0001223389-22-000012 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Current assets:
Cash and cash equivalents	$ 7,707	$ 9,703
Restricted cash (includes VIE balances of $29,872 and $48,622, respectively)	31,930	50,557
Customer accounts receivable, net of allowance (includes VIE balances of $212,259 and $259,811, respectively)	455,787	478,734
Other accounts receivable	63,055	61,716
Inventories	246,826	196,463
Income taxes receivable	6,745	38,059
Prepaid expenses and other current assets	8,756	8,831
Total current assets	820,806	844,063
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $167,905 and $184,304, respectively)	432,431	430,749
Property and equipment, net	192,763	190,962
Operating lease right-of-use assets	256,267	265,798
Deferred income taxes	0	9,448
Other assets	52,199	14,064
Total assets	1,754,466	1,755,084
Current liabilities:
Current finance lease obligations	889	934
Accounts payable	74,705	69,367
Accrued compensation and related expenses	36,677	24,944
Accrued expenses	73,035	58,046
Operating lease liability - current	54,534	44,011
Income taxes payable	3,007	1,447
Deferred revenues and other credits	15,569	13,007
Total current liabilities	258,416	211,756
Operating lease liability - non current	330,439	354,598
Long-term debt and finance lease obligations (includes VIE balances of $367,925 and $411,551 respectively)	522,149	608,635
Deferred tax liability	7,351	0
Other long-term liabilities	21,292	22,940
Total liabilities	1,139,647	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; 33,015,053 and 32,711,623 shares issued, respectively)	330	327
Treasury stock (at cost; 6,088,920 shares and 3,485,441 shares, respectively)	(125,145)	(66,290)
Additional paid-in capital	140,419	132,108
Retained earnings	599,215	491,010
Total stockholders’ equity	614,819	557,155
Total liabilities and stockholders’ equity	$ 1,754,466	$ 1,755,084

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Restricted cash	$ 31,930	$ 50,557
Customer accounts receivable, net of allowance	455,787	478,734
Long-term customer accounts receivable, net	432,431	$ 430,749
Long-term debt	$ 370,796
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)	33,015,053	32,711,623
Common stock, shares outstanding (in shares)	33,015,053	32,711,623
Treasury stock (in shares)	6,088,920	3,485,441
VIE
Customer accounts receivable, net of allowance	$ 212,259	$ 259,811
Long-term customer accounts receivable, net	167,905	184,304
Long-term debt	$ 367,925	$ 411,551

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Revenues:
Total net sales	$ 1,305,389	$ 1,064,311	$ 1,163,235
Finance charges and other revenues	284,642	321,714	380,451
Total revenues	1,590,031	1,386,025	1,543,686
Costs and expenses:
Cost of goods sold	825,987	668,315	697,784
Selling, general and administrative expense	544,490	478,767	503,024
Provision for bad debts	48,184	202,003	205,217
Charges and credits	2,677	6,326	3,142
Total costs and expenses	1,421,338	1,355,411	1,409,167
Operating income	168,693	30,614	134,519
Interest expense	25,758	50,381	59,107
Loss (gain) on extinguishment of debt	1,218	(440)	1,094
Income (loss) before income taxes	141,717	(19,327)	74,318
Provision (benefit) for income taxes	33,512	(16,190)	18,314
Net income (loss)	$ 108,205	$ (3,137)	$ 56,004
Earnings (loss) per share:
Basic (in dollars per share)	$ 3.70	$ (0.11)	$ 1.85
Diluted (in dollars per share)	$ 3.61	$ (0.11)	$ 1.82
Weighted average common shares outstanding:
Basic (in shares)	29,267,691	29,060,512	30,275,662
Diluted (in shares)	30,001,490	29,060,512	30,814,775
Product sales
Revenues:
Total net sales	$ 1,205,545	$ 973,031	$ 1,042,424
Repair service agreement commissions
Revenues:
Total net sales	89,101	78,838	106,997
Service revenues
Revenues:
Total net sales	$ 10,743	$ 12,442	$ 13,814

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance (in shares) at Jan. 31, 2019		31,788,162			0
Balance at Jan. 31, 2019	$ 619,975	$ 318	$ 111,185	$ 508,472	$ 0
Balance (ASU 2016-02) at Jan. 31, 2019	6,160			6,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of tax (in shares)		283,434
Exercise of options and vesting of restricted stock, net of withholding tax	$ (1,985)	$ 2	(1,987)
Issuance of common stock under Employee Stock Purchase Plan (in shares)	53,459	53,459
Issuance of common stock under Employee Stock Purchase Plan	$ 766	$ 1	765
Stock-based compensation	12,550		12,550
Common stock repurchase (in shares)					(3,485,441)
Common stock repurchase	(66,290)				$ (66,290)
Net income (loss)	56,004			56,004
Balance (in shares) at Jan. 31, 2020		32,125,055			(3,485,441)
Balance at Jan. 31, 2020	627,180	$ 321	122,513	570,636	$ (66,290)
Balance (ASU 2016-13) at Jan. 31, 2020	$ (76,489)			(76,489)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	ASU 2016-13
Exercise of options and vesting of restricted stock, net of tax (in shares)		445,895
Exercise of options and vesting of restricted stock, net of withholding tax	$ (1,682)	$ 5	(1,687)
Issuance of common stock under Employee Stock Purchase Plan (in shares)	140,672	140,673
Issuance of common stock under Employee Stock Purchase Plan	$ 698	$ 1	697
Stock-based compensation	10,585		10,585
Net income (loss)	$ (3,137)			(3,137)
Balance (in shares) at Jan. 31, 2021	32,711,623	32,711,623			(3,485,441)
Balance at Jan. 31, 2021	$ 557,155	$ 327	132,108	491,010	$ (66,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of tax (in shares)		252,168
Exercise of options and vesting of restricted stock, net of withholding tax	$ (1,410)	$ 2	(1,412)
Issuance of common stock under Employee Stock Purchase Plan (in shares)	51,262	51,262
Issuance of common stock under Employee Stock Purchase Plan	$ 809	$ 1	808
Stock-based compensation	8,915		8,915
Common stock repurchase (in shares)					(2,603,479)
Common stock repurchase	(58,855)				$ (58,855)
Net income (loss)	$ 108,205			108,205
Balance (in shares) at Jan. 31, 2022	33,015,053	33,015,053			(6,088,920)
Balance at Jan. 31, 2022	$ 614,819	$ 330	$ 140,419	$ 599,215	$ (125,145)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 108,205	$ (3,137)	$ 56,004
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	45,450	41,068	36,841
Change in right-of-use asset	35,186	29,956	27,577
Amortization of debt issuance costs	5,485	8,527	9,828
Provision for bad debts and uncollectible interest	84,286	265,929	269,295
Stock-based compensation expense	8,915	9,330	12,550
Charges, net of credits	2,677	6,326	3,142
Deferred income taxes	16,799	31,323	7,488
Loss (gain) on early termination of debt	1,218	(440)	0
Loss from disposal of property and equipment	258	497	90
Tenant improvement allowances received from landlords	14,143	21,224	25,914
Change in operating assets and liabilities:
Customer accounts receivable	(62,543)	63,871	(266,997)
Other accounts receivables	(1,818)	6,595	(5,346)
Inventories	(50,363)	23,293	278
Other assets	1,081	393	(6,983)
Accounts payable	5,338	17,507	(23,041)
Accrued expenses	19,325	15,905	(21,689)
Increase (Decrease) in Operating Lease Liabilities	(53,435)	(40,384)	(35,816)
Income taxes	(4,687)	(35,270)	(9,930)
Deferred revenues and other credits	882	(398)	861
Net cash provided by operating activities	176,402	462,115	80,066
Cash flows from investing activities:
Purchases of property and equipment	(44,859)	(55,927)	(57,546)
Proceeds from asset dispositions	0	0	724
Net cash used in investing activities	(44,859)	(55,927)	(56,822)
Cash flows from financing activities:
Proceeds from issuance of asset-backed notes	440,710	240,100	867,750
Payments on asset-backed notes	(483,904)	(599,144)	(505,442)
Borrowings under revolving credit facility	1,530,376	1,355,362	1,625,440
Payments on revolving credit facility	(1,433,376)	(1,332,462)	(1,865,069)
Payments on warehouse facility	0	0	(53,635)
Payment for share repurchases	(55,384)	0	(66,290)
Payment of debt issuance costs and amendment fees	(7,658)	(4,753)	(7,876)
Proceeds from stock issued under employee stock purchase plan	809	698	988
Tax payments associated with equity-based compensation transactions	(1,410)	(1,682)	(2,216)
Payment for extinguishment of debt	(141,279)	(84,324)	0
Other	(1,050)	(578)	(976)
Net cash used in financing activities	(152,166)	(426,783)	(7,326)
Net change in cash, cash equivalents and restricted cash	(20,623)	(20,595)	15,918
Cash, cash equivalents and restricted cash, beginning of period	60,260	80,855	64,937
Cash, cash equivalents and restricted cash, end of period	39,637	60,260	80,855
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	34,847	72,741	75,296
Right-of-use assets obtained in exchange for new financing lease liabilities	1,160	1,653	1,110
Property and equipment purchases not yet paid	9,059	7,890	9,717
Supplemental cash flow data:
Cash interest paid	18,252	41,059	50,491
Cash income taxes paid (refunded), net	$ 21,525	$ (11,586)	$ 17,169

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2022

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 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 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.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices.

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 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. 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 consolidated financial statements.

Refer to Note 6, Debt and Financing Lease Obligations, and Note 13, 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.

Cash and Cash Equivalents. As of January 31, 2022 and 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 $5.2 million and $7.9 million as of January 31, 2022 and 2021, respectively.

Restricted Cash. The restricted cash balance as of January 31, 2022 and 2021 includes $25.7 million and $41.6 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $4.2 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 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 thereof. 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 $18.9 million and $65.2 million as of January 31, 2022 and 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 January 31, 2022 and 2021, there were $8.6 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 will be applied to principal and reduce the balance of the loan. At January 31, 2022 and 2021, the carrying value of customer accounts receivable in non-accrual status was $5.9 million and $8.5 million, respectively. At January 31, 2022 and 2021, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $84.1 million and $111.5 million, respectively. At January 31, 2022 and January 31, 2021, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $5.5 million and $5.2 million, respectively, were included within the customer receivables balance carried in non-accrual status.

Allowance on Doubtful Accounts. The allowance for credit losses is measured on a collective (pool) basis where similar risk characteristics exist. Upon adoption of ASC 326, the Company elected to maintain the pools of customer accounts receivable that were previously accounted for under ASC 310 (Non-TDR Non-Re-aged, Non-TDR Re-aged, and TDR). These pools are further segmented based on shared risk attributes, which include the borrower’s FICO score, product class, length of customer relationship and delinquency status. 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. Changes to the allowance for credit losses after adoption are recorded through provision expense.

We have elected to 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.

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.

Inventories. Inventories consist of merchandise purchased for resale and service parts and are recorded at the lower of cost or net realizable value. The carrying value of the inventory is reduced to its net realizable value for any product lines with excess of carrying amount, typically weighted-average cost, over the amount we expect to realize from the ultimate sale or other disposition of the inventory, with a corresponding charge to cost of sales. The write-down of inventory to net realizable value is estimated based on assumptions regarding inventory aging and historical product sales.

Vendor Allowances. We receive funds from vendors for price protection, product rebates (earned upon purchase or sale of product), marketing, and promotion programs, collectively referred to as vendor allowances, which are recorded on an accrual basis. We estimate the vendor allowances to accrue based on the progress of satisfying the terms of the programs based on actual and projected sales or purchase of qualifying products. If the programs are related to product purchases, the vendor allowances are recorded as a reduction of product cost in inventory still on hand with any remaining amounts recorded as a reduction of cost of goods sold. During the years ended January 31, 2022, 2021 and 2020, we recorded $118.1 million, $122.7 million and $156.6 million, respectively, as reductions in cost of goods sold from vendor allowances.

Property and Equipment. Property and equipment, including any major additions and improvements to property and equipment, are recorded at cost. Normal repairs and maintenance that do not materially extend the life of property and equipment are expensed as incurred. Depreciation, which includes amortization of financed leases, is computed using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the shorter of the estimated useful lives or the remaining terms of the leases.

Internal-Use Software Costs. Costs related to software developed or obtained for internal use and cloud-based computing arrangements are expensed as incurred until the application development stage has been reached. Once the application development stage has been reached, certain qualifying costs are capitalized until the software is ready for its intended use. Costs incurred during the post implementation stage are expensed as incurred. Once placed into service, capitalized costs are amortized over periods of up to 10 years. No software costs were written-off in the years ended January 31, 2022 and 2021. For the year ended January 31, 2020, we incurred a $1.2 million loss on impairments of software costs for a loan management system that was abandoned during fiscal year 2020. See Note 4, Charges and Credits, for further details regarding fiscal year 2020 write-offs.

Impairment of Long-Lived Assets. Long-lived assets are evaluated for impairment, primarily at the asset group level. The asset group is defined as stores and cross-docks within a distribution center’s service area. We monitor asset group performance in order to assess if events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The most likely condition that would necessitate an assessment would be an adverse change in historical and estimated future results of an asset group's performance. For property and equipment held and used, we recognize an impairment loss if the carrying amount is not recoverable through its undiscounted cash flows and measure the impairment loss based on the difference between the carrying amount and estimated fair value. During the year ended January 31, 2020, we recognized $3.2 million in impairments from the exiting of certain leases. See Note 4, Charges and Credits, for details. For the years ended January 31, 2022 and 2021 there were no impairments.

Leases. We determine if an arrangement is a lease at inception. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. If the estimate of our incremental borrowing rate was changed, our operating lease assets and liabilities could differ materially.

We record lease incentives as a reduction to the operating lease right-of-use assets upon commencement of the lease and amortize the balance on a straight-line basis over the life of the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise the option. Lease expense is recognized on a straight-line basis over the lease term.

We have made a policy election for all classifications of leases to combine lease and non-lease components and to account for them as a single lease component.

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 6, Debt and Financing Lease Obligations, are included in other assets on our Consolidated Balance Sheet and were $5.1 million and $3.5 million as of January 31, 2022 and 2021, respectively.

