Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Oct. 31, 2013 | Nov. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CONNS INC | ' |
Entity Central Index Key | '0001223389 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 35,994,852 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
CONSOLIDATED_BALANCE_SHEETS_un
CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net, Current | $17,957 | $15,302 |
Current assets | ' | ' |
Cash and cash equivalents | 3,701 | 3,849 |
Customer accounts receivable, net of allowance of $29,736 and $27,617, respectively (includes balance of VIE of $28,553 at January 31, 2013) | 473,795 | 378,050 |
Other accounts receivable, net of allowance of $55 and $55, respectively | 44,648 | 45,759 |
Inventories | 131,732 | 73,685 |
Prepaid expenses and other assets (includes balance of VIE of $4,717 at January 31, 2013) | 7,209 | 11,599 |
Total current assets | 679,042 | 528,244 |
Long-term portion of customer accounts receivable, net of allowance of $24,402 and $22,866, respectively (includes balance of VIE of $23,641 at January 31, 2013) | 400,606 | 313,011 |
Property and equipment | 173,372 | 141,449 |
Less accumulated depreciation | 97,937 | 94,455 |
Property and equipment, net | 75,435 | 46,994 |
Deferred income taxes | 11,298 | 11,579 |
Other assets | 7,983 | 10,029 |
Total assets | 1,174,364 | 909,857 |
Current Liabilities | ' | ' |
Current portion of long-term debt (includes balance of VIE of $32,307 at January 31, 2013) | 527 | 32,526 |
Accounts payable | 106,422 | 69,608 |
Accrued compensation and related expenses | 12,027 | 8,780 |
Accrued expenses | 30,374 | 20,716 |
Income taxes payable | 2,242 | 4,618 |
Deferred revenues and allowances | 15,793 | 14,915 |
Total current liabilities | 167,385 | 151,163 |
Long-term debt | 422,161 | 262,531 |
Other long-term liabilities | 26,083 | 21,713 |
Stockholders' equity | ' | ' |
Preferred stock ($0.01 par value, 1,000,000 shares authorized; none issued or outstanding) | 0 | 0 |
Common stock ($0.01 par value, 50,000,000 shares authorized; 35,708,628 and 35,192,070 shares issued at April 30, 2013 and January 31, 2013, respectively) | 360 | 352 |
Additional paid-in capital | 222,810 | 204,372 |
Accumulated other comprehensive loss | -98 | -223 |
Retained earnings | 335,663 | 269,949 |
Total stockholders' equity | 558,735 | 474,450 |
Total liabilities and stockholders' equity | $1,174,364 | $909,857 |
CONSOLIDATED_BALANCE_SHEETS_un1
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Customer accounts receivable, allowance | $38,160 | $27,617 |
Variable interest entity balance | ' | 28,553 |
Other accounts receivable, allowance | 55 | 55 |
Prepaid expenses and other assets VIE balance | ' | 4,717 |
Long-term portion of customer accounts receivable, allowance | 32,265 | 22,866 |
Long-term portion of customer accounts receivable VIE balance | ' | 23,641 |
Liabilities and Stockholders' Equity | ' | ' |
Amount of VIE included in current portion of long-term debt | ' | $32,307 |
Stockholders' equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 35,975,452 | 35,192,070 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Revenues | ' | ' | ' | ' |
Product sales | $234,159 | $151,663 | $628,482 | $459,804 |
Repair service agreement commissions | 19,601 | 12,183 | 52,756 | 35,930 |
Service revenues | 3,286 | 3,477 | 8,968 | 10,181 |
Total net sales | 257,046 | 167,323 | 690,206 | 505,915 |
Finance charges and other | 53,830 | 39,078 | 142,422 | 108,773 |
Total revenues | 310,876 | 206,401 | 832,628 | 614,688 |
Cost and expenses | ' | ' | ' | ' |
Cost of goods sold, including warehousing and occupancy costs | 151,987 | 105,688 | 411,484 | 325,041 |
Cost of service parts sold, including warehousing and occupancy costs | 1,286 | 1,522 | 4,010 | 4,513 |
Selling, general and administrative expense | 90,341 | 61,210 | 242,353 | 180,247 |
Provision for bad debts | 22,730 | 13,449 | 58,049 | 34,838 |
Charges and credits | 2,834 | 641 | ' | 1,150 |
Charges and credits | 2,834 | 641 | 2,834 | 1,150 |
Total cost and expenses | 269,178 | 182,510 | 718,730 | 545,789 |
Operating income | 41,698 | 23,891 | 113,898 | 68,899 |
Interest expense | 3,714 | 4,526 | 10,720 | 13,159 |
Loss on Extinguishment of Debt | 0 | 818 | 0 | 818 |
Other income, net | 0 | 3 | 38 | 105 |
Income before income taxes | 37,984 | 18,550 | 103,216 | 55,027 |
Provision for income taxes | 13,608 | 6,765 | 37,502 | 20,080 |
Net income | $24,376 | $11,785 | $65,714 | $34,947 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.68 | $0.36 | $1.84 | $1.08 |
Diluted (in dollars per share) | $0.66 | $0.35 | $1.79 | $1.05 |
Average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 35,955 | 32,553 | 35,686 | 32,387 |
Diluted (in shares) | 36,965 | 33,539 | 36,795 | 33,207 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $24,376 | $11,785 | $65,714 | $34,947 |
Change in fair value of hedges | 103 | 35 | 193 | 48 |
Impact of provision for income taxes on comprehensive income | 36 | 12 | 68 | 17 |
Comprehensive income | $24,443 | $11,808 | $65,839 | $34,978 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
In Thousands | |||||
Balance at Jan. 31, 2012 | $353,371 | $321 | $136,006 | ($293) | $217,337 |
Balance (in shares) at Jan. 31, 2012 | ' | 32,140 | ' | ' | ' |
Exercise of stock options, net of tax | 5,922 | 5 | 5,917 | ' | ' |
Exercise of stock options, net of tax (in shares) | ' | 429 | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 274 | ' | 274 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | ' | 22 | ' | ' | ' |
Vesting of restricted stock units | 1 | 1 | ' | ' | ' |
Vesting of restricted stock units (in shares) | ' | 103 | ' | ' | ' |
Stock-based compensation | 2,065 | ' | 2,065 | ' | ' |
Net income | 34,947 | ' | ' | ' | 34,947 |
Change in fair value of hedges, net of tax | 31 | ' | ' | 31 | ' |
Balance at Oct. 31, 2012 | 396,611 | 327 | 144,262 | -262 | 252,284 |
Balance (in shares) at Oct. 31, 2012 | ' | 32,694 | ' | ' | ' |
Balance at Jan. 31, 2013 | 474,450 | 352 | 204,372 | -223 | 269,949 |
Balance (in shares) at Jan. 31, 2013 | ' | 35,191 | ' | ' | ' |
Exercise of stock options, net of tax | 14,876 | 7 | 14,869 | ' | ' |
Exercise of stock options, net of tax (in shares) | ' | 707 | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 680 | ' | 680 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | ' | 21 | ' | ' | ' |
Vesting of restricted stock units | 1 | 1 | ' | ' | ' |
Vesting of restricted stock units (in shares) | ' | 56 | ' | ' | ' |
Stock-based compensation | 2,889 | ' | 2,889 | ' | ' |
Net income | 65,714 | ' | ' | ' | 65,714 |
Change in fair value of hedges, net of tax | 125 | ' | ' | ' | ' |
Balance at Oct. 31, 2013 | $558,735 | $360 | $222,810 | ($98) | $335,663 |
Balance (in shares) at Oct. 31, 2013 | ' | 35,975 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Other comprehensive income (loss): | ' | ' |
Change in fair value of hedges, tax | $68 | $17 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $65,714 | $34,947 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 9,048 | 6,777 |
Amortization | 3,140 | 3,746 |
Loss on Extinguishment of Debt | 0 | 818 |
Provision for bad debts and uncollectible interest | 66,399 | 41,266 |
Stock-based compensation | 2,889 | 2,065 |
Excess tax benefits from stock-based compensation | 4,743 | 638 |
Store closing costs | 2,834 | 163 |
Provision for deferred income taxes | -2,374 | 2,577 |
Gain on sale of property and equipment | 37 | 107 |
Discounts and accretion on promotional credit | 0 | 188 |
Change in operating assets and liabilities: | ' | ' |
Customer accounts receivable | 249,740 | 84,795 |
Other accounts receivable | -1,096 | -4,158 |
Inventories | 58,047 | 14,610 |
Prepaid expenses and other assets | 501 | 678 |
Accounts payable | 36,814 | 21,463 |
Accrued expenses | 15,178 | -2,907 |
Income taxes payable | 2,493 | 2,803 |
Deferred revenues and allowances | 138 | -1,614 |
Net cash (used in) provided by operating activities | -109,699 | 15,246 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | 37,122 | 21,331 |
Proceeds from sale of property and equipment | 44 | 350 |
Net cash used in investing activities | -37,078 | -20,981 |
Cash flows from financing activities | ' | ' |
Borrowings under lines of credit | 306,664 | 146,513 |
Payments on lines of credit | 147,737 | 187,594 |
Proceeds from issuance of asset-backed notes, net of original issue discount | 0 | 103,025 |
Payments on asset-backed notes | 32,513 | 52,434 |
Change in restricted cash | -4,717 | 6,441 |
Net proceeds from stock issued under employee benefit plans | 10,813 | 5,558 |
Excess tax benefits from stock-based compensation | 4,743 | 638 |
Other | -58 | -5,526 |
Net cash provided by (used in) financing activities | 146,629 | 3,739 |
Net change in cash | -148 | -1,996 |
Cash and cash equivalents | ' | ' |
Beginning of period | 3,849 | 6,265 |
