0001223389-23-000014 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jan. 31, 2023	Mar. 21, 2023	Jul. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2023
Current Fiscal Year End Date	--01-31
Document Transition Report	false
Entity File Number	001-34956
Entity Registrant Name	CONN’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1672840
Entity Address, City or Town	2445 Technology Forest Blvd.,
Entity Address, Address Line Two	Suite 800,
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	936
Local Phone Number	230-5899
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CONN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 83.5
Entity Common Stock, Shares Outstanding		24,138,393
Documents Incorporated by Reference	Certain information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is hereby incorporated by reference herein from, Conn’s definitive proxy statement for its 2023 Annual Meeting of Stockholders, to be filed by Conn’s with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after January 31, 2023.
Entity Central Index Key	0001223389
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,534	$ 7,707
Restricted cash (includes VIE balances of $38,727 and $29,872, respectively)	40,837	31,930
Customer accounts receivable, net of allowance (includes VIE balances of $251,689 and $212,259, respectively)	421,683	455,787
Other accounts receivable	56,887	63,055
Inventories	240,783	246,826
Income taxes receivable	38,436	6,745
Prepaid expenses and other current assets	12,937	8,756
Total current assets	831,097	820,806
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $181,575 and $167,905, respectively)	389,054	432,431
Property and equipment, net	218,956	192,763
Operating lease right-of-use assets	262,104	256,267
Other assets	15,004	52,199
Total assets	1,716,215	1,754,466
Current liabilities:
Current finance lease obligations	937	889
Accounts payable	71,685	74,705
Accrued compensation and related expenses	13,285	36,677
Accrued expenses	69,334	73,035
Operating lease liability - current	53,208	54,534
Income taxes payable	2,869	3,007
Deferred revenues and other credits	11,043	15,569
Total current liabilities	222,361	258,416
Operating lease liability - non current	331,109	330,439
Long-term debt and finance lease obligations (includes VIE balances of $410,790 and $367,925 respectively)	636,079	522,149
Deferred tax liability	2,041	7,351
Other long-term liabilities	22,215	21,292
Total liabilities	1,213,805	1,139,647
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; 33,378,998 and 33,015,053 shares issued, respectively)	334	330
Treasury stock (at cost; 9,404,920 shares and 6,088,920 shares, respectively)	(193,370)	(125,145)
Additional paid-in capital	155,523	140,419
Retained earnings	539,923	599,215
Total stockholders’ equity	502,410	614,819
Total liabilities and stockholders’ equity	$ 1,716,215	$ 1,754,466

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Restricted cash	$ 40,837	$ 31,930
Customer accounts receivable, net of allowance	421,683	455,787
Long-term customer accounts receivable, net	389,054	$ 432,431
Long-term debt	$ 431,602
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)	33,378,998	33,015,053
Treasury stock (in shares)	$ 502,410	$ 614,819
Treasury Stock
Common stock, shares outstanding (in shares)	9,404,920	6,088,920
Treasury stock (in shares)	$ (193,370)	$ (125,145)
VIE
Customer accounts receivable, net of allowance	251,689	212,259
Long-term customer accounts receivable, net	181,575	167,905
Long-term debt	$ 410,790	$ 367,925

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Revenues:
Total net sales	$ 1,076,590	$ 1,305,389	$ 1,064,311
Finance charges and other revenues	265,937	284,642	321,714
Total revenues	1,342,527	1,590,031	1,386,025
Costs and expenses:
Cost of goods sold	710,234	825,987	668,315
Selling, general and administrative expense	526,212	544,490	478,767
Provision for bad debts	121,193	48,184	202,003
Charges and credits	14,360	2,677	6,326
Total costs and expenses	1,371,999	1,421,338	1,355,411
Operating (loss) income	(29,472)	168,693	30,614
Interest expense	36,891	25,758	50,381
Loss (gain) on extinguishment of debt	0	1,218	(440)
Income (loss) before income taxes	(66,363)	141,717	(19,327)
(Benefit) provision for income taxes	(7,071)	33,512	(16,190)
Net (loss) income	$ (59,292)	$ 108,205	$ (3,137)
Earnings (loss) per share:
Basic (in dollars per share)	$ (2.46)	$ 3.70	$ (0.11)
Diluted (in dollars per share)	$ (2.46)	$ 3.61	$ (0.11)
Weighted average common shares outstanding:
Basic (in shares)	24,117,265	29,267,691	29,060,512
Diluted (in shares)	24,117,265	30,001,490	29,060,512
Product sales
Revenues:
Total net sales	$ 986,600	$ 1,205,545	$ 973,031
Repair service agreement commissions
Revenues:
Total net sales	80,446	89,101	78,838
Service revenues
Revenues:
Total net sales	$ 9,544	$ 10,743	$ 12,442

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, 2020		32,125,055			3,485,441
Balance at Jan. 31, 2020	$ 627,180	$ 321	$ 122,513	$ 570,636	$ (66,290)
Balance (ASU 2016-02) at Jan. 31, 2020	(76,489)
Balance (ASU 2016-13) at Jan. 31, 2020				(76,489)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 (loss) income	(3,137)			(3,137)
Balance (in shares) at Jan. 31, 2021		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
Treasury stock, value, acquired, cost method	$ 58,855
Treasury stock, shares, acquired (in shares)	2,603,479
Stock-based compensation	$ 58,855
Net (loss) income	108,205			108,205
Balance (in shares) at Jan. 31, 2022		33,015,053			6,088,920
Balance at Jan. 31, 2022	614,819	$ 330	140,419	599,215	$ (125,145)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and vesting of restricted stock, net of tax (in shares)		257,688
Exercise of options and vesting of restricted stock, net of withholding tax	$ (2,378)	$ 3	(2,381)
Issuance of common stock under Employee Stock Purchase Plan (in shares)	106,257	106,257
Issuance of common stock under Employee Stock Purchase Plan	$ 778	$ 1	777
Stock-based compensation	16,708		16,708
Treasury stock, value, acquired, cost method	$ 68,225
Treasury stock, shares, acquired (in shares)	3,316,000
Stock-based compensation	$ 68,225
Net (loss) income	(59,292)			(59,292)
Balance (in shares) at Jan. 31, 2023		33,378,998			9,404,920
Balance at Jan. 31, 2023	$ 502,410	$ 334	$ 155,523	$ 539,923	$ (193,370)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (59,292)	$ 108,205	$ (3,137)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	46,276	45,450	41,068
Change in right-of-use asset	39,860	35,186	29,956
Amortization of debt issuance costs	8,980	5,485	8,527
Provision for bad debts and uncollectible interest	168,842	84,286	265,929
Stock-based compensation expense	10,972	8,915	9,330
Charges, net of credits	14,360	2,677	6,326
Deferred income taxes	(5,309)	16,799	31,323
Loss (gain) on early termination of debt	0	1,218	(440)
Loss from disposal of property and equipment	859	258	497
Tenant improvement allowances received from landlords	11,560	14,143	21,224
Change in operating assets and liabilities:
Customer accounts receivable	(90,465)	(62,543)	63,871
Other accounts receivables	5,273	(1,818)	6,595
Inventories	6,043	(50,363)	23,293
Other assets	(4,317)	1,081	393
Accounts payable	(3,020)	5,338	17,507
Accrued expenses	(35,905)	19,325	15,905
Increase (Decrease) in Operating Lease Liabilities	(56,430)	(53,435)	(40,384)
Income taxes	6,788	(4,687)	(35,270)
Deferred revenues and other credits	(4,627)	882	(398)
Net cash provided by operating activities	60,448	176,402	462,115
Cash flows from investing activities:
Purchases of property and equipment	(72,966)	(44,859)	(55,927)
Net cash used in investing activities	(72,966)	(44,859)	(55,927)
Cash flows from financing activities:
Proceeds from issuance of asset-backed notes	451,853	440,710	240,100
Payments on asset-backed notes	(409,973)	(483,904)	(599,144)
Borrowings under revolving credit facility	1,070,795	1,530,376	1,355,362
Payments on revolving credit facility	(998,795)	(1,433,376)	(1,332,462)
Payments on warehouse facility	0	0	0
Payment for share repurchases	(71,696)	(55,384)	0
Payment of debt issuance costs and amendment fees	(6,413)	(7,658)	(4,753)
Proceeds from stock issued under employee stock purchase plan	777	809	698
Tax payments associated with equity-based compensation transactions	(2,378)	(1,410)	(1,682)
Payment for extinguishment of debt	0	(141,279)	(84,324)
Other	(918)	(1,050)	(578)
Net cash provided by (used in) financing activities	33,252	(152,166)	(426,783)
Net change in cash, cash equivalents and restricted cash	20,734	(20,623)	(20,595)
Cash, cash equivalents and restricted cash, beginning of period	39,637	60,260	80,855
Cash, cash equivalents and restricted cash, end of period	60,371	39,637	60,260
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	65,397	34,847	72,741
Right-of-use assets obtained in exchange for new financing lease liabilities	1	1,160	1,653
Property and equipment purchases not yet paid	17,258	9,059	7,890
Supplemental cash flow data:
Cash interest paid	26,001	18,252	41,059
Cash income taxes paid (refunded), net	$ (8,508)	$ 21,525	$ (11,586)

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2023

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, 2023 and 2022, 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 $5.2 million as of January 31, 2023 and 2022, respectively.

Restricted Cash. The restricted cash balance as of January 31, 2023 and 2022 includes $33.6 million and $25.7 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $5.2 million and $4.2 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.

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, 2023 and 2022, there were $8.1 million and $8.6 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, 2023 and 2022, the carrying value of customer accounts receivable in non-accrual status was $7.9 million and $5.9 million, respectively. At January 31, 2023 and 2022, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $92.2 million and $84.1 million, respectively. At January 31, 2023 and January 31, 2022, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $7.1 million and $5.5 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, 2023, 2022 and 2021, we recorded $129.0 million, $118.1 million and $122.7 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. For the year ended January 31, 2023, we incurred a $7.3 million loss from the write-off of previously capitalized costs related to a change in the e-commerce platform. No software costs were written-off in the years ended January 31, 2022 and 2021. Refer to Note 4, Charges and Credits, for additional information.

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. For the years ended January 31, 2023, 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 $5.4 million and $5.1 million as of January 31, 2023 and 2022, 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, 2023, we recognized $6.9 million of revenue for customer deposits deferred as of the beginning of the period compared to $4.7 million recognized during the twelve months ended January 31, 2022. During the twelve months ended January 31, 2023, we recognized $3.1 million of revenue for RSA administrative fees deferred as of the beginning of the period compared to $3.2 million recognized during the twelve months ended January 31, 2022.

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 2023, 2022 and 2021, advertising expense was $86.7 million, $90.4 million and $72.5 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.

During the year ended January 31, 2023, we concluded that, based on our evaluation of available objective positive and negative evidence, it is no longer more likely than not that our net U.S. federal and state deferred tax assets are recoverable. Accordingly, we recorded a charge of $6.6 million in the fourth quarter of the year ended January 31, 2023 as a reserve against our net U.S. federal and state deferred tax assets. As of January 31, 2023, the total valuation allowance relative to U.S. federal and state deferred tax assets was $6.6 million. A valuation allowance was not recorded as of January 31, 2022.

