Conns (CONNQ) 10-Q 3 Sep 20 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 31, 2020	Aug. 27, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2020
Document Transition Report	false
Entity File Number	001-34956
Entity Registrant Name	CONN’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1672840
Entity Address, Address Line One	2445 Technology Forest Blvd.,
Entity Address, Address Line Two	Suite 800,
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	936
Local Phone Number	230-5899
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CONN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,134,544
Entity Central Index Key	0001223389
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Current assets:
Cash and cash equivalents	$ 6,385	$ 5,485
Restricted Cash and Cash Equivalents	63,836	75,370
Customer accounts receivable - current	699,037
Accounts Receivable, Allowance for Credit Loss, Current	184,509
Customer accounts receivable, net of allowances (includes VIE balances of $288,330 and $393,764, respectively)	514,528	673,742
Other accounts receivable	55,335	68,753
Inventories	180,893	219,756
Income taxes receivable	15,539	4,315
Prepaid expenses and other current assets	9,440	11,445
Total current assets	845,956	1,058,866
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	479,632	663,761
Property and equipment, net	192,300	173,031
Operating lease assets	266,046	242,457
Deferred income taxes	43,243	18,599
Other assets	14,523	12,055
Total assets	1,841,700	2,168,769
Current liabilities:
Current finance lease obligations	758	605
Accounts payable	63,269	48,554
Accrued compensation and related expenses	15,567	10,795
Accrued expenses	58,152	52,295
Operating lease liability - current	38,003	35,390
Income taxes payable	2,149	2,394
Deferred revenues and other credits	15,935	12,237
Total current liabilities	193,833	162,270
Operating lease liability - non current	355,577	329,081
Long-term Debt and Lease Obligation	748,902	1,025,535
Other long-term liabilities	24,802	24,703
Total liabilities	1,323,114	1,541,589
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	326	321
Treasury Stock, Value	(66,290)	(66,290)
Additional paid-in capital	126,086	122,513
Retained earnings	458,464	570,636
Total stockholders’ equity	518,586	627,180
Total liabilities and stockholders’ equity	1,841,700	2,168,769
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted cash	$ 63,836	$ 75,370
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	100,000,000
Treasury Stock, Shares	(3,485,441)	(3,485,441)
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	$ 479,632	$ 663,761
Document Period End Date	Jul. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000
Preferred Stock, Shares Outstanding	0
Preferred Stock, Shares Issued	0
Long-term debt	$ 457,807
Restricted Cash and Cash Equivalents Items [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	100,000,000
Customer accounts receivable, net of allowances (includes VIE balances of $288,330 and $393,764, respectively)	$ 514,528	673,742
Common Stock [Member]
Stockholders’ equity:
Total stockholders’ equity	$ 326	$ 321
Condensed Balance Sheet Statements, Captions [Line Items]
Shares, Outstanding	32,615,887	32,125,055
Restricted Cash and Cash Equivalents Items [Line Items]
Shares, Outstanding	32,615,887	32,125,055
Variable Interest Entity [Member]
Current assets:
Restricted Cash and Cash Equivalents	$ 61,901	$ 73,214
Customer accounts receivable, net of allowances (includes VIE balances of $288,330 and $393,764, respectively)	254,124	393,764
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	158,264	420,454
Total assets	479,831	887,739
Current liabilities:
Total liabilities	466,559	781,222
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted cash	61,901	73,214
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	158,264	420,454
Long-term debt	455,534	768,121
Customer accounts receivable, net of allowances (includes VIE balances of $288,330 and $393,764, respectively)	$ 254,124	$ 393,764

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Revenues:
Other Income	$ 87,180	$ 94,997	$ 174,010	$ 186,530
Total revenues	366,916	401,059	684,076	754,571
Total Net Sales	279,736	306,062	510,066	568,041
Costs and expenses:
Cost of goods sold	176,623	182,065	323,637	339,293
Selling, general and administrative expense	115,278	127,484	228,285	245,398
Provision for bad debts	32,045	49,736	149,371	89,782
Charges and credits	1,534	0	3,589	(695)
Total costs and expenses	325,480	359,285	704,882	673,778
Operating income (loss)	41,436	41,774	(20,806)	80,793
Interest expense	13,222	14,396	28,215	28,893
Income (loss) before income taxes	28,214	27,378	(49,021)	51,900
Provision (benefit) for income taxes	7,694	7,404	(13,339)	12,417
Net income (loss)	$ 20,520	$ 19,974	$ (35,682)	$ 39,483
Income (loss) per share:
Basic (in dollars per share)	$ 0.71	$ 0.64	$ (1.23)	$ 1.25
Diluted (in dollars per share)	$ 0.70	$ 0.62	$ (1.23)	$ 1.23
Weighted average common shares outstanding:
Basic (in shares)	29,070,607	31,442,909	28,948,216	31,660,320
Diluted (in shares)	29,140,546	31,958,704	28,948,216	32,198,024
Product [Member]
Revenues:
Total revenues	$ 256,142	$ 274,578	$ 463,340	$ 509,023
RSA Commission [Member]
Revenues:
Total revenues	20,164	27,647	40,265	51,671
Service [Member]
Revenues:
Total revenues	$ 3,430	$ 3,837	$ 6,461	$ 7,347

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balance (in shares) at Jan. 31, 2019		31,788,162
Balance at Jan. 31, 2019	$ 619,975	$ 318	$ 111,185	$ 508,472
Balance (Accounting Standards Update 2016-02 [Member]) at Feb. 01, 2019	$ 6,159			6,159
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201026Member
Balance (in shares) at Jan. 31, 2019		31,788,162
Balance at Jan. 31, 2019	$ 619,975	$ 318	111,185	508,472
Exercise of options and vesting of restricted stock, net of tax (in shares)		136,206
Exercise of options and vesting of restricted stock, net of withholding tax	(1,240)	$ 1	(1,241)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		12,158
Issuance of common stock under Employee Stock Purchase Plan	198		198
Stock-based compensation	3,217		3,217
Net income (loss)	19,509			19,509
Balance (in shares) at Apr. 30, 2019		31,936,526
Balance at Apr. 30, 2019	647,818	$ 319	113,359	534,140
Balance (in shares) at Jan. 31, 2019		31,788,162
Balance at Jan. 31, 2019	619,975	$ 318	111,185	508,472
Net income (loss)	39,483
Balance (in shares) at Jul. 31, 2019		32,000,548			(1,874,846)
Balance at Jul. 31, 2019	636,735	$ 320	116,645	554,114	$ (34,344)
Balance (in shares) at Apr. 30, 2019		31,936,526
Balance at Apr. 30, 2019	647,818	$ 319	113,359	534,140
Exercise of options and vesting of restricted stock, net of tax (in shares)		51,384
Exercise of options and vesting of restricted stock, net of withholding tax	(326)	$ 1	(327)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		12,638
Issuance of common stock under Employee Stock Purchase Plan	194		194
Stock-based compensation	3,419		3,419
Stock Repurchased During Period, Value	34,344				$ (34,344)
Stock Repurchased During Period, Shares					(1,874,846)
Net income (loss)	19,974			19,974
Balance (in shares) at Jul. 31, 2019		32,000,548			(1,874,846)
Balance at Jul. 31, 2019	636,735	$ 320	116,645	554,114	$ (34,344)
Balance (in shares) at Jan. 31, 2020		32,125,055
Balance at Jan. 31, 2020	627,180	$ 321	122,513	570,636	(66,290)
Balance (98662000) at Feb. 01, 2020	$ (76,490)			(76,490)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance (in shares) at Jan. 31, 2020		32,125,055
Balance at Jan. 31, 2020	$ 627,180	$ 321	122,513	570,636	$ (66,290)
Exercise of options and vesting of restricted stock, net of tax (in shares)		321,468
Exercise of options and vesting of restricted stock, net of withholding tax	(1,285)	$ 3	(1,288)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		47,450
Issuance of common stock under Employee Stock Purchase Plan	177	$ 1	176
Stock-based compensation	2,430		2,430
Net income (loss)	(56,202)			(56,202)
Balance (in shares) at Apr. 30, 2020		32,493,973			(3,485,441)
Balance at Apr. 30, 2020	495,810	$ 325	123,831	437,944	$ (66,290)
Balance (in shares) at Jan. 31, 2020		32,125,055
Balance at Jan. 31, 2020	627,180	$ 321	122,513	570,636	$ (66,290)
Net income (loss)	(35,682)
Balance (in shares) at Jul. 31, 2020		32,615,887			(3,485,441)
Balance at Jul. 31, 2020	518,586	$ 326	126,086	458,464	$ (66,290)
Balance (in shares) at Apr. 30, 2020		32,493,973			(3,485,441)
Balance at Apr. 30, 2020	495,810	$ 325	123,831	437,944	$ (66,290)
Exercise of options and vesting of restricted stock, net of tax (in shares)		70,271
Exercise of options and vesting of restricted stock, net of withholding tax	(158)	$ 1	(159)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		51,643
Issuance of common stock under Employee Stock Purchase Plan	160	$ 0	160
Stock-based compensation	2,254		2,254
Net income (loss)	20,520			20,520
Balance (in shares) at Jul. 31, 2020		32,615,887			(3,485,441)
Balance at Jul. 31, 2020	$ 518,586	$ 326	$ 126,086	$ 458,464	$ (66,290)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (35,682)	$ 39,483
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation	19,929	17,682
Change in right-of-use asset	15,328	13,763
Amortization of debt issuance costs	4,237	4,210
Provision for bad debts and uncollectible interest	181,286	116,272
Stock-based compensation expense	4,683	6,636
Costs and Impairment Charges Related to Store Closings		(680)
Deferred income taxes	(2,472)	475
Tenant improvement allowances received from landlords	10,277	14,254
Change in operating assets and liabilities:
Customer accounts receivable	63,745	(95,829)
Other accounts receivables	13,068	(17,356)
Inventories	38,863	6,521
Other assets	690	(5,818)
Accounts payable	13,442	763
Accrued expenses	2,485	(7,368)
Operating leases	(20,086)	(626)
Income taxes	(9,578)	(4,810)
Deferred revenues and other credits	1,921	1,872
Net cash provided by operating activities	305,725	89,444
Cash flows from investing activities:
Purchases of property and equipment	(32,459)	(33,330)
Net cash used in investing activities	(32,459)	(33,330)
Cash flows from financing activities:
Proceeds from issuance of asset-backed notes	0	381,790
Payments on asset-backed notes	(315,225)	(234,162)
Borrowings under revolving credit facility	835,717	778,166
Payments on revolving credit facility	(800,917)	(881,166)
Payments on warehouse facility	0	(51,561)
Payments of debt issuance costs and amendment fees	(2,055)	(3,492)
Proceeds from stock issued under employee benefit plans	338	597
Tax payments associated with equity-based compensation transactions	(1,444)	(1,781)
Payments for Repurchase of Common Stock	0	(33,019)
Other	(314)	(641)
Net cash used in financing activities	(283,900)	(45,269)
Net change in cash, cash equivalents and restricted cash	(10,634)	10,845
Cash, cash equivalents and restricted cash, beginning of period	80,855	64,937
Cash, cash equivalents and restricted cash, end of period	70,221	75,782
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new finance lease liabilities	1,045	968
Right-of-use assets obtained in exchange for new operating lease liabilities	47,950	53,974
Property and equipment purchases not yet paid	11,662	14,241
Share Repurchase Payable	0	1,325
Supplemental cash flow data:
Cash interest paid	23,976	21,559
Cash income taxes paid (refunded), net	$ (1,026)	$ 16,859

