SEC Form 10-K filed by World Acceptance Corporation

5/23/24 4:06:04 PM ET

Finance: Consumer Services

Finance

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wrld-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________

Form 10-K

__________________________________


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _____________

Commission file number: 000-19599


WORLD ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)


South Carolina		57-0425114
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

104 S. Main St.
Greenville	South Carolina	29601
(Address of principal executive offices)		(Zip Code)


(864)			298-9800
(Registrant's telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, no par value

WRLD

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o

No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No x

The aggregate market value of voting stock held by non-affiliates of the registrant as of September 30, 2023, computed by reference to the closing sale price on such date, was $508,522,709. (For purposes of calculating this amount only, all directors and executive officers are treated as affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.) As of May 17, 2024, 5,844,898 shares of the registrant’s Common Stock, no par value, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's definitive Proxy Statement pertaining to the 2024 Annual Meeting of Shareholders (“the Proxy Statement”) to be filed pursuant to Regulation 14A are incorporated herein by reference into Part III hereof.

WORLD ACCEPTANCE CORPORATION

FORM 10-K

TABLE OF CONTENTS


Item No.	Contents	Page
	GLOSSARY OF DEFINED TERMS	3

	PART I
1.	Business	4
1A.	Risk Factors	14
1B.	Unresolved Staff Comments	28
1C.	Cybersecurity	28
2.	Properties	29
3.	Legal Proceedings	29
4.	Mine Safety Disclosures	30

	PART II
5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	31
6.	[Reserved]	32
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32
7A.	Quantitative and Qualitative Disclosures About Market Risk	41
8.	Financial Statements and Supplementary Data	42
9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	88
9A.	Controls and Procedures	88
9B.	Other Information	89
9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	89

	PART III
10.	Directors, Executive Officers and Corporate Governance	90
11.	Executive Compensation	91
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91
13.	Certain Relationships and Related Transactions, and Director Independence	91
14.	Principal Accountant Fees and Services	91

	PART IV
15.	Exhibits and Financial Statement Schedules	92
16.	Form 10-K Summary	92

	EXHIBIT INDEX	93

	SIGNATURES	96

GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this report, including Consolidated Financial Statements and related notes.


Term			Definition
2008 Plan			World Acceptance Corporation 2008 Stock Option Plan
2011 Plan			World Acceptance Corporation 2011 Stock Option Plan
2017 Plan			World Acceptance Corporation 2017 Stock Incentive Plan
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CECL			Current Expected Credit Loss
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CFPB			U.S. Consumer Financial Protection Bureau
Compensation Committee			Compensation and Stock Option Committee of World Acceptance Corporation
Customer Tenure			The number of months since a customer was first serviced by the Company
EDGAR			Electronic Data Gathering, Analysis, and Retrieval
ERISA			Employee Retirement Income Security Act
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FCPA			U.S. Foreign Corrupt Practices Act of 1977, as amended
FICO			The Fair Isaac Corporation
GAAP			U.S. generally accepted accounting principles
HTC			Historic Tax Credit
IRS			U.S. Internal Revenue Service
NB			New Borrower
Notes			$300 million in aggregate principal amount of 7.0% senior unsecured notes due 2026 issued on September 27, 2021
Option Measurement Period			The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Options are eligible to vest, following certification by the Compensation Committee of achievement of defined performance measures
PCD			Purchased Assets with Credit Deterioration
Performance Options			Performance-based stock options
Performance Share Measurement Period			The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement of defined performance measures
Performance Shares			Service- and performance-based restricted stock awards
Restricted Stock			Service-based restricted stock awards
Rehab Rate			Percentage of 91 days or more delinquent that do not charge off
ROU			Right-of-use
Sarbanes-Oxley Act			Sarbanes-Oxley Act of 2002
SEC			U.S. Securities and Exchange Commission
SERP			Supplemental Executive Retirement Plans
Service Options			Service-based stock options
SOFR			Secured Overnight Finance Rate
TAL			Tax Advance Loan
Transition Tax			Tax amount associated with a one-time repatriation tax on deferred foreign income
UCC			Uniform Commercial Code


