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World Acceptance Corporation Reports Fiscal 2025 First Quarter Results
GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its first quarter of fiscal 2025. First
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 quarter of fiscal 2025.\n\n\nFirst fiscal quarter highlights\n\n\nDuring its first fiscal quarter, World Acceptance Corporation continued to focus on credit quality and a conservative approach to its lending operations. Management believes that continuing to carefully invest in our best customers and closely monitoring performance has strengthened the Company's financial position and positioned us well for the remainder of the fiscal year.\n\n\nHighlights from the first quarter include:\n\n\n\nNet income of $9.9 million\n\n\n\nDiluted net income per share of $1.79\n\n\n\nRecency delinquency on accounts 90+ days past due improved to 3.4% at June 30, 2024, from 3.5% at June 30, 2023\n\n\n\nTotal revenues of $129.5 million, including a 28 basis point yield increase compared to the same quarter in the prior year\n\n\n\nPortfolio results\n\n\nGross loans outstanding were $1.275 billion as of June 30, 2024, an 8.8% decrease from the $1.398 billion of gross loans outstanding as of June 30, 2023. During the most recent quarter, gross loans outstanding decreased sequentially 0.2% from $1.277 billion as of March 31, 2024, compared to an increase of 0.6%, or $8.0 million, in the comparable quarter of the prior year.\n\n\nDuring the most recent quarter, we did not see a significant change in borrowing from new and former customers compared to the same quarter of fiscal year 2024. Our customer base decreased by 2.6% during the twelve-month period ended June 30, 2024, compared to a decrease of 14.8% for the comparable period ended June 30, 2023. During the quarter ended June 30, 2024, the number of unique borrowers in the portfolio increased by 0.5% compared to an increase of 1.5% during the quarter ended June 30, 2023. We continued to improve the gross yield to expected loss ratio for all new, former and refinance customer originations and will continue to monitor performance indicators and intend to adjust underwriting accordingly.\n\n\nThe following table includes the volume of gross loan origination balances, excluding tax advance loans, by customer type for the following comparative quarterly periods:\n\n\n\n\n \n\n\n\n\n\n\nQ1 FY 2025\n\n\n\n\n\n\nQ1 FY 2024\n\n\n\n\n\n\nQ1 FY 2023\n\n\n\n\n\n\n\n\nNew Custome...