World Acceptance Corporation (NASDAQ: WRLD) today reported
financial results for its fourth quarter of fiscal 2023 and twelve
months ended March 31, 2023.
Fourth quarter highlights
During its fourth fiscal quarter, World Acceptance Corporation
continued to focus on credit quality and to utilize the
conservative approach to its lending operations implemented in the
previous quarter. Management believes that continuing to carefully
invest in our best customers and closely monitoring performance
will put the Company in a strong position going into the new fiscal
year, particularly given the potentially challenging economic
environment.
Highlights from the fourth quarter include:
- Net income of $25.6 million
- Diluted net income per share of $4.37
- Significant decrease in accounts 90+ days past due from 4.9% at
December 31, 2022 to 3.5% at March 31, 2023
- Gross loans outstanding of $1.39 billion, an 8.7% decrease from
same quarter prior year
- Total revenues of $160.8 million, a 4.6% decrease from the same
quarter prior year
- Cash flow from operating activities of $285.1 million over the
last twelve months, a 4.7% increase over prior year
Portfolio results
Gross loans outstanding were $1.39 billion as of March 31, 2023,
an 8.7% decrease from the $1.52 billion of gross loans outstanding
as of March 31, 2022. During the most recent quarter, gross loans
outstanding decreased sequentially 10.6%, or $164.0 million, from
$1.55 billion as of December 31, 2022 compared to a decrease of
5.2%, or $83.3 million, in the comparable quarter of the prior
year. During the most recent quarter, we saw a decrease in
borrowing from new, former, and refinance customers compared to the
same quarter of the prior year due to the tighter underwriting
implemented in prior quarters. We also took steps to improve the
gross yield to expected loss ratio for all new, former, and
refinance customer originations. However, as early performance
indicators on new borrowers improved substantially, the Company
began to increase new borrower originations toward the end of the
third quarter fiscal 2023. We will continue to monitor performance
indicators and intend to adjust our underwriting accordingly.
The following table includes the volume of gross loan
origination balances, excluding tax advance loans, by customer type
for the following comparative quarterly periods:
Q4 FY 2023
Q4 FY 2022
Q4 FY 2021
New Customers
$25,699,834
$61,003,941
$24,898,496
Former Customers
$62,965,426
$79,531,181
$49,487,552
Refinance Customers
$449,571,142
$516,503,079
$351,573,817
Our customer base decreased by 15.9% during the twelve-month
period ended March 31, 2023, compared to an increase of 10.1% for
the comparable period ended March 31, 2022. During the quarter
ended March 31, 2023, the number of unique borrowers in the
portfolio decreased by 7.0% compared to a decrease of 4.6% during
the quarter ended March 31, 2022.
As of March 31, 2023, the Company had 1,073 open branches. For
branches opened at least twelve months, same store gross loans
decreased 2.3% in the twelve-month period ended March 31, 2023,
compared to an increase of 40.4% for the twelve-month period ended
March 31, 2022. For branches open throughout both periods, the
customer base over the twelve-month period ended March 31, 2023
decreased 10.1% compared to an increase of 11.6% for the
twelve-month period ended March 31, 2022.
Three-month financial results
Net income for the fourth quarter of fiscal 2023 increased by
39.5% to $25.6 million from $18.4 million for the same quarter of
the prior year. Net income per diluted share increased to $4.37 per
share in the fourth quarter of fiscal 2023 from $2.97 per share for
the same quarter of the prior year. Net income adjusted for the
impact of the change in the allowance for credit losses but
including the impact of recognized net credit losses was $11.6
million for the current quarter compared to net adjusted income of
$19.1 million in the same quarter of the prior year. Adjusted net
income per diluted share decreased to $1.97 per share in the fourth
quarter of fiscal 2023 from $3.10 per diluted share for the same
quarter of the prior year. We believe this provides additional
insight into our operations and profitability in periods of
substantial growth and provides additional information regarding
the expected loss rates due to credit normalization and
seasonality. See further discussion on the current quarter
provision and impact of current expected credit loss methodology
below. See "Non-GAAP financial measures" below.