	Minimum Origination (1)		Maximum Origination (1)		Minimum Term (Months)	Maximum Term (Months)
Small loans	$	250	$	2,450	5	30
Large loans	$	2,500	$	32,400	9	60


	Amount		Percentage of total gross loans receivable
0 to 36%	$	595,445,625	46.5	%
Greater than 36%	681,703,631		53.5	%









	$	1,277,149,256	100.0	%


	Minimum Origination		Maximum Origination		Minimum Term (Months)	Maximum Term (Months)
Tax advance loans	$	500	$	7,000	8	35


	At March 31,
State	2024		2023		2022		2021		2020		2019		2018		2017		2016		2015
Alabama	6	%	6	%	7	%	6	%	5	%	5	%	5	%	4	%	6	%	5	%
Georgia	12		13		13		13		13		13		14		15		13		13
Idaho (1)	1		1		1		1		1		1		—		—		—		—
Illinois	10		10		10		8		8		7		7		7		7		7
Indiana	3		2		3		2		2		2		2		2		1		1
Kentucky	6		6		6		7		8		8		9		10		10		10
Louisiana	4		4		3		3		3		3		2		2		2		2
Mississippi	2		2		2		2		1		1		1		1		—		—
Missouri	7		7		7		8		8		7		7		7		8		8
New Mexico	5		4		2		2		2		2		2		2		2		2
Oklahoma	6		6		6		6		6		7		7		7		8		8
South Carolina	7		8		8		10		10		9		10		11		10		11
Tennessee	9		9		10		11		11		12		13		13		13		13
Texas	20		20		20		19		19		21		19		18		19		19
Utah (2)	1		1		1		1		1		—		—		—		—		—
Wisconsin	1		1		1		1		2		2		2		1		1		1
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%


	Total Number of Loans	Average Gross Loan Balance		Gross Loan Balance (thousands)
Alabama	44,958	$	1,637	$	73,610
Georgia	84,411	1,826		154,146
Idaho	6,175	1,654		10,216
Illinois	44,301	2,974		131,744
Indiana	19,923	1,609		32,050
Kentucky	42,450	1,913		81,197
Louisiana	30,702	1,743		53,528
Mississippi	20,795	1,336		27,773
Missouri	31,562	2,885		91,051
New Mexico	28,933	1,998		57,802
Oklahoma	37,939	1,944		73,746
South Carolina	49,158	2,076		102,049
Tennessee	55,143	2,002		110,416
Texas	162,542	1,586		257,838
Utah	4,073	1,819		7,409
Wisconsin	7,095	1,772		12,574
Total	670,160	$	1,906	$	1,277,149


Gender - All Team Members
Female			85.38%
Male			14.59%
Undeclared			0.03%


Race/Ethnicity - All Team Members
White			55.27%
Hispanic or Latino			20.71%
Black or African American			16.08%
Other Race/Ethnicity			4.77%
Not provided			3.17%


Name and Age	Position	Period of Service as Executive Officer and Pre-Executive Officer Experience (if an Executive Officer for Less Than Five Years)

R. Chad Prashad (43)	President and Chief Executive Officer	•President and Chief Executive Officer since June 2018 •Senior Vice President, Chief Strategy & Analytics Officer from February 2018 to June 2018 •Vice President of Analytics from June 2014 to February 2018 •Senior Director of Strategy Development for Resurgent Capital Services (a consumer debt managing and servicing company) from 2013 to June 2014 •Director of Legal Strategy for Resurgent Capital Services from 2009 to 2013

John L. Calmes Jr. (44)	Executive Vice President, Chief Financial and Strategy Officer, and Treasurer	•Executive Vice President, Chief Financial and Strategy Officer and Treasurer since October 2018 •Senior Vice President, Chief Financial Officer and Treasurer from November 2015 to October 2018 •Vice President, Chief Financial Officer and Treasurer from December 2013 to November 2015 •Director of Finance - Corporate and Investment Banking Division of Bank of Tokyo-Mitsubishi UFJ in 2013 •Senior Manager of PricewaterhouseCoopers from 2011 to 2013; Manager of PricewaterhouseCoopers from 2008 to 2011.