Revenue Recognition. The Company accounts for revenue under ASC 606 and has the following material revenue streams: the sale of products (e.g. appliances, electronics) including delivery; the sale of third party warranty and insurance programs, including retrospective income; service income; interest income generated from the financing of point of sale transactions; and volume rebate incentives received from a third party financier.

Sale of Products Including Delivery: The Company has a single performance obligation associated with these contracts: the delivery of the product to the customer, at which point control transfers. Revenue for the sale of products is recognized at the time of delivery, net of any adjustments for sales incentives such as discounts, coupons, rebates or other free products or services. Sales financed through third-party no-interest option programs typically require us to pay a fee to the third party on each completed sale, which is recorded as a reduction of net sales in the retail segment.

Sale of Third Party Warranty and Insurance Programs, Including Retrospective Income: We sell repair service agreements (“RSA”) and credit insurance contracts on behalf of unrelated third-parties. The Company has a single performance obligation associated with these contracts: the delivery of the product to the customer, at which point control transfers. Commissions related to these contracts are recognized in revenue upon delivery of the product. We also may serve as the administrator of the RSAs sold and defer 5% of the revenue received from the sale of RSAs as compensation for this performance obligation as 5% represents the estimated stand-alone sales price to serve as the administrator. The deferred RSA administration fee is recorded in income ratably over the life of the RSA contract sold. Retrospective income on RSA contracts is recognized upon delivery of the product based on an estimate of claims and is adjusted throughout the life of the contracts as actual claims materialize. Retrospective income on insurance contracts is recognized when earned as that is the point at which we no longer believe a significant reversal of income is probable as the consideration is highly susceptible to factors outside of our influence.

Service Income: The Company has a single performance obligation associated with these contracts: the servicing of the RSA claims. Service revenues are recognized at the time service is provided to the consumer.

Volume Rebate Incentive: As part of our agreement with our third-party provider of no-interest option programs, we may receive a volume rebate incentive based on the total dollar value of sales made under our third-party provider program. The Company has a single performance obligation associated with this contract: the delivery of the product to the customer, at which point control transfers. Revenue for the volume rebate incentive is recognized upon delivery of the product to the customer based on the projected total annual dollar value of sales to be made under our third-party provider.

Deferred Revenue. Deferred revenue related to contracts with customers consists of deferred customer deposits and deferred RSA administration fees. During the twelve months ended January 31, 2022, we recognized $4.7 million of revenue for customer deposits deferred as of the beginning of the period compared to $1.2 million recognized during the twelve months ended January 31, 2021. During the twelve months ended January 31, 2022, we recognized $3.2 million of revenue for RSA administrative fees deferred as of the beginning of the period compared to $4.0 million recognized during the twelve months ended January 31, 2021.

Expense Classifications. We record as cost of goods sold, the direct cost of products and parts sold and related costs for delivery, transportation and handling, inbound freight, receiving, inspection, and other costs associated with the operations of our distribution system, including occupancy related to our warehousing operations. The costs associated with our merchandising, advertising, sales commissions, and all store occupancy costs, are included in selling, general and administrative expense (“SG&A”).

Advertising Costs. Advertising costs are expensed as incurred. For fiscal years 2022, 2021 and 2020, advertising expense was $90.4 million, $72.5 million and $84.8 million, respectively.

Stock-based Compensation. Stock-based compensation expense is recorded for share-based compensation awards, net of actual forfeitures, 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 of the grant is the market value of our stock at the date of issuance adjusted for any market conditions.

Self-insurance. We are self-insured for certain losses relating to group health, workers’ compensation, automobile, general and product liability claims. We have stop-loss coverage to limit the exposure arising from these claims. Self-insurance losses for claims filed and claims incurred, but not reported, are accrued based upon our estimates of the net aggregate liability for claims incurred using development factors based on historical experience.

Income Taxes. We are subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. We follow the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between GAAP and tax bases of assets and liabilities and for operating loss and tax credit carryforwards, as measured using the enacted tax rates expected to be in effect when the temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period in which the enactment occurs. A valuation allowance is provided when it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable. To the extent penalties and interest are incurred, we record these charges as a component of our provision for income taxes.

We review and update our tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been adequately resolved. Additionally, uncertain positions may be remeasured as warranted by changes in facts or law. Accounting for uncertain tax positions requires estimating the amount, timing and likelihood of ultimate settlement.

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


	Year Ended January 31,
	2022	2021	2020
Weighted-average common shares outstanding - Basic	29,267,691	29,060,512	30,275,662
Dilutive effect of stock options, RSUs and PSUs	733,799	—	539,113
Weighted-average common shares outstanding - Diluted	30,001,490	29,060,512	30,814,775

For the years ended January 31, 2022, 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 704,582, 1,097,996 and 898,449, respectively.

Contingencies. An estimated loss from a contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Gain contingencies are not recorded until realization is assured beyond a reasonable doubt. Legal costs related to loss contingencies are expensed as incurred.

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 nature 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 January 31, 2022, the fair value of the asset-backed notes was $369.6 million, compared to the carrying value of $370.8 million, which was determined using Level 2 inputs based on inactive trading activity.

Recent Accounting Pronouncements Adopted.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. Under the new guidance entities must reserve an allowance for expected credit losses over the life of the loan. The measurement of expected credit losses is applicable to financial assets measured at amortized cost. The allowance for credit losses is a valuation account that is deducted from the customer account receivable’s amortized cost basis to present the net amount expected to be collected. Customer receivables are charged off against the allowance when management deems an account to be uncollectible. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2019-04 requires that the current estimate of recoveries are included in the allowance for credit losses.

Effective February 1, 2020, the Company adopted ASU 2016-13 and ASU 2019-04 using the modified retrospective approach. The Company has reviewed its entire portfolio of assets recognized on the balance sheet as of January 31, 2020 and identified Customer Accounts Receivables as the materially impacted asset in-scope of ASC 326. The risk of credit losses from the remaining portfolio of assets was concluded to be immaterial. Upon adoption of ASC 326 the Company recorded a net decrease to retained earnings of $76.5 million as of February 1, 2020. Results for reporting periods prior to February 1, 2020 are not adjusted and continue to be reported in accordance with the Company’s historic accounting policies under previously applicable GAAP.

The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows:


	Impact of Adoption of ASC 326
(in thousands)	Balance at January 31, 2020		Adjustments due to ASC 326		Balance at February 1, 2020
Assets
Customer accounts receivable	$	673,742	$	(49,700)	$	624,042
Long-term portion of customer accounts receivable	663,761		(48,962)		614,799
Deferred Income Taxes	18,599		22,173		40,772
Stockholders’ Equity
Retained Earnings	$	570,636	$	(76,489)	$	494,147

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.

Changes due to Securities and Exchange Commission Modernization Regulation S-K Items 101, 103, and 105

On August 26, 2020, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. These

amendments are intended to eliminate duplicative disclosures and modernize and enhance Management's Discussion & Analysis of Financial Condition and Results of Operations disclosures. Previously, more explicit disclosures were required whereas now management is able to take a principles-based approach in disclosing certain material information. The amendments became effective February 10, 2021.

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.

No other new accounting pronouncements issued or effective as of January 31, 2022 have had or are expected to have a material impact on our consolidated financial statements.

Customer Accounts Receivable

12 Months Ended

Jan. 31, 2022

Receivables [Abstract]

Customer Account Receivable

Customer Accounts Receivable

Customer accounts receivable consisted of the following:


(in thousands)	January 31, 2022		January 31, 2021
Customer accounts receivable (1)	$	1,130,395	$	1,233,717
Deferred fees and origination costs, net	(13,503)		(14,212)
Allowance for no-interest option credit programs	(19,654)		(11,985)
Allowance for uncollectible interest	(15,124)		(21,427)
Carrying value of customer accounts receivable	1,082,114		1,186,093
Allowance for credit losses (2)	(193,896)		(276,610)
Carrying value of customer accounts receivable, net of allowance for bad debts	888,218		909,483
Short-term portion of customer accounts receivable, net	(455,787)		(478,734)
Long-term customer accounts receivable, net	$	432,431	$	430,749


	Carrying Value
(in thousands)	January 31, 2022		January 31, 2021
Customer accounts receivable 60+ days past due (3)	$	112,858	$	146,820
Re-aged customer accounts receivable (4)	181,996		306,845
Restructured customer accounts receivable (5)	99,557		178,374

(1)As of January 31, 2022 and 2021, the customer accounts receivable balance included $22.3 million and $31.1 million, respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of January 31, 2022 and 2021 was $7.2 million and $9.7 million, respectively.

(2)Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of January 31, 2022 and 2021, which incorporated the continued estimated impact of the global COVID-19 pandemic on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting a decrease in unemployment rates.

(3)As of January 31, 2022 and 2021, the carrying value of customer accounts receivable past due one day or greater was $299.0 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 January 31, 2022 and 2021 includes $48.6 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 January 31, 2022 and 2021 includes $29.0 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)	January 31, 2022		January 31, 2021
Customer accounts receivable - current	$	564,825	$	643,903
Allowance for credit losses for customer accounts receivable - current	(109,038)		(165,169)
Customer accounts receivable, net of allowances	455,787		478,734
Customer accounts receivable - non current	532,413		563,617
Allowance for credit losses for customer accounts receivable - non current	(99,982)		(132,868)
Long-term portion of customer accounts receivable, net of allowances	432,431		430,749
Total customer accounts receivable, net	$	888,218	$	909,483

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


	January 31, 2022
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	219,739	$	78,298	$	298,037
Provision (1)	52,872		30,936		83,808
Principal charge-offs (2)	(105,889)		(64,239)		(170,128)
Interest charge-offs	(28,972)		(17,576)		(46,548)
Recoveries (2)	27,294		16,557		43,851
Allowance at end of period	$	165,044	$	43,976	$	209,020
Average total customer portfolio balance	$	995,373	$	140,618	$	1,135,991


	January 31, 2021
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	145,680	$	88,124	$	233,804
Impact of adoption ASC 326	95,136		3,526		98,662
Provision (1)	185,210		80,276		265,486
Principal charge-offs (2)	(178,777)		(81,142)		(259,919)
Interest charge-offs	(50,060)		(22,721)		(72,781)
Recoveries (2)	22,550		10,235		32,785
Allowance at end of period	$	219,739	$	78,298	$	298,037
Average total customer portfolio balance	$	1,184,174	$	211,254	$	1,395,428


	January 31, 2020
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	147,123	$	67,756	$	214,879
Provision (3)	177,250		91,356		268,606
Principal charge-offs (2)	(158,773)		(63,074)		(221,847)
Interest charge-offs	(37,850)		(15,037)		(52,887)
Recoveries (2)	17,930		7,123		25,053
Allowance at end of period	$	145,680	$	88,124	$	233,804
Average total customer portfolio balance	$	1,367,260	$	200,618	$	1,567,878

(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)Includes provision for uncollectible interest, which is included in finance charges and other revenues.

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 calendar year of origination as of January 31, 2022:


(dollars in thousands)
Delinquency Bucket	2022	2021	2020	2019	Prior	Total	% of Total
Current	$49,086	$499,028	$163,576	$63,716	$7,693	$783,099	72.3%
1-30	—	78,304	39,683	23,019	5,630	146,636	13.6%
31-60	—	19,498	10,509	7,367	2,147	39,521	3.7%
61-90	—	14,261	7,562	5,243	1,544	28,610	2.6%
91+	—	35,830	24,678	18,038	5,702	84,248	7.8%
Total	$49,086	$646,921	$246,008	$117,383	$22,716	$1,082,114	100.0%

Property and Equipment

12 Months Ended

Jan. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	Estimated	January 31,
(dollars in thousands)	Useful Lives	2022		2021
Land	—	$	1,644	$	1,644
Buildings	30 years	4,121		4,115
Leasehold improvements	5 to 15 years	331,776		313,926
Equipment and fixtures	3 to 5 years	104,623		97,407
Finance leases	3 to 20 years	9,480		9,027
Construction in progress	—	31,764		14,702
		483,408		440,821
Less accumulated depreciation		(290,645)		(249,859)
		$	192,763	$	190,962

Depreciation expense was approximately $45.5 million, $41.1 million and $36.8 million for the years ended January 31, 2022, 2021 and 2020, respectively. Construction in progress is comprised primarily of the construction of leasehold improvements

related to unopened retail stores and internal-use software under development. Finance lease assets primarily include retail locations.

Charges and Credits

12 Months Ended

Jan. 31, 2022

Charges and Credits [Abstract]

Charges and Credits

Charges and credits consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Store and facility closure and relocation costs	$	—	$	—	$	1,933
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	—		3,589		—
Employee severance	—		2,737		—
Excess import freight costs	2,677		—		—
Write-off of capitalized software costs	—		—		1,209
	$	2,677	$	6,326	$	3,142

During the year ended January 31, 2022, we recognized $2.7 million of non-recurring domestic transportation costs incurred due to unprecedented congestion in U.S. ports. During the year ended January 31, 2021, we recognized $3.6 million in professional fees associated with non-recurring expenses. In addition, we recognized $2.7 million in severance costs related to a change in the executive management team. During the year ended January 31, 2020, we recognized $3.2 million in impairments from the exiting of certain leases upon the relocation of three distribution centers into one facility. These facility closure costs were offset by a $0.7 million gain from increased sublease income related to the consolidation of our corporate headquarters and a $0.6 million gain from the sale of a cross-dock. In addition, we recognized $1.2 million in impairments of software costs for a loan management system that was abandoned during the third quarter of fiscal year 2020.

Finance Charges and Other Revenues

12 Months Ended

Jan. 31, 2022

Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]

Finance Charges and Other Revenue

Finance Charges and Other Revenues

Finance charges and other revenues consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Interest income and fees	$	259,422	$	303,209	$	341,224
Insurance income	24,270		17,689		38,417
Other revenues	950		816		810
Total finance charges and other revenues	$	284,642	$	321,714	$	380,451

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.

For the years ended January 31, 2022, 2021 and 2020, interest income and fees reflected provisions for uncollectible interest of $36.1 million, $63.9 million and $64.1 million, respectively. The amount included in interest income and fees related to TDR accounts for the years ended January 31, 2022, 2021 and 2020 is $24.9 million, $37.5 million and $35.3 million, respectively.