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,
	2023	2022	2021
Weighted-average common shares outstanding - Basic	24,117,265	29,267,691	29,060,512
Dilutive effect of stock options, RSUs and PSUs	—	733,799	—
Weighted-average common shares outstanding - Diluted	24,117,265	30,001,490	29,060,512

For the years ended January 31, 2023, 2022 and 2021, the weighted-average number of stock options, RSUs, and PSUs not included in the calculation due to their anti-dilutive effect, was 1,446,168, 704,582 and 1,097,996, 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, 2023, the fair value of the asset-backed notes was $414.2 million, compared to the carrying value of $431.6 million, which was determined using Level 2 inputs based on inactive trading activity.

Recent Accounting Pronouncements Adopted.

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

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.

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. On November 21, 2022, we entered into Amendment No. 1 (the "Amendment") to the Fifth Amended and Restated Loan and Security Agreement, dated as of March 29, 2021, which changed the benchmark rate under the Agreement from LIBOR to SOFR. As such, we do not expect the adoption to have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Yet To Be Adopted.

Financial Instruments - Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, an update that eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors in ASC 310-40 while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in ASC 310-20 to determine whether a modification results in a new loan or a continuation of an existing loan. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively, with an option to apply a modified retrospective transition approach for the recognition and measurement of TDRs. We expect to adopt ASU 2022-02 during the first quarter of fiscal year 2024. The adoption of ASU 2022-02 is not expected to have a significant impact on our financial statements but will require additional disclosures related to our customer accounts receivable portfolio.

No other new accounting pronouncements issued or effective as of January 31, 2023 have had or are expected to have a material impact on our consolidated financial statements.

Customer Accounts Receivable

12 Months Ended

Jan. 31, 2023

Receivables [Abstract]

Customer Account Receivable

Customer Accounts Receivable

Customer accounts receivable consisted of the following:


(in thousands)	January 31, 2023		January 31, 2022
Customer accounts receivable (1)	$	1,025,364	$	1,130,395
Deferred fees and origination costs, net	(11,699)		(13,503)
Allowance for no-interest option credit programs	(18,753)		(19,654)
Allowance for uncollectible interest and fees	(20,007)		(15,124)
Carrying value of customer accounts receivable	974,905		1,082,114
Allowance for credit losses (2)	(164,168)		(193,896)
Carrying value of customer accounts receivable, net of allowance for bad debts	810,737		888,218
Short-term portion of customer accounts receivable, net	(421,683)		(455,787)
Long-term customer accounts receivable, net	$	389,054	$	432,431


	Carrying Value
(in thousands)	January 31, 2023		January 31, 2022
Customer accounts receivable 60+ days past due (3)	$	124,204	$	112,858
Re-aged customer accounts receivable (4)	160,869		181,996
Restructured customer accounts receivable (5)	76,753		99,557

(1)As of January 31, 2023 and 2022, the customer accounts receivable balance included $27.5 million and $22.3 million, respectively, in interest and fees receivable. Net of the allowance for uncollectible interest and fees, the outstanding receivable as of January 31, 2023 and 2022 was $7.5 million and $7.2 million, respectively.

(2)Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of January 31, 2023 and 2022. Our forecast utilized multiple economic projections from a major rating service.

(3)As of January 31, 2023 and 2022, the carrying value of customer accounts receivable past due one day or greater was $290.4 million and $299.0 million, respectively. These amounts include the 60+ days past due balances shown above.

(4)The re-aged carrying value as of January 31, 2023 and 2022 includes $48.2 million and $48.6 million, respectively, in carrying value that are both 60+ days past due and re-aged.

(5)The restructured carrying value as of January 31, 2023 and 2022 includes $21.8 million and $29.0 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, 2023		January 31, 2022
Customer accounts receivable - current	$	517,611	$	564,825
Allowance for credit losses for customer accounts receivable - current	(95,928)		(109,038)
Customer accounts receivable, net of allowances	421,683		455,787
Customer accounts receivable - non current	477,301		532,413
Allowance for credit losses for customer accounts receivable - non current	(88,247)		(99,982)
Long-term portion of customer accounts receivable, net of allowances	389,054		432,431
Total customer accounts receivable, net	$	810,737	$	888,218

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


	January 31, 2023
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	165,044	$	43,976	$	209,020
Provision (1)	132,150		35,797		167,947
Principal charge-offs (2)	(142,442)		(44,863)		(187,305)
Interest charge-offs	(33,959)		(10,695)		(44,654)
Recoveries (2)	29,786		9,381		39,167
Allowance at end of period	$	150,579	$	33,596	$	184,175
Average total customer portfolio balance	$	968,085	$	87,515	$	1,055,600


	January 31, 2022
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	219,739	$	78,298	$	298,037
Impact of adoption ASC 326	—		—		—
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 (3)	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

(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, 2023:


(dollars in thousands)
Delinquency Bucket	2023	2022	2021	2020	Prior	Total	% of Total
Current	$46,796	$418,015	$174,282	$39,594	$5,860	$684,547	70.2%
1-30	—	63,451	45,521	13,012	4,154	126,138	13.0%
31-60	—	18,665	15,143	4,280	1,928	40,016	4.1%
61-90	—	13,853	12,798	3,366	1,586	31,603	3.2%
91+	—	34,708	40,552	11,600	5,741	92,601	9.5%
Total	$46,796	$548,692	$288,296	$71,852	$19,269	$974,905	100.0%

Property and Equipment

12 Months Ended

Jan. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	Estimated	January 31,
(dollars in thousands)	Useful Lives	2023		2022
Land	—	$	1,644	$	1,644
Buildings	30 years	4,176		4,121
Leasehold improvements	5 to 15 years	365,312		331,776
Equipment and fixtures	3 to 5 years	122,456		104,623
Finance leases	3 to 20 years	9,481		9,480
Construction in progress	—	46,390		31,764
		549,459		483,408
Less accumulated depreciation		(330,503)		(290,645)
		$	218,956	$	192,763

Depreciation expense was approximately $46.3 million, $45.5 million and $41.1 million for the years ended January 31, 2023, 2022 and 2021, 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, 2023

Charges and Credits [Abstract]

Charges and Credits

Charges and credits consisted of the following:


	Year Ended January 31,
(in thousands)	2023		2022		2021
Store lease termination and closure costs	$	(896)	$	—	$	—
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	—		—		3,589
Employee severance	8,006		—		2,737
Excess import freight costs	—		2,677		—
Asset disposal	7,250		—		—
	$	14,360	$	2,677	$	6,326

During the year ended January 31, 2023, we recognized $8.0 million in severance costs related to a change in the executive management team. In addition, we recognized a $0.9 million gain related to the termination of a lease for a single store location net of store closure costs. Furthermore, we recognized $7.3 million in write-offs of previously capitalized costs related to a change in the eCommerce platform. 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.

Finance Charges and Other Revenues

12 Months Ended

Jan. 31, 2023

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)	2023		2022		2021
Interest income and fees	$	244,137	$	259,422	$	303,209
Insurance income	20,681		24,270		17,689
Other revenues	1,119		950		816
Total finance charges and other revenues	$	265,937	$	284,642	$	321,714

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, 2023, 2022 and 2021, interest income and fees reflected provisions for uncollectible interest of $43.8 million, $36.1 million and $63.9 million, respectively. The amount included in interest income and fees related to TDR accounts for the years ended January 31, 2023, 2022 and 2021 is $15.3 million, $24.9 million and $37.5 million, respectively.

Debt and Financing Lease Obligations

12 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Debt and Financing Lease Obligations

Debt and financing lease obligations consisted of the following:


	January 31,
(in thousands)	2023		2022
Revolving Credit Facility	$	221,000	$	149,000
2020-A VIE Asset-backed Class A Notes	—		9,184
2020-A VIE Asset-backed Class B Notes	—		18,342
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	54,597		66,090
2021-A VIE Asset-backed Class C Notes	63,890		63,890
2022-A VIE Asset-backed Class A Notes	117,935		—
2022-A VIE Asset-backed Class B Notes	132,090		—
2022-A VIE Asset-backed Class C Notes	63,090		—
Financing lease obligations	5,226		6,115
Total debt and financing lease obligations	657,828		525,911
Less:
Deferred debt issuance costs and discount on debt	(20,812)		(2,873)
Current finance lease obligations	(937)		(889)
Long-term debt and financing lease obligations	$	636,079	$	522,149

Future maturities of debt, excluding financing lease obligations, as of January 31, 2023 are as follows:


(in thousands)
Year Ended January 31,
2024	$	—
2025	—
2026	221,000
2027	431,602
2028	—
Total	$	652,602

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, 2023 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)
2021-A Class B Notes	$	66,090	$	65,635	$	54,597	11/23/2021	5/15/2026	2.87%	3.55%
2021-A Class C Notes	63,890		63,450		63,890		11/23/2021	5/15/2026	4.59%	5.06%
2022-A Class A Notes	275,600		273,731		117,935		7/21/2022	12/15/2026	5.87%	8.50%
2022-A Class B Notes	132,090		129,050		132,090		7/21/2022	12/15/2026	9.52%	10.39%
2022-A Class C Notes	63,090		43,737		63,090		11/30/2022	12/15/2026	0.00%	18.36%
Total	$	600,760	$	575,603	$	431,602

(1)After giving effect to debt issuance costs and discount on debt.

(2)For the year ended January 31, 2023, and inclusive of the impact of changes in timing of actual and expected cash flows.

On July 21, 2022, the Company completed the issuance and sale of approximately $407.7 million in 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 approximately $402.8 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 December 15, 2026 and consist of $275.6 million of 5.87% Asset Backed Fixed Rate Notes, Class A, Series 2022-A (the "Class A Notes"), and approximately $132.1 million of 9.52% Asset Backed Fixed Rate Notes, Class B, Series 2022-A (the "Class B Notes"). Additionally, the Company issued approximately $63.1 million in aggregate principal amount of zero coupon Asset Backed Fixed Rate Notes, Class C, Series 2022-A (the "Class C Notes") which mature on December 15, 2026.

On November 30, 2022, the Company completed the sale of $63.1 million in aggregate principal amount of the Class C Notes 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 $43.7 million, net of debt issuance costs. Net proceeds from the sale were used for general corporate purposes.

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, 2023, we had immediately available borrowing capacity of $143.8 million under our Revolving Credit Facility, net of standby letters of credit issued of $22.3 million.

On November 21, 2022, we entered into Amendment No. 1 (the "Amendment") to the Fifth Amended and Restated Loan Agreement. Under the Amendment, loans under the Revolving Credit Facility bear interest, at our option, at a rate of SOFR 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 SOFR 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 5.2% for the year ended January 31, 2023.

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. We are restricted from making distributions 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. The Amendment waived testing of the interest coverage covenants beginning with the third quarter of fiscal year 2023 and continuing until the date on which the Company delivers financial statements and a compliance certificate for the fiscal quarter ending April 30, 2024 (unless earlier terminated pursuant to the terms of the Amendment). After giving effect to the foregoing amendment, as of January 31, 2023, we were in compliance with the covenants in our Revolving Credit Facility.