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Business. Conn’s, Inc., a Delaware corporation, is a holding company with no independent assets or operations other than its investments in its subsidiaries. References to “we,” “our,” “us,” “the Company,” “Conn’s” or “CONN” refer to Conn’s, Inc. and, as apparent from the context, its subsidiaries. Conn’s is a leading specialty retailer that offers a broad selection of quality, branded durable consumer goods and related services in addition to proprietary credit solutions for its core credit-constrained consumers. We operate an integrated and scalable business through our retail stores and website. Our complementary product offerings include furniture and mattresses, home appliances, consumer electronics and home office products from leading global brands across a wide range of price points. Our credit offering provides financing solutions to a large, under-served population of credit-constrained consumers who typically have limited credit alternatives. We operate two reportable segments: retail and credit. Our retail stores bear the “Conn’s HomePlus” name with all of our stores providing the same products and services to a common customer group. Our stores follow the same procedures and methods in managing their operations. Our retail business and credit business are operated independently from each other. The credit segment is dedicated to providing short- and medium-term financing to our retail customers. The retail segment is not involved in credit approval decisions or collection efforts. Our management evaluates performance and allocates resources based on the operating results of the retail and credit segments. Basis of Presentation. The accompanying unaudited Condensed Consolidated Financial Statements of Conn’s, Inc. and its wholly-owned subsidiaries, including its Variable Interest Entities (“VIEs”), have been prepared by management in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practice for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, we do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The condensed consolidated financial position, results of operations and cash flows for these interim periods are not necessarily indicative of the results that may be expected in future periods. The balance sheet at January 31, 2020 has been derived from the audited financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (the “2020 Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on April 14, 2020. Fiscal Year. Our fiscal year ends on January 31. References to a fiscal year refer to the calendar year in which the fiscal year ends. Principles of Consolidation. The Condensed Consolidated Financial Statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Variable Interest Entities. VIEs are consolidated if the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has (i) the power to direct the activities that most significantly impact the performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. We retain the servicing of the securitized portfolio and have a variable interest in each corresponding VIE by holding the residual equity. We have determined that we are the primary beneficiary of each respective VIE because (i) our servicing responsibilities for the securitized portfolio give us the power to direct the activities that most significantly impact the performance of the VIE and (ii) our variable interest in the VIE gives us the obligation to absorb losses and the right to receive residual returns that potentially could be significant. As a result, we consolidate the respective VIEs within our Condensed Consolidated Financial Statements. Refer to Note 5, Debt and Financing Lease Obligations , and Note 7, 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 . During the three months ended July 31, 2020, we refined our historical charge-off estimate in our current expected credit loss model which resulted in an increase to the allowance for bad debt of $15.8 million. Cash and Cash Equivalents. As of July 31, 2020 and January 31, 2020, cash and cash equivalents included cash and credit card deposits in transit. Credit card deposits in transit included in cash and cash equivalents were $4.9 million and $4.0 million as of July 31, 2020 and January 31, 2020, respectively. Restricted Cash. The restricted cash balance as of July 31, 2020 and January 31, 2020 includes $48.0 million and $59.7 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $13.9 million and $13.9 million, respectively, of cash held by the VIEs as additional collateral for the asset-backed notes. Customer Accounts Receivable. Customer accounts receivable reported in the Condensed Consolidated Balance Sheet includes total receivables managed, including both those transferred to the VIEs and those not transferred to the VIEs. Customer accounts receivable are recognized at the time the customer takes possession of the product. As discussed in more detail below, Recent Accounting Pronouncements Adopted, effective February 1, 2020 the Company adopted ASC 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the newly adopted standard, expected lifetime losses on customer accounts receivable are recognized upon origination through an allowance for credit losses account that is deducted from the customer account receivable balance and presented net. Customer accounts receivable include the net of unamortized deferred fees charged to customers and origination costs. Customer receivables are considered delinquent if a payment has not been received on the scheduled due date. Accounts that are delinquent more than 209 days as of the end of a month are charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment. In an effort to mitigate losses on our accounts receivable, we may make loan modifications to a borrower experiencing financial difficulty. In our role as servicer, we may also make modifications to loans held by the VIEs. 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 implemente d short-term d eferral programs for our customers. The carrying value of the customer receivables on accounts which were current prior to receiving a COVID-19 related deferment was $79.3 million as of July 31, 2020. 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 July 31, 2020 and January 31, 2020, there was $10.0 million and $10.6 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 are applied to principal and reduce the balance of the loan. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable in non-accrual status was $10.8 million and $12.5 million, respectively. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $96.8 million and $132.7 million, respectively. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $8.7 million and $12.1 million, respectively, were included within the customer receivables balance carried in non-accrual status. 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 5, Debt and Financing Lease Obligations , are included in other assets on our Condensed Consolidated Balance Sheet and were $4.8 million and $3.5 million as of July 31, 2020 and January 31, 2020, respectively. Income Taxes. For the six months ended July 31, 2020 and 2019, we utilized the estimated annual effective tax rate based on our estimated fiscal year 2021 and 2020 pre-tax income, respectively, in determining income tax expense. Provision for income taxes for interim periods is based on an estimated annual income tax rate, adjusted for discrete tax items. As a result, our interim effective tax rates may vary significantly from the statutory tax rate and the annual effective tax rate. For the six months ended July 31, 2020 and 2019, the effective tax rate was 27.2% and 23.9%, respectively. The primary factor affecting the increase in our effective tax rate for the six months ended July 31, 2020 was a $4.3 million benefit recognized in the current period as a result of net operating loss provisions within the CARES Act that provide for a five year carryback of losses. Stock-based Compensation. During the six months ended July 31, 2020, the Company granted performance stock awards (“PSUs”) and restricted stock awards (“RSUs”). The awards had a combined aggregate grant date fair value of $8.0 million. The PSUs will vest after the Company’s fiscal year 2024, if at all, upon certification by the compensation committee of the satisfaction of certain total shareholder return conditions over the three fiscal years commencing with the Company’s fiscal year 2021. The majority of the RSUs will vest, if at all, over periods of three Stock-based compensation expense is recorded, net of estimated forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. An adjustment is made to compensation cost for any difference between the estimated forfeitures and the actual forfeitures related to the awards. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model. The following table sets forth the RSUs and PSUs granted during the three and six months ended July 31, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 RSUs 101,774 100,365 622,195 103,794 PSUs (1) — 33,894 270,828 33,894 Total stock awards granted 101,774 134,259 893,023 137,688 Aggregate grant date fair value (in thousands) $ 750 $ 2,774 $ 7,957 $ 2,845 (1) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted on February 6, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted-average assumptions. For the three months ended July 31, 2020 and 2019, stock-based compensation expense was $2.3 million and $3.4 million, respectively. For the six months ended July 31, 2020 and 2019, stock-based compensation expense was $4.7 million and $6.6 million, respectively. Earnings (loss) per Share. Basic earnings (loss) per share for a particular period is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effects of any stock options, RSUs and PSUs, which are calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Weighted-average common shares outstanding - Basic 29,070,607 31,442,909 28,948,216 31,660,320 Dilutive effect of stock options, PSUs and RSUs 69,939 515,795 — 537,704 Weighted-average common shares outstanding - Diluted 29,140,546 31,958,704 28,948,216 32,198,024 For the three months ended July 31, 2020 and 2019, the weighted average number of stock options and RSUs not included in the calculation due to their anti-dilutive effect, was 1,116,730 and 927,969, respectively. For the six months ended July 31, 2020 and 2019, the weighted average number of stock options and RSUs not included in the calculation due to their anti-dilutive effect, was 1,479,599 and 892,098, respectively. Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to subjectivity associated with the inputs to fair value measurements as follows: • Level 1 – Inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (for example, quoted market prices for similar assets or liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs). • Level 3 – Inputs that are not observable from objective sources such as our internally developed assumptions used in pricing an asset or liability (for example, an estimate of future cash flows used in our internally developed present value of future cash flows model that underlies the fair-value measurement). In determining fair value, we use observable market data when available, or models that incorporate observable market data. When we are required to measure fair value and there is not a market-observable price for the asset or liability or for a similar asset or liability, we use the cost or income approach depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows and discounts the expected cash flows using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, economic and regulatory climates, and other factors, most of which are often outside of management’s control. However, we believe assumptions used reflect a market participant’s view of long-term prices, costs, and other factors and are consistent with assumptions used in our business plans and investment decisions. In arriving at fair-value estimates, we use relevant observable inputs available for the valuation technique employed. If a fair-value measurement reflects inputs at multiple levels within the hierarchy, the fair-value measurement is characterized based on the lowest level of input that is significant to the fair-value measurement. The fair value of cash and cash equivalents, restricted cash and accounts payable approximate their carrying amounts because of the short maturity of these instrument s. 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 July 31, 2020, the fair value of the Senior Notes outstanding, which was determined using Level 1 inputs, was $190.8 million as compared to the carrying value of $227.0 million, excluding the impact of the related discount. At July 31, 2020, the fair value of the asset backed notes was $433.8 million as compared to the carrying value of $457.8 million and was determined using Level 2 inputs based on inactive trading activity. Deferred Revenue. Deferred revenue related to contracts with customers consists of deferred customer deposits and deferred RSA administration fees. During the six months ended July 31, 2020, we recognized $1.2 million of revenue for customer deposits deferred as of January 31, 2020. During the six months ended July 31, 2020, we recognized $2.3 million of revenue for RSA administrative fees deferred as of January 31, 2020. Leases. In response to the COVID-19 pandemic, during the six months ended July 31, 2020, we began renegotiating our leases as a means of preserving liquidity. On April 10, 2020 the Financial Accounting Standards Board (“FASB”) issued guidance for lease concessions entered into in response to the COVID-19 pandemic that allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification if it does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply this allowance to our COVID-19 lease concessions. As a result, for the six months ended July 31, 2020, there were no material modifications to our leases. Recent Accounting Pronouncements Adopted. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. Under the new guidance entities must reserve an allowance for expected credit losses over the life of the loan. The measurement of expected credit losses is applicable to financial assets measured at amortized cost. The allowance for credit losses is a valuation account that is deducted from the customer account receivable’s amortized cost basis to present the net amount expected to be collected. Customer receivables are charged off against the allowance when management deems an account to be uncollectible. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . ASU 2019-04 requires that the current estimate of recoveries are included in the allowance for credit losses. Effective February 1, 2020, the Company adopted ASU 2016-13 and ASU 2019-04 using the modified retrospective approach. The Company has reviewed its entire portfolio of assets recognized on the balance sheet as of January 31, 2020 and identified Customer Accounts Receivables as the materially impacted asset in-scope of ASC 326. The risk of credit losses from the remaining portfolio of assets was concluded to be immaterial. Upon adoption of ASC 326 the Company recorded a net decrease to retained earnings of $76.5 million as of February 1, 2020. Results for reporting periods prior to February 1, 2020 are not adjusted and continue to be reported in accordance with the Company’s historic accounting policies under previously applicable GAAP. The 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. Pursuant to ASC 326 requirements, the Company has initially determined 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 will revisit our measurement methodology and assumption annually, or more frequently if circumstances warrant. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows: Impact of Adoption of ASC 326 (in thousands) Balance at January 31, 2020 Adjustments due to ASC 326 Balance at February 1, 2020 Assets Customer accounts receivable $ 673,742 $ (49,700) $ 624,042 Long-term portion of customer accounts receivable 663,761 (48,962) 614,799 Deferred Income Taxes 18,599 22,172 40,771 Stockholders’ Equity Retained Earnings $ 570,636 $ (76,490) $ 494,146 Changes due to Securities and Exchange Commission Regulation S-X Rules 13-01 and 13-02. In March 2020, the Securities and Exchange Commission (“SEC”) amended Regulation S-X to create Rules 13-01 and 13-02. These new rules reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. Previously, with limited exceptions, a parent entity was required to provide detailed disclosures with regard to guarantors of registered debt offerings within the footnotes to the consolidated financial statements. Under the new regulations, disclosure exceptions have been expanded and required disclosures may be provided within the Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations rather than in the notes to the financial statements. Further, summarized guarantor balance sheet and income statements are permitted, with the requirement to provide guarantor cash flow statements eliminated. Summarized guarantor financial statements only need be disclosed for the current fiscal year rather than all years presented in the financial statements as was previously required. The guidance will become effective for filings on or after January 4, 2021, with early adoption permitted. The Company elected to early adopt the new regulations beginning with the first quarter of fiscal year 2021. Our summarized guarantor financial statements are presented in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Customer Accounts Receivable

