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Loans Bad Credit Online – Conn’s, Inc. Reports Fourth Quarter Fiscal Year 2021 Financial Results Nasdaq:CONN | Fintech Zoom

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Loans Bad Credit Online – Conn’s, Inc. Reports Fourth Quarter Fiscal Year 2021 Financial Results Nasdaq:CONN

THE WOODLANDS, Texas, March 31, 2021 (GLOBE NEWSWIRE) — Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”), a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced its financial results for the quarter ended January 31, 2021.

“Throughout fiscal year 2021, we took decisive actions focused on supporting our employees, customers, and communities, while de-risking our business, enhancing our balance sheet, and investing in digital and e-commerce. These actions combined with the dedication of our associates directly contributed to our ability to successfully navigate the COVID-19 pandemic. Quarterly same store sales improved sequentially throughout fiscal year 2021, despite continued conservative underwriting strategies, which we believe demonstrates strong underlying demand for our products, and we anticipate positive same store sales momentum will continue into fiscal year 2022,” stated Norm Miller, Conn’s Chairman and Chief Executive Officer.

“We have emerged from the pandemic stronger, more efficient and well positioned to compete in a rapidly changing market, and fiscal year 2022 is off to a strong start. Same store sales are up over 3.0% quarter-to-date, despite the impacts of the historic winter storm across many of our markets, one fewer selling day as a result of leap year and continued supply chain challenges. These quarter-to-date results still reflect our more conservative underwriting strategy.”

“Overall, we believe Conn’s is at an inflection point in our growth strategy as we continue to leverage our best-in-class in-house and third-party credit offerings, increase digital and e-commerce investments, expand our brick-and-mortar footprint, and enhance our merchandising and marketing strategies. We believe these strategic initiatives, combined with our unique value proposition, will support long-term and sustainable growth,” concluded Mr. Miller.

Fourth Quarter Financial Highlights:

  • Earnings for the fourth quarter increased approximately 400% to $0.85 per diluted share, compared to $0.17 per diluted share for the same period last fiscal year;
  • Increased fourth quarter cash and third-party credit sales nearly 35% compared to the prior fiscal year period reflecting strong demand for home-related products; and
  • Same store sales declined 10.1% for the fourth quarter, primarily due to a nearly 29% decline in sales financed by Conn’s in-house credit because of tighter underwriting associated with the COVID-19 crisis.

Fiscal Year 2021 Financial Highlights:

  • Improved capital position as net cash provided by operating activities was $462.1 million compared to $80.1 million for the year ended January 31, 2020;
  • Reduced overall debt balance by $416.6 million as compared to fiscal year 2020 resulting in debt as a percent of the portfolio balance of approximately 49% at January 31, 2021. Net debt as a percent of the portfolio balance at January 31, 2021 was approximately 45%, representing the lowest level in seven fiscal years;
  • Carrying value of customer accounts receivable 60+ days past due at January 31, 2021 24% lower than the prior fiscal year;
  • Carrying value of re-aged customer accounts receivable at January 31, 2021 33% lower than the prior fiscal year period; and
  • More than doubled e-commerce sales during fiscal year 2021 as compared to the prior fiscal year.

Fourth Quarter Results

Net income for the fourth quarter of fiscal year 2021 was $25.1 million, or $0.85 per diluted share, compared to net income for the fourth quarter of fiscal year 2020 of $5.1 million, or $0.17 per diluted share. The increase in net income was primarily due to a decrease in provision for bad debts and tax benefit related to the CARES ACT, partially offset by a decline in revenue. The CARES ACT tax benefit was $12.4 million, or $0.42 per diluted share, for the fourth quarter of fiscal year 2021. On a non-GAAP basis, adjusted net income for the fourth quarter of fiscal year 2021 was $27.1 million, or $0.91 per diluted share, which excludes charges and credits for severance costs related to a change in the executive management team and a gain on extinguishment of debt. This compares to adjusted net income for the fourth quarter of fiscal year 2020 of $5.9 million, or $0.20 per diluted share, which excludes a loss on extinguishment of debt.

Retail Segment Fourth Quarter Results

Retail revenues were $294.7 million for the three months ended January 31, 2021 compared to $315.3 million for the three months ended January 31, 2020, a decrease of $20.6 million or 6.5%. The decrease in retail revenue was primarily driven by a decrease in same store sales of 10.1% and a decrease in RSA commissions and retrospective income, partially offset by new store growth. The decrease in same store sales reflects proactive tightening of underwriting standards which were the result of the COVID-19 pandemic.

For the three months ended January 31, 2021 and January 31, 2020, retail segment operating income was $12.7 million and $35.7 million, respectively. On a non-GAAP basis, adjusted retail segment operating income for the three months ended January 31, 2021 was $15.4 million, after excluding charges and credits for severance costs related to a change in the executive management team. On a non-GAAP basis, adjusted retail segment operating income for the three months ended January 31, 2020 was $35.7 million.

