World Acceptance Corporation (the “Company”) (NASDAQ: WRLD)
today reported financial results for its third quarter of fiscal
2023 and nine months ended December 31, 2022.
Third quarter highlights
During its third fiscal quarter, World Acceptance Corporation
slowed its growth in both loan balances and customer base by
reducing new borrower marketing spend and tightening its overall
underwriting requirements. Management believes that continuing to
conservatively manage investment in the Company’s highest
credit-risk customers, including lower credit-grade new customers,
is prudent given current economic uncertainties.
Highlights from the third quarter include:
- Net income of $5.8 million
- Diluted net income per share of $0.98
- Significant decrease in 0-89 days past due accounts from 23.5%
at September 30, 2022 to 20.5% at December 31, 2022
- Gross loans outstanding of $1.55 billion, a 3.2% decrease from
same quarter prior year
- Total revenues of $146.5 million, a 1.4% decrease from the same
quarter prior year
- Cash flow from operating activities of $203.3 million over the
last nine months, a 21.5% increase from the same nine-month
period
Portfolio results
Gross loans outstanding were $1.55 billion as of December 31,
2022, a 3.2% decrease from the $1.61 billion of gross loans
outstanding as of December 31, 2021. During the most recent
quarter, gross loans outstanding sequentially decreased 2.8%, or
$44.4 million, from $1.60 billion as of September 30, 2022,
compared to an increase of 15.1%, or $211.3 million, in the
comparable quarter of the prior year. During the quarter, World
Acceptance saw a decrease in borrowing from new, former, and
refinance customers compared to the same quarter of the prior year
as the Company continued with the tightened underwriting
implemented in prior quarters. The Company 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
most recent quarter. World Acceptance will continue to monitor
performance indicators of the Company’s underwriting and intend to
adjust 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:
Q3 FY 2023
Q3 FY 2022
Q3 FY 2021
New Customers
$31,872,684
$113,601,437
$65,492,724
Former Customers
$92,016,985
$125,371,159
$108,461,398
Refinance Customers
$663,962,296
$744,394,710
$614,995,891
The Company’s customer base decreased by 13.7% during the
twelve-month period ended December 31, 2022, compared to an
increase of 4.4% for the comparable period ended December 31, 2021.
During the quarter ended December 31, 2022, the number of unique
borrowers in the portfolio decreased by 4.9% compared to an
increase of 7.7% during the quarter ended December 31, 2021.
As of December 31, 2022, the Company had 1,084 open branches.
For branches open throughout both periods, same store gross loans
increased 3.7% in the twelve-month period ended December 31, 2022,
compared to an increase of 28.8% for the twelve-month period ended
December 31, 2021. For branches open throughout both periods, the
customer base over the twelve-month period ended December 31, 2022,
decreased 7.7% compared to an increase of 5.4% for the twelve-month
period ended December 31, 2021.
Three-month financial results
Net income for the third quarter of fiscal 2023 decreased by
$1.6 million to $5.8 million from $7.3 million for the same quarter
of the prior year. Net income per diluted share decreased to $0.98
per share in the third quarter of fiscal 2023 from $1.14 per share
for the same quarter of the prior year. Net loss adjusted for the
impact of the change in the allowance for credit losses but
including the impact of recognized net credit losses was $4.5
million for the current quarter compared to net adjusted income of
$25.0 million in the same quarter of the prior year. Adjusted net
income per diluted share decreased to a loss of $0.78 per share in
the third quarter of fiscal 2023 from income of $3.90 per diluted
share for the same quarter of the prior year. World Acceptance
believes this provides additional insight into the Company’s
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 third
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 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 460,000 unvested restricted shares, as of
December 31, 2022.
Total revenues for the third quarter of fiscal 2023 decreased to
$146.5 million, a 1.4% decrease from $148.6 million for the same
quarter of the prior year. Interest and fee income declined 1.5%,
from $128.1 million in the third quarter of fiscal 2022 to $126.2
million in the third quarter of fiscal 2023. Insurance income
increased by 19.5% to $17.2 million in the third quarter of fiscal
2023 compared to $14.4 million in the third quarter of fiscal 2022.
The large loan portfolio increased from 49.5% of the overall
portfolio as of December 31, 2021, to 56.4% as of December 31,
2022. 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 the Company operates. Interest and insurance yields
increased 110 basis points for the quarter ended December 31, 2022,
relative to the quarter ended September 30, 2022. Other income
decreased by 49.2% to $3.0 million in the third fiscal quarter of
fiscal 2023 compared to $6.0 million in the third fiscal quarter of
fiscal 2022. Other income decreased due to a decrease in sales of
the Company’s motor club product as a result of fewer loan
originations during the quarter.
