This article says HGG has several off balance sheets. Any body knows if HHgegg off balance sheet is larger than $138M ?
<<Returns on Capital: HGG has several off balance sheet liabilities related to lease and advertising commitments which has a detrimental impact on their return on capital calculation. Currently the firm is earning slightly lower than their WACC. If this performance continues, counter to their historical returns, then the firm will erode value for shareholders into the future. This may not result in immediate declines in the stock price, however, it is certainly a mid to long term risk that if not addressed will result in an investment less more tomorrow than today. Additionally, the off balance sheet liabilities skew the overall capital structure of the firm, resulting in much more limited leverage opportunities than may appear at first glance.>>