D. Clinton Dyer (51)	Executive Vice President and Chief Branch Operations Officer	•Executive Vice President and Chief Branch Operations Officer since February 2018 •Executive Vice President of Branch Operations from September 2016 to February 2018 •Senior Vice President, Southeastern Division from November 2015 to September 2016 •Senior Vice President, Central Division from June 2005 to November 2015; Vice President, Operations –Tennessee and Kentucky from April 2002 to June 2005.

Luke J. Umstetter (44)	Senior Vice President, General Counsel, Chief Compliance Officer and Secretary	•Senior Vice President, Secretary and General Counsel since August 2018 •General Counsel and Chief Compliance Officer for Shellpoint Mortgage Servicing from December 2015 to August 2018 •General Counsel for Global Lending Services from May 2015 to December 2015; Managing Counsel for Resurgent Capital Services, June 2009 to May 2015.

A. Lindsay Caulder (48)	Senior Vice President, Human Resources	•Senior Vice President, Human Resources since October 2018 •Vice President, Human Resources from February 2016 to October 2018 •Divisional Vice President - Human Resources of Family Dollar Corporation, a nationwide variety retail chain, from 2012 to 2016 •Director - Learning and Talent Acquisition of Family Dollar Corporation from 2009-2012.


Jason E. Childers (49)	Senior Vice President, Information Technology	•Senior Vice President, Information Technology since October 2018 •Vice President of IT Strategic Solutions from April 2016 to October 2018 •Partner and Head of IT at Sabal Financial Group, LP from March 2009 until April 2016.

Scott McIntyre (47)	Senior Vice President, Accounting	•Senior Vice President of Accounting since October 2018 •Vice President of Accounting-US from June 2013 to October 2018 •Controller-US from June 2011 to June 2013.


Item 5.			Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities


	(a) Total number of shares purchased	(b) Average price paid per share		(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Approximate dollar value of shares that may yet be purchased under the plans or programs
January 1 through January 31, 2024	1,383	$	129.99	1,383	$	2,649,704
February 1 through February 29, 2024	—	—		—	2,649,704
March 1 through March 31, 2024	145,053	129.94		145,053	11,151,669
Total for the quarter	146,436	$	129.94	146,436


	Years Ended March 31,
	2024			2023			2022
	(Dollars in thousands)
Gross loans receivable	$	1,277,149		$	1,390,016		$	1,522,789
Average gross loans receivable (1)	$	1,378,329		$	1,555,655		$	1,377,740
Net loans receivable (2)	$	950,403		$	1,013,341		$	1,119,758
Average net loans receivable (3)	$	1,012,544		$	1,133,051		$	1,014,984

Expenses as a percentage of total revenue:
Provision for credit losses	27.4		%	42.1		%	31.8		%
General and administrative	46.9		%	45.3		%	51.3		%
Interest expense	8.4		%	8.2		%	5.7		%
Operating income as a % of total revenue (4)	25.8		%	12.6		%	16.9		%

Loan volume (5)	2,758,260			3,078,672			3,267,860

Net charge-offs as percent of average net loans receivable	17.7		%	23.7		%	14.2		%

Return on average assets (trailing 12 months)	7.0		%	1.7		%	4.8		%

Return on average equity (trailing 12 months)	19.1		%	5.8		%	13.4		%

Branches opened or acquired (merged or closed), net	(25)			(94)			(38)