Customer Accounts Receivable	6 Months Ended
	Jul. 31, 2020
Receivables [Abstract]
Customer Accounts Receivable	Customer Accounts Receivable Customer accounts receivable consisted of the following: (in thousands) July 31, January 31, Customer accounts receivable (1) $ 1,357,030 $ 1,602,037 Deferred fees and origination costs, net (14,558) (15,746) Allowance for no-interest option credit programs (11,596) (14,984) Allowance for uncollectible interest (19,976) (23,662) Carrying value of customer accounts receivable 1,310,900 1,547,645 Allowance for credit losses (2) (316,740) (210,142) Carrying value of customer accounts receivable, net of allowance for credit losses 994,160 1,337,503 Short-term portion of customer accounts receivable, net (514,528) (673,742) Long-term customer accounts receivable, net $ 479,632 $ 663,761 Carrying Value (in thousands) July 31, January 31, Customer accounts receivable 60+ days past due (3) $ 131,696 $ 193,797 Re-aged customer accounts receivable (4) 392,610 455,704 Restructured customer accounts receivable (5) 201,561 211,857 (1) As of July 31, 2020 and January 31, 2020, the customer accounts receivable balance included $35.9 million and $43.7 million , respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of July 31, 2020 and January 31, 2020 was $16.0 million and $20.0 million , respectively. (2) Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of July 31, 2020, which incorporated the estimated impact of the global COVID-19 outbreak on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting an increase in unemployment with some offsetting benefits related to government stimulus. The allowance for credit losses as of January 31, 2020 is based on an incurred loss model, which reserves for incurred losses in the portfolio as of January 31, 2020. (3) As of July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable past due one day or greater was $366.9 million and $527.0 million, respectively. These amounts include the 60+ days past due balances shown above. (4) The re-aged carrying value as of July 31, 2020 and January 31, 2020 includes $79.8 million and $131.4 million, respectively, in carrying value that are both 60+ days past due and re-aged. (5) The restructured carrying value as of July 31, 2020 and January 31, 2020 includes $38.3 million and $64.8 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) July 31, 2020 Customer accounts receivable - current $ 699,037 Allowance for credit losses for customer accounts receivable - current (184,509) Customer accounts receivable, net of allowances 514,528 Customer accounts receivable - non current 631,839 Allowance for credit losses for customer accounts receivable - non current (152,207) Long-term portion of customer accounts receivable, net of allowances 479,632 Total customer accounts receivable, net $ 994,160 The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables: Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 (in thousands) Customer Customer Allowance at beginning of period, prior to adoption of ASC 326 $ 145,680 $ 88,123 $ 233,803 $ 147,123 $ 67,756 $ 214,879 Impact of adoption ASC 326 95,136 3,526 98,662 — — — Provision for credit loss expense (1) 138,395 42,541 180,936 79,062 37,067 116,129 Principal charge-offs (2) (101,746) (47,301) (149,047) (80,330) (30,267) (110,597) Interest charge-offs (29,135) (13,545) (42,680) (18,479) (6,963) (25,442) Recoveries (3) 10,269 4,773 15,042 9,102 3,430 12,532 Allowance at end of period $ 258,599 $ 78,117 $ 336,716 $ 136,478 $ 71,023 $ 207,501 Average total customer portfolio balance $ 1,271,225 $ 222,025 $ 1,493,250 $ 1,360,643 $ 192,212 $ 1,552,855 (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). The increase in bad debt charge-offs, net of recoveries, was primarily due to higher risk loans originated during the first half of fiscal year 2020 and an increase in new customer mix. (3) Recoveries include the principal amount collected during the period for previously charged-off balances. We manage our Customer Accounts Receivable portfolio using delinquency as a key credit quality indicator. The following table presents the delinquency distribution of the carrying value of customer accounts receivable by year of origination. The information is updated as of July 31, 2020: (in thousands) Delinquency Bucket 2020 2019 2018 2017 Prior Total % of Total Current $ 328,980 $ 419,220 $ 166,168 $ 28,066 $ 1,600 $ 944,034 72.0 % 1-30 31,960 87,577 47,185 13,001 1,197 180,920 13.8 % 31-60 7,513 25,936 15,032 5,078 691 54,250 4.1 % 61-90 4,260 15,848 9,117 3,004 314 32,543 2.5 % 91+ 12,889 50,509 24,917 9,412 1,426 99,153 7.6 % Total $ 385,602 $ 599,090 $ 262,419 $ 58,561 $ 5,228 $ 1,310,900 100.0 %

Charges and Credits

Charges and Credits	6 Months Ended
	Jul. 31, 2020
Charges and Credits [Abstract]
Charges and Credits	Charges and Credits Charges and credits consisted of the following: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Professional fees $ 1,534 $ — $ 3,589 $ — Facility relocation costs — — — (695) Total charges and credits $ 1,534 $ — $ 3,589 $ (695) During the three months ended July 31, 2020, we recognized $1.5 million i n professional fees associated with non-recurring expenses. During the six months ended July 31, 2020, we recognized $3.6 million in professional fees associated with non-recurring expenses. Duri ng the six months ended July 31, 2019, we recognized a $0.7 million gain from increased sublease income related to the consolidation of our corporate headquarters.

Finance Charges and Other Reven

Finance Charges and Other Revenue	6 Months Ended
	Jul. 31, 2020
Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]
Finance Charges and Other Revenues	Finance Charges and Other Revenues Finance charges and other revenues consisted of the following: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Interest income and fees $ 83,599 $ 85,204 $ 165,442 $ 169,221 Insurance income 3,385 9,590 8,137 16,904 Other revenues 196 203 431 405 Total finance charges and other revenues $ 87,180 $ 94,997 $ 174,010 $ 186,530 Interest income and fees and insurance income are derived from the credit segment operations, whereas other revenues are derived from the retail segment operations. Insurance income is comprised of sales commissions from third-party insurance companies that are recognized when coverage is sold and retrospective income paid by the insurance carrier if insurance claims are less than earned premiums. During the three months ended July 31, 2020 and 2019, interest income and fees reflected provisions for uncollectible interest of $11.8 million and $14.4 million, respectively. The amounts included in interest income and fees related to TDR accounts for the three months ended July 31, 2020 and 2019 were $10.1 million and $8.6 million, respectively. During the six months ended July 31, 2020 and 2019, interest income and fees reflected provisions for uncollectible interest of $31.9 million and $26.7 million, respectively. The amounts included in interest income and fess related to TDR accounts for the six months ended July 31, 2020 and 2019 were $19.6 million and $16.7 million, respectively.

Debt and Financing Lease Obliga

Debt and Financing Lease Obligations	6 Months Ended
	Jul. 31, 2020
Debt Disclosure [Abstract]
Debt and Financing Lease Obligations	Debt and Financing Lease Obligations Debt and financing lease obligations consisted of the following: (in thousands) July 31, January 31, Revolving Credit Facility $ 63,900 $ 29,100 Senior Notes 227,000 227,000 2017-B VIE Asset-backed Class C Notes 16,168 59,655 2018-A VIE Asset-backed Class A Notes 12,203 34,112 2018-A VIE Asset-backed Class B Notes 7,359 20,572 2018-A VIE Asset-backed Class C Notes 7,359 20,572 2019-A VIE Asset-backed Class A Notes 36,151 76,241 2019-A VIE Asset-backed Class B Notes 46,427 64,750 2019-A VIE Asset-backed Class C Notes 44,821 62,510 2019-B VIE Asset-backed Class A Notes 118,509 265,810 2019-B VIE Asset-backed Class B Notes 85,540 85,540 2019-B VIE Asset-backed Class C Notes 83,270 83,270 Financing lease obligations 5,855 5,209 Total debt and financing lease obligations 754,562 1,034,341 Less: Discount on debt (1,123) (1,404) Deferred debt issuance costs (3,779) (6,797) Current maturities of long-term debt and financing lease obligations (758) (605) Long-term debt and financing lease obligations $ 748,902 $ 1,025,535 Senior Notes. On July 1, 2014, we issued $250.0 million of unsecured Senior Notes due July 2022 bearing interest at 7.25% (the “Senior Notes”), pursuant to an indenture dated July 1, 2014 (as amended, the “Indenture”), among Conn’s, Inc., its subsidiary guarantors (the “Guarantors”) and U.S. Bank National Association, as trustee. The effective interest rate of the Senior Notes after giving effect to the discount and issuance costs is 7.8%. The Indenture restricts the Company’s and certain of its subsidiaries’ ability to: (i) incur indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, our capital stock (“restricted payments”); (iii) prepay, redeem or repurchase debt that is junior in right of payment to the notes; (iv) make loans and certain investments; (v) sell assets; (vi) incur liens; (vii) enter into transactions with affiliates; and (viii) consolidate, merge or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications. During any time when the Senior Notes are rated investment grade by either of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and no default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and we will cease to be subject to such covenants during such period. As of July 31, 2020, $172.3 million would have been free from the restricted payments covenant contained in the Indenture. Events of default under the Indenture include customary events, such as a cross-acceleration provision in the event that we fail to make payment of other indebtedness prior to the expiration of any applicable grace period or upon acceleration of indebtedness prior to its stated maturity date in an amount exceeding $25.0 million, as well as in the event a judgment is entered against us in excess of $25.0 million that is not discharged, bonded or insured. Asset-backed Notes. From time to time, we securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. In turn, the VIEs issue asset-backed notes secured by the transferred customer accounts receivables and restricted cash held by the VIEs. Under the terms of the securitization transactions, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of issued notes, and then to us as the holder of non-issued notes, if any, and residual equity. We retain the servicing of the securitized portfolios and receive a monthly fee of 4.75% (annualized) based on the outstanding balance of the securitized receivables. In addition, we, rather than the VIEs, retain all credit insurance income together with certain recoveries related to credit insurance and RSAs on charge-offs of the securitized receivables, which are reflected as a reduction to net charge-offs on a consolidated basis. The asset-backed notes were offered and sold to qualified institutional buyers pursuant to the exemptions from registration provided by Rule 144A under the Securities Act of 1933. If an event of default were to occur under the indenture that governs the respective asset-backed notes, the payment of the outstanding amounts may be accelerated, in which event the cash proceeds of the receivables that otherwise might be released to the residual equity holder would instead be directed entirely toward repayment of the asset-backed notes, or if the receivables are liquidated, all liquidation proceeds could be directed solely to repayment of the asset-backed notes as governed by the respective terms of the asset-backed notes. The holders of the asset-backed notes have no recourse to assets outside of the VIEs. Events of default include, but are not limited to, failure to make required payments on the asset-backed notes or specified bankruptcy-related events. The asset-backed notes outstanding as of July 31, 2020 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) 2017-B Class C Notes $ 78,640 $ 77,843 $ 16,168 12/20/2017 11/15/2022 5.95% 6.21% 2018-A Class A Notes 219,200 217,832 12,203 8/15/2018 1/17/2023 3.25% 4.80% 2018-A Class B Notes 69,550 69,020 7,359 8/15/2018 1/17/2023 4.65% 5.55% 2018-A Class C Notes 69,550 68,850 7,359 8/15/2018 1/17/2023 6.02% 6.93% 2019-A Class A Notes 254,530 253,026 36,151 4/24/2019 10/16/2023 3.40% 4.25% 2019-A Class B Notes 64,750 64,276 46,427 4/24/2019 10/16/2023 4.36% 4.77% 2019-A Class C Notes 62,510 61,898 44,821 4/24/2019 10/16/2023 5.29% 5.71% 2019-B Class A Notes 317,150 315,417 118,509 11/26/2019 6/17/2024 2.66% 4.27% 2019-B Class B Notes 85,540 84,916 85,540 11/26/2019 6/17/2024 3.62% 4.17% 2019-B Class C Notes 83,270 82,456 83,270 11/26/2019 6/17/2024 4.60% 4.94% Total $ 1,304,690 $ 1,295,534 $ 457,807 (1) After giving effect to debt issuance costs. (2) For the six months ended July 31, 2020, and inclusive of the impact of changes in timing of actual and expected cash flows. Revolving Credit Facility. On May 23, 2018, Conn’s, Inc. and certain of its subsidiaries (the “Borrowers”) entered into the Fourth Amended and Restated Loan and Security Agreement (as amended from time to time, “Fourth A&R Loan and Security Agreement”), with certain lenders, which provides for a $650.0 million asset-based revolving credit facility (the “Revolving Credit Facility”) under which credit availability is subject to a borrowing base and a maturity date of May 23, 2022. The Revolving Credit Facility provides funding based on a borrowing base calculation that includes customer accounts receivable and inventory and provides for a $40.0 million sub-facility for letters of credit to support obligations incurred in the ordinary course of business. The obligations under the Revolving Credit Facility are secured by substantially all assets of the Company, excluding the assets of the VIEs. As of July 31, 2020, we had immediately available borrowing capacity of $409.7 million under our Revolving Credit Facility, net of standby letters of credit issued of $12.5 million and prior to giving effect to a minimum liquidity requirement of $125.0 million pursuant to the Third Amendment as defined below. We also had $163.9 million that could have become available under our Revolving Credit Facility were we to grow the balance of eligible customer receivables and total eligible inventory balances. On June 5, 2020 we entered into the Third Amendment to our Revolving Credit Facility (the “Third Amendment”). Under the Third Amendment, loans under the Revolving Credit Facility bear interest, at our option, at a rate of LIBOR plus a margin ranging from 3.00% to 3.75% per annum (depending on a pricing grid determined by our total leverage ratio) or the alternate base rate plus a margin ranging from 2.00% to 2.75% per annum (depending on a pricing grid determined by our total leverage ratio). The alternate base rate is a rate per annum equal to the greatest of the prime rate, the federal funds effective rate plus 0.5%, or LIBOR for a 30-day interest period plus 1.0%. We also pay an unused fee on the portion of the commitments that is available for future borrowings or letters of credit at a rate ranging from 0.25% to 0.50% per annum, depending on the average outstanding balance and letters of credit of the Revolving Credit Facility in the immediately preceding quarter. The weighted-average interest rate on borrowings outstanding and including unused line fees under the Revolving Credit Facility was 4.8% for the six months ended July 31, 2020. 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, including repayments of the Senior Notes or other 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 Third Amendment waived the interest coverage covenants beginning with the first quarter of fiscal year 2021 and continuing until the date on which the Company delivers financial statements and a compliance certificate for the fourth quarter of fiscal year 2021. After giving effect to the foregoing amendment, as of July 31, 2020, we were in compliance with the covenants in our Revolving Credit Facility. If we were to breach certain covenants under our Revolving Credit Facility in the future, that breach might trigger a default under our Revolving Credit Facility, which, if not remedied, would require a waiver from the lenders under our Revolving Credit Facility or an amendment to our Revolving Credit Facility in order for us to avoid an event of default. There can be no assurances that, in the event of such a covenant breach, we would be able to obtain the necessary waivers or amendments to remain in compliance with the covenants in our Revolving Credit Facility. A summary of the significant financial covenants that govern our Revolving Credit Facility, as amended, compared to our actual compliance status at July 31, 2020 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 1.95:1.00 4.50:1.00 ABS Excluded Leverage Ratio must not exceed maximum 1.18:1.00 2.50:1.00 Capital Expenditures, net, must not exceed maximum $34.0 million $100.0 million All capitalized terms in the above table are defined in the Revolving Credit Facility and may or may not match directly to the financial statement captions in this document. The covenants are calculated quarterly, except for capital expenditures, which is calculated for a period of four consecutive fiscal quarters, as of the end of each fiscal quarter.