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 World Acceptance to create a larger
provision for credit losses on the day the Company originates the
loan compared to the prior methodology. The provision for credit
losses increased $3.1 million to $59.6 million from $56.5 million
when comparing the third quarter of fiscal 2023 to the third
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 - September 30
$155.9
$114.7
$41.2
Change due to Growth
$(4.3)
$17.4
$(21.7)
$(21.7)
Change due to Expected Loss Rate on
Performing Loans
$(7.5)
$(10.9)
$3.4
$3.4
Change due to 90 day past due
$0.4
$12.2
$(11.8)
$(11.8)
Ending Allowance - December 31
$144.5
$133.4
$11.1
$(30.1)
Net Charge-offs
$71.0
$37.8
$33.2
$33.2
Provision
$59.6
$56.5
$3.1
$3.1
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 portfolio and
changes in expected loss rates on the Company’s 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
actual loss rates increasing as credit normalizes. Actual loss
rates increased at substantially lower rates in the third quarter
compared to the first and second quarter. This was offset by a
decreasing seasonality factor and by a shift in portfolio mix to
more tenured customers.
Net charge-offs for the quarter increased $33.2 million, from
$37.8 million in the third quarter of fiscal 2022 to $71.0 million
in the third quarter of fiscal 2023. Net charge-offs as a
percentage of average net loan receivables on an annualized basis
increased from 13.8% in the third quarter of fiscal 2022 to 25.1%
in the third quarter of fiscal 2023. Net charge-offs during the
quarter include recoveries of $8.4 million related to the sale of
prior charge-offs.
Accounts 61 days or more past due increased to 7.4% on a recency
basis at December 31, 2022, compared to 6.4% at December 31, 2021.
Total delinquency on a recency basis increased to 11.1% at December
31, 2022, compared to 10.4% at December 31, 2021. The Company’s
allowance for credit losses as a percent of net loans receivable
was 12.9% at December 31, 2022, compared to 11.4% at December 31,
2021.
The Company experienced significant improvement in recency
delinquency on accounts 0-89 days past due during the quarter.
Recency delinquency for accounts 0-89 days past due was 20.5% at
December 31, 2022, compared to 23.5% at September 30, 2022, and
22.3% at December 31, 2021. Delinquency improved despite declining
outstanding loans. Loans 90 days past due improved relative to
September 30, 2022, in both rate and dollars outstanding, but
remained elevated. World Acceptance expects to see significant
improvement in the 90 days past due bucket in the fiscal fourth
quarter due to the improvement seen in the Company’s front end
delinquency.
The table below is updated to use the customer tenure-based
methodology that aligns with the Company’s CECL methodology. After
experiencing rapid portfolio growth during fiscal years 2019 and
2020, primarily in new customers, the Company’s 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
12/31/2017
$336,582,487
$790,836,894
$1,127,419,381
12/31/2018
$426,884,909
$832,020,730
$1,258,905,639
12/31/2019
$489,940,306
$882,877,242
$1,372,817,549
12/31/2020
$413,509,916
$851,073,804
$1,264,583,720
12/31/2021
$527,433,398
$1,078,703,853
$1,606,137,251
12/31/2022
$421,291,725
$1,132,819,599
$1,554,111,324
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
12/31/2017
$33,932,553
$28,362,048
$62,294,601
12/31/2018
$90,302,422
$41,183,836
$131,486,258
12/31/2019
$63,055,398
$50,856,512
$113,911,910
12/31/2020
$(76,430,390)
$(31,803,439)
$(108,233,829)
12/31/2021
$111,759,945
$229,793,585
$341,553,531
12/31/2022
$(107,542,285)
$55,516,359
$(52,025,926)
Portfolio Mix by Customer
Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
12/31/2017
29.9%
70.1%
12/31/2018
33.9%
66.1%
12/31/2019
35.7%
64.3%
12/31/2020
32.7%
67.3%
12/31/2021
32.8%
67.2%
12/31/2022
27.1%
72.9%
General and administrative (“G&A”) expenses decreased $7.8
million, or 10.5%, to $66.4 million in the third quarter of fiscal
2023 compared to $74.2 million in the same quarter of the prior
fiscal year. As a percentage of revenues, G&A expenses
decreased from 50.0% during the third quarter of fiscal 2022 to
45.4% during the third quarter of fiscal 2023. G&A expenses per
average open branch decreased by 1.6% when comparing the third
quarter of fiscal 2023 to the third quarter fiscal 2022.
