World Acceptance Corporation (NASDAQ: WRLD) today reported
financial results for its second quarter of fiscal 2023 and six
months ended September 30, 2022.
Second quarter highlights
During its fiscal second quarter, World Acceptance Corporation
slowed growth in both loan balances and customer base by tightening
underwriting and reducing new borrower marketing spend. Management
believes that continuing to conservatively manage investment in our
highest credit-risk customers, including lower credit-grade new
customers, is prudent given current economic uncertainties.
Highlights from the second quarter include:
- Gross loans outstanding of $1.60 billion, a 14.6% increase from
same quarter prior year
- Total revenues of $151.2 million, a 9.72% increase from the
same quarter prior year
- Net loss of $1.4 million and adjusted net loss of $1.2
million
- Net loss per share of $0.24 and adjusted net loss per diluted
share of $0.20
- Cash flow from operating activities of $136.7 million over the
last six months, a 27.7% increase from the same period in FY2022
See "Non-GAAP financial measures." below.
Portfolio results
Gross loans outstanding were $1.60 billion as of September 30,
2022, a 14.6% increase from the $1.39 billion of gross loans
outstanding as of September 30, 2021. During the most recent
quarter, gross loans outstanding decreased 2.6%, or $43.4 million,
from $1.64 billion as of June 30, 2022, compared to an increase of
14.0%, or $171.7 million, in the comparable quarter of the prior
year. During the quarter, we saw a decrease in borrowing from new
and former customers compared to the same quarter of the prior
year. During the quarter, we continued to tighten the credit model
underwriting on new borrowers implemented in the prior quarter, as
well as took steps to improve the gross yield to expected loss
ratio for all new, former, and refinance customer originations.
The following table includes the volume of gross loan
origination balances, excluding tax advance loans, by customer type
for the following comparative quarterly periods:
Q2 FY 2023
Q2 FY 2022
Q2 FY 2021
New Customers
$41,008,781
$97,139,581
$40,950,109
Former Customers
$94,612,837
$123,686,880
$89,819,052
Refinance Customers
$621,104,354
$586,422,822
$523,735,959
Our customer base decreased by 2.3% during the twelve-month
period ended September 30, 2022, compared to an increase of 5.0%
for the comparable period ended September 30, 2021. During the
quarter ended September 30, 2022, the number of unique borrowers in
the portfolio decreased by 5.1% compared to an increase of 8.2%
during the quarter ended September 30, 2021. As a result of the
expanded emphasis on our larger loan offerings, the average gross
loan balance increased 17.6% as of September 30, 2022, compared to
September 30, 2021.
As of September 30, 2022, the Company had 1,104 open branches.
For branches open throughout both periods, same store gross loans
increased 21.2% in the twelve-month period ended September 30,
2022, compared to an increase of 27.5% for the twelve-month period
ended September 30, 2021. For branches open throughout both
periods, the customer base over the twelve-month period ended
September 30, 2022, increased 3.3% compared to an increase of 6.3%
for the twelve-month period ended September 30, 2021.
Three-month financial results
Net income for the second quarter of fiscal 2023 decreased by
$13.8 million to a $1.4 million loss from $12.4 million of income
for the same quarter of the prior year. Net income per diluted
share decreased to a $0.24 loss per share in the second quarter of
fiscal 2023 from income of $1.94 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 $1.2 million for the current
quarter compared to income of $27.3 million in the same quarter of
the prior year. Adjusted net income per diluted share decreased to
a loss of $0.20 per share in the second quarter of fiscal 2023 from
income of $4.26 per 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.
There were no repurchases of common stock during the second
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 5.7 million common shares outstanding,
excluding approximately 550,000 unvested restricted shares, as of
September 30, 2022. As of September 30, 2022, the Company had the
ability to repurchase approximately $1.1 million of additional
shares under its current share repurchase program and, subject to
board approval, could repurchase approximately $13.5 million of
shares under the terms of its debt facilities.