Contingencies

Contingencies	6 Months Ended
	Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Securities Litigation. On May 15, 2020, a putative securities class action lawsuit was filed against us and two of our executive officers in the United States District Court for the Southern District of Texas, captioned Uddin v. Conn’s, Inc., et al. , No. 4:20-1705 (“Uddin Action”). The plaintiff alleges that the defendants made false and misleading statements or failed to disclose material adverse facts about our business and operations. Plaintiff alleges violations of sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks to certify a class of all persons and entities that purchased or acquired Conn’s securities between September 3, 2019 and December 9, 2019. The complaint does not specify the amount of damages sought. We intend to vigorously defend our interests in the Uddin Action. It is not possible at this time to predict the timing or outcome of this litigation, and we cannot reasonably estimate the possible loss or range of possible loss from these claims. On April 2, 2018, MicroCapital Fund, LP, MicroCapital Fund, Ltd., and MicroCapital LLC (collectively, “MicroCapital”) filed a lawsuit against us and certain of our former executive officers in the U.S. District Court for the Southern District of Texas, Cause No. 4:18-CV-01020 (the “MicroCapital Action”). The plaintiffs in this action allege that the defendants made false and misleading statements or failed to disclose material facts about our credit and underwriting practices, accounting and internal controls. Plaintiffs allege violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, Texas and Connecticut common law fraud, and Texas common law negligent misrepresentation against all defendants; as well as violations of section 20A of the Securities Exchange Act of 1934; and Connecticut common law negligent misrepresentation against certain defendants arising from plaintiffs’ purchase of Conn’s, Inc. securities between April 3, 2013 and February 20, 2014. The complaint does not specify the amount of damages sought. The Court previously stayed the MicroCapital Action pending resolution of other outstanding litigation (In re Conn’s Inc. Sec. Litig., Cause No. 14-CV-00548 (S.D. Tex.) (the “Consolidated Securities Action”)), which was settled in October 2018. After that settlement, the stay was lifted, and the defendants filed a motion to dismiss plaintiff’s complaint in the MicroCapital Action on November 6, 2018. Briefing on the motion to dismiss was completed on January 16, 2019. On July 26, 2019, the magistrate judge to which defendants’ motion to dismiss had been assigned issued a report and recommendation, recommending that defendants’ motion to dismiss the complaint be granted in part and denied in part. Both parties filed timely objections to that report and recommendation on August 9, 2019. On September 25, 2019, the district court adopted the magistrate judge’s report and recommendation, which permitted MicroCapital to file an amended complaint, which MicroCapital filed on October 30, 2019. On November 8, 2019, the parties filed a joint discovery and case management plan, proposing various deadlines. Defendants filed their answer to the amended complaint on November 27, 2019. The parties are currently engaging in discovery. We intend to vigorously defend our interests in the MicroCapital Action. It is not possible at this time to predict the timing or outcome of this litigation, and we cannot reasonably estimate the possible loss or range of possible loss from these claims. Derivative Litigation. On December 1, 2014, an alleged shareholder, purportedly on behalf of the Company, filed a derivative shareholder lawsuit against us and certain of our current and former directors and former executive officers in the U.S. District Court for the Southern District of Texas, captioned as Robert Hack, derivatively on behalf of Conn’s, Inc., v. Theodore M. Wright (former executive officer and former director), Bob L. Martin, Jon E.M. Jacoby (former director), Kelly M. Malson, Douglas H. Martin, David Schofman, Scott L. Thompson (former director), Brian Taylor (former executive officer) and Michael J. Poppe (former executive officer) and Conn’s, Inc., Case No. 4:14-cv-03442 (the “Original Derivative Action”). The complaint asserts claims for breach of fiduciary duty, unjust enrichment, gross mismanagement, and insider trading based on substantially similar factual allegations as those asserted in the Consolidated Securities Action. The plaintiff seeks unspecified damages against these persons and does not request any damages from Conn’s. Setting forth substantially similar claims against the same defendants, 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, was filed in the U.S. District Court for the Southern District of Texas, which has been consolidated with the Original Derivative Action. The Court previously approved a stipulation among the parties to stay the Original Derivative Action pending resolution of the Consolidated Securities Action. The stay was lifted on November 1, 2018, and the defendants filed a motion to dismiss plaintiff’s complaint. Briefing on the motion to dismiss was completed December 3, 2018, and the parties began engaging in discovery. On May 29, 2019, the magistrate judge, to which defendants’ motion to dismiss had been assigned, issued a report and recommendation, recommending that defendants’ motion to dismiss the complaint be granted, but recommended that the plaintiff be permitted to replead his claims. The district court adopted the recommendation on July 5, 2019. On July 19, 2019, plaintiff filed an amended complaint. On August 13, 2019, the magistrate judge issued a new scheduling order, which permitted defendants to file a motion to dismiss the amended complaint on demand-futility grounds. That briefing was completed on October 15, 2019. On November 1, 2019, the magistrate judge heard argument on the motion to dismiss and postponed certain deadlines. On February 7, 2020, the judge issued a new scheduling order, again postponing deadlines and removing a trial date from the schedule. As ordered by the court, the parties have been engaging in discovery while the motion to dismiss has been pending. On July 22, 2020, the magistrate judge issued a report and recommendation granting in part and denying in part the defendants’ motion to dismiss. The magistrate judge recommended that the district court deny the motion on the breach of fiduciary duty claims and grant the motion on the insider trading claims, and recommended that the plaintiff be granted leave to replead the insider trading allegations as part of the breach of fiduciary duty claims. Defendants filed timely objections to that report and recommendation on August 5, 2020. Another derivative action was filed on January 27, 2015, captioned as Richard A. Dohn v. Wright, et al., Cause No. 2015-04405, in the 281st Judicial District Court, Harris County, Texas. This action makes substantially similar allegations to the Original Derivative Action against the same defendants. Conn’s received a copy of the proposed amended petition on October 12, 2018, but the proposed amended petition has not yet been filed. The parties jointly requested a stay on this case pending resolution of the Original Derivative Action. This case remains stayed until at least October 16, 2020. Prior to filing a lawsuit, an 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 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 as Casey, derivatively on behalf of Conn’s, Inc., v. Theodore M. Wright (former executive officer and former director), Michael J. Poppe (former executive officer), Brian Taylor (former executive officer), Bob L. Martin, Jon E.M. Jacoby (former director), Kelly M. Malson (former director), Douglas H. Martin, David Schofman, Scott L. Thompson (former director) and William E. Saunders Jr., and Conn’s, Inc., Cause No. 2016-33135. The complaint asserts claims for breach of fiduciary duties and unjust enrichment based on substantially similar factual allegations as those asserted in the Original Derivative Action. The complaint does not specify the amount of damages sought. Since April 2018, no material activity has occurred in this case, as it has been abated pending the resolution of related cases. By order dated April 21, 2020, the court ordered the parties to take further action in the case before July 10, 2020. At a hearing on July 10, 2020, the parties jointly requested that the case remain abated pending resolution of the Original Derivative Action. This case remains abated until at least September 4, 2020. Other than Casey, none of the plaintiffs in the other derivative actions made a demand on our Board of Directors prior to filing their respective lawsuits. The defendants in the derivative actions intend to vigorously defend against these claims. It is not possible at this time to predict the timing or outcome of any of this litigation, and we cannot reasonably estimate the possible loss or range of possible loss from these claims.

Variable Interest Entity

Variable Interest Entity	6 Months Ended
	Jul. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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) July 31, January 31, Assets: Restricted cash $ 61,901 $ 73,214 Due from Conn’s, Inc., net 5,542 307 Customer accounts receivable: Customer accounts receivable 442,248 838,210 Restructured accounts 151,039 147,971 Allowance for uncollectible accounts (173,872) (151,263) Allowance for no-interest option credit programs (2,701) (12,445) Deferred fees and origination costs (4,326) (8,255) Total customer accounts receivable, net 412,388 814,218 Total assets $ 479,831 $ 887,739 Liabilities: Accrued expenses $ 3,441 $ 5,517 Other liabilities 7,584 7,584 Long-term debt: 2017-B Class C Notes 16,168 59,655 2018-A Class A Notes 12,203 34,112 2018-A Class B Notes 7,359 20,572 2018-A Class C Notes 7,359 20,572 2019-A Class A Notes 36,151 76,241 2019-A Class B Notes 46,427 64,750 2019-A Class C Notes 44,821 62,510 2019-B Class A Notes 118,509 265,810 2019-B Class B Notes 85,540 85,540 2019-B Class C Notes 83,270 83,270 457,807 773,032 Less: deferred debt issuance costs (2,273) (4,911) Total debt $ 455,534 $ 768,121 Total liabilities $ 466,559 $ 781,222