Personnel expense decreased $3.7 million, or 8.3%, during the
third quarter of fiscal 2023 as compared to the third quarter of
fiscal 2022. Salary expense increased approximately $2.2 million,
or 7.5%, in the quarter ended December 31, 2022, compared to the
quarter ended December 31, 2021. The Company’s headcount as of
December 31, 2022, decreased 0.8% compared to December 31, 2021.
Benefit expense decreased approximately $0.1 million, or 1.7%, when
comparing the quarterly periods ended December 31, 2022 and 2021.
Incentive expense decreased $6.9 million, or 62.8%, in the third
quarter of fiscal 2023 compared to the third quarter of fiscal
2022. The decrease is mostly due to a decrease in share-based
compensation related to forfeiture of shares during the current
quarter. Additionally, on July 1, 2022, World Acceptance increased
base wages for the Company’s Financial Service Representatives to a
minimum of approximately $15 an hour and eliminated the monthly
bonus for the same position.
Occupancy and equipment expense increased $0.3 million, or 2.5%,
when comparing the quarterly periods ended December 31, 2022 and
2021. The current year quarter includes $0.4 million in expense
related to the merger of branches during the quarter.
Advertising expense decreased $5.5 million, or 80.7%, in the
third quarter of fiscal 2023 compared to the third quarter of
fiscal 2022 due to decreased spending on new customer acquisition
programs.
Other expense increased $1.3 million, or 13.8%, in the third
quarter of fiscal 2023 compared to the third quarter of fiscal
2022.
Interest expense for the quarter ended December 31, 2022,
increased by $3.9 million, or 38.4%, from the corresponding quarter
of the previous year. Interest expense increased due to an increase
in average debt outstanding and a 21.4% increase in the effective
interest rate from 6.3% to 7.6%. The average debt outstanding
increased from $640.8 million to $734.3 million when comparing the
quarters ended December 31, 2021 and 2022. The Company’s debt to
equity ratio increased to 2.0:1 at December 31, 2022, compared to
1.8:1 at December 31, 2021. As of December 31, 2022, the Company
had $722.5 million of debt outstanding, net of unamortized debt
issuance costs related to the unsecured senior notes payable. The
net paydown of debt during the quarter was $24.4 million.
Other key return ratios for the third quarter of fiscal 2023
included a 1.1% return on average assets and a return on average
equity of 3.8% (both on a trailing twelve-month basis).
Nine-Month Results
Net income for the nine-months ended December 31, 2022,
decreased $39.9 million to a $4.4 million loss compared to income
of $35.5 million for the same period of the prior year. This
resulted in a net loss of $0.77 per diluted share for the nine
months ended December 31, 2022, compared to a net income of $5.53
per diluted share in the prior year period. Total revenues for the
first nine-months of fiscal 2023 increased 9.4% to $455.3 million
compared to $416.1 million during the corresponding period of the
previous year due to an increase in loans outstanding. Annualized
net charge-offs as a percent of average net loans increased from
12.0% during the first nine-months of fiscal 2022 to 23.6% for the
first nine-months of 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 purposes 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 the Company’s 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 (loss):
Three months ended December
31,
Three months ended December
31,
2022
2021
Income before income taxes
$
6,378,110
$
7,717,674
Provision for credit losses
59,608,655
56,458,533
Net charge-offs
(70,961,212
)
(37,837,578
)
Adjusted income (loss) before income
taxes
(4,974,447
)
26,338,629
Income tax expense (benefit) at actual
rate
(482,521
)
1,343,259
Adjusted net income (loss)
$
(4,491,926
)
$
24,995,370
Weighted average dilutive shares
outstanding
5,761,954
6,403,788
Adjusted net income (loss) per common
share, diluted
$
(0.78
)
$
3.90
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, the Company strives to work with customers to
understand their broader financial picture, ensure customers have
the ability and stability to make payments, and help customers
achieve financial goals. For more information, visit www.loansbyworld.com.
Third 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=4Xu2usGo.