A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status as of January 31, 2023 is presented below:


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	Not Tested	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	Not Tested	1.50:1.00
Leverage Ratio must not exceed maximum	1.80:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	1.02:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$61.4 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, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Deferred tax assets and liabilities consisted of the following:


	January 31,
(in thousands)	2023		2022
Deferred tax assets:
Deferred revenue	$	579	$	549
Employment tax	—		831
Indirect tax reserve	3,393		3,063
Inventories	2,354		2,656
Lease liability	70,869		72,252
Stock-based compensation	4,009		3,235
Net operating loss carryforwards	11,122		1,489
Other	3,030		2,364
Total deferred tax assets	95,356		86,439
Valuation allowance	(6,584)		—
Total deferred tax assets, net of allowance	88,772		86,439

Deferred tax liabilities:
Allowance for doubtful accounts	(13,217)		(9,808)
Right-of-use asset	(58,895)		(57,583)
Vendor prepayments	(1,961)		(1,320)
Sales tax receivable	(3,718)		(4,664)
Property and equipment	(12,985)		(20,401)
Other	(37)		(14)
Total deferred tax liabilities	(90,813)		(93,790)
Net deferred tax asset (liability)	$	(2,041)	$	(7,351)

As of January 31, 2023, the Company had tax-effected federal and state net operating loss carryforwards of $11.1 million. Our federal net operating loss may be carried forward indefinitely, while our state net operating loss carryforwards begin to expire starting with fiscal year 2030.

In assessing the recoverability of its deferred tax assets, the Company evaluates the available objective positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of existing deferred tax assets in each taxpaying jurisdiction. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. A valuation allowance is a non-cash charge and does not limit the Company's ability to utilize its deferred tax assets, including its ability to utilize tax loss and credit carryforward amounts, against future taxable income.

The Company assessed all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred tax assets in each taxpaying jurisdiction. On the basis of this evaluation, as of January 31, 2023, a valuation allowance of $6.6 million was recorded against the Company's net federal and state deferred tax assets as it is not more likely than not that these assets would be realized. A valuation allowance was not recorded as of January 31, 2022.

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


	Year Ended January 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	(2,607)	$	13,428	$	(47,829)
State	845		3,285		316
Total current	(1,762)		16,713		(47,513)
Deferred:
Federal	(5,974)		14,726		31,083
State	665		2,073		240
Total deferred	(5,309)		16,799		31,323
Provision (benefit) for income taxes	$	(7,071)	$	33,512	$	(16,190)

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)	2023		2022		2021
Income tax (benefit) provision at U.S. federal statutory rate	$	(13,936)	$	29,761	$	(4,059)
State income taxes, net of federal benefit	396		3,782		843
Tax Act and other deferred tax adjustments	—		—		(15,009)
Provision to return adjustments	(1,401)		—		—
Employee benefits	2,193		419		1,350
Change in valuation allowance	6,584		—		—
Other	(907)		(450)		685
Provision (benefit) for income taxes	$	(7,071)	$	33,512	$	(16,190)

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, 2019, remain subject to examination. Generally, state tax returns for fiscal years subsequent to January 31, 2019 remain subject to examination.

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


	Year Ended January 31,
(in thousands)	2023		2022		2021
Balance at February 1	$	(9,323)	$	(9,853)	$	(11,384)
Decreases related to prior year tax positions	—		982		1,531
Increase related to current year tax positions	(1,319)		(452)		—
Balance at January 31	$	(10,642)	$	(9,323)	$	(9,853)

As of January 31, 2023, 2022 and 2021 there are $4.6 million, $4.6 million, and $5.3 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, 2023, the Company recognized a net benefit of $0.3 million related to interest and penalties. For the years ended January 31, 2022 and 2021, the Company recognized a net provision related to interest and penalties of approximately $0.6 million and $1.0 million, respectively.

It is reasonably possible that the Company may recognize a tax benefit of approximately $4.6 million within the next 12 months regarding the deductibility of a portion of its credit portfolio due to the lapse of the applicable statute of limitations. That recognition would result in a decrease of the Company's unrecognized tax benefit of $4.6 million.

- 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, 2023

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	2023		2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	262,104	$	256,267
Finance lease assets	Property and equipment, net	4,900		5,851
Total leased assets		$	267,004	$	262,118
Liabilities
Operating (1)	Operating lease liability - current	$	66,204	$	59,710
Finance	Current finance lease obligations	937		889
Operating	Operating lease liability - non current	331,109		330,439
Finance	Long-term debt and finance lease obligations	4,289		5,226
Total lease liabilities		$	402,539	$	396,264

(1)Represents the gross operating lease liability before tenant improvement allowances. As of January 31, 2023 and 2022, we had $13.0 million and $5.2 million of tenant improvement allowances to be remitted by the landlord.


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2023		2022
Operating lease costs (1)	Selling, general and administrative expense	$	69,135	$	65,841
Total operating lease cost		$	69,135	$	65,841

(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, 2023, 2022 and 2021.

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


Other Information	Year Ended January 31,
(dollars in thousands)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	87,304		$	83,675
Weighted-average remaining lease term (in years)
Finance leases	8.4			8.7
Operating leases	6.5			6.7
Weighted-average discount rate
Finance leases	5.1		%	5.0		%
Operating leases	7.3		%	7.3		%

For the years ended January 31, 2023, 2022 and 2021, total rent expense was $69.8 million, $65.8 million and $65.1 million, respectively.

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2024	$	93,077	$	1,288	$	94,365
2025	84,810		1,103		85,913
2026	73,279		808		74,087
2027	63,260		560		63,820
2028	55,749		280		56,029
Thereafter	130,897		2,659		133,556
Total undiscounted cash flows	501,072		6,698		507,770
Less: Interest	103,759		1,472		105,231
Total lease liabilities	$	397,313	$	5,226	$	402,539

Leases

Supplemental lease information is summarized below:


		January 31,
(in thousands)	Balance sheet classification	2023		2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	262,104	$	256,267
Finance lease assets	Property and equipment, net	4,900		5,851
Total leased assets		$	267,004	$	262,118
Liabilities
Operating (1)	Operating lease liability - current	$	66,204	$	59,710
Finance	Current finance lease obligations	937		889
Operating	Operating lease liability - non current	331,109		330,439
Finance	Long-term debt and finance lease obligations	4,289		5,226
Total lease liabilities		$	402,539	$	396,264


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2023		2022
Operating lease costs (1)	Selling, general and administrative expense	$	69,135	$	65,841
Total operating lease cost		$	69,135	$	65,841

(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)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	87,304		$	83,675
Weighted-average remaining lease term (in years)
Finance leases	8.4			8.7
Operating leases	6.5			6.7
Weighted-average discount rate
Finance leases	5.1		%	5.0		%
Operating leases	7.3		%	7.3		%

For the years ended January 31, 2023, 2022 and 2021, total rent expense was $69.8 million, $65.8 million and $65.1 million, respectively.

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2024	$	93,077	$	1,288	$	94,365
2025	84,810		1,103		85,913
2026	73,279		808		74,087
2027	63,260		560		63,820
2028	55,749		280		56,029
Thereafter	130,897		2,659		133,556
Total undiscounted cash flows	501,072		6,698		507,770
Less: Interest	103,759		1,472		105,231
Total lease liabilities	$	397,313	$	5,226	$	402,539

Stock-Based Compensation

12 Months Ended

Jan. 31, 2023

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 2023, a total of 261,935 shares were transferred to the 2020 Plan which all derived from the 2016 Omnibus Incentive 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.

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, 2023, shares authorized for future issuance were: 1,028,526 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)	2023		2022		2021
Stock options	$	208	$	1,608	$	3,908
RSUs and PSUs	10,392		7,038		5,058
Employee stock purchase plan	372		269		364
Accelerated RSU expense charged to severance	5,736		—		1,255
Total stock-based compensation expense	$	16,708	$	8,915	$	10,585

During the years ended January 31, 2023, 2022, and 2021, we recognized tax benefits related to stock-based compensation of $2.5 million, $1.8 million and $2.3 million, respectively. As of January 31, 2023, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $11.9 million and is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of RSUs, PSUs and stock options vested during fiscal years 2023, 2022 and 2021 was $13.6 million, $14.0 million and $5.1 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, 2022	720,166	$	30.49
Granted	—	$	—
Exercised	—	$	—
Forfeited and expired	(120,166)	$	32.35
Outstanding, January 31, 2023	600,000	$	30.12	5.0
Vested and expected to vest, January 31, 2023	600,000	$	30.12	5.0
Exercisable, January 31, 2023	600,000	$	30.12	5.0

No stock options were exercised during the years ended January 31, 2023, 2022 and 2021. The aggregate intrinsic value of stock options outstanding, vested and expected to vest and exercisable at January 31, 2023 was approximately $0.0 million. The total fair value of common stock options vested during fiscal years 2023, 2022 and 2021 was $6.3 million, $7.5 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 three PSU awards outstanding. Under each PSU award, 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 and third awards, 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 2023 or 2022. The weighted average fair value per grant issued is $30.39 and $25.23 for fiscal years 2023 and 2022, respectively. The weighted-average assumptions used in the Monte Carlo valuations are as follows:


	Year Ended January 31,
	2023	2022
Expected stock price volatility	78.0%-80.0%	83.0%-87.0%
Risk-free interest rate	1.39%-2.58%	0.17%-0.67%
Expected life (in years)	2.8 - 3.0	3.0

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, 2022	907,341	$	16.88	489,580	$	17.79	1,396,921
Granted	972,190	$	14.99	176,509	$	30.39	1,148,699
Vested and converted to common stock	(378,701)	$	18.17	—	$	—	(378,701)
Forfeited	(267,190)	$	17.13	(161,371)	$	22.53	(428,561)
Balance, January 31, 2023	1,233,640	$	14.94	504,718	$	20.68	1,738,358

The total fair value of restricted and performance shares vested during fiscal years 2023, 2022 and 2021 was $7.2 million, $6.4 million, and $4.8 million, respectively, based on the market price at the vesting date. The total fair value of restricted and performance shares granted during fiscal years 2023, 2022 and 2021 was $19.9 million, $17.9 million and $8.0 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, 2023, 2022 and 2021, we issued 106,257, 51,262 and 140,672 shares of common stock, respectively, to employees participating in the plan, leaving 420,072 shares remaining reserved for future issuance under the plan as of January 31, 2023.