Branches open (at period end)	1,048			1,073			1,167


	At or for the Three Months Ended
	Fiscal 2024								Fiscal 2023
	June 30,		September 30,		December 31,		March 31,		June 30,		September 30,		December 31,		March 31,
	(Dollars in thousands)
Total revenues	$	139,324	$	136,875	$	137,749	$	159,265	$	157,918	$	151,258	$	146,533	$	160,837
Provision for credit losses	$	46,602	$	40,463	$	40,632	$	29,276	$	85,822	$	68,620	$	59,609	$	45,412
General and administrative expenses	$	68,125	$	62,948	$	65,909	$	71,619	$	71,650	$	69,694	$	64,951	$	73,178
Net income (loss)	$	9,539	$	16,082	$	16,665	$	35,058	$	(8,566)	$	(637)	$	5,806	$	24,632

Gross loans receivable	$	1,397,966	$	1,379,514	$	1,400,622	$	1,277,149	$	1,641,798	$	1,598,362	$	1,553,985	$	1,390,016
Number of branches open	1,055		1,053		1,052		1,048		1,146		1,104		1,084		1,073


	March 31,
	2024		2023
ASSETS
Cash and cash equivalents	$	11,839,460	$	16,508,935
Gross loans receivable	1,277,149,256		1,390,015,568
Less:
Unearned interest, insurance and fees	(326,746,136)		(376,674,349)
Allowance for credit losses	(102,962,811)		(125,552,733)
Loans receivable, net	847,440,309		887,788,486
Income taxes receivable	3,091,229		—
Operating lease ROU assets, net	79,501,238		81,289,240

Property and equipment, net	22,897,197		23,926,080
Deferred income taxes, net	30,942,844		41,722,361
Other assets, net	42,198,242		43,422,669
Goodwill	7,370,791		7,370,791
Intangible assets, net	11,069,733		15,289,579


Total assets	$	1,056,351,043	$	1,117,318,141

LIABILITIES & SHAREHOLDERS' EQUITY

Liabilities:
Senior notes payable	$	223,419,132	$	307,910,824
Senior unsecured notes payable, net	272,609,632		287,352,892
Income taxes payable	—		2,532,766
Operating lease liability	81,920,865		83,735,002

Accounts payable and accrued expenses	53,974,198		50,559,920

Total liabilities	631,923,827		732,091,404

Commitments and contingencies (Notes 9 and 16)

Shareholders' equity:
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding	—
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 5,938,665 and 6,231,082 shares at March 31, 2024 and March 31, 2023, respectively	—
Additional paid-in capital	286,432,952		288,071,839


Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations


Item 7A.			Quantitative and Qualitative Disclosures About Market Risk


	Year ended March 31, 2024
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2023	6,231,082	$	288,071,839	$	97,154,898	$	385,226,737
Proceeds from exercise of stock options	34,649	2,867,974		—		2,867,974
Common stock repurchases	(295,201)	—		(36,505,861)		(36,505,861)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($2,823,774)	(31,865)	(752,652)		—		(752,652)
Stock-based compensation (reversal) related to stock options	—	(3,754,209)		—		(3,754,209)

Net income	—	—		77,345,227		77,345,227
Balances at March 31, 2024	5,938,665	$	286,432,952	$	137,994,264	$	424,427,216


	Year ended March 31, 2023
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2022	6,348,314	$	280,907,085	$	92,117,343	$	373,024,428
Proceeds from exercise of stock options, net of cancellations	7,569	654,920		—		654,920
Common stock repurchases	(73,643)	—		(14,314,089)		(14,314,089)
Stock-based compensation related to restricted stock, net of cancellations ($2,543,001)	(51,158)	4,067,525		—		4,067,525
Stock-based compensation related to stock options	—	2,442,309		—		2,442,309
Cumulative effect of adoption of ASU 2023-02	—	—		(1,880,346)		(1,880,346)


Net income	—	—		21,231,990		21,231,990
Balances at March 31, 2023	6,231,082	$	288,071,839	$	97,154,898	$	385,226,737


	Year ended March 31, 2022
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2021	6,805,294	$	255,590,674	$	149,336,767	$	404,927,441
Proceeds from exercise of stock options	154,699	12,805,646		—		12,805,646
Common stock repurchases	(589,533)	—		(111,139,261)		(111,139,261)
Stock-based compensation related to restricted stock, net of cancellations ($5,072,230)	(22,146)	9,036,852		—		9,036,852
Stock-based compensation related to stock options	—	3,473,913		—		3,473,913



