit
Revenues:
Total net sales	0	0	0	0
Home appliance
Revenues:
Total net sales	128,385	99,872	377,090	288,839
Home appliance \| Retail
Revenues:
Total net sales	128,385	99,872	377,090	288,839
Home appliance \| Credit
Revenues:
Total net sales	0	0	0	0
Consumer electronics
Revenues:
Total net sales	46,751	35,517	133,202	118,677
Consumer electronics \| Retail
Revenues:
Total net sales	46,751	35,517	133,202	118,677
Consumer electronics \| Credit
Revenues:
Total net sales	0	0	0	0
Home office
Revenues:
Total net sales	17,373	16,711	49,881	49,056
Home office \| Retail
Revenues:
Total net sales	17,373	16,711	49,881	49,056
Home office \| Credit
Revenues:
Total net sales	0	0	0	0
Other
Revenues:
Total net sales	9,036	4,264	27,079	13,255
Other \| Retail
Revenues:
Total net sales	9,036	4,264	27,079	13,255
Other \| Credit
Revenues:
Total net sales	0	0	0	0
Product sales
Revenues:
Total net sales	308,301	239,157	897,757	702,497
Product sales \| Retail
Revenues:
Total net sales	308,301	239,157	897,757	702,497
Product sales \| Credit
Revenues:
Total net sales	0	0	0	0
Repair service agreement commissions
Revenues:
Total net sales	23,769	17,465	66,600	57,730
Repair service agreement commissions \| Retail
Revenues:
Total net sales	23,769	17,465	66,600	57,730
Repair service agreement commissions \| Credit
Revenues:
Total net sales	0	0	0	0
Service revenues
Revenues:
Total net sales	2,513	3,150	8,307	9,611
Service revenues \| Retail
Revenues:
Total net sales	2,513	3,150	8,307	9,611
Service revenues \| Credit
Revenues:
Total net sales	$ 0	$ 0	$ 0	$ 0
Outside of US
Segment Reporting Information [Line Items]
Number of stores \| store	0		0

Subsequent Events (Details) - USD ($) $ in Thousands		9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 23, 2021	Oct. 31, 2021
Subsequent Event [Line Items]
Original principal amount		$ 471,810
Proceeds from issuance of debt		$ 468,377
2021 Asset Backed Fixed Rate Notes \| Subsequent Event
Subsequent Event [Line Items]
Original principal amount	$ 377,800
Proceeds from issuance of debt	375,200
Class A, Series 2021-A Asset Backed Fixed Rate Notes \| Subsequent Event
Subsequent Event [Line Items]
Original principal amount	$ 247,800
Interest rate on notes	1.05%
Class B, Series 2021-B Asset Backed Fixed Rate Notes \| Subsequent Event
Subsequent Event [Line Items]
Original principal amount	$ 66,100
Interest rate on notes	2.87%
Class C, Series 2021-B Asset Backed Fixed Rate Notes \| Subsequent Event
Subsequent Event [Line Items]
Original principal amount	$ 63,900
Interest rate on notes	4.59%