Significant Vendors

12 Months Ended

Jan. 31, 2023

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,
	2023		2022		2021
Vendor A	31.6	%	31.5	%	28.9	%
Vendor B	17.4		21.1		15.4
Vendor C	11.0		11.0		14.0
Vendor D	4.2		5.0		7.8
Vendor E	2.7		2.5		6.8
Vendor F	2.5		2.2		3.1
	69.4	%	73.3	%	76.0	%

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, 2023
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 four 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 $1.6 million, $2.2 million and $0.0 million during the years ended January 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Contingencies	12 Months Ended
Contingencies	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	Contingencies 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 (former director), 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 “Hack Litigation”). The complaint asserted claims for breach of fiduciary duty, unjust enrichment, gross mismanagement, and insider trading based on substantially similar factual allegations as those asserted in the securities action (In re Conn’s Inc. Sec. Litig., Cause No. 14-CV-00548 (S.D. Tex.)), which was settled in October 2018. The plaintiff sought unspecified damages against these persons and did 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 reached a settlement to fully resolve the Federal Derivative Actions. Judge Ellison approved the settlement and entered a Final Order and Judgement dismissing the derivative action with prejudice on March 15, 2022 (the “Final Order”). Neither the Company nor any individual defendant admitted any wrongdoing through the settlement agreement. In addition to the Federal Derivative Actions, a derivative action was filed in Texas state court by alleged shareholder Richard A. Dohn (“Dohn”) on January 27, 2015, captioned Dohn v. Wright, et al., Cause No. 2015-04405, in the 281st Judicial District Court, Harris County, Texas (the “Dohn State Court Action”). This action made substantially similar allegations to the Federal Derivative Actions against the same defendants. The parties agreed to stay this case during the Securities Litigation and Federal Derivative Actions. 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. Dohn later filed an appeal of the Final Order with the Fifth Circuit Court of Appeals, and on May 17, 2022, the court entered an agreed order staying the case pending the outcome of that appeal. Dohn’s opening brief was filed in the appeal on July 5, 2022. Plaintiffs’ and Defendants’ filed their respective response briefs on August 24, 2022. Dohn filed his reply brief on September 14, 2022. Plaintiffs in the Federal Derivative Actions filed a motion for appeal bond in May 2022, which was heard by Judge Ellison on November 3, 2022. At the hearing, Judge Ellison ordered Dohn to supply the court with a record of continuous stock ownership to establish his standing to bring suit prior to the continuation of the appeal bond hearing set for November 10, 2022. Prior to the November 10, 2022 hearing, Dohn’s counsel advised Judge Ellison that Dohn’s appeal was being withdrawn/dismissed from the Fifth Circuit and Judge Ellison canceled the November 10, 2022 appeal bond hearing. On November 14, 2022, Dohn filed a motion for voluntary dismissal of the appeal with the Fifth Circuit. On November 16, 2022, the Company and the individual Defendants-Appellants filed a response to Dohn’s voluntary dismissal motion regarding the dismissal being “without prejudice.” On January 26, 2023, the Fifth Circuit granted Dohn’s motion for voluntary dismissal of the appeal without prejudice. On November 18, 2022, Dohn filed an unopposed motion to dismiss the Dohn State Court Action with prejudice. On December 1, 2022, the case was dismissed with prejudice. Prior to the filing of the Dohn State Court Action, 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., Case No. 2016-33135. The complaint asserted claims for breach of fiduciary duties and unjust enrichment based on substantially similar factual allegations as those asserted in the Federal Derivative Actions. On November 16, 2022, Casey filed an unopposed motion to dismiss this action with prejudice. On November 21, 2022, the case was dismissed with prejudice. 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, 2023

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, 2023		January 31, 2022
Assets:
Restricted cash	$	38,727	$	29,872

Customer accounts receivable:
Customer accounts receivable	506,811		463,411
Restructured accounts	46,626		29,621
Allowance for uncollectible accounts	(105,982)		(97,560)
Allowance for no-interest option credit programs	(9,340)		(10,275)
Deferred fees and origination costs	(4,851)		(5,033)
Total customer accounts receivable, net	433,264		380,164
Total assets	$	471,991	$	410,036
Liabilities:
Accrued expenses	$	3,475	$	2,638
Other liabilities	4,578		3,930
Due to Conn’s, Inc., net	2,249		12,755

Long-term debt:
2020-A Class A Notes	—		9,184
2020-A Class B Notes	—		18,342
2020-A Class C Notes	—		17,695
2021-A Class A Notes	—		195,595
2021-A Class B Notes	54,597		66,090
2021-A Class C Notes	63,890		63,890
2022-A Class A Notes	117,935		—
2022-A Class B Notes	132,090		—
2022-A Class C Notes	63,090		—
	431,602		370,796
Less deferred debt issuance costs	(20,812)		(2,871)
Total debt	410,790		367,925
Total liabilities	$	421,092	$	387,248

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, 2023

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, 2023, 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, 2023
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	340,325	$	—	$	340,325
Home appliance	430,250		—		430,250
Consumer electronics	139,868		—		139,868
Computers	37,547		—		37,547
Other	38,610		—		38,610
Product sales	986,600		—		986,600
Repair service agreement commissions	80,446		—		80,446
Service revenues	9,544		—		9,544
Total net sales	1,076,590		—		1,076,590
Finance charges and other revenues	1,119		264,818		265,937
Total revenues	1,077,709		264,818		1,342,527
Costs and expenses:
Cost of goods sold	710,234		—		710,234
Selling, general and administrative expense (1)	391,393		134,819		526,212
Provision for bad debts	896		120,297		121,193
Charges and credits	14,360		—		14,360
Total costs and expenses	1,116,883		255,116		1,371,999
Operating (loss) income	(39,174)		9,702		(29,472)
Interest expense	—		36,891		36,891
Loss (gain) on extinguishment of debt	—		—		—
(Loss) income before income taxes	$	(39,174)	$	(27,189)	$	(66,363)
Additional Disclosures:
Property and equipment additions	$	80,942	$	939	$	81,881
Depreciation expense	$	44,304	$	1,971	$	46,275
	January 31, 2023
(in thousands)	Retail		Credit		Total
Total assets	$	537,332	$	1,178,883	$	1,716,215


	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
(Loss) 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 (loss) income	56,323		(25,709)		30,614
Interest expense	—		50,381		50,381
Loss (gain) on extinguishment of debt	—		(440)		(440)
(Loss) income 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

(1)For the years ended January 31, 2023, 2022 and 2021, the amount of overhead allocated to each segment reflected in SG&A was $31.7 million, $40.6 million and $32.0 million, respectively. For the years ended January 31, 2023, 2022 and 2021, the amount of reimbursement made to the retail segment by the credit segment was $26.3 million, $28.3 million and $34.8 million, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Jan. 31, 2023
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders’ Equity	Stock RepurchasesOn December 14, 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 expired on December 14, 2022. During the three months ended January 31, 2023, we did not repurchase any shares of our common stock. For the year ended January 31, 2023, we repurchased 3,316,000 shares of our common stock at an average weighted cost per share of $20.57 for an aggregate amount of $68.2 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Term Loan and Security Agreement. On February 21, 2023, Conn’s, Inc. (the “Company”), as parent and guarantor, Conn Appliances, Inc., Conn Credit I, LP and Conn Credit Corporation, Inc., as borrowers (the “Borrowers”), entered into a second-lien term loan and security agreement (the “Term Loan”) with Pathlight Capital LP, as administrative agent and collateral agent, and the financial institutions party thereto, as lenders (the “Lenders”). The Term Loan provides for an aggregate commitment of $100.0 million to the Borrowers pursuant to a three-year secured term loan credit facility, which was fully drawn on February 21, 2023. Outstanding loans under the Term Loan will bear interest at an aggregate rate per annum equal to the Term SOFR Rate (as defined in the Term Loan), subject to a 4.80% floor, plus a margin of 7.50%. The obligations of the Borrowers under the Term Loan are guaranteed by the Company and certain of the Borrowers’ subsidiaries. The Borrowers are required to make quarterly scheduled amortization payments of the Term Loan prior to the maturity thereof in an amount equal to $1.25 million. The Term Loan is secured by liens (subject, in the case of priority, to the liens under the Fifth Amendment and Restated Loan Agreement) on substantially all of the assets of the Borrowers and their subsidiaries, subject to customary exceptions. Proceeds from borrowings made under the Term Loan may be used by the Borrowers for, among other things: (i) payment of fees and expenses associated with the closing of the Term Loan; (ii) payment of other outstanding indebtedness of the Borrowers under the Fifth Amended and Restated Loan Agreement; and (iii) working capital and other lawful corporate purposes of the Borrowers and their subsidiaries in accordance with the Term Loan. The Borrowers may elect to prepay all or any portion of the amounts owed under the Term Loan, subject to a prepayment fee. The Borrowers are required to make mandatory prepayments of amounts owed under the Term Loan in an amount equal to 100% of the proceeds received as a result of any of the following events, subject to certain adjustments: (i) the issuance of any equity securities by the Company that the Company contributes as additional common equity contributions to any Borrower; and (ii) the receipt by the Company, the Borrowers or any of their affiliates of any portion of the CARES Act Tax Refund Proceeds (as defined in the Term Loan), subject to a cap. Voluntary and mandatory prepayments will be applied to the remaining scheduled installments of principal due in respect of the Term Loan in the inverse order of maturity. The Term Loan contains customary covenants regarding the Borrowers and their subsidiaries that are generally based upon and are comparable to those contained in the Fifth Amended and Restated Loan Agreement including, without limitation: financial covenants, such as the maintenance of a minimum interest coverage ratio, subject to a covenant relief period through the fiscal quarter ending April 30, 2024, and a maximum leverage ratio; and negative covenants, such as limitations on indebtedness, liens, mergers, asset transfers, certain investing activities and other matters customarily restricted in such agreements. Most of these restrictions are subject to certain minimum thresholds and exceptions. The Term Loan also contains customary events of default, including, without limitation, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy and insolvency proceedings, cross-defaults to certain other agreements, and change of control. Second Amendment to Loan and Security Agreement. On February 21, 2023, the Company, the Borrowers, the guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the required lenders party thereto entered into the second amendment (the “Second Amendment”) to the Fifth Amended and Restated Loan Agreement. The Second Amendment, among other things, permits the Company and the Borrowers to enter into the Term Loan and made certain changes conforming to the Term Loan.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2023

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 2023, 2022 and 2021, advertising expense was $86.7 million, $90.4 million and $72.5 million, respectively.

Stock-Based Compensation

Self-insurance

Income Taxes

Earnings per Share


	Year Ended January 31,
	2023	2022	2021
Weighted-average common shares outstanding - Basic	24,117,265	29,267,691	29,060,512
Dilutive effect of stock options, RSUs and PSUs	—	733,799	—
Weighted-average common shares outstanding - Diluted	24,117,265	30,001,490	29,060,512

Contingencies

Fair Value of Financial Instruments

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

participant’s view of long-term prices, costs, and other factors and are consistent with assumptions used in our business plans and investment decisions.

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Adopted.

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, 2023 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, 2023

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,
	2023	2022	2021
Weighted-average common shares outstanding - Basic	24,117,265	29,267,691	29,060,512
Dilutive effect of stock options, RSUs and PSUs	—	733,799	—
Weighted-average common shares outstanding - Diluted	24,117,265	30,001,490	29,060,512

Customer Accounts Receivable (Tables)

12 Months Ended

Jan. 31, 2023

Receivables [Abstract]

Schedule of customer accounts receivable

Customer accounts receivable consisted of the following:


(in thousands)	January 31, 2023		January 31, 2022
Customer accounts receivable (1)	$	1,025,364	$	1,130,395
Deferred fees and origination costs, net	(11,699)		(13,503)
Allowance for no-interest option credit programs	(18,753)		(19,654)
Allowance for uncollectible interest and fees	(20,007)		(15,124)
Carrying value of customer accounts receivable	974,905		1,082,114
Allowance for credit losses (2)	(164,168)		(193,896)
Carrying value of customer accounts receivable, net of allowance for bad debts	810,737		888,218
Short-term portion of customer accounts receivable, net	(421,683)		(455,787)
Long-term customer accounts receivable, net	$	389,054	$	432,431


	Carrying Value
(in thousands)	January 31, 2023		January 31, 2022
Customer accounts receivable 60+ days past due (3)	$	124,204	$	112,858
Re-aged customer accounts receivable (4)	160,869		181,996
Restructured customer accounts receivable (5)	76,753		99,557

(4)The re-aged carrying value as of January 31, 2023 and 2022 includes $48.2 million and $48.6 million, respectively, in carrying value that are both 60+ days past due and re-aged.

