Conns (CONNQ) 10-Q 3 Jun 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 30, 2021	May 24, 2021
Document and Entity Information [Abstract]
Entity Registrant Name	CONN’S, INC.
Entity Central Index Key	0001223389
Current Fiscal Year End Date	--01-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Apr. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		29,360,476
Entity File Number	001-34956
Entity Tax Identification Number	06-1672840
Entity Address, Postal Zip Code	77381
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	TX
City Area Code	936
Local Phone Number	230-5899
Entity Address, Address Line One	2445 Technology Forest Blvd.,
Entity Address, Address Line Two	Suite 800,
Entity Address, City or Town	The Woodlands,
Trading Symbol	CONN
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2021	Jan. 31, 2021	Jan. 31, 2020
Current assets:
Cash and cash equivalents	$ 6,568	$ 9,703
Restricted cash (includes VIE balances of $49,597 and $48,622, respectively)	51,647	50,557
Customer accounts receivable - current	589,326	643,903
Accounts Receivable, Allowance for Credit Loss, Current	132,111	165,169
Customer accounts receivable, net of allowances (includes VIE balances of $213,614 and $259,811, respectively)	457,215	478,734
Other accounts receivable	50,249	61,716
Inventories	202,900	196,463
Income taxes receivable	34,485	38,059
Prepaid expenses and other current assets	10,948	8,831
Total current assets	814,012	844,063
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $119,245 and $184,304, respectively)	404,335	430,749
Property and equipment, net	186,613	190,962
Operating lease assets	260,672	265,798
Deferred income taxes	0	9,448
Other assets	16,530	14,064
Total assets	1,682,162	1,755,084
Current liabilities:
Current finance lease obligations	898	934
Accounts payable	64,947	69,367
Accrued compensation and related expenses	25,383	24,944
Accrued expenses	57,893	58,046
Operating lease liability - current	51,102	44,011
Income taxes payable	1,843	1,447
Deferred revenues and other credits	15,452	13,007
Total current liabilities	217,518	211,756
Operating lease liability - non current	345,544	354,598
Long-term Debt and Lease Obligation	492,055	608,635
Other long-term liabilities	23,271	22,940
Total liabilities	1,078,388	1,197,929
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	328	327
Treasury Stock, Value	(66,290)	(66,290)
Additional paid-in capital	133,328	132,108
Retained earnings	536,408	491,010
Total stockholders’ equity	603,774	557,155	$ 627,180
Total liabilities and stockholders’ equity	1,682,162	1,755,084
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted cash, VIE balance	51,647	50,557
Customer accounts receivable, net of allowances (includes VIE balances of $213,614 and $259,811, respectively)	457,215	478,734
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $119,245 and $184,304, respectively)	404,335	$ 430,749
Long-term Debt	$ 342,385
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, shares issued (in shares)	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	100,000,000
Common stock, shares issued (in shares)	32,845,022	32,711,623
Treasury Stock, Shares		3,485,441	3,485,441
Long-term Debt	$ 342,385
Variable Interest Entity [Member]
Current assets:
Restricted cash (includes VIE balances of $49,597 and $48,622, respectively)	49,597	$ 48,622
Customer accounts receivable, net of allowances (includes VIE balances of $213,614 and $259,811, respectively)	213,614	259,811
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $119,245 and $184,304, respectively)	119,245	184,304
Total assets	383,022	487,076
Current liabilities:
Total liabilities	346,779	419,717
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted cash, VIE balance	49,597	48,622
Customer accounts receivable, net of allowances (includes VIE balances of $213,614 and $259,811, respectively)	213,614	259,811
Long-term portion of customer accounts receivable, net of allowances (includes VIE balances of $119,245 and $184,304, respectively)	119,245	184,304
Long-term Debt	340,575	411,551
Long-term Debt	$ 340,575	$ 411,551

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Revenues:
Other Income	$ 72,406	$ 86,830
Total revenues	363,702	317,160
Total Net Sales	291,296	230,330
Costs and expenses:
Cost of goods sold	184,879	147,014
Selling, general and administrative expense	126,049	113,007
Provision for bad debts	(17,136)	117,326
Charges and credits	0	2,055
Total costs and expenses	293,792	379,402
Operating income (loss)	69,910	(62,242)
Interest expense	9,204	14,993
Gain (Loss) on Extinguishment of Debt	1,218	0
Income (loss) before income taxes	59,488	(77,235)
Provision (benefit) for income taxes	14,090	(21,033)
Net income (loss)	$ 45,398	$ (56,202)
Income (loss) per share:
Basic (in dollars per share)	$ 1.55	$ (1.95)
Diluted (in dollars per share)	$ 1.52	$ (1.95)
Weighted average common shares outstanding:
Basic (in shares)	29,324,052	28,822,396
Diluted (in shares)	29,881,407	28,822,396
Product [Member]
Revenues:
Total revenues	$ 269,211	$ 207,198
RSA Commission [Member]
Revenues:
Total revenues	19,131	20,101
Service [Member]
Revenues:
Total revenues	$ 2,954	$ 3,031

