Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the
“Company”), a specialty retailer of home goods, including
furniture, appliances and consumer electronics, with a mission to
elevate home life to home love, today announced its financial
results for the quarter ended April 30, 2022.
"As expected, our first quarter retail
performance was impacted by lapping government stimulus, continued
third-party lease-to-own tightening, and a challenging macro
environment. These trends disproportionately impacted sales for our
financial access customer during the first quarter, while sales to
our fast and reliable customer segment increased year-over-year for
the 12th consecutive quarter. Retail performance was also impacted
by higher year-over-year supply chain, freight and fuel costs.
Going forward, our outlook for the remainder of the year has become
more cautious as a result of worsening economic conditions," stated
Chandra Holt, Conn's Chief Executive Officer.
Ms. Holt, continued, “We remain focused on
pursuing long-term initiatives that strengthen our core retail
business, enhance our differentiated credit offering, and transform
Conn’s into a best-in-class unified commerce retailer. Since
announcing these three strategic growth pillars in January 2022, we
have acquired a lease-to-own technology platform, began
re-platforming our website, and announced a store-within-a-store
pilot with Belk, Inc. that will include Belk.com."
"Our next-day, white-glove delivery capabilities
and in-house repair service offering are key reasons that I came to
Conn's and a competitive advantage that we enjoy. We believe that
these unique assets and capabilities can serve as a foundation for
a much larger business by partnering with retailers such as Belk.
Our new store-within-a store concept will launch under a new brand
that we plan to introduce in the coming months, reflecting our bold
vision that everyone deserves a home they love." continued Ms.
Holt.
"Our transformation is progressing and is
supported by strong eCommerce sales growth, stable credit trends,
and our robust balance sheet. I also want to share my thanks to all
our team members for their continued hard work, service, and
dedication. While the near-term economic environment has become
more challenging, I believe we are on track to achieve our fiscal
year 2025 financial goals,” concluded Ms. Holt.
First Quarter Financial Highlights as Compared
to the Prior Fiscal Year Period (Unless Otherwise Noted):
- Total
consolidated revenue declined 6.6% to $339.8 million, due to a 6.5%
decline in total net sales, and a 6.7% reduction in finance charges
and other revenues;
- Same store sales
decreased 9.5%, but increased 9.9% on a two-year basis;
- eCommerce sales
increased 71.7% to a first quarter record of $18.3 million;
- Credit spread
was 1,160 basis points, supported by continued strong credit
performance;
- Net earnings
were $0.25 per diluted share, compared to $1.52 per diluted share
for the same period last fiscal year;
- During the first
quarter of fiscal year 2023, the Company added three new stores,
including two within the state of Florida, bringing the total
number of stores at April 30, 2022 to 161, compared to 152 at April
30, 2021, and
- As a percent of the portfolio
balance at April 30, 2022, the carrying value of customer accounts
receivable 60+ days past due and re-aged accounts were 10.3% and
16.4%, respectively.
First Quarter Results
Net income for the three months ended
April 30, 2022 was $6.2 million, or $0.25 per diluted share,
compared to net income for the three months ended April 30,
2021 of $45.4 million, or $1.52 per diluted share. There were no
non-GAAP adjustments for the three months ended April 30,
2022. This compares to adjusted net income for the three months
ended April 30, 2021 of $46.3 million, or $1.55 per diluted
share, which excludes a loss on extinguishment of debt.
Retail Segment First Quarter
Results
Retail revenues were $272.5 million for the
three months ended April 30, 2022 compared to $291.5 million
for the three months ended April 30, 2021, a decrease of $19.0
million or 6.5%. The decrease in retail revenue was primarily
driven by a decrease in same store sales of 9.5%. The decrease in
same store sales is primarily driven by tightening in underwriting
standards from our lease-to-own partners and the effect the
benefits stimulus had on sales in the prior period.
For the three months ended April 30, 2022,
retail segment operating loss was $2.1 million compared to
operating income of $15.7 million for three months ended April 30,
2021. The decrease in retail segment operating income for the three
months ended April 30, 2022 was primarily due to a decrease in
revenue as described above, a decline in retail gross margin
percentage and higher selling, general and administrative costs
("SG&A").
