Business
World Acceptance Corporation Reports Fiscal 2022 Second Quarter Results
GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its second quarter of fiscal 2022 and
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 second quarter of fiscal 2022 and six months ended September 30, 2021.\n\nSecond quarter highlights:\n\n\nLoans outstanding of $1.39 billion, a 25.7% increase from the same quarter prior year\n\n\nTotal revenues of $137.8 million, a 10.8% increase from the same quarter prior year\n\n\nNet income of $12.4 million, a $1.0 million decrease from $13.4 million in same quarter prior year\n\n\nNet income per diluted share of $1.94, a $0.02 decrease from $1.96 per share in same quarter prior year\n\n\nSignificant decrease in net charge-off rate from same quarter prior year\n\n\nPortfolio results\n\nGross loans outstanding increased to $1.39 billion as of September 30, 2021, a 25.7% increase from the $1.11 billion of gross loans outstanding as of September 30, 2020. During the quarter, gross loans outstanding increased 14.0% or $171.7 million, the largest growth and rate of growth during the second fiscal quarter in over a decade. During the quarter, we saw an increase in borrowing from new, current, and former customers as the economy continued to reopen and federal economic stimulus waned. We have seen increased demand from new customers each month and total new customer applications in the second quarter of fiscal 2022 surpassed the same quarter prior year by 88% and pre-pandemic levels of the second quarter of 2020 by 19%.\n\nOur customer base increased by 5.0% year-over-year as of September 30, 2021, compared to a 21.3% decrease for the comparable period ended September 30, 2020. During the quarter ended September 30, 2021, the number of unique borrowers in the portfolio increased by 8.2% compared to a decrease of 3.7% during the quarter ended September 30, 2020. As a result of the expanded emphasis on our larger loan offerings, the average gross loan balance increased 5.7% from the period ended June 30, 2021, to $1,766; a 19.9% increase from the period ended September 30, 2020.\n\nThe following table includes the change in the volume of loan origination balances by customer type for the following comparative quarterly periods:\n\n\n\n \n\n\n\nQ2 FY 2022 vs. Q2 FY 2021\n\n\n\nQ2 FY 2021 vs. Q2 FY 2020\n\n\n\nQ2 FY 2022 vs. Q2 FY 2020\n\n\n\n\n\nNew Customers\n\n\n\n137.3%\n\n\n\n(40.0)%\n\n\n\n42.3%\n\n\n\n\n\nF...