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, 2020		32,125,055
Balance at Jan. 31, 2020	$ 627,180	$ 321	$ 122,513	$ 570,636	$ (66,290)
Balance (-76491000) at Jan. 31, 2020	(76,491)			(76,491)
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	$ 495,809	$ 325	123,831	437,943	$ (66,290)
Accounting Standards Update [Extensible List]	-76491000
Balance (in shares) at Jan. 31, 2021		32,711,623
Balance at Jan. 31, 2021	$ 557,155	$ 327	132,108	491,010	$ (66,290)
Exercise of options and vesting of restricted stock, net of tax (in shares)		115,159
Exercise of options and vesting of restricted stock, net of withholding tax	(998)	$ 1	(999)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		18,240
Issuance of common stock under Employee Stock Purchase Plan	180		180
Stock-based compensation	2,039		2,039
Net income (loss)	45,398			45,398
Balance (in shares) at Apr. 30, 2021		32,845,022			(3,485,441)
Balance at Apr. 30, 2021	$ 603,774	$ 328	$ 133,328	$ 536,408	$ (66,290)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 45,398	$ (56,202)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation	11,342	9,817
Change in right-of-use asset	8,335	7,534
Amortization of debt issuance costs	1,963	2,049
Provision for bad debts and uncollectible interest	(9,612)	137,456
Stock-based compensation expense	2,039	2,430
Professional Fees, Charges and Credits	0	(2,055)
Deferred income taxes	9,448	(5,975)
Gain (Loss) on Extinguishment of Debt	1,218	0
Gain (Loss) on Disposition of Property Plant Equipment	265	0
Tenant improvement allowances received from landlords	7,605	3,969
Change in operating assets and liabilities:
Customer accounts receivable	57,563	22,999
Other accounts receivables	11,449	15,722
Inventories	(6,438)	14,833
Other assets	(1,880)	2,985
Accounts payable	(4,421)	12,884
Accrued expenses	2,529	4,258
Operating leases	(12,777)	(10,514)
Income taxes	4,591	(14,748)
Deferred revenues and other credits	2,156	972
Net cash provided by operating activities	130,773	152,524
Cash flows from investing activities:
Purchases of property and equipment	(9,457)	(16,682)
Net cash used in investing activities	(9,457)	(16,682)
Cash flows from financing activities:
Proceeds from issuance of asset-backed notes	62,900	0
Payments on asset-backed notes	(134,504)	(161,534)
Borrowings under revolving credit facility	397,151	591,424
Payments on revolving credit facility	(302,651)	(284,524)
Payments of debt issuance costs and amendment fees	(3,940)	(4)
Proceeds from stock issued under employee benefit plans	180	177
Tax payments associated with equity-based compensation transactions	(998)	(1,285)
Payment from extinguishment of debt	(141,278)	0
Other	(221)	(159)
Net cash provided by (used in) financing activities	(123,361)	144,095
Net change in cash, cash equivalents and restricted cash	(2,045)	279,937
Cash, cash equivalents and restricted cash, beginning of period	60,260	80,855
Cash, cash equivalents and restricted cash, end of period	58,215	360,792
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new finance lease liabilities	44	757
Right-of-use assets obtained in exchange for new operating lease liabilities	5,209	38,239
Property and equipment purchases not yet paid	5,646	11,965
Supplemental cash flow data:
Cash interest paid	6,734	8,608
Cash income taxes paid (refunded), net	$ 51	$ (310)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2021
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, 2021 has been derived from the audited financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on March 31, 2021. Fiscal Year. Our fiscal year ends on January 31. References to a fiscal year refer to the calendar year in which the fiscal year ends. Principles of Consolidation. The Condensed Consolidated Financial Statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Variable Interest Entities. VIEs are consolidated if the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has (i) the power to direct the activities that most significantly impact the performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. We retain the servicing of the securitized portfolio and have a variable interest in each corresponding VIE by holding the residual equity. We have determined that we are the primary beneficiary of each respective VIE because (i) our servicing responsibilities for the securitized portfolio give us the power to direct the activities that most significantly impact the performance of the VIE and (ii) our variable interest in the VIE gives us the obligation to absorb losses and the right to receive residual returns that potentially could be significant. As a result, we consolidate the respective VIEs within our Condensed Consolidated Financial Statements. Refer to Note 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. Cash and Cash Equivalents. As of April 30, 2021 and January 31, 2021, cash and cash equivalents included cash and credit card deposits in transit. Credit card deposits in transit included in cash and cash equivalents were $4.9 million and $7.9 million as of April 30, 2021 and January 31, 2021, respectively. Restricted Cash. The restricted cash balance as of April 30, 2021 and January 31, 2021 includes $42.6 million and $41.6 million, respectively, of cash we collected as servicer on the securitized receivables that was subsequently remitted to the VIEs and $7.0 million and $7.0 million, respectively, of cash held by the VIEs as additional collateral for the asset-backed notes. Customer Accounts Receivable. Customer accounts receivable reported in the Condensed Consolidated Balance Sheet includes total receivables managed, including both those transferred to the VIEs and those not transferred to the VIEs. Customer accounts receivable are recognized at the time the customer takes possession of the product. Expected lifetime losses on customer accounts receivable are recognized upon origination through an allowance for credit losses account that is deducted from the customer account receivable balance and presented net. Customer accounts receivable include the net of unamortized deferred fees charged to customers and origination costs. Customer receivables are considered delinquent if a payment has not been received on the scheduled due date. Accounts that are delinquent more than 209 days as of the end of a month are charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment. In an effort to mitigate losses on our accounts receivable, we may make loan modifications to a borrower experiencing financial difficulty. The loan modifications are intended to maximize net cash flow after expenses and avoid the need to exercise legal remedies available to us. We may extend or “re-age” a portion of our customer accounts, which involves modifying the payment terms to defer a portion of the cash payments due. Our re-aging of customer accounts does not change the interest rate or the total principal amount due from the customer and typically does not reduce the monthly contractual payments. To a much lesser extent, we may provide the customer the ability to refinance their account, which typically does not change the interest rate or the total principal amount due from the customer but does reduce the monthly contractual payments and extend the term. We consider accounts that have been re-aged in excess of three months or refinanced as Troubled Debt Restructurings (“TDR” or “Restructured Accounts”). On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law to address the economic impact of the COVID-19 pandemic. Under the CARES Act, modifications deemed to be COVID-19 related are not considered a TDR if the loan was current (not more than 30 days past due as of March 31, 2020) and the deferral was executed between April 1, 2020 and the earlier of 60 days after the termination of the COVID-19 national emergency or December 31, 2020. In response to the CARES Act, the Company implemented short-term deferral programs for our customers. The carrying value of the customer receivables on accounts which were current prior to receiving a COVID-19 related deferment was $44.5 million and $65.2 million as of April 30, 2021 and January 31, 2021, respectively. 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 April 30, 2021 and January 31, 2021, there was $8.5 million and $8.9 million, respectively, of deferred interest included in deferred revenues and other credits and other long-term liabilities. The deferred interest will ultimately be brought into income as the accounts pay off or charge-off. We offer a 12-month no-interest option program. If the customer is delinquent in making a scheduled monthly payment or does not repay the principal in full by the end of the no-interest option program period (grace periods are provided), the account does not qualify for the no-interest provision and none of the interest earned is waived. Interest income is recognized based on estimated accrued interest earned to date on all no-interest option finance programs with an offsetting reserve for those customers expected to satisfy the requirements of the program based on our historical experience. We recognize interest income on TDR accounts using the interest income method, which requires reporting interest income equal to the increase in the net carrying amount of the loan attributable to the passage of time. Cash proceeds and other adjustments are applied to the net carrying amount such that it equals the present value of expected future cash flows. We place accounts in non-accrual status when legally required. Payments received on non-accrual loans are applied to principal and reduce the balance of the loan. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable in non-accrual status was $6.9 million and $8.5 million, respectively. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $75.7 million and $111.5 million, respectively. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $4.1 million and $5.2 million, respectively, were included within the customer receivables balance carried in non-accrual status. Allowance for Doubtful Accounts. The determination of the amount of the allowance for credit losses is, by nature, highly complex and subjective. Future events that are inherently uncertain could result in material changes to the level of the allowance for credit losses. General economic conditions, changes to state or federal regulations and a variety of other factors that affect the ability of borrowers to service their debts or our ability to collect will impact the future performance of the portfolio. We establish an allowance for credit losses, including estimated uncollectible interest, to cover expected credit losses on our customer accounts receivable resulting from the failure of customers to make contractual payments. Our customer accounts receivable portfolio balance consists of a large number of relatively small, homogeneous accounts. None of our accounts are large enough to warrant individual evaluation for impairment. The allowance for credit losses is measured on a collective (pool) basis where similar risk characteristics exist. The allowance for credit losses is determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. We use a risk-based, pool-level segmentation framework to calculate the expected loss rate. This framework is based on our historical gross charge-off history. In addition to adjusted historical gross charge-off rates, estimates of post-charge-off recoveries, including cash payments from customers, sales tax recoveries from taxing jurisdictions, and payments received under credit insurance and repair service agreement (“RSA”) policies are also considered. We also consider forward-looking economic forecasts based on a statistical analysis of economic factors (specifically, forecast of unemployment rates over the reasonable and supportable forecasting period). To the extent that situations and trends arise which are not captured in our model, management will layer on additional qualitative adjustments. Pursuant to ASC 326 requirements, the Company uses a 24-month reasonable and supportable forecast period for the customer accounts receivable portfolio. We estimate losses beyond the 24-month forecast period based on historic loss rates experienced over the life of our historic loan portfolio by loan pool type. We revisit our measurement methodology and assumption annually, or more frequently if circumstances warrant. As of April 30, 2021 and January 31, 2021, the balance of allowance for doubtful accounts and uncollectible interest for non-TDR customer receivables was $166.4 million and $219.7 million, respectively. As of April 30, 2021 and January 31, 2021, the amount included in the allowance for doubtful accounts associated with principal and interest on TDR accounts was $60.9 million and $78.3 million, respectively. 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 $6.3 million and $3.5 million as of April 30, 2021 and January 31, 2021, respectively. Loss on Extinguishment. During the three month period ended April 30, 2021, we incurred a loss of $1.0 million related to the retirement of the remaining $141.2 million aggregate principal amount of our 7.25% Senior Notes due 2022 (“Senior Notes”) and a loss of $0.2 million related to the amendment of our Fifth Amended and Restated Loan and Security Agreement. Income Taxes. For the three months ended April 30, 2021 and 2020, we utilized the estimated annual effective tax rate based on our estimated fiscal year 2022 and 2021 pre-tax income, respectively, in determining income tax expense. Provision for income taxes for interim periods is based on an estimated annual income tax rate, adjusted for discrete tax items. As a result, our interim effective tax rates may vary significantly from the statutory tax rate and the annual effective tax rate. For the three months ended April 30, 2021 and 2020, the effective tax rate was 23.7% and 27.2%, respectively. The primary factor affecting the decrease in our effective tax rate for the three months ended April 30, 2021 was the impact of the tax loss carryback provisions of the CARES Act that was reflected in the prior period. Stock-based Compensation. During the three months ended April 30, 2021, the Company granted performance stock awards (“PSUs”) and restricted stock awards (“RSUs”). The awards had a combined aggregate grant date fair value of $8.3 million. The PSUs will vest in fiscal year 2025, if at all, upon certification by the Compensation Committee of the Board of Directors of satisfaction of certain total stockholder return performance conditions over the three fiscal years commencing with fiscal year 2022. The RSUs will vest ratably, over periods of three years to four years from the date of grant. Stock-based compensation expense is recorded, net of actual forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model. The following table sets forth the RSUs and PSUs granted during the three months ended April 30, 2021 and 2020: Three Months Ended 2021 2020 RSUs (1) 340,644 520,421 PSUs (2) 152,349 270,828 Total stock awards granted 492,993 791,249 Aggregate grant date fair value (in thousands) $ 8,288 $ 7,207 (1) The RSUs issued during the three months ended April 30, 2021 and 2020 are scheduled to vest ratably over periods of three years to four years from the date of grant. (2) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2021 included expected volatility of 83.0%, an expected term of 3 years and risk-free interest rate of 0.17%. No dividend yield was included in the weighted-average assumptions for the PSUs granted during the three months ended April 30, 2021. The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted average assumptions for the PSUs granted during the three months ended April 30, 2020. For the three months ended April 30, 2021 and 2020, stock-based compensation expense was $2.0 million and $2.4 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 2021 2020 Weighted-average common shares outstanding - Basic 29,324,052 28,822,396 Dilutive effect of stock options, PSUs and RSUs 557,355 — Weighted-average common shares outstanding - Diluted 29,881,407 28,822,396 For the three months ended April 30, 2021 and 2020, the weighted average number of stock options, RSUs and PSUs not included in the calculation due to their anti-dilutive effect, was 1,033,650 and 1,832,902, respectively. Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to subjectivity associated with the inputs to fair value measurements as follows: • Level 1 – Inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (for example, quoted market prices for similar assets or liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs). • Level 3 – Inputs that are not observable from objective sources such as our internally developed assumptions used in pricing an asset or liability (for example, an estimate of future cash flows used in our internally developed present value of future cash flows model that underlies the fair-value measurement). In determining fair value, we use observable market data when available, or models that incorporate observable market data. When we are required to measure fair value and there is not a market-observable price for the asset or liability or for a similar asset or liability, we use the cost or income approach depending on the quality of information available to support management’s assumptions. The cost approach is based on management’s best estimate of the current asset replacement cost. The income approach is based on management’s best assumptions regarding expectations of future net cash flows and discounts the expected cash flows using a commensurate risk-adjusted discount rate. Such evaluations involve significant judgment, and the results are based on expected future events or conditions such as sales prices, economic and regulatory climates, and other factors, most of which are often outside of management’s control. However, we believe assumptions used reflect a market participant’s view of long-term prices, costs, and other factors and are consistent with assumptions used in our business plans and investment decisions. In arriving at fair-value estimates, we use relevant observable inputs available for the valuation technique employed. If a fair-value measurement reflects inputs at multiple levels within the hierarchy, the fair-value measurement is characterized based on the lowest level of input that is significant to the fair-value measurement. The fair value of cash and cash equivalents, restricted cash and accounts payable approximate their carrying amounts because of the short maturity of these instruments. The fair value of customer accounts receivable, determined using a Level 3 discounted cash flow analysis, approximates their carrying value, net of the allowance for doubtful accounts. The fair value of our Revolving Credit Facility approximates carrying value based on the current borrowing rate for similar types of borrowing arrangements. At April 30, 2021, the fair value of the asset backed notes was $344.2 million as compared to the carrying value of $342.4 million and was determined using Level 2 inputs based on inactive trading activity. Deferred Revenue. Deferred revenue related to contracts with customers consists of deferred customer deposits and deferred RSA administration fees. During the three months ended April 30, 2021, we recognized $4.7 million of revenue for customer deposits deferred as of January 31, 2021. During the three months ended April 30, 2021, we recognized $0.9 million of revenue for RSA administrative fees deferred as of January 31, 2021. Recent Accounting Pronouncements Adopted. Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, I ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes , an update intended to simplify various aspects related to accounting for income taxes. This guidance removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This accounting standards update became effective for us in the first quarter of fiscal year 2022. The adoption did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements Yet to Be Adopted. Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , an update that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, to clarify the scope of the guidance and reduce potential diversity in practice. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These accounting standard updates were effective upon issuance, with adoption permitted through December 31, 2022. We expect to adopt ASC 2020-04 and ASC 2021-01 upon transition from LIBOR, prior to December 31, 2022. We do not expect the adoption to have a material impact on our consolidated financial statements.