The decrease in retail gross margin was
primarily driven by increased product costs as a result of higher
freight and fuel costs, the deleveraging of fixed distribution
costs and higher financing fees. These increases were partially
offset by an increase in RSA commissions.
The SG&A increase in the retail segment was
primarily due to labor and occupancy costs associated with new
store growth, higher stock compensation expense and general
operating costs.
The following table presents net sales and
changes in net sales by category:
|
Three Months Ended April 30, |
|
|
|
|
|
Same Store |
(dollars in thousands) |
2022 |
|
% of Total |
|
2021 |
|
% of Total |
|
Change |
|
% Change |
|
% Change |
Furniture and mattress |
$ |
88,094 |
|
32.4 |
% |
|
$ |
94,491 |
|
32.4 |
% |
|
$ |
(6,397 |
) |
|
(6.8 |
)% |
|
(10.3 |
)% |
Home appliance |
|
109,728 |
|
40.3 |
|
|
|
113,261 |
|
38.9 |
|
|
|
(3,533 |
) |
|
(3.1 |
) |
|
(5.6 |
) |
Consumer electronics |
|
33,604 |
|
12.3 |
|
|
|
38,038 |
|
13.1 |
|
|
|
(4,434 |
) |
|
(11.7 |
) |
|
(13.6 |
) |
Home office |
|
10,189 |
|
3.7 |
|
|
|
14,521 |
|
5.0 |
|
|
|
(4,332 |
) |
|
(29.8 |
) |
|
(31.2 |
) |
Other |
|
8,358 |
|
3.1 |
|
|
|
8,900 |
|
3.1 |
|
|
|
(542 |
) |
|
(6.1 |
) |
|
(7.8 |
) |
Product sales |
|
249,973 |
|
91.8 |
|
|
|
269,211 |
|
92.5 |
|
|
|
(19,238 |
) |
|
(7.1 |
) |
|
(9.8 |
) |
Repair service agreement
commissions (1) |
|
19,836 |
|
7.3 |
|
|
|
19,131 |
|
6.6 |
|
|
|
705 |
|
|
3.7 |
|
|
(6.3 |
) |
Service revenues |
|
2,455 |
|
0.9 |
|
|
|
2,954 |
|
0.9 |
|
|
|
(499 |
) |
|
(16.9 |
) |
|
|
Total net sales |
$ |
272,264 |
|
100.0 |
% |
|
$ |
291,296 |
|
100.0 |
% |
|
$ |
(19,032 |
) |
|
(6.5 |
)% |
|
(9.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The total change in sales of repair service
agreement commissions includes retrospective commissions, which are
not reflected in the change in same store sales.
Credit Segment First Quarter
Results
Credit revenues were $67.3 million for the three
months ended April 30, 2022 compared to $72.2 million for the
three months ended April 30, 2021, a decrease of $4.9 million
or 6.8%. The decrease in credit revenue was primarily due to a 6.5%
decrease in the average outstanding balance of the customer
accounts receivable portfolio. These decreases were also due to a
decrease in the yield rate, from 23.7% for the three months ended
April 30, 2021 to 23.5% for the three months ended April 30,
2022.
Provision for bad debts increased to $14.6
million for the three months ended April 30, 2022 from $(17.2)
million for the three months ended April 30, 2021, an overall
change of $31.8 million. The year-over-year increase was primarily
driven by a smaller decrease in the allowance for bad debts during
the three months ended April 30, 2022 compared to the decrease for
the three months ended April 30, 2021. This is partially offset by
a year-over-year decrease in net charge-offs of $12.5 million.
The decrease in the allowance for bad debts during the three months
ended April 30, 2022 was primarily driven by a decrease in the
customer account receivable portfolio balance and a decrease in the
rate of delinquencies. During the three months ended April 31,
2021, the decrease was primarily driven by a decrease in the rate
of delinquencies and re-ages, a decrease in the customer account
receivable portfolio and an improvement in the forecasted
unemployment rate that drove a $20.0 million decrease in the
economic adjustment.
Credit segment operating income was $16.0
million for the three months ended April 30, 2022, compared to
operating income of $54.2 million for the three months ended
April 30, 2021. The decrease was primarily due to the
increase in the provision for bad debts and the decrease in credit
revenue.
Additional information on the credit portfolio
and its performance may be found in the Customer Accounts
Receivable Portfolio Statistics table included within this press
release and in the Company’s Form 10-Q for the quarter ended
April 30, 2022, to be filed with the Securities and Exchange
Commission on June 1, 2022 (the “First Quarter Form
10-Q”).
Store and Facilities Update
The Company opened three new Conn’s HomePlus®
stores during the first quarter of fiscal year 2023, bringing the
total store count to 161 in 15 states. During fiscal year 2023, the
Company plans to open a total of 20 to 34 new stores in existing
states, including 10 to 14 standalone locations and 10 to 20
store-within-a-store locations.
Liquidity and Capital
Resources
As of April 30, 2022, the Company had
$206.1 million of immediately available borrowing capacity under
its $650.0 million revolving credit facility. The Company also had
$10.5 million of unrestricted cash available for use.
Conference Call Information
The Company will host a conference call on
June 1, 2022, at 10 a.m. CT / 11 a.m. ET, to discuss its three
months ended April 30, 2022 financial results. Participants can
join the call by dialing 877-451-6152 or 201-389-0879. The
conference call will also be broadcast simultaneously via webcast
on a listen-only basis. A link to the earnings release, webcast and
first quarter fiscal year 2023 conference call presentation will be
available at ir.conns.com.
Replay of the telephonic call can be accessed
through June 8, 2022 by dialing 844-512-2921 or 412-317-6671 and
Conference ID: 13727648.
About Conn’s, Inc.
Conn's HomePlus (NASDAQ: CONN) is a specialty
retailer of home goods, including furniture, appliances and
consumer electronics, with a mission to elevate home life to home
love. With over 160 stores across 15 states and online at
Conns.com, our over 4,000 employees strive to help all customers
create a home they love through access to high-quality products,
next-day delivery and personalized payment options, including our
flexible, in-house credit program. Additional information can be
found by visiting our investor relations website at
https://ir.conns.com and social channels (@connshomeplus on
Twitter, Instagram, Facebook and LinkedIn).
This press release contains forward-looking
statements within the meaning of the federal securities laws,
including but not limited to, the Private Securities Litigation
Reform Act of 1995, that involve risks and uncertainties. Such
forward-looking statements include information concerning our
future financial performance, business strategy, plans, goals and
objectives. Statements containing the words “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“project,” “should,” “predict,” “will,” “potential,” or the
negative of such terms or other similar expressions are generally
forward-looking in nature and not historical facts. Such
forward-looking statements are based on our current expectations.
We can give no assurance that such statements will prove to be
correct, and actual results may differ materially. A wide variety
of potential risks, uncertainties, and other factors could
materially affect our ability to achieve the results either
expressed or implied by our forward-looking statements, including,
but not limited to: general economic conditions impacting our
customers or potential customers; our ability to execute periodic
securitizations of future originated customer loans on favorable
terms; our ability to continue existing customer financing programs
or to offer new customer financing programs; changes in the
delinquency status of our credit portfolio; unfavorable
developments in ongoing litigation; increased regulatory oversight;
higher than anticipated net charge-offs in the credit portfolio;
the success of our planned opening of new stores; expansion of our
e-commerce business; technological and market developments and
sales trends for our major product offerings; our ability to manage
effectively the selection of our major product offerings; our
ability to protect against cyber-attacks or data security breaches
and to protect the integrity and security of individually
identifiable data of our customers and employees; our ability to
fund our operations, capital expenditures, debt repayment and
expansion from cash flows from operations, borrowings from our
Revolving Credit Facility, and proceeds from accessing debt or
equity markets; the effects of epidemics or pandemics, including
the COVID-19 pandemic; and other risks detailed in Part I, Item 1A,
Risk Factors, in our Annual Report on Form 10-K for the fiscal year
ended January 31, 2022 and other reports filed with the Securities
and Exchange Commission. If one or more of these or other risks or
uncertainties materialize (or the consequences of such a
development changes), or should our underlying assumptions prove
incorrect, actual outcomes may vary materially from those reflected
in our forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. We disclaim any
intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise, or to provide periodic updates or guidance. All
forward-looking statements attributable to us, or to persons acting
on our behalf, are expressly qualified in their entirety by these
cautionary statements.
CONN-G
S.M. Berger & Company
Andrew Berger (216) 464-6400
CONN’S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)(dollars in thousands, except per
share amounts)
|
Three Months EndedApril 30, |
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
Total net sales |
$ |
272,264 |
|
|
$ |
291,296 |
|
Finance charges and other
revenues |
|
67,557 |
|
|
|
72,406 |
|
Total revenues |
|
339,821 |
|
|
|
363,702 |
|
Costs and
expenses: |
|
|
|
Cost of goods sold |
|
178,382 |
|
|
|
184,879 |
|
Selling, general and
administrative expense |
|
132,783 |
|
|
|
126,049 |
|
Provision (benefit) for bad
debts |
|
14,731 |
|
|
|
(17,136 |
) |
Total costs and expenses |
|
325,896 |
|
|
|
293,792 |
|
Operating income |
|
13,925 |
|
|
|
69,910 |
|
Interest expense |
|
5,521 |
|
|
|
9,204 |
|
Loss on extinguishment of
debt |
|
— |
|
|
|
1,218 |
|
Income before income taxes |
|
8,404 |
|
|
|
59,488 |
|
Provision for income
taxes |
|
2,183 |
|
|
|
14,090 |
|
Net income |
$ |
6,221 |
|
|
$ |
45,398 |
|
Income per
share: |
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
1.55 |
|
Diluted |
$ |
0.25 |
|
|
$ |
1.52 |
|
Weighted average
common shares outstanding: |
|
|
|
Basic |
|
24,801,987 |
|
|
|
29,324,052 |
|
Diluted |
|
25,313,613 |
|
|
|
29,881,407 |
|
|
|
|
|
|
|
|
|
CONN’S, INC. AND SUBSIDIARIES
CONDENSED RETAIL SEGMENT FINANCIAL
INFORMATION(unaudited)(dollars in thousands)
|
Three Months EndedApril 30, |
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
Product sales |
$ |
249,973 |
|
|
$ |
269,211 |
|
Repair service agreement
commissions |
|
19,836 |
|
|
|
19,131 |
|
Service revenues |
|
2,455 |
|
|
|
2,954 |
|
Total net sales |
|
272,264 |
|
|
|
291,296 |
|
Finance charges and other |
|
271 |
|
|
|
209 |
|
Total revenues |
|
272,535 |
|
|
|
291,505 |
|
Costs and
expenses: |
|
|
|
Cost of goods sold |
|
178,382 |
|
|
|
184,879 |
|
Selling, general and
administrative expense |
|
96,030 |
|
|
|
90,893 |
|
Provision for bad debts |
|
179 |
|
|
|
18 |
|
Total costs and expenses |
|
274,591 |
|
|
|
275,790 |
|
Operating income (loss) |
$ |
(2,056 |
) |
|
$ |
15,715 |
|
Retail gross margin |
|
34.5 |
% |
|
|
36.5 |
% |
Selling, general and administrative expense as percent of
revenues |
|
35.2 |
% |
|
|
31.2 |
% |
Operating margin |
|
(0.8 |
)% |
|
|
5.4 |
% |
Store
count: |
|
|
|
Beginning of period |
|
158 |
|
|
|
146 |
|
Opened |
|
3 |
|
|
|
6 |
|
End of period |
|
161 |
|
|
|
152 |
|
|
|
|
|
|
|
|
|
CONN’S, INC. AND SUBSIDIARIES
CONDENSED CREDIT SEGMENT FINANCIAL
INFORMATION(unaudited)(dollars in thousands)
|
Three Months EndedApril 30, |
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
Finance charges and other
revenues |
$ |
67,286 |
|
|
$ |
72,197 |
|
Costs and
expenses: |
|
|
|
Selling, general and
administrative expense |
|
36,753 |
|
|
|
35,156 |
|
Provision for bad debts |
|
14,552 |
|
|
|
(17,154 |
) |
Total costs and expenses |
|
51,305 |
|
|
|
18,002 |
|
Operating income |
|
15,981 |
|
|
|
54,195 |
|
Interest expense |
|
5,521 |
|
|
|
9,204 |
|
Loss on extinguishment of
debt |
|
— |
|
|
|
1,218 |
|
Income before income taxes |
$ |
10,460 |
|
|
$ |
43,773 |
|
Selling, general and
administrative expense as percent of revenues |
|
54.6 |
% |
|
|
48.7 |
% |
Selling, general and
administrative expense as percent of average outstanding customer
accounts receivable balance (annualized) |
|
13.4 |
% |
|
|
12.0 |
% |
Operating margin |
|
23.8 |
% |
|
|
75.1 |
% |
|
|
|
|
|
|
|
|
CONN’S, INC. AND SUBSIDIARIES
CUSTOMER ACCOUNTS RECEIVABLE PORTFOLIO
STATISTICS(unaudited)
|
As of April 30, |
|
|
2022 |
|
|
|
2021 |
|
Weighted average credit score
of outstanding balances (1) |
|
609 |
|
|
|
603 |
|
Average outstanding customer
balance |
$ |
2,491 |
|
|
$ |
2,410 |
|
Balances 60+ days past due as
a percentage of total customer portfolio carrying value
(2)(3)(4) |
|
10.3 |
% |
|
|
9.1 |
% |
Re-aged balance as a
percentage of total customer portfolio carrying value
(2)(3)(5) |
|
16.4 |
% |
|
|
23.8 |
% |
Carrying value of account
balances re-aged more than six months (in thousands) (3) |
$ |
42,154 |
|
|
$ |
81,033 |
|
Allowance for bad debts and
uncollectible interest as a percentage of total customer accounts
receivable portfolio balance |
|
17.8 |
% |
|
|
20.4 |
% |
Percent of total customer
accounts receivable portfolio balance represented by no-interest
option receivables |
|
34.3 |
% |
|
|
24.8 |
% |
|
Three Months EndedApril 30, |
|
|
2022 |
|
|
|
2021 |
|
Total applications
processed |
|
267,704 |
|
|
|
297,906 |
|
Weighted average origination
credit score of sales financed (1) |
|
619 |
|
|
|
617 |
|
Percent of total applications
approved and utilized |
|
20.2 |
% |
|
|
21.8 |
% |
Average income of credit
customer at origination |
$ |
50,100 |
|
|
$ |
48,500 |
|
Percent of retail sales paid
for by: |
|
|
|
In-house financing, including down payments received |
|
49.8 |
% |
|
|
48.7 |
% |
Third-party financing |
|
17.9 |
% |
|
|
16.8 |
% |
Third-party lease-to-own option |
|
7.4 |
% |
|
|
12.3 |
% |
|
|
75.1 |
% |
|
|
77.8 |
% |
|
|
|
|
|
|
|
|
(1) Credit scores exclude non-scored
accounts.
(2) Accounts that become delinquent after being
re-aged are included in both the delinquency and re-aged
amounts.
(3) Carrying value reflects the total customer
accounts receivable portfolio balance, net of deferred fees and
origination costs, the allowance for no-interest option credit
programs and the allowance for uncollectible interest.
(4) Increase was primarily due to a decrease in
cash collections.
(5) Decrease was primarily due to the change in
the unilateral re-age policy that occurred in the second quarter of
fiscal year 2021 and the tightening of underwriting standards that
occurred in fiscal year 2021 and fiscal year 2022.
CONN’S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS(in
thousands)
|
April 30, 2022 |
|
January 31, 2022 |
Assets |
(unaudited) |
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
10,456 |
|
|
$ |
7,707 |
|
Restricted cash |
|
32,926 |
|
|
|
31,930 |
|
Customer accounts receivable,
net of allowances |
|
434,639 |
|
|
|
455,787 |
|
Other accounts receivable |
|
58,911 |
|
|
|
63,055 |
|
Inventories |
|
255,648 |
|
|
|
246,826 |
|
Income taxes receivable |
|
4,501 |
|
|
|
6,745 |
|
Prepaid expenses and other
current assets |
|
10,361 |
|
|
|
8,756 |
|
Total current assets |
|
807,442 |
|
|
|
820,806 |
|
Long-term portion of customer
accounts receivable, net of allowances |
|
407,072 |
|
|
|
432,431 |
|
Property and equipment,
net |
|
208,619 |
|
|
|
192,763 |
|
Operating lease right-of-use
assets |
|
253,100 |
|
|
|
256,267 |
|
Other assets |
|
51,500 |
|
|
|
52,199 |
|
Total assets |
$ |
1,727,733 |
|
|
$ |
1,754,466 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Current finance lease
obligations |
$ |
882 |
|
|
$ |
889 |
|
Accounts payable |
|
71,659 |
|
|
|
74,705 |
|
Accrued expenses |
|
98,303 |
|
|
|
109,712 |
|
Operating lease liability -
current |
|
56,546 |
|
|
|
54,534 |
|
Other current liabilities |
|
17,872 |
|
|
|
18,576 |
|
Total current liabilities |
|
245,262 |
|
|
|
258,416 |
|
Operating lease liability -
non current |
|
325,771 |
|
|
|
330,439 |
|
Long-term debt and finance
lease obligations |
|
572,350 |
|
|
|
522,149 |
|
Deferred tax liability |
|
7,116 |
|
|
|
7,351 |
|
Other long-term
liabilities |
|
22,843 |
|
|
|
21,292 |
|
Total liabilities |
|
1,173,342 |
|
|
|
1,139,647 |
|
Stockholders’ equity |
|
554,391 |
|
|
|
614,819 |
|
Total liabilities and stockholders’ equity |
$ |
1,727,733 |
|
|
$ |
1,754,466 |
|
|
|
|
|
|
|
|
|
CONN’S, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS(unaudited)(dollars in
thousands, except per share amounts)
Basis for presentation of non-GAAP
disclosures:
To supplement the Condensed Consolidated
Financial Statements, which are prepared and presented in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”), the Company also provides the
following non-GAAP financial measures: adjusted net income,
adjusted net income per diluted share and net debt. These non-GAAP
financial measures are not meant to be considered as a substitute
for, or superior to, comparable GAAP measures and should be
considered in addition to results presented in accordance with
GAAP. They are intended to provide additional insight into our
operations and the factors and trends affecting the business.
Management believes these non-GAAP financial measures are useful to
financial statement readers because (1) they allow for greater
transparency with respect to key metrics we use in our financial
and operational decision making and (2) they are used by some of
our institutional investors and the analyst community to help them
analyze our operating results.
ADJUSTED NET INCOME AND ADJUSTED NET
INCOME (LOSS) PER DILUTED SHARE
|
Three Months EndedApril 30, |
|
|
2022 |
|
|
|
2021 |
|
Net income, as
reported |
$ |
6,221 |
|
|
$ |
45,398 |
|
Adjustments: |
|
|
|
Loss on extinguishment of debt (1) |
|
— |
|
|
|
1,218 |
|
Tax impact of adjustments |
|
— |
|
|
|
(274 |
) |
Net income, as adjusted |
$ |
6,221 |
|
|
$ |
46,342 |
|
Weighted average common shares
outstanding - Diluted |
|
25,313,613 |
|
|
|
29,881,407 |
|
Earnings per
share: |
|
|
|
As reported |
$ |
0.25 |
|
|
$ |
1.52 |
|
As adjusted |
$ |
0.25 |
|
|
$ |
1.55 |
|
|
|
|
|
|
|
|
|
(1) Represents a loss of $1.0 million from
retirement of $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.
NET DEBT
|
April 30, |
|
|
2022 |
|
|
|
2021 |
|
Debt, as
reported |
|
|
|
Current finance lease
obligations |
$ |
882 |
|
|
$ |
898 |
|
Long-term debt and finance
lease obligations |
|
572,350 |
|
|
|
492,055 |
|
Total debt |
|
573,232 |
|
|
|
492,953 |
|
Cash, as
reported |
|
|
|
Cash and cash equivalents |
|
10,456 |
|
|
|
6,568 |
|
Restricted cash |
|
32,926 |
|
|
|
51,647 |
|
Total cash |
|
43,382 |
|
|
|
58,215 |
|
Net debt |
$ |
529,850 |
|
|
$ |
434,738 |
|
Ending portfolio
balance, as reported |
$ |
1,062,478 |
|
|
$ |
1,113,335 |
|
Net debt as a
percentage of the portfolio balance |
|
49.9 |
% |
|
|
39.0 |
% |
|
|
|
|
|
|
|
|
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