Segment Reporting

Segment Reporting	6 Months Ended
	Jul. 31, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure	Segment Information We evaluate a segment’s performance based upon operating income before taxes. Selling, general and administrative expenses (“SG&A”) includes the direct expenses of the retail and credit operations, allocated overhead expenses, and a charge to the credit segment to reimburse the retail segment for expenses it incurs related to occupancy, personnel, advertising and other direct costs of the retail segment, which benefit the credit operations by sourcing credit customers and collecting payments. The reimbursement received by the retail segment from the credit segment is calculated using an annual rate of 2.5% times the average outstanding portfolio balance for each applicable period. As of July 31, 2020, we operated retail stores in 14 states with no operations outside of the United States. No single customer accounts for more than 10% of our total revenues. Financial information by segment is presented in the following tables: Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 80,984 $ — $ 80,984 $ 99,455 $ — $ 99,455 Home appliance 107,682 — 107,682 99,356 — 99,356 Consumer electronics 47,384 — 47,384 53,692 — 53,692 Home office 14,979 — 14,979 17,883 — 17,883 Other 5,113 — 5,113 4,192 — 4,192 Product sales 256,142 — 256,142 274,578 — 274,578 Repair service agreement commissions 20,164 — 20,164 27,647 — 27,647 Service revenues 3,430 — 3,430 3,837 — 3,837 Total net sales 279,736 — 279,736 306,062 — 306,062 Finance charges and other revenues 196 86,984 87,180 203 94,794 94,997 Total revenues 279,932 86,984 366,916 306,265 94,794 401,059 Costs and expenses: Cost of goods sold 176,623 — 176,623 182,065 — 182,065 Selling, general and administrative expense (1) 78,584 36,694 115,278 88,147 39,337 127,484 Provision for bad debts 182 31,863 32,045 (19) 49,755 49,736 Charges and credits 1,355 179 1,534 — — — Total costs and expenses 256,744 68,736 325,480 270,193 89,092 359,285 Operating income 23,188 18,248 41,436 36,072 5,702 41,774 Interest expense — 13,222 13,222 — 14,396 14,396 Income (loss) before income taxes $ 23,188 $ 5,026 $ 28,214 $ 36,072 $ (8,694) $ 27,378 Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 149,877 $ — $ 149,877 $ 187,819 $ — $ 187,819 Home appliance 188,967 — 188,967 176,646 — 176,646 Consumer electronics 83,160 — 83,160 103,341 — 103,341 Home office 32,345 — 32,345 33,589 — 33,589 Other 8,991 — 8,991 7,628 — 7,628 Product sales 463,340 — 463,340 509,023 — 509,023 Repair service agreement commissions 40,265 — 40,265 51,671 — 51,671 Service revenues 6,461 — 6,461 7,347 — 7,347 Total net sales 510,066 — 510,066 568,041 — 568,041 Finance charges and other revenues 431 173,579 174,010 405 186,125 186,530 Total revenues 510,497 173,579 684,076 568,446 186,125 754,571 Costs and expenses: Cost of goods sold 323,637 — 323,637 339,293 — 339,293 Selling, general and administrative expense (1) 156,758 71,527 228,285 167,769 77,629 245,398 Provision for bad debts 350 149,021 149,371 110 89,672 89,782 Charges and credits 1,355 2,234 3,589 (695) — (695) Total costs and expenses 482,100 222,782 704,882 506,477 167,301 673,778 Operating income (loss) 28,397 (49,203) (20,806) 61,969 18,824 80,793 Interest expense — 28,215 28,215 — 28,893 28,893 Income (loss) before income taxes $ 28,397 $ (77,418) $ (49,021) $ 61,969 $ (10,069) $ 51,900 July 31, 2020 July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Total assets $ 726,304 $ 1,115,396 $ 1,841,700 $ 699,382 $ 1,446,843 $ 2,146,225 (1) For the three months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $8.5 million and $9.7 million, respectively. For the three months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $8.9 million and $9.7 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $15.7 million and $17.6 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $18.7 million and $19.4 million, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
Business and Basis of Presentation	Business. Conn’s, Inc., a Delaware corporation, is a holding company with no independent assets or operations other than its investments in its subsidiaries. References to “we,” “our,” “us,” “the Company,” “Conn’s” or “CONN” refer to Conn’s, Inc. and, as apparent from the context, its subsidiaries. Conn’s is a leading specialty retailer that offers a broad selection of quality, branded durable consumer goods and related services in addition to proprietary credit solutions for its core credit-constrained consumers. We operate an integrated and scalable business through our retail stores and website. Our complementary product offerings include furniture and mattresses, home appliances, consumer electronics and home office products from leading global brands across a wide range of price points. Our credit offering provides financing solutions to a large, under-served population of credit-constrained consumers who typically have limited credit alternatives. We operate two reportable segments: retail and credit. Our retail stores bear the “Conn’s HomePlus” name with all of our stores providing the same products and services to a common customer group. Our stores follow the same procedures and methods in managing their operations. Our retail business and credit business are operated independently from each other. The credit segment is dedicated to providing short- and medium-term financing to our retail customers. The retail segment is not involved in credit approval decisions or collection efforts. Our management evaluates performance and allocates resources based on the operating results of the retail and credit segments. Basis of Presentation. The accompanying unaudited Condensed Consolidated Financial Statements of Conn’s, Inc. and its wholly-owned subsidiaries, including its Variable Interest Entities (“VIEs”), have been prepared by management in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practice for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, we do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The condensed consolidated financial position, results of operations and cash flows for these interim periods are not necessarily indicative of the results that may be expected in future periods. The balance sheet at January 31, 2020 has been derived from the audited financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (the “2020 Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on April 14, 2020.
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	Principles of Consolidation. The Condensed Consolidated Financial Statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Variable Interest Entity	Variable Interest Entities. VIEs are consolidated if the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has (i) the power to direct the activities that most significantly impact the performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. We retain the servicing of the securitized portfolio and have a variable interest in each corresponding VIE by holding the residual equity. We have determined that we are the primary beneficiary of each respective VIE because (i) our servicing responsibilities for the securitized portfolio give us the power to direct the activities that most significantly impact the performance of the VIE and (ii) our variable interest in the VIE gives us the obligation to absorb losses and the right to receive residual returns that potentially could be significant. As a result, we consolidate the respective VIEs within our Condensed Consolidated Financial Statements. Refer to Note 5, Debt and Financing Lease Obligations , and Note 7, Variable Interest Entities , for additional information.
Use of Estimates	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 . During the three months ended July 31, 2020, we refined our historical charge-off estimate in our current expected credit loss model which resulted in an increase to the allowance for bad debt of $15.8 million.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents. As of July 31, 2020 and January 31, 2020, cash and cash equivalents included cash and credit card deposits in transit. Credit card deposits in transit included in cash and cash equivalents were $4.9 million and $4.0 million as of July 31, 2020 and January 31, 2020, respectively.
Customer Accounts Receivable	Customer Accounts Receivable. Customer accounts receivable reported in the Condensed Consolidated Balance Sheet includes total receivables managed, including both those transferred to the VIEs and those not transferred to the VIEs. Customer accounts receivable are recognized at the time the customer takes possession of the product. As discussed in more detail below, Recent Accounting Pronouncements Adopted, effective February 1, 2020 the Company adopted ASC 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the newly adopted standard, expected lifetime losses on customer accounts receivable are recognized upon origination through an allowance for credit losses account that is deducted from the customer account receivable balance and presented net. Customer accounts receivable include the net of unamortized deferred fees charged to customers and origination costs. Customer receivables are considered delinquent if a payment has not been received on the scheduled due date. Accounts that are delinquent more than 209 days as of the end of a month are charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment. In an effort to mitigate losses on our accounts receivable, we may make loan modifications to a borrower experiencing financial difficulty. In our role as servicer, we may also make modifications to loans held by the VIEs. 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 implemente d short-term d eferral programs for our customers. The carrying value of the customer receivables on accounts which were current prior to receiving a COVID-19 related deferment was $79.3 million
Interest Income on Customer Accounts Receivable	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 July 31, 2020 and January 31, 2020, there was $10.0 million and $10.6 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 are applied to principal and reduce the balance of the loan. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable in non-accrual status was $10.8 million and $12.5 million, respectively. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $96.8 million and $132.7 million, respectively. At July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $8.7 million and $12.1 million, respectively, were included within the customer receivables balance carried in non-accrual status.
Debt Issuance Costs	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 5, Debt and Financing Lease Obligations , are included in other assets on our Condensed Consolidated Balance Sheet and were $4.8 million and $3.5 million as of July 31, 2020 and January 31, 2020, respectively.
Income Taxes	Income Taxes. For the six months ended July 31, 2020 and 2019, we utilized the estimated annual effective tax rate based on our estimated fiscal year 2021 and 2020 pre-tax income, respectively, in determining income tax expense. Provision for income taxes for interim periods is based on an estimated annual income tax rate, adjusted for discrete tax items. As a result, our interim effective tax rates may vary significantly from the statutory tax rate and the annual effective tax rate. For the six months ended July 31, 2020 and 2019, the effective tax rate was 27.2% and 23.9%, respectively. The primary factor affecting the increase in our effective tax rate for the six months ended July 31, 2020 was a $4.3 million benefit recognized in the current period as a result of net operating loss provisions within the CARES Act that provide for a five year carryback of losses.
Share-based Compensation	Stock-based Compensation. During the six months ended July 31, 2020, the Company granted performance stock awards (“PSUs”) and restricted stock awards (“RSUs”). The awards had a combined aggregate grant date fair value of $8.0 million. The PSUs will vest after the Company’s fiscal year 2024, if at all, upon certification by the compensation committee of the satisfaction of certain total shareholder return conditions over the three fiscal years commencing with the Company’s fiscal year 2021. The majority of the RSUs will vest, if at all, over periods of three Stock-based compensation expense is recorded, net of estimated forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. An adjustment is made to compensation cost for any difference between the estimated forfeitures and the actual forfeitures related to the awards. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model. The following table sets forth the RSUs and PSUs granted during the three and six months ended July 31, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 RSUs 101,774 100,365 622,195 103,794 PSUs (1) — 33,894 270,828 33,894 Total stock awards granted 101,774 134,259 893,023 137,688 Aggregate grant date fair value (in thousands) $ 750 $ 2,774 $ 7,957 $ 2,845 (1) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted on February 6, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted-average assumptions. For the three months ended July 31, 2020 and 2019, stock-based compensation expense was $2.3 million and $3.4 million, respectively. For the six months ended July 31, 2020 and 2019, stock-based compensation expense was $4.7 million and $6.6 million, respectively.
Earnings per Share	Earnings (loss) per Share. Basic earnings (loss) per share for a particular period is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effects of any stock options, RSUs and PSUs, which are calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Weighted-average common shares outstanding - Basic 29,070,607 31,442,909 28,948,216 31,660,320 Dilutive effect of stock options, PSUs and RSUs 69,939 515,795 — 537,704 Weighted-average common shares outstanding - Diluted 29,140,546 31,958,704 28,948,216 32,198,024
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to subjectivity associated with the inputs to fair value measurements as follows: • Level 1 – Inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (for example, quoted market prices for similar assets or liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs). • Level 3 – Inputs that are not observable from objective sources such as our internally developed assumptions used in pricing an asset or liability (for example, an estimate of future cash flows used in our internally developed present value of future cash flows model that underlies the fair-value measurement). In determining fair value, we use observable market data when available, or models that incorporate observable market data. When we are required to measure fair value and there is not a market-observable price for the asset or liability or for a similar asset or liability, we use the cost or income approach depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows and discounts the expected cash flows using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, economic and regulatory climates, and other factors, most of which are often outside of management’s control. However, we believe assumptions used reflect a market participant’s view of long-term prices, costs, and other factors and are consistent with assumptions used in our business plans and investment decisions. In arriving at fair-value estimates, we use relevant observable inputs available for the valuation technique employed. If a fair-value measurement reflects inputs at multiple levels within the hierarchy, the fair-value measurement is characterized based on the lowest level of input that is significant to the fair-value measurement. The fair value of cash and cash equivalents, restricted cash and accounts payable approximate their carrying amounts because of the short maturity of these instrument s. 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 July 31, 2020, the fair value of the Senior Notes outstanding, which was determined using Level 1 inputs, was $190.8 million as compared to the carrying value of $227.0 million, excluding the impact of the related discount. At July 31, 2020, the fair value of the asset backed notes was $433.8 million as compared to the carrying value of $457.8 million and was determined using Level 2 inputs based on inactive trading activity.
Deferred Revenue	Deferred Revenue. Deferred revenue related to contracts with customers consists of deferred customer deposits and deferred RSA administration fees. During the six months ended July 31, 2020, we recognized $1.2 million of revenue for customer deposits deferred as of January 31, 2020. During the six months ended July 31, 2020, we recognized $2.3 million
Lessee, Leases [Policy Text Block]	Leases. In response to the COVID-19 pandemic, during the six months ended July 31, 2020, we began renegotiating our leases as a means of preserving liquidity. On April 10, 2020 the Financial Accounting Standards Board (“FASB”) issued guidance for lease concessions entered into in response to the COVID-19 pandemic that allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification if it does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply this allowance to our COVID-19 lease concessions. As a result, for the six months ended July 31, 2020, there were no material modifications to our leases.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Yet To Be Adopted	Recent Accounting Pronouncements Adopted. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. Under the new guidance entities must reserve an allowance for expected credit losses over the life of the loan. The measurement of expected credit losses is applicable to financial assets measured at amortized cost. The allowance for credit losses is a valuation account that is deducted from the customer account receivable’s amortized cost basis to present the net amount expected to be collected. Customer receivables are charged off against the allowance when management deems an account to be uncollectible. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . ASU 2019-04 requires that the current estimate of recoveries are included in the allowance for credit losses. Effective February 1, 2020, the Company adopted ASU 2016-13 and ASU 2019-04 using the modified retrospective approach. The Company has reviewed its entire portfolio of assets recognized on the balance sheet as of January 31, 2020 and identified Customer Accounts Receivables as the materially impacted asset in-scope of ASC 326. The risk of credit losses from the remaining portfolio of assets was concluded to be immaterial. Upon adoption of ASC 326 the Company recorded a net decrease to retained earnings of $76.5 million as of February 1, 2020. Results for reporting periods prior to February 1, 2020 are not adjusted and continue to be reported in accordance with the Company’s historic accounting policies under previously applicable GAAP. The 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. Pursuant to ASC 326 requirements, the Company has initially determined 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 will revisit our measurement methodology and assumption annually, or more frequently if circumstances warrant. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows: Impact of Adoption of ASC 326 (in thousands) Balance at January 31, 2020 Adjustments due to ASC 326 Balance at February 1, 2020 Assets Customer accounts receivable $ 673,742 $ (49,700) $ 624,042 Long-term portion of customer accounts receivable 663,761 (48,962) 614,799 Deferred Income Taxes 18,599 22,172 40,771 Stockholders’ Equity Retained Earnings $ 570,636 $ (76,490) $ 494,146 Changes due to Securities and Exchange Commission Regulation S-X Rules 13-01 and 13-02. In March 2020, the Securities and Exchange Commission (“SEC”) amended Regulation S-X to create Rules 13-01 and 13-02. These new rules reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. Previously, with limited exceptions, a parent entity was required to provide detailed disclosures with regard to guarantors of registered debt offerings within the footnotes to the consolidated financial statements. Under the new regulations, disclosure exceptions have been expanded and required disclosures may be provided within the Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations rather than in the notes to the financial statements. Further, summarized guarantor balance sheet and income statements are permitted, with the requirement to provide guarantor cash flow statements eliminated. Summarized guarantor financial statements only need be disclosed for the current fiscal year rather than all years presented in the financial statements as was previously required. The guidance will become effective for filings on or after January 4, 2021, with early adoption permitted. The Company elected to early adopt the new regulations beginning with the first quarter of fiscal year 2021. Our summarized guarantor financial statements are presented in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
RSUs, PSUs and stock options granted during the period	The following table sets forth the RSUs and PSUs granted during the three and six months ended July 31, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 RSUs 101,774 100,365 622,195 103,794 PSUs (1) — 33,894 270,828 33,894 Total stock awards granted 101,774 134,259 893,023 137,688 Aggregate grant date fair value (in thousands) $ 750 $ 2,774 $ 7,957 $ 2,845 (1) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted on February 6, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted-average assumptions.
Shares outstanding for the earnings per share calculations	The following table sets forth the shares outstanding for the earnings per share calculations: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Weighted-average common shares outstanding - Basic 29,070,607 31,442,909 28,948,216 31,660,320 Dilutive effect of stock options, PSUs and RSUs 69,939 515,795 — 537,704 Weighted-average common shares outstanding - Diluted 29,140,546 31,958,704 28,948,216 32,198,024
Cumulative effect of the changes for adoption of ASC 326	The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as a result of the adoption of ASC 326 were as follows: Impact of Adoption of ASC 326 (in thousands) Balance at January 31, 2020 Adjustments due to ASC 326 Balance at February 1, 2020 Assets Customer accounts receivable $ 673,742 $ (49,700) $ 624,042 Long-term portion of customer accounts receivable 663,761 (48,962) 614,799 Deferred Income Taxes 18,599 22,172 40,771 Stockholders’ Equity Retained Earnings $ 570,636 $ (76,490) $ 494,146

