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World Acceptance Corporation Reports Fiscal 2025 Fourth Quarter Results
GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its fourth quarter of fiscal 2025.
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 fourth quarter of fiscal 2025.\n\nFourth fiscal quarter highlights\n\nDuring its fourth fiscal quarter, World Acceptance Corporation achieved improved earnings driven by an increase in our tax preparation revenue. The quarter also benefited from a partial forfeiture of our performance-based restricted shares granted in 2018 that had a $16.35 earnings per share (EPS) performance target (the $16.35 Performance Shares). The forfeiture of such shares resulted in a $2.8 million after tax release of share based compensation expense, resulting in EPS of $16.36 per diluted share on a rolling four-quarter basis. Prior to the forfeiture of such shares, EPS would have been approximately $15.98 for the rolling four quarters.\n\nHighlights from the fourth quarter include:\n\n\nIncrease in total revenues to $165.3 million, including a 110 basis point yield increase compared to the same quarter in the prior year\n\n\nNet income of $44.3 million\n\n\nDiluted net income per share of $8.13\n\n\nCustomer base increased by 3.5%\n\n\nPortfolio results\n\nGross loans outstanding were $1.23 billion as of March 31, 2025, a 4.0% decrease from the $1.28 billion of gross loans outstanding as of March 31, 2024. During the most recent quarter, gross loans outstanding decreased sequentially 11.3%, or $155.8 million, from $1.38 billion as of December 31, 2024, compared to a decrease of 8.8%, or $123.5 million, in the comparable quarter of the prior year.\n\nDuring the most recent quarter, our new and former customer borrowing was similar to the same quarter of fiscal year 2024 while our current customer borrowing decreased. Specifically, during the quarter, new customer loan volume increased 1.3%, while former and refinance customer loan volume decreased 2.5% and 14.2%, respectively, compared to the same quarter of fiscal year 2024. Our customer base increased by 3.5% during the twelve-month period ended March 31, 2025, compared to a decrease of 1.5% for the comparable period ended March 31, 2024. During the quarter ended March 31, 2025, the number of unique borrowers in the portfolio decreased by 6.3% compared to a decrease of 6.2% during the quarter ended March 31, 2024. As we continue to shrink the average gross loan balance in the por...