The following table presents net sales and changes in net sales by category:

  Three Months Ended January 31,           Same Store
(dollars in thousands) 2021   % of Total   2020   % of Total   Change   % Change   % Change
Furniture and mattress $ 90,100     30.6 %   $ 94,042     29.8 %   $ (3,942 )   (4.2 ) %   (8.9 ) %
Home appliance 102,125     34.7     93,452     29.7     8,673     9.3       6.2    
Consumer electronics 54,255     18.4     69,995     22.2     (15,740 )   (22.5 )     (23.2 )  
Home office 16,349     5.6     20,804     6.6     (4,455 )   (21.4 )     (22.3 )  
Other 7,705     2.6     4,875     1.5     2,830     58.1       40.7    
Product sales 270,534     91.9     283,168     89.8     (12,634 )   (4.5 )     (7.5 )  
Repair service agreement commissions (1) 21,108     7.2     28,848     9.2     (7,740 )   (26.8 )     (29.8 )  
Service revenues 2,831     0.9     3,056     1.0     (225 )   (7.4 )      
Total net sales $ 294,473     100.0 %   $ 315,072     100.0 %   $ (20,599 )   (6.5 ) %   (10.1 ) %
                                                   

(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 Fourth Quarter Results

Credit revenues were $73.1 million for the three months ended January 31, 2021 compared to $97.7 million for the three months ended January 31, 2020, a decrease of $24.6 million or 25.2%. The decrease in credit revenue was primarily due to a decrease of 20.6% in the average balance of the customer receivable portfolio, a decrease in insurance commissions due to a decline in the balance of sale of our in-house credit financing and a decrease in insurance retrospective income. The yield rate for the three months ended January 31, 2021 was 21.3% compared to 21.5% for the three months ended January 31, 2020. The total customer accounts receivable portfolio balance was $1.2 billion at January 31, 2021 compared to $1.6 billion at January 31, 2020, a decrease of 23.0%.

Provision for bad debts decreased to $25.1 million for the three months ended January 31, 2021 compared to $69.3 million for the three months ended January 31, 2020, a decrease of $44.2 million. The decrease was driven by a reduction in the allowance for bad debts during the three months ended January 31, 2021 as compared to an increase in the allowance during the three months ended January 31, 2020. The decrease in the allowance for bad debts for the three months ended January 31, 2021 was primarily driven by a decrease in customer accounts receivable portfolio as compared to an increase in the customer accounts receivable portfolio balance for the three months ended January 31, 2020. In addition, improvements in forecasted unemployment rates and lower charge-offs contributed to the decline in the allowance for bad debts.

Credit segment operating income was $14.6 million for the three months ended January 31, 2021, compared to an operating loss of $12.3 million for the three months ended January 31, 2020. The increase in credit segment operating income for the three months ended January 31, 2021 as compared to the three months ended January 31, 2020 was primarily driven by a decrease in provision for bad debts offset by a decline in credit revenue, as described above.

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-K for the year ended January 31, 2021, to be filed with the Securities and Exchange Commission on March 31, 2021.

Showroom and Facilities Update

The Company has opened three new Conn’s HomePlus® showrooms and its first distribution center in Florida during the fourth quarter of fiscal year 2021 and has opened six new Conn’s HomePlus® showrooms during the first quarter of fiscal year 2022, bringing the total showroom count to 152 in 15 states. During fiscal year 2022, the Company plans to open 9 to 11 new showrooms, including the six already opened, in existing states to leverage current infrastructure.

Liquidity and Capital Resources

As of January 31, 2021, the Company had $336.0 million of immediately available borrowing capacity under its $650.0 million revolving credit facility. The Company also had $9.7 million of unrestricted cash available for use.

On February 24, 2021, the Company completed the sale of $62.9 million of 4.20% Asset Backed Fixed Rate Notes, Class C, Series 2020-A which was previously issued and retained by the company. The asset-backed notes are secured by the transferred customer accounts receivables and restricted cash held by a consolidated VIE, which resulted in net proceeds to us of $62.5 million, net of debt issuance costs. Net proceeds from the sale were used to repay amounts outstanding under the Company’s Revolving Credit Facility.

On March 29, 2021, the Company entered into the Fifth Amended and Restated loan and Security Agreement (the “Fifth Amended and Restated loan Agreement”). The Fifth Amended and Restated loan Agreement, among other things, extended the maturity date of our existing revolving credit facility to March 2025 (originally scheduled to mature in May 2022). Additional detail with respect to the Fifth Amended and Restated loan Agreement may be found in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021.

On March 15, 2021, the Company issued a notice of redemption to holders of our 7.250% Senior Notes due 2022 (the “Senior Notes”) for the redemption of all $141,172,000 outstanding aggregate principal amount of the Senior Notes. Additional detail with respect to the notice of redemption of the Senior Notes, including the redemption date and redemption price for the Senior Notes may be found in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021. The foregoing does not constitute a notice of redemption with respect to the Senior Notes.

Conference Call Information

The Company will host a conference call on March 31, 2021, at 10 a.m. CT / 11 a.m. ET, to discuss its three months ended January 31, 2021 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 fourth quarter fiscal year 2021 conference call presentation will be available at ir.conns.com.

Replay of the telephonic call can be accessed through April 7, 2021 by dialing 844-512-2921 or 412-317-6671 and Conference ID: 13714683.

About Conn’s, Inc.

Conn’s is a specialty retailer currently operating 152 retail locations in Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia. The Company’s primary product categories include:

  • Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
  • Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;  
  • Consumer electronics, including LED, OLED, QLED, 4K Ultra HD, and 8K televisions, gaming products, next generation video game consoles and home theater and portable audio equipment; and
  • Home office, including computers, printers and accessories.

Additionally, Conn’s offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn’s provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party lease-to-own payment plans.