There were no repurchases of common stock during the fourth
quarter of fiscal 2023. The Company repurchased 73,643 shares of
its common stock on the open market at an aggregate purchase price
of approximately $14.3 million during the first quarter of fiscal
2023. This is in addition to the repurchase of 589,533 shares in
fiscal 2022 at an aggregate purchase price of approximately $111.1
million and the repurchase of 1,129,875 shares in fiscal 2021 at an
aggregate purchase price of approximately $102.4 million. The
Company had approximately 5.8 million common shares outstanding,
excluding approximately 461,000 unvested restricted shares, as of
March 31, 2023.
Total revenues for the fourth quarter of fiscal 2023 decreased
to $160.8 million, a 4.6% decrease from $168.7 million for the same
quarter of the prior year. Interest and fee income declined 6.7%,
from $130.2 million in the fourth quarter of fiscal 2022 to $121.5
million in the fourth quarter of fiscal 2023. Insurance income
increased by 2.7% to $16.0 million in the fourth quarter of fiscal
2023 compared to $15.6 million in the fourth quarter of fiscal
2022. The large loan portfolio increased from 51.8% of the overall
portfolio as of March 31, 2022, to 58.1% as of March 31, 2023. This
resulted in lower interest and fee yields but higher insurance
sales in the most recent quarter, given that the sale of insurance
products is limited to large loans in several of the states in
which we operate. Interest and insurance yields increased 20 basis
points for the quarter ended March 31, 2023 relative to the quarter
ended December 31, 2022. Other income increased by 2.3% to $23.3
million in the fourth fiscal quarter of fiscal 2023 compared to
$22.8 million in the fourth fiscal quarter of fiscal 2022. Other
income increased due to an increase in tax prep income.
On April 1, 2020, the Company replaced its incurred loss
methodology with a current expected credit loss ("CECL")
methodology to accrue for expected losses. This change in
accounting methodology requires us to create a larger provision for
credit losses on the day we originate the loan compared to the
prior methodology. The provision for credit losses decreased $12.0
million to $45.4 million from $57.4 million when comparing the
fourth quarter of fiscal 2023 to the fourth quarter of fiscal 2022.
The table below itemizes the key components of the CECL allowance
and provision impact during the quarter.
CECL Allowance and Provision (Dollars
in millions)
FY 2023
FY 2022
Difference
Reconciliation
Beginning Allowance - December 31
$144.5
$133.4
$11.1
Change due to Growth
$(15.3)
$(6.9)
$(8.4)
$(8.4)
Change due to Expected Loss Rate on
Performing Loans
$7.8
$1.6
$6.2
$6.2
Change due to 90 day past due
$(11.5)
$6.2
$(17.7)
$(17.7)
Ending Allowance - March 31
$125.5
$134.3
$(8.8)
$(19.9)
Net Charge-offs
$64.4
$56.5
$7.9
$7.9
Provision
$45.4
$57.4
$(12.0)
$(12.0)
Note: The change in allowance for the
quarter plus net charge-offs for the quarter equals the provision
for the quarter (see above reconciliation).
The provision benefited from a decrease in the size of the
portfolio and a significant decrease in 90 day past due loans. This
was offset by changes in expected loss rates on our performing
loans. The three most important factors impacting the expected loss
rates on performing loans are recent actual loss performance,
changes in mix of the portfolio tenure, and a seasonality factor.
The table below includes the seasonality factor for each quarter
end.
Quarter End
Seasonality Factor
March 31
0.943738
June 30
1.080301
September 30
1.047518
December 31
0.938281
Expected loss rates by tenure bucket also increased due to an
increase in the seasonality factor and actual loss rates increasing
as credit normalizes.
Net charge-offs for the quarter increased $7.9 million, from
$56.5 million in the fourth quarter of fiscal 2022 to $64.4 million
in the fourth quarter of fiscal 2023. Net charge-offs as a
percentage of average net loan receivables on an annualized basis
increased to 23.9% in the fourth quarter of fiscal 2023 from 19.4%
in the fourth quarter of fiscal 2022.
Accounts 61 days or more past due decreased to 5.5% on a recency
basis at March 31, 2023, compared to 6.9% at March 31, 2022. Total
delinquency on a recency basis decreased to 8.9% at March 31, 2023,
compared to 10.4% at March 31, 2022. Our allowance for credit
losses as a percent of net loans receivable was 12.4% at March 31,
2023, compared to 12.0% at March 31, 2022.
We experienced significant improvement in recency delinquency on
accounts at least 90 days past due during the quarter, improving
from 4.5% at March 31, 2022 and 4.9% at December 31, 2022 to 3.5%
at March 31, 2023. Recency delinquency for accounts 0-89 days past
due also improved from 21.1% at March 31, 2022, to 20.5% at
December 31. 2022 and to 19.9% at March 31, 2023.