Customer Accounts Receivable

Customer Accounts Receivable	3 Months Ended
	Apr. 30, 2021
Receivables [Abstract]
Customer Accounts Receivable	Customer Accounts Receivable Customer accounts receivable consisted of the following: (in thousands) April 30, January 31, Customer accounts receivable (1) $ 1,113,335 $ 1,233,717 Deferred fees and origination costs, net (13,115) (14,212) Allowance for no-interest option credit programs (11,450) (11,985) Allowance for uncollectible interest (14,918) (21,427) Carrying value of customer accounts receivable 1,073,852 1,186,093 Allowance for credit losses (2) (212,302) (276,610) Carrying value of customer accounts receivable, net of allowance for credit losses 861,550 909,483 Short-term portion of customer accounts receivable, net (457,215) (478,734) Long-term customer accounts receivable, net $ 404,335 $ 430,749 Carrying Value (in thousands) April 30, January 31, Customer accounts receivable 60+ days past due (3) $ 97,406 $ 146,820 Re-aged customer accounts receivable (4) 255,680 306,845 Restructured customer accounts receivable (5) 151,027 178,374 (1) As of April 30, 2021 and January 31, 2021, the customer accounts receivable balance included $22.4 million and $31.1 million, respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of April 30, 2021 and January 31, 2021 was $7.5 million and $9.7 million, respectively. (2) Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of April 30, 2021 and January 31, 2021, which incorporated the continued estimated impact of the global COVID-19 outbreak on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting a decrease in unemployment rates. (3) As of April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable past due one day or greater was $250.8 million and $340.8 million, respectively. These amounts include the 60+ days past due balances shown above. (4) The re-aged carrying value as of April 30, 2021 and January 31, 2021 includes $53.1 million and $88.0 million, respectively, in carrying value that are both 60+ days past due and re-aged. (5) The restructured carrying value as of April 30, 2021 and January 31, 2021 includes $34.6 million and $57.1 million, respectively, in carrying value that are both 60+ days past due and restructured. The allowance for credit losses included in the current and long-term portion of customer accounts receivable, net as shown in the Condensed Consolidated Balance Sheet were as follows: (in thousands) April 30, 2021 January 31, 2021 Customer accounts receivable - current $ 589,326 $ 643,903 Allowance for credit losses for customer accounts receivable - current (132,111) (165,169) Customer accounts receivable, net of allowances 457,215 478,734 Customer accounts receivable - non current 499,444 563,617 Allowance for credit losses for customer accounts receivable - non current (95,109) (132,868) Long-term portion of customer accounts receivable, net of allowances 404,335 430,749 Total customer accounts receivable, net $ 861,550 $ 909,483 The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables: Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 (in thousands) Customer Customer Allowance at beginning of period, prior to adoption of ASC 326 $ 219,739 $ 78,298 $ 298,037 $ 145,680 $ 88,123 $ 233,803 Impact of adoption ASC 326 — — — 95,136 3,526 98,662 Provision for credit loss expense (1) (16,197) 6,567 (9,630) 109,065 28,224 137,289 Principal charge-offs (2) (34,794) (22,464) (57,258) (46,351) (18,501) (64,852) Interest charge-offs (9,873) (6,375) (16,248) (12,314) (5,300) (17,614) Recoveries (3) 7,486 4,833 12,319 3,988 1,977 5,965 Allowance at end of period $ 166,361 $ 60,859 $ 227,220 $ 295,204 $ 98,049 $ 393,253 Average total customer portfolio balance $ 998,226 $ 172,812 $ 1,171,038 $ 1,333,197 $ 224,565 $ 1,557,762 (1) Includes provision for uncollectible interest, which is included in finance charges and other revenues, and changes in expected future recoveries. (2) Charge-offs include the principal amount of losses (excluding accrued and unpaid interest). Recoveries include the principal amount collected during the period for previously charged-off balances. Net charge-offs are calculated as the net of principal charge-offs and recoveries. (3) Recoveries include the principal amount collected during the period for previously charged-off balances. We manage our customer accounts receivable portfolio using delinquency as a key credit quality indicator. The following table presents the delinquency distribution of the carrying value of customer accounts receivable by year of origination. The information is presented as of April 30, 2021: (in thousands) Delinquency Bucket 2021 2020 2019 2018 Prior Total % of Total Current $ 198,422 $ 368,674 $ 201,658 $ 48,515 $ 5,754 $ 823,023 76.6 % 1-30 11,585 49,552 46,673 16,936 2,933 127,679 11.9 % 31-60 2,103 8,715 9,648 4,227 1,051 25,744 2.4 % 61-90 1,132 7,070 7,338 3,126 794 19,460 1.8 % 91+ — 28,391 31,865 13,855 3,835 77,946 7.3 % Total $ 213,242 $ 462,402 $ 297,182 $ 86,659 $ 14,367 $ 1,073,852 100.0 %

Charges and Credits

Charges and Credits	3 Months Ended
	Apr. 30, 2021
Charges and Credits [Abstract]
Charges and Credits	Charges and Credits Charges and credits consisted of the following: Three Months Ended (in thousands) 2021 2020 Professional fees $ — $ 2,055 Total charges and credits $ — $ 2,055 During the three months ended April 30, 2020, we recognized $2.1 million in professional fees associated with non-recurring expenses related to fiscal year 2020.

Finance Charges and Other Reven

Finance Charges and Other Revenue	3 Months Ended
	Apr. 30, 2021
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 (in thousands) 2021 2020 Interest income and fees $ 67,679 $ 81,843 Insurance income 4,518 4,752 Other revenues 209 235 Total finance charges and other revenues $ 72,406 $ 86,830 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.

Debt and Financing Lease Obliga

Debt and Financing Lease Obligations	3 Months Ended
	Apr. 30, 2021
Debt Disclosure [Abstract]
Debt and Financing Lease Obligations	Debt and Financing Lease Obligations Debt and financing lease obligations consisted of the following: (in thousands) April 30, January 31, Revolving Credit Facility $ 146,500 $ 52,000 Senior Notes — 141,172 2019-A VIE Asset-backed Class A Notes 11,620 19,521 2019-A VIE Asset-backed Class B Notes 14,923 25,069 2019-A VIE Asset-backed Class C Notes 14,407 24,202 2019-B VIE Asset-backed Class A Notes — 17,860 2019-B VIE Asset-backed Class B Notes 57,420 85,540 2019-B VIE Asset-backed Class C Notes 83,270 83,270 2020-A VIE Asset-backed Class A Notes 32,645 93,326 2020-A VIE Asset-backed Class B Notes 65,200 65,200 2020-A VIE Asset-backed Class C Notes 62,900 — Financing lease obligations 5,878 6,072 Total debt and financing lease obligations 494,763 613,232 Less: Discount on debt — (524) Deferred debt issuance costs (1,810) (3,139) Current maturities of long-term debt and financing lease obligations (898) (934) Long-term debt and financing lease obligations $ 492,055 $ 608,635 Senior Notes. On July 1, 2014, we issued an aggregate principal amount of $250.0 million in unsecured 7.25% Senior Notes due 2022, (the “Senior Notes”) pursuant to an indenture dated July 1, 2014 (as amended, the “Indenture”), among Conn’s, Inc., its subsidiary guarantors (the “Guarantors”) and U.S. Bank National Association, as trustee. On April 15, 2021 we completed the redemption of all of our outstanding Senior Notes in an aggregate principal amount of $141.2 million. Asset-backed Notes. From time to time, we securitize customer accounts receivables by transferring the receivables to various bankruptcy-remote VIEs. In turn, the VIEs issue asset-backed notes secured by the transferred customer accounts receivables and restricted cash held by the VIEs. Under the terms of the securitization transactions, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of issued notes, and then to us as the holder of non-issued notes, if any, and residual equity. We retain the servicing of the securitized portfolios and receive a monthly fee of 4.75% (annualized) based on the outstanding balance of the securitized receivables. In addition, we, rather than the VIEs, retain all credit insurance income together with certain recoveries related to credit insurance and RSAs on charge-offs of the securitized receivables, which are reflected as a reduction to net charge-offs on a consolidated basis. The asset-backed notes were offered and sold to qualified institutional buyers pursuant to the exemptions from registration provided by Rule 144A under the Securities Act of 1933. If an event of default were to occur under the indenture that governs the respective asset-backed notes, the payment of the outstanding amounts may be accelerated, in which event the cash proceeds of the receivables that otherwise might be released to the residual equity holder would instead be directed entirely toward repayment of the asset-backed notes, or if the receivables are liquidated, all liquidation proceeds could be directed solely to repayment of the asset-backed notes as governed by the respective terms of the asset-backed notes. The holders of the asset-backed notes have no recourse to assets outside of the VIEs. Events of default include, but are not limited to, failure to make required payments on the asset-backed notes or specified bankruptcy-related events. The asset-backed notes outstanding as of April 30, 2021 consisted of the following: (dollars in thousands) Asset-Backed Notes Original Principal Amount Original Net Proceeds (1) Current Principal Amount Issuance Date Maturity Date Contractual Interest Rate Effective Interest Rate (2) 2019-A Class A Notes $ 254,530 $ 253,026 $ 11,620 4/24/2019 10/16/2023 3.40% 4.84% 2019-A Class B Notes 64,750 64,276 14,923 4/24/2019 10/16/2023 4.36% 5.29% 2019-A Class C Notes 62,510 61,898 14,407 4/24/2019 10/16/2023 5.29% 6.32% 2019-B Class B Notes 85,540 84,916 57,420 11/26/2019 6/17/2024 3.62% 4.60% 2019-B Class C Notes 83,270 82,456 83,270 11/26/2019 6/17/2024 4.60% 5.21% 2020-A Class A Notes 174,900 173,716 32,645 10/16/2020 6/16/2025 1.71% 4.55% 2020-A Class B Notes 65,200 64,754 65,200 10/16/2020 6/16/2025 4.27% 5.49% 2020-A Class C Notes 62,900 62,535 62,900 2/24/2021 6/16/2025 4.20% 5.51% Total $ 853,600 $ 847,577 $ 342,385 (1) After giving effect to debt issuance costs. (2) For the three months ended April 30, 2021, and inclusive of the impact of changes in timing of actual and expected cash flows. On February 24, 2021, the Company completed the sale of $62.9 million aggregate principal amount of 4.20% Asset Backed Notes, Class C, Series 2020-A, which were previously issued and held by the Company. The asset-backed notes are secured by the transferred customer accounts receivables and restricted cash held by a consolidated VIE, which resulted in net proceeds to us of $62.5 million, net of debt issuance costs. Net proceeds from the sale were used to repay amounts outstanding under the Company’s Revolving Credit Facility. On May 12, 2021, the Company completed the redemption of the 2019-A Asset Backed Notes at an aggregate redemption price of $41.1 million (which was equal to the entire outstanding principal balance plus accrued interest). See Note 9. Subsequent Events , for details. Revolving Credit Facility. On March 29, 2021, Conn’s, Inc. and certain of its subsidiaries (the “Borrowers”) entered into the Fifth Amended and Restated Loan and Security Agreement (the “Fifth Amended and Restated Loan Agreement”), with certain lenders, which provides for a $650.0 million asset-based revolving credit facility (as amended, the “Revolving Credit Facility”) under which credit availability is subject to a borrowing base and a maturity date of March 29, 2025. The Fifth Amended and Restated Loan Agreement, among other things, permits borrowings under the Letter of Credit Subline (as defined in the Fifth Amended and Restated Loan Agreement) that exceed the cap of $40 million to $100 million, solely at the discretion of the lenders for such amounts in excess of $40 million. The obligations under the Revolving Credit Facility are secured by substantially all assets of the Company, excluding the assets of the VIEs. As of April 30, 2021, we had immediately available borrowing capacity of $290.4 million under our Revolving Credit Facility, net of standby letters of credit issued of $22.5 million. We also had $190.6 million that may become available under our Revolving Credit Facility were we to grow the balance of eligible customer receivables and total eligible inventory balances. Loans under the Revolving Credit Facility bear interest, at our option, at a rate of LIBOR plus a margin ranging from 2.50% to 3.25% per annum (depending on a pricing grid determined by our total leverage ratio) or the alternate base rate plus a margin ranging from 1.50% to 2.25% per annum (depending on a pricing grid determined by our total leverage ratio). We also pay an unused fee on the portion of the commitments that is available for future borrowings or letters of credit at a rate ranging from 0.25% to 0.50% per annum, depending on the average outstanding balance and letters of credit of the Revolving Credit Facility in the immediately preceding quarter. The weighted-average interest rate on borrowings outstanding and including unused line fees under the Revolving Credit Facility was 9.6% for the three months ended April 30, 2021. The Revolving Credit Facility places restrictions on our ability to incur additional indebtedness, grant liens on assets, make distributions on equity interests, dispose of assets, make loans, pay other indebtedness, engage in mergers, and other matters. The Revolving Credit Facility restricts our ability to make dividends and distributions unless no event of default exists and a liquidity test is satisfied. Subsidiaries of the Company may pay dividends and make distributions to the Company and other obligors under the Revolving Credit Facility without restriction. As of April 30, 2021, we were restricted from making distributions in excess of $180.0 million as a result of the Revolving Credit Facility distribution and payment restrictions. The Revolving Credit Facility contains customary default provisions, which, if triggered, could result in acceleration of all amounts outstanding under the Revolving Credit Facility. Debt Covenants. We were in compliance with our debt covenants at April 30, 2021. A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status at April 30, 2021 is presented below: Actual Required Minimum/ Maximum Interest Coverage Ratio for the quarter must equal or exceed minimum 11.71:1.00 1.00:1.00 Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum 8.12:1.00 1.50:1.00 Leverage Ratio must not exceed maximum 1.26:1.00 4.50:1.00 ABS Excluded Leverage Ratio must not exceed maximum 0.77:1.00 2.50:1.00 Capital Expenditures, net, must not exceed maximum $23.8 million $100.0 million All capitalized terms in the above table are defined in the Revolving Credit Facility and may or may not match directly to the financial statement captions in this document. The covenants are calculated quarterly, except for capital expenditures, which is calculated for a period of four consecutive fiscal quarters, as of the end of each fiscal quarter.