Debt and Financing Lease Obligations

12 Months Ended

Jan. 31, 2022

Debt Disclosure [Abstract]

Debt and Financing Lease Obligations

Debt and financing lease obligations consisted of the following:


	January 31,
(in thousands)	2022		2021
Revolving Credit Facility	$	149,000	$	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	—		83,270
2020-A VIE Asset-backed Class A Notes	9,184		93,326
2020-A VIE Asset-backed Class B Notes	18,342		65,200
2020-A VIE Asset-backed Class C Notes	17,695		—
2021-A VIE Asset-backed Class A Notes	195,595		—
2021-A VIE Asset-backed Class B Notes	66,090		—
2021-A VIE Asset-backed Class C Notes	63,890		—
Financing lease obligations	6,115		6,072
Total debt and financing lease obligations	525,911		613,232
Less:
Discount on debt	—		(524)
Deferred debt issuance costs	(2,873)		(3,139)
Current finance lease obligations	(889)		(934)
Long-term debt and financing lease obligations	$	522,149	$	608,635

Future maturities of debt, excluding financing lease obligations, as of January 31, 2022 are as follows:


(in thousands)
Year Ended January 31,
2023	$	—
2024	—
2025	—
2026	194,221
2027	325,575
Total	$	519,796

Senior Notes. On July 1, 2014, we issued $250.0 million of unsecured Senior Notes due July 2022 bearing interest at 7.25%, (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 repair service agreements 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. 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 January 31, 2022 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)
2020-A Class A Notes	$	174,900	$	173,716	$	9,184	10/16/2020	6/16/2025	1.71%	4.47%
2020-A Class B Notes	65,200		64,754		18,342		10/16/2020	6/16/2025	4.27%	5.51%
2020-A Class C Notes	62,900		62,535		17,695		2/24/2021	6/16/2025	4.20%	5.72%
2021-A Class A Notes	247,830		246,152		195,595		11/23/2021	5/15/2026	1.05%	2.43%
2021-A Class B Notes	66,090		65,635		66,090		11/23/2021	5/15/2026	2.87%	3.36%
2021-A Class C Notes	63,890		63,450		63,890		11/23/2021	5/15/2026	4.59%	5.07%
Total	$	680,810	$	676,242	$	370,796

(1)After giving effect to debt issuance costs.

(2)For the year ended January 31, 2022, 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).

On November 23, 2021, the Company completed the issuance and sale of $377.8 million aggregate principal amount of asset-backed notes secured by the transferred customer accounts receivables and restricted cash held by a consolidated 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 Revolving Credit Facility, as defined below, and for other general corporate purposes. The asset-backed notes mature on May 15, 2026 and consist of $247.8 million of 1.05% Asset Backed Fixed Rate Notes, Class A, Series 2021-A, $66.1 million of 2.87% Asset Backed Fixed Rate Notes, Class B, Series 2021-A, and $63.9 million of 4.59% Asset Backed Fixed Rate Notes, Class C, Series 2021-A Asset Backed Fixed Rate Notes.

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

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 January 31, 2022, we had immediately available borrowing capacity of $352.2 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). The alternate base rate is a rate per annum equal to the greatest of the prime rate, the federal funds effective rate plus 0.5%, or LIBOR for a 30-day interest period plus 1.0%. 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 4.0% for the year ended January 31, 2022.

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 January 31, 2022, we were restricted from making distributions in excess of $225.9 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 January 31, 2022. A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status at January 31, 2022 is presented below:


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	8.35:1.00	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	9.29:1.00	1.50:1.00
Leverage Ratio must not exceed maximum	1.38:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	0.83:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$30.7 million	$100.0 million

All capitalized terms in the above table are defined by the Revolving Credit Facility and may or may not agree 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

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+ Details

Income Taxes

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Deferred tax assets and liabilities consisted of the following:


	January 31,
(in thousands)	2022		2021
Deferred tax assets:
Deferred revenue	$	549	$	788
Employment tax	831		1,661
Indirect tax reserve	3,063		2,927
Inventories	2,656		1,866
Lease liability	72,252		89,411
Stock-based compensation	3,235		2,121
Net operating loss carryforwards	1,489		25,131
Other	2,364		2,192
Total deferred tax assets	86,439		126,097
Deferred tax liabilities:
Allowance for doubtful accounts	(9,808)		(9,829)
Right-of-use asset	(57,583)		(59,725)
Vendor prepayments	(1,320)		(1,165)
Sales tax receivable	(4,664)		(5,085)
Property and equipment	(20,401)		(40,454)
Other	(14)		(391)
Total deferred tax liabilities	(93,790)		(116,649)
Net deferred tax (liability) asset	$	(7,351)	$	9,448

As of January 31, 2022, the Company had a tax-effected state net operating loss carryforward of $1.5 million. Our state net operating loss carryforwards begin to expire starting with fiscal year 2030.

Realization of our deferred tax asset ultimately depends on the existence of sufficient taxable income, which may include future taxable income and tax planning strategies. Based on the weight of available evidence at January 31, 2022, we believe that it is more likely than not that we will generate sufficient taxable income to utilize our entire deferred tax asset prior to its expiration.

Provision (benefit) for income taxes consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Current:
Federal	$	13,428	$	(47,829)	$	9,215
State	3,285		316		1,611
Total current	16,713		(47,513)		10,826
Deferred:
Federal	14,726		31,083		7,590
State	2,073		240		(102)
Total deferred	16,799		31,323		7,488
Provision (benefit) for income taxes	$	33,512	$	(16,190)	$	18,314

A reconciliation of the provision (benefit) for income taxes at the U.S. federal statutory tax rate and the total tax provision for each of the periods presented in the statements of operations follows:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Income tax provision (benefit) at U.S. federal statutory rate	$	29,761	$	(4,059)	$	15,607
State income taxes, net of federal benefit	3,782		843		2,011
Tax Act and other deferred tax adjustments	—		(15,009)		(910)
Employee benefits	419		1,350		1,873
Other	(450)		685		(267)
Provision (benefit) for income taxes	$	33,512	$	(16,190)	$	18,314

A benefit of $14.9 million was recognized as of January 31, 2021 as a result of net operating loss provisions within the CARES Act (the “Tax Act”) that provide for a five-year carryback of losses.

Federal tax returns for fiscal years subsequent to January 31, 2018, remain subject to examination. Generally, state tax returns for fiscal years subsequent to January 31, 2018 remain subject to examination.

Changes in the balance of unrecognized tax benefits, including interest and penalties on uncertain tax positions, were as follows:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Balance at February 1	$	(9,853)	$	(11,384)	$	(11,625)
Decreases related to prior year tax positions	982		1,531		241
Increase related to current year tax positions	(452)		—		—
Balance at January 31	$	(9,323)	$	(9,853)	$	(11,384)

As of January 31, 2022, 2021 and 2020 there are $4.6 million, $5.3 million, and $3.5 million, respectively of unrecognized tax benefits that, if recognized, would favorably affect the Company’s annual effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. During the years ended January 31, 2022, 2021 and 2020, the Company recognized interest and penalties of approximately $0.6 million, $1.0 million and $0.7 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Jan. 31, 2022

Leases [Abstract]

Leases

We lease most of our current store locations and certain of our facilities and operating equipment under operating leases. The fixed, non-cancelable terms of our real estate leases are generally five years to fifteen years and generally include renewal options that allow us to extend the term beyond the initial non-cancelable term. However, prior to the expiration of the existing contract, the Company will typically renegotiate any lease contracts as opposed to continuing in the current lease under the renewal terms. As such, the lease renewal options are not recognized as part of the right-of-use assets and liabilities. Most of the real estate leases require payment of real estate taxes, insurance and certain common area maintenance costs in addition to future minimum lease payments. Equipment leases generally provide for initial lease terms of three years to five years and provide for a purchase right at the end of the lease term at the then fair market value of the equipment.

Certain operating leases contain tenant allowance provisions, which obligate the landlord to remit cash to us as an incentive to enter into the lease agreement. We record the full amount to be remitted by the landlord as a reduction to the operating lease right-of-use assets upon commencement of the lease and amortize the balance on a straight-line basis over the life of the lease.

Supplemental lease information is summarized below:


		January 31,
(in thousands)	Balance sheet classification	2022		2021
Assets
Operating lease assets	Operating lease right-of-use assets	$	256,267	$	265,798
Finance lease assets	Property and equipment, net	5,851		5,813
Total leased assets		$	262,118	$	271,611
Liabilities
Operating (1)	Operating lease liability - current	$	59,710	$	53,958
Finance	Current finance lease obligations	889		934
Operating	Operating lease liability - non current	330,439		354,598
Finance	Long-term debt and finance lease obligations	5,226		5,138
Total lease liabilities		$	396,264	$	414,628

(1)Represents the gross operating lease liability before tenant improvement allowances. As of January 31, 2022 and 2021, we had $5.2 million and $9.9 million of tenant improvement allowances to be remitted by the landlord.


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2022		2021
Operating lease costs (1)	Selling, general and administrative expense	$	65,841	$	63,970
Total operating lease cost		$	65,841	$	63,970

(1)Includes short-term and variable lease costs, which are not significant.

Operating lease right-of-use assets (“ROU Assets”) and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Operating lease ROU Assets are regularly reviewed for impairment under the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall. No impairment was recognized for the year ended January 31, 2022 and 2021. For the year ended January 31, 2020, we recognized $1.9 million of impairments of ROU Assets on the consolidated statement of operations from the exiting of certain leases upon relocation of three of our distribution centers into one facility. See Note 4, Charges and Credits, for additional details.

Additional details regarding the Company’s leasing activities as a lessee are presented below:


Other Information	Year Ended January 31,
(dollars in thousands)	2022			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	83,675		$	73,983
Weighted-average remaining lease term (in years)
Finance leases	8.7			9.5
Operating leases	6.7			7.2
Weighted-average discount rate
Finance leases	5.0		%	5.1		%
Operating leases	7.3		%	7.7		%

For the years ended January 31, 2022, 2021 and 2020, total rent expense was $65.8 million, $65.1 million and $58.1 million, respectively.

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2023	$	86,487	$	1,197	$	87,684
2024	83,478		1,267		84,745
2025	73,281		1,103		74,384
2026	61,635		809		62,444
2027	51,590		560		52,150
Thereafter	139,348		2,940		142,288
Total undiscounted cash flows	495,819		7,876		503,695
Less: Interest	105,670		1,761		107,431
Total lease liabilities	$	390,149	$	6,115	$	396,264

Leases

Supplemental lease information is summarized below:


		January 31,
(in thousands)	Balance sheet classification	2022		2021
Assets
Operating lease assets	Operating lease right-of-use assets	$	256,267	$	265,798
Finance lease assets	Property and equipment, net	5,851		5,813
Total leased assets		$	262,118	$	271,611
Liabilities
Operating (1)	Operating lease liability - current	$	59,710	$	53,958
Finance	Current finance lease obligations	889		934
Operating	Operating lease liability - non current	330,439		354,598
Finance	Long-term debt and finance lease obligations	5,226		5,138
Total lease liabilities		$	396,264	$	414,628


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2022		2021
Operating lease costs (1)	Selling, general and administrative expense	$	65,841	$	63,970
Total operating lease cost		$	65,841	$	63,970

(1)Includes short-term and variable lease costs, which are not significant.

Additional details regarding the Company’s leasing activities as a lessee are presented below:


Other Information	Year Ended January 31,
(dollars in thousands)	2022			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	83,675		$	73,983
Weighted-average remaining lease term (in years)
Finance leases	8.7			9.5
Operating leases	6.7			7.2
Weighted-average discount rate
Finance leases	5.0		%	5.1		%
Operating leases	7.3		%	7.7		%

For the years ended January 31, 2022, 2021 and 2020, total rent expense was $65.8 million, $65.1 million and $58.1 million, respectively.

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2023	$	86,487	$	1,197	$	87,684
2024	83,478		1,267		84,745
2025	73,281		1,103		74,384
2026	61,635		809		62,444
2027	51,590		560		52,150
Thereafter	139,348		2,940		142,288
Total undiscounted cash flows	495,819		7,876		503,695
Less: Interest	105,670		1,761		107,431
Total lease liabilities	$	390,149	$	6,115	$	396,264

Stock-Based Compensation

12 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

On May 28, 2020, our stockholders approved the Conn’s, Inc. 2020 Omnibus Incentive Plan (“2020 Plan”). Upon the effectiveness of the 2020 Plan, no further awards were, or may in the future, be granted under any of our prior plans, which include the 2016 Omnibus Incentive Plan (“2016 Plan”), 2011 Non-Employee Director Restricted Stock Plan (“2011 Director Plan”) and the 2003 Non-Employee Director Stock Option Plan (“2003 Director Plan”). The 2020 plan provides for the issuance of 1,800,000 shares of Company common stock plus such number of shares as were, and may become, available under our prior plans. As such, shares subject to an award under the 2020 Plan, the 2016 Plan, the 2011 Plan, the 2011 Director Plan, the 2003 Director Plan or our Amended and Restated 2003 Incentive Stock Option Plan (“2003 Plan”) that lapse, expire, are forfeited or terminated, or are settled in cash will again become available for future grant under the 2020 Plan. During fiscal year 2022, a total of 88,053 shares were transferred to the 2020 Plan which all derived from the 2016 Omnibus Incentive Plan. During fiscal year 2021, a total of 937,514 shares were transferred to the 2020 Plan from the prior plans: 746,299 shares from the 2016 Omnibus Incentive Plan, 2,224 shares from the 2011 Omnibus Incentive Plan, and 48,991 shares from the 2011 Non-Employee Director Restricted Stock Plan, 140,000 shares from the 2003 Non-Employee Director Stock Option Plan.

Our 2020 Plan is an equity-based compensation plan that allows for the grant of a variety of awards, including stock options, restricted stock awards, RSUs, PSUs, stock appreciation rights and performance and cash awards. Awards are generally granted once per year, with the amount and type of awards determined by the Compensation Committee of our Board of Directors (the “Committee”). Stock options, RSUs and PSUs are subject to early termination provisions but generally vest over a period of three years or four years from the date of grant. Stock options under the various plans are issued with exercise prices equal to the market value on the date of the grant and, typically, expire ten years after the date of grant.