The table below is updated to use the customer tenure-based
methodology that aligns with our CECL methodology. After
experiencing rapid portfolio growth during fiscal years 2019 and
2020, primarily in new customers, our gross loan balance
experienced pandemic related declines in fiscal 2021 before
rebounding during fiscal 2022. The tables below illustrate the
changes in the portfolio weighting.
Gross Loan Balance By Customer
Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
Total
03/31/2018
$288,592,036
$715,641,123
$1,004,233,159
03/31/2019
$375,272,969
$752,683,977
$1,127,956,946
03/31/2020
$417,601,494
$792,663,099
$1,210,264,593
03/31/2021
$342,202,779
$762,610,487
$1,104,813,266
03/31/2022
$482,248,578
$1,040,695,747
$1,522,944,325
03/31/2023
$348,513,335
$1,041,619,563
$1,390,132,898
Year-Over-Year Growth
(Decline) in Gross Loan Balance by Customer Tenure at
Origination
12 Month Period Ended
Less Than 2 Years
More Than 2 Years
Total
03/31/2018
$31,975,352
$28,942,671
$60,918,023
03/31/2019
$86,680,933
$37,042,854
$123,723,787
03/31/2020
$42,328,525
$39,979,122
$82,307,647
03/31/2021
$(75,398,715)
$(30,052,612)
$(105,451,327)
03/31/2022
$137,788,334
$280,342,725
$418,131,059
03/31/2023
$(135,863,032)
$3,051,605
$(132,811,427)
Portfolio Mix by Customer
Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
03/31/2018
28.7%
71.3%
03/31/2019
33.3%
66.7%
03/31/2020
34.5%
65.5%
03/31/2021
31.0%
69.0%
03/31/2022
31.7%
68.3%
03/31/2023
25.1%
74.9%
General and administrative (“G&A”) expenses decreased $8.3
million, or 10.8%, to $68.6 million in the fourth quarter of fiscal
2023 compared to $76.9 million in the same quarter of the prior
fiscal year. As a percentage of revenues, G&A expenses
decreased from 45.6% during the fourth quarter of fiscal 2022 to
42.7% during the fourth quarter of fiscal 2023. G&A expenses
per average open branch decreased by 1.5% when comparing the fourth
quarter of fiscal 2023 to the fourth quarter fiscal 2022.
Personnel expense decreased $0.2 million, or 0.4%, during the
fourth quarter of fiscal 2023 as compared to the fourth quarter of
fiscal 2022. Salary expense increased approximately $1.3 million,
or 4.4%, in the quarter ended March 31, 2023, compared to the
quarter ended March 31, 2022. Our headcount as of March 31, 2023
decreased 1.5% compared to March 31, 2022, which offsets a portion
of the salary expense increase. Benefit expense increased
approximately $0.4 million, or 4.7%, when comparing the quarterly
periods ended March 31, 2023 and 2022. Incentive expense decreased
$3.5 million, or 28.0%, in the fourth quarter of fiscal 2023
compared to the fourth quarter of fiscal 2022. The decrease in
incentive expense is mostly due to a decrease in share-based
compensation. Additionally, on July 1, 2022, we increased base
wages for our financial service representatives to a minimum of
approximately $15 an hour and eliminated the monthly bonus for the
same position.
Occupancy and equipment expense decreased $0.5 million, or 3.7%,
when comparing the quarterly periods ended March 31, 2023 and 2022.
The current year quarter includes $0.1 million in expense related
to the merger of branches during the quarter.
Advertising expense decreased $0.8 million, or 35.1%, in the
fourth quarter of fiscal 2023 compared to the fourth quarter of
fiscal 2022 due to decreased spending on new customer acquisition
programs.
Other expense decreased $6.7 million, or 48.9%, in the fourth
quarter of fiscal 2023 compared to the fourth quarter of fiscal
2022. The Company adopted Accounting Standards Update (ASU)
2023-02, Investments - Equity Method and Joint Ventures, in the
fourth quarter as of April 1, 2022. Prior to the adoption of this
ASU, the Company recognized the amortization of its Historic Tax
Credit (HTC) investments as a component of other expense. With the
adoption of this ASU, the Company will instead recognize the
amortization net as a component of income tax expense. As a result,
in the fourth quarter, the Company reversed $4.6 million of
amortization recognized as a component of other expense during the
prior three quarters, and recognized net amortization of $2.1
million as a component of income tax expense.