(5)The restructured carrying value as of January 31, 2023 and 2022 includes $21.8 million and $29.0 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, 2023		January 31, 2022
Customer accounts receivable - current	$	517,611	$	564,825
Allowance for credit losses for customer accounts receivable - current	(95,928)		(109,038)
Customer accounts receivable, net of allowances	421,683		455,787
Customer accounts receivable - non current	477,301		532,413
Allowance for credit losses for customer accounts receivable - non current	(88,247)		(99,982)
Long-term portion of customer accounts receivable, net of allowances	389,054		432,431
Total customer accounts receivable, net	$	810,737	$	888,218

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, 2023
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	165,044	$	43,976	$	209,020
Provision (1)	132,150		35,797		167,947
Principal charge-offs (2)	(142,442)		(44,863)		(187,305)
Interest charge-offs	(33,959)		(10,695)		(44,654)
Recoveries (2)	29,786		9,381		39,167
Allowance at end of period	$	150,579	$	33,596	$	184,175
Average total customer portfolio balance	$	968,085	$	87,515	$	1,055,600


	January 31, 2022
(in thousands)	Customer Accounts Receivable		Restructured Accounts		Total
Allowance at beginning of period	$	219,739	$	78,298	$	298,037
Impact of adoption ASC 326	—		—		—
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 (3)	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

(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, 2023:


(dollars in thousands)
Delinquency Bucket	2023	2022	2021	2020	Prior	Total	% of Total
Current	$46,796	$418,015	$174,282	$39,594	$5,860	$684,547	70.2%
1-30	—	63,451	45,521	13,012	4,154	126,138	13.0%
31-60	—	18,665	15,143	4,280	1,928	40,016	4.1%
61-90	—	13,853	12,798	3,366	1,586	31,603	3.2%
91+	—	34,708	40,552	11,600	5,741	92,601	9.5%
Total	$46,796	$548,692	$288,296	$71,852	$19,269	$974,905	100.0%

Property and Equipment (Tables)

12 Months Ended

Jan. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	Estimated	January 31,
(dollars in thousands)	Useful Lives	2023		2022
Land	—	$	1,644	$	1,644
Buildings	30 years	4,176		4,121
Leasehold improvements	5 to 15 years	365,312		331,776
Equipment and fixtures	3 to 5 years	122,456		104,623
Finance leases	3 to 20 years	9,481		9,480
Construction in progress	—	46,390		31,764
		549,459		483,408
Less accumulated depreciation		(330,503)		(290,645)
		$	218,956	$	192,763

Charges and Credits (Tables)

12 Months Ended

Jan. 31, 2023

Charges and Credits [Abstract]

Schedule of Charges and Credits

Charges and credits consisted of the following:


	Year Ended January 31,
(in thousands)	2023		2022		2021
Store lease termination and closure costs	$	(896)	$	—	$	—
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	—		—		3,589
Employee severance	8,006		—		2,737
Excess import freight costs	—		2,677		—
Asset disposal	7,250		—		—
	$	14,360	$	2,677	$	6,326

Finance Charges and Other Revenues (Tables)

12 Months Ended

Jan. 31, 2023

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)	2023		2022		2021
Interest income and fees	$	244,137	$	259,422	$	303,209
Insurance income	20,681		24,270		17,689
Other revenues	1,119		950		816
Total finance charges and other revenues	$	265,937	$	284,642	$	321,714

Debt and Financing Lease Obligations (Tables)

12 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Long term debt

Debt and financing lease obligations consisted of the following:


	January 31,
(in thousands)	2023		2022
Revolving Credit Facility	$	221,000	$	149,000
2020-A VIE Asset-backed Class A Notes	—		9,184
2020-A VIE Asset-backed Class B Notes	—		18,342
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	54,597		66,090
2021-A VIE Asset-backed Class C Notes	63,890		63,890
2022-A VIE Asset-backed Class A Notes	117,935		—
2022-A VIE Asset-backed Class B Notes	132,090		—
2022-A VIE Asset-backed Class C Notes	63,090		—
Financing lease obligations	5,226		6,115
Total debt and financing lease obligations	657,828		525,911
Less:
Deferred debt issuance costs and discount on debt	(20,812)		(2,873)
Current finance lease obligations	(937)		(889)
Long-term debt and financing lease obligations	$	636,079	$	522,149

Aggregate maturities of long-term debt

Future maturities of debt, excluding financing lease obligations, as of January 31, 2023 are as follows:


(in thousands)
Year Ended January 31,
2024	$	—
2025	—
2026	221,000
2027	431,602
2028	—
Total	$	652,602

Schedule of asset-backed notes

The asset-backed notes outstanding as of January 31, 2023 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)
2021-A Class B Notes	$	66,090	$	65,635	$	54,597	11/23/2021	5/15/2026	2.87%	3.55%
2021-A Class C Notes	63,890		63,450		63,890		11/23/2021	5/15/2026	4.59%	5.06%
2022-A Class A Notes	275,600		273,731		117,935		7/21/2022	12/15/2026	5.87%	8.50%
2022-A Class B Notes	132,090		129,050		132,090		7/21/2022	12/15/2026	9.52%	10.39%
2022-A Class C Notes	63,090		43,737		63,090		11/30/2022	12/15/2026	0.00%	18.36%
Total	$	600,760	$	575,603	$	431,602

(1)After giving effect to debt issuance costs and discount on debt.

(2)For the year ended January 31, 2023, 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	Not Tested	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	Not Tested	1.50:1.00
Leverage Ratio must not exceed maximum	1.80:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	1.02:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$61.4 million	$100.0 million

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2023

Income Tax Disclosure [Abstract]

Deferred tax assets and liabilities

Deferred tax assets and liabilities consisted of the following:


	January 31,
(in thousands)	2023		2022
Deferred tax assets:
Deferred revenue	$	579	$	549
Employment tax	—		831
Indirect tax reserve	3,393		3,063
Inventories	2,354		2,656
Lease liability	70,869		72,252
Stock-based compensation	4,009		3,235
Net operating loss carryforwards	11,122		1,489
Other	3,030		2,364
Total deferred tax assets	95,356		86,439
Valuation allowance	(6,584)		—
Total deferred tax assets, net of allowance	88,772		86,439

Deferred tax liabilities:
Allowance for doubtful accounts	(13,217)		(9,808)
Right-of-use asset	(58,895)		(57,583)
Vendor prepayments	(1,961)		(1,320)
Sales tax receivable	(3,718)		(4,664)
Property and equipment	(12,985)		(20,401)
Other	(37)		(14)
Total deferred tax liabilities	(90,813)		(93,790)
Net deferred tax asset (liability)	$	(2,041)	$	(7,351)

Components of provision (benefit) for income taxes

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


	Year Ended January 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	(2,607)	$	13,428	$	(47,829)
State	845		3,285		316
Total current	(1,762)		16,713		(47,513)
Deferred:
Federal	(5,974)		14,726		31,083
State	665		2,073		240
Total deferred	(5,309)		16,799		31,323
Provision (benefit) for income taxes	$	(7,071)	$	33,512	$	(16,190)

Reconciliation of tax provision at statutory rate


	Year Ended January 31,
(in thousands)	2023		2022		2021
Income tax (benefit) provision at U.S. federal statutory rate	$	(13,936)	$	29,761	$	(4,059)
State income taxes, net of federal benefit	396		3,782		843
Tax Act and other deferred tax adjustments	—		—		(15,009)
Provision to return adjustments	(1,401)		—		—
Employee benefits	2,193		419		1,350
Change in valuation allowance	6,584		—		—
Other	(907)		(450)		685
Provision (benefit) for income taxes	$	(7,071)	$	33,512	$	(16,190)

Changes in balance of unrecognized tax benefits

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


	Year Ended January 31,
(in thousands)	2023		2022		2021
Balance at February 1	$	(9,323)	$	(9,853)	$	(11,384)
Decreases related to prior year tax positions	—		982		1,531
Increase related to current year tax positions	(1,319)		(452)		—
Balance at January 31	$	(10,642)	$	(9,323)	$	(9,853)

Leases (Tables)

12 Months Ended

Jan. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

Supplemental lease information is summarized below:


		January 31,
(in thousands)	Balance sheet classification	2023		2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	262,104	$	256,267
Finance lease assets	Property and equipment, net	4,900		5,851
Total leased assets		$	267,004	$	262,118
Liabilities
Operating (1)	Operating lease liability - current	$	66,204	$	59,710
Finance	Current finance lease obligations	937		889
Operating	Operating lease liability - non current	331,109		330,439
Finance	Long-term debt and finance lease obligations	4,289		5,226
Total lease liabilities		$	402,539	$	396,264


Lease Cost		Year Ended January 31,
(in thousands)	Income statement classification	2023		2022
Operating lease costs (1)	Selling, general and administrative expense	$	69,135	$	65,841
Total operating lease cost		$	69,135	$	65,841

(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)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	87,304		$	83,675
Weighted-average remaining lease term (in years)
Finance leases	8.4			8.7
Operating leases	6.5			6.7
Weighted-average discount rate
Finance leases	5.1		%	5.0		%
Operating leases	7.3		%	7.3		%

Schedule of future minimum base rental payments

The following table presents a summary of our minimum contractual commitments and obligations as of January 31, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
Year ending January 31,
2024	$	93,077	$	1,288	$	94,365
2025	84,810		1,103		85,913
2026	73,279		808		74,087
2027	63,260		560		63,820
2028	55,749		280		56,029
Thereafter	130,897		2,659		133,556
Total undiscounted cash flows	501,072		6,698		507,770
Less: Interest	103,759		1,472		105,231
Total lease liabilities	$	397,313	$	5,226	$	402,539

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2023

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)	2023		2022		2021
Stock options	$	208	$	1,608	$	3,908
RSUs and PSUs	10,392		7,038		5,058
Employee stock purchase plan	372		269		364
Accelerated RSU expense charged to severance	5,736		—		1,255
Total stock-based compensation expense	$	16,708	$	8,915	$	10,585

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, 2022	720,166	$	30.49
Granted	—	$	—
Exercised	—	$	—
Forfeited and expired	(120,166)	$	32.35
Outstanding, January 31, 2023	600,000	$	30.12	5.0
Vested and expected to vest, January 31, 2023	600,000	$	30.12	5.0
Exercisable, January 31, 2023	600,000	$	30.12	5.0

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,
	2023	2022
Expected stock price volatility	78.0%-80.0%	83.0%-87.0%
Risk-free interest rate	1.39%-2.58%	0.17%-0.67%
Expected life (in years)	2.8 - 3.0	3.0

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, 2022	907,341	$	16.88	489,580	$	17.79	1,396,921
Granted	972,190	$	14.99	176,509	$	30.39	1,148,699
Vested and converted to common stock	(378,701)	$	18.17	—	$	—	(378,701)
Forfeited	(267,190)	$	17.13	(161,371)	$	22.53	(428,561)
Balance, January 31, 2023	1,233,640	$	14.94	504,718	$	20.68	1,738,358

Significant Vendors (Tables)

