World Acceptance Corp Q3 2024 10-Q Filing

TL;DR

WRLD 10-Q filed for 12/31/24. Q3 results are in.

AI Summary

World Acceptance Corp filed its 10-Q for the period ending December 31, 2024. The filing covers the third quarter of their fiscal year, which ends on March 31st. The company is based in Greenville, SC, and operates in the personal credit institutions sector.

Why It Matters

This filing provides investors with an update on World Acceptance Corp's financial performance and position as of the end of the third quarter of their fiscal year.

Risk Assessment

Risk Level: medium — As a personal credit institution, the company is subject to economic downturns and regulatory changes that could impact its loan portfolio and profitability.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-Q)
• 2025-02-06 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• WORLD ACCEPTANCE CORP (company) — Filer
• 20241231 (date) — Period of Report
• 20250206 (date) — Filed as of Date
• Greenville, SC (location) — Business Address
• 8642989800 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $20.45 — Compensation Committee of achievement $20.45 Performance Shares Performance shares a
• $300 million — RS U.S. Internal Revenue Service Notes $300 million in aggregate principal amount of 7.0% u

Filing Documents

• wrld-20241231.htm (10-Q) — 1636KB
• exhibit3101q3fy25.htm (EX-31.01) — 11KB
• exhibit3102q3fy25.htm (EX-31.02) — 11KB
• exhibit3201q3fy25.htm (EX-32.01) — 5KB
• exhibit3202q3fy25.htm (EX-32.02) — 5KB
• 0000108385-25-000008.txt ( ) — 9107KB
• wrld-20241231.xsd (EX-101.SCH) — 40KB
• wrld-20241231_cal.xml (EX-101.CAL) — 64KB
• wrld-20241231_def.xml (EX-101.DEF) — 227KB
• wrld-20241231_lab.xml (EX-101.LAB) — 633KB
• wrld-20241231_pre.xml (EX-101.PRE) — 444KB
• wrld-20241231_htm.xml (XML) — 1944KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1. Consolidated Financial Statements (unaudited): 5 Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 5 Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and December 31, 2023 6 Consolidated Statements of Shareholders' Equity for the three and nine months ended December 31, 2024 and December 31, 2023 7 Consolidated Statements of Cash Flows for the nine months ended December 31, 2024 and December 31, 2023 9

Notes to Consolidated Financial Statements 11

Notes to Consolidated Financial Statements 11 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35 3. Quantitative and Qualitative Disclosures about Market Risk 45 4. Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. Legal Proceedings 46 1A. Risk Factors 46 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 3. Defaults Upon Senior Securities 46 4. Mine Safety Disclosures 46 5. Other Information 46 6. Exhibits 46 EXHIBIT INDEX 47 SIGNATURES 48 Introductory Note: As used herein, the "Company," "we," "our," "us," or similar formulations include World Acceptance Corporation and each of its subsidiaries, unless otherwise expressly noted or the context otherwise requires that it include only World Acceptance Corporation. All references in this report to "fiscal 2025" are to the Company's fiscal year ending March 31, 2025; all references in this report to "fiscal 2024" are to the Company's fiscal year ended March 31, 2024; and all references to "fiscal 2019" are to the Company's fiscal year ended March 31, 2019. 3 Table of Contents 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 2018 Performance Option Measurement Period The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which Performance Options are eligible to vest, following certification by the Compensation Committee of achievement 2018 Performance Share Measurement Period The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement 2024 Performance Option Measurement Period The 1 year performance period beginning on January 01, 2025 and ending on December 31, 2025 2024 Performance Share Measurement Period The 1 year performance period beginning on Janu

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2024 March 31, 2024 ASSETS Cash and cash equivalents $ 15,582,553 $ 11,839,460 Gross loans receivable 1,381,461,902 1,277,149,256 Less: Unearned interest, insurance and fees ( 361,444,148 ) ( 326,746,136 ) Allowance for credit losses ( 116,110,946 ) ( 102,962,811 ) Loans receivable, net 903,906,808 847,440,309 Income taxes receivable 7,188,053 3,091,229 Operating lease rightofuse assets, net 78,856,773 79,501,238 Property and equipment, net 20,551,225 22,897,197 Deferred income taxes, net 31,967,282 30,942,844 Other assets, net 36,775,212 42,198,242 Goodwill 7,370,791 7,370,791 Intangible assets, net 8,301,486 11,069,733 Total assets $ 1,110,500,183 $ 1,056,351,043 LIABILITIES & SHAREHOLDERS' EