v3.22.2.2
Variable Interest Entity
 9 Months Ended
Oct. 31, 2022
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)October 31,
2022		January 31,
2022
Assets:
Restricted cash$43,394 $29,872 
Due from Conn’s, Inc., net964 — 
Customer accounts receivable:
Customer accounts receivable652,778 463,411 
Restructured accounts37,270 29,621 
Allowance for uncollectible accounts(131,724)(97,560)
Allowance for no-interest option credit programs(13,670)(10,275)
Deferred fees and origination costs(6,788)(5,033)
Total customer accounts receivable, net537,866 380,164 
Total assets$582,224 $410,036 
Liabilities:
Accrued expenses$4,194 $2,638 
Other liabilities5,754 3,930 
Due to Conn’s, Inc., net— 12,755 
Long-term debt:
2020-A Class A Notes— 9,184 
2020-A Class B Notes— 18,342 
2020-A Class C Notes— 17,695 
2021-A Class A Notes24,287 195,595 
2021-A Class B Notes66,090 66,090 
2021-A Class C Notes63,890 63,890 
2022-A Class A Notes191,174 — 
2022-A Class B Notes132,090 — 
477,531 370,796 
Less: deferred debt issuance costs(4,375)(2,871)
Total debt473,156 367,925 
Total liabilities$483,104 $387,248 
The assets of the VIEs serve as collateral for the obligations of the VIEs. The holders of asset-backed notes have no recourse to assets outside of the respective VIEs.