12 Months Ended

Jan. 31, 2023

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,
	2023		2022		2021
Vendor A	31.6	%	31.5	%	28.9	%
Vendor B	17.4		21.1		15.4
Vendor C	11.0		11.0		14.0
Vendor D	4.2		5.0		7.8
Vendor E	2.7		2.5		6.8
Vendor F	2.5		2.2		3.1
	69.4	%	73.3	%	76.0	%

Variable Interest Entities (Tables)

12 Months Ended

Jan. 31, 2023

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, 2023		January 31, 2022
Assets:
Restricted cash	$	38,727	$	29,872

Customer accounts receivable:
Customer accounts receivable	506,811		463,411
Restructured accounts	46,626		29,621
Allowance for uncollectible accounts	(105,982)		(97,560)
Allowance for no-interest option credit programs	(9,340)		(10,275)
Deferred fees and origination costs	(4,851)		(5,033)
Total customer accounts receivable, net	433,264		380,164
Total assets	$	471,991	$	410,036
Liabilities:
Accrued expenses	$	3,475	$	2,638
Other liabilities	4,578		3,930
Due to Conn’s, Inc., net	2,249		12,755

Long-term debt:
2020-A Class A Notes	—		9,184
2020-A Class B Notes	—		18,342
2020-A Class C Notes	—		17,695
2021-A Class A Notes	—		195,595
2021-A Class B Notes	54,597		66,090
2021-A Class C Notes	63,890		63,890
2022-A Class A Notes	117,935		—
2022-A Class B Notes	132,090		—
2022-A Class C Notes	63,090		—
	431,602		370,796
Less deferred debt issuance costs	(20,812)		(2,871)
Total debt	410,790		367,925
Total liabilities	$	421,092	$	387,248

- 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, 2023

Segment Reporting [Abstract]

Financial information by segment

Financial information by segment is presented in the following tables:


	Year Ended January 31, 2023
(in thousands)	Retail		Credit		Total
Revenues:
Furniture and mattress	$	340,325	$	—	$	340,325
Home appliance	430,250		—		430,250
Consumer electronics	139,868		—		139,868
Computers	37,547		—		37,547
Other	38,610		—		38,610
Product sales	986,600		—		986,600
Repair service agreement commissions	80,446		—		80,446
Service revenues	9,544		—		9,544
Total net sales	1,076,590		—		1,076,590
Finance charges and other revenues	1,119		264,818		265,937
Total revenues	1,077,709		264,818		1,342,527
Costs and expenses:
Cost of goods sold	710,234		—		710,234
Selling, general and administrative expense (1)	391,393		134,819		526,212
Provision for bad debts	896		120,297		121,193
Charges and credits	14,360		—		14,360
Total costs and expenses	1,116,883		255,116		1,371,999
Operating (loss) income	(39,174)		9,702		(29,472)
Interest expense	—		36,891		36,891
Loss (gain) on extinguishment of debt	—		—		—
(Loss) income before income taxes	$	(39,174)	$	(27,189)	$	(66,363)
Additional Disclosures:
Property and equipment additions	$	80,942	$	939	$	81,881
Depreciation expense	$	44,304	$	1,971	$	46,275
	January 31, 2023
(in thousands)	Retail		Credit		Total
Total assets	$	537,332	$	1,178,883	$	1,716,215


	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
(Loss) 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 (loss) income	56,323		(25,709)		30,614
Interest expense	—		50,381		50,381
Loss (gain) on extinguishment of debt	—		(440)		(440)
(Loss) income 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

Summary of Significant Accounting Policies - Business (Details)	12 Months Ended
	Jan. 31, 2023 segment
Accounting Policies [Abstract]
Operating segments	2

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jan. 31, 2023	Jan. 31, 2022
Accounting Policies [Abstract]
Credit card deposits in-transit	$ 5.2	$ 5.2

Summary of Significant Accounting Policies - Restricted Cash (Details) - Securitized Receivables Servicer - USD ($) $ in Millions	Jan. 31, 2023	Jan. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 33.6	$ 25.7
VIE
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 5.2	$ 4.2

Summary of Significant Accounting Policies - Customer Accounts Receivable (Details)	12 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Delinquent accounts charged-off (more than)	209 days

Summary of Significant Accounting Policies - Interest Income on Customer Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
No-interest option program period	12 months
Receivables in non-accrual status	$ 7,900	$ 5,900
Receivables past due	92,200	84,100
Total customer accounts receivable, net	810,737	888,218
Past Due less than 60 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer accounts receivable, net	7,100	5,500
Customer Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other liabilities	$ 8,100	$ 8,600

Summary of Significant Accounting Policies - Vendor Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Vendor rebates	$ 129.0	$ 118.1	$ 122.7

Summary of Significant Accounting Policies - Internal-Use Software Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Internal-use software amortization period	10 years
Asset disposal	$ 7,250	$ 0	$ 0

Summary of Significant Accounting Policies - Internal-Use Software Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Impairment charges recorded	$ 0.0	$ 0.0	$ 0.0

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 20,812	$ 2,873
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 5,400	$ 5,100

Summary of Significant Accounting Policies - Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
RSA administrative fees
Deferred Revenue Arrangement [Line Items]
Vendor concentration (in hundredths)	5.00%
Deferred revenue recognized	$ 3.1	$ 3.2
Customer deposits
Deferred Revenue Arrangement [Line Items]
Deferred revenue recognized	$ 6.9	$ 4.7

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Advertising expense included in selling, general and administrative expense	$ 86.7	$ 90.4	$ 72.5

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Accounting Policies [Abstract]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 6,600
Deferred Tax Assets, Valuation Allowance	$ 6,584	$ 0

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Weighted average common shares outstanding - Basic (in shares)	24,117,265	29,267,691	29,060,512
Dilutive effect of stock options, RSUs and PSUs (in shares)	0	733,799	0
Weighted average common shares outstanding - Diluted (in shares)	24,117,265	30,001,490	29,060,512
Weighted average number of options not included in the calculation of the dilutive effect of stock options and restricted stock units (in shares)	1,446,168	704,582	1,097,996

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) $ in Thousands	Jan. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 431,602
Secured debt
Debt Instrument [Line Items]
Long-term debt	431,600
Secured debt
Debt Instrument [Line Items]
Fair value of debt	$ 414,200

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Customer Accounts Receivable - Schedule of Customer Accounts Receivable (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Accounts Receivable, Noncurrent, Past Due [Line Items]
Customer accounts receivable	$ 1,025,364	$ 1,130,395
Deferred fees and origination costs, net	(11,699)	(13,503)
Allowance for no-interest option credit programs	(18,753)	(19,654)
Allowance for uncollectible interest and fees	(20,007)	(15,124)
Carrying value of customer accounts receivable	974,905	1,082,114
Allowance for credit losses	(164,168)	(193,896)
Carrying value of customer accounts receivable, net of allowance for bad debts	810,737	888,218
Short-term portion of customer accounts receivable, net	(421,683)	(455,787)
Long-term customer accounts receivable, net	389,054	432,431
Customer accounts receivable 60 plus days past due	124,204	112,858
Re-aged customer accounts receivable	160,869	181,996
Restructured customer accounts receivable	76,753	99,557
Interest Receivable	27,500	22,300
Interest receivable outstanding net of allowance for uncollectible interest	7,500	7,200
Amounts included within past due and reaged accounts	48,200	48,600
Amounts included within past due and restructured accounts	21,800	29,000
2023	46,796
2022	548,692
2021	288,296
2020	71,852
Prior	$ 19,269
% of Total	100.00%
Allowance for Doubtful Accounts Receivable	$ 184,175	209,020	$ 298,037	$ 233,804
Current
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	684,547
2023	46,796
2022	418,015
2021	174,282
2020	39,594
Prior	$ 5,860
% of Total	70.20%
Past Due
Accounts Receivable, Noncurrent, Past Due [Line Items]
Total amount of customer receivables past due one day or greater	$ 290,400	$ 299,000
1-30
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	126,138
2023	0
2022	63,451
2021	45,521
2020	13,012
Prior	$ 4,154
% of Total	13.00%
31-60
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 40,016
2023	0
2022	18,665
2021	15,143
2020	4,280
Prior	$ 1,928
% of Total	4.10%
61-90
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 31,603
2023	0
2022	13,853
2021	12,798
2020	3,366
Prior	$ 1,586
% of Total	3.20%
91+
Accounts Receivable, Noncurrent, Past Due [Line Items]
Carrying value of customer accounts receivable	$ 92,601
2023	0
2022	34,708
2021	40,552
2020	11,600
Prior	$ 5,741
% of Total	9.50%

Customer Accounts Receivable - Account Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Receivables [Abstract]
Customer accounts receivable - current	$ 517,611	$ 564,825
Allowance for credit losses for customer accounts receivable - current	(95,928)	(109,038)
Customer accounts receivable, net of allowances	421,683	455,787
Customer accounts receivable - non current	477,301	532,413
Allowance for credit losses for customer accounts receivable - non current	(88,247)	(99,982)
Long-term portion of customer accounts receivable, net of allowances	389,054	432,431
Total customer accounts receivable, net	$ 810,737	$ 888,218

Customer Accounts Receivable - Allowance for Doubtful Accounts and Uncollectible Interest for Customer Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	$ 209,020	$ 298,037	$ 233,804
Provision	167,947	83,808	265,486
Principal charge-offs	(187,305)	(170,128)	(259,919)
Interest charge-offs	(44,654)	(46,548)	(72,781)
Recoveries	39,167	43,851	32,785
Allowance at end of period	184,175	209,020	298,037
Average total customer portfolio balance	1,055,600	1,135,991	1,395,428
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		0	98,662
Allowance at end of period			0
Customer Accounts Receivable
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	165,044	219,739	145,680
Provision	132,150	52,872	185,210
Principal charge-offs	(142,442)	(105,889)	(178,777)
Interest charge-offs	(33,959)	(28,972)	(50,060)
Recoveries	29,786	27,294	22,550
Allowance at end of period	150,579	165,044	219,739
Average total customer portfolio balance	968,085	995,373	1,184,174
Customer Accounts Receivable \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		0	95,136
Allowance at end of period			0
Restructured Accounts
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period	43,976	78,298	88,124
Provision	35,797	30,936	80,276
Principal charge-offs	(44,863)	(64,239)	(81,142)
Interest charge-offs	(10,695)	(17,576)	(22,721)
Recoveries	9,381	16,557	10,235
Allowance at end of period	33,596	43,976	78,298
Average total customer portfolio balance	$ 87,515	140,618	211,254
Restructured Accounts \| ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance at beginning of period		$ 0	3,526
Allowance at end of period			$ 0

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Property, Plant and Equipment [Line Items]
Finance leases	$ 9,481	$ 9,480
Property and equipment gross	549,459	483,408
Less accumulated depreciation	(330,503)	(290,645)
Total property and equipment, net	$ 218,956	192,763
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	$ 4,176	4,121
Estimated life	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 365,312	331,776
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	$ 122,456	104,623
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	$ 46,390	$ 31,764

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 46,276	$ 45,450	$ 41,068

Charges and Credits (Details) - USD ($) $ in Thousands	12 Months Ended
Charges and Credits (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Contract Termination	$ (896)	$ 0	$ 0
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters	0	0	3,589
Employee severance	8,006	0	2,737
Excess import freight costs	0	2,677	0
Asset disposal	7,250	0	0
Charges and credits	$ 14,360	$ 2,677	6,326
Professional fees [Domain]
Restructuring Cost and Reserve [Line Items]
Legal and professional fees, securities-related litigation, a legal judgment and other legal matters			$ 3,600