End of period | $3,701 | $4,269 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||
Oct. 31, 2013 | ||||||
Accounting Policies [Abstract] | ' | |||||
Summary of Significant Accounting Policies | ' | |||||
Summary of Significant Accounting Policies | ||||||
Basis of Presentation. The accompanying unaudited, consolidated financial statements of Conn’s, Inc. and all of its wholly-owned subsidiaries (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States 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, except as otherwise described herein. The Company’s business is moderately seasonal, with a higher portion of sales and operating profit realized during the quarter that ends January 31, due primarily to the holiday selling season. Operating results for the nine-month period ended October 31, 2013 are not necessarily indicative of the results that may be expected for the full fiscal year ending January 31, 2014. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2013, filed with the Securities and Exchange Commission on April 4, 2013. | ||||||
The Company’s balance sheet at January 31, 2013, has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for a complete financial presentation. Please see the Company’s Annual Report on Form 10-K for a complete presentation of the audited financial statements for the fiscal year ended January 31, 2013, together with all required footnotes, and for a complete presentation and explanation of the components and presentations of the financial statements. | ||||||
Principles of Consolidation. The consolidated financial statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. Conn’s, Inc. is a holding company with no independent assets or operations other than its investments in its subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. | ||||||
In April 2012, the Company transferred certain customer receivables to a bankruptcy-remote, variable-interest entity (“VIE”) in connection with a securitization. The VIE, which is consolidated within the accompanying financial statements, issued debt secured by the customer receivables that were transferred to it, which were included in customer accounts receivable and long-term portion of customer accounts receivable on the consolidated balance sheet as of January 31, 2013. On April 15, 2013, the VIE redeemed the then outstanding asset-backed notes and the remaining customer receivables were transferred back to the Company. | ||||||
The Company determined that the VIE should be consolidated within its financial statements due to the fact that it qualified as the primary beneficiary of the VIE based on the following considerations: | ||||||
• | The Company directed the activities that generated the customer receivables that were transferred to the VIE; | |||||
• | The Company directed the servicing activities related to the collection of the customer receivables transferred to the VIE; | |||||
• | The Company absorbed losses incurred by the VIE to the extent of its interest in the VIE before any other investors incurred losses; and | |||||
• | The Company had the right to receive benefits generated by the VIE after paying the contractual amounts due to the other investors. | |||||
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||
Earnings per Share. Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share include the dilutive effects of any stock options and restricted stock units granted, to the extent not anti-dilutive, which is calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations: | ||||||
Three Months Ended | ||||||
October 31, | ||||||
(in thousands) | 2013 | 2012 | ||||
Weighted average common shares outstanding - Basic | 35,955 | 32,553 | ||||
Assumed exercise of stock options | 790 | 829 | ||||
Unvested restricted stock units | 220 | 157 | ||||
Weighted average common shares outstanding - Diluted | 36,965 | 33,539 | ||||
Nine Months Ended | ||||||
October 31, | ||||||
(in thousands) | 2013 | 2012 | ||||
Weighted average common shares outstanding - Basic | 35,686 | 32,387 | ||||
Assumed exercise of stock options | 892 | 689 | ||||
Unvested restricted stock units | 217 | 131 | ||||
Weighted average common shares outstanding - Diluted | 36,795 | 33,207 | ||||
There were no anti-dilutive stock options or restricted stock units for the three and nine months ended October 31, 2013. The weighted average number of stock options and restricted stock units not included in the calculation due to their anti-dilutive effect was 0.3 million and 0.7 million for the three and nine months ended October 31, 2012, respectively. | ||||||
Fair Value of Financial Instruments. The fair value of cash and cash equivalents and accounts payable approximate their carrying amounts because of the short maturity of these instruments. The fair value of customer accounts receivables, determined using a discounted cash flow analysis, approximates their carrying amount. The fair value of the Company’s debt approximates carrying value due to the recent date at which the facility has been renewed. The Company’s interest rate cap options are presented on the balance sheet at fair value. Fair value of these instruments were determined using Level 2 inputs of the GAAP hierarchy, which are defined as inputs not quoted in active markets, but are either directly or indirectly observable. |
Charges_and_Credits
Charges and Credits | 9 Months Ended | |
Oct. 31, 2013 | ||
Charges and Credits [Abstract] | ' | |
Charges and Credits | ' | |
Charges and Credits | ||
The Company recorded the following charges during the first nine months of fiscal year 2014: | ||
• | As further discussed in Note 5, the Company closed two stores, revised its estimate of future obligations related to other closed stores and relocated certain other facilities during the three months ended October 31, 2013. This resulted in a pre-tax charge of $2,834 thousand ($1,834 thousand after-tax). This amount is reported within the retail segment and classified in charges and credits in the consolidated statement of operations. | |
The Company recorded the following charges during the first nine months of fiscal year 2013: | ||
• | During the three months ended October 31, 2012, the Company incurred $641 thousand in pre-tax costs ($415 thousand after-tax) in connection with the relocation of certain of its corporate operations from Beaumont to The Woodlands, Texas. This amount is reported within the retail segment and classified in charges and credits in the consolidated statement of operations. Additionally, the Company amended and restated its asset-based loan facility with a syndicate of banks on September 26, 2012. In connection with the transaction, the Company expensed $818 thousand ($530 thousand after-tax) of previously deferred transaction costs associated with lenders which are no longer in the current syndicate of banks. This amount is reported within the credit segment and classified in loss on extinguishment of debt in the consolidated statement of operations. | |
• | During the three months ended July 31, 2012, the Company incurred $346 thousand in pre-tax costs ($224 thousand after-tax) in connection with the relocation of certain of its corporate operations from Beaumont to The Woodlands, Texas. This amount is reported within the retail segment and classified in charges and credits in the consolidated statement of operations. | |
• | During the three months ended April 30, 2012, the Company accrued the lease buyout costs related to one of its store closures and revised its estimate of future obligations related to its other closed stores. This resulted in a pre-tax charge of $163 thousand ($106 thousand after-tax). This amount is reported within the retail segment and classified in charges and credits in the consolidated statement of operations. |
Supplemental_Disclosure_of_Cus
Supplemental Disclosure of Customer Receivables | 9 Months Ended | |||||||||||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Supplemental Disclosure of Customer Receivables | ' | |||||||||||||||||||||||||||||||
Supplemental Disclosure of Customer Receivables | ||||||||||||||||||||||||||||||||
Customer accounts receivable are originated at the time of sale and delivery of the various products and services. The Company records the amount of principal and accrued interest on customer receivables that is expected to be collected within the next twelve months, based on contractual terms, in current assets on its consolidated balance sheet. Those amounts expected to be collected after twelve months, based on contractual terms, are included in long-term assets. Typically, 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 and interest accrued subsequent to the last payment is reversed and charged against the allowance for uncollectible interest. | ||||||||||||||||||||||||||||||||