Interest expense for the quarter ended March 31, 2023 increased
by $1.1 million, or 10.3%, from the corresponding quarter of the
previous year. Interest expense increased due to a 36.7% increase
in the effective interest rate from 6.0% to 8.2%. The average debt
outstanding decreased from $728.5 million to $674.5 million when
comparing the quarters ended March 31, 2022 and 2023. The Company’s
debt to equity ratio decreased to 1.5:1 at March 31, 2023, compared
to 1.9:1 at March 31, 2022. As of March 31, 2023, the Company had
$595.3 million of debt outstanding, net of unamortized debt
issuance costs related to the unsecured senior notes payable. The
Company repurchased and canceled $9.1 million of its previously
issued bonds for a purchase price of $7.2 million during the
quarter. The net paydown of debt during the quarter was $118.6
million.
Other key return ratios for the fourth quarter of fiscal 2023
included a 1.7% return on average assets and a return on average
equity of 5.8% (both on a trailing twelve-month basis).
Twelve-month financial results
Net income for the year ended March 31, 2023 decreased $32.7
million to $21.2 million compared to income of $53.9 million for
the prior year. This resulted in a net income of $3.60 per diluted
share for the year ended March 31, 2023 compared to a net income of
$8.47 per diluted share in the prior-year period. Total revenues
for fiscal 2023 increased 5.4% to $616.5 million compared to $585.2
million for fiscal year 2022 due to an increase in average net
loans outstanding. Annualized net charge-offs as a percent of
average net loans increased from 14.2% during fiscal 2022 to 23.7%
for fiscal 2023.
Non-GAAP financial measures
From time-to-time the Company uses certain financial measures
derived on a basis other than generally accepted accounting
principles (“GAAP”), primarily by excluding from a comparable GAAP
measure certain items the Company does not consider to be
representative of its actual operating performance. Such financial
measures qualify as “non-GAAP financial measures” as defined in SEC
rules. The Company uses these non-GAAP financial measures in
operating its business because management believes they are less
susceptible to variances in actual operating performance that can
result from the excluded items and other infrequent charges. The
Company may present these financial measures to investors because
management believes they are useful to investors in evaluating the
primary factors that drive the Company’s core operating performance
and provide greater transparency into the Company’s results of
operations. However, items that are excluded and other adjustments
and assumptions that are made in calculating these non-GAAP
financial measures are significant components to understanding and
assessing the Company’s financial performance. Such non-GAAP
financial measures should be evaluated in conjunction with, and are
not a substitute for, the Company’s GAAP financial measures.
Further, because these non-GAAP financial measures are not
determined in accordance with GAAP and are, thus, susceptible to
varying calculations, any non-GAAP financial measures, as
presented, may not be comparable to other similarly titled measures
of other companies.
For the purpose of assessing performance, the Company will
adjust earnings to remove the impact of the change in the allowance
for credit losses but including the impact of recognized net credit
losses. The Company believes this measure improves the
compatibility of our results to peer companies who use varying
methods to determine their allowance for credit losses under the
CECL. The measure also normalizes earnings for the impact of
growth, seasonality and periods of volatility in expected loss
rates.
This measure has limitations as an analytical tool and should
not be considered in isolation or as a substitute for GAAP earnings
or other income statement data prepared in accordance with GAAP.
The following table reconciles GAAP Income before income taxes to
adjusted net income:
Three months ended March 31,
Three months ended March 31,
2023
2022
Income before income taxes
$
34,632,142
$
23,239,501
Provision for credit losses
45,412,131
57,439,471
Net charge-offs
(64,398,941
)
(56,477,803
)
Adjusted income before income taxes
15,645,332
24,201,169
Income tax expense at actual rate
4,067,786
5,058,044
Adjusted net income
$
11,577,546
$
19,143,125
Weighted average dilutive shares
outstanding
5,865,173
6,181,407
Adjusted net income per common share,
diluted
$
1.97
$
3.10
About World Acceptance Corporation (World Finance)
Founded in 1962, World Acceptance Corporation (NASDAQ: WRLD), is
a people-focused finance company that provides personal installment
loan solutions and personal tax preparation and filing services to
over one million customers each year. Headquartered in Greenville,
South Carolina, the Company operates more than 1,000
community-based World Finance branches across 16 states. The
Company primarily serves a segment of the population that does not
have ready access to credit; however, unlike many other lenders in
this segment, we strive to work with our customers to understand
their broader financial pictures, ensure they have the ability and
stability to make payments, and help them achieve their financial
goals. For more information, visit www.loansbyworld.com/.