Total revenues for the second quarter of fiscal 2023 increased
to $151.2 million, a 9.7% increase from $137.8 million for the same
quarter of the prior year. This was driven by a 9.9% increase in
average gross earning loans (total gross loans less gross loans 60
days contractually past due and tax advances). Interest and fee
income increased 10.5%, from $118.1 million in the second quarter
of fiscal 2022 to $130.5 million in the second quarter of fiscal
2023 due to an increase in loans outstanding. Insurance income
increased by 21.9% to $16.8 million in the second quarter of fiscal
2023 compared to $13.8 million in the second quarter of fiscal
2022. The large loan portfolio increased from 47.6% of the overall
portfolio as of September 30, 2021, to 55.4% as of September 30,
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 states in
which we operate. Other income decreased by 33.4% to $3.9 million
in the second fiscal quarter of fiscal 2023 compared to $5.9
million in the second fiscal quarter of fiscal 2022. Other income
decreased due to a decrease in sales of our motor club product.
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 increased $26.6
million to $68.6 million from $42.0 million when comparing the
second quarter of fiscal 2023 to the second 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
Beginning Allowance - June 30
$155.7
$97.9
$57.8
Change due to Growth
$(4.1)
$13.7
$(17.8)
Change due to Expected Loss Rate on
Performing Loans
$(3.6)
$(0.2)
$(3.4)
Change due to 90 day past due
$7.9
$3.3
$4.6
Ending Allowance - September 30
$155.9
$114.7
$41.2
Net Charge-offs
$68.4
$25.2
$43.2
Provision
$68.6
$42.0
$26.6
Note: The change in allowance for
the quarter plus net charge-offs for the quarter equals the
provision for the quarter.
The change in the allowance during the quarter was significantly
impacted by an increase in accounts 90 days past due. This was
partially offset by a decrease in the portfolio and 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
actual loss rates increasing as credit normalizes. This was offset
to some degree by a shift in portfolio mix to more tenured
customers.
Net charge-offs for the quarter increased $43.2 million, from
$25.2 million in the second quarter of fiscal 2022 to $68.4 million
in the second quarter of fiscal 2023. Net charge-offs as a
percentage of average net loan receivables on an annualized basis
increased from 10.5% in the second quarter of fiscal 2022 to 23.0%
in the second quarter of fiscal 2023.
Accounts 61 days or more past due increased to 8.0% on a recency
basis at September 30, 2022, compared to 5.0% at September 30,
2021. The accounts 61 days or more past due include $5.3 million in
gross loans related to loans acquired at a discount during the
fiscal year. Total delinquency on a recency basis increased to
12.5% at September 30, 2022, compared to 8.9% at September 30,
2021. Our allowance for credit losses as a percent of net loans
receivable was 13.5% at September 30, 2022, compared to 11.2% at
September 30, 2021.
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
09/30/2017
$292,919,738
$731,005,012
$1,023,924,750
09/30/2018
$360,508,875
$766,281,264
$1,126,790,139
09/30/2019
$457,720,143
$816,488,354
$1,274,208,497
09/30/2020
$365,242,591
$744,182,305
$1,109,424,896
09/30/2021
$455,201,848
$939,669,804
$1,394,871,652
09/30/2022
$481,374,232
$1,117,025,275
$1,598,399,507
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
9/30/2017
$19,023,915
$12,819,275
$31,843,190
9/30/2018
$67,589,136
$35,276,253
$102,865,389
9/30/2019
$97,211,268
$50,207,090
$147,418,358
9/30/2020
$(92,477,552)
$(72,306,050)
$(164,783,602)
9/30/2021
$89,959,256
$195,487,500
$285,446,756
9/30/2022
$25,139,613
$178,388,242
$203,527,855
Change in Portfolio Mix by
Customer Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
9/30/2017
6.9%
1.8%
9/30/2018
23.1%
4.8%
9/30/2019
27.0%
6.6%
9/30/2020
(20.2)%
(8.9)%
9/30/2021
24.6%
26.3%
9/30/2022
5.5%
19.0%
General and administrative (“G&A”) expenses decreased $3.8
million, or 5.1%, to $71.2 million in the second quarter of fiscal
2023 compared to $75.0 million in the same quarter of the prior
fiscal year. As a percentage of revenues, G&A expenses
decreased from 54.4% during the second quarter of fiscal 2022 to
47.1% during the second quarter of fiscal 2023. G&A expenses
per average open branch increased by 1.4% when comparing the second
quarter of fiscal 2023 to the second quarter fiscal 2022.