As part of its efforts in mitigating losses on its accounts receivable, the Company may make loan modifications to a borrower experiencing financial difficulty that are intended to maximize the net cash flow after expenses, and avoid the need for repossession of collateral. The Company may extend the loan term, refinance or otherwise re-age an account. Accounts that have been re-aged in excess of three months or refinanced are considered Troubled Debt Restructurings (“TDR”). | ||||||||||||||||||||||||||||||||
The Company uses risk-rating criteria to differentiate underwriting requirements, potentially requiring differing down payment and initial application and documentation criteria. The following tables present quantitative information about the receivables portfolio managed by the Company, segregated by segment: | ||||||||||||||||||||||||||||||||
Total Outstanding Balance | ||||||||||||||||||||||||||||||||
Customer Accounts Receivable | 60 Days Past Due (1) | Re-aged (1) | ||||||||||||||||||||||||||||||
(in thousands) | October 31, | January 31, | October 31, | January 31, | October 31, | January 31, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||||
Customer accounts receivable | $ | 901,282 | $ | 702,737 | $ | 68,046 | $ | 41,704 | $ | 59,258 | $ | 47,757 | ||||||||||||||||||||
Restructured accounts (2) | 43,544 | 38,807 | 12,459 | 11,135 | 43,544 | 38,671 | ||||||||||||||||||||||||||
Total receivables managed | $ | 944,826 | $ | 741,544 | $ | 80,505 | $ | 52,839 | $ | 102,802 | $ | 86,428 | ||||||||||||||||||||
Allowance for uncollectible accounts related to the credit portfolio | (59,595 | ) | (43,911 | ) | ||||||||||||||||||||||||||||
Allowance for promotional credit programs | (10,830 | ) | (6,572 | ) | ||||||||||||||||||||||||||||
Short-term portion of customer accounts receivable, net | (473,795 | ) | (378,050 | ) | ||||||||||||||||||||||||||||
Long-term portion of customer accounts receivable, net | $ | 400,606 | $ | 313,011 | ||||||||||||||||||||||||||||
-1 | Amounts are based on end of period balances. As an account can become past due after having been re-aged, accounts may be presented in both the past due and re-aged columns shown above. The amounts included within both the past due and re-aged columns shown above as of October 31, 2013 and January 31, 2013 were $24.7 million and $20.7 million, respectively. The total amount of customer receivables past due one day or greater was $228.7 million and $172.4 million as of October 31, 2013 and January 31, 2013, respectively. These amounts include the 60 days past due totals shown above. | |||||||||||||||||||||||||||||||
-2 | In addition to the amounts included in restructured accounts, there are $1.4 million and $1.9 million as of October 31, 2013 and January 31, 2013, respectively, of accounts re-aged four or more months included in the re-aged balance above that did not qualify as TDRs because they were not re-aged subsequent to January 31, 2011. | |||||||||||||||||||||||||||||||
Net Credit | Net Credit | |||||||||||||||||||||||||||||||
Average Balances | Charge-offs (1) | Average Balances | Charge-offs (1) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Customer accounts receivable | $ | 853,394 | $ | 638,192 | $ | 12,358 | $ | 8,588 | $ | 779,859 | $ | 612,897 | $ | 31,982 | $ | 24,482 | ||||||||||||||||
Restructured accounts | 41,693 | 36,325 | 4,564 | 4,278 | 40,446 | 39,971 | 10,671 | 15,542 | ||||||||||||||||||||||||
Total receivables managed | $ | 895,087 | $ | 674,517 | $ | 16,922 | $ | 12,866 | $ | 820,305 | $ | 652,868 | $ | 42,653 | $ | 40,024 | ||||||||||||||||
-1 | Charge-offs include the principal amount of losses (excluding accrued and unpaid interest) net of recoveries which include principal collections during the period shown of previously charged-off balances. | |||||||||||||||||||||||||||||||
Following is the activity in the Company’s balance in the allowance for doubtful accounts and uncollectible interest for customer receivables for the nine months ended October 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Nine Months Ended October 31, 2013 | Nine Months Ended October 31, 2012 | |||||||||||||||||||||||||||||||
(in thousands) | Customer | Customer | ||||||||||||||||||||||||||||||
Accounts | Restructured | Accounts | Restructured | |||||||||||||||||||||||||||||
Receivable | Accounts | Total | Receivable | Accounts | Total | |||||||||||||||||||||||||||
Allowance at beginning of period | $ | 27,702 | $ | 16,209 | $ | 43,911 | $ | 24,518 | $ | 25,386 | $ | 49,904 | ||||||||||||||||||||
Provision(1) | 53,468 | 12,931 | 66,399 | 30,506 | 10,760 | 41,266 | ||||||||||||||||||||||||||
Principal charge-offs(2) | (35,805 | ) | (11,947 | ) | (47,752 | ) | (26,281 | ) | (16,684 | ) | (42,965 | ) | ||||||||||||||||||||
Interest charge-offs | (6,045 | ) | (2,017 | ) | (8,062 | ) | (4,054 | ) | (2,575 | ) | (6,629 | ) | ||||||||||||||||||||
Recoveries(2) | 3,823 | 1,276 | 5,099 | 1,799 | 1,142 | 2,941 | ||||||||||||||||||||||||||
Allowance at end of period | $ | 43,143 | $ | 16,452 | $ | 59,595 | $ | 26,488 | $ | 18,029 | $ | 44,517 | ||||||||||||||||||||
-1 | Includes provision for uncollectible interest, which is included in finance charges and other. | |||||||||||||||||||||||||||||||
-2 | Charge-offs include the principal amount of losses (excluding accrued and unpaid interest), and recoveries include principal collections during the period shown of previously charged-off balances. Net charge-offs are calculated as the net of principal charge-offs and recoveries. | |||||||||||||||||||||||||||||||
The Company records an allowance for doubtful accounts, including estimated uncollectible interest, for its customer accounts receivable, based on its historical cash collections and net loss experience using a projection of monthly delinquency performance, cash collections and losses. In addition to pre-charge-off cash collections and charge-off information, estimates of post-charge-off recoveries, including cash payments, amounts realized from the repossession of the products financed and, at times, payments received under credit insurance policies are also considered. | ||||||||||||||||||||||||||||||||
The Company determines reserves for those accounts that are TDRs based on the present value of cash flows expected to be collected over the life of those accounts. The excess of the carrying amount over the discounted cash flow amount is recorded as a reserve for loss on those accounts. | ||||||||||||||||||||||||||||||||
The Company typically only places accounts in non-accrual status when legally required. Payment received on non-accrual loans will be applied to principal and reduce the amount of the loan. Interest accrual is resumed on those accounts once a legally-mandated settlement arrangement is reached or other payment arrangements are made with the customer. Customer receivables in non-accrual status were $11.0 million and $9.0 million at October 31, 2013 and January 31, 2013, respectively. Customer receivables that were past due 90 days or more and still accruing interest totaled $55.3 million and $36.6 million at October 31, 2013 and January 31, 2013, respectively. |
Supplemental_Disclosure_of_Fin
Supplemental Disclosure of Finance Charges and Other Revenue | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Supplemental Disclosure of Finance Charges and Other Revenue [Abstract] | ' | |||||||||||||||
Supplemental Disclosure of Finance Charges and Other Revenue | ' | |||||||||||||||
Supplemental Disclosure of Finance Charges and Other Revenue | ||||||||||||||||
The following is a summary of the classification of the amounts included as finance charges and other for the three and nine months ended October 31, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income and fees on customer receivables | $ | 40,260 | $ | 32,458 | $ | 109,667 | $ | 90,915 | ||||||||
Insurance commissions | 13,132 | 6,280 | 31,688 | 17,001 | ||||||||||||
Other | 438 | 340 | 1,067 | 857 | ||||||||||||
Finance charges and other | $ | 53,830 | $ | 39,078 | $ | 142,422 | $ | 108,773 | ||||||||
Interest income and fees on customer receivables is reduced by provisions for uncollectible interest of $4.2 million and $1.9 million, respectively, for the three months ended October 31, 2013 and 2012, and $9.4 million and $5.9 million, respectively, for the nine months ended October 31, 2013 and 2012. The amount included in interest income and fees on customer receivables related to TDR accounts was $1.1 million and $0.9 million for each of the three months ended October 31, 2013 and 2012, respectively, and $3.2 million and $3.1 million for each of the nine months ended October 31, 2013 and 2012, respectively. The Company recognizes 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 of TDR accounts such that it always equals the present value of expected future cash flows. |
Accrual_for_Store_Closures
Accrual for Store Closures | 9 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Accrual for Store Closures | ' | |||||||