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; 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 outbreak; 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, 2021 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in thousands, except per share amounts)

  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Revenues:              
Total net sales $ 294,473     $ 315,072     $ 1,064,311     $ 1,163,235  
Finance charges and other revenues 73,318     97,916     321,714     380,451  
Total revenues 367,791     412,988     1,386,025     1,543,686  
Costs and expenses:              
Cost of goods sold 184,300     188,038     668,315     697,784  
Selling, general and administrative expense 128,324     132,018     478,767     503,024  
Provision for bad debts 25,139     69,510     202,003     205,217  
Charges and credits 2,737         6,326     3,142  
Total costs and expenses 340,500     389,566     1,355,411     1,409,167  
Operating income 27,291     23,422     30,614     134,519  
Interest expense 10,603     15,163     50,381     59,107  
(Gain) loss on extinguishment of debt (440 )   1,094     (440 )   1,094  
Income (loss) before income taxes 17,128     7,165     (19,327 )   74,318  
Provision (benefit) for income taxes (7,998 )   2,113     (16,190 )   18,314  
Net income (loss) $ 25,126     $ 5,052     $ (3,137 )   $ 56,004  
Earnings (loss) per share:              
Basic $ 0.86     $ 0.18     $ (0.11 )   $ 1.85  
Diluted $ 0.85     $ 0.17     $ (0.11 )   $ 1.82  
Weighted average common shares outstanding:              
Basic 29,199,678     28,720,508     29,060,512     30,275,662  
Diluted 29,647,593     29,276,167     29,060,512     30,814,775  

CONN’S, INC. AND SUBSIDIARIES
RETAIL SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)

  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Revenues:              
Product sales $ 270,534     $ 283,168     $ 973,031     $ 1,042,424  
Repair service agreement commissions 21,108     28,848     78,838     106,997  
Service revenues 2,831     3,056     12,442     13,814  
Total net sales 294,473     315,072     1,064,311     1,163,235  
Other revenues 217     208     816     810  
Total revenues 294,690     315,280     1,065,127     1,164,045  
Costs and expenses:              
Cost of goods sold 184,300     188,038     668,315     697,784  
Selling, general and administrative expense 94,951     91,234     335,954     346,108  
Provision for bad debts 21     260     443     905  
Charges and credits 2,737         4,092     1,933  
Total costs and expenses 282,009     279,532     1,008,804     1,046,730  
Operating income $ 12,681     $ 35,748     $ 56,323     $ 117,315  
Retail gross margin 37.4 %   40.3 %   37.2 %   40.0 %
Selling, general and administrative expense as percent of revenues 32.2 %   28.9 %   31.5 %   29.7 %
Operating margin 4.3 %   11.3 %   5.3 %   10.1 %
Store count:              
Beginning of period 143     137     137     123  
Opened 3         9     14  
End of period 146     137     146     137  
                       

CONN’S, INC. AND SUBSIDIARIES
CREDIT SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)

  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Revenues:              
Finance charges and other revenues $ 73,101       $ 97,708       $ 320,898       $ 379,641    
Costs and expenses:              
Selling, general and administrative expense 33,373       40,784       142,813       156,916    
Provision for bad debts 25,118       69,250       201,560       204,312    
Charges and credits             2,234       1,209    
Total costs and expenses 58,491       110,034       346,607       362,437    
Operating income (loss) 14,610       (12,326 )     (25,709 )     17,204    
Interest expense 10,603       15,163       50,381       59,107    
(Gain) loss on extinguishment of debt (440 )     1,094       (440 )     1,094    
Income (loss) before income taxes $ 4,447       $ (28,583 )     $ (75,650 )     $ (42,997 )  
Selling, general and administrative expense as percent of revenues 45.7   %   41.7   %   44.5   %   41.3   %
Selling, general and administrative expense as percent of average outstanding customer accounts receivable balance (annualized) 10.6   %   10.2   %   10.2   %   10.0   %
Operating margin 20.0   %   (12.6 ) %   (8.0 ) %   4.5   %

CONN’S, INC. AND SUBSIDIARIES
CUSTOMER ACCOUNTS RECEIVABLE PORTFOLIO STATISTICS
(unaudited)

  January 31,
  2021   2020
Weighted average credit score of outstanding balances (1) 600     591  
Average outstanding customer balance $ 2,463     $ 2,734  
Balances 60+ days past due as a percentage of total customer portfolio carrying value (2)(3) 12.4 %   12.5 %
Balances 60+ days past due (in thousands) (2) $ 146,820     $ 193,797  
Re-aged balance as a percentage of total customer portfolio carrying value (2)(3) 25.9 %   29.4 %
Carrying value of account balances re-aged more than six months (in thousands) (3) $ 92,883     $ 112,410  
Allowance for bad debts and uncollectible interest as a percentage of total customer accounts receivable portfolio balance (4) 24.2 %   14.6 %
Percent of total customer accounts receivable portfolio balance represented by no-interest option receivables 20.5 %   17.7 %
  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Total applications processed 342,924     360,338     1,251,002     1,235,712  
Weighted average origination credit score of sales financed (1) 617     606     615     608  
Percent of total applications approved and utilized 21.2 %   27.0 %   21.5 %   27.0 %
Average income of credit customer at origination $ 48,500     $ 46,000     $ 47,100     $ 45,800  
Percent of retail sales paid for by:                              
In-house financing, including down payments received 50.9 %   66.7 %   52.1 %   67.6 %
Third-party financing 19.9 %   18.9 %   20.4 %   17.8 %
Third-party lease-to-own option 9.8 %   6.6 %   8.5 %   7.0 %
  80.6 %   92.2 %   81.0 %   92.4 %
                       

(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)   For the period ended January 31, 2021, the allowance for bad debts and uncollectible interest is based on the current expected credit loss methodology required under ASC 326. For the period ended January 31, 2020, the allowance for bad debts and uncollectible interest is based on the incurred loss methodology.