Contingencies

Contingencies	3 Months Ended
	Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Securities Litigation. On May 15, 2020, a putative securities class action lawsuit was filed against us and two of our executive officers in the United States District Court for the Southern District of Texas, captioned Uddin v. Conn’s, Inc., et al., No. 4:20-1705 (“Uddin Action”). On November 16, 2020, the lead plaintiff voluntarily dismissed the action without prejudice. The court entered an order recognizing the dismissal on November 17, 2020. On April 2, 2018, MicroCapital Fund, LP, MicroCapital Fund, Ltd., and MicroCapital LLC (collectively, “MicroCapital”) filed a lawsuit against us and certain of our former executive officers in the U.S. District Court for the Southern District of Texas, Cause No. 4:18-CV-01020 (the “MicroCapital Action”). The plaintiffs in this action allege that the defendants made false and misleading statements or failed to disclose material facts about our credit and underwriting practices, accounting and internal controls. Plaintiffs allege violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, Texas and Connecticut common law fraud, and Texas common law negligent misrepresentation against all defendants; as well as violations of section 20A of the Securities Exchange Act of 1934; and Connecticut common law negligent misrepresentation against certain defendants arising from plaintiffs’ purchase of Conn’s, Inc. securities between April 3, 2013 and February 20, 2014. The complaint does not specify the amount of damages sought. The Court previously stayed the MicroCapital Action pending resolution of other outstanding litigation (In re Conn’s Inc. Sec. Litig., Cause No. 14-CV-00548 (S.D. Tex.) (the “Consolidated Securities Action”)), which was settled in October 2018. After that settlement, the stay was lifted, and the defendants filed a motion to dismiss plaintiff’s complaint in the MicroCapital Action on November 6, 2018. On July 26, 2019, the magistrate judge issued a report recommending that defendants’ motion to dismiss the complaint be granted in part and denied in part. On September 25, 2019, the district court adopted the magistrate judge’s report, which permitted MicroCapital to file an amended complaint, which MicroCapital filed on October 30, 2019. Defendants filed their answer to the amended complaint on November 27, 2019. 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 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 (S.D. Tex.) (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 (S.D. Tex.), which was 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. On May 29, 2019, the magistrate judge issued a report, 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 November 1, 2019, the magistrate judge heard argument on the motion to dismiss and postponed certain deadlines. Adopting the report and recommendation issued by the magistrate judge on July 22, 2020, the district court entered an order on September 25, 2020 denying defendant’s motion on the breach of fiduciary duty claims and granting defendants’ motion on the insider trading claims. The district court also allowed plaintiff leave to amend to add 95250 Canada LTEE, which had been omitted from the amended complaint, as a party to the case. Plaintiffs filed a corrected amended complaint on October 21, 2020 in accordance with the district court’s order. 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. This case is stayed until at least July 15, 2021. 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, this case has been abated pending the resolution of related cases. At a hearing on October 2, 2020, the court took under advisement whether the abatement should continue pending further developments in the Original Derivative Action. 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. We are involved in other routine litigation and claims, incidental to our business from time to time which, individually or in the aggregate, are not expected to have a material adverse effect on us. As required, we accrue estimates of the probable costs for the resolution of these matters. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. However, the results of these proceedings cannot be predicted with certainty, and changes in facts and circumstances could impact our estimate of reserves for litigation. The Company believes that any probable and reasonably estimable loss associated with the foregoing has been adequately reflected in the accompanying financial statements.

Variable Interest Entity

Variable Interest Entity	3 Months Ended
	Apr. 30, 2021
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) April 30, January 31, Assets: Restricted cash $ 49,597 $ 48,622 Due from Conn’s, Inc., net 566 (5,661) Customer accounts receivable: Customer accounts receivable 365,040 509,574 Restructured accounts 92,556 105,395 Allowance for uncollectible accounts (118,454) (159,849) Allowance for no-interest option credit programs (2,566) (5,502) Deferred fees and origination costs (3,717) (5,503) Total customer accounts receivable, net 332,859 444,115 Total assets $ 383,022 $ 487,076 Liabilities: Accrued expenses $ 2,771 $ 3,707 Other liabilities 3,433 4,459 Long-term debt: 2019-A Class A Notes 11,620 19,521 2019-A Class B Notes 14,923 25,069 2019-A Class C Notes 14,407 24,202 2019-B Class A Notes — 17,860 2019-B Class B Notes 57,420 85,540 2019-B Class C Notes 83,270 83,270 2020-A Class A Notes 32,645 93,326 2020-A Class B Notes 65,200 65,200 2020-A Class C Notes 62,900 — 342,385 413,988 Less: deferred debt issuance costs (1,810) (2,437) Total debt 340,575 411,551 Total liabilities $ 346,779 $ 419,717