Accrual for Store Closures | ||||||||
During the three months ended October 31, 2013, the Company revised its estimates related to remaining lease obligations, net of estimated sublease income, for certain facilities closed prior to January 31, 2013. The loss of a sublease tenant and other market events during the quarter resulted in a $2.0 million charge to income and a related increase in the recorded obligation. Additionally, the Company closed two retail locations that did not perform at a level the Company currently expects for mature store locations and relocated certain other facilities, incurring related costs of $0.8 million. Reported within charges and credits for the retail segment in the accompanying, facility-related closure costs totaled $2.8 million for the quarter ended October 31, 2013. | ||||||||
During fiscal 2013 and 2012, the Company closed two and 11 retail locations, respectively, that did not perform at a level the Company expects for mature store locations. Certain of the closed stores had unexpired leases, resulting in the accrual of the present value of remaining lease obligations and anticipated ancillary occupancy costs, net of estimated sublease income. Revisions to these projections for changes in estimated marketing times and sublease rates are made to the obligation as further information related to the actual terms and costs become available. The estimates were calculated using Level 2 fair value inputs. The following table presents detail of the activity in the accrual for store closures during the nine months ended October 31, 2013 and 2012: | ||||||||
Nine Months Ended | ||||||||
October 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 5,071 | $ | 8,106 | ||||
Accrual for closures | 137 | 450 | ||||||
Change in estimate | 2,036 | (287 | ) | |||||
Cash payments | (1,509 | ) | (3,292 | ) | ||||
Balance at end of period | $ | 5,735 | $ | 4,977 | ||||
Balance sheet presentation: | October 31, | |||||||
2013 | ||||||||
Accrued expenses | $ | 3,395 | ||||||
Other long-term liabilities | 2,340 | |||||||
$ | 5,735 | |||||||
The cash payments include payments made for facility rent and related costs. |
Debt_and_Letters_of_Credit
Debt and Letters of Credit | 9 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Letters of Credit | ' | |||||||
Debt and Letters of Credit | ||||||||
The Company’s long-term debt consisted of the following at the period ended: | ||||||||
(in thousands) | October 31, | January 31, | ||||||
2013 | 2013 | |||||||
Asset-based revolving credit facility | $ | 421,328 | $ | 262,401 | ||||
Asset-backed notes, net of discount of $205 | — | 32,307 | ||||||
Other long-term debt | 1,360 | 349 | ||||||
Total debt | 422,688 | 295,057 | ||||||
Less current portion of debt | 527 | 32,526 | ||||||
Long-term debt | $ | 422,161 | $ | 262,531 | ||||
The Company’s asset-based revolving credit facility with a syndicate of banks had capacity of $585 million as of October 31, 2013. The revolving credit facility provides funding based on a borrowing base calculation that includes customer accounts receivable and inventory. The amended and restated credit facility bears interest at LIBOR plus a spread ranging from 275 basis points to 350 basis points, based on a leverage ratio (defined as total liabilities to tangible net worth). In addition to the leverage ratio, the revolving credit facility includes a fixed charge coverage requirement, a minimum customer receivables cash recovery percentage requirement and a net capital expenditures limit. The asset-based revolving credit facility restricts the amount of dividends the Company can pay and is secured by the assets of the Company not otherwise encumbered. | ||||||||
As of October 31, 2013, the Company had immediately available borrowing capacity of approximately $162.3 million under its asset-based revolving credit facility, net of standby letters of credit issued, for general corporate purposes. The Company pays additional fees in the amount of 25 basis points for the additional commitment amount. | ||||||||
The Company’s asset-based revolving credit facility provides it the ability to utilize letters of credit to secure its deductibles under the Company’s property and casualty insurance programs, among other acceptable uses. At October 31, 2013, the Company had outstanding letters of credit of $1.3 million under this facility. The maximum potential amount of future payments under these letter of credit facilities is considered to be the aggregate face amount of each letter of credit commitment, which totals $1.3 million as of October 31, 2013. | ||||||||
The Company was in compliance with its financial covenants at October 31, 2013. | ||||||||
On April 30, 2012, the Company’s VIE issued $103.7 million of asset-backed notes which bore interest at 4.0% and were sold at a discount to deliver a 5.21% yield, before considering transaction costs. The principal balance of the notes, which was secured by certain customer receivables, was reduced on a monthly basis by collections on the underlying customer receivables after the payment of interest and other expenses of the VIE. While the final maturity for the notes was April 2016, the Company repaid the outstanding note balance in April 2013. In connection with the early repayment of the asset-backed notes, the Company accelerated the amortization of deferred financing cost resulting in an additional $0.4 million of interest expense during the first quarter of fiscal 2014. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company is involved in routine litigation and claims incidental to its business from time to time, and, as required, has accrued its estimate of the probable costs for the resolution of these matters, which, individually or in the aggregate, are not expected to have a material adverse effect on the Company's financial position, results of operations or cash flows. 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 the Company’s estimate of reserves for litigation. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
Financial information by segment is presented in the following tables: | ||||||||||||||||||||||||
Three Months Ended October 31, 2013 | Three Months Ended October 31, 2012 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Product sales | $ | 234,159 | $ | — | $ | 234,159 | $ | 151,663 | $ | — | $ | 151,663 | ||||||||||||
Repair service agreement commissions | 19,601 | — | 19,601 | 12,183 | — | 12,183 | ||||||||||||||||||
Service revenues | 3,286 | — | 3,286 | 3,477 | — | 3,477 | ||||||||||||||||||
Total net sales | 257,046 | — | 257,046 | 167,323 | — | 167,323 | ||||||||||||||||||
Finance charges and other | 438 | 53,392 | 53,830 | 340 | 38,738 | 39,078 | ||||||||||||||||||
Total revenues | 257,484 | 53,392 | 310,876 | 167,663 | 38,738 | 206,401 | ||||||||||||||||||
Cost and expenses | ||||||||||||||||||||||||
Cost of goods sold, including warehousing and occupancy costs | 151,987 | — | 151,987 | 105,688 | — | 105,688 | ||||||||||||||||||
Cost of service parts sold, including warehousing and occupancy cost | 1,286 | — | 1,286 | 1,522 | — | 1,522 | ||||||||||||||||||
Selling, general and administrative expense (a) | 69,920 | 20,421 | 90,341 | 47,275 | 13,935 | 61,210 | ||||||||||||||||||
Provision for bad debts | 203 | 22,527 | 22,730 | 229 | 13,220 | 13,449 | ||||||||||||||||||
Charges and credits | 2,834 | — | 2,834 | 641 | — | 641 | ||||||||||||||||||
Total cost and expense | 226,230 | 42,948 | 269,178 | 155,355 | 27,155 | 182,510 | ||||||||||||||||||
Operating income | 31,254 | 10,444 | 41,698 | 12,308 | 11,583 | 23,891 | ||||||||||||||||||
Interest expense | — | 3,714 | 3,714 | — | 4,526 | 4,526 | ||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 818 | 818 | ||||||||||||||||||
Other income, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Income before income taxes | $ | 31,254 | $ | 6,730 | $ | 37,984 | $ | 12,311 | $ | 6,239 | $ | 18,550 | ||||||||||||
As of October 31, 2013 | As of January 31, 2013 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Total assets | $ | 275,812 | $ | 898,552 | $ | 1,174,364 | $ | 188,609 | $ | 721,248 | $ | 909,857 | ||||||||||||
Nine Months Ended October 31, 2013 | Nine Months Ended October 31, 2012 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Product sales | $ | 628,482 | $ | — | $ | 628,482 | $ | 459,804 | $ | — | $ | 459,804 | ||||||||||||
Repair service agreement commissions | 52,756 | — | 52,756 | 35,930 | — | 35,930 | ||||||||||||||||||
Service revenues | 8,968 | — | 8,968 | 10,181 | — | 10,181 | ||||||||||||||||||
Total net sales | 690,206 | — | 690,206 | 505,915 | — | 505,915 | ||||||||||||||||||
Finance charges and other | 1,067 | 141,355 | 142,422 | 857 | 107,916 | 108,773 | ||||||||||||||||||
Total revenues | 691,273 | 141,355 | 832,628 | 506,772 | 107,916 | 614,688 | ||||||||||||||||||