Finance Charges and Other Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Financing Receivable [Line Items]
Interest income and fees	$ 244,137	$ 259,422	$ 303,209
Insurance income	20,681	24,270	17,689
Other revenues	1,119	950	816
Total finance charges and other revenues	265,937	284,642	321,714
Provisions for uncollectible interest	43,800	36,100	63,900
TDR accounts
Financing Receivable [Line Items]
Interest income and fees	$ 15,300	$ 24,900	$ 37,500

Debt and Financing Lease Obligations - Schedule of Debt and Financing Lease Obligations (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Debt Instrument [Line Items]
Current Principal Amount	$ 652,602
Financing lease obligations	5,226	$ 6,115
Total debt and financing lease obligations	657,828	525,911
Deferred debt issuance costs and discount on debt	(20,812)	(2,873)
Current finance lease obligations	(937)	(889)
Long-term debt and financing lease obligations	636,079	522,149
Secured debt \| 2020-A Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	0	9,184
Secured debt \| 2020-A Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	0	18,342
Secured debt \| 2020-A Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	0	17,695
Secured debt \| 2021-A Class A Notes
Debt Instrument [Line Items]
Current Principal Amount	0	195,595
Secured debt \| 2021-A Class B Notes
Debt Instrument [Line Items]
Current Principal Amount	54,597	66,090
Secured debt \| 2021-A Class C Notes
Debt Instrument [Line Items]
Current Principal Amount	63,890	63,890
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred debt issuance costs and discount on debt	(5,400)	(5,100)
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Current Principal Amount	$ 221,000	$ 149,000

Debt and Financing Lease Obligations - Maturities of Long-term Debt (Details) $ in Thousands	Jan. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	221,000
2027	431,602
2028	0
Total	$ 652,602

Debt and Financing Lease Obligations - Senior Notes (Details) $ in Thousands	Jan. 31, 2023 USD ($)
Debt Instrument [Line Items]
Original principal amount	$ 600,760

Debt and Financing Lease Obligations - Asset-backed Notes (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 30, 2022	Jul. 21, 2022	Nov. 23, 2021	Jan. 31, 2023
Debt Instrument [Line Items]
Original Principal Amount				$ 600,760
Original Net Proceeds				575,603
Current Principal Amount				431,602
Secured debt
Debt Instrument [Line Items]
Current Principal Amount				431,600
2021-A Class B Notes
Debt Instrument [Line Items]
Original Principal Amount				66,090
Original Net Proceeds			$ 65,635
Current Principal Amount				$ 54,597
Contractual Interest Rate				2.87%
2022-A VIE Asset-backed Class B Notes
Debt Instrument [Line Items]
Original Principal Amount		$ 132,100		$ 132,090
Original Net Proceeds		$ 129,050
Current Principal Amount				$ 132,090
Contractual Interest Rate		9.52%		9.52%
Effective Interest Rate				10.39%
2022-A VIE Asset-backed Class C Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 63,100	$ 63,100		$ 63,090
Original Net Proceeds	$ 43,737
Current Principal Amount				$ 63,090
Contractual Interest Rate		0.00%		0.00%
Effective Interest Rate				18.36%
2021-A VIE Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount				$ 63,890
Original Net Proceeds			$ 63,450
Current Principal Amount				63,890
2022-A VIE Asset-Backed Class A Notes
Debt Instrument [Line Items]
Original Principal Amount		$ 275,600		275,600
Original Net Proceeds		$ 273,731
Current Principal Amount				$ 117,935
Contractual Interest Rate		5.87%		5.87%
Effective Interest Rate				8.50%
2022-A VIE Asset-Backed Notes Class A and B
Debt Instrument [Line Items]
Original Principal Amount		$ 407,700
Original Net Proceeds		$ 402,800
2021-A Class C Notes
Debt Instrument [Line Items]
Contractual Interest Rate				4.59%
Effective Interest Rate				5.06%
2021-A Class B Notes
Debt Instrument [Line Items]
Effective Interest Rate				3.55%
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
	Nov. 21, 2022	Jan. 31, 2023 USD ($) quarter	Mar. 29, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument, covenant, threshold consecutive quarter \| quarter		4
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 143.8
Outstanding letters of credit		$ 22.3
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 650.0
Weighted average interest rate		5.20%
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, 2023 USD ($)
Actual
Leverage Ratio must not exceed maximum	1.80
ABS Excluded Leverage Ratio must not exceed maximum	1.02
Capital Expenditures, net, must not exceed maximum	$ 61.4
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, 2023	Jan. 31, 2022
Deferred tax assets:
Deferred revenue	$ 579	$ 549
Employment tax	0	831
Indirect tax reserve	3,393	3,063
Inventories	2,354	2,656
Lease liability	70,869	72,252
Stock-based compensation	4,009	3,235
Net operating loss carryforwards	11,122	1,489
Other	3,030	2,364
Deferred Tax Assets, Gross	95,356	86,439
Deferred Tax Assets, Valuation Allowance	(6,584)	0
Total deferred tax assets, net of allowance	88,772	86,439
Deferred tax liabilities:
Allowance for doubtful accounts	(13,217)	(9,808)
Right-of-use asset	(58,895)	(57,583)
Vendor prepayments	(1,961)	(1,320)
Sales tax receivable	(3,718)	(4,664)
Property and equipment	(12,985)	(20,401)
Other	(37)	(14)
Total deferred tax liabilities	(90,813)	(93,790)
Deferred Tax Liabilities, Net, Total	$ 2,041	$ 7,351

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
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	$ 4.6	5.3
Interest and penalties	(0.3)	$ 0.6	$ 1.0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 11.1

Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Current:
Federal	$ (2,607)	$ 13,428	$ (47,829)
State	845	3,285	316
Total current	(1,762)	16,713	(47,513)
Deferred:
Federal	(5,974)	14,726	31,083
State	665	2,073	240
Total deferred	(5,309)	16,799	31,323
Provision (benefit) for income taxes	$ (7,071)	$ 33,512	$ (16,190)

- 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, 2023	Jan. 31, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) provision at U.S. federal statutory rate	$ (13,936)	$ 29,761	$ (4,059)
State income taxes, net of federal benefit	396	3,782	843
Tax Act and other deferred tax adjustments	0	0	(15,009)
Provision to return adjustments	(1,401)	0	0
Employee benefits	2,193	419	1,350
Change in valuation allowance	6,584	0	0
Other	(907)	(450)	685
Provision (benefit) for income taxes	$ (7,071)	$ 33,512	$ (16,190)

- 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, 2023	Jan. 31, 2022	Jan. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at February 1	$ (9,323)	$ (9,853)	$ (11,384)
Decreases related to prior year tax positions	0	982	1,531
Increase related to current year tax positions	(1,319)	(452)	0
Balance at January 31	(10,642)	(9,323)	(9,853)
Unrecognized tax benefits that if recognized would affect the annual effective tax rate	$ 4,600	$ 4,600	$ 5,300

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Operating Leased Assets [Line Items]
Operating lease, impairment loss	$ 0.0	$ 0.0
Total rent expense	$ 69.8	$ 65.8	$ 65.1
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, 2023	Jan. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 262,104	$ 256,267
Finance lease assets - Property and equipment, net	4,900	5,851
Total leased assets	$ 267,004	$ 262,118
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating lease liability - current	$ 66,204	$ 59,710
Current finance lease obligations	937	889
Operating lease liability - non current	331,109	330,439
Long-term debt and finance lease obligations	4,289	5,226
Total lease liabilities	$ 402,539	$ 396,264
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt and finance lease obligations (includes VIE balances of $410,790 and $367,925 respectively)	Long-term debt and finance lease obligations (includes VIE balances of $410,790 and $367,925 respectively)
Tenant improvement allowance	$ 13,000	$ 5,200
Operating lease costs	69,135	65,841
Total operating lease cost	69,135	65,841
Operating cash flows for operating leases	$ 87,304	$ 83,675
Finance lease, weighted average remaining lease term	8 years 4 months 24 days	8 years 8 months 12 days
Operating lease, weighted average remaining lease term	6 years 6 months	6 years 8 months 12 days
Finance lease, weighted average discount rate, percent	5.10%	5.00%
Operating lease, weighted average discount rate, percent	7.30%	7.30%

Leases - Schedule Of Future Minimum Base Rental Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Jan. 31, 2022
Operating Leases
2024	$ 93,077
2025	84,810
2026	73,279
2027	63,260
2028	55,749
Thereafter	130,897
Total undiscounted cash flows	501,072
Finance Leases
2022	1,288
2023	1,103
2024	808
2025	560
2026	280
Thereafter	2,659
Total undiscounted cash flows	6,698
2024	94,365
2025	85,913
2026	74,087
2027	63,820
2028	56,029
Thereafter	133,556
Total undiscounted cash flows	507,770
Lessee, operating lease, liability, undiscounted excess amount	103,759
Lessee, finance Leases, liability, undiscounted excess amount	1,472
Lessee, lease, liability, payments, undiscounted excess amount	105,231
Operating Lease, Liability	397,313
Finance lease, liability	5,226	$ 6,115
Lease, liability, lease database	$ 402,539

Stock-Based Compensation - Stock-Based Compensation - Additional Information (Details) - shares	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	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)	261,935	88,053
Number of years until a grant expires	10 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)	1,028,526

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	$ 10,972	$ 8,915	$ 9,330
Stock-based compensation expense	16,708	8,915	10,585
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	372	269	364
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	208	1,608	3,908
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total compensation cost for share-based compensation	10,392	7,038	5,058
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	$ 5,736	$ 0	$ 1,255

Stock-Based Compensation - Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Recognized tax benefits related to compensation cost	$ 2,500	$ 1,800	$ 2,300
Stock-based compensation expense	$ 10,972	8,915	9,330
Recognition period for unrecognized compensation cost related to all non-vested stock compensation awards	1 year 8 months 12 days
Fair value of RSUs, PSUs and stock options vested during period	$ 13,600	$ 14,000	$ 5,100
Nonvested
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,900

Stock-Based Compensation - Summary of Incentive Stock Option Plan activity (Details) - Incentive Stock Option Plan - Stock options - $ / shares	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Shares Under Option
Outstanding, beginning of period (in shares)	720,166
Granted (in shares)	0
Exercised (in shares)	0	0
Forfeited (in shares)	(120,166)
Outstanding, end of period	5 years
Outstanding, end of period (in shares)	600,000	720,166
Vested and expected to vest, end of period (in shares)	600,000
Exercisable, end of period (in shares)	600,000
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)	32.35
Outstanding, end of period (in dollars per share)	30.12	$ 30.49
Vested and expected to vest, end of period (in dollar per shares)	30.12
Exercisable, end of period (in dollars per share)	$ 30.12
Weighted- Average Remaining Contractual Life
Vested and expected to vest, end of period	5 years
Exercisable, end of period	5 years

Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options vested and expected to vest and exercisable	$ 0.0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock options vested	$ 6.3	$ 7.5	$ 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, 2023 USD ($) award $ / shares	Jan. 31, 2022 USD ($) $ / shares	Jan. 31, 2021 USD ($)
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested \| $	$ 7.2	$ 6.4	$ 4.8
Fair value of shares granted \| $	$ 19.9	$ 17.9	$ 8.0
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	3
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)	$ 30.39	$ 25.23
2020 Omnibus Incentive Plan \| Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per share)	$ 14.99
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)	$ 30.39