Personnel expense decreased $0.5 million, or 1.0%, during the
second quarter of fiscal 2023 as compared to the second quarter of
fiscal 2022. Salary expense increased approximately $3.3 million,
or 11.4%, in the quarter ended September 30, 2022, compared to the
quarter ended September 30, 2021. Our headcount as of September 30,
2022, increased 1.8% compared to September 30, 2021. Benefit
expense decreased approximately $0.7 million, or 8.2%, when
comparing the quarterly periods ended September 30, 2022 and 2021.
Incentive expense decreased $3.6 million, or 31.8%, in the second
quarter of fiscal 2023 compared to second quarter of fiscal 2022.
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 increased $0.6 million, or 4.3%,
when comparing the quarterly periods ended September 30, 2022 and
2021. The current year includes $0.7 million in expense related to
the merger of branches during the quarter.
Advertising expense decreased $4.3 million, or 80.9%, in the
second quarter of fiscal 2023 compared to the second quarter of
fiscal 2022 due to decreased spending on new customer acquisition
programs.
Other expense increased $0.5 million, or 5.3%, in the second
quarter of fiscal 2023 compared to the second quarter of fiscal
2022.
Interest expense for the quarter ended September 30, 2022,
increased by $6.3 million, or 94.1%, from the corresponding quarter
of the previous year. Interest expense increased due to an increase
in average debt outstanding and a 32.6% increase in the effective
interest rate from 5.0% to 6.7%. The average debt outstanding
increased from $524.7 million to $775.6 million when comparing the
quarters ended September 30, 2021 and 2022. The Company’s debt to
equity ratio increased to 2.1:1 at September 30, 2022, compared to
1.4:1 at September 30, 2021. As of September 30, 2022, the Company
had $746.7 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 $30.5 million.
Other key return ratios for the second quarter of fiscal 2023
included a 1.3% return on average assets and a return on average
equity of 4.1% (both on a trailing twelve-month basis).
Six-Month Results
Net income for the six-months ended September 30, 2022,
decreased $38.4 million to a $10.2 million loss compared to income
of $28.2 million for the same period of the prior year. This
resulted in a net loss of $1.77 per diluted share for the six
months ended September 30, 2022, compared to a net income of $4.38
per diluted share in the prior-year period. Total revenues for the
first six-months of fiscal 2023 increased 15.5% to $308.8 million
compared to $267.5 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
10.9% during the first six-months of fiscal 2022 to 22.8% for the
first six-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 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 net income (loss) to Adjusted
net income (loss):
Three months ended September
30,
Three months ended September
30,
2022
2021
Income (loss) before income taxes
$(1,612,225)
$
14,080,846
Provision for credit losses
68,620,146
42,043,526
Net charge-offs
(68,378,724)
(25,235,916
)
Adjusted income (loss) before income
taxes
(1,370,803)
30,888,456
Income tax expense (benefit) at actual
rate
(209,385)
3,599,241
Adjusted net income (loss)
$(1,161,418)
$
27,289,215
Weighted average dilutive shares
outstanding
5,726,469
6,413,079
Adjusted net income (loss) per common
share, diluted
$(0.20)
$
4.26
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 1,100
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.
Second 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=Su51S5JD.