Cost and expenses | ||||||||||||||||||||||||
Cost of goods sold, including warehousing and occupancy costs | 411,484 | — | 411,484 | 325,041 | — | 325,041 | ||||||||||||||||||
Cost of service parts sold, including warehousing and occupancy cost | 4,010 | — | 4,010 | 4,513 | — | 4,513 | ||||||||||||||||||
Selling, general and administrative expense (a) | 188,340 | 54,013 | 242,353 | 139,832 | 40,415 | 180,247 | ||||||||||||||||||
Provision for bad debts | 389 | 57,660 | 58,049 | 630 | 34,208 | 34,838 | ||||||||||||||||||
Charges and credits | 2,834 | — | 2,834 | 1,150 | — | 1,150 | ||||||||||||||||||
Total cost and expense | 607,057 | 111,673 | 718,730 | 471,166 | 74,623 | 545,789 | ||||||||||||||||||
Operating income | 84,216 | 29,682 | 113,898 | 35,606 | 33,293 | 68,899 | ||||||||||||||||||
Interest expense | — | 10,720 | 10,720 | — | 13,159 | 13,159 | ||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 818 | 818 | ||||||||||||||||||
Other income, net | (38 | ) | — | (38 | ) | (105 | ) | — | (105 | ) | ||||||||||||||
Income before income taxes | $ | 84,254 | $ | 18,962 | $ | 103,216 | $ | 35,711 | $ | 19,316 | $ | 55,027 | ||||||||||||
(a) | Selling, general and administrative expenses include 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 estimated using an annual rate of 2.5% times the average portfolio balance for each applicable period. The amount of overhead allocated to each segment was $2.9 million and $2.3 million for the three months ended October 31, 2013 and 2012, respectively, and $8.0 million and $6.5 million for the nine months ended October 31, 2013 and 2012, respectively. The amount of reimbursement made to the retail segment by the credit segment was $5.6 million and $4.2 million for the three months ended October 31, 2013 and 2012, respectively, and $15.3 million and $12.2 million for the nine months ended October 31, 2013 and 2012, respectively. |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Notes) | 9 Months Ended |
Oct. 31, 2013 | |
Subsequent Event [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On November 25, 2013, the Company completed an expansion and extension of its asset-based loan facility with a syndicate of banks. Under the amended terms, the revolving credit facility commitment increased $265.0 million to $850.0 million and the maturity date was extended to November 2017. The amended credit facility bears interest at LIBOR plus a spread ranging from 250 basis points to 325 basis points, based on a leverage ratio (defined as total liabilities to tangible net worth). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||
Oct. 31, 2013 | ||||||
Accounting Policies [Abstract] | ' | |||||
Principles of Consolidation | ' | |||||
Principles of Consolidation. The consolidated financial statements include the accounts of Conn’s, Inc. and its wholly-owned subsidiaries. Conn’s, Inc. is a holding company with no independent assets or operations other than its investments in its subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. | ||||||
In April 2012, the Company transferred certain customer receivables to a bankruptcy-remote, variable-interest entity (“VIE”) in connection with a securitization. The VIE, which is consolidated within the accompanying financial statements, issued debt secured by the customer receivables that were transferred to it, which were included in customer accounts receivable and long-term portion of customer accounts receivable on the consolidated balance sheet as of January 31, 2013. On April 15, 2013, the VIE redeemed the then outstanding asset-backed notes and the remaining customer receivables were transferred back to the Company. | ||||||
The Company determined that the VIE should be consolidated within its financial statements due to the fact that it qualified as the primary beneficiary of the VIE based on the following considerations: | ||||||
• | The Company directed the activities that generated the customer receivables that were transferred to the VIE; | |||||
• | The Company directed the servicing activities related to the collection of the customer receivables transferred to the VIE; | |||||
• | The Company absorbed losses incurred by the VIE to the extent of its interest in the VIE before any other investors incurred losses; and | |||||
• | The Company had the right to receive benefits generated by the VIE after paying the contractual amounts due to the other investors. | |||||
Use of Estimates | ' | |||||
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||
Earnings per Share | ' | |||||
Earnings per Share. Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share include the dilutive effects of any stock options and restricted stock units granted, to the extent not anti-dilutive, which is calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations: | ||||||
Three Months Ended | ||||||
October 31, | ||||||
(in thousands) | 2013 | 2012 | ||||
Weighted average common shares outstanding - Basic | 35,955 | 32,553 | ||||
Assumed exercise of stock options | 790 | 829 | ||||
Unvested restricted stock units | 220 | 157 | ||||
Weighted average common shares outstanding - Diluted | 36,965 | 33,539 | ||||
Nine Months Ended | ||||||
October 31, | ||||||
(in thousands) | 2013 | 2012 | ||||
Weighted average common shares outstanding - Basic | 35,686 | 32,387 | ||||
Assumed exercise of stock options | 892 | 689 | ||||
Unvested restricted stock units | 217 | 131 | ||||
Weighted average common shares outstanding - Diluted | 36,795 | 33,207 | ||||
There were no anti-dilutive stock options or restricted stock units for the three and nine months ended October 31, 2013. The weighted average number of stock options and restricted stock units not included in the calculation due to their anti-dilutive effect was 0.3 million and 0.7 million for the three and nine months ended October 31, 2012, respectively. | ||||||
Fair Value of Financial Instruments | ' | |||||
Fair Value of Financial Instruments. The fair value of cash and cash equivalents and accounts payable approximate their carrying amounts because of the short maturity of these instruments. The fair value of customer accounts receivables, determined using a discounted cash flow analysis, approximates their carrying amount. The fair value of the Company’s debt approximates carrying value due to the recent date at which the facility has been renewed. The Company’s interest rate cap options are presented on the balance sheet at fair value. Fair value of these instruments were determined using Level 2 inputs of the GAAP hierarchy, which are defined as inputs not quoted in active markets, but are either directly or indirectly observable. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 31, 2013 | Oct. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||
Shares outstanding for the earnings per share calculations | ' | ' | ||||||||||
Earnings per Share. Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share include the dilutive effects of any stock options and restricted stock units granted, to the extent not anti-dilutive, which is calculated using the treasury-stock method. The following table sets forth the shares outstanding for the earnings per share calculations: | ||||||||||||
Nine Months Ended | ||||||||||||
October 31, | ||||||||||||
Three Months Ended | (in thousands) | 2013 | 2012 | |||||||||
October 31, | Weighted average common shares outstanding - Basic | 35,686 | 32,387 | |||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Weighted average common shares outstanding - Basic | 35,955 | 32,553 | Assumed exercise of stock options | 892 | 689 | |||||||
Assumed exercise of stock options | 790 | 829 | Unvested restricted stock units | 217 | 131 | |||||||
Unvested restricted stock units | 220 | 157 | Weighted average common shares outstanding - Diluted | 36,795 | 33,207 | |||||||
Weighted average common shares outstanding - Diluted | 36,965 | 33,539 | ||||||||||
Supplemental_Disclosure_of_Cus1
Supplemental Disclosure of Customer Receivables (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Quantitative information about receivables portfolio | ' | |||||||||||||||||||||||||||||||
The Company uses risk-rating criteria to differentiate underwriting requirements, potentially requiring differing down payment and initial application and documentation criteria. The following tables present quantitative information about the receivables portfolio managed by the Company, segregated by segment: | ||||||||||||||||||||||||||||||||
Total Outstanding Balance | ||||||||||||||||||||||||||||||||
Customer Accounts Receivable | 60 Days Past Due (1) | Re-aged (1) | ||||||||||||||||||||||||||||||
(in thousands) | October 31, | January 31, | October 31, | January 31, | October 31, | January 31, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||||
Customer accounts receivable | $ | 901,282 | $ | 702,737 | $ | 68,046 | $ | 41,704 | $ | 59,258 | $ | 47,757 | ||||||||||||||||||||