CONN’S, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)

  January 31,
  2021   2020
Assets      
Current Assets:      
Cash and cash equivalents $ 9,703     $ 5,485  
Restricted cash 50,557     75,370  
Customer accounts receivable, net of allowances 478,734     673,742  
Other accounts receivable 61,716     68,753  
Inventories 196,463     219,756  
Income taxes receivable 38,059     4,315  
Prepaid expenses and other current assets 8,831     11,445  
Total current assets 844,063     1,058,866  
Long-term portion of customer accounts receivable, net of allowances 430,749     663,761  
Operating lease right-of-use assets 265,798     242,457  
Property and equipment, net 190,962     173,031  
Deferred income taxes 9,448     18,599  
Other assets 14,064     12,055  
Total assets $ 1,755,084     $ 2,168,769  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Current finance lease obligations $ 934     $ 605  
Accounts payable 69,367     48,554  
Accrued expenses 82,990     63,090  
Operating lease liability – current 44,011     35,390  
Other current liabilities 14,454     14,631  
Total current liabilities 211,756     162,270  
Operating lease liability – non current 354,598     329,081  
Long-term debt and finance lease obligations 608,635     1,025,535  
Other long-term liabilities 22,940     24,703  
Total liabilities 1,197,929     1,541,589  
Stockholders’ equity 557,155     627,180  
Total liabilities and stockholders’ equity $ 1,755,084     $ 2,168,769  
               

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 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 retail segment operating income, 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.

RETAIL SEGMENT ADJUSTED OPERATING INCOME

  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Retail segment operating income, as reported $ 12,681     $ 35,748     $ 56,323     $ 117,315  
Adjustments:              
Store and facility closure and relocation costs (1)             1,933  
Professional fees (2)         1,355      
Employee severance (3) 2,737         2,737      
Retail segment operating income, as adjusted $ 15,418     $ 35,748     $ 60,415     $ 119,248  
                               

(1)   Represents impairments from the exiting of certain leases upon the relocation of three distribution centers into one facility, the gain from the sale of a cross-dock and from increased sublease income related to the consolidation of our corporate headquarters during the year ended January 31, 2020.

(2)   Represents costs related to professional fees associated with non-recurring expenses.

(3)   Represents severance costs related to a change in the executive management team.

ADJUSTED NET INCOME AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE

  Three Months Ended
January 31,
  Year Ended
January 31,
  2021   2020   2021   2020
Net income (loss), as reported $ 25,126     $ 5,052     $ (3,137 )   $ 56,004  
Adjustments:              
Store and facility closure and relocation costs (1)             1,933  
Professional fees (2)         3,589      
Employee severance (3) 2,737         2,737      
Write-off of software costs (4)             1,209  
(Gain) loss on extinguishment of debt (5) (440 )   1,094     (440 )   1,094  
Tax impact of adjustments (6) (306 )   (246 )   (1,111 )   (951 )
Net income, as adjusted $ 27,117     $ 5,900     $ 1,638     $ 59,289  
Weighted average common shares outstanding – Diluted 29,647,593     29,276,167     29,287,950     30,814,775  
Diluted earnings (loss) per share:              
As reported $ 0.85     $ 0.17     $ (0.11 )   $ 1.82  
As adjusted $ 0.91     $ 0.20     $ 0.06     $ 1.92  

(1)   Represents impairments from the exiting of certain leases upon the relocation of three distribution centers into one facility, the gain from the sale of a cross-dock and from increased sublease income related to the consolidation of our corporate headquarters during the year ended January 31, 2020.

(2)   Represents costs related to professional fees associated with non-recurring expenses.

(3)   Represents severance costs related to a change in the executive management team.

(4)   Represents impairments of software costs for a loan management system that was abandoned during the year ended January 31, 2020 related to the implementation of a new loan management system.

(5)   Represents benefits and costs incurred for the early retirement of our debt.

(6)   Represents the tax effect of the adjusted items based on the applicable statutory tax rate.

NET DEBT

  January 31,
  2021     2020  
Debt, as reported      
Current finance lease obligations $ 934     $ 605  
Long-term debt and finance lease obligations 608,635     1,025,535  
Total debt 609,569     1,026,140  
Cash, as reported      
Cash and cash equivalents 9,703     5,485  
Restricted cash 50,557     75,370  
Total cash 60,260     80,855  
Net debt $ 549,309     $ 945,285  
Ending portfolio balance, as reported $ 1,233,717     $ 1,602,037  
Net debt as a percentage of the portfolio balance 44.5 %   59.0 %

Loans Bad Credit Online – Conn’s, Inc. Reports Fourth Quarter Fiscal Year 2021 Financial Results Nasdaq:CONN

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Bad Credit

Inside the Highly Profitable and Secretive World of Payday Lenders

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Illustration by Sarah Maxwell, Folio Art

When Bridget Davis got started in the family’s payday lending business in 1996, there was just one Check ’n Go store in Cincinnati. She says she did it all: customer service, banking duties, even painting walls.

The company had been established two years earlier by her husband, Jared Davis, and was growing rapidly. There were 100 Check ’n Go locations by 1997, when Jared and Bridget (née Byrne) married and traveled the country together looking for more locations to open storefront outlets. They launched another 400 stores in 1998, mostly in strip malls and abandoned gas stations in low-income minority neighborhoods where the payday lending target market abounds. Bridget drove the supply truck and helped select locations and design the store layouts.

But Jared soon fired his wife for committing what may be the ultimate sin in the payday lending business: She forgave a customer’s debt. “A young woman came to pay her $20 interest payment,” Bridget wrote in court documents last year during divorce proceedings from Jared. “I pulled her file, calculated that she had already paid $320 to date on a principle [sic] loan of $100. I told her she was paid in full. [Jared] fired me, stating, ‘We are here to make money, not help customers manage theirs. If you can’t do that, you can’t work here.’ ”

Photograph by Brittany Dexter

It’s a business philosophy that pays well, especially if you’re charging fees and interest rates of 400 percent that can more than triple the amount of the loan in just five months—the typical time most payday borrowers need to repay their debt, says the Pew Charitable Trusts, a nonprofit organization focused on public policy. Cincinnati-based Check ’n Go now operates more than 1,100 locations in 25 states as well as an internet lending service with 24/7 access from the comfort of your own home, according to its website. Since its founding, the company has conducted more than 50 million transactions.