Segment Information

Segment Information	3 Months Ended
	Apr. 30, 2021
Segment Reporting [Abstract]
Segment Information	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 April 30, 2021, we operated retail stores in 15 states with no operations outside of the United States. No single customer accounts for more than 10% of our total revenues. Financial information by segment is presented in the following tables: Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 94,491 $ — $ 94,491 $ 68,893 $ — $ 68,893 Home appliance 113,261 — 113,261 81,285 — 81,285 Consumer electronics 38,038 — 38,038 35,776 — 35,776 Home office 14,521 — 14,521 17,366 — 17,366 Other 8,900 — 8,900 3,878 — 3,878 Product sales 269,211 — 269,211 207,198 — 207,198 Repair service agreement commissions 19,131 — 19,131 20,101 — 20,101 Service revenues 2,954 — 2,954 3,031 — 3,031 Total net sales 291,296 — 291,296 230,330 — 230,330 Finance charges and other revenues 209 72,197 72,406 235 86,595 86,830 Total revenues 291,505 72,197 363,702 230,565 86,595 317,160 Costs and expenses: Cost of goods sold 184,879 — 184,879 147,014 — 147,014 Selling, general and administrative expense (1) 90,893 35,156 126,049 78,174 34,833 113,007 Provision for bad debts 18 (17,154) (17,136) 168 117,158 117,326 Charges and credits — — — — 2,055 2,055 Total costs and expenses 275,790 18,002 293,792 225,356 154,046 379,402 Operating income (loss) 15,715 54,195 69,910 5,209 (67,451) (62,242) Interest expense — 9,204 9,204 — 14,993 14,993 Loss on extinguishment of debt — 1,218 1,218 — — — Income (loss) before income taxes $ 15,715 $ 43,773 $ 59,488 $ 5,209 $ (82,444) $ (77,235) April 30, 2021 April 30, 2020 (in thousands) Retail Credit Total Retail Credit Total Total assets $ 631,996 $ 1,050,166 $ 1,682,162 $ 607,210 $ 1,630,076 $ 2,237,286 (1) For the three months ended April 30, 2021 and 2020, the amount of corporate overhead allocated to each segment reflected in SG&A was $9.1 million and $7.3 million, respectively. For the three months ended April 30, 2021 and 2020, the amount of reimbursement made to the retail segment by the credit segment was $7.3 million and $9.8 million, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventRedemption of 2019-A Notes. On May 12, 2021, the Company completed the redemption of the 2019-A Asset Backed Notes at an aggregate redemption price of $41.1 million (which was equal to the entire outstanding principal balance plus accrued interest). We funded the redemption with cash on hand and borrowings under our Revolving Credit Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2021
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, 2021 has been derived from the audited financial statements at that date. The financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on March 31, 2021.
Fiscal Year	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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents. As of April 30, 2021 and January 31, 2021, cash and cash equivalents included cash and credit card deposits in transit. Credit card deposits in transit included in cash and cash equivalents were $4.9 million and $7.9 million as of April 30, 2021 and January 31, 2021, 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. Expected lifetime losses on customer accounts receivable are recognized upon origination through an allowance for credit losses account that is deducted from the customer account receivable balance and presented net. Customer accounts receivable include the net of unamortized deferred fees charged to customers and origination costs. Customer receivables are considered delinquent if a payment has not been received on the scheduled due date. Accounts that are delinquent more than 209 days as of the end of a month are charged-off against the allowance for doubtful accounts along with interest accrued subsequent to the last payment. In an effort to mitigate losses on our accounts receivable, we may make loan modifications to a borrower experiencing financial difficulty. The loan modifications are intended to maximize net cash flow after expenses and avoid the need to exercise legal remedies available to us. We may extend or “re-age” a portion of our customer accounts, which involves modifying the payment terms to defer a portion of the cash payments due. Our re-aging of customer accounts does not change the interest rate or the total principal amount due from the customer and typically does not reduce the monthly contractual payments. To a much lesser extent, we may provide the customer the ability to refinance their account, which typically does not change the interest rate or the total principal amount due from the customer but does reduce the monthly contractual payments and extend the term. We consider accounts that have been re-aged in excess of three months or refinanced as Troubled Debt Restructurings (“TDR” or “Restructured Accounts”).
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 April 30, 2021 and January 31, 2021, there was $8.5 million and $8.9 million, respectively, of deferred interest included in deferred revenues and other credits and other long-term liabilities. The deferred interest will ultimately be brought into income as the accounts pay off or charge-off. We offer a 12-month no-interest option program. If the customer is delinquent in making a scheduled monthly payment or does not repay the principal in full by the end of the no-interest option program period (grace periods are provided), the account does not qualify for the no-interest provision and none of the interest earned is waived. Interest income is recognized based on estimated accrued interest earned to date on all no-interest option finance programs with an offsetting reserve for those customers expected to satisfy the requirements of the program based on our historical experience. We recognize interest income on TDR accounts using the interest income method, which requires reporting interest income equal to the increase in the net carrying amount of the loan attributable to the passage of time. Cash proceeds and other adjustments are applied to the net carrying amount such that it equals the present value of expected future cash flows. We place accounts in non-accrual status when legally required. Payments received on non-accrual loans are applied to principal and reduce the balance of the loan. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable in non-accrual status was $6.9 million and $8.5 million, respectively. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable that were past due 90 days or more and still accruing interest totaled $75.7 million and $111.5 million, respectively. At April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable in a bankruptcy status that were less than 60 days past due of $4.1 million and $5.2 million, respectively, were included within the customer receivables balance carried in non-accrual status.
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts	Allowance for Doubtful Accounts. The determination of the amount of the allowance for credit losses is, by nature, highly complex and subjective. Future events that are inherently uncertain could result in material changes to the level of the allowance for credit losses. General economic conditions, changes to state or federal regulations and a variety of other factors that affect the ability of borrowers to service their debts or our ability to collect will impact the future performance of the portfolio. We establish an allowance for credit losses, including estimated uncollectible interest, to cover expected credit losses on our customer accounts receivable resulting from the failure of customers to make contractual payments. Our customer accounts receivable portfolio balance consists of a large number of relatively small, homogeneous accounts. None of our accounts are large enough to warrant individual evaluation for impairment. The allowance for credit losses is measured on a collective (pool) basis where similar risk characteristics exist. The allowance for credit losses is determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. We use a risk-based, pool-level segmentation framework to calculate the expected loss rate. This framework is based on our historical gross charge-off history. In addition to adjusted historical gross charge-off rates, estimates of post-charge-off recoveries, including cash payments from customers, sales tax recoveries from taxing jurisdictions, and payments received under credit insurance and repair service agreement (“RSA”) policies are also considered. We also consider forward-looking economic forecasts based on a statistical analysis of economic factors (specifically, forecast of unemployment rates over the reasonable and supportable forecasting period). To the extent that situations and trends arise which are not captured in our model, management will layer on additional qualitative adjustments. Pursuant to ASC 326 requirements, the Company uses a 24-month reasonable and supportable forecast period for the customer accounts receivable portfolio. We estimate losses beyond the 24-month forecast period based on historic loss rates experienced over the life of our historic loan portfolio by loan pool type. We revisit our measurement methodology and assumption annually, or more frequently if circumstances warrant.
Debt Issuance Costs and Loss on Extinguishment of Debt	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 $6.3 million and $3.5 million as of April 30, 2021 and January 31, 2021, respectively.
Income Taxes	Income Taxes. For the three months ended April 30, 2021 and 2020, we utilized the estimated annual effective tax rate based on our estimated fiscal year 2022 and 2021 pre-tax income, respectively, in determining income tax expense. Provision for income taxes for interim periods is based on an estimated annual income tax rate, adjusted for discrete tax items. As a result, our interim effective tax rates may vary significantly from the statutory tax rate and the annual effective tax rate.
Share-based Compensation	Stock-based Compensation. During the three months ended April 30, 2021, the Company granted performance stock awards (“PSUs”) and restricted stock awards (“RSUs”). The awards had a combined aggregate grant date fair value of $8.3 million. The PSUs will vest in fiscal year 2025, if at all, upon certification by the Compensation Committee of the Board of Directors of satisfaction of certain total stockholder return performance conditions over the three fiscal years commencing with fiscal year 2022. The RSUs will vest ratably, over periods of three years to four years from the date of grant. Stock-based compensation expense is recorded, net of actual forfeitures, for share-based compensation awards over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, expense is recognized based on the grant-date fair value. For stock option grants, we use the Black-Scholes model to determine fair value. For grants of restricted stock units, the fair value of the grant is the market value of our stock at the date of issuance. For grants of performance-based restricted stock units, the fair value is the market value of our stock at the date of issuance adjusted for the market condition using a Monte Carlo model. The following table sets forth the RSUs and PSUs granted during the three months ended April 30, 2021 and 2020: Three Months Ended 2021 2020 RSUs (1) 340,644 520,421 PSUs (2) 152,349 270,828 Total stock awards granted 492,993 791,249 Aggregate grant date fair value (in thousands) $ 8,288 $ 7,207 (1) The RSUs issued during the three months ended April 30, 2021 and 2020 are scheduled to vest ratably over periods of three years to four years from the date of grant. (2) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2021 included expected volatility of 83.0%, an expected term of 3 years and risk-free interest rate of 0.17%. No dividend yield was included in the weighted-average assumptions for the PSUs granted during the three months ended April 30, 2021. The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted average assumptions for the PSUs granted during the three months ended April 30, 2020. For the three months ended April 30, 2021 and 2020, stock-based compensation expense was $2.0 million and $2.4 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 2021 2020 Weighted-average common shares outstanding - Basic 29,324,052 28,822,396 Dilutive effect of stock options, PSUs and RSUs 557,355 — Weighted-average common shares outstanding - Diluted 29,881,407 28,822,396 For the three months ended April 30, 2021 and 2020, the weighted average number of stock options, RSUs and PSUs not included in the calculation due to their anti-dilutive effect, was 1,033,650 and 1,832,902, respectively.
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 instruments. The fair value of customer accounts receivable, determined using a Level 3 discounted cash flow analysis, approximates their carrying value, net of the allowance for doubtful accounts. The fair value of our Revolving Credit Facility approximates carrying value based on the current borrowing rate for similar types of borrowing arrangements. At April 30, 2021, the fair value of the asset backed notes was $344.2 million as compared to the carrying value of $342.4 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 three months ended April 30, 2021, we recognized $4.7 million of revenue for customer deposits deferred as of January 31, 2021. During the three months ended April 30, 2021, we recognized $0.9 million of revenue for RSA administrative fees deferred as of January 31, 2021.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Yet To Be Adopted	Recent Accounting Pronouncements Adopted. Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, I ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes , an update intended to simplify various aspects related to accounting for income taxes. This guidance removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This accounting standards update became effective for us in the first quarter of fiscal year 2022. The adoption did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements Yet to Be Adopted. Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , an update that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, to clarify the scope of the guidance and reduce potential diversity in practice. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These accounting standard updates were effective upon issuance, with adoption permitted through December 31, 2022. We expect to adopt ASC 2020-04 and ASC 2021-01 upon transition from LIBOR, prior to December 31, 2022. We do not expect the adoption to have a material impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Apr. 30, 2021
Accounting Policies [Abstract]
RSUs, PSUs and stock options granted during the period	The following table sets forth the RSUs and PSUs granted during the three months ended April 30, 2021 and 2020: Three Months Ended 2021 2020 RSUs (1) 340,644 520,421 PSUs (2) 152,349 270,828 Total stock awards granted 492,993 791,249 Aggregate grant date fair value (in thousands) $ 8,288 $ 7,207 (1) The RSUs issued during the three months ended April 30, 2021 and 2020 are scheduled to vest ratably over periods of three years to four years from the date of grant. (2) The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2021 included expected volatility of 83.0%, an expected term of 3 years and risk-free interest rate of 0.17%. No dividend yield was included in the weighted-average assumptions for the PSUs granted during the three months ended April 30, 2021. The weighted-average assumptions used in the Monte Carlo model for the PSUs granted during the three months ended April 30, 2020 included expected volatility of 60.0%, an expected term of 3 years and risk-free interest rate of 1.42%. No dividend yield was included in the weighted average assumptions for the PSUs granted during the three months ended April 30, 2020.
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 2021 2020 Weighted-average common shares outstanding - Basic 29,324,052 28,822,396 Dilutive effect of stock options, PSUs and RSUs 557,355 — Weighted-average common shares outstanding - Diluted 29,881,407 28,822,396