Restructured accounts (2) | 43,544 | 38,807 | 12,459 | 11,135 | 43,544 | 38,671 | ||||||||||||||||||||||||||
Total receivables managed | $ | 944,826 | $ | 741,544 | $ | 80,505 | $ | 52,839 | $ | 102,802 | $ | 86,428 | ||||||||||||||||||||
Allowance for uncollectible accounts related to the credit portfolio | (59,595 | ) | (43,911 | ) | ||||||||||||||||||||||||||||
Allowance for promotional credit programs | (10,830 | ) | (6,572 | ) | ||||||||||||||||||||||||||||
Short-term portion of customer accounts receivable, net | (473,795 | ) | (378,050 | ) | ||||||||||||||||||||||||||||
Long-term portion of customer accounts receivable, net | $ | 400,606 | $ | 313,011 | ||||||||||||||||||||||||||||
-1 | Amounts are based on end of period balances. As an account can become past due after having been re-aged, accounts may be presented in both the past due and re-aged columns shown above. The amounts included within both the past due and re-aged columns shown above as of October 31, 2013 and January 31, 2013 were $24.7 million and $20.7 million, respectively. The total amount of customer receivables past due one day or greater was $228.7 million and $172.4 million as of October 31, 2013 and January 31, 2013, respectively. These amounts include the 60 days past due totals shown above. | |||||||||||||||||||||||||||||||
-2 | In addition to the amounts included in restructured accounts, there are $1.4 million and $1.9 million as of October 31, 2013 and January 31, 2013, respectively, of accounts re-aged four or more months included in the re-aged balance above that did not qualify as TDRs because they were not re-aged subsequent to January 31, 2011. | |||||||||||||||||||||||||||||||
Net Credit | Net Credit | |||||||||||||||||||||||||||||||
Average Balances | Charge-offs (1) | Average Balances | Charge-offs (1) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Customer accounts receivable | $ | 853,394 | $ | 638,192 | $ | 12,358 | $ | 8,588 | $ | 779,859 | $ | 612,897 | $ | 31,982 | $ | 24,482 | ||||||||||||||||
Restructured accounts | 41,693 | 36,325 | 4,564 | 4,278 | 40,446 | 39,971 | 10,671 | 15,542 | ||||||||||||||||||||||||
Total receivables managed | $ | 895,087 | $ | 674,517 | $ | 16,922 | $ | 12,866 | $ | 820,305 | $ | 652,868 | $ | 42,653 | $ | 40,024 | ||||||||||||||||
-1 | Charge-offs include the principal amount of losses (excluding accrued and unpaid interest) net of recoveries which include principal collections during the period shown of previously charged-off balances. | |||||||||||||||||||||||||||||||
Allowance for doubtful accounts and uncollectible interest for customer receivables | ' | |||||||||||||||||||||||||||||||
Following is the activity in the Company’s balance in the allowance for doubtful accounts and uncollectible interest for customer receivables for the nine months ended October 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Nine Months Ended October 31, 2013 | Nine Months Ended October 31, 2012 | |||||||||||||||||||||||||||||||
(in thousands) | Customer | Customer | ||||||||||||||||||||||||||||||
Accounts | Restructured | Accounts | Restructured | |||||||||||||||||||||||||||||
Receivable | Accounts | Total | Receivable | Accounts | Total | |||||||||||||||||||||||||||
Allowance at beginning of period | $ | 27,702 | $ | 16,209 | $ | 43,911 | $ | 24,518 | $ | 25,386 | $ | 49,904 | ||||||||||||||||||||
Provision(1) | 53,468 | 12,931 | 66,399 | 30,506 | 10,760 | 41,266 | ||||||||||||||||||||||||||
Principal charge-offs(2) | (35,805 | ) | (11,947 | ) | (47,752 | ) | (26,281 | ) | (16,684 | ) | (42,965 | ) | ||||||||||||||||||||
Interest charge-offs | (6,045 | ) | (2,017 | ) | (8,062 | ) | (4,054 | ) | (2,575 | ) | (6,629 | ) | ||||||||||||||||||||
Recoveries(2) | 3,823 | 1,276 | 5,099 | 1,799 | 1,142 | 2,941 | ||||||||||||||||||||||||||
Allowance at end of period | $ | 43,143 | $ | 16,452 | $ | 59,595 | $ | 26,488 | $ | 18,029 | $ | 44,517 | ||||||||||||||||||||
-1 | Includes provision for uncollectible interest, which is included in finance charges and other. | |||||||||||||||||||||||||||||||
-2 | Charge-offs include the principal amount of losses (excluding accrued and unpaid interest), and recoveries include principal collections during the period shown of previously charged-off balances. Net charge-offs are calculated as the net of principal charge-offs and recoveries. |
Supplemental_Disclosure_of_Fin1
Supplemental Disclosure of Finance Charges and Other Revenue (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Supplemental Disclosure of Finance Charges and Other Revenue [Abstract] | ' | |||||||||||||||
Summary of the classification of the amounts as Finance charges and other | ' | |||||||||||||||
The following is a summary of the classification of the amounts included as finance charges and other for the three and nine months ended October 31, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income and fees on customer receivables | $ | 40,260 | $ | 32,458 | $ | 109,667 | $ | 90,915 | ||||||||
Insurance commissions | 13,132 | 6,280 | 31,688 | 17,001 | ||||||||||||
Other | 438 | 340 | 1,067 | 857 | ||||||||||||
Finance charges and other | $ | 53,830 | $ | 39,078 | $ | 142,422 | $ | 108,773 | ||||||||
Accrual_for_Store_Closures_Tab
Accrual for Store Closures (Tables) | 9 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Activity in accrual for store closures | ' | |||||||
During fiscal 2013 and 2012, the Company closed two and 11 retail locations, respectively, that did not perform at a level the Company expects for mature store locations. Certain of the closed stores had unexpired leases, resulting in the accrual of the present value of remaining lease obligations and anticipated ancillary occupancy costs, net of estimated sublease income. Revisions to these projections for changes in estimated marketing times and sublease rates are made to the obligation as further information related to the actual terms and costs become available. The estimates were calculated using Level 2 fair value inputs. The following table presents detail of the activity in the accrual for store closures during the nine months ended October 31, 2013 and 2012: | ||||||||
Nine Months Ended | ||||||||
October 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 5,071 | $ | 8,106 | ||||
Accrual for closures | 137 | 450 | ||||||
Change in estimate | 2,036 | (287 | ) | |||||
Cash payments | (1,509 | ) | (3,292 | ) | ||||
Balance at end of period | $ | 5,735 | $ | 4,977 | ||||
Balance sheet presentation: | October 31, | |||||||
2013 | ||||||||
Accrued expenses | $ | 3,395 | ||||||
Other long-term liabilities | 2,340 | |||||||
$ | 5,735 | |||||||
Debt_and_Letters_of_Credit_Tab
Debt and Letters of Credit (Tables) | 9 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long term debt | ' | |||||||
The Company’s long-term debt consisted of the following at the period ended: | ||||||||
(in thousands) | October 31, | January 31, | ||||||
2013 | 2013 | |||||||
Asset-based revolving credit facility | $ | 421,328 | $ | 262,401 | ||||
Asset-backed notes, net of discount of $205 | — | 32,307 | ||||||
Other long-term debt | 1,360 | 349 | ||||||
Total debt | 422,688 | 295,057 | ||||||
Less current portion of debt | 527 | 32,526 | ||||||
Long-term debt | $ | 422,161 | $ | 262,531 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Financial information by segment | ' | |||||||||||||||||||||||
Financial information by segment is presented in the following tables: | ||||||||||||||||||||||||
Three Months Ended October 31, 2013 | Three Months Ended October 31, 2012 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Product sales | $ | 234,159 | $ | — | $ | 234,159 | $ | 151,663 | $ | — | $ | 151,663 | ||||||||||||
Repair service agreement commissions | 19,601 | — | 19,601 | 12,183 | — | 12,183 | ||||||||||||||||||
Service revenues | 3,286 | — | 3,286 | 3,477 | — | 3,477 | ||||||||||||||||||
Total net sales | 257,046 | — | 257,046 | 167,323 | — | 167,323 | ||||||||||||||||||
Finance charges and other | 438 | 53,392 | 53,830 | 340 | 38,738 | 39,078 | ||||||||||||||||||
Total revenues | 257,484 | 53,392 | 310,876 | 167,663 | 38,738 | 206,401 | ||||||||||||||||||
Cost and expenses | ||||||||||||||||||||||||
Cost of goods sold, including warehousing and occupancy costs | 151,987 | — | 151,987 | 105,688 | — | 105,688 | ||||||||||||||||||
Cost of service parts sold, including warehousing and occupancy cost | 1,286 | — | 1,286 | 1,522 | — | 1,522 | ||||||||||||||||||
Selling, general and administrative expense (a) | 69,920 | 20,421 | 90,341 | 47,275 | 13,935 | 61,210 | ||||||||||||||||||
Provision for bad debts | 203 | 22,527 | 22,730 | 229 | 13,220 | 13,449 | ||||||||||||||||||
Charges and credits | 2,834 | — | 2,834 | 641 | — | 641 | ||||||||||||||||||
Total cost and expense | 226,230 | 42,948 | 269,178 | 155,355 | 27,155 | 182,510 | ||||||||||||||||||