What the website doesn’t say is that many, if not most, of those transactions were for small loans of $50 to $500 to working people trying to scrape by and pay their bills. In most states—including Ohio, until it reformed its payday lending laws in 2019—borrowers typically fork over more than one-third of their paycheck to meet the deadline for repayment, usually in two weeks. To help guarantee repayment, borrowers turn over access to their checking account or deposit a check with the lender. In states that don’t offer protection, customers go back again and again to borrow more money from the same payday lender, typically up to 10 times, driving themselves into a debt trap that can lead to bankruptcy.

Jared and Bridget Davis are embroiled in a nasty court battle related to his 2019 divorce filing in Hamilton County Domestic Relations Court. Thousands of pages of filings and 433 docket entries by April 26 offer the public a rare glimpse into the business operations of Check ’n Go, one of Cincinnati’s largest privately-owned companies, as well as personal lifestyles funded by payday lending.

The company cleared $77 million in profit in 2018, a figure that dipped the following year to $55 million, according to an audit by Deloitte. That drop in revenue may have something to do with the payday lending reform laws and interest rate caps passed recently in Ohio as well as a growing number of other states.


The day-to-day business transactions that provide such profit are a depressing window into how those who live on the edge of financial security are often stuck with few options for improving their situations. If a borrower doesn’t repay or refinance his or her original loan, a lender like Check ’n Go deposits the guarantee check and lets it bounce, causing the borrower to incur charges for the bounced check and eventually lose his or her checking account, says Nick DiNardo, an attorney for the Legal Aid Society of Greater Cincinnati. After two missed payments, payday lenders usually turn over the debt to a collection agency. If the collection agency fails to collect the full amount of the original loan as well as all fees and interest, it goes to court to garnish the borrower’s wages.

That devastating experience is all too familiar to Anthony Smith, a 60-year-old Wyoming resident who says he was laid off from several management positions over a 20-year period. He turned to payday lenders as his credit rating dropped and soon found himself caught in a debt trap that took him years to escape.

Two things happened in 2019, Smith says, that turned around his financial fortunes. First, he found a stable manufacturing job with the Formica Company locally, and then he took his mother’s advice and opened a credit union account. GE Credit Union not only gave him a reasonable loan to pay off his $2,500 debt but also issued him his first credit card in a decade. “I had been a member [of the credit union] for just two months, and I had a credit rating of 520. Can you imagine?” he says. Smith says he is now debt-free for the first time in 10 years.

Consumer advocates say Check ’n Go is one of the biggest payday lending operations in the nation. But knowing its exact ranking is difficult because most payday lending companies, including Check ’n Go and its parent company CNG Holdings, are privately held and reluctant to disclose their finances.

Brothers Jared and David Davis own the majority of the company’s privately held stock. David bought into the company in 1995, but CNG got its game-changing infusion of capital from the brothers’ father, Allen Davis, who retired as CEO of then-Provident Bank in 1998. Allen sold off $37 million in stock options and essentially became CNG’s bank and consultant.

By 2005, however, the sons were part of a public court battle against their father. Allen accused Jared and David of treating his millions in CNG stock as compensation instead of a transfer from his ex-wife (and the brothers’ mother), sticking him with a $13 million tax bill. In turn, the brothers accused Allen of putting his mistress and his yacht captain on the company payroll, taking $1.2 million in fees without board approval, and leading the company into ventures that lost Check ’n Go a lot of money. Several years of legal fighting later, the IRS was still demanding its $13 million. CNG officials did not respond to requests for comment for this story.

Jared and David split $22 million in profit from CNG in 2018 and, according to the Deloitte audit, CNG’s balance sheet showed another $42 million that could be split between the two brothers in 2019. Jared, however, elected not to receive his $21 million distribution “in order to create this artificial financial crisis and shelter millions of dollars from an equitable split between us,” according to Bridget’s divorce filing.

Worse, she claims, Jared said they would be responsible for paying taxes out of their personal accounts rather than from CNG’s company earnings, making her personally responsible for half of the $5.5 million in taxes for 2019. She believes it wasn’t happenstance that $5.5 million was wired to Jared’s private bank account in December of that same year. Bridget has refused to sign the joint tax return, and Jared filed a complaint with the court saying a late tax filing would cost them $1 million in penalties and missed tax opportunities.

“For the duration of our marriage and to the present, Jared has full and complete control of all money paid to us from various investments we have made in addition to our main source of income, CNG,” Bridget wrote in her motion. She suspects that Jared, without her knowledge or consent, plowed the money for their taxes and from other sources of income into Black Diamond Group, the fund that invests in the Agave & Rye restaurant chain. Beyond the original restaurant opened in Covington in 2018, “they have opened four other locations in one year,” she wrote, including Louisville and Lexington. (The ninth location opened in Hamilton this spring.) Agave & Rye’s website touts its Mexican fare as “a chef-inspired take on the standard taco, elevating this simple food into something epic!”

In his response, Jared wrote, “We have very limited regular sources of income.” He says he isn’t receiving any additional distributions from CNG, the couple’s primary source of income, “and this is not within my control. The company has declared that we would not make any further distributions in 2020 given economic circumstances. This decision is based on a formula and is not discretionary.” Agave & Rye helped produce $645,000 in income for Black Diamond in 2020 but has paid out $890,000 in loans, he says. Through August 31, 2020, he wrote, the couple’s “expenses have exceeded income from all sources.”


