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World Acceptance Corporation Reports Fiscal 2022 Third Quarter Results
GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its third 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 third quarter of fiscal 2022 and nine months ended December 31, 2021.\n\nThird quarter highlights\n\nDuring its third quarter, the Company experienced exceptional growth in both loan balances and the customer base. While this growth initially depresses current earnings due to the day one provisioning for anticipated credit losses under the current accounting standards, it positions the Company well for the future as these customers continue to generate revenue over the long term.\n\nSome highlights from the third quarter include:\n\n\nGross loans outstanding of $1.61 billion, a Q3 increase of $211.3 million, or 15.1% and 27.0% increase from same quarter prior year\n\n\nTotal revenues of $148.6 million, a 13.5% increase from the same quarter prior year\n\n\nNet income of $7.3 million, a $7.2 million decrease from $14.5 million in same quarter prior year\n\n\nNet income per diluted share of $1.14, a $1.11 decrease from $2.25 per share in same quarter prior year\n\n\nPortfolio results\n\nGross loans outstanding increased to $1.61 billion as of December 31, 2021, a 27.0% increase from the $1.26 billion of gross loans outstanding as of December 31, 2020. During the most recent quarter, gross loans outstanding increased 15.1%, or $211.3 million, the largest growth and rate of growth during the third fiscal quarter in company history. The largest third quarter growth prior to this year was the $155.2 million increase during the third fiscal quarter of 2021. During the quarter, we saw an increase in borrowing from new, current, and former customers that exceeded comparable pre-pandemic volumes as the economy continued to reopen and federal economic stimulus waned. We have seen increased demand for new customer applications in the third quarter of fiscal 2022.\n\nOur customer base increased by 4.4% year-over-year as of December 31, 2021, compared to a 18.3% decrease for the comparable period ended December 31, 2020. During the quarter ended December 31, 2021, the number of unique borrowers in the portfolio increased by 7.7% compared to an increase of 8.4% during the quarter ended December 31, 2020. As a result of the expanded emphasis on our larger loan offerings, the average gross loan balance increased 7.3% from th...