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 our financial condition,
business operations and liquidity, our customers, our 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; 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 September
30,
Six months ended September
30,
2022
2021
2022
2021
Revenues:
Interest and fee income
$
130,462
$
118,113
$
260,667
$
227,288
Insurance income, net and other income
20,765
19,713
48,154
40,198
Total revenues
151,227
137,826
308,821
267,486
Expenses:
Provision for credit losses
68,620
42,044
154,442
72,309
General and administrative expenses:
Personnel
45,295
45,746
90,473
91,978
Occupancy and equipment
13,491
12,935
26,726
26,542
Advertising
1,010
5,295
3,218
9,055
Amortization of intangible assets
1,106
1,246
2,238
2,460
Other
10,284
9,767
21,381
18,306
Total general and administrative
expenses
71,186
74,989
144,036
148,341
Interest expense
13,032
6,714
24,207
12,215
Total expenses
152,838
123,747
322,685
232,865
Income (loss) before income taxes
(1,611
)
14,079
(13,864
)
34,621
Income tax expense (benefit)
(246
)
1,641
(3,696
)
6,412
Net income (loss)
$
(1,365
)
$
12,438
$
(10,168
)
$
28,209
Net income (loss) per common share,
diluted
$
(0.24
)
$
1.94
$
(1.77
)
$
4.38
Weighted average diluted shares
outstanding
5,726
6,413
5,734
6,434
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
September 30, 2022
March 31, 2022
September 30, 2021
ASSETS
Cash and cash equivalents
$
20,695
$
19,236
$
16,886
Gross loans receivable
1,598,361
1,522,789
1,394,827
Less:
Unearned interest, insurance and fees
(439,656
)
(403,031
)
(370,017
)
Allowance for credit losses
(155,892
)
(134,243
)
(114,660
)
Loans receivable, net
1,002,813
985,515
910,150
Operating lease right-of-use assets,
net
85,517
85,631
88,197
Finance lease right-of-use assets, net
—
608
810
Property and equipment, net
24,741
24,476
25,067
Deferred income taxes, net
47,299
39,801
34,248
Other assets, net
41,303
35,902
35,544
Goodwill
7,371
7,371
7,371
Intangible assets, net
17,518
19,756
22,306
Total assets
$
1,247,257
$
1,218,296
$
1,140,579
LIABILITIES &
SHAREHOLDERS' EQUITY
Liabilities:
Senior notes payable
$
450,899
$
396,973
$
275,706
Senior unsecured notes payable, net
295,793
295,394
294,897
Income taxes payable
1,505
7,384
8,258
Operating lease liability
87,968
87,399
89,754
Finance lease liability
—
80
284
Accounts payable and accrued expenses
54,511
58,042
52,673
Total liabilities
890,676
845,272
721,572
Shareholders' equity
356,581
373,024
419,007
Total liabilities and shareholders'
equity
$
1,247,257
$
1,218,296
$
1,140,579
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
SELECTED CONSOLIDATED
STATISTICS
(unaudited and in thousands,
except percentages and branches)
Three months ended September
30,
Six months ended September
30,
2022
2021
2022
2021
Gross loans receivable
$
1,598,361
$
1,394,827
$
1,598,361
$
1,394,827
Average gross loans receivable (1)
1,635,556
1,314,397
1,600,374
1,230,307
Net loans receivable (2)
1,158,705
1,024,810
1,158,705
1,024,810
Average net loans receivable (3)
1,187,295
965,588
1,166,656
908,381
Expenses as a percentage of total
revenue:
Provision for credit losses
45.4
%
30.5
%
50.0
%
27.0
%
General and administrative
47.1
%
54.4
%
46.6
%
55.5
%
Interest expense
8.6
%
4.9
%
7.8
%
4.6
%
Operating income as a % of total revenue
(4)
7.6
%
15.1
%
3.3
%
17.5
%
Loan volume (5)
756,477
801,487
1,688,856
1,555,696
Net charge-offs as percent of average net
loans receivable on an annualized basis
23.0
%
10.5
%
22.8
%
10.9
%
Return on average assets (trailing 12
months)
1.3
%
8.6
%
1.3
%
8.6
%
Return on average equity (trailing 12
months)
4.1
%
22.4
%
4.1
%
22.4
%
Branches opened or acquired (merged or
closed), net
(42
)
(3
)
(63
)
(3
)
Branches open (at period end)
1,104
1,202
1,104
1,202
_______________________________________________________
(1) Average gross loans receivable have
been 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 have been
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/20221027005295/en/
John L. Calmes, Jr. Chief Financial and Strategy Officer (864)
298-9800
World Acceptance (NASDAQ:WRLD)
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