The divorce case filings start slinging mud when the couple accuses each other of breaking up their 22-year marriage and finding new partners. Jared claims Bridget began an affair during their marriage with Brian Duncan, a contractor she employed through her house flipping business. Bridget, he says, paid Duncan’s company $75,000 in 2018 as well as giving him a personal gift of $70,000 that same year. Jared says she also bought Duncan at least one car and purchased a house for him near hers on Shawnee Run Road for $289,000, then loaned money to Duncan. Jared says Duncan has been late in repaying the note.

While Bridget says Duncan has been drug-free for several years, he has a rap sheet with Hamilton County courts from 2000 to 2017 that runs five pages long. It lists a half-dozen counts of drug abuse and drug possession, including heroin and possession of illegal drug paraphernalia; assaulting a police officer; stealing a Taser from a police officer; criminal damaging while being treated at UC Health; more than a dozen speeding and traffic violations; a half-dozen counts of driving with a suspended license; receiving stolen property; twice fleeing and resisting arrest; three counts of theft; two counts of forgery; and one count for passing bad checks.

Bridget has fired back that Jared not only is hiding his money from her but spending it lavishly on vacations, resorts, and high-end restaurants with his new girlfriend, Susanne Warner. Bridget says Jared gifted Warner with $40,000 without Bridget’s knowledge, then declared it on their joint tax return as a “contribution.” Bridget’s court filings include photocopies of social media posts of Jared and Warner globetrotting from summer 2019 to summer 2020: vacation at Beaver Creek Village in Avon, Colorado; cocktails at High Cotton in Charleston, South Carolina, and dinner at Melvyn’s Restaurant and Lounge in Palm Springs, California; getaways at resorts in Nashville and at a lakefront rental on Norris Lake ($600 per night); in the Bahamas at a Musha Cay private residence ($57,000 per night), at South Beach in Miami, and at a private beach at Fisher Island; in Mexico at Cabo San Lucas; in the U.S. Virgin Islands at Magen’s Bay and on a private yacht ($4,500 per night); in California at Desert Hot Springs, the Ritz-Carlton in Rancho Mirage, and Montage at Laguna Beach; and in the Bahamas at South Cottage ($2,175 per night).

For her part, Bridget has gone through some of the top lawyers in town faster than President Trump during an impeachment—six in all, two of whom she’s sued for malpractice. She sent four binders of evidence to the Ohio Supreme Court, asking for the recusal of Hamilton County Judge Amy Searcy and claiming Searcy was biased because of campaign donations from Jared and his companies. Rather than deal with the list of questions sent to her by Chief Justice Maureen O’Connor, Searcy stepped down. Two other judges have since stepped into the fray, and in March Bridget filed for a change of venue outside of Hamilton County, arguing she can’t get a fair trial in her hometown. At press time, a trial date had been set for June 28 in Hamilton County.

The poor-mouthing in the divorce case has reached heights of comic absurdity. Jared claims he’s “illiquid” because he didn’t get his distribution from CNG in 2019. Bridget has received debt collection notices for the nearly $21,000 owed on her American Express card and a $735 bill from Jewish Hospital. There’s no sign yet that anyone is coming to repossess her Porsche, which according to her filings has a $5,000 monthly payment. Each party has received $25,000 a month in living expenses, an amount later reduced to $15,000 under a temporary legal agreement while the divorce case is being sorted out. Court filings show that Jared’s net worth is almost $206 million and Bridget’s is $22.5 million.


In the early 1990s, Allen Davis was raising eyebrows at Provident Bank (later bought by National City), and not only because of his very unbanker-like look of beard, ponytail, and casual golf wear. He was leading the company into questionable subprime home loans for people with bad credit and a frequent-shopper program for merchants, though the bank’s charter barred him from getting involved in full-blown predatory lending practices. With guidance and funding from his father, Jared, at age 26, launched Check ’n Go in 1994 and became a pioneer in the payday lending industry. Jared and his family saw there were millions of Americans who didn’t have checking or savings accounts (“unbanked”) or an adequate credit rating (“underbanked”) but still needed loans to meet their everyday expenses. What those potential customers did have was a steady paycheck.

Conventional banks share a big part of the blame for the nation’s army of unbanked borrowers by imposing checking account fees and onerous penalties for bounced checks. In 2019, the Federal Deposit Insurance Corporation estimated there were 7.1 million U.S. households without a checking or savings account.

The Davises launched Check ’n Go on the pretext that it would “fill the gap” for people who occasionally needed to borrow money in a hurry—a service for those who couldn’t get a loan any other way. But consumer advocates say the real business model for payday lending isn’t a service at all. The majority of the industry’s revenue comes from repeat business by customers trapped in debt, not from borrowers looking for a quick, one-time fix for their financial troubles.

Ohio’s payday lending lobbyists got a strong hold on the state legislature in the late 1990s, and by 2018 Democratic gubernatorial candidate Richard Cordray could rightfully claim in a campaign ad that “Ohio’s [payday lending] laws are now the worst in the nation. Things have gotten so bad that it is legal to charge 594 percent interest on loans.” His statement was based on a 2014 study by the Pew Charitable Trusts.

The frustration for consumer advocates was that Ohioans had been trying to reform those laws since 2008, when voters overwhelmingly approved a ballot initiative placing a 28 percent cap on the interest of payday loans. But—surprise!—lenders simply registered as mortgage brokers, which enabled them to charge unlimited fees.

The Davis family and five other payday lending companies controlled 90 percent of the market back then, an express gravy train ripping through the poorest communities in Ohio. The predatory feeding frenzy, especially in Ohio’s hard-hit Rust Belt communities, prompted a 2017 column at The Daily Beast titled, “America’s Worst Subprime Lender: Jared Davis vs. Allan Jones?” (Jones is founder and CEO of Tennessee-based Check Into Cash.) In 2016 and 2017, consumer advocates mustered their forces again, and this time they weren’t allowing for loopholes. The Pew Charitable Trusts joined efforts with bipartisan lawmakers and Ohioans for Payday Loan Reform, a statewide coalition of faith, business, local government, and nonprofit organizations. Consumer advocates found a legislative champion in State Rep. Kyle Koehler, a Republican from Springfield.