In the event of a change in control of the Company, as defined in the 2020 Plan, the Board of Directors of the Company (“Board of Directors”) may cause some or all outstanding awards to fully or partially vest, either upon the change in control or upon a subsequent termination of employment or service, and may provide that any applicable performance criteria be deemed satisfied at the target or any other level. The Board of Directors may also cause outstanding awards to terminate in exchange for a cash or stock payment or to be substituted or assumed by the surviving corporation.

As of January 31, 2022, shares authorized for future issuance were: 1,688,373 under the 2020 Plan.

Stock-Based Compensation Expense. Total stock-based compensation expense, recognized primarily in SG&A, from stock-based compensation consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Stock options	$	1,608	$	3,908	$	3,978
RSUs and PSUs	7,038		5,058		8,316
Employee stock purchase plan	269		364		256
Accelerated RSU expense charged to severance	—		1,255		—
	$	8,915	$	10,585	$	12,550

During the years ended January 31, 2022, 2021, and 2020, we recognized tax benefits related to stock-based compensation of $1.8 million, $2.3 million and $1.4 million, respectively. As of January 31, 2022, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $15.2 million and is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of RSUs, PSUs and stock options vested during fiscal years 2022, 2021 and 2020 was $14.0 million, $5.1 million and $8.4 million, respectively, based on the market price at the vesting date.

Stock Options.

The following table summarizes the activity for outstanding stock options:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Outstanding, January 31, 2021	720,166	$	30.49
Granted	—	$	—
Exercised	—	$	—
Forfeited and expired	—	$	—
Outstanding, January 31, 2022	720,166	$	30.49	6.0
Vested and expected to vest, January 31, 2022	720,166	$	30.49	6.0
Exercisable, January 31, 2022	410,083	$	29.09	5.9

No stock options were exercised during the years ended January 31, 2022 and January 31, 2021. During the year ended January 31, 2020, the total intrinsic value of stock options exercised was $0.4 million. The aggregate intrinsic value of stock options outstanding, vested and expected to vest and exercisable at January 31, 2022 was approximately $0.6 million. The total fair value of common stock options vested during fiscal years 2022, 2021 and 2020 was $7.5 million, $0.3 million and $0.3 million, respectively, based on the market price at the vesting date.

Restricted Stock Units. The restricted stock unit program consists of a combination of PSUs and RSUs. RSUs vest on a straight-line basis over their term, which is generally three years to four years.

As of January 31, 2022 there are two PSU awards outstanding. Under both PSU awards, the number of PSUs issued is dependent upon attainment of an annualized Total Shareholder Return (“TSR”) target for the period identified in the award, which is three fiscal years. In the event TSR exceeds the respective defined target, shares will be awarded in excess of the target amount. For the first award, this is up to a maximum of 150% of the target award, and for the second award, this is up to 200% of the target award. In the event TSR falls below the respective predefined target, a reduced number of shares will be awarded. If TSR falls below the respective threshold level, no shares will be awarded. PSUs vest on predetermined schedules, which occur over three years.

For grants of PSUs, 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. No dividend yield was included in the weighted average assumptions for the PSUs granted during fiscal years 2022 or 2021. The weighted average fair value per grant issued is $25.23 and $8.36 for fiscal years 2022 and 2021, respectively. The weighted-average assumptions used in the Monte Carlo valuations are as follows:


	Year Ended January 31,
	2022	2021
Expected stock price volatility	83.0%-87.0%	60.0	%
Risk-free interest rate	0.17%-0.67%	1.42	%
Expected life (in years)	3	3

The following table summarizes the activity for RSUs and PSUs:


	Time-Based RSUs			Performance-Based RSUs
	Number of Units	Weighted-Average Grant Date Fair Value		Number of Units	Weighted-Average Grant Date Fair Value		Total Number of Units
Balance, January 31, 2021	749,894	$	13.53	269,580	$	9.61	1,019,474
Granted	587,495	$	18.91	268,037	$	25.23	855,532
Vested and converted to common stock	(333,429)	$	13.65	—	$	—	(333,429)
Forfeited	(96,619)	$	14.34	(48,037)	$	13.40	(144,656)
Balance, January 31, 2022	907,341	$	16.88	489,580	$	17.79	1,396,921

The total fair value of restricted and performance shares vested during fiscal years 2022, 2021 and 2020 was $6.4 million, $4.8 million, and $8.1 million, respectively, based on the market price at the vesting date. The total fair value of restricted and performance shares granted during fiscal years 2022, 2021 and 2020 was $17.9 million, $8.0 million and $2.9 million, respectively.

Employee Stock Purchase Plan. Our Employee Stock Purchase Plan is available to our employees, subject to minimum employment conditions and maximum compensation limitations. At the end of each calendar quarter, employee contributions are used to acquire shares of common stock at 85% of the lower of the fair market value of the common stock on the first or last day of the calendar quarter. During the years ended January 31, 2022, 2021 and 2020, we issued 51,262, 140,672 and 53,459 shares of common stock, respectively, to employees participating in the plan, leaving 526,329 shares remaining reserved for future issuance under the plan as of January 31, 2022.

Significant Vendors

12 Months Ended

Jan. 31, 2022

Significant Vendors [Abstract]

Significant Vendors

As shown in the table below, a significant portion of our merchandise purchases were made from six vendors:


	Year Ended January 31,
	2022		2021		2020
Vendor A	31.5	%	28.9	%	33.6	%
Vendor B	21.1		15.4		16.3
Vendor C	11.0		14.0		11.0
Vendor D	5.0		7.8		9.6
Vendor E	2.5		6.8		9.5
Vendor F	2.2		3.1		5.7
	73.3	%	76.0	%	85.7	%

The vendors shown above represent the top six vendors with the highest volume in each period shown. The same vendor may not necessarily be represented in all periods presented.

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Jan. 31, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan We have established a defined contribution 401(k) plan for eligible employees. Employees may contribute up to 50% of their eligible pretax compensation to the plan and we match 100% of the first 3% of the employees’ contributions and an additional 50% of the next 2% of the employees’ contributions. At our option, we may make supplemental contributions to the plan, but have not made such supplemental contributions in the past three years. Due to the COVID-19 pandemic, matching contributions were suspended in fiscal year 2021. Matching contributions were resumed during fiscal year 2022. The matching contributions made by us totaled $2.2 million, $0.0 million and $1.9 million during the years ended January 31, 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Contingencies	12 Months Ended
Contingencies	Jan. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Securities Litigation. 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 was subject to court approval. An initial settlement hearing was held before Judge Ellison on February 17, 2022, after which the Court requested additional briefing. Plaintiffs, Defendants, and State Court Plaintiff and Objector Richard Dohn filed additional briefing and a second settlement hearing was held before Judge Ellison on March 15, 2022. Judge Ellison approved the settlement and entered a Final Order and Judgement dismissing the derivative action with prejudice on March 15, 2022. 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. Counsel for Dohn attended the February 17, 2022 and March 15, 2022 settlement hearings in the Federal Derivative Actions and objected to the proposed settlement. 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 Entities

12 Months Ended

Jan. 31, 2022

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)	January 31, 2022		January 31, 2021
Assets:
Restricted cash	$	29,872	$	48,622

Customer accounts receivable:
Customer accounts receivable	463,411		509,574
Restructured accounts	29,621		105,395
Allowance for uncollectible accounts	(97,560)		(159,849)
Allowance for no-interest option credit programs	(10,275)		(5,502)
Deferred fees and origination costs	(5,033)		(5,503)
Total customer accounts receivable, net	380,164		444,115
Total assets	$	410,036	$	492,737
Liabilities:
Accrued expenses	$	2,638	$	3,707
Other liabilities	3,930		4,459
Due to Conn’s, Inc., net	12,755		5,661

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	—		83,270
2020-A Class A Notes	9,184		93,326
2020-A Class B Notes	18,342		65,200
2020-A Class C Notes	17,695		—
2021-A Class A Notes	195,595		—
2021-A Class B Notes	66,090		—
2021-A Class C Notes	63,890		—
	370,796		413,988
Less deferred debt issuance costs	(2,871)		(2,437)
Total debt	367,925		411,551
Total liabilities	$	387,248	$	425,378

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

12 Months Ended

Jan. 31, 2022

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 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 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 consolidated financial statements.

We evaluate a segment’s performance based upon operating income before taxes. 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 January 31, 2022, 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:


	Year Ended January 31, 2022
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	411,167	$	—	$	411,167
Home appliance	500,051		—		500,051
Consumer electronics	191,234		—		191,234
Computers	66,707		—		66,707
Other	36,386		—		36,386
Product sales	1,205,545		—		1,205,545
Repair service agreement commissions	89,101		—		89,101
Service revenues	10,743		—		10,743
Total net sales	1,305,389		—		1,305,389
Finance charges and other revenues	949		283,693		284,642
Total revenues	1,306,338		283,693		1,590,031
Costs and expenses:
Cost of goods sold	825,987		—		825,987
Selling, general and administrative expense (1)	399,393		145,097		544,490
Provision for bad debts	479		47,705		48,184
Charges and credits	2,677		—		2,677
Total costs and expenses	1,228,536		192,802		1,421,338
Operating income	77,802		90,891		168,693
Interest expense	—		25,758		25,758
Loss (gain) on extinguishment of debt	—		1,218		1,218
Income before income taxes	$	77,802	$	63,915	$	141,717
Additional Disclosures:
Property and equipment additions	$	44,618	$	1,392	$	46,010
Depreciation expense	$	43,728	$	1,721	$	45,449
	January 31, 2022
(in thousands)	Retail		Credit		Total
Total assets	$	671,920	$	1,082,546	$	1,754,466


	Year Ended January 31, 2021
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	322,770	$	—	$	322,770
Home appliance	390,964		—		390,964
Consumer electronics	172,932		—		172,932
Computers	65,405		—		65,405
Other	20,960		—		20,960
Product sales	973,031		—		973,031
Repair service agreement commissions	78,838		—		78,838
Service revenues	12,442		—		12,442
Total net sales	1,064,311		—		1,064,311
Finance charges and other revenues	816		320,898		321,714
Total revenues	1,065,127		320,898		1,386,025
Costs and expenses:
Cost of goods sold	668,315		—		668,315
Selling, general and administrative expense (1)	335,954		142,813		478,767
Provision for bad debts	443		201,560		202,003
Charges and credits	4,092		2,234		6,326
Total costs and expenses	1,008,804		346,607		1,355,411
Operating income (loss)	56,323		(25,709)		30,614
Interest expense	—		50,381		50,381
Loss (gain) on extinguishment of debt	—		(440)		(440)
Income (loss) before income taxes	$	56,323	$	(75,650)	$	(19,327)
Additional Disclosures:
Property and equipment additions	$	55,172	$	824	$	55,996
Depreciation expense	$	39,968	$	1,100	$	41,068
	January 31, 2021
(in thousands)	Retail		Credit		Total
Total assets	$	655,666	$	1,099,418	$	1,755,084


	Year Ended January 31, 2020
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	370,931	$	—	$	370,931
Home appliance	360,441		—		360,441
Consumer electronics	221,449		—		221,449
Computers	73,074		—		73,074
Other	16,529		—		16,529
Product sales	1,042,424		—		1,042,424
Repair service agreement commissions	106,997		—		106,997
Service revenues	13,814		—		13,814
Total net sales	1,163,235		—		1,163,235
Finance charges and other revenues	810		379,641		380,451
Total revenues	1,164,045		379,641		1,543,686
Costs and expenses:
Cost of goods sold	697,784		—		697,784
Selling, general and administrative expense (1)	346,108		156,916		503,024
Provision for bad debts	905		204,312		205,217
Charges and credits	1,933		1,209		3,142
Total costs and expenses	1,046,730		362,437		1,409,167
Operating income	117,315		17,204		134,519
Interest expense	—		59,107		59,107
Loss (gain) on extinguishment of debt	—		1,094		1,094
Income (loss) before income taxes	$	117,315	$	(42,997)	$	74,318
Additional Disclosures:
Property and equipment additions	$	62,244	$	200	$	62,444
Depreciation expense	$	35,783	$	1,058	$	36,841
	January 31, 2020
(in thousands)	Retail		Credit		Total
Total assets	$	641,812	$	1,526,957	$	2,168,769

(1)For the years ended January 31, 2022, 2021 and 2020, the amount of overhead allocated to each segment reflected in SG&A was $40.6 million, $32.0 million and $30.0 million, respectively. For the years ended January 31, 2022, 2021 and 2020, the amount of reimbursement made to the retail segment by the credit segment was $28.3 million, $34.8 million and $39.1 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
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Jan. 31, 2022
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders’ Equity	Stockholders’ EquityShare Repurchases. On December 15, 2021, our board of directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase up to $150.0 million of our outstanding common stock. The stock repurchase program expires on December 14, 2022. For the year ended January 31, 2022, we repurchased 2,603,479 shares of our common stock at an average weighted cost per share of $22.61 for an aggregate amount of $58.9 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Repurchases. For the period February 1, 2022 through March 25, 2022, we repurchased an additional 3,316,000 shares of our common stock for $68.2 million at an average price of $20.57. The total shares repurchased through March 25, 2022 under the plan in aggregate is 5,919,479 shares for $127.1 million at an average price of $21.47 per share.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2022

Accounting Policies [Abstract]

Business

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices.

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 Entities

Refer to Note 6, Debt and Financing Lease Obligations, and Note 13, Variable Interest Entities, for additional information.

Use of Estimates

Cash and Cash Equivalents

Restricted cash

Customer accounts receivable

charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment.

Interest Income on Customer Accounts Receivable

Allowance on Doubtful Accounts

Inventories

Vendor Allowances, Revenue Recognition and Deferred Revenue

Property and Equipment

Internal-Use Software Costs

Impairment of Long-Lived Assets

Leases

We have made a policy election for all classifications of leases to combine lease and non-lease components and to account for them as a single lease component.

Debt Issuance Costs

Expense Classifications

Advertising Costs

Advertising Costs. Advertising costs are expensed as incurred. For fiscal years 2022, 2021 and 2020, advertising expense was $90.4 million, $72.5 million and $84.8 million, respectively.

Stock-Based Compensation

Self-insurance

Income Taxes

Earnings per Share


	Year Ended January 31,
	2022	2021	2020
Weighted-average common shares outstanding - Basic	29,267,691	29,060,512	30,275,662
Dilutive effect of stock options, RSUs and PSUs	733,799	—	539,113
Weighted-average common shares outstanding - Diluted	30,001,490	29,060,512	30,814,775

Contingencies

Fair Value of Financial Instruments

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

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Adopted.