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: the ongoing
impact of the COVID-19 pandemic and the mitigation efforts by
governments and related effects on the Company’s financial
condition, business operations and liquidity, the Company’s
customers, employees, and the overall economy; 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; the Company’s 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 December
31,
Nine months ended December
31,
2022
2021
2022
2021
Revenues:
Interest and fee income
$
126,201
$
128,147
$
386,868
$
355,435
Insurance income, net and other income
20,295
20,425
68,449
60,622
Total revenues
146,496
148,572
455,317
416,057
Expenses:
Provision for credit losses
59,609
56,459
214,051
128,768
General and administrative expenses:
Personnel
40,701
44,384
131,174
136,362
Occupancy and equipment
12,932
12,614
39,658
39,156
Advertising
1,324
6,848
4,542
15,902
Amortization of intangible assets
1,115
1,276
3,353
3,736
Other
10,367
9,107
31,749
27,412
Total general and administrative
expenses
66,439
74,229
210,476
222,568
Interest expense
14,070
10,166
38,277
22,381
Total expenses
140,118
140,854
462,804
373,717
Income (loss) before income taxes
6,378
7,718
(7,487
)
42,340
Income tax expense (benefit)
619
391
(3,076
)
6,802
Net income (loss)
$
5,759
$
7,327
$
(4,411
)
$
35,538
Net income (loss) per common share,
diluted
$
0.98
$
1.14
$
(0.77
)
$
5.53
Weighted average diluted shares
outstanding
5,857
6,404
5,743
6,424
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
December 31, 2022
March 31, 2022
December 31, 2021
ASSETS
Cash and cash equivalents
$
20,962
$
19,236
$
18,668
Gross loans receivable
1,553,985
1,522,789
1,606,111
Less:
Unearned interest, insurance and fees
(431,298
)
(403,031
)
(433,432
)
Allowance for credit losses
(144,539
)
(134,243
)
(133,281
)
Loans receivable, net
978,148
985,515
1,039,398
Income taxes receivable
2,790
—
—
Operating lease right-of-use assets,
net
83,437
85,631
86,098
Finance lease right-of-use assets, net
—
608
708
Property and equipment, net
24,378
24,476
24,531
Deferred income taxes, net
42,385
39,801
34,808
Other assets, net
41,103
35,902
37,596
Goodwill
7,371
7,371
7,371
Intangible assets, net
16,403
19,756
21,027
Total assets
$
1,216,977
$
1,218,296
$
1,270,205
LIABILITIES &
SHAREHOLDERS' EQUITY
Liabilities:
Senior notes payable
$
426,490
$
396,973
$
425,174
Senior unsecured notes payable, net
296,050
295,394
295,143
Income taxes payable
—
7,384
1,591
Operating lease liability
86,010
87,399
87,677
Finance lease liability
—
80
146
Accounts payable and accrued expenses
48,801
58,042
51,068
Total liabilities
857,351
845,272
860,799
Shareholders' equity
359,626
373,024
409,406
Total liabilities and shareholders'
equity
$
1,216,977
$
1,218,296
$
1,270,205
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
SELECTED CONSOLIDATED
STATISTICS
(unaudited and in thousands,
except percentages and branches)
Three months ended December
31,
Nine months ended December
31,
2022
2021
2022
2021
Gross loans receivable
$
1,553,985
$
1,606,111
$
1,553,985
$
1,606,111
Average gross loans receivable (1)
1,562,199
1,493,234
1,585,306
1,319,026
Net loans receivable (2)
1,122,687
1,172,679
1,122,687
1,172,679
Average net loans receivable (3)
1,131,636
1,094,014
1,153,443
970,992
Expenses as a percentage of total
revenue:
Provision for credit losses
40.7
%
38.0
%
47.0
%
30.9
%
General and administrative
45.4
%
50.0
%
46.2
%
53.5
%
Interest expense
9.6
%
6.8
%
8.4
%
5.4
%
Operating income as a % of total revenue
(4)
14.0
%
12.0
%
6.8
%
15.6
%
Loan volume (5)
787,775
976,118
2,476,631
2,531,815
Net charge-offs as percent of average net
loans receivable on an annualized basis
25.1
%
13.8
%
23.6
%
12.0
%
Return on average assets (trailing 12
months)
1.1
%
7.4
%
1.1
%
7.4
%
Return on average equity (trailing 12
months)
3.8
%
20.1
%
3.8
%
20.1
%
Branches opened or acquired (merged or
closed), net
(20
)
—
(83
)
(3
)
Branches open (at period end)
1,084
1,202
1,084
1,202
_______________________________________________________
(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/20230126005288/en/
John L. Calmes, Jr. Executive VP, Chief Financial & Strategy
Officer, and Treasurer (864) 298-9800
Grafico Azioni World Acceptance (NASDAQ:WRLD)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni World Acceptance (NASDAQ:WRLD)
Storico
Da Giu 2023 a Giu 2024