It no doubt helped reform efforts that former Ohio Speaker of the House Cliff Rosenberger resigned in spring 2018 amid an FBI investigation into his cozy relationship with payday lenders. Rosenberger had taken frequent overseas trips—to destinations including France, Italy, Israel, and China—in the company of payday lending lobbyists. In April 2019, Ohio’s new lending law took effect and, since then, has been called a national model for payday lending reform that balances protections for borrowers, profits for lenders, and access to credit for the poor, according to the Pew Charitable Trusts. New prices in Ohio are three to four times lower for payday loans than before the law. Borrowers now have up to three months to repay their loans with no more than 6 percent of their paycheck. Pew estimates that the cost of borrowing $400 for three months dropped from $450 to $109, saving Ohioans at least $75 million a year. And despite claims that the reforms would eliminate access to credit, lenders currently operate in communities across the state and online. “The bipartisan success shows that if you set fair rules and enforce them, lenders play by them and there’s widespread access to credit,” says Gabe Kravitz, a consumer finance officer at the Pew Charitable Trusts.

Other states like Virginia, Kansas, and Michigan are following Ohio’s lead, Kravitz says. Some states, such as Nebraska, have even capped annual interest on payday loans. As a result, Pew researchers have seen a reduction in the number of storefront lending op­erations across the country. Even better, Kravitz says, there’s no evidence that borrowers are turning instead to online payday lending operations.

Cincinnati is one of five cities chosen for a grant to replicate the success of Boston Builds Credit, an ambitious effort that city launched in 2017 to provide credit counseling in poor and minority communities by training specialists at existing social service agencies. The program also encourages consumer partnerships with credit unions, banks, and insurance companies to offer small, manageable loans that can help the unbanked and underbanked improve their credit ratings. “Right now, local organizations are all kind of working in silos on the problem in Cincinnati,” says Todd Moore of the nonprofit credit counseling agency Trinity Debt Relief. Moore, who applied for the Boston grant, says he’s looking for an agency like United Way or Strive Cincinnati to lead the effort here.

Anthony Smith is thankful that he’s escaped the downward spiral of his payday loans, especially during the pandemic’s economic turmoil. “I’m blessed for every day I can get paid and have a job during these difficult times, just to be able to pay my bills and meet my responsibilities,” he says. “I’ve always kept a job, but until now I’ve had crappy credit. That doesn’t mean I’m a bad guy.”

Can others worth millions of dollars say the same?

Inside the Highly Profitable and Secretive World of Payday Lenders Source link Inside the Highly Profitable and Secretive World of Payday Lenders



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What’s Questionable Credit and Can I Get a Car Loan With It?

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Questionable’s definition means that something’s quality is up for debate. If a lender says that your credit score is questionable, it’s likely that they mean it’s poor, or at the very least, they’re hesitant to approve you for vehicle financing. Here’s what most lenders consider questionable credit, and what auto loan options you may have.

Questionable Credit and Auto Lenders

Many auto lenders may consider questionable credit as a borrower with a credit score below 660. The credit score tiers as sorted by Experian the national credit bureau, are:

  • Super prime: 850 to 781
  • Prime: 780 to 661
  • Nonprime: 660 to 601
  • Subprime: 600 to 501
  • Deep subprime: 500 to 300

The nonprime credit tiers and below is when you start to get into bad credit territory and may struggle to meet the credit score requirements of traditional auto lenders.

This is because lenders are looking at your creditworthiness – your perceived ability to repay loans based on the information in your credit reports. Besides your actual credit score, there may be situations where the items in your credit reports are what’s making a lender question whether you’re a good candidate for an auto loan. These can include:

  • A past or active bankruptcy
  • A past or recent vehicle repossession
  • Recent missed/late payments
  • High credit card balances
  • No credit history

There are ways to get into an auto loan with questionable credit. Your options can change depending on what’s making your credit history questionable, though.

Questionable Credit Auto Loans

If your credit score is less than stellar, it may be time to look at these two lending options:

  • What Is Questionable Credit and Can I Get a Car Loan With It?Subprime financing – Done through special finance dealerships by third-party subprime lenders. These lenders can often assist with many unique credit situations, provided you can meet their requirements. A great option for new borrowers with thin files, situational bad credit, or consumers with older negative marks.
  • In-house financing – May not require a credit check, and is done through buy here pay here (BHPH) dealers. Typically, your income and down payment amount are the most important parts of eligibility. Auto loans without a credit check may not allow for credit repair and may come with a higher-than-average interest rate.

Both of these car loan options are typically available to borrowers with credit challenges. However, if you have more recent, serious delinquencies on your credit reports, a BHPH dealer may be for you. Most traditional and subprime lenders typically don’t approve financing for borrowers with a dismissed bankruptcy, a repossession less than a year old, or borrowers with multiple, recent missed/late payments.

Requirements of Bad Credit Car Loans

In many cases, your income and down payment size are the biggest factors in your overall eligibility for bad credit auto loans. Expect to need:

  • 30 days of recent computer-generated check stubs to prove you have around $1,500 to $2,500 of monthly gross income. Borrowers without W-2 income may need two to three years of professionally prepared tax returns.
  • A down payment of at least $1,000 or 10% of the vehicle’s selling price. BHPH dealers may require up to 20% of the car’s selling price.
  • Proof of residency in the form of a recent utility bill in your name.
  • Proof of a working phone (no prepaid phones), proven with a recent phone bill in your name.
  • A list of five to eight personal references with name, phone number, and address.
  • Valid driver’s license with the correct address, can’t be revoked, expired, or suspended.