The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows:


	Impact of Adoption of ASC 326
(in thousands)	Balance at January 31, 2020		Adjustments due to ASC 326		Balance at February 1, 2020
Assets
Customer accounts receivable	$	673,742	$	(49,700)	$	624,042
Long-term portion of customer accounts receivable	663,761		(48,962)		614,799
Deferred Income Taxes	18,599		22,173		40,772
Stockholders’ Equity
Retained Earnings	$	570,636	$	(76,489)	$	494,147

Changes due to Securities and Exchange Commission Modernization Regulation S-K Items 101, 103, and 105

Recent Accounting Pronouncements Yet To Be Adopted.

No other new accounting pronouncements issued or effective as of January 31, 2022 have had or are expected to have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2022

Accounting Policies [Abstract]

Shares outstanding for the earnings (loss) per share calculations

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


	Year Ended January 31,
	2022	2021	2020
Weighted-average common shares outstanding - Basic	29,267,691	29,060,512	30,275,662
Dilutive effect of stock options, RSUs and PSUs	733,799	—	539,113
Weighted-average common shares outstanding - Diluted	30,001,490	29,060,512	30,814,775

Cumulative effect of the changes for adoption of accounting standard

The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows:


	Impact of Adoption of ASC 326
(in thousands)	Balance at January 31, 2020		Adjustments due to ASC 326		Balance at February 1, 2020
Assets
Customer accounts receivable	$	673,742	$	(49,700)	$	624,042
Long-term portion of customer accounts receivable	663,761		(48,962)		614,799
Deferred Income Taxes	18,599		22,173		40,772
Stockholders’ Equity
Retained Earnings	$	570,636	$	(76,489)	$	494,147

Customer Accounts Receivable (Tables)

12 Months Ended

Jan. 31, 2022

Receivables [Abstract]

Schedule of customer accounts receivable

Customer accounts receivable consisted of the following:


(in thousands)	January 31, 2022		January 31, 2021
Customer accounts receivable (1)	$	1,130,395	$	1,233,717
Deferred fees and origination costs, net	(13,503)		(14,212)
Allowance for no-interest option credit programs	(19,654)		(11,985)
Allowance for uncollectible interest	(15,124)		(21,427)
Carrying value of customer accounts receivable	1,082,114		1,186,093
Allowance for credit losses (2)	(193,896)		(276,610)
Carrying value of customer accounts receivable, net of allowance for bad debts	888,218		909,483
Short-term portion of customer accounts receivable, net	(455,787)		(478,734)
Long-term customer accounts receivable, net	$	432,431	$	430,749


	Carrying Value
(in thousands)	January 31, 2022		January 31, 2021
Customer accounts receivable 60+ days past due (3)	$	112,858	$	146,820
Re-aged customer accounts receivable (4)	181,996		306,845
Restructured customer accounts receivable (5)	99,557		178,374

(4)The re-aged carrying value as of January 31, 2022 and 2021 includes $48.6 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 January 31, 2022 and 2021 includes $29.0 million and $57.1 million, respectively, in carrying value that are both 60+ days past due and restructured.

Accounts Receivable, Allowance for Credit Loss

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)	January 31, 2022		January 31, 2021
Customer accounts receivable - current	$	564,825	$	643,903
Allowance for credit losses for customer accounts receivable - current	(109,038)		(165,169)
Customer accounts receivable, net of allowances	455,787		478,734
Customer accounts receivable - non current	532,413		563,617
Allowance for credit losses for customer accounts receivable - non current	(99,982)		(132,868)
Long-term portion of customer accounts receivable, net of allowances	432,431		430,749
Total customer accounts receivable, net	$	888,218	$	909,483

Financing Receivable, Current, Allowance for Credit Loss

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


	January 31, 2022
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	219,739	$	78,298	$	298,037
Provision (1)	52,872		30,936		83,808
Principal charge-offs (2)	(105,889)		(64,239)		(170,128)
Interest charge-offs	(28,972)		(17,576)		(46,548)
Recoveries (2)	27,294		16,557		43,851
Allowance at end of period	$	165,044	$	43,976	$	209,020
Average total customer portfolio balance	$	995,373	$	140,618	$	1,135,991


	January 31, 2021
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	145,680	$	88,124	$	233,804
Impact of adoption ASC 326	95,136		3,526		98,662
Provision (1)	185,210		80,276		265,486
Principal charge-offs (2)	(178,777)		(81,142)		(259,919)
Interest charge-offs	(50,060)		(22,721)		(72,781)
Recoveries (2)	22,550		10,235		32,785
Allowance at end of period	$	219,739	$	78,298	$	298,037
Average total customer portfolio balance	$	1,184,174	$	211,254	$	1,395,428


	January 31, 2020
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	147,123	$	67,756	$	214,879
Provision (3)	177,250		91,356		268,606
Principal charge-offs (2)	(158,773)		(63,074)		(221,847)
Interest charge-offs	(37,850)		(15,037)		(52,887)
Recoveries (2)	17,930		7,123		25,053
Allowance at end of period	$	145,680	$	88,124	$	233,804
Average total customer portfolio balance	$	1,367,260	$	200,618	$	1,567,878

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

(3)Includes provision for uncollectible interest, which is included in finance charges and other revenues.

Financing Receivable, Past Due

The following table presents the delinquency distribution of the carrying value of customer accounts receivable by calendar year of origination as of January 31, 2022:


(dollars in thousands)
Delinquency Bucket	2022	2021	2020	2019	Prior	Total	% of Total
Current	$49,086	$499,028	$163,576	$63,716	$7,693	$783,099	72.3%
1-30	—	78,304	39,683	23,019	5,630	146,636	13.6%
31-60	—	19,498	10,509	7,367	2,147	39,521	3.7%
61-90	—	14,261	7,562	5,243	1,544	28,610	2.6%
91+	—	35,830	24,678	18,038	5,702	84,248	7.8%
Total	$49,086	$646,921	$246,008	$117,383	$22,716	$1,082,114	100.0%

Property and Equipment (Tables)

12 Months Ended

Jan. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	Estimated	January 31,
(dollars in thousands)	Useful Lives	2022		2021
Land	—	$	1,644	$	1,644
Buildings	30 years	4,121		4,115
Leasehold improvements	5 to 15 years	331,776		313,926
Equipment and fixtures	3 to 5 years	104,623		97,407
Finance leases	3 to 20 years	9,480		9,027
Construction in progress	—	31,764		14,702
		483,408		440,821
Less accumulated depreciation		(290,645)		(249,859)
		$	192,763	$	190,962

Charges and Credits (Tables)

12 Months Ended

Jan. 31, 2022

Charges and Credits [Abstract]

Schedule of Charges and Credits

Charges and credits consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Store and facility closure and relocation costs	$	—	$	—	$	1,933
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	—		3,589		—
Employee severance	—		2,737		—
Excess import freight costs	2,677		—		—
Write-off of capitalized software costs	—		—		1,209
	$	2,677	$	6,326	$	3,142

Finance Charges and Other Revenues (Tables)

12 Months Ended

Jan. 31, 2022

Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]

Summary of finance charges and other revenues

Finance charges and other revenues consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Interest income and fees	$	259,422	$	303,209	$	341,224
Insurance income	24,270		17,689		38,417
Other revenues	950		816		810
Total finance charges and other revenues	$	284,642	$	321,714	$	380,451

Debt and Financing Lease Obligations (Tables)

12 Months Ended

Jan. 31, 2022

Debt Disclosure [Abstract]

Long term debt

Debt and financing lease obligations consisted of the following:


	January 31,
(in thousands)	2022		2021
Revolving Credit Facility	$	149,000	$	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	—		83,270
2020-A VIE Asset-backed Class A Notes	9,184		93,326
2020-A VIE Asset-backed Class B Notes	18,342		65,200
2020-A VIE Asset-backed Class C Notes	17,695		—
2021-A VIE Asset-backed Class A Notes	195,595		—
2021-A VIE Asset-backed Class B Notes	66,090		—
2021-A VIE Asset-backed Class C Notes	63,890		—
Financing lease obligations	6,115		6,072
Total debt and financing lease obligations	525,911		613,232
Less:
Discount on debt	—		(524)
Deferred debt issuance costs	(2,873)		(3,139)
Current finance lease obligations	(889)		(934)
Long-term debt and financing lease obligations	$	522,149	$	608,635

Aggregate maturities of long-term debt

Future maturities of debt, excluding financing lease obligations, as of January 31, 2022 are as follows:


(in thousands)
Year Ended January 31,
2023	$	—
2024	—
2025	—
2026	194,221
2027	325,575
Total	$	519,796

Schedule of asset-backed notes

The asset-backed notes outstanding as of January 31, 2022 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)
2020-A Class A Notes	$	174,900	$	173,716	$	9,184	10/16/2020	6/16/2025	1.71%	4.47%
2020-A Class B Notes	65,200		64,754		18,342		10/16/2020	6/16/2025	4.27%	5.51%
2020-A Class C Notes	62,900		62,535		17,695		2/24/2021	6/16/2025	4.20%	5.72%
2021-A Class A Notes	247,830		246,152		195,595		11/23/2021	5/15/2026	1.05%	2.43%
2021-A Class B Notes	66,090		65,635		66,090		11/23/2021	5/15/2026	2.87%	3.36%
2021-A Class C Notes	63,890		63,450		63,890		11/23/2021	5/15/2026	4.59%	5.07%
Total	$	680,810	$	676,242	$	370,796

(1)After giving effect to debt issuance costs.

(2)For the year ended January 31, 2022, and inclusive of the impact of changes in timing of actual and expected cash flows.

Schedule of debt covenants


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	8.35:1.00	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	9.29:1.00	1.50:1.00
Leverage Ratio must not exceed maximum	1.38:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	0.83:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$30.7 million	$100.0 million

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Deferred tax assets and liabilities

Deferred tax assets and liabilities consisted of the following:


	January 31,
(in thousands)	2022		2021
Deferred tax assets:
Deferred revenue	$	549	$	788
Employment tax	831		1,661
Indirect tax reserve	3,063		2,927
Inventories	2,656		1,866
Lease liability	72,252		89,411
Stock-based compensation	3,235		2,121
Net operating loss carryforwards	1,489		25,131
Other	2,364		2,192
Total deferred tax assets	86,439		126,097
Deferred tax liabilities:
Allowance for doubtful accounts	(9,808)		(9,829)
Right-of-use asset	(57,583)		(59,725)
Vendor prepayments	(1,320)		(1,165)
Sales tax receivable	(4,664)		(5,085)
Property and equipment	(20,401)		(40,454)
Other	(14)		(391)
Total deferred tax liabilities	(93,790)		(116,649)
Net deferred tax (liability) asset	$	(7,351)	$	9,448

Components of provision (benefit) for income taxes

Provision (benefit) for income taxes consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Current:
Federal	$	13,428	$	(47,829)	$	9,215
State	3,285		316		1,611
Total current	16,713		(47,513)		10,826
Deferred:
Federal	14,726		31,083		7,590
State	2,073		240		(102)
Total deferred	16,799		31,323		7,488
Provision (benefit) for income taxes	$	33,512	$	(16,190)	$	18,314

Reconciliation of tax provision at statutory rate


	Year Ended January 31,
(in thousands)	2022		2021		2020
Income tax provision (benefit) at U.S. federal statutory rate	$	29,761	$	(4,059)	$	15,607
State income taxes, net of federal benefit	3,782		843		2,011
Tax Act and other deferred tax adjustments	—		(15,009)		(910)
Employee benefits	419		1,350		1,873
Other	(450)		685		(267)
Provision (benefit) for income taxes	$	33,512	$	(16,190)	$	18,314

Changes in balance of unrecognized tax benefits

Changes in the balance of unrecognized tax benefits, including interest and penalties on uncertain tax positions, were as follows:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Balance at February 1	$	(9,853)	$	(11,384)	$	(11,625)
Decreases related to prior year tax positions	982		1,531		241
Increase related to current year tax positions	(452)		—		—
Balance at January 31	$	(9,323)	$	(9,853)	$	(11,384)

Leases (Tables)

12 Months Ended

Jan. 31, 2022

Leases [Abstract]

Schedule of Lease Cost

Supplemental lease information is summarized below:


		January 31,
(in thousands)	Balance sheet classification	2022		2021
Assets
Operating lease assets	Operating lease right-of-use assets	$	256,267	$	265,798
Finance lease assets	Property and equipment, net	5,851		5,813
Total leased assets		$	262,118	$	271,611
Liabilities
Operating (1)	Operating lease liability - current	$	59,710	$	53,958
Finance	Current finance lease obligations	889		934
Operating	Operating lease liability - non current	330,439		354,598
Finance	Long-term debt and finance lease obligations	5,226		5,138
Total lease liabilities		$	396,264	$	414,628


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2022		2021
Operating lease costs (1)	Selling, general and administrative expense	$	65,841	$	63,970
Total operating lease cost		$	65,841	$	63,970

(1)Includes short-term and variable lease costs, which are not significant.