Customer Accounts Receivable (T

Customer Accounts Receivable (Tables)	6 Months Ended
	Jul. 31, 2020
Receivables [Abstract]
Allowance for doubtful accounts and uncollectible interest for customer receivables	Customer accounts receivable consisted of the following: (in thousands) July 31, January 31, Customer accounts receivable (1) $ 1,357,030 $ 1,602,037 Deferred fees and origination costs, net (14,558) (15,746) Allowance for no-interest option credit programs (11,596) (14,984) Allowance for uncollectible interest (19,976) (23,662) Carrying value of customer accounts receivable 1,310,900 1,547,645 Allowance for credit losses (2) (316,740) (210,142) Carrying value of customer accounts receivable, net of allowance for credit losses 994,160 1,337,503 Short-term portion of customer accounts receivable, net (514,528) (673,742) Long-term customer accounts receivable, net $ 479,632 $ 663,761 Carrying Value (in thousands) July 31, January 31, Customer accounts receivable 60+ days past due (3) $ 131,696 $ 193,797 Re-aged customer accounts receivable (4) 392,610 455,704 Restructured customer accounts receivable (5) 201,561 211,857 (1) As of July 31, 2020 and January 31, 2020, the customer accounts receivable balance included $35.9 million and $43.7 million , respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of July 31, 2020 and January 31, 2020 was $16.0 million and $20.0 million , respectively. (2) Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of July 31, 2020, which incorporated the estimated impact of the global COVID-19 outbreak on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting an increase in unemployment with some offsetting benefits related to government stimulus. The allowance for credit losses as of January 31, 2020 is based on an incurred loss model, which reserves for incurred losses in the portfolio as of January 31, 2020. (3) As of July 31, 2020 and January 31, 2020, the carrying value of customer accounts receivable past due one day or greater was $366.9 million and $527.0 million, respectively. These amounts include the 60+ days past due balances shown above. (4) The re-aged carrying value as of July 31, 2020 and January 31, 2020 includes $79.8 million and $131.4 million, respectively, in carrying value that are both 60+ days past due and re-aged. (5) The restructured carrying value as of July 31, 2020 and January 31, 2020 includes $38.3 million
Schedule of allowance for credit losses	The allowance for credit losses included in the current and long-term portion of customer accounts receivable, net as shown in the Condensed Consolidated Balance Sheet were as follows: (in thousands) July 31, 2020 Customer accounts receivable - current $ 699,037 Allowance for credit losses for customer accounts receivable - current (184,509) Customer accounts receivable, net of allowances 514,528 Customer accounts receivable - non current 631,839 Allowance for credit losses for customer accounts receivable - non current (152,207) Long-term portion of customer accounts receivable, net of allowances 479,632 Total customer accounts receivable, net $ 994,160
Activity in the allowance for doubtful accounts and uncollectible interest for customer receivables	The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables: Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 (in thousands) Customer Customer Allowance at beginning of period, prior to adoption of ASC 326 $ 145,680 $ 88,123 $ 233,803 $ 147,123 $ 67,756 $ 214,879 Impact of adoption ASC 326 95,136 3,526 98,662 — — — Provision for credit loss expense (1) 138,395 42,541 180,936 79,062 37,067 116,129 Principal charge-offs (2) (101,746) (47,301) (149,047) (80,330) (30,267) (110,597) Interest charge-offs (29,135) (13,545) (42,680) (18,479) (6,963) (25,442) Recoveries (3) 10,269 4,773 15,042 9,102 3,430 12,532 Allowance at end of period $ 258,599 $ 78,117 $ 336,716 $ 136,478 $ 71,023 $ 207,501 Average total customer portfolio balance $ 1,271,225 $ 222,025 $ 1,493,250 $ 1,360,643 $ 192,212 $ 1,552,855 (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). The increase in bad debt charge-offs, net of recoveries, was primarily due to higher risk loans originated during the first half of fiscal year 2020 and an increase in new customer mix.
Financing Receivable, Past Due [Table Text Block]	We manage our Customer Accounts Receivable portfolio using delinquency as a key credit quality indicator. The following table presents the delinquency distribution of the carrying value of customer accounts receivable by year of origination. The information is updated as of July 31, 2020: (in thousands) Delinquency Bucket 2020 2019 2018 2017 Prior Total % of Total Current $ 328,980 $ 419,220 $ 166,168 $ 28,066 $ 1,600 $ 944,034 72.0 % 1-30 31,960 87,577 47,185 13,001 1,197 180,920 13.8 % 31-60 7,513 25,936 15,032 5,078 691 54,250 4.1 % 61-90 4,260 15,848 9,117 3,004 314 32,543 2.5 % 91+ 12,889 50,509 24,917 9,412 1,426 99,153 7.6 % Total $ 385,602 $ 599,090 $ 262,419 $ 58,561 $ 5,228 $ 1,310,900 100.0 %

Charges and Credits (Tables)

Charges and Credits (Tables)	6 Months Ended
	Jul. 31, 2020
Charges and Credits [Abstract]
Schedule of Charges and Credits	Charges and credits consisted of the following: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Professional fees $ 1,534 $ — $ 3,589 $ — Facility relocation costs — — — (695) Total charges and credits $ 1,534 $ — $ 3,589 $ (695)

Finance Charges and Other Rev_2

Finance Charges and Other Revenue (Tables)	6 Months Ended
	Jul. 31, 2020
Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]
Schedule of finance charges and other revenues	Finance charges and other revenues consisted of the following: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Interest income and fees $ 83,599 $ 85,204 $ 165,442 $ 169,221 Insurance income 3,385 9,590 8,137 16,904 Other revenues 196 203 431 405 Total finance charges and other revenues $ 87,180 $ 94,997 $ 174,010 $ 186,530

Debt and Financing Lease Obli_2

Debt and Financing Lease Obligations (Tables)	6 Months Ended
	Jul. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt	Debt and financing lease obligations consisted of the following: (in thousands) July 31, January 31, Revolving Credit Facility $ 63,900 $ 29,100 Senior Notes 227,000 227,000 2017-B VIE Asset-backed Class C Notes 16,168 59,655 2018-A VIE Asset-backed Class A Notes 12,203 34,112 2018-A VIE Asset-backed Class B Notes 7,359 20,572 2018-A VIE Asset-backed Class C Notes 7,359 20,572 2019-A VIE Asset-backed Class A Notes 36,151 76,241 2019-A VIE Asset-backed Class B Notes 46,427 64,750 2019-A VIE Asset-backed Class C Notes 44,821 62,510 2019-B VIE Asset-backed Class A Notes 118,509 265,810 2019-B VIE Asset-backed Class B Notes 85,540 85,540 2019-B VIE Asset-backed Class C Notes 83,270 83,270 Financing lease obligations 5,855 5,209 Total debt and financing lease obligations 754,562 1,034,341 Less: Discount on debt (1,123) (1,404) Deferred debt issuance costs (3,779) (6,797) Current maturities of long-term debt and financing lease obligations (758) (605) Long-term debt and financing lease obligations $ 748,902 $ 1,025,535
Schedule of Asset-backed Notes	The asset-backed notes outstanding as of July 31, 2020 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) 2017-B Class C Notes $ 78,640 $ 77,843 $ 16,168 12/20/2017 11/15/2022 5.95% 6.21% 2018-A Class A Notes 219,200 217,832 12,203 8/15/2018 1/17/2023 3.25% 4.80% 2018-A Class B Notes 69,550 69,020 7,359 8/15/2018 1/17/2023 4.65% 5.55% 2018-A Class C Notes 69,550 68,850 7,359 8/15/2018 1/17/2023 6.02% 6.93% 2019-A Class A Notes 254,530 253,026 36,151 4/24/2019 10/16/2023 3.40% 4.25% 2019-A Class B Notes 64,750 64,276 46,427 4/24/2019 10/16/2023 4.36% 4.77% 2019-A Class C Notes 62,510 61,898 44,821 4/24/2019 10/16/2023 5.29% 5.71% 2019-B Class A Notes 317,150 315,417 118,509 11/26/2019 6/17/2024 2.66% 4.27% 2019-B Class B Notes 85,540 84,916 85,540 11/26/2019 6/17/2024 3.62% 4.17% 2019-B Class C Notes 83,270 82,456 83,270 11/26/2019 6/17/2024 4.60% 4.94% Total $ 1,304,690 $ 1,295,534 $ 457,807 (1) After giving effect to debt issuance costs.
Covenant Compliance	A summary of the significant financial covenants that govern our Revolving Credit Facility, as amended, compared to our actual compliance status at July 31, 2020 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 1.95:1.00 4.50:1.00 ABS Excluded Leverage Ratio must not exceed maximum 1.18:1.00 2.50:1.00 Capital Expenditures, net, must not exceed maximum $34.0 million $100.0 million

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jul. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities held by the VIE	The following table presents the assets and liabilities held by the VIEs (for legal purposes, the assets and liabilities of the VIEs will remain distinct from Conn’s, Inc.): (in thousands) July 31, January 31, Assets: Restricted cash $ 61,901 $ 73,214 Due from Conn’s, Inc., net 5,542 307 Customer accounts receivable: Customer accounts receivable 442,248 838,210 Restructured accounts 151,039 147,971 Allowance for uncollectible accounts (173,872) (151,263) Allowance for no-interest option credit programs (2,701) (12,445) Deferred fees and origination costs (4,326) (8,255) Total customer accounts receivable, net 412,388 814,218 Total assets $ 479,831 $ 887,739 Liabilities: Accrued expenses $ 3,441 $ 5,517 Other liabilities 7,584 7,584 Long-term debt: 2017-B Class C Notes 16,168 59,655 2018-A Class A Notes 12,203 34,112 2018-A Class B Notes 7,359 20,572 2018-A Class C Notes 7,359 20,572 2019-A Class A Notes 36,151 76,241 2019-A Class B Notes 46,427 64,750 2019-A Class C Notes 44,821 62,510 2019-B Class A Notes 118,509 265,810 2019-B Class B Notes 85,540 85,540 2019-B Class C Notes 83,270 83,270 457,807 773,032 Less: deferred debt issuance costs (2,273) (4,911) Total debt $ 455,534 $ 768,121 Total liabilities $ 466,559 $ 781,222