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Stock options	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)		3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	78.00%	83.00%
Risk-free interest rate	1.39%	0.17%
Expected life (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	80.00%	87.00%
Risk-free interest rate	2.58%	0.67%
Expected life (in years)	2 years 9 months 18 days

Stock-Based Compensation - Summary of Activity of RSUs (Details) - 2020 Omnibus Incentive Plan	12 Months Ended
	Jan. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Number of Units
Outstanding, beginning of period (in shares)	1,396,921
Restricted stock units granted (in shares)	1,148,699
Vested and converted to common stock (in shares)	(378,701)
Restricted stock units forfeited (in shares)	(428,561)
Outstanding, end of year (in shares)	1,738,358
Time-Based RSUs
Number of Units
Outstanding, beginning of period (in shares)	907,341
Restricted stock units granted (in shares)	972,190
Vested and converted to common stock (in shares)	(378,701)
Restricted stock units forfeited (in shares)	(267,190)
Outstanding, end of year (in shares)	1,233,640
Weighted-Average Grant Date Fair Value
Nonvested, beginning of year (in dollars per share) \| $ / shares	$ 16.88
Options granted (in dollars per share) \| $ / shares	14.99
Options vested (in dollars per share) \| $ / shares	18.17
Forfeited (in dollars per share) \| $ / shares	17.13
Nonvested, end of year (in dollars per share) \| $ / shares	$ 14.94
Performance-Based RSUs
Number of Units
Outstanding, beginning of period (in shares)	489,580
Restricted stock units granted (in shares)	176,509
Vested and converted to common stock (in shares)	0
Restricted stock units forfeited (in shares)	(161,371)
Outstanding, end of year (in shares)	504,718
Weighted-Average Grant Date Fair Value
Nonvested, beginning of year (in dollars per share) \| $ / shares	$ 17.79
Options granted (in dollars per share) \| $ / shares	30.39
Options vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	22.53
Nonvested, end of year (in dollars per share) \| $ / shares	$ 20.68

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	106,257	51,262	140,672
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)	420,072

Significant Vendors (Details) - vendor	12 Months Ended
Significant Vendors (Details) - vendor	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Significant Vendors [Abstract]
Number of vendors the company purchased merchandise from	6
Vendors \| Vendor A \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	31.60%	31.50%	28.90%
Vendors \| Vendor B \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	17.40%	21.10%	15.40%
Vendors \| Vendor C \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	11.00%	11.00%	14.00%
Vendors \| Vendor D \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	4.20%	5.00%	7.80%
Vendors \| Vendor E \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	2.70%	2.50%	6.80%
Vendors \| Vendor F \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	2.50%	2.20%	3.10%
Vendors \| Significant Vendors \| Vendors
Concentration Risk [Line Items]
Vendor concentration (in hundredths)	69.40%	73.30%	76.00%

Defined Contribution Plan (Details) - USD ($)	12 Months Ended
Defined Contribution Plan (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
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	$ 1,600,000	$ 2,200,000	$ 0

Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Jan. 31, 2023
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, 2023	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Customer accounts receivable:
Restructured accounts	$ 76,753	$ 99,557
Allowance for uncollectible accounts	(184,175)	(209,020)	$ (298,037)	$ (233,804)
Deferred fees and origination costs	(11,699)	(13,503)
Carrying value of customer accounts receivable, net of allowance for bad debts	810,737	888,218
Total assets	1,716,215	1,754,466	$ 1,755,084
Liabilities:
Accrued expenses	69,334	73,035
Long-term debt:	652,602
Less deferred debt issuance costs	(20,812)	(2,873)
Total debt	431,602
Total liabilities	1,213,805	1,139,647
2022-A VIE Asset-Backed Class A Notes
Liabilities:
Total debt	117,935
2022-A VIE Asset-backed Class B Notes
Liabilities:
Total debt	132,090
2022-A VIE Asset-backed Class C Notes
Liabilities:
Total debt	63,090
Secured debt
Liabilities:
Total debt	431,600
Secured debt \| 2020-A Class A Notes
Liabilities:
Long-term debt:	0	9,184
Secured debt \| 2020-A Class B Notes
Liabilities:
Long-term debt:	0	18,342
Secured debt \| 2020-A Class C Notes
Liabilities:
Long-term debt:	0	17,695
Secured debt \| 2021-A Class A Notes
Liabilities:
Long-term debt:	0	195,595
Secured debt \| 2021-A Class B Notes
Liabilities:
Long-term debt:	54,597	66,090
Secured debt \| 2021-A Class C Notes
Liabilities:
Long-term debt:	63,890	63,890
Secured debt \| 2022-A VIE Asset-Backed Class A Notes
Liabilities:
Long-term debt:	117,935	0
Secured debt \| 2022-A VIE Asset-backed Class B Notes
Liabilities:
Long-term debt:	132,090	0
Secured debt \| 2022-A VIE Asset-backed Class C Notes
Liabilities:
Long-term debt:	63,090	0
VIE
Assets:
Restricted cash	38,727	29,872
Customer accounts receivable:
Customer accounts receivable	506,811	463,411
Restructured accounts	46,626	29,621
Allowance for uncollectible accounts	(105,982)	(97,560)
Allowance for no-interest option credit programs	(9,340)	(10,275)
Deferred fees and origination costs	(4,851)	(5,033)
Carrying value of customer accounts receivable, net of allowance for bad debts	433,264	380,164
Total assets	471,991	410,036
Liabilities:
Accrued expenses	3,475	2,638
Other liabilities	4,578	3,930
Due to Conn’s, Inc., net	2,249	12,755
Long-term debt:	431,602	370,796
Less deferred debt issuance costs	(20,812)	(2,871)
Total debt	410,790	367,925
Total liabilities	$ 421,092	$ 387,248

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Jan. 31, 2023 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, 2023	Jan. 31, 2022	Jan. 31, 2021
Revenues:
Total net sales	$ 1,076,590	$ 1,305,389	$ 1,064,311
Finance charges and other revenues	265,937	284,642	321,714
Total revenues	1,342,527	1,590,031	1,386,025
Costs and expenses:
Cost of goods sold	710,234	825,987	668,315
Selling, general and administrative expense	526,212	544,490	478,767
Provision for bad debts	121,193	48,184	202,003
Charges and credits	14,360	2,677	6,326
Total costs and expenses	1,371,999	1,421,338	1,355,411
Operating (loss) income	(29,472)	168,693	30,614
Interest expense	36,891	25,758	50,381
Loss (gain) on extinguishment of debt	0	1,218	(440)
Income (loss) before income taxes	(66,363)	141,717	(19,327)
Property and equipment additions	81,881	46,010	55,996
Depreciation expense	46,275	45,449	41,068
Total assets	1,716,215	1,754,466	1,755,084
Allocation of overhead by operating segments	31,700	40,600	32,000
Reimbursement
Revenues:
Total revenues	26,300	28,300	34,800
Retail
Revenues:
Total net sales	1,076,590	1,305,389	1,064,311
Finance charges and other revenues	1,119	949	816
Total revenues	1,077,709	1,306,338	1,065,127
Costs and expenses:
Cost of goods sold	710,234	825,987	668,315
Selling, general and administrative expense	391,393	399,393	335,954
Provision for bad debts	896	479	443
Charges and credits	14,360	2,677	4,092
Total costs and expenses	1,116,883	1,228,536	1,008,804
Operating (loss) income	(39,174)	77,802	56,323
Interest expense	0	0	0
Loss (gain) on extinguishment of debt	0	0	0
Income (loss) before income taxes	(39,174)	77,802	56,323
Property and equipment additions	80,942	44,618	55,172
Depreciation expense	44,304	43,728	39,968
Total assets	537,332	671,920	655,666
Credit
Revenues:
Total net sales	0	0	0
Finance charges and other revenues	264,818	283,693	320,898
Total revenues	264,818	283,693	320,898
Costs and expenses:
Cost of goods sold	0	0	0
Selling, general and administrative expense	134,819	145,097	142,813
Provision for bad debts	120,297	47,705	201,560
Charges and credits	0	0	2,234
Total costs and expenses	255,116	192,802	346,607
Operating (loss) income	9,702	90,891	(25,709)
Interest expense	36,891	25,758	50,381
Loss (gain) on extinguishment of debt	0	1,218	(440)
Income (loss) before income taxes	(27,189)	63,915	(75,650)
Property and equipment additions	939	1,392	824
Depreciation expense	1,971	1,721	1,100
Total assets	1,178,883	1,082,546	1,099,418
Furniture and mattress
Revenues:
Total net sales	340,325	411,167	322,770
Furniture and mattress \| Retail
Revenues:
Total net sales	340,325	411,167	322,770
Furniture and mattress \| Credit
Revenues:
Total net sales	0	0	0
Home appliance
Revenues:
Total net sales	430,250	500,051	390,964
Home appliance \| Retail
Revenues:
Total net sales	430,250	500,051	390,964
Home appliance \| Credit
Revenues:
Total net sales	0	0	0
Consumer electronics
Revenues:
Total net sales	139,868	191,234	172,932
Consumer electronics \| Retail
Revenues:
Total net sales	139,868	191,234	172,932
Consumer electronics \| Credit
Revenues:
Total net sales	0	0	0
Computers
Revenues:
Total net sales	37,547	66,707	65,405
Computers \| Retail
Revenues:
Total net sales	37,547	66,707	65,405
Computers \| Credit
Revenues:
Total net sales	0	0	0
Other
Revenues:
Total net sales	38,610	36,386	20,960
Other \| Retail
Revenues:
Total net sales	38,610	36,386	20,960
Other \| Credit
Revenues:
Total net sales	0	0	0
Product sales
Revenues:
Total net sales	986,600	1,205,545	973,031
Product sales \| Retail
Revenues:
Total net sales	986,600	1,205,545	973,031
Product sales \| Credit
Revenues:
Total net sales	0	0	0
Repair service agreement commissions
Revenues:
Total net sales	80,446	89,101	78,838
Repair service agreement commissions \| Retail
Revenues:
Total net sales	80,446	89,101	78,838
Repair service agreement commissions \| Credit
Revenues:
Total net sales	0	0	0
Service revenues
Revenues:
Total net sales	9,544	10,743	12,442
Service revenues \| Retail
Revenues:
Total net sales	9,544	10,743	12,442
Service revenues \| Credit
Revenues:
Total net sales	$ 0	$ 0	$ 0

Stockholders' Equity (Details) - USD ($)	12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Dec. 14, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Stock repurchase program, authorized amount			$ 150,000,000.0
Treasury stock, shares, acquired (in shares)	3,316,000	2,603,479
Treasury stock acquired, average cost per share (in dollar per share)	$ 20.57
Treasury stock, value, acquired, cost method	$ 68,225,000	$ 58,855,000

Subsequent Events (Details) - Subsequent event - Term Loan [Member] - Revolving Credit Facility $ in Thousands	Feb. 21, 2023 USD ($)
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Debt Instrument, Periodic Payment	$ 1,250
Base rate
Subsequent Event [Line Items]
Contractual Interest Rate	7.50%
Minimum \| Base rate
Subsequent Event [Line Items]
Contractual Interest Rate	4.80%

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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