World Acceptance Corporation Reports Fiscal 2022 First Quarter Results

About this update from World Acceptance Corporation

[{"type":"text","content":" GREENVILLE, S.C.--(BUSINESS WIRE)--\nWorld Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its first fiscal quarter 2022 and three months ended June 30, 2021.\n\nFirst quarter highlights:\n\n\nLoans outstanding of $1.22 billion, a 14.5% increase from the same quarter prior year\n\n\nTotal revenues of $129.7 million, a 4.7% increase from the same quarter prior year\n\n\nNet income of $15.8 million, a $0.3 million increase from $15.5 million in same quarter prior year\n\n\nNet income per diluted share of $2.44, a $0.20 increase from $2.24 per share in same quarter prior year\n\n\nSignificant decrease in net charge-off rate and delinquency from same quarter prior year\n\n\nCash flow from operating activities of $197.2 million over the last twelve months\n\n\nPortfolio results\n\nGross loans outstanding increased to $1.22 billion as of June 30, 2021, a 14.5% increase from the $1.07 billion of gross loans outstanding as of June 30, 2020. During the quarter, gross loans outstanding increased 10.7%, or $118.4 million, the largest growth and rate of growth during the first quarter in over a decade. During the quarter, we saw an increase in borrowing from our current and former customers as the economy continued to reopen and federal economic stimulus waned. The increase in borrowing from our longer tenured customers should benefit revenue and overall portfolio credit quality in future quarters as tenured customers tend to outperform new customers. While new customer originations still lag pre-pandemic levels, we have seen increased demand from new customers each month compared to last year.\n\nOur customer base decreased by 6.5% year-over-year as of June 30, 2021, compared to a 14.4% decrease for the comparable period ended June 30, 2020. During the quarter ended June 30, 2021, the number of unique borrowers in the portfolio decreased by 1.0% compared to a decrease of 14.0% during the quarter ended June 30, 2020. As a result of the expanded emphasis on our larger loan offerings, the average gross loan balance increased 12.3% during the first quarter to $1,670, a 23.0% increase from the period ended June 30, 2020.\n\nThe following table includes the change in the number of loan originations by customer type for the following comparative quarterly periods:\n\n\n\n \n\n\n\nQ1 FY 2022 vs. Q1 FY 2021\n\n\n\nQ1 FY ...

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