Net income	—	—		53,919,837		53,919,837
Balances at March 31, 2022	6,348,314	$	280,907,085	$	92,117,343	$	373,024,428


Cash and cash equivalents at end of year	$	11,839,460	$	16,508,935	$	19,236,322


Supplemental Disclosures:
Interest paid during the year	$	48,836,325	$	51,761,768	$	21,318,911
Income taxes paid during the year	$	8,952,124	$	10,783,143	$	30,941,852
Finance lease ROU assets, net transferred to property and equipment, net	$	—	$	402,960	$	—
Non-cash excise tax on stock repurchases	$	301,330	$	—	$	—


Customer Tenure	March 31, 2024		March 31, 2023
0 to 5 months	$	73,699,568	$	81,803,668
6 to 17 months	69,616,739		133,650,188
18 to 35 months	140,340,728		135,396,187
36 to 59 months	181,399,293		244,414,255
60+ months	799,703,920		792,189,216

Tax advance loans	12,389,008		2,562,054
Total gross loans	$	1,277,149,256	$	1,390,015,568


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,094,896,350	$	61,853,967	$	4,807,924	$	109,050	$	25,850	$	1,371	$	1,161,694,512
30 - 60 days past due	34,034,537		4,600,615		610,649		10,856		14,076		5,429		39,276,162
61 - 90 days past due	21,874,701		2,154,561		200,117		17,493		204		—		24,247,076
91 or more days past due	34,560,868		4,600,040		364,386		6,151		5,617		5,436		39,542,498
Total	$	1,185,366,456	$	73,209,183	$	5,983,076	$	143,550	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
Tax advance loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,660	$	860	$	—	$	—	$	—	$	—	$	7,442,520
30 - 60 days past due	4,942,757		788		—		—		—		—		4,943,545
61 - 90 days past due	—		1,650		—		—		—		—		1,650
91 or more days past due	—		1,293		—		—		—		—		1,293
Total	$	12,384,417	$	4,591	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256


	2024
		Gross Charge-offs by Origination
Origination Year			Loans		Tax advance loans		Total
2019 and prior			$	17,352	$	—	$	17,352
2020			53,791		—		53,791
2021			301,162		—		301,162
2022			11,095,208		5,197		11,100,405
2023			132,745,783		1,287,512		134,033,295
2024			65,038,754		—		65,038,754
Total			$	209,252,050	$	1,292,709	$	210,544,759


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	56,802,703	$	4,720,150	$	4,496,518	$	7,680,197	$	16,896,865	$	73,699,568
6 to 17 months	60,634,735		3,155,423		2,075,608		3,750,973		8,982,004		69,616,739
18 to 35 months	126,843,010		5,057,256		3,224,662		5,215,800		13,497,718		140,340,728
36 to 59 months	165,694,013		6,159,335		3,519,743		6,026,202		15,705,280		181,399,293
60+ months	751,720,050		20,183,999		10,930,545		16,869,326		47,983,870		799,703,920

Tax advance loans	7,442,520		4,943,545		1,650		1,293		4,946,488		12,389,008
Total gross loans	1,169,137,031		44,219,708		24,248,726		39,543,791		108,012,225		1,277,149,256
Unearned interest, insurance and fees	(301,616,958)		(7,677,494)		(6,674,554)		(10,777,130)		(25,129,178)		(326,746,136)
Total net loans	$	867,520,073	$	36,542,214	$	17,574,172	$	28,766,661	$	82,883,047	$	950,403,120

Percentage of period-end gross loans receivable			3.5%		1.9%		3.1%		8.5%

SEC Form 10-K filed by World Acceptance Corporation

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$WRLD Insider Trading

Officer Calmes John L Jr sold $149,213 worth of shares (1,000 units at $149.21) and covered exercise/tax liability with 3,061 shares, decreasing direct ownership by 7% to 51,334 units (SEC Form 4)