Fourth quarter conference call
The senior management of World Acceptance Corporation will be
discussing these results in its quarterly conference call to be
held at 10:00 a.m. Eastern Time today. A simulcast of the
conference call will be available on the Internet at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=XLrtr8Ys.
The call will be available for replay on the Internet for
approximately 30 days.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
that have occurred after quarter-end. The Company’s responses to
questions, as well as other matters discussed during the conference
call, may contain or constitute information that has not been
disclosed previously.
Cautionary Note Regarding Forward-looking Information
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, that represent the Company’s current
expectations or beliefs concerning future events. Statements other
than those of historical fact, as well as those identified by words
such as “anticipate,” “estimate,” intend,” “plan,” “expect,”
“project,” “believe,” “may,” “will,” “should,” “would,” “could,”
“probable” and any variation of the foregoing and similar
expressions are forward-looking statements. Such forward-looking
statements are inherently subject to risks and uncertainties. The
Company’s actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause actual results or
performance to differ from the expectations expressed or implied in
such forward-looking statements include the following: recently
enacted, proposed or future legislation and the manner in which it
is implemented; changes in the U.S. tax code; the nature and scope
of regulatory authority, particularly discretionary authority, that
may be exercised by regulators, including, but not limited to, U.S.
Consumer Financial Protection Bureau, and individual state
regulators having jurisdiction over the Company; the unpredictable
nature of regulatory proceedings and litigation; employee
misconduct or misconduct by third parties; uncertainties associated
with management turnover and the effective succession of senior
management; media and public characterization of consumer
installment loans; labor unrest; the impact of changes in
accounting rules and regulations, or their interpretation or
application, which could materially and adversely affect the
Company’s reported consolidated financial statements or necessitate
material delays or changes in the issuance of the Company’s audited
consolidated financial statements; the Company's assessment of its
internal control over financial reporting; changes in interest
rates; the impact of inflation; risks relating to the acquisition
or sale of assets or businesses or other strategic initiatives,
including increased loan delinquencies or net charge-offs, the loss
of key personnel, integration or migration issues, the failure to
achieve anticipated synergies, increased costs of servicing,
incomplete records, and retention of customers; risks inherent in
making loans, including repayment risks and value of collateral;
cybersecurity threats, including the potential misappropriation of
assets or sensitive information, corruption of data or operational
disruption; our dependence on debt and the potential impact of
limitations in the Company’s amended revolving credit facility or
other impacts on the Company's ability to borrow money on favorable
terms, or at all; the timing and amount of revenues that may be
recognized by the Company; changes in current revenue and expense
trends (including trends affecting delinquency and charge-offs);
the impact of extreme weather events and natural disasters; changes
in the Company’s markets and general changes in the economy
(particularly in the markets served by the Company).
These and other factors are discussed in greater detail in Part
I, Item 1A,“Risk Factors” in the Company’s most recent annual
report on Form 10-K for the fiscal year ended March 31, 2022, as
filed with the SEC and the Company’s other reports filed with, or
furnished to, the SEC from time to time. World Acceptance
Corporation does not undertake any obligation to update any
forward-looking statements it makes. The Company is also not
responsible for updating the information contained in this press
release beyond the publication date, or for changes made to this
document by wire services or Internet services.