Customer Accounts Receivable (T

Customer Accounts Receivable (Tables)	3 Months Ended
	Apr. 30, 2021
Receivables [Abstract]
Allowance for doubtful accounts and uncollectible interest for customer receivables	Customer accounts receivable consisted of the following: (in thousands) April 30, January 31, Customer accounts receivable (1) $ 1,113,335 $ 1,233,717 Deferred fees and origination costs, net (13,115) (14,212) Allowance for no-interest option credit programs (11,450) (11,985) Allowance for uncollectible interest (14,918) (21,427) Carrying value of customer accounts receivable 1,073,852 1,186,093 Allowance for credit losses (2) (212,302) (276,610) Carrying value of customer accounts receivable, net of allowance for credit losses 861,550 909,483 Short-term portion of customer accounts receivable, net (457,215) (478,734) Long-term customer accounts receivable, net $ 404,335 $ 430,749 Carrying Value (in thousands) April 30, January 31, Customer accounts receivable 60+ days past due (3) $ 97,406 $ 146,820 Re-aged customer accounts receivable (4) 255,680 306,845 Restructured customer accounts receivable (5) 151,027 178,374 (1) As of April 30, 2021 and January 31, 2021, the customer accounts receivable balance included $22.4 million and $31.1 million, respectively, in interest receivable. Net of the allowance for uncollectible interest, interest receivable outstanding as of April 30, 2021 and January 31, 2021 was $7.5 million and $9.7 million, respectively. (2) Our current methodology to estimate expected credit losses utilized macroeconomic forecasts as of April 30, 2021 and January 31, 2021, which incorporated the continued estimated impact of the global COVID-19 outbreak on the U.S. economy. Our forecast utilized economic projections from a major rating service reflecting a decrease in unemployment rates. (3) As of April 30, 2021 and January 31, 2021, the carrying value of customer accounts receivable past due one day or greater was $250.8 million and $340.8 million, respectively. These amounts include the 60+ days past due balances shown above. (4) The re-aged carrying value as of April 30, 2021 and January 31, 2021 includes $53.1 million and $88.0 million, respectively, in carrying value that are both 60+ days past due and re-aged.
Schedule of allowance for credit losses	The allowance for credit losses included in the current and long-term portion of customer accounts receivable, net as shown in the Condensed Consolidated Balance Sheet were as follows: (in thousands) April 30, 2021 January 31, 2021 Customer accounts receivable - current $ 589,326 $ 643,903 Allowance for credit losses for customer accounts receivable - current (132,111) (165,169) Customer accounts receivable, net of allowances 457,215 478,734 Customer accounts receivable - non current 499,444 563,617 Allowance for credit losses for customer accounts receivable - non current (95,109) (132,868) Long-term portion of customer accounts receivable, net of allowances 404,335 430,749 Total customer accounts receivable, net $ 861,550 $ 909,483
Activity in the allowance for doubtful accounts and uncollectible interest for customer receivables	The following presents the activity in our allowance for credit losses and uncollectible interest for customer receivables: Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 (in thousands) Customer Customer Allowance at beginning of period, prior to adoption of ASC 326 $ 219,739 $ 78,298 $ 298,037 $ 145,680 $ 88,123 $ 233,803 Impact of adoption ASC 326 — — — 95,136 3,526 98,662 Provision for credit loss expense (1) (16,197) 6,567 (9,630) 109,065 28,224 137,289 Principal charge-offs (2) (34,794) (22,464) (57,258) (46,351) (18,501) (64,852) Interest charge-offs (9,873) (6,375) (16,248) (12,314) (5,300) (17,614) Recoveries (3) 7,486 4,833 12,319 3,988 1,977 5,965 Allowance at end of period $ 166,361 $ 60,859 $ 227,220 $ 295,204 $ 98,049 $ 393,253 Average total customer portfolio balance $ 998,226 $ 172,812 $ 1,171,038 $ 1,333,197 $ 224,565 $ 1,557,762 (1) Includes provision for uncollectible interest, which is included in finance charges and other revenues, and changes in expected future recoveries. (2) Charge-offs include the principal amount of losses (excluding accrued and unpaid interest). Recoveries include the principal amount collected during the period for previously charged-off balances. Net charge-offs are calculated as the net of principal charge-offs and recoveries. (3) Recoveries include the principal amount collected during the period for previously charged-off balances.
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 presented as of April 30, 2021: (in thousands) Delinquency Bucket 2021 2020 2019 2018 Prior Total % of Total Current $ 198,422 $ 368,674 $ 201,658 $ 48,515 $ 5,754 $ 823,023 76.6 % 1-30 11,585 49,552 46,673 16,936 2,933 127,679 11.9 % 31-60 2,103 8,715 9,648 4,227 1,051 25,744 2.4 % 61-90 1,132 7,070 7,338 3,126 794 19,460 1.8 % 91+ — 28,391 31,865 13,855 3,835 77,946 7.3 % Total $ 213,242 $ 462,402 $ 297,182 $ 86,659 $ 14,367 $ 1,073,852 100.0 %

Charges and Credits (Tables)

Charges and Credits (Tables)	3 Months Ended
	Apr. 30, 2021
Charges and Credits [Abstract]
Schedule of Charges and Credits	Charges and credits consisted of the following: Three Months Ended (in thousands) 2021 2020 Professional fees $ — $ 2,055 Total charges and credits $ — $ 2,055

Finance Charges and Other Rev_2

Finance Charges and Other Revenue (Tables)	3 Months Ended
	Apr. 30, 2021
Supplemental Disclosure of Finance Charges and Other Revenue [Abstract]
Schedule of finance charges and other revenues	Finance charges and other revenues consisted of the following: Three Months Ended (in thousands) 2021 2020 Interest income and fees $ 67,679 $ 81,843 Insurance income 4,518 4,752 Other revenues 209 235 Total finance charges and other revenues $ 72,406 $ 86,830

Debt and Financing Lease Obli_2

Debt and Financing Lease Obligations (Tables)	3 Months Ended
	Apr. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	Debt and financing lease obligations consisted of the following: (in thousands) April 30, January 31, Revolving Credit Facility $ 146,500 $ 52,000 Senior Notes — 141,172 2019-A VIE Asset-backed Class A Notes 11,620 19,521 2019-A VIE Asset-backed Class B Notes 14,923 25,069 2019-A VIE Asset-backed Class C Notes 14,407 24,202 2019-B VIE Asset-backed Class A Notes — 17,860 2019-B VIE Asset-backed Class B Notes 57,420 85,540 2019-B VIE Asset-backed Class C Notes 83,270 83,270 2020-A VIE Asset-backed Class A Notes 32,645 93,326 2020-A VIE Asset-backed Class B Notes 65,200 65,200 2020-A VIE Asset-backed Class C Notes 62,900 — Financing lease obligations 5,878 6,072 Total debt and financing lease obligations 494,763 613,232 Less: Discount on debt — (524) Deferred debt issuance costs (1,810) (3,139) Current maturities of long-term debt and financing lease obligations (898) (934) Long-term debt and financing lease obligations $ 492,055 $ 608,635
Schedule of Asset-backed Notes	The asset-backed notes outstanding as of April 30, 2021 consisted of the following: (dollars in thousands) Asset-Backed Notes Original Principal Amount Original Net Proceeds (1) Current Principal Amount Issuance Date Maturity Date Contractual Interest Rate Effective Interest Rate (2) 2019-A Class A Notes $ 254,530 $ 253,026 $ 11,620 4/24/2019 10/16/2023 3.40% 4.84% 2019-A Class B Notes 64,750 64,276 14,923 4/24/2019 10/16/2023 4.36% 5.29% 2019-A Class C Notes 62,510 61,898 14,407 4/24/2019 10/16/2023 5.29% 6.32% 2019-B Class B Notes 85,540 84,916 57,420 11/26/2019 6/17/2024 3.62% 4.60% 2019-B Class C Notes 83,270 82,456 83,270 11/26/2019 6/17/2024 4.60% 5.21% 2020-A Class A Notes 174,900 173,716 32,645 10/16/2020 6/16/2025 1.71% 4.55% 2020-A Class B Notes 65,200 64,754 65,200 10/16/2020 6/16/2025 4.27% 5.49% 2020-A Class C Notes 62,900 62,535 62,900 2/24/2021 6/16/2025 4.20% 5.51% Total $ 853,600 $ 847,577 $ 342,385 (1) After giving effect to debt issuance costs.
Covenant Compliance	A summary of the significant financial covenants that govern our Revolving Credit Facility compared to our actual compliance status at April 30, 2021 is presented below: Actual Required Minimum/ Maximum Interest Coverage Ratio for the quarter must equal or exceed minimum 11.71:1.00 1.00:1.00 Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum 8.12:1.00 1.50:1.00 Leverage Ratio must not exceed maximum 1.26:1.00 4.50:1.00 ABS Excluded Leverage Ratio must not exceed maximum 0.77:1.00 2.50:1.00 Capital Expenditures, net, must not exceed maximum $23.8 million $100.0 million

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities held by the VIE	The following table presents the assets and liabilities held by the VIEs (for legal purposes, the assets and liabilities of the VIEs will remain distinct from Conn’s, Inc.): (in thousands) April 30, January 31, Assets: Restricted cash $ 49,597 $ 48,622 Due from Conn’s, Inc., net 566 (5,661) Customer accounts receivable: Customer accounts receivable 365,040 509,574 Restructured accounts 92,556 105,395 Allowance for uncollectible accounts (118,454) (159,849) Allowance for no-interest option credit programs (2,566) (5,502) Deferred fees and origination costs (3,717) (5,503) Total customer accounts receivable, net 332,859 444,115 Total assets $ 383,022 $ 487,076 Liabilities: Accrued expenses $ 2,771 $ 3,707 Other liabilities 3,433 4,459 Long-term debt: 2019-A Class A Notes 11,620 19,521 2019-A Class B Notes 14,923 25,069 2019-A Class C Notes 14,407 24,202 2019-B Class A Notes — 17,860 2019-B Class B Notes 57,420 85,540 2019-B Class C Notes 83,270 83,270 2020-A Class A Notes 32,645 93,326 2020-A Class B Notes 65,200 65,200 2020-A Class C Notes 62,900 — 342,385 413,988 Less: deferred debt issuance costs (1,810) (2,437) Total debt 340,575 411,551 Total liabilities $ 346,779 $ 419,717