Depending on your individual situation, you may need fewer or more items to apply for a bad credit auto loan. However, preparing these documents before you head to a dealership can speed up the process!

Ready to Get on the Road?

With questionable credit, finding a dealership that’s able to assist you with an auto loan is easier said than done. Here at Auto Credit Express, we want to get that done for you with our coast-to-coast network of special finance dealerships.

Complete our free auto loan request form and we’ll get right to work looking for a dealer in your local area that can assist with many tough credit situations.

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Entrepreneur Tae Lee Finds Her Fortune

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By Jasmine Shaw
For The Birmingham Times

Birmingham native Tae Lee had plans last year to visit the continent of Africa, the South American country of Columbia, and the U.S. state of Texas.

“I was going to stay in each place for like four to six weeks, and then COVID-19 happened,” she said. “So, I just was like, ‘You know what, I’m just gonna go to Mexico and stay for six months.’”

Once home from Playa Del Carmen, located on Mexico’s Yucatán Peninsula, the 33-year-old entrepreneur put the final touches on “Game of Fortune: Win in Wealth or Lose in Debt,” a financial literacy card game for ages 10 and up.

“We created ‘Game of Fortune’ because we realized there was a gap in learning the fundamentals of money,” said Lee. “We go through life not knowing anything about money and then—‘Bam!’—real life hits. Credit, debt, and bills come at us quick!”

Lee believes the game “gives players a glimpse of real life” by using everyday scenarios to teach them how to make wiser financial decisions without having to waste their own money.

“I feel like [financial literacy] can be learned in ways other than somebody standing up and preaching it to you over and over again,” she said. “You can learn it in ways that are considered fun, as well.”

Which is why “we want the schools to buy it, so we can give students a fun way to learn about financial literacy,” she added.

Lee, also called the “Money Maximizer,” is an international best-selling financial author, speaker, coach, and trainer who is known for her financial literacy books, including “Never Go Broke (NGB): An Entrepreneur’s Guide to Money and Freedom” and the “NGB Money Success Planner High School Edition.” The Birmingham-based financial guru focuses on creating diverse streams of income in the tax, real estate, insurance, and finance industries.

For Lee, it’s about building generational wealth, not debt.

Indispensable Lessons

Lee got her first glance at entrepreneurial life as a child watching her mother, Valeria Robinson, run her commercial cleaning company, V’s Cleaning. Robinson retired in 2019.

“My grandmother had a cleaning service, too,” said Lee. “So, even though I didn’t start out as an entrepreneur, watching my mom and grandma do it taught me a lot.”

Lee grew up in Birmingham and attended Riley Elementary School, Midfield Middle School, and Huffman High School. She then went on to Jacksonville State University, in Jacksonville, Alabama, where she earned bachelor’s degree in physical education. She struggled to find a career in her field and became overwhelmed by student loans.

“My credit and stuff didn’t get bad until after college,” she said. “I was going through school and taking money, but nobody told me, ‘Oh, you’re gonna have to pay all of this back.’”

Before embarking on her extensive career in money management, Lee had not learned the indispensable lessons that she now shares with clients.

“‘Don’t have bad credit.’ That’s all I learned,” she remembers. “Financial literacy just wasn’t taught much. I learned the majority of my lessons as I aged.”

In an effort to ward off collection calls and raise her credit score, Lee researched tactics to strategically eliminate her debt.

“I knew I had to pay bills on time, and I couldn’t be late with payments,” she said.

Lee eventually began helping friends revamp their finances and opened NGB Inc. in 2017 to share fun, educational methods to help her clients build solid financial foundations.

“People were always coming to me like, ‘How do I invest in this?’ and ‘How do I do that?’ So, I said to myself, ‘You know what, people should be paying to pick your brain.’”

Legacy Building

While Lee enjoyed watching her clients reach milestones, like buying a new car with cash or making their first stock market investment, she was also designing “Game of Fortune” to teach the value of legacy building.

“The game gives players the knowledge to build generational wealth, not generational debt,” she said. “It gives you a glimpse of life, money, and what can truly happen if you mismanage your coins.”

Using index cards to create her first “Game of Fortune” sample deck, Lee filled each card with pertinent terms related to debt elimination and credit and wealth building. She then called on a few friends to help her work through the kinks.

Three of her good friends—Barbara Bratton, Daña Brown, and Sha Cannon—were just a few of the people that gave feedback on the sample deck.

“From there I met with Brandon Brooks, [owner of the Birmingham-based Brooks Realty Investments LLC], and four other financial advisors to fine-tune the definitions and game logistics,” Lee said.

Though Lee was unable to land a job in physical education after graduating from college, she now sees her career with NGB Inc. as life’s unexpected opportunity to teach on her own terms.

“Bartending and waitressing taught me that working for someone else was not for me,” she replied. “In order to get the life I always wanted, I had to create my own business.”

In her entrepreneurial pursuits, Lee strives to be an open-minded leader who embraces the need for flexibility.

“COVID-19 has shown me that in entrepreneurship you have to maneuver,” she said. “When life changes, sometimes your business will, too. You may have to change the path, but your ending goal can be the same.”

“Game of Fortune: Win in Wealth or Lose in Debt” is available and sold only on the “Game of Fortune” website: gameoffortune.money. To learn more about Tae Lee and Never Go Broke Inc., visit taelee.money and nevergobroke.money or email [email protected]; you also can follow her on Facebook (https://www.facebook.com/nevergobrokeinc) and Instagram (@nevergobrokeinc).

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