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 31, 2020
Segment Reporting [Abstract]
Financial information by segment	Financial information by segment is presented in the following tables: Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 80,984 $ — $ 80,984 $ 99,455 $ — $ 99,455 Home appliance 107,682 — 107,682 99,356 — 99,356 Consumer electronics 47,384 — 47,384 53,692 — 53,692 Home office 14,979 — 14,979 17,883 — 17,883 Other 5,113 — 5,113 4,192 — 4,192 Product sales 256,142 — 256,142 274,578 — 274,578 Repair service agreement commissions 20,164 — 20,164 27,647 — 27,647 Service revenues 3,430 — 3,430 3,837 — 3,837 Total net sales 279,736 — 279,736 306,062 — 306,062 Finance charges and other revenues 196 86,984 87,180 203 94,794 94,997 Total revenues 279,932 86,984 366,916 306,265 94,794 401,059 Costs and expenses: Cost of goods sold 176,623 — 176,623 182,065 — 182,065 Selling, general and administrative expense (1) 78,584 36,694 115,278 88,147 39,337 127,484 Provision for bad debts 182 31,863 32,045 (19) 49,755 49,736 Charges and credits 1,355 179 1,534 — — — Total costs and expenses 256,744 68,736 325,480 270,193 89,092 359,285 Operating income 23,188 18,248 41,436 36,072 5,702 41,774 Interest expense — 13,222 13,222 — 14,396 14,396 Income (loss) before income taxes $ 23,188 $ 5,026 $ 28,214 $ 36,072 $ (8,694) $ 27,378 Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 149,877 $ — $ 149,877 $ 187,819 $ — $ 187,819 Home appliance 188,967 — 188,967 176,646 — 176,646 Consumer electronics 83,160 — 83,160 103,341 — 103,341 Home office 32,345 — 32,345 33,589 — 33,589 Other 8,991 — 8,991 7,628 — 7,628 Product sales 463,340 — 463,340 509,023 — 509,023 Repair service agreement commissions 40,265 — 40,265 51,671 — 51,671 Service revenues 6,461 — 6,461 7,347 — 7,347 Total net sales 510,066 — 510,066 568,041 — 568,041 Finance charges and other revenues 431 173,579 174,010 405 186,125 186,530 Total revenues 510,497 173,579 684,076 568,446 186,125 754,571 Costs and expenses: Cost of goods sold 323,637 — 323,637 339,293 — 339,293 Selling, general and administrative expense (1) 156,758 71,527 228,285 167,769 77,629 245,398 Provision for bad debts 350 149,021 149,371 110 89,672 89,782 Charges and credits 1,355 2,234 3,589 (695) — (695) Total costs and expenses 482,100 222,782 704,882 506,477 167,301 673,778 Operating income (loss) 28,397 (49,203) (20,806) 61,969 18,824 80,793 Interest expense — 28,215 28,215 — 28,893 28,893 Income (loss) before income taxes $ 28,397 $ (77,418) $ (49,021) $ 61,969 $ (10,069) $ 51,900 July 31, 2020 July 31, 2019 (in thousands) Retail Credit Total Retail Credit Total Total assets $ 726,304 $ 1,115,396 $ 1,841,700 $ 699,382 $ 1,446,843 $ 2,146,225 (1) For the three months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $8.5 million and $9.7 million, respectively. For the three months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $8.9 million and $9.7 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $15.7 million and $17.6 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $18.7 million and $19.4 million, respectively.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020USD ($)	Jul. 31, 2019USD ($)	Jul. 31, 2020USD ($)segment	Jul. 31, 2019USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)
Debt Instrument [Line Items]
Number of operating segments | segment			2
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents include credit card deposits in-transit	$ 4,900		$ 4,900		$ 4,000
Restricted cash	63,836		63,836		75,370
Receivables [Abstract]
Customer receivables which were current prior to receiving a COVID-19 related deferment	79,300		79,300
Interest Income on Customer Accounts Receivable
Deferred revenue	10,000		10,000		10,600
Nonaccrual status	10,800		10,800		12,500
Amount in bankruptcy and less than 60 days past due	8,700		8,700		12,100
90 days past due and still accruing	96,800		96,800		132,700
Debt Issuance Costs
Deferred debt issuance costs	3,779		$ 3,779		6,797
Income Taxes
Effective tax rate			27.20%	23.90%
Fair Value of Financial Instruments
Long-term debt	457,807		$ 457,807
Accounts Receivable, Allowance for Credit Loss	336,716	$ 207,501	336,716	$ 207,501	233,803	$ 214,879
Income Tax Expense (Benefit)	7,694	7,404	(13,339)	12,417
Income Taxes Tax Expense (Benefit), Net Operating Loss, CARES Act			4,300
Provision for bad debts	32,045	$ 49,736	149,371	$ 89,782
Customer Deposits [Member]
Fair Value of Financial Instruments
Deferred Revenue, Revenue Recognized			1,200
RSA Administration Fees [Member]
Fair Value of Financial Instruments
Deferred Revenue, Revenue Recognized			2,300
Historical Charge-Off Estimate [Member]
Fair Value of Financial Instruments
Provision for bad debts	15,800
Senior Notes [Member]
Fair Value of Financial Instruments
Debt fair value	190,800		190,800
Secured Debt [Member]
Fair Value of Financial Instruments
Debt fair value	433,800		433,800
Revolving Credit Facility [Member]
Debt Issuance Costs
Deferred debt issuance costs	4,800		4,800		3,500
Securitized Receivables Servicer [Member]
Cash and Cash Equivalents and Restricted Cash
Restricted cash	13,900		13,900		13,900
Collateral Held by VIE [Member]
Cash and Cash Equivalents and Restricted Cash
Restricted cash	48,000		48,000		59,700
Senior Notes [Member]
Fair Value of Financial Instruments
Long-term debt	227,000		227,000		$ 227,000
Secured Debt [Member]
Fair Value of Financial Instruments
Long-term debt	$ 457,800		$ 457,800

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock awards granted (in shares)	101,774	134,259	893,023	137,688
Aggregate grant date fair value	$ 750	$ 2,774	$ 7,957	$ 2,845
Dividend yield			0.00%
Stock-based compensation expense	$ 2,300	$ 3,400	$ 4,683	$ 6,636
(RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs (in shares)	101,774	100,365	622,195	103,794
(RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
(RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs (in shares)	0	33,894	270,828	33,894
Expected volatility rate			60.00%
Expected term			3 years
Risk free interest rate			1.42%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - Basic (in shares)	29,070,607	31,442,909	28,948,216	31,660,320
Dilutive effect of stock options, RSUs and PSUs (in shares)	69,939	515,795	0	537,704
Weighted average common shares outstanding - Diluted (in shares)	29,140,546	31,958,704	28,948,216	32,198,024
Restricted Stock Units And Phantom Share Units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average number of stock options and restricted stock units not included in the calculation of the dilutive effect of stock options and restricted stock units (in shares)	1,116,730	927,969	1,479,599	892,098

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Feb. 01, 2020	Jan. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer accounts receivable	$ 514,528	$ 624,042	$ 673,742
Long-term customer accounts receivable, net	479,632	614,799	663,761
Deferred income taxes	43,243	40,771	18,599
Retained Earnings	$ 458,464	494,146	$ 570,636
98662000
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer accounts receivable		(49,700)
Long-term customer accounts receivable, net		(48,962)
Deferred income taxes		22,172
Retained Earnings		$ (76,490)

Customer Accounts Receivable (D

Customer Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Feb. 01, 2020	Jan. 31, 2020
Quantitative information about the receivables portfolio managed [Abstract]
Customer accounts receivable (1)	$ 1,357,030			$ 1,602,037
Allowance for no-interest option credit programs	11,596			14,984
Allowance for uncollectible interest	19,976			23,662
Carrying value of customer accounts receivable	1,310,900			1,547,645
Allowance for credit losses	(316,740)			(210,142)
Total customer accounts receivable, net	994,160			1,337,503
Short-term portion of customer accounts receivable, net	(514,528)		$ (624,042)	(673,742)
Long-term customer accounts receivable, net	479,632		614,799	663,761
Customer accounts receivable 60 days past due	131,696			193,797
Re-aged customer accounts receivable	392,610			455,704
Restructured customer accounts receivable	201,561			211,857
Past due	366,900			527,000
Amounts included within past due and reaged accounts	79,800			131,400
Accounts Receivable, Restructured Accounts, Past Due	38,300			64,800
Interest receivable	35,900			43,700
Interest receivable outstanding net of allowance for uncollectible interest	16,000			20,000
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	233,803	$ 214,879
Provision	180,936	116,129
Principal charge-offs	(149,047)	(110,597)
Interest charge-offs	(42,680)	(25,442)
Recoveries	15,042	12,532
Allowance at end of period	336,716	207,501
Average total customer portfolio balance	1,493,250	1,552,855
Restructured Accounts [Member]
Quantitative information about the receivables portfolio managed [Abstract]
Deferred fees and origination costs, net	(14,558)			$ (15,746)
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	88,123	67,756
Provision	42,541	37,067
Principal charge-offs	(47,301)	(30,267)
Interest charge-offs	(13,545)	(6,963)
Recoveries	4,773	3,430
Allowance at end of period	78,117	71,023
Average total customer portfolio balance	222,025	192,212
Customer Accounts Receivable [Member]
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	145,680	147,123
Provision	138,395	79,062
Principal charge-offs	(101,746)	(80,330)
Interest charge-offs	(29,135)	(18,479)
Recoveries	10,269	9,102
Allowance at end of period	258,599	136,478
Average total customer portfolio balance	1,271,225	$ 1,360,643
98662000
Quantitative information about the receivables portfolio managed [Abstract]
Short-term portion of customer accounts receivable, net			49,700
Long-term customer accounts receivable, net			$ (48,962)
Cumulative Effect, Period Of Adoption, Adjustment [Member] | 98662000
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	98,662
Cumulative Effect, Period Of Adoption, Adjustment [Member] | 98662000 | Restructured Accounts [Member]
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	3,526
Cumulative Effect, Period Of Adoption, Adjustment [Member] | 98662000 | Customer Accounts Receivable [Member]
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	$ 95,136

Customer Accounts Receivable De

Customer Accounts Receivable Delinquency Bucket (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 385,602
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	599,090
Financing Receivable, Originated Two Years before Latest Fiscal Year	262,419
Financing Receivable, Originated Three Years before Latest Fiscal Year	58,561
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	5,228
Carrying value of customer accounts receivable	$ 1,310,900	$ 1,547,645
Percent of Total Accounts Receivable	100.00%
Current [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 328,980
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	419,220
Financing Receivable, Originated Two Years before Latest Fiscal Year	166,168
Financing Receivable, Originated Three Years before Latest Fiscal Year	28,066
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	1,600
Carrying value of customer accounts receivable	$ 944,034
Percent of Total Accounts Receivable	72.00%
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 31,960
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	87,577
Financing Receivable, Originated Two Years before Latest Fiscal Year	47,185
Financing Receivable, Originated Three Years before Latest Fiscal Year	13,001
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	1,197
Carrying value of customer accounts receivable	$ 180,920
Percent of Total Accounts Receivable	13.80%
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 7,513
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	25,936
Financing Receivable, Originated Two Years before Latest Fiscal Year	15,032
Financing Receivable, Originated Three Years before Latest Fiscal Year	5,078
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	691
Carrying value of customer accounts receivable	$ 54,250
Percent of Total Accounts Receivable	4.10%
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 4,260
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	15,848
Financing Receivable, Originated Two Years before Latest Fiscal Year	9,117
Financing Receivable, Originated Three Years before Latest Fiscal Year	3,004
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	314
Carrying value of customer accounts receivable	$ 32,543
Percent of Total Accounts Receivable	2.50%
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 12,889
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	50,509
Financing Receivable, Originated Two Years before Latest Fiscal Year	24,917
Financing Receivable, Originated Three Years before Latest Fiscal Year	9,412
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	1,426
Carrying value of customer accounts receivable	$ 99,153
Percent of Total Accounts Receivable	7.60%

Customer Accounts Receivable -

Customer Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Feb. 01, 2020	Jan. 31, 2020
Receivables [Abstract]
Customer accounts receivable - current	$ 699,037
Allowance for credit losses for customer accounts receivable - current	(184,509)
Customer accounts receivable, net of allowances	514,528	$ 624,042	$ 673,742
Customer accounts receivable - non current	631,839
Allowance for credit losses for customer accounts receivable - non current	(152,207)
Long-term portion of customer accounts receivable, net of allowances	479,632	$ 614,799	663,761
Total customer accounts receivable, net	$ 994,160		$ 1,337,503

Charges and Credits (Details)

Charges and Credits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Charges and Credits [Abstract]
RegulatoryMatterandOtherLegalFee	$ 0	$ 0	$ 0	$ (695)
Professional Fees, Charges and Credits	1,534	0	3,589	0
Charges and credits	$ 1,534	$ 0	$ 3,589	$ (695)

Finance Charges and Other Rev_3

Finance Charges and Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Insurance income	$ 3,385	$ 9,590	$ 8,137	$ 16,904
Other revenues	196	203	431	405
Provisions for uncollectible interest	11,800	14,400	31,900	26,700
Other Income	87,180	94,997	174,010	186,530
Interest income and fees	83,599	85,204	165,442	169,221
Financing Receivable [Member]
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Interest income and fees	$ 10,100	$ 8,600	$ 19,600	$ 16,700

Debt and Financing Lease Obli_3

Debt and Financing Lease Obligations - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Long-term debt [Abstract]
Long-term debt	$ 457,807
Financing lease obligations	5,855	$ 5,209
Total debt and financing lease obligations	754,562	1,034,341
Less:
Discount on debt	(1,123)	(1,404)
Deferred debt issuance costs	(3,779)	(6,797)
Current maturities of long-term debt and financing lease obligations	(758)	(605)
Long-term debt and financing lease obligations	748,902	1,025,535
2017-B Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	16,168
2018-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	12,203
2018-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	7,359
2018-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	7,359
2019-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	36,151
2019-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	46,427
2019-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	44,821
2019-B VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	118,509
2019-B VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	85,540
2019-B VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	83,270
Senior Notes [Member]
Long-term debt [Abstract]
Long-term debt	227,000	227,000
Secured Debt [Member]
Long-term debt [Abstract]
Long-term debt	457,800
Secured Debt [Member] | 2017-B Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	16,168	59,655
Secured Debt [Member] | 2018-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	12,203	34,112
Secured Debt [Member] | 2018-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	7,359	20,572
Secured Debt [Member] | 2018-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	7,359	20,572
Secured Debt [Member] | 2019-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	36,151	76,241
Secured Debt [Member] | 2019-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	46,427	64,750
Secured Debt [Member] | 2019-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	44,821	62,510
Secured Debt [Member] | 2019-B VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term debt	118,509	265,810
Secured Debt [Member] | 2019-B VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term debt	85,540	85,540
Secured Debt [Member] | 2019-B VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term debt	83,270	83,270
Revolving Credit Facility [Member]
Less:
Deferred debt issuance costs	(4,800)	(3,500)
Revolving Credit Facility [Member] | Line of Credit [Member]
Long-term debt [Abstract]
Long-term debt	$ 63,900	$ 29,100