SVP, Human Resources Caulder Alice Lindsay covered exercise/tax liability with 1,224 shares, decreasing direct ownership by 7% to 15,291 units (SEC Form 4)

SVP, Information Technology Childers Jason E. covered exercise/tax liability with 1,224 shares, decreasing direct ownership by 8% to 14,799 units (SEC Form 4)

$WRLD SEC Filings

World Acceptance Corporation filed SEC Form 8-K: Other Events

SEC Form 10-Q filed by World Acceptance Corporation

World Acceptance Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

$WRLD Press Releases

World Acceptance Corporation Reports Fiscal 2026 Third Quarter Results

World Acceptance Corporation Announces Third Quarter 2026 Conference Call on the Internet

World Acceptance Corporation Announces the Retirement of Chief Branch Operations Officer D. Clinton Dyer

$WRLD Analyst Ratings

Stephens initiated coverage on World Acceptance with a new price target

World Acceptance downgraded by Stephens with a new price target

World Acceptance upgraded by Stephens with a new price target

$WRLD Leadership Updates

World Acceptance Corporation Announces the Retirement of Chief Branch Operations Officer D. Clinton Dyer

World Acceptance Corporation Expands Its Board

$WRLD Financials

World Acceptance Corporation Reports Fiscal 2026 Third Quarter Results

World Acceptance Corporation Announces Third Quarter 2026 Conference Call on the Internet

World Acceptance Corporation Reports Fiscal 2026 Second Quarter Results

$WRLD Large Ownership Changes

Amendment: SEC Form SC 13G/A filed by World Acceptance Corporation

SEC Form SC 13G/A filed by World Acceptance Corporation (Amendment)

SEC Form SC 13G/A filed by World Acceptance Corporation (Amendment)

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			Days Past Due - Contractual Basis
Loans	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	55,572,691	$	4,645,860	$	4,784,273	$	8,696,744	$	18,126,877	$	73,699,568
6 to 17 months	58,920,283		2,990,455		2,364,202		5,341,799		10,696,456		69,616,739
18 to 35 months	123,878,546		5,246,778		3,813,284		7,402,120		16,462,182		140,340,728
36 to 59 months	161,614,270		6,388,791		4,435,367		8,960,865		19,785,023		181,399,293
60+ months	738,238,289		21,881,920		13,909,202		25,674,509		61,465,631		799,703,920

Tax advance loans	7,441,661		4,942,757		—		4,590		4,947,347		12,389,008
Total gross loans	1,145,665,740		46,096,561		29,306,328		56,080,627		131,483,516		1,277,149,256
Unearned interest, insurance and fees	(296,584,056)		(7,544,366)		(7,936,622)		(14,681,092)		(30,162,080)		(326,746,136)
Total net loans	$	849,081,684	$	38,552,195	$	21,369,706	$	41,399,535	$	101,321,436	$	950,403,120

Percentage of period-end gross loans receivable			3.6%		2.3%		4.4%		10.3%


	Unpaid Accrued Interest Reversed Against Interest Income
	2024		2023
Customer Tenure
0 to 5 months	$	(5,337,159)	$	(9,280,329)
6 to 17 months	(3,251,451)		(5,790,516)
18 to 35 months	(3,381,665)		(4,673,972)
36 to 59 months	(4,055,663)		(4,596,229)
60+ months	(10,495,899)		(12,191,199)
Total	$	(26,521,837)	$	(36,532,245)


	Nonaccrual Loans Receivable
Customer Tenure	As of March 31, 2024		As of March 31, 2023		Interest Income Recognized Fiscal 2024		Interest Income Recognized Fiscal 2023		Interest Income Recognized Fiscal 2022
0 to 5 months	$	13,971,062	$	15,781,494	$	1,024,573	$	2,032,098	$	1,485,356
6 to 17 months	8,507,503		18,288,714		1,522,705		1,815,167		1,662,082
18 to 35 months	12,569,729		15,551,806		1,730,680		2,385,356		2,292,776
36 to 59 months	15,250,596		19,745,397		2,364,522		2,357,340		1,602,011
60+ months	45,091,589		49,285,814		6,547,368		7,017,026		5,615,521