Operating income | 31,254 | 10,444 | 41,698 | 12,308 | 11,583 | 23,891 | ||||||||||||||||||
Interest expense | — | 3,714 | 3,714 | — | 4,526 | 4,526 | ||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 818 | 818 | ||||||||||||||||||
Other income, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Income before income taxes | $ | 31,254 | $ | 6,730 | $ | 37,984 | $ | 12,311 | $ | 6,239 | $ | 18,550 | ||||||||||||
As of October 31, 2013 | As of January 31, 2013 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Total assets | $ | 275,812 | $ | 898,552 | $ | 1,174,364 | $ | 188,609 | $ | 721,248 | $ | 909,857 | ||||||||||||
Nine Months Ended October 31, 2013 | Nine Months Ended October 31, 2012 | |||||||||||||||||||||||
(in thousands) | Retail | Credit | Total | Retail | Credit | Total | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Product sales | $ | 628,482 | $ | — | $ | 628,482 | $ | 459,804 | $ | — | $ | 459,804 | ||||||||||||
Repair service agreement commissions | 52,756 | — | 52,756 | 35,930 | — | 35,930 | ||||||||||||||||||
Service revenues | 8,968 | — | 8,968 | 10,181 | — | 10,181 | ||||||||||||||||||
Total net sales | 690,206 | — | 690,206 | 505,915 | — | 505,915 | ||||||||||||||||||
Finance charges and other | 1,067 | 141,355 | 142,422 | 857 | 107,916 | 108,773 | ||||||||||||||||||
Total revenues | 691,273 | 141,355 | 832,628 | 506,772 | 107,916 | 614,688 | ||||||||||||||||||
Cost and expenses | ||||||||||||||||||||||||
Cost of goods sold, including warehousing and occupancy costs | 411,484 | — | 411,484 | 325,041 | — | 325,041 | ||||||||||||||||||
Cost of service parts sold, including warehousing and occupancy cost | 4,010 | — | 4,010 | 4,513 | — | 4,513 | ||||||||||||||||||
Selling, general and administrative expense (a) | 188,340 | 54,013 | 242,353 | 139,832 | 40,415 | 180,247 | ||||||||||||||||||
Provision for bad debts | 389 | 57,660 | 58,049 | 630 | 34,208 | 34,838 | ||||||||||||||||||
Charges and credits | 2,834 | — | 2,834 | 1,150 | — | 1,150 | ||||||||||||||||||
Total cost and expense | 607,057 | 111,673 | 718,730 | 471,166 | 74,623 | 545,789 | ||||||||||||||||||
Operating income | 84,216 | 29,682 | 113,898 | 35,606 | 33,293 | 68,899 | ||||||||||||||||||
Interest expense | — | 10,720 | 10,720 | — | 13,159 | 13,159 | ||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 818 | 818 | ||||||||||||||||||
Other income, net | (38 | ) | — | (38 | ) | (105 | ) | — | (105 | ) | ||||||||||||||
Income before income taxes | $ | 84,254 | $ | 18,962 | $ | 103,216 | $ | 35,711 | $ | 19,316 | $ | 55,027 | ||||||||||||
(a) | Selling, general and administrative expenses include 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 estimated using an annual rate of 2.5% times the average portfolio balance for each applicable period. The amount of overhead allocated to each segment was $2.9 million and $2.3 million for the three months ended October 31, 2013 and 2012, respectively, and $8.0 million and $6.5 million for the nine months ended October 31, 2013 and 2012, respectively. The amount of reimbursement made to the retail segment by the credit segment was $5.6 million and $4.2 million for the three months ended October 31, 2013 and 2012, respectively, and $15.3 million and $12.2 million for the nine months ended October 31, 2013 and 2012, respectively. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Shares outstanding for earnings (loss) per share calculations [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding - Basic (in shares) | 35,955,000 | 32,553,000 | 35,686,000 | 32,387,000 |
Weighted average common shares outstanding - Diluted (in shares) | 36,965,000 | 33,539,000 | 36,795,000 | 33,207,000 |
Weighted average number of options not included in the calculation of the dilutive effect of stock options and restricted stock units (in shares) | ' | 300,000 | ' | 700,000 |
Stock Options [Member] | ' | ' | ' | ' |
Shares outstanding for earnings (loss) per share calculations [Abstract] | ' | ' | ' | ' |
Common shares attributable to stock options and restricted stock units (in shares) | 790,000 | 829,000 | 892,000 | 689,000 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Shares outstanding for earnings (loss) per share calculations [Abstract] | ' | ' | ' | ' |
Common shares attributable to stock options and restricted stock units (in shares) | 220,000 | 157,000 | 217,000 | 131,000 |
Charges_and_Credits_Details
Charges and Credits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Charges and Credits [Abstract] | ' | ' | ' | ' | ' | ' |
Store closing and relocation costs | $2,834 | $641 | $346 | $163 | ' | ' |
Store closing and relocation costs after tax | 1,834 | 415 | 224 | 106 | ' | ' |
Loss on Extinguishment of Debt | 0 | 818 | ' | ' | 0 | 818 |
Loss on Extinguishment of Debt, Net of Tax | ' | $530 | ' | ' | ' | ' |
Number of stores closed | 2 | ' | ' | 1 | ' | ' |
Supplemental_Disclosure_of_Cus2
Supplemental Disclosure of Customer Receivables (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | |
Total Outstanding Balance | ' | ' | ' | ' | ' |
Customer Accounts Receivable | $944,826,000 | ' | $944,826,000 | ' | $741,544,000 |
60 Days Past Due | 80,505,000 | ' | 80,505,000 | ' | 52,839,000 |
Reaged | 102,802,000 | ' | 102,802,000 | ' | 86,428,000 |
Allowance for uncollectible accounts related to the credit portfolio | -59,595,000 | -44,517,000 | -59,595,000 | -44,517,000 | ' |
Allowances for promotional credit programs | -10,830,000 | ' | -10,830,000 | ' | -6,572,000 |
Short-term portion of customer accounts receivable, net | -473,795,000 | ' | -473,795,000 | ' | -378,050,000 |
Long-term customer accounts receivable, net | 400,606,000 | ' | 400,606,000 | ' | 313,011,000 |
Average Balances | 895,087,000 | 674,517,000 | 820,305,000 | 652,868,000 | ' |
Net Credit Charge off | 16,922,000 | 12,866,000 | 42,653,000 | 40,024,000 | ' |
Amounts included within past due and reaged accounts | 24,700,000 | ' | 24,700,000 | ' | 20,700,000 |
Total amount of customer receivables past due one day or greater | 228,700,000 | ' | 228,700,000 | ' | 172,400,000 |
Accounts receivable reaged for four or more months not qualify as TDRs | 1,400,000 | ' | 1,400,000 | ' | 1,900,000 |
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract] | ' | ' | ' | ' | ' |
Allowance at beginning of period | ' | ' | -43,911,000 | -49,904,000 | ' |
Provision | ' | ' | 66,399,000 | 41,266,000 | ' |
Principal charge-offs | ' | ' | 47,752,000 | 42,965,000 | ' |
Interest charge-offs | ' | ' | 8,062,000 | 6,629,000 | ' |
Recoveries | ' | ' | 5,099,000 | 2,941,000 | ' |
Allowance at end of period | -59,595,000 | -44,517,000 | -59,595,000 | -44,517,000 | ' |
Amount of customer receivables carried in non-accrual status | 11,000,000 | ' | 11,000,000 | ' | 9,000,000 |
Amount of customer receivables past due 90 days or more and still accruing | 55,300,000 | ' | 55,300,000 | ' | 36,600,000 |
Customer Accounts Receivable [Member] | ' | ' | ' | ' | ' |
Total Outstanding Balance | ' | ' | ' | ' | ' |
Customer Accounts Receivable | 901,282,000 | ' | 901,282,000 | ' | 702,737,000 |
60 Days Past Due | 68,046,000 | ' | 68,046,000 | ' | 41,704,000 |
Reaged | 59,258,000 | ' | 59,258,000 | ' | 47,757,000 |
Allowance for uncollectible accounts related to the credit portfolio | -43,143,000 | -26,488,000 | -43,143,000 | -26,488,000 | ' |
Average Balances | 853,394,000 | 638,192,000 | 779,859,000 | 612,897,000 | ' |
Net Credit Charge off | 12,358,000 | 8,588,000 | 31,982,000 | 24,482,000 | ' |
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract] | ' | ' | ' | ' | ' |
Allowance at beginning of period | ' | ' | -27,702,000 | -24,518,000 | ' |
Provision | ' | ' | 53,468,000 | 30,506,000 | ' |
Principal charge-offs | ' | ' | 35,805,000 | 26,281,000 | ' |
Interest charge-offs | ' | ' | 6,045,000 | 4,054,000 | ' |
Recoveries | ' | ' | 3,823,000 | 1,799,000 | ' |
Allowance at end of period | -43,143,000 | -26,488,000 | -43,143,000 | -26,488,000 | ' |
Restructured Accounts [Member] | ' | ' | ' | ' | ' |
Total Outstanding Balance | ' | ' | ' | ' | ' |
Customer Accounts Receivable | 43,544,000 | ' | 43,544,000 | ' | 38,807,000 |
60 Days Past Due | 12,459,000 | ' | 12,459,000 | ' | 11,135,000 |
Reaged | 43,544,000 | ' | 43,544,000 | ' | 38,671,000 |
Allowance for uncollectible accounts related to the credit portfolio | -16,452,000 | -18,029,000 | -16,452,000 | -18,029,000 | ' |
Average Balances | 41,693,000 | 36,325,000 | 40,446,000 | 39,971,000 | ' |
Net Credit Charge off | 4,564,000 | 4,278,000 | 10,671,000 | 15,542,000 | ' |
Allowance for doubtful accounts and uncollectible interest for customer receivables [Abstract] | ' | ' | ' | ' | ' |
Allowance at beginning of period | ' | ' | -16,209,000 | -25,386,000 | ' |
Provision | ' | ' | 12,931,000 | 10,760,000 | ' |
Principal charge-offs | ' | ' | 11,947,000 | 16,684,000 | ' |
Interest charge-offs | ' | ' | 2,017,000 | 2,575,000 | ' |