Additional details regarding the Company’s leasing activities as a lessee are presented below:


Other Information	Year Ended January 31,
(dollars in thousands)	2022			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	83,675		$	73,983
Weighted-average remaining lease term (in years)
Finance leases	8.7			9.5
Operating leases	6.7			7.2
Weighted-average discount rate
Finance leases	5.0		%	5.1		%
Operating leases	7.3		%	7.7		%

Schedule of future minimum base rental payments

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2023	$	86,487	$	1,197	$	87,684
2024	83,478		1,267		84,745
2025	73,281		1,103		74,384
2026	61,635		809		62,444
2027	51,590		560		52,150
Thereafter	139,348		2,940		142,288
Total undiscounted cash flows	495,819		7,876		503,695
Less: Interest	105,670		1,761		107,431
Total lease liabilities	$	390,149	$	6,115	$	396,264

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of share-based compensation expense

Total stock-based compensation expense, recognized primarily in SG&A, from stock-based compensation consisted of the following:


	Year Ended January 31,
(in thousands)	2022		2021		2020
Stock options	$	1,608	$	3,908	$	3,978
RSUs and PSUs	7,038		5,058		8,316
Employee stock purchase plan	269		364		256
Accelerated RSU expense charged to severance	—		1,255		—
	$	8,915	$	10,585	$	12,550

Summary of incentive stock option plan activity

The following table summarizes the activity for outstanding stock options:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Outstanding, January 31, 2021	720,166	$	30.49
Granted	—	$	—
Exercised	—	$	—
Forfeited and expired	—	$	—
Outstanding, January 31, 2022	720,166	$	30.49	6.0
Vested and expected to vest, January 31, 2022	720,166	$	30.49	6.0
Exercisable, January 31, 2022	410,083	$	29.09	5.9

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average assumptions used in the Monte Carlo valuations are as follows:


	Year Ended January 31,
	2022	2021
Expected stock price volatility	83.0%-87.0%	60.0	%
Risk-free interest rate	0.17%-0.67%	1.42	%
Expected life (in years)	3	3

Summary of the restricted stock units granted under the Omnibus Incentive Plan activity

The following table summarizes the activity for RSUs and PSUs:


	Time-Based RSUs			Performance-Based RSUs
	Number of Units	Weighted-Average Grant Date Fair Value		Number of Units	Weighted-Average Grant Date Fair Value		Total Number of Units
Balance, January 31, 2021	749,894	$	13.53	269,580	$	9.61	1,019,474
Granted	587,495	$	18.91	268,037	$	25.23	855,532
Vested and converted to common stock	(333,429)	$	13.65	—	$	—	(333,429)
Forfeited	(96,619)	$	14.34	(48,037)	$	13.40	(144,656)
Balance, January 31, 2022	907,341	$	16.88	489,580	$	17.79	1,396,921

Significant Vendors (Tables)

12 Months Ended

Jan. 31, 2022

Significant Vendors [Abstract]

Vendor portion of the Company's merchandise purchases

As shown in the table below, a significant portion of our merchandise purchases were made from six vendors:


	Year Ended January 31,
	2022		2021		2020
Vendor A	31.5	%	28.9	%	33.6	%
Vendor B	21.1		15.4		16.3
Vendor C	11.0		14.0		11.0
Vendor D	5.0		7.8		9.6
Vendor E	2.5		6.8		9.5
Vendor F	2.2		3.1		5.7
	73.3	%	76.0	%	85.7	%

Variable Interest Entities (Tables)

12 Months Ended

Jan. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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)	January 31, 2022		January 31, 2021
Assets:
Restricted cash	$	29,872	$	48,622

Customer accounts receivable:
Customer accounts receivable	463,411		509,574
Restructured accounts	29,621		105,395
Allowance for uncollectible accounts	(97,560)		(159,849)
Allowance for no-interest option credit programs	(10,275)		(5,502)
Deferred fees and origination costs	(5,033)		(5,503)
Total customer accounts receivable, net	380,164		444,115
Total assets	$	410,036	$	492,737
Liabilities:
Accrued expenses	$	2,638	$	3,707
Other liabilities	3,930		4,459
Due to Conn’s, Inc., net	12,755		5,661

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	—		83,270
2020-A Class A Notes	9,184		93,326
2020-A Class B Notes	18,342		65,200
2020-A Class C Notes	17,695		—
2021-A Class A Notes	195,595		—
2021-A Class B Notes	66,090		—
2021-A Class C Notes	63,890		—
	370,796		413,988
Less deferred debt issuance costs	(2,871)		(2,437)
Total debt	367,925		411,551
Total liabilities	$	387,248	$	425,378

- 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)

12 Months Ended

Jan. 31, 2022

Segment Reporting [Abstract]

Financial information by segment

Financial information by segment is presented in the following tables:


	Year Ended January 31, 2022
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	411,167	$	—	$	411,167
Home appliance	500,051		—		500,051
Consumer electronics	191,234		—		191,234
Computers	66,707		—		66,707
Other	36,386		—		36,386
Product sales	1,205,545		—		1,205,545
Repair service agreement commissions	89,101		—		89,101
Service revenues	10,743		—		10,743
Total net sales	1,305,389		—		1,305,389
Finance charges and other revenues	949		283,693		284,642
Total revenues	1,306,338		283,693		1,590,031
Costs and expenses:
Cost of goods sold	825,987		—		825,987
Selling, general and administrative expense (1)	399,393		145,097		544,490
Provision for bad debts	479		47,705		48,184
Charges and credits	2,677		—		2,677
Total costs and expenses	1,228,536		192,802		1,421,338
Operating income	77,802		90,891		168,693
Interest expense	—		25,758		25,758
Loss (gain) on extinguishment of debt	—		1,218		1,218
Income before income taxes	$	77,802	$	63,915	$	141,717
Additional Disclosures:
Property and equipment additions	$	44,618	$	1,392	$	46,010
Depreciation expense	$	43,728	$	1,721	$	45,449
	January 31, 2022
(in thousands)	Retail		Credit		Total
Total assets	$	671,920	$	1,082,546	$	1,754,466


	Year Ended January 31, 2021
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	322,770	$	—	$	322,770
Home appliance	390,964		—		390,964
Consumer electronics	172,932		—		172,932
Computers	65,405		—		65,405
Other	20,960		—		20,960
Product sales	973,031		—		973,031
Repair service agreement commissions	78,838		—		78,838
Service revenues	12,442		—		12,442
Total net sales	1,064,311		—		1,064,311
Finance charges and other revenues	816		320,898		321,714
Total revenues	1,065,127		320,898		1,386,025
Costs and expenses:
Cost of goods sold	668,315		—		668,315
Selling, general and administrative expense (1)	335,954		142,813		478,767
Provision for bad debts	443		201,560		202,003
Charges and credits	4,092		2,234		6,326
Total costs and expenses	1,008,804		346,607		1,355,411
Operating income (loss)	56,323		(25,709)		30,614
Interest expense	—		50,381		50,381
Loss (gain) on extinguishment of debt	—		(440)		(440)
Income (loss) before income taxes	$	56,323	$	(75,650)	$	(19,327)
Additional Disclosures:
Property and equipment additions	$	55,172	$	824	$	55,996
Depreciation expense	$	39,968	$	1,100	$	41,068
	January 31, 2021
(in thousands)	Retail		Credit		Total
Total assets	$	655,666	$	1,099,418	$	1,755,084


	Year Ended January 31, 2020
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	370,931	$	—	$	370,931
Home appliance	360,441		—		360,441
Consumer electronics	221,449		—		221,449
Computers	73,074		—		73,074
Other	16,529		—		16,529
Product sales	1,042,424		—		1,042,424
Repair service agreement commissions	106,997		—		106,997
Service revenues	13,814		—		13,814
Total net sales	1,163,235		—		1,163,235
Finance charges and other revenues	810		379,641		380,451
Total revenues	1,164,045		379,641		1,543,686
Costs and expenses:
Cost of goods sold	697,784		—		697,784
Selling, general and administrative expense (1)	346,108		156,916		503,024
Provision for bad debts	905		204,312		205,217
Charges and credits	1,933		1,209		3,142
Total costs and expenses	1,046,730		362,437		1,409,167
Operating income	117,315		17,204		134,519
Interest expense	—		59,107		59,107
Loss (gain) on extinguishment of debt	—		1,094		1,094
Income (loss) before income taxes	$	117,315	$	(42,997)	$	74,318
Additional Disclosures:
Property and equipment additions	$	62,244	$	200	$	62,444
Depreciation expense	$	35,783	$	1,058	$	36,841
	January 31, 2020
(in thousands)	Retail		Credit		Total
Total assets	$	641,812	$	1,526,957	$	2,168,769

Summary of Significant Accounting Policies - Business (Details)	12 Months Ended
	Jan. 31, 2022 segment
Accounting Policies [Abstract]
Operating segments	2

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Credit card deposits in-transit	$ 5.2	$ 7.9

Summary of Significant Accounting Policies - Restricted Cash (Details) - Securitized Receivables Servicer - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 25.7	$ 41.6
VIE
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 4.2	$ 7.0

Summary of Significant Accounting Policies - Customer Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Delinquent accounts charged-off (more than)	209 days
Customer receivables which were current prior to receiving a COVID-19 related deferment	$ 18.9	$ 65.2

Summary of Significant Accounting Policies - Interest Income on Customer Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
No-interest option program period	12 months
Receivables in non-accrual status	$ 5,900	$ 8,500
Receivables past due	84,100	111,500
Total customer accounts receivable, net	888,218	909,483
Past Due less than 60 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer accounts receivable, net	5,500	5,200
Customer Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other liabilities	$ 8,600	$ 8,900

Summary of Significant Accounting Policies - Vendor Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Vendor rebates	$ 118.1	$ 122.7	$ 156.6

Summary of Significant Accounting Policies - Internal-Use Software Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Internal-use software amortization period	10 years
Write-off of capitalized software costs	$ 0	$ 0	$ 1,209

Summary of Significant Accounting Policies - Internal-Use Software Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Impairment charges recorded	$ 0.0	$ 0.0	$ 3.2

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 2,873	$ 3,139
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 5,100	$ 3,500

Summary of Significant Accounting Policies - Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
RSA administrative fees
Deferred Revenue Arrangement [Line Items]
Vendor concentration (in hundredths)	5.00%
Deferred revenue recognized	$ 3.2	$ 4.0
Customer deposits
Deferred Revenue Arrangement [Line Items]
Deferred revenue recognized	$ 4.7	$ 1.2

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Advertising expense included in selling, general and administrative expense	$ 90.4	$ 72.5	$ 84.8

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Weighted average common shares outstanding - Basic (in shares)	29,267,691	29,060,512	30,275,662
Dilutive effect of stock options, RSUs and PSUs (in shares)	733,799	0	539,113
Weighted average common shares outstanding - Diluted (in shares)	30,001,490	29,060,512	30,814,775
Weighted average number of options not included in the calculation of the dilutive effect of stock options and restricted stock units (in shares)	704,582	1,097,996	898,449

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) $ in Thousands	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 370,796
Secured debt
Debt Instrument [Line Items]
Long-term debt	370,800
Secured debt
Debt Instrument [Line Items]
Fair value of debt	$ 369,600

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Summary of Significant Accounting Policies - Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Feb. 01, 2020	Jan. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer accounts receivable, net of allowances	$ 455,787	$ 478,734	$ 624,042	$ 673,742
Long-term customer accounts receivable, net	432,431	430,749	614,799	663,761
Deferred Income Taxes	0	9,448	40,772	18,599
Retained earnings	$ 599,215	$ 491,010	494,147	$ 570,636
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer accounts receivable, net of allowances			(49,700)
Long-term customer accounts receivable, net			(48,962)
Deferred Income Taxes			22,173
Retained earnings			$ (76,489)

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Customer Accounts Receivable - Schedule of Customer Accounts Receivable (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Feb. 01, 2020	Jan. 31, 2020
Accounts Receivable, Noncurrent, Past Due [Line Items]
Customer accounts receivable	$ 1,130,395	$ 1,233,717
Deferred fees and origination costs, net	(13,503)	(14,212)
Allowance for no-interest option credit programs	(19,654)	(11,985)
Allowance for uncollectible interest	(15,124)	(21,427)
Carrying value of customer accounts receivable	1,082,114	1,186,093
Allowance for credit losses	(193,896)	(276,610)
Carrying value of customer accounts receivable, net of allowance for bad debts	888,218	909,483
Short-term portion of customer accounts receivable, net	(455,787)	(478,734)	$ (624,042)	$ (673,742)
Long-term customer accounts receivable, net	432,431	430,749	$ 614,799	$ 663,761
Customer accounts receivable 60 plus days past due	112,858	146,820
Re-aged customer accounts receivable	181,996	306,845
Restructured customer accounts receivable	99,557	178,374
Interest Receivable	22,300	31,100
Interest receivable outstanding net of allowance for uncollectible interest	7,200	9,700
Total amount of customer receivables past due one day or greater	888,218	909,483
Amounts included within past due and reaged accounts	48,600	88,000
Amounts included within past due and restructured accounts	29,000	57,100
2022	49,086
2021	646,921
2020	246,008
2019	117,383
Prior	$ 22,716
% of Total	100.00%
Current
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 783,099
2022	49,086
2021	499,028
2020	163,576
2019	63,716
Prior	$ 7,693
% of Total	72.30%
Past Due
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable, net of allowance for bad debts	$ 299,000	340,800
Total amount of customer receivables past due one day or greater	299,000	$ 340,800
1-30
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	146,636
2022	0
2021	78,304
2020	39,683
2019	23,019
Prior	$ 5,630
% of Total	13.60%
31-60
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 39,521
2022	0
2021	19,498
2020	10,509
2019	7,367
Prior	$ 2,147
% of Total	3.70%
61-90
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 28,610
2022	0
2021	14,261
2020	7,562
2019	5,243
Prior	$ 1,544
% of Total	2.60%
91+
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 84,248
2022	0
2021	35,830
2020	24,678
2019	18,038
Prior	$ 5,702
% of Total	7.80%

Customer Accounts Receivable - Account Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Feb. 01, 2020	Jan. 31, 2020
Receivables [Abstract]
Customer accounts receivable - current	$ 564,825	$ 643,903
Allowance for credit losses for customer accounts receivable - current	(109,038)	(165,169)
Customer accounts receivable, net of allowances	455,787	478,734	$ 624,042	$ 673,742
Customer accounts receivable - non current	532,413	563,617
Allowance for credit losses for customer accounts receivable - non current	(99,982)	(132,868)
Long-term portion of customer accounts receivable, net of allowances	432,431	430,749	$ 614,799	$ 663,761
Total customer accounts receivable, net	$ 888,218	$ 909,483

Customer Accounts Receivable - Allowance for Doubtful Accounts and Uncollectible Interest for Customer Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	$ 298,037	$ 233,804	$ 214,879
Provision	83,808	265,486	268,606
Principal charge-offs	(170,128)	(259,919)	(221,847)
Interest charge-offs	(46,548)	(72,781)	(52,887)
Recoveries	43,851	32,785	25,053
Allowance at end of period	209,020	298,037	233,804
Average total customer portfolio balance	1,135,991	1,395,428	1,567,878
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		98,662
Allowance at end of period			98,662
Customer Accounts Receivable
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	219,739	145,680	147,123
Provision	52,872	185,210	177,250
Principal charge-offs	(105,889)	(178,777)	(158,773)
Interest charge-offs	(28,972)	(50,060)	(37,850)
Recoveries	27,294	22,550	17,930
Allowance at end of period	165,044	219,739	145,680
Average total customer portfolio balance	995,373	1,184,174	1,367,260
Customer Accounts Receivable \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		95,136
Allowance at end of period			95,136
Restructured Accounts
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	78,298	88,124	67,756
Provision	30,936	80,276	91,356
Principal charge-offs	(64,239)	(81,142)	(63,074)
Interest charge-offs	(17,576)	(22,721)	(15,037)
Recoveries	16,557	10,235	7,123
Allowance at end of period	43,976	78,298	88,124
Average total customer portfolio balance	$ 140,618	211,254	200,618
Restructured Accounts \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		$ 3,526
Allowance at end of period			$ 3,526