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 30, 2021
Segment Reporting [Abstract]
Financial information by segment	Financial information by segment is presented in the following tables: Three Months Ended April 30, 2021 Three Months Ended April 30, 2020 (in thousands) Retail Credit Total Retail Credit Total Revenues: Furniture and mattress $ 94,491 $ — $ 94,491 $ 68,893 $ — $ 68,893 Home appliance 113,261 — 113,261 81,285 — 81,285 Consumer electronics 38,038 — 38,038 35,776 — 35,776 Home office 14,521 — 14,521 17,366 — 17,366 Other 8,900 — 8,900 3,878 — 3,878 Product sales 269,211 — 269,211 207,198 — 207,198 Repair service agreement commissions 19,131 — 19,131 20,101 — 20,101 Service revenues 2,954 — 2,954 3,031 — 3,031 Total net sales 291,296 — 291,296 230,330 — 230,330 Finance charges and other revenues 209 72,197 72,406 235 86,595 86,830 Total revenues 291,505 72,197 363,702 230,565 86,595 317,160 Costs and expenses: Cost of goods sold 184,879 — 184,879 147,014 — 147,014 Selling, general and administrative expense (1) 90,893 35,156 126,049 78,174 34,833 113,007 Provision for bad debts 18 (17,154) (17,136) 168 117,158 117,326 Charges and credits — — — — 2,055 2,055 Total costs and expenses 275,790 18,002 293,792 225,356 154,046 379,402 Operating income (loss) 15,715 54,195 69,910 5,209 (67,451) (62,242) Interest expense — 9,204 9,204 — 14,993 14,993 Loss on extinguishment of debt — 1,218 1,218 — — — Income (loss) before income taxes $ 15,715 $ 43,773 $ 59,488 $ 5,209 $ (82,444) $ (77,235) April 30, 2021 April 30, 2020 (in thousands) Retail Credit Total Retail Credit Total Total assets $ 631,996 $ 1,050,166 $ 1,682,162 $ 607,210 $ 1,630,076 $ 2,237,286 (1) For the three months ended April 30, 2021 and 2020, the amount of corporate overhead allocated to each segment reflected in SG&A was $9.1 million and $7.3 million, respectively. For the three months ended April 30, 2021 and 2020, the amount of reimbursement made to the retail segment by the credit segment was $7.3 million and $9.8 million, respectively.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2021USD ($)segment	Apr. 30, 2020USD ($)	Apr. 15, 2021USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)
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			$ 7,900
Restricted cash	51,647			50,557
Receivables [Abstract]
Customer receivables which were current prior to receiving a COVID-19 related deferment	44,500			65,200
Interest Income on Customer Accounts Receivable
Deferred revenue	8,500			8,900
Nonaccrual status	6,900			8,500
90 days past due and still accruing	75,700			111,500
Financing Receivable, Not Past Due	4,100			5,200
Debt Issuance Costs
Deferred debt issuance costs	$ 1,810			3,139
Income Taxes
Effective tax rate	23.70%	27.20%
Fair Value of Financial Instruments
Long-term Debt	$ 342,385
Gain (Loss) on Extinguishment of Debt	1,218	$ 0
Long-term customer accounts receivable, net	404,335			430,749
Deferred income taxes	0			9,448
Accounts Receivable, Allowance for Credit Loss	227,220	393,253		298,037	$ 233,803
Financing Receivable, Not Past Due	4,100			5,200
Restructured Accounts [Member]
Fair Value of Financial Instruments
Accounts Receivable, Allowance for Credit Loss	60,859	$ 98,049		78,298	$ 88,123
Customer Deposits [Member]
Fair Value of Financial Instruments
Deferred revenue, revenue recognized	4,700
RSA Administration Fees [Member]
Fair Value of Financial Instruments
Deferred revenue, revenue recognized	900
Secured Debt [Member]
Fair Value of Financial Instruments
Debt fair value	344,200
Revolving Credit Facility [Member]
Fair Value of Financial Instruments
Gain (Loss) on Extinguishment of Debt	200
Revolving Credit Facility [Member]
Debt Issuance Costs
Deferred debt issuance costs	6,300			3,500
Securitized Receivables Servicer [Member]
Cash and Cash Equivalents and Restricted Cash
Restricted cash	7,000			7,000
Collateral Held by VIE [Member]
Cash and Cash Equivalents and Restricted Cash
Restricted cash	42,600			41,600
Senior Notes [Member]
Fair Value of Financial Instruments
Long-term Debt	0			$ 141,172
Gain (Loss) on Extinguishment of Debt	1,000
Debt Instrument, Repurchase Amount			$ 141,200
Secured Debt [Member]
Fair Value of Financial Instruments
Long-term Debt	$ 342,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock awards granted (in shares)	492,993	791,249
Aggregate grant date fair value	$ 8,288	$ 7,207
Dividend yield	0.00%
Stock-based compensation expense	$ 2,039	$ 2,430
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
(RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs (in shares)	340,644	520,421
(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)	152,349	270,828
Expected volatility rate	83.00%	60.00%
Expected term	3 years	3 years
Risk free interest rate	0.17%	142.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - Basic (in shares)	29,324,052	28,822,396
Dilutive effect of stock options, RSUs and PSUs (in shares)	557,355	0
Weighted average common shares outstanding - Diluted (in shares)	29,881,407	28,822,396
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)	1,033,650	1,832,902

Customer Accounts Receivable (D

Customer Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Jan. 31, 2021
Quantitative information about the receivables portfolio managed [Abstract]
Customer accounts receivable (1)	$ 1,113,335		$ 1,233,717
Allowance for no-interest option credit programs	11,450		11,985
Allowance for uncollectible interest	14,918		21,427
Carrying value of customer accounts receivable	1,073,852		1,186,093
Allowance for credit losses	(212,302)		(276,610)
Total customer accounts receivable, net	861,550		909,483
Short-term portion of customer accounts receivable, net	(457,215)		(478,734)
Long-term customer accounts receivable, net	404,335		430,749
Customer accounts receivable 60 days past due	97,406		146,820
Re-aged customer accounts receivable	255,680		306,845
Restructured customer accounts receivable	151,027		178,374
Amounts included within past due and reaged accounts	53,100		88,000
Accounts Receivable, Restructured Accounts, Past Due	34,600		57,100
Financing Receivable, Past Due	250,800		340,800
Interest receivable	22,400		31,100
Interest receivable outstanding net of allowance for uncollectible interest	7,500		9,700
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	298,037	$ 233,803
Provision	(9,630)	137,289
Principal charge-offs	(57,258)	(64,852)
Interest charge-offs	(16,248)	(17,614)
Recoveries	12,319	5,965
Allowance at end of period	227,220	393,253
Average total customer portfolio balance	1,171,038	1,557,762
Restructured Accounts [Member]
Quantitative information about the receivables portfolio managed [Abstract]
Deferred fees and origination costs, net	(13,115)		$ (14,212)
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	78,298	88,123
Provision	6,567	28,224
Principal charge-offs	(22,464)	(18,501)
Interest charge-offs	(6,375)	(5,300)
Recoveries	4,833	1,977
Allowance at end of period	60,859	98,049
Average total customer portfolio balance	172,812	224,565
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	219,739	145,680
Provision	(16,197)	109,065
Principal charge-offs	(34,794)	(46,351)
Interest charge-offs	(9,873)	(12,314)
Recoveries	7,486	3,988
Allowance at end of period	166,361	295,204
Average total customer portfolio balance	998,226	1,333,197
Cumulative Effect, Period of Adoption, Adjustment | -76491000
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract]
Allowance at beginning of period, prior to adoption of ASC 326	0
Allowance at end of period		98,662
Cumulative Effect, Period of Adoption, Adjustment | -76491000 | 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	0
Allowance at end of period		3,526
Cumulative Effect, Period of Adoption, Adjustment | -76491000 | 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	$ 0
Allowance at end of period		$ 95,136

Customer Accounts Receivable De

Customer Accounts Receivable Delinquency Bucket (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Jan. 31, 2021
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 213,242
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	462,402
Financing Receivable, Originated Two Years before Latest Fiscal Year	297,182
Financing Receivable, Originated Three Years before Latest Fiscal Year	86,659
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	14,367
Carrying value of customer accounts receivable	$ 1,073,852	$ 1,186,093
Percent of Total Accounts Receivable	100.00%
Current [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 198,422
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	368,674
Financing Receivable, Originated Two Years before Latest Fiscal Year	201,658
Financing Receivable, Originated Three Years before Latest Fiscal Year	48,515
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	5,754
Carrying value of customer accounts receivable	$ 823,023
Percent of Total Accounts Receivable	76.60%
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 11,585
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	49,552
Financing Receivable, Originated Two Years before Latest Fiscal Year	46,673
Financing Receivable, Originated Three Years before Latest Fiscal Year	16,936
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	2,933
Carrying value of customer accounts receivable	$ 127,679
Percent of Total Accounts Receivable	11.90%
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,103
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	8,715
Financing Receivable, Originated Two Years before Latest Fiscal Year	9,648
Financing Receivable, Originated Three Years before Latest Fiscal Year	4,227
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	1,051
Carrying value of customer accounts receivable	$ 25,744
Percent of Total Accounts Receivable	2.40%
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 1,132
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	7,070
Financing Receivable, Originated Two Years before Latest Fiscal Year	7,338
Financing Receivable, Originated Three Years before Latest Fiscal Year	3,126
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	794
Carrying value of customer accounts receivable	$ 19,460
Percent of Total Accounts Receivable	1.80%
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	$ 0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	28,391
Financing Receivable, Originated Two Years before Latest Fiscal Year	31,865
Financing Receivable, Originated Three Years before Latest Fiscal Year	13,855
Financing Receivable, Originated Four or More Years before Latest Fiscal Year	3,835
Carrying value of customer accounts receivable	$ 77,946
Percent of Total Accounts Receivable	7.30%

Customer Accounts Receivable -

Customer Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Jan. 31, 2021
Receivables [Abstract]
Customer accounts receivable - current	$ 589,326	$ 643,903
Allowance for credit losses for customer accounts receivable - current	(132,111)	(165,169)
Customer accounts receivable, net of allowances	457,215	478,734
Customer accounts receivable - non current	499,444	563,617
Allowance for credit losses for customer accounts receivable - non current	(95,109)	(132,868)
Long-term portion of customer accounts receivable, net of allowances	404,335	430,749
Total customer accounts receivable, net	$ 861,550	$ 909,483

Charges and Credits (Details)

Charges and Credits (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Charges and Credits [Abstract]
Charges and credits	$ 0	$ 2,055
Professional Fees, Charges and Credits	$ 0	$ 2,055

Finance Charges and Other Rev_3

Finance Charges and Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Interest income and fees	$ 67,679	$ 81,843
Insurance income	4,518	4,752
Other revenues	209	235
Provisions for uncollectible interest	7,500	20,100
Other Income	72,406	86,830
Financing Receivable [Member]
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Interest income and fees	$ 7,500	$ 9,500

Debt and Financing Lease Obli_3

Debt and Financing Lease Obligations - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 15, 2021	Jan. 31, 2021
Long-term debt [Abstract]
Long-term Debt	$ 342,385
Financing lease obligations	5,878		$ 6,072
Total debt and financing lease obligations	494,763		613,232
Less:
Discount on debt	0		(524)
Deferred debt issuance costs	(1,810)		(3,139)
Current maturities of long-term debt and financing lease obligations	(898)		(934)
Long-term debt and financing lease obligations	492,055		608,635
2019-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term Debt	11,620
2019-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term Debt	14,923
2019-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term Debt	14,407
2019-B VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term Debt	57,420
2019-B VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term Debt	83,270
2020-A VIE Class A Notes
Long-term debt [Abstract]
Long-term Debt	32,645
2020-A VIE Class B Notes
Long-term debt [Abstract]
Long-term Debt	65,200
2020-A VIE Class C Notes
Long-term debt [Abstract]
Long-term Debt	62,900
Senior Notes [Member]
Long-term debt [Abstract]
Long-term Debt	0		141,172
Less:
Debt Instrument, Repurchase Amount		$ 141,200
Secured Debt [Member]
Long-term debt [Abstract]
Long-term Debt	342,400
Secured Debt [Member] | 2019-A VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term Debt	11,620		19,521
Secured Debt [Member] | 2019-A VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term Debt	14,923		25,069
Secured Debt [Member] | 2019-A VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term Debt	14,407		24,202
Secured Debt [Member] | 2019-B VIE Class A Notes [Member]
Long-term debt [Abstract]
Long-term Debt	0		17,860
Secured Debt [Member] | 2019-B VIE Class B Notes [Member]
Long-term debt [Abstract]
Long-term Debt	57,420		85,540
Secured Debt [Member] | 2019-B VIE Class C Notes [Member]
Long-term debt [Abstract]
Long-term Debt	83,270		83,270
Secured Debt [Member] | 2020-A VIE Class A Notes
Long-term debt [Abstract]
Long-term Debt	32,645		93,326
Secured Debt [Member] | 2020-A VIE Class B Notes
Long-term debt [Abstract]
Long-term Debt	65,200		65,200
Secured Debt [Member] | 2020-A VIE Class C Notes
Long-term debt [Abstract]
Long-term Debt	62,900		0
Revolving Credit Facility [Member]
Less:
Deferred debt issuance costs	(6,300)		(3,500)
Revolving Credit Facility [Member] | Line of Credit [Member]
Long-term debt [Abstract]
Long-term Debt	$ 146,500		$ 52,000