Recoveries | ' | ' | 1,276,000 | 1,142,000 | ' |
Allowance at end of period | ($16,452,000) | ($18,029,000) | ($16,452,000) | ($18,029,000) | ' |
Supplemental_Disclosure_of_Fin2
Supplemental Disclosure of Finance Charges and Other Revenue (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Summary of the classification of the amounts as Finance charges and other [Abstract] | ' | ' | ' | ' |
Interest income and fees on customer receivables | $40,260,000 | $32,458,000 | $109,667,000 | $90,915,000 |
Insurance commissions | 13,132,000 | 6,280,000 | 31,688,000 | 17,001,000 |
Other | 438,000 | 340,000 | 1,067,000 | 857,000 |
Finance charges and other | 53,830,000 | 39,078,000 | 142,422,000 | 108,773,000 |
Provisions for uncollectible interest | 4,200,000 | 1,900,000 | 9,400,000 | 5,900,000 |
Interest income and fees on customer receivables related to TDR accounts | $1,100,000 | $900,000 | $3,200,000 | $3,100,000 |
Accrual_for_Store_Closures_Det
Accrual for Store Closures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | |
Change in store closure accrual estimate | $2,000,000 | ' | ' | ' | ' | ' |
Additional store closure and relocation charges | 800,000 | ' | ' | ' | ' | ' |
Charges and credits | 2,834,000 | 641,000 | ' | 1,150,000 | ' | ' |
Number of underperforming retail locations closed | 2 | ' | ' | ' | 2 | 11 |
Detail of activity in the accrual for store closures [Abstract] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 5,071,000 | 8,106,000 | 8,106,000 | ' |
Accrual for closures | ' | ' | 137,000 | 450,000 | ' | ' |
Change in estimate | ' | ' | 2,036,000 | -287,000 | ' | ' |
Cash payments | ' | ' | 1,509,000 | 3,292,000 | ' | ' |
Balance at end of period | 5,735,000 | 4,977,000 | 5,735,000 | 4,977,000 | 5,071,000 | 8,106,000 |
Balance sheet presentation [Abstract] | ' | ' | ' | ' | ' | ' |
Accrued expenses | 3,395,000 | ' | 3,395,000 | ' | ' | ' |
Other long-term liabilities | 2,340,000 | ' | 2,340,000 | ' | ' | ' |
Restructuring Reserve, Total | 5,735,000 | 4,977,000 | 5,735,000 | 4,977,000 | 5,071,000 | 8,106,000 |
Total store closure and relocation costs [Member] | ' | ' | ' | ' | ' | ' |
Charges and credits | $2,800,000 | ' | ' | ' | ' | ' |
Debt_and_Letters_of_Credit_Det
Debt and Letters of Credit (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Nov. 25, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Nov. 25, 2013 | Oct. 31, 2013 | Nov. 25, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | |
Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-based Revolving Credit Facility [Member] | Asset-backed Notes [Member] | Asset-backed Notes [Member] | Asset-backed Notes [Member] | Other Long Term Debt [Member] | Other Long Term Debt [Member] | ||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | VIE [Member] | VIE [Member] | |||||||||||||
Long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $422,688,000 | ' | $422,688,000 | ' | $295,057,000 | ' | $421,328,000 | ' | $262,401,000 | ' | ' | ' | ' | $32,307,000 | ' | ' | $1,360,000 | $349,000 |
Less current portion of debt | 527,000 | ' | 527,000 | ' | 32,526,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 422,161,000 | ' | 422,161,000 | ' | 262,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum capacity extended under credit facility | ' | ' | ' | ' | ' | 850,000,000 | ' | 585,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest spread at LIBOR under credit facility | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 2.50% | 2.75% | 3.25% | 3.50% | ' | ' | ' | ' | ' |
Amount of notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,700,000 | ' | ' |
Interest rate on notes (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Percentage of yield on sale of notes (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.21% | ' | ' |
Amount available under asset based revolving credit facility | ' | ' | ' | ' | ' | ' | 162,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 3,714,000 | 4,526,000 | 10,720,000 | 13,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum potential amount of future payments under letters of credit | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Product sales | $234,159,000 | $151,663,000 | $628,482,000 | $459,804,000 | ' |
Repair service agreement commissions | 19,601,000 | 12,183,000 | 52,756,000 | 35,930,000 | ' |
Service revenues | 3,286,000 | 3,477,000 | 8,968,000 | 10,181,000 | ' |
Total net sales | 257,046,000 | 167,323,000 | 690,206,000 | 505,915,000 | ' |
Finance charges and other | 53,830,000 | 39,078,000 | 142,422,000 | 108,773,000 | ' |
Total revenues | 310,876,000 | 206,401,000 | 832,628,000 | 614,688,000 | ' |
Cost and expenses | ' | ' | ' | ' | ' |
Cost of goods sold, including warehousing and occupancy costs | 151,987,000 | 105,688,000 | 411,484,000 | 325,041,000 | ' |
Cost of service parts sold, including warehousing and occupancy costs | 1,286,000 | 1,522,000 | 4,010,000 | 4,513,000 | ' |
Selling, general and administrative expense | 90,341,000 | 61,210,000 | 242,353,000 | 180,247,000 | ' |
Provision for bad debts | 22,730,000 | 13,449,000 | 58,049,000 | 34,838,000 | ' |
Charges and credits | 2,834,000 | 641,000 | 2,834,000 | 1,150,000 | ' |
Total cost and expenses | 269,178,000 | 182,510,000 | 718,730,000 | 545,789,000 | ' |
Operating income | 41,698,000 | 23,891,000 | 113,898,000 | 68,899,000 | ' |
Interest expense | 3,714,000 | 4,526,000 | 10,720,000 | 13,159,000 | ' |
Loss on Extinguishment of Debt | 0 | 818,000 | 0 | 818,000 | ' |
Other income, net | 0 | 3,000 | 38,000 | 105,000 | ' |
Income before income taxes | 37,984,000 | 18,550,000 | 103,216,000 | 55,027,000 | ' |
Assets | 1,174,364,000 | ' | 1,174,364,000 | ' | 909,857,000 |
Estimated annual rate of reimbursement (in hundredths) | ' | ' | 2.50% | ' | ' |
Allocation of overhead by operating segments | 2,900,000 | 2,300,000 | 8,000,000 | 6,500,000 | ' |
Amount of reimbursement made by operating segments | 5,600,000 | 4,200,000 | 15,300,000 | 12,200,000 | ' |
Retail [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Product sales | 234,159,000 | 151,663,000 | ' | 459,804,000 | ' |
Repair service agreement commissions | 19,601,000 | 12,183,000 | ' | 35,930,000 | ' |
Service revenues | 3,286,000 | 3,477,000 | ' | 10,181,000 | ' |
Total net sales | 257,046,000 | 167,323,000 | 690,206,000 | 505,915,000 | ' |
Finance charges and other | 438,000 | 340,000 | 1,067,000 | 857,000 | ' |
Total revenues | 257,484,000 | 167,663,000 | 691,273,000 | 506,772,000 | ' |
Cost and expenses | ' | ' | ' | ' | ' |
Cost of goods sold, including warehousing and occupancy costs | 151,987,000 | 105,688,000 | ' | 325,041,000 | ' |
Cost of service parts sold, including warehousing and occupancy costs | 1,286,000 | 1,522,000 | ' | 4,513,000 | ' |
Selling, general and administrative expense | 69,920,000 | 47,275,000 | 188,340,000 | 139,832,000 | ' |
Provision for bad debts | 203,000 | 229,000 | 389,000 | 630,000 | ' |
Charges and credits | 2,834,000 | 641,000 | 2,834,000 | 1,150,000 | ' |
Total cost and expenses | 226,230,000 | 155,355,000 | 607,057,000 | 471,166,000 | ' |
Operating income | 31,254,000 | 12,308,000 | 84,216,000 | 35,606,000 | ' |
Loss on Extinguishment of Debt | 0 | 0 | 0 | 0 | ' |
Other income, net | 0 | 3,000 | ' | 105,000 | ' |
Income before income taxes | 31,254,000 | 12,311,000 | 84,254,000 | 35,711,000 | ' |
Assets | 275,812,000 | ' | 275,812,000 | ' | 188,609,000 |
Credit [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Finance charges and other | 53,392,000 | 38,738,000 | 141,355,000 | 107,916,000 | ' |
Total revenues | 53,392,000 | 38,738,000 | 141,355,000 | 107,916,000 | ' |
Cost and expenses | ' | ' | ' | ' | ' |
Selling, general and administrative expense | 20,421,000 | 13,935,000 | 54,013,000 | 40,415,000 | ' |
Provision for bad debts | 22,527,000 | 13,220,000 | 57,660,000 | 34,208,000 | ' |
Total cost and expenses | 42,948,000 | 27,155,000 | 111,673,000 | 74,623,000 | ' |
Operating income | 10,444,000 | 11,583,000 | 29,682,000 | 33,293,000 | ' |
Interest expense | 3,714,000 | 4,526,000 | ' | 13,159,000 | ' |
Loss on Extinguishment of Debt | 0 | 818,000 | 0 | 818,000 | ' |
Income before income taxes | 6,730,000 | 6,239,000 | 18,962,000 | 19,316,000 | ' |
Assets | $898,552,000 | ' | $898,552,000 | ' | $721,248,000 |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Nov. 25, 2013 | Oct. 31, 2013 | Mar. 31, 2013 |
Subsequent Event [Line Items] | ' | ' | ' |
Increase in credit facility commitment | $265 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Maximum capacity extended under credit facility, as amended | $850 | ' | $585 |
Debt Instrument, Basis Spread on Variable Rate, As Amended | ' | 0.25% | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR | ' | ' |
Minimum [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, As Amended | 2.50% | 2.75% | ' |
Maximum [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, As Amended | 3.25% | 3.50% | ' |