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Property, Plant and Equipment [Line Items]
Finance leases	$ 9,480	$ 9,027
Property and equipment gross	483,408	440,821
Less accumulated depreciation	(290,645)	(249,859)
Total property and equipment, net	$ 192,763	190,962
Minimum
Property, Plant and Equipment [Line Items]
Estimated life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated life	20 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 1,644	1,644
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 4,121	4,115
Estimated life	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 331,776	313,926
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated life	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated life	15 years
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 104,623	97,407
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated life	3 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated life	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 31,764	$ 14,702

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 45,450	$ 41,068	$ 36,841

Charges and Credits (Details) $ in Thousands	12 Months Ended
Charges and Credits (Details) $ in Thousands	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 31, 2020 USD ($) distribution_center facility
Restructuring Cost and Reserve [Line Items]
Store and facility closure and relocation costs	$ 0	$ 0	$ 1,933
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	0	3,589	0
Employee severance	0	2,737	0
Excess import freight costs	2,677	0	0
Write-off of capitalized software costs	0	0	1,209
Charges and credits	$ 2,677	6,326	3,142
Sublease income			$ 700
Number of distribution centers relocated into one \| distribution_center			3
Number of facilities into which distribution centers were relocated \| facility			1
Gain from the sale of a cross-dock			$ 600
Facility Closing
Restructuring Cost and Reserve [Line Items]
Impairment of leasehold		$ 3,600	$ 3,200

Finance Charges and Other Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Financing Receivable, Modifications [Line Items]
Interest income and fees	$ 259,422	$ 303,209	$ 341,224
Insurance income	24,270	17,689	38,417
Other revenues	950	816	810
Total finance charges and other revenues	284,642	321,714	380,451
Provisions for uncollectible interest	36,100	63,900	64,100
TDR accounts
Financing Receivable, Modifications [Line Items]
Interest income and fees	$ 24,900	$ 37,500	$ 35,300

Debt and Financing Lease Obligations - Schedule of Debt and Financing Lease Obligations (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Debt Instrument [Line Items]
Current Principal Amount	$ 519,796
Financing lease obligations	6,115	$ 6,072
Total debt and financing lease obligations	525,911	613,232
Discount on debt	0	(524)
Deferred debt issuance costs	(2,873)	(3,139)
Current finance lease obligations	(889)	(934)
Long-term debt and financing lease obligations	522,149	608,635
Senior Notes
Debt Instrument [Line Items]
Current Principal Amount	0	141,172
Secured debt \| 2019-A VIE Asset-backed Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	0	19,521
Secured debt \| 2019-A Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	0	25,069
Secured debt \| 2019-A Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	0	24,202
Secured debt \| 2019-B Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	0	17,860
Secured debt \| 2019-B Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	0	85,540
Secured debt \| 2019-B Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	0	83,270
Secured debt \| 2020-A Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	9,184	93,326
Secured debt \| 2020-A Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	18,342	65,200
Secured debt \| 2020-A Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	17,695	0
Secured debt \| 2021-A Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	195,595	0
Secured debt \| 2021-A Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	66,090	0
Secured debt \| 2021-A Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	63,890	0
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred debt issuance costs	(5,100)	(3,500)
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Current Principal Amount	$ 149,000	$ 52,000

Debt and Financing Lease Obligations - Maturities of Long-term Debt (Details) $ in Thousands	Jan. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	0
2026	194,221
2027	325,575
Total	$ 519,796

Debt and Financing Lease Obligations - Senior Notes (Details) - USD ($)	Jan. 31, 2022	Apr. 15, 2021	Jul. 01, 2014
Debt Instrument [Line Items]
Original principal amount	$ 680,810,000	$ 141,200,000
Senior Notes \| Senior unsecured notes due July 2022
Debt Instrument [Line Items]
Original principal amount			$ 250,000,000
Contractual interest rate			7.25%

Debt and Financing Lease Obligations - Asset-backed Notes (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 23, 2021	Feb. 24, 2021	Oct. 16, 2020	Jan. 31, 2022	Dec. 30, 2021	May 12, 2021	Apr. 15, 2021
Debt Instrument [Line Items]
Original Principal Amount				$ 680,810			$ 141,200
Original Net Proceeds				676,242
Current Principal Amount				370,796
Secured debt
Debt Instrument [Line Items]
Current Principal Amount				370,800
2020-A Class A Notes
Debt Instrument [Line Items]
Original Principal Amount				$ 174,900
Original Net Proceeds			$ 173,716
Contractual Interest Rate				1.71%
Effective Interest Rate				4.47%
2020-A Class B Notes
Debt Instrument [Line Items]
Original Principal Amount				$ 65,200
Original Net Proceeds			$ 64,754
Contractual Interest Rate				4.27%
Effective Interest Rate				5.51%
2020-A Class C Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 63,900	$ 62,900		$ 62,900
Original Net Proceeds		$ 62,535
Current Principal Amount				$ 17,695
Contractual Interest Rate	4.59%	4.20%		4.20%
Effective Interest Rate				5.72%
2021-A Class A Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 247,800			$ 247,830
Original Net Proceeds	$ 246,152
Current Principal Amount				$ 195,595
Contractual Interest Rate	1.05%			1.05%
Effective Interest Rate				2.43%
2021-A Class B Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 66,100			$ 66,090
Original Net Proceeds	$ 65,635
Current Principal Amount				$ 66,090
Contractual Interest Rate	2.87%			2.87%
Effective Interest Rate				3.36%
2021-A Class C Notes
Debt Instrument [Line Items]
Original Principal Amount				$ 63,890
Original Net Proceeds	$ 63,450
Current Principal Amount				$ 63,890
Contractual Interest Rate				4.59%
Effective Interest Rate				5.07%
2019-A VIE Notes \| Secured debt
Debt Instrument [Line Items]
Debt instrument, repurchase amount						$ 41,100
2020-A VIE Class A, B, C Notes
Debt Instrument [Line Items]
Original Principal Amount	377,800
Original Net Proceeds	$ 375,200
2019-B VIE Notes \| Secured debt
Debt Instrument [Line Items]
Debt instrument, repurchase amount					$ 52,400
Asset-backed receivables
Debt Instrument [Line Items]
Monthly fee received (annualized) (as percent)				4.75%

Debt and Financing Lease Obligations - Revolving Credit Facility (Details) $ in Millions		12 Months Ended
	Mar. 29, 2021 USD ($)	Jan. 31, 2022 USD ($) quarter
Debt Instrument [Line Items]
Debt instrument, covenant, threshold consecutive quarter \| quarter		4
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 352.2
Outstanding letters of credit		$ 22.5
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 650.0
Weighted average interest rate		4.00%
Restrictions on payment of dividends, amount free from restriction		$ 225.9
Revolving Credit Facility \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	1.00%
Interest-free period	30 days
Revolving Credit Facility \| Federal funds rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	0.50%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 40.0
Revolving Credit Facility \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused capacity fee percentage	0.25%
Revolving Credit Facility \| Minimum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	2.50%
Revolving Credit Facility \| Minimum \| Base rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	1.50%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 100.0
Revolving Credit Facility \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused capacity fee percentage	0.50%
Revolving Credit Facility \| Maximum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	3.25%
Revolving Credit Facility \| Maximum \| Base rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable basis spread	2.25%

Debt and Financing Lease Obligations - Debt Covenants (Details) $ in Millions	12 Months Ended
	Jan. 31, 2022 USD ($)
Actual
Interest Coverage Ratio for the quarter must equal or exceed minimum	8.35
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	9.29
Leverage Ratio must not exceed maximum	1.38
ABS Excluded Leverage Ratio must not exceed maximum	0.83
Capital Expenditures, net, must not exceed maximum	$ 30.7
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

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Deferred tax assets:
Deferred revenue	$ 549	$ 788
Employment tax	831	1,661
Indirect tax reserve	3,063	2,927
Inventories	2,656	1,866
Lease liability	72,252	89,411
Stock-based compensation	3,235	2,121
Net operating loss carryforwards	1,489	25,131
Other	2,364	2,192
Total deferred tax assets	86,439	126,097
Deferred tax liabilities:
Allowance for doubtful accounts	(9,808)	(9,829)
Right-of-use asset	(57,583)	(59,725)
Vendor prepayments	(1,320)	(1,165)
Sales tax receivable	(4,664)	(5,085)
Property and equipment	(20,401)	(40,454)
Other	(14)	(391)
Total deferred tax liabilities	(93,790)	(116,649)
Net deferred tax (liability) asset		9,448
Net deferred tax (liability) asset	$ (7,351)	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax benefit as a result of the CARES Act		$ 14.9
Unrecognized tax benefits that if recognized would affect the annual effective tax rate	$ 4.6	5.3	$ 3.5
Interest and penalties	0.6	$ 1.0	$ 0.7
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 1.5

Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Current:
Federal	$ 13,428	$ (47,829)	$ 9,215
State	3,285	316	1,611
Total current	16,713	(47,513)	10,826
Deferred:
Federal	14,726	31,083	7,590
State	2,073	240	(102)
Total deferred	16,799	31,323	7,488
Provision (benefit) for income taxes	$ 33,512	$ (16,190)	$ 18,314

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Tax Provision at Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision (benefit) at U.S. federal statutory rate	$ 29,761	$ (4,059)	$ 15,607
State income taxes, net of federal benefit	3,782	843	2,011
Tax Act and other deferred tax adjustments	0	(15,009)	(910)
Employee benefits	419	1,350	1,873
Other	(450)	685	(267)
Provision (benefit) for income taxes	$ 33,512	$ (16,190)	$ 18,314

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Changes in Balance of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at February 1	$ (9,853)	$ (11,384)	$ (11,625)
Decreases related to prior year tax positions	982	1,531	241
Increase related to current year tax positions	(452)	0	0
Balance at January 31	$ (9,323)	$ (9,853)	$ (11,384)

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 31, 2020 USD ($) distribution_center facility
Operating Leased Assets [Line Items]
Operating lease, impairment loss	$ 0.0	$ 0.0	$ 1.9
Number of distribution centers relocated into one \| distribution_center			3
Number of facilities into which distribution centers were relocated \| facility			1
Total rent expense	$ 65.8	$ 65.1	$ 58.1
Minimum \| Land, Buildings and Improvements
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	5 years
Minimum \| Equipment
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	3 years
Maximum \| Land, Buildings and Improvements
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	15 years
Maximum \| Equipment
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	5 years

Leases - Schedule Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 256,267	$ 265,798
Finance lease assets - Property and equipment, net	5,851	5,813
Total leased assets	$ 262,118	$ 271,611
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating lease liability - current	$ 59,710	$ 53,958
Current finance lease obligations	889	934
Operating lease liability - non current	330,439	354,598
Long-term debt and finance lease obligations	5,226	5,138
Total lease liabilities	$ 396,264	$ 414,628
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt and finance lease obligations (includes VIE balances of $367,925 and $411,551 respectively)	Long-term debt and finance lease obligations (includes VIE balances of $367,925 and $411,551 respectively)
Tenant improvement allowance	$ 5,200	$ 9,900
Operating lease costs	65,841	63,970
Total operating lease cost	65,841	63,970
Operating cash flows for operating leases	$ 83,675	$ 73,983
Finance lease, weighted average remaining lease term	8 years 8 months 12 days	9 years 6 months
Operating lease, weighted average remaining lease term	6 years 8 months 12 days	7 years 2 months 12 days
Finance lease, weighted average discount rate, percent	5.00%	5.10%
Operating lease, weighted average discount rate, percent	7.30%	7.70%

Leases - Schedule Of Future Minimum Base Rental Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Operating Leases
2023	$ 86,487
2024	83,478
2025	73,281
2026	61,635
2027	51,590
Thereafter	139,348
Total undiscounted cash flows	495,819
Finance Leases
2022	1,197
2023	1,267
2024	1,103
2025	809
2026	560
Thereafter	2,940
Total undiscounted cash flows	7,876
2023	87,684
2024	84,745
2025	74,384
2026	62,444
2027	52,150
Thereafter	142,288
Total undiscounted cash flows	503,695
Lessee, operating lease, liability, undiscounted excess amount	105,670
Lessee, finance Leases, liability, undiscounted excess amount	1,761
Lessee, lease, liability, payments, undiscounted excess amount	107,431
Operating Lease, Liability	390,149
Finance lease, liability	6,115	$ 6,072
Lease, liability, lease database	$ 396,264

Stock-Based Compensation - Stock-Based Compensation - Additional Information (Details) - shares	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	May 28, 2020
Stock options and restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period	3 years
Stock options and restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period	4 years
2020 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)			1,800,000
Additional shares authorized (in shares)	88,053	937,514
Number of years until a grant expires	10 years
2016 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, restricted stock award, forfeited		746,299
2011 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, restricted stock award, forfeited		2,224
2011 Non-Employee Director Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, restricted stock award, forfeited		48,991
2003 Non-Employee Director Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, restricted stock award, forfeited		140,000
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)	1,688,373

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	$ 8,915	$ 9,330	$ 12,550
Stock-based compensation expense	8,915	10,585	12,550
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	269	364	256
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	1,608	3,908	3,978
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	7,038	5,058	8,316
Accelerated RSU expense charged to severance \| Accelerated RSU expense charged to severance
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	$ 0	$ 1,255	$ 0

Stock-Based Compensation - Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Recognized tax benefits related to compensation cost	$ 1,800	$ 2,300	$ 1,400
Stock-based compensation expense	$ 8,915	9,330	12,550
Recognition period for unrecognized compensation cost related to all non-vested stock compensation awards	2 years 2 months 12 days
Fair value of RSUs, PSUs and stock options vested during period	$ 14,000	$ 5,100	$ 8,400
Nonvested
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 15,200