Debt and Financing Lease Obli_4

Debt and Financing Lease Obligations - Senior Notes (Details) - USD ($)	Jul. 31, 2020	Jul. 01, 2014
Debt Instrument [Line Items]
Original principal amount	$ 1,304,690,000
Senior Notes [Member] | Senior Unsecured Notes Due July 2022 [Member]
Debt Instrument [Line Items]
Original principal amount		$ 250,000,000
Interest rate on notes (in hundredths)		7.25%
Effective interest rate		7.80%
Restrictions on payment of dividends, amount free from restriction	$ 172,300,000
Trigger amount under indenture		$ 25,000,000

Debt and Financing Lease Obli_5

Debt and Financing Lease Obligations - Asset Backed Notes (Details) - USD ($) $ in Thousands	Nov. 26, 2019	Apr. 24, 2019	Aug. 15, 2018	Dec. 20, 2017	Jul. 31, 2020
Debt Instrument [Line Items]
Original Principal Amount					$ 1,304,690
Original Net Proceeds					1,295,534
Current Principal Amount					457,807
2017-B Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					78,640
Original Net Proceeds				$ 77,843
Current Principal Amount					$ 16,168
Contractual Interest Rate					5.95%
Effective Interest Rate					6.21%
2018-A VIE Class A Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 219,200
Original Net Proceeds			$ 217,832
Current Principal Amount					$ 12,203
Contractual Interest Rate					3.25%
Effective Interest Rate					4.80%
2018-A VIE Class B Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 69,550
Original Net Proceeds			69,020
Current Principal Amount					$ 7,359
Contractual Interest Rate					4.65%
Effective Interest Rate					5.55%
2018-A VIE Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 69,550
Original Net Proceeds			$ 68,850
Current Principal Amount					$ 7,359
Contractual Interest Rate					6.02%
Effective Interest Rate					6.93%
2019-A VIE Class A Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 254,530
Original Net Proceeds		$ 253,026
Current Principal Amount					$ 36,151
Contractual Interest Rate					3.40%
Effective Interest Rate					4.25%
2019-A VIE Class B Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 64,750
Original Net Proceeds		64,276
Current Principal Amount					$ 46,427
Contractual Interest Rate					4.36%
Effective Interest Rate					4.77%
2019-A VIE Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 62,510
Original Net Proceeds		$ 61,898
Current Principal Amount					$ 44,821
Contractual Interest Rate					5.29%
Effective Interest Rate					5.71%
2019-B VIE Class A Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 317,150
Original Net Proceeds	$ 315,417
Current Principal Amount					$ 118,509
Contractual Interest Rate					2.66%
Effective Interest Rate					4.27%
2019-B VIE Class B Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 85,540
Original Net Proceeds	84,916
Current Principal Amount					$ 85,540
Contractual Interest Rate					3.62%
Effective Interest Rate					4.17%
2019-B VIE Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 83,270
Original Net Proceeds	$ 82,456
Current Principal Amount					$ 83,270
Contractual Interest Rate					4.60%
Effective Interest Rate					4.94%
Asset-backed Securities [Member]
Debt Instrument [Line Items]
Monthly fee percentage on outstanding balance					4.75%

Debt and Financing Lease Obli_6

Debt and Financing Lease Obligations - Revolving Credit Facility (Details) - USD ($)	Jun. 05, 2020	Jul. 31, 2020	May 23, 2018
Line of Credit Facility [Line Items]
Original principal amount		$ 1,304,690,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum capacity extended under credit facility			$ 650,000,000
Weighted-average interest rate		4.80%
Line of Credit [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.50%
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Variable basis spread	1.00%
Line of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	2.00%
Line of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	2.75%
Line of Credit [Member] | Revolving Credit Facility [Member] | Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Variable basis spread	0.50%
Line of Credit [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Original principal amount		$ 40,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Available borrowing capacity		409,700,000
Sub-facility for letters of credit		12,500,000
Minimum liquidity amount		125,000,000
Additional borrowing capacity		$ 163,900,000
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	3.00%
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	3.75%

Debt and Financing Lease Obli_7

Debt and Financing Lease Obligations - Debt Covenants (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2020USD ($)
Debt Disclosure [Abstract]
Debt Instrument, Minimum Interest Coverage Ratio	1
Debt Instrument, Minimum Interest Coverage Ratio, Trailing Two Quarters	1.50
Determination period		12 months
Actual
Leverage Ratio must not exceed (maximum)	1.95
ABS Excluded Leverage Ratio must not exceed (maximum)	1.18
Capital Expenditures, net, must not exceed (maximum)		$ 34
Required Minimum/ Maximum
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

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Variable Interest Entity [Line Items]
Long-term debt	$ 457,807
Asset-backed Securities [Member]
Variable Interest Entity [Line Items]
Monthly fee percentage on outstanding balance	4.75%
Secured Debt [Member]
Variable Interest Entity [Line Items]
Long-term debt	$ 457,800
2018-A VIE Class A Notes [Member]
Variable Interest Entity [Line Items]
Long-term debt	12,203
2018-A VIE Class A Notes [Member] | Secured Debt [Member]
Variable Interest Entity [Line Items]
Long-term debt	$ 12,203	$ 34,112

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019	Jan. 31, 2019
Assets:
Restricted cash	$ 63,836	$ 75,370
Customer accounts receivable:
Restructured accounts	201,561	211,857
Allowance for uncollectible accounts	(336,716)	(233,803)	$ (207,501)	$ (214,879)
Allowance for no-interest option credit programs	11,596	14,984
Total customer accounts receivable, net	994,160	1,337,503
Total assets	1,841,700	2,168,769	$ 2,146,225
Liabilities:
Total debt	457,807
Long-term debt	748,902	1,025,535
Less: deferred debt issuance costs	(3,779)	(6,797)
Total liabilities	1,323,114	1,541,589
2017-B Class C Notes [Member]
Liabilities:
Total debt	16,168
2018-A VIE Class A Notes [Member]
Liabilities:
Total debt	12,203
2018-A VIE Class B Notes [Member]
Liabilities:
Total debt	7,359
2018-A VIE Class C Notes [Member]
Liabilities:
Total debt	7,359
2019-A VIE Class A Notes [Member]
Liabilities:
Total debt	36,151
2019-A VIE Class B Notes [Member]
Liabilities:
Total debt	46,427
2019-A VIE Class C Notes [Member]
Liabilities:
Total debt	44,821
2019-B VIE Class A Notes [Member]
Liabilities:
Total debt	118,509
2019-B VIE Class B Notes [Member]
Liabilities:
Total debt	85,540
2019-B VIE Class C Notes [Member]
Liabilities:
Total debt	83,270
Secured Debt [Member]
Liabilities:
Total debt	457,800
Secured Debt [Member] | 2017-B Class C Notes [Member]
Liabilities:
Total debt	16,168	59,655
Secured Debt [Member] | 2018-A VIE Class A Notes [Member]
Liabilities:
Total debt	12,203	34,112
Secured Debt [Member] | 2018-A VIE Class B Notes [Member]
Liabilities:
Total debt	7,359	20,572
Secured Debt [Member] | 2018-A VIE Class C Notes [Member]
Liabilities:
Total debt	7,359	20,572
Secured Debt [Member] | 2019-A VIE Class A Notes [Member]
Liabilities:
Total debt	36,151	76,241
Secured Debt [Member] | 2019-A VIE Class B Notes [Member]
Liabilities:
Total debt	46,427	64,750
Secured Debt [Member] | 2019-A VIE Class C Notes [Member]
Liabilities:
Total debt	44,821	62,510
Secured Debt [Member] | 2019-B VIE Class A Notes [Member]
Liabilities:
Total debt	118,509	265,810
Secured Debt [Member] | 2019-B VIE Class B Notes [Member]
Liabilities:
Total debt	85,540	85,540
Secured Debt [Member] | 2019-B VIE Class C Notes [Member]
Liabilities:
Total debt	83,270	83,270
Variable Interest Entity [Member]
Assets:
Restricted cash	61,901	73,214
Due from Conn’s, Inc., net	5,542	307
Customer accounts receivable:
Customer accounts receivable	442,248	838,210
Restructured accounts	151,039	147,971
Allowance for uncollectible accounts	(173,872)	(151,263)
Allowance for no-interest option credit programs	2,701	12,445
Deferred fees and origination costs, net	(4,326)	(8,255)
Total customer accounts receivable, net	412,388	814,218
Total assets	479,831	887,739
Liabilities:
Accrued expenses	3,441	5,517
Other liabilities	7,584	7,584
Total debt	455,534	768,121
Long-term debt	457,807	773,032
Less: deferred debt issuance costs	(2,273)	(4,911)
Total liabilities	$ 466,559	$ 781,222

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020USD ($)storestate	Jul. 31, 2019USD ($)	Jul. 31, 2020USD ($)storestatesegment	Jul. 31, 2019USD ($)	Jan. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Estimated annual rate of reimbursement (in hundredths)			2.50%
Number of states with retail stores | state	14		14
Revenues:
Other Income	$ 87,180	$ 94,997	$ 174,010	$ 186,530
Total revenues	366,916	401,059	684,076	754,571
Total Net Sales	279,736	306,062	510,066	568,041
Costs and expenses:
Cost of goods sold	176,623	182,065	323,637	339,293
Selling, general and administrative expense	115,278	127,484	228,285	245,398
Provision for bad debts	32,045	49,736	149,371	89,782
Charges and credits	1,534	0	3,589	(695)
Total costs and expenses	325,480	359,285	704,882	673,778
Operating income (loss)	41,436	41,774	(20,806)	80,793
Interest expense	13,222	14,396	28,215	28,893
Income (loss) before income taxes	28,214	27,378	(49,021)	51,900
Allocation of overhead by operating segments	8,500	9,700	15,700	17,600
Assets	1,841,700	2,146,225	1,841,700	2,146,225	$ 2,168,769
Intersegment Eliminations [Member]
Revenues:
Total revenues	8,900	9,700	18,700	19,400
Retail [Member]
Revenues:
Other Income	196	203	431	405
Total revenues	279,932	306,265	510,497	568,446
Total Net Sales	279,736	306,062	510,066	568,041
Costs and expenses:
Cost of goods sold	176,623	182,065	323,637	339,293
Selling, general and administrative expense	78,584	88,147	156,758	167,769
Provision for bad debts	182	(19)	350	110
Charges and credits	1,355	0	1,355	(695)
Total costs and expenses	256,744	270,193	482,100	506,477
Operating income (loss)	23,188	36,072	28,397	61,969
Interest expense	0	0	0	0
Income (loss) before income taxes	23,188	36,072	28,397	61,969
Assets	726,304	699,382	726,304	699,382
Credit [Member]
Revenues:
Other Income	86,984	94,794	173,579	186,125
Total revenues	86,984	94,794	173,579	186,125
Total Net Sales	0	0	0	0
Costs and expenses:
Cost of goods sold	0	0	0	0
Selling, general and administrative expense	36,694	39,337	71,527	77,629
Provision for bad debts	31,863	49,755	149,021	89,672
Charges and credits	179	0	2,234	0
Total costs and expenses	68,736	89,092	222,782	167,301
Operating income (loss)	18,248	5,702	(49,203)	18,824
Interest expense	13,222	14,396	28,215	28,893
Income (loss) before income taxes	5,026	(8,694)	(77,418)	(10,069)
Assets	1,115,396	1,446,843	1,115,396	1,446,843
Furniture and Mattress [Member]
Revenues:
Total revenues	80,984	99,455	149,877	187,819
Furniture and Mattress [Member] | Retail [Member]
Revenues:
Total revenues	80,984	99,455	149,877	187,819
Furniture and Mattress [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Home Appliance [Member]
Revenues:
Total revenues	107,682	99,356	188,967	176,646
Home Appliance [Member] | Retail [Member]
Revenues:
Total revenues	107,682	99,356	188,967	176,646
Home Appliance [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Consumer Electronic [Member]
Revenues:
Total revenues	47,384	53,692	83,160	103,341
Consumer Electronic [Member] | Retail [Member]
Revenues:
Total revenues	47,384	53,692	83,160	103,341
Consumer Electronic [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Home Office [Member]
Revenues:
Total revenues	14,979	17,883	32,345	33,589
Home Office [Member] | Retail [Member]
Revenues:
Total revenues	14,979	17,883	32,345	33,589
Home Office [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Other [Member]
Revenues:
Total revenues	5,113	4,192	8,991	7,628
Other [Member] | Retail [Member]
Revenues:
Total revenues	5,113	4,192	8,991	7,628
Other [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Product [Member]
Revenues:
Total revenues	256,142	274,578	463,340	509,023
Product [Member] | Retail [Member]
Revenues:
Total revenues	256,142	274,578	463,340	509,023
Product [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
RSA Commission [Member]
Revenues:
Total revenues	20,164	27,647	40,265	51,671
RSA Commission [Member] | Retail [Member]
Revenues:
Total revenues	20,164	27,647	40,265	51,671
RSA Commission [Member] | Credit [Member]
Revenues:
Total revenues	0	0	0	0
Service [Member]
Revenues:
Total revenues	3,430	3,837	6,461	7,347
Service [Member] | Retail [Member]
Revenues:
Total revenues	3,430	3,837	6,461	7,347
Service [Member] | Credit [Member]
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0
Outside of US [Member]
Segment Reporting Information [Line Items]
Number of stores | store	0		0