Tax advance loans	4,590		19,603		—		—		—
Unearned interest, insurance and fees	(24,405,895)		(32,158,640)		—		—		—
Total	$	70,989,174	$	86,514,188	$	13,189,848	$	15,606,987	$	12,657,746


	March 31, 2024		March 31, 2023
Land	$	100,443	$	100,443
Building and leasehold improvements	20,155,951		18,504,321
Furniture and equipment	58,814,442		56,482,568
	79,070,836		75,087,332
Less accumulated depreciation and amortization	(56,173,639)		(51,161,252)
Total	$	22,897,197	$	23,926,080


	March 31, 2024						March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Customer lists	$	55,730,620	$	(44,796,996)	$	10,933,624	$	55,730,620	$	(40,950,350)	$	14,780,270
Non-compete agreements	10,528,143		(10,392,034)		136,109		10,528,143		(10,018,834)		509,309
Total	$	66,258,763	$	(55,189,030)	$	11,069,733	$	66,258,763	$	(50,969,184)	$	15,289,579


2025	$	—
2026	—
2027	498,419,132
2028	—
2029	—
Total future debt payments	$	498,419,132


	Operating Leases
2025	$	22,595,008
2026	19,015,580
2027	14,798,976
2028	11,839,812
2029	8,135,173
Thereafter	25,100,542
Total undiscounted lease liability	$	101,485,091
Imputed interest	19,564,226
Total discounted lease liability	$	81,920,865


	Current		Deferred		Total
Year ended March 31, 2024
Federal	$	9,592,743	$	8,325,695	$	17,918,438
State and local	1,732,162		2,411,909		4,144,071

	$	11,324,905	$	10,737,604	$	22,062,509

Year ended March 31, 2023
Federal	$	7,135,030	$	(1,430,623)	$	5,704,407
State and local	880,838		(671,462)		209,376

	$	8,015,868	$	(2,102,085)	$	5,913,783

Year ended March 31, 2022
Federal	$	22,262,110	$	(11,892,354)	$	10,369,756
State and local	4,206,087		(2,916,361)		1,289,726

	$	26,468,197	$	(14,808,715)	$	11,659,482


	2024		2023
Deferred tax assets:
Allowance for credit losses	$	25,538,524	$	31,239,616
Unearned insurance commissions	10,944,327		14,589,099
Accrued expenses primarily related to employee benefits	10,234,369		12,444,567
Reserve for uncollectible interest	990,192		1,124,879
Lease liability	20,217,720		20,675,974
Intangible assets	1,701,995		660,312
Foreign tax credit carryforward	3,254,926		3,254,926
Capital loss carryforward	192,767		7,966,326
State net operating loss carryforwards	5,481,746		4,851,747

Gross deferred tax assets	78,556,566		96,807,446
Less valuation allowance	(8,094,712)		(15,209,271)
Net deferred tax assets	70,461,854		81,598,175

Deferred tax liabilities:
Fair value adjustment for loans receivable	(12,357,392)		(11,371,461)
Property and equipment	(3,912,030)		(4,611,006)

Deferred loan origination costs	(1,239,726)		(1,212,809)
Prepaid expenses	(1,662,717)		(1,766,564)
ROU assets	(19,619,875)		(20,072,506)
Other	(727,270)		(841,468)
Gross deferred tax liabilities	(39,519,010)		(39,875,814)

Deferred income taxes, net	$	30,942,844	$	41,722,361


	For the year ended March 31, 2024
	Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Net income available to common shareholders	$	77,345,227	5,748,554	$	13.45

Effect of dilutive securities options and restricted stock	—		113,346

Diluted EPS
Net income available to common shareholders including dilutive securities	$	77,345,227	5,861,900	$	13.19