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited and in thousands,
except per share amounts)
Three months ended March 31,
Twelve months ended March 31,
2023
2022
2023
2022
Revenues:
Interest and fee income
$
121,468
$
130,231
$
508,336
$
485,667
Insurance and other income, net
39,369
38,425
108,210
99,520
Total revenues
160,837
168,656
616,546
585,187
Expenses:
Provision for credit losses
45,412
57,439
259,463
186,207
General and administrative expenses:
Personnel
46,517
46,697
177,691
183,058
Occupancy and equipment
12,449
12,929
52,107
52,085
Advertising
1,554
2,396
6,096
18,298
Amortization of intangible assets
1,114
1,274
4,467
5,010
Other
6,973
13,638
39,114
41,524
Total general and administrative
expenses
68,607
76,934
279,475
299,975
Interest expense
12,185
11,044
50,463
33,425
Total expenses
126,204
145,417
589,401
519,607
Income before income taxes
34,633
23,239
27,145
65,580
Income tax expense
8,990
4,857
5,914
11,660
Net income
$
25,643
$
18,382
$
21,231
$
53,920
Net income per common share, diluted
$
4.37
$
2.97
$
3.60
$
8.47
Weighted average diluted shares
outstanding
5,865
6,181
5,899
6,364
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
March 31, 2023
March 31, 2022
March 31, 2021
ASSETS
Cash and cash equivalents
$
16,509
$
19,236
$
15,746
Gross loans receivable
1,390,016
1,522,789
1,104,746
Less:
Unearned interest, insurance and fees
(376,675
)
(403,031
)
(279,364
)
Allowance for credit losses
(125,553
)
(134,243
)
(91,722
)
Loans receivable, net
887,788
985,515
733,660
Operating lease right-of-use assets,
net
81,289
85,631
90,056
Finance lease right-of-use assets, net
—
608
1,014
Property and equipment, net
23,926
24,476
25,326
Deferred income taxes, net
41,722
39,801
24,993
Other assets, net
43,423
35,902
31,422
Goodwill
7,371
7,371
7,371
Intangible assets, net
15,291
19,756
23,538
Assets held for sale
—
—
1,144
Total assets
$
1,117,319
$
1,218,296
$
954,270
LIABILITIES &
SHAREHOLDERS' EQUITY
Liabilities:
Senior notes payable
$
307,911
$
396,973
$
405,008
Senior unsecured notes payable, net
287,353
295,394
—
Income taxes payable
2,533
7,384
11,576
Operating lease liability
83,735
87,399
91,133
Finance lease liability
—
80
585
Accounts payable and accrued expenses
50,560
58,042
41,040
Total liabilities
732,092
845,272
549,342
Shareholders' equity
385,227
373,024
404,928
Total liabilities and shareholders'
equity
$
1,117,319
$
1,218,296
$
954,270
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
SELECTED CONSOLIDATED
STATISTICS
(unaudited and in thousands,
except percentages and branches)
Three months ended March 31,
Twelve months ended March 31,
2023
2022
2023
2022
Gross loans receivable
$
1,390,016
$
1,522,789
$
1,390,016
$
1,522,789
Average gross loans receivable (1)
1,481,111
1,581,619
1,555,655
1,377,740
Net loans receivable (2)
1,013,341
1,119,758
1,013,341
1,119,758
Average net loans receivable (3)
1,079,479
1,164,389
1,133,051
1,014,984
Expenses as a percentage of total
revenue:
Provision for credit losses
28.2
%
34.1
%
42.1
%
31.8
%
General and administrative
42.7
%
45.6
%
45.3
%
51.3
%
Interest expense
7.6
%
6.5
%
8.2
%
5.7
%
Operating income as a % of total revenue
(4)
29.1
%
20.3
%
12.6
%
16.9
%
Loan volume (5)
602,041
736,046
3,078,672
3,267,860
Net charge-offs as percent of average net
loans receivable on an annualized basis
23.9
%
19.4
%
23.7
%
14.2
%
Return on average assets (trailing 12
months)
1.7
%
4.8
%
1.7
%
4.8
%
Return on average equity (trailing 12
months)
5.8
%
13.4
%
5.8
%
13.4
%
Branches opened or acquired (merged or
closed), net
(11
)
(35
)
(94
)
(38
)
Branches open (at period end)
1,073
1,167
1,073
1,167
_______________________________________________________
(1) Average gross loans receivable is
determined by averaging month-end gross loans receivable over the
indicated period, excluding tax advances.
(2) Net loans receivable is defined as
gross loans receivable less unearned interest and deferred
fees.
(3) Average net loans receivable is
determined by averaging month-end gross loans receivable less
unearned interest and deferred fees over the indicated period,
excluding tax advances.
(4) Operating income is computed as total
revenues less provision for credit losses and general and
administrative expenses.
(5) Loan volume includes all loan balances
originated by the Company. It does not include loans purchased
through acquisitions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504005242/en/
John L. Calmes, Jr. Executive VP, Chief Financial & Strategy
Officer, and Treasurer (864) 298-9800
World Acceptance (NASDAQ:WRLD)
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