Debt and Financing Lease Obli_4

Debt and Financing Lease Obligations - Senior Notes (Details) - USD ($)	Apr. 30, 2021	Apr. 15, 2021	Jul. 01, 2014
Debt Instrument [Line Items]
Original principal amount	$ 853,600,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount		$ 141,200,000
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%
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Restrictions on payment of dividends, amount free from restriction	$ 180,000,000

Debt and Financing Lease Obli_5

Debt and Financing Lease Obligations - Asset Backed Notes (Details) - USD ($) $ in Thousands	Feb. 24, 2021	Oct. 16, 2020	Nov. 26, 2019	Apr. 24, 2019	Apr. 30, 2021
Debt Instrument [Line Items]
Original Principal Amount					$ 853,600
Original Net Proceeds					847,577
Current Principal Amount					342,385
2019-A VIE Class A Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					254,530
Original Net Proceeds				$ 253,026
Current Principal Amount					$ 11,620
Contractual Interest Rate					3.40%
Effective Interest Rate					4.84%
2019-A VIE Class B Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 64,750
Original Net Proceeds				64,276
Current Principal Amount					$ 14,923
Contractual Interest Rate					4.36%
Effective Interest Rate					5.29%
2019-A VIE Class C Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 62,510
Original Net Proceeds				$ 61,898
Current Principal Amount					$ 14,407
Contractual Interest Rate					5.29%
Effective Interest Rate					6.32%
2019-B VIE Class B Notes [Member]
Debt Instrument [Line Items]
Original Principal Amount					$ 85,540
Original Net Proceeds			$ 84,916
Current Principal Amount					$ 57,420
Contractual Interest Rate					3.62%
Effective Interest Rate					4.60%
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					5.21%
2020-A VIE Class A Notes
Debt Instrument [Line Items]
Original Principal Amount					$ 174,900
Original Net Proceeds		$ 173,716
Current Principal Amount					$ 32,645
Contractual Interest Rate					1.71%
Effective Interest Rate					4.55%
2020-A VIE Class B Notes
Debt Instrument [Line Items]
Original Principal Amount					$ 65,200
Original Net Proceeds		$ 64,754
Current Principal Amount					$ 65,200
Contractual Interest Rate					4.27%
Effective Interest Rate					5.49%
2020-A VIE Class C Notes
Debt Instrument [Line Items]
Original Principal Amount	$ 62,900				$ 62,900
Original Net Proceeds	$ 62,535
Current Principal Amount					$ 62,900
Contractual Interest Rate	4.20%				4.20%
Effective Interest Rate					5.51%
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 ($)	Mar. 29, 2021	Apr. 30, 2021
Line of Credit Facility [Line Items]
Original principal amount		$ 853,600,000
Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 40,000,000
Line of Credit Facility, Current Borrowing Capacity	40,000,000
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	100,000,000
Line of Credit Facility, Current Borrowing Capacity	100,000,000
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		9.60%
Debt Instrument, Restrictions on Payment of Dividends, Amount Free from Restriction		$ 180,000,000
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] | Alternate Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	1.50%
Line of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	2.25%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Available borrowing capacity		290,400,000
Sub-facility for letters of credit		22,500,000
Additional borrowing capacity		$ 190,600,000
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	2.50%
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Variable basis spread	3.25%

Debt and Financing Lease Obli_7

Debt and Financing Lease Obligations - Debt Covenants (Details) $ in Millions	3 Months Ended
	Apr. 30, 2021USD ($)
Debt Disclosure [Abstract]
Debt Instrument, Minimum Interest Coverage Ratio	1
Debt Instrument, Minimum Interest Coverage Ratio, Trailing Two Quarters	1.50
Actual
Leverage Ratio must not exceed (maximum)	1.26
ABS Excluded Leverage Ratio must not exceed (maximum)	0.77
Capital Expenditures, net, must not exceed (maximum)	$ 23.8
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
Debt Instrument, Actual Interest Coverage Ratio	11.71
Debt Instrument, Actual Interest Coverage Ratio, Trailing Two Quarters	8.12

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2021USD ($)
Variable Interest Entity [Line Items]
Long-term Debt	$ 342,385
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	$ 342,400

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2020	Jan. 31, 2020
Assets:
Restricted cash	$ 51,647	$ 50,557
Customer accounts receivable:
Restructured accounts	151,027	178,374
Allowance for uncollectible accounts	(227,220)	(298,037)	$ (393,253)	$ (233,803)
Allowance for no-interest option credit programs	11,450	11,985
Total customer accounts receivable, net	861,550	909,483
Total assets	1,682,162	1,755,084	$ 2,237,286
Liabilities:
Total debt	342,385
Long-term debt	492,055	608,635
Less: deferred debt issuance costs	(1,810)	(3,139)
Total liabilities	1,078,388	1,197,929
2019-A VIE Class A Notes [Member]
Liabilities:
Total debt	11,620
2019-A VIE Class B Notes [Member]
Liabilities:
Total debt	14,923
2019-A VIE Class C Notes [Member]
Liabilities:
Total debt	14,407
2019-B VIE Class B Notes [Member]
Liabilities:
Total debt	57,420
2019-B VIE Class C Notes [Member]
Liabilities:
Total debt	83,270
Secured Debt [Member]
Liabilities:
Total debt	342,400
Secured Debt [Member] | 2019-A VIE Class A Notes [Member]
Liabilities:
Total debt	11,620	19,521
Secured Debt [Member] | 2019-A VIE Class B Notes [Member]
Liabilities:
Total debt	14,923	25,069
Secured Debt [Member] | 2019-A VIE Class C Notes [Member]
Liabilities:
Total debt	14,407	24,202
Secured Debt [Member] | 2019-B VIE Class A Notes [Member]
Liabilities:
Total debt	0	17,860
Secured Debt [Member] | 2019-B VIE Class B Notes [Member]
Liabilities:
Total debt	57,420	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	49,597	48,622
Due from Conn’s, Inc., net	566	5,661
Customer accounts receivable:
Customer accounts receivable	365,040	509,574
Restructured accounts	92,556	105,395
Allowance for uncollectible accounts	(118,454)	(159,849)
Allowance for no-interest option credit programs	2,566	5,502
Deferred fees and origination costs, net	(3,717)	(5,503)
Total customer accounts receivable, net	332,859	444,115
Total assets	383,022	487,076
Liabilities:
Accrued expenses	2,771	3,707
Other liabilities	3,433	4,459
Total debt	340,575	411,551
Long-term debt	342,385	413,988
Less: deferred debt issuance costs	(1,810)	(2,437)
Total liabilities	$ 346,779	$ 419,717

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2021USD ($)segmentstorestate	Apr. 30, 2020USD ($)	Jan. 31, 2021USD ($)
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	15
Revenues:
Other Income	$ 72,406	$ 86,830
Total revenues	363,702	317,160
Total Net Sales	291,296	230,330
Costs and expenses:
Cost of goods sold	184,879	147,014
Selling, general and administrative expense	126,049	113,007
Provision for bad debts	(17,136)	117,326
Charges and credits	0	2,055
Total costs and expenses	293,792	379,402
Operating income (loss)	69,910	(62,242)
Interest expense	9,204	14,993
Gain (Loss) on Extinguishment of Debt	1,218	0
Income (loss) before income taxes	59,488	(77,235)
Allocation of overhead by operating segments	9,100	7,300
Assets	1,682,162	2,237,286	$ 1,755,084
Intersegment Eliminations [Member]
Revenues:
Total revenues	7,300	9,800
Retail [Member]
Revenues:
Other Income	209	235
Total revenues	291,505	230,565
Total Net Sales	291,296	230,330
Costs and expenses:
Cost of goods sold	184,879	147,014
Selling, general and administrative expense	90,893	78,174
Provision for bad debts	18	168
Charges and credits	0	0
Total costs and expenses	275,790	225,356
Operating income (loss)	15,715	5,209
Interest expense	0	0
Gain (Loss) on Extinguishment of Debt	0	0
Income (loss) before income taxes	15,715	5,209
Assets	631,996	607,210
Credit [Member]
Revenues:
Other Income	72,197	86,595
Total revenues	72,197	86,595
Total Net Sales	0	0
Costs and expenses:
Cost of goods sold	0	0
Selling, general and administrative expense	35,156	34,833
Provision for bad debts	(17,154)	117,158
Charges and credits	0	2,055
Total costs and expenses	18,002	154,046
Operating income (loss)	54,195	(67,451)
Interest expense	9,204	14,993
Gain (Loss) on Extinguishment of Debt	1,218	0
Income (loss) before income taxes	43,773	(82,444)
Assets	1,050,166	1,630,076
Furniture and Mattress [Member]
Revenues:
Total revenues	94,491	68,893
Furniture and Mattress [Member] | Retail [Member]
Revenues:
Total revenues	94,491	68,893
Furniture and Mattress [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Home Appliance [Member]
Revenues:
Total revenues	113,261	81,285
Home Appliance [Member] | Retail [Member]
Revenues:
Total revenues	113,261	81,285
Home Appliance [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Consumer Electronic [Member]
Revenues:
Total revenues	38,038	35,776
Consumer Electronic [Member] | Retail [Member]
Revenues:
Total revenues	38,038	35,776
Consumer Electronic [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Home Office [Member]
Revenues:
Total revenues	14,521	17,366
Home Office [Member] | Retail [Member]
Revenues:
Total revenues	14,521	17,366
Home Office [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Other [Member]
Revenues:
Total revenues	8,900	3,878
Other [Member] | Retail [Member]
Revenues:
Total revenues	8,900	3,878
Other [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Product [Member]
Revenues:
Total revenues	269,211	207,198
Product [Member] | Retail [Member]
Revenues:
Total revenues	269,211	207,198
Product [Member] | Credit [Member]
Revenues:
Total revenues	0	0
RSA Commission [Member]
Revenues:
Total revenues	19,131	20,101
RSA Commission [Member] | Retail [Member]
Revenues:
Total revenues	19,131	20,101
RSA Commission [Member] | Credit [Member]
Revenues:
Total revenues	0	0
Service [Member]
Revenues:
Total revenues	2,954	3,031
Service [Member] | Retail [Member]
Revenues:
Total revenues	2,954	3,031
Service [Member] | Credit [Member]
Revenues:
Total revenues	$ 0	$ 0
Outside of US [Member]
Segment Reporting Information [Line Items]
Number of stores | store	0

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 12, 2021USD ($)
Subsequent Event [Member] | 2019-A VIE Notes | Secured Debt [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchase Amount	$ 41.1