World Acceptance : Annual Report for Fiscal Year Ending March 31, 2026 (Form 10-K)

About this update from World Acceptance Corporation

Management's Discussion and Analysis of Financial Condition and Results of OperationsGeneral The Company's financial performance continues to be dependent in large part upon the growth in its outstanding loans receivable, the maintenance of loan quality and acceptable levels of operating expenses. Since March 31, 2022, gross loans receivable have decreased at a 4.27% annual compounded rate from $1.52 billion to $1.28 billion at March 31, 2026. We believe we can continue to improve our gross loans receivable growth rates through acquisitions, improved marketing processes, and analytics. The Company plans to enter into new markets through opening new branches and acquisitions as opportunities arise. The Company offers an income tax return preparation and electronic filing program in all but a few of its branches. The Company prepared approximately 91,000, 82,000, and 83,000 returns in each of the fiscal years 2026, 2025, and 2024, respectively. Revenues from the Company's tax preparation business in fiscal 2026 amounted to approximately $40.4 million, a 10.6% increase over the $36.5 million earned during fiscal 2025. The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Balance Sheets, as well as operating data and ratios, for the periods indicated:Years Ended March 31, 2026 2025 2024 (Dollars in thousands) Gross loans receivable $ 1,278,988 $ 1,225,636 $ 1,277,149 Average gross loans receivable (1)$ 1,305,870 $ 1,300,782 $ 1,378,329 Net loans receivable (2)$ 953,924 $ 916,316 $ 950,403 Average net loans receivable (3)$ 971,370 $ 965,331 $ 1,012,544 Expenses as a percentage of total revenue: Provision for credit losses 32.2 % 30.0 % 27.4 % General and administrative 51.6 % 42.7 % 46.9 % Interest expense 8.4 % 7.6 % 8.4 %Operating income as a % of total revenue (4)16.2 % 27.3 % 25.7 %Loan volume (5)2,989,614 2,714,988 2,758,260 Net charge-offs as percent of average net loans receivable 18.5 % 17.5 % 17.7 % Return on average assets (trailing 12 months) 3.3 % 8.5 % 7.0 % Return on average equity (trailing 12 months) 9.0 % 21.0 % 19.1 % Branches opened or acquired (merged or closed), net (15) (24) (25) Branches open (at period end) 1,009 1,024 1,048 _______________________________________________________ (1) Average gross loans receivable have been determined by averaging month-end gross loans re...

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