Stock-Based Compensation - Summary of Incentive Stock Option Plan activity (Details) - Incentive Stock Option Plan - Stock options - $ / shares	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Shares Under Option
Outstanding, beginning of period (in shares)	720,166
Granted (in shares)	0
Exercised (in shares)	0	0
Forfeited (in shares)	0
Outstanding, end of period (in shares)	720,166	720,166
Vested and expected to vest, end of period (in shares)	720,166
Exercisable, end of period (in shares)	410,083
Weighted- Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 30.49
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, end of period (in dollars per share)	30.49	$ 30.49
Vested and expected to vest, end of period (in dollar per shares)	30.49
Exercisable, end of period (in dollars per share)	$ 29.09
Weighted- Average Remaining Contractual Life
Outstanding, end of period	6 years
Vested and expected to vest, end of period		6 years
Exercisable, end of period	5 years 10 months 24 days

Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options exercised			$ 0.4
Aggregate intrinsic value of stock options vested and expected to vest and exercisable	$ 0.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock options vested	$ 7.5	$ 0.3	$ 0.3
Stock options \| Incentive Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 31, 2022 USD ($) award $ / shares	Jan. 31, 2021 USD ($) $ / shares	Jan. 31, 2020 USD ($)
Accelerated RSU expense charged to severance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested \| $	$ 6.4	$ 4.8	$ 8.1
Fair value of shares granted \| $	$ 17.9	$ 8.0	$ 2.9
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period	3 years
Number of awards outstanding \| award	2
Target shareholder return attainment period	3 years
Performance-Based RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to be vested (as percent)	150.00%
Performance-Based Restricted Stock Units (RSUs) Award Two \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to be vested (as percent)	200.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per share)	$ 25.23	$ 8.36
2020 Omnibus Incentive Plan \| Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per share)	$ 18.91
2020 Omnibus Incentive Plan \| Time-Based RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period	3 years
2020 Omnibus Incentive Plan \| Time-Based RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period	4 years
2020 Omnibus Incentive Plan \| Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per share)	$ 25.23

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	60.00%
Risk-free interest rate	1.42%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	3 years	3 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	83.00%
Risk-free interest rate	0.17%
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	87.00%
Risk-free interest rate	0.67%

Stock-Based Compensation - Summary of Activity of RSUs (Details) - 2020 Omnibus Incentive Plan	12 Months Ended
	Jan. 31, 2022 $ / shares shares
Accelerated RSU expense charged to severance
Number of Units
Outstanding, beginning of period (in shares)	1,019,474
Restricted stock units granted (in shares)	855,532
Vested and converted to common stock (in shares)	(333,429)
Restricted stock units forfeited (in shares)	(144,656)
Outstanding, end of year (in shares)	1,396,921
Time-Based RSUs
Number of Units
Outstanding, beginning of period (in shares)	749,894
Restricted stock units granted (in shares)	587,495
Vested and converted to common stock (in shares)	(333,429)
Restricted stock units forfeited (in shares)	(96,619)
Outstanding, end of year (in shares)	907,341
Weighted-Average Grant Date Fair Value
Nonvested, beginning of year (in dollars per share) \| $ / shares	$ 13.53
Options granted (in dollars per share) \| $ / shares	18.91
Options vested (in dollars per share) \| $ / shares	13.65
Forfeited (in dollars per share) \| $ / shares	14.34
Nonvested, end of year (in dollars per share) \| $ / shares	$ 16.88
Performance-Based RSUs
Number of Units
Outstanding, beginning of period (in shares)	269,580
Restricted stock units granted (in shares)	268,037
Vested and converted to common stock (in shares)	0
Restricted stock units forfeited (in shares)	(48,037)
Outstanding, end of year (in shares)	489,580
Weighted-Average Grant Date Fair Value
Nonvested, beginning of year (in dollars per share) \| $ / shares	$ 9.61
Options granted (in dollars per share) \| $ / shares	25.23
Options vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	13.40
Nonvested, end of year (in dollars per share) \| $ / shares	$ 17.79

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	51,262	140,672	53,459
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair market value that shares are acquired at (as percent)	85.00%
Number of shares reserved for future issuance (in shares)	526,329

Significant Vendors (Details) - vendor	12 Months Ended
Significant Vendors (Details) - vendor	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Significant Vendors [Abstract]
Number of vendors the company purchased merchandise from	6
Vendors \| Vendor A \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	31.50%	28.90%	33.60%
Vendors \| Vendor B \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	21.10%	15.40%	16.30%
Vendors \| Vendor C \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	11.00%	14.00%	11.00%
Vendors \| Vendor D \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	5.00%	7.80%	9.60%
Vendors \| Vendor E \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	2.50%	6.80%	9.50%
Vendors \| Vendor F \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	2.20%	3.10%	5.70%
Vendors \| Significant Vendors \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	73.30%	76.00%	85.70%

Defined Contribution Plan (Details) - USD ($)	12 Months Ended
Defined Contribution Plan (Details) - USD ($)	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Retirement Benefits [Abstract]
Maximum employee contribution percentage (as percent)	50.00%
Employer matching percent	100.00%
Percentage contribution which company matches on first 3% of contributions (as percent)	3.00%
Employer matching percent on next 2%	50.00%
Percentage contribution which company matches on next 2% of contributions (as percent)	2.00%
Supplemental contributions by employer	$ 0	$ 0	$ 0
Total matching contribution made by company	$ 2,200,000	$ (0)	$ 1,900,000

Contingencies (Details) - Derivative Action Lawsuits	12 Months Ended
Contingencies (Details) - Derivative Action Lawsuits	Jan. 31, 2022 plaintiff state_court
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	0
Number of state court derivative action \| state_court	2

Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Jan. 31, 2022
Asset-backed receivables
Variable Interest Entity [Line Items]
Monthly fee received (annualized) (as percent)	4.75%

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Customer accounts receivable:
Restructured accounts	$ 99,557	$ 178,374
Allowance for uncollectible accounts	(209,020)	(298,037)	$ (233,804)	$ (214,879)
Deferred fees and origination costs	(13,503)	(14,212)
Carrying value of customer accounts receivable, net of allowance for bad debts	888,218	909,483
Total assets	1,754,466	1,755,084	$ 2,168,769
Liabilities:
Accrued expenses	73,035	58,046
Long-term debt:	519,796
Less deferred debt issuance costs	(2,873)	(3,139)
Total debt	370,796
Total liabilities	1,139,647	1,197,929
2020-A Class C Notes
Liabilities:
Total debt	17,695
Secured debt
Liabilities:
Total debt	370,800
Secured debt \| 2019-A VIE Asset-backed Class A Notes
Liabilities:
Long-term debt:	0	19,521
Secured debt \| 2019-A Class B Notes
Liabilities:
Long-term debt:	0	25,069
Secured debt \| 2019-A Class C Notes
Liabilities:
Long-term debt:	0	24,202
Secured debt \| 2019-B Class A Notes
Liabilities:
Long-term debt:	0	17,860
Secured debt \| 2019-B Class B Notes
Liabilities:
Long-term debt:	0	85,540
Secured debt \| 2019-B Class C Notes
Liabilities:
Long-term debt:	0	83,270
Secured debt \| 2020-A Class A Notes
Liabilities:
Long-term debt:	9,184	93,326
Secured debt \| 2020-A Class B Notes
Liabilities:
Long-term debt:	18,342	65,200
Secured debt \| 2020-A Class C Notes
Liabilities:
Long-term debt:	17,695	0
Secured debt \| 2021-A Class A Notes
Liabilities:
Long-term debt:	195,595	0
Secured debt \| 2021-A Class B Notes
Liabilities:
Long-term debt:	66,090	0
Secured debt \| 2021-A Class C Notes
Liabilities:
Long-term debt:	63,890	0
VIE
Assets:
Restricted cash	29,872	48,622
Customer accounts receivable:
Customer accounts receivable	463,411	509,574
Restructured accounts	29,621	105,395
Allowance for uncollectible accounts	(97,560)	(159,849)
Allowance for no-interest option credit programs	(10,275)	(5,502)
Deferred fees and origination costs	(5,033)	(5,503)
Carrying value of customer accounts receivable, net of allowance for bad debts	380,164	444,115
Total assets	410,036	492,737
Liabilities:
Accrued expenses	2,638	3,707
Other liabilities	3,930	4,459
Due to Conn’s, Inc., net	12,755	5,661
Long-term debt:	370,796	413,988
Less deferred debt issuance costs	(2,871)	(2,437)
Total debt	367,925	411,551
Total liabilities	$ 387,248	$ 425,378

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Jan. 31, 2022 segment state store
Segment Reporting Information [Line Items]
Operating segments \| segment	2
Estimated annual rate of reimbursement (as percent)	2.50%
Number of states in which entity operates \| state	15
Outside of the United States
Segment Reporting Information [Line Items]
Number of retail stores \| store	0

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Revenues:
Total net sales	$ 1,305,389	$ 1,064,311	$ 1,163,235
Finance charges and other revenues	284,642	321,714	380,451
Total revenues	1,590,031	1,386,025	1,543,686
Costs and expenses:
Cost of goods sold	825,987	668,315	697,784
Selling, general and administrative expense	544,490	478,767	503,024
Provision for bad debts	48,184	202,003	205,217
Charges and credits	2,677	6,326	3,142
Total costs and expenses	1,421,338	1,355,411	1,409,167
Operating income	168,693	30,614	134,519
Interest expense	25,758	50,381	59,107
Loss (gain) on extinguishment of debt	1,218	(440)	1,094
Income (loss) before income taxes	141,717	(19,327)	74,318
Property and equipment additions	46,010	55,996	62,444
Depreciation expense	45,449	41,068	36,841
Total assets	1,754,466	1,755,084	2,168,769
Allocation of overhead by operating segments	40,600	32,000	30,000
Reimbursement
Revenues:
Total revenues	28,300	34,800	39,100
Retail
Revenues:
Total net sales	1,305,389	1,064,311	1,163,235
Finance charges and other revenues	949	816	810
Total revenues	1,306,338	1,065,127	1,164,045
Costs and expenses:
Cost of goods sold	825,987	668,315	697,784
Selling, general and administrative expense	399,393	335,954	346,108
Provision for bad debts	479	443	905
Charges and credits	2,677	4,092	1,933
Total costs and expenses	1,228,536	1,008,804	1,046,730
Operating income	77,802	56,323	117,315
Interest expense	0	0	0
Loss (gain) on extinguishment of debt	0	0	0
Income (loss) before income taxes	77,802	56,323	117,315
Property and equipment additions	44,618	55,172	62,244
Depreciation expense	43,728	39,968	35,783
Total assets	671,920	655,666	641,812
Credit
Revenues:
Total net sales	0	0	0
Finance charges and other revenues	283,693	320,898	379,641
Total revenues	283,693	320,898	379,641
Costs and expenses:
Cost of goods sold	0	0	0
Selling, general and administrative expense	145,097	142,813	156,916
Provision for bad debts	47,705	201,560	204,312
Charges and credits	0	2,234	1,209
Total costs and expenses	192,802	346,607	362,437
Operating income	90,891	(25,709)	17,204
Interest expense	25,758	50,381	59,107
Loss (gain) on extinguishment of debt	1,218	(440)	1,094
Income (loss) before income taxes	63,915	(75,650)	(42,997)
Property and equipment additions	1,392	824	200
Depreciation expense	1,721	1,100	1,058
Total assets	1,082,546	1,099,418	1,526,957
Furniture and mattress
Revenues:
Total net sales	411,167	322,770	370,931
Furniture and mattress \| Retail
Revenues:
Total net sales	411,167	322,770	370,931
Furniture and mattress \| Credit
Revenues:
Total net sales	0	0	0
Home appliance
Revenues:
Total net sales	500,051	390,964	360,441
Home appliance \| Retail
Revenues:
Total net sales	500,051	390,964	360,441
Home appliance \| Credit
Revenues:
Total net sales	0	0	0
Consumer electronics
Revenues:
Total net sales	191,234	172,932	221,449
Consumer electronics \| Retail
Revenues:
Total net sales	191,234	172,932	221,449
Consumer electronics \| Credit
Revenues:
Total net sales	0	0	0
Computers
Revenues:
Total net sales	66,707	65,405	73,074
Computers \| Retail
Revenues:
Total net sales	66,707	65,405	73,074
Computers \| Credit
Revenues:
Total net sales	0	0	0
Other
Revenues:
Total net sales	36,386	20,960	16,529
Other \| Retail
Revenues:
Total net sales	36,386	20,960	16,529
Other \| Credit
Revenues:
Total net sales	0	0	0
Product sales
Revenues:
Total net sales	1,205,545	973,031	1,042,424
Product sales \| Retail
Revenues:
Total net sales	1,205,545	973,031	1,042,424
Product sales \| Credit
Revenues:
Total net sales	0	0	0
Repair service agreement commissions
Revenues:
Total net sales	89,101	78,838	106,997
Repair service agreement commissions \| Retail
Revenues:
Total net sales	89,101	78,838	106,997
Repair service agreement commissions \| Credit
Revenues:
Total net sales	0	0	0
Service revenues
Revenues:
Total net sales	10,743	12,442	13,814
Service revenues \| Retail
Revenues:
Total net sales	10,743	12,442	13,814
Service revenues \| Credit
Revenues:
Total net sales	$ 0	$ 0	$ 0

Stockholders' Equity (Details) - USD ($)	12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jan. 31, 2022	Dec. 15, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Stock repurchase program, authorized amount		$ 150,000,000.0
Treasury stock, shares, acquired (in shares)	2,603,479
Treasury stock acquired, average cost per share (in dollar per share)	$ 22.61
Treasury stock, value, acquired, cost method	$ 58,900,000

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Mar. 25, 2022	Mar. 25, 2022	Jan. 31, 2022
Subsequent Event [Line Items]
Treasury stock, shares, acquired (in shares)			2,603,479
Treasury stock, value, acquired, cost method			$ 58.9
Treasury stock acquired, average cost per share (in dollar per share)			$ 22.61
Subsequent event
Subsequent Event [Line Items]
Treasury stock, shares, acquired (in shares)	3,316,000	5,919,479
Treasury stock, value, acquired, cost method	$ 68.2	$ 127.1
Treasury stock acquired, average cost per share (in dollar per share)	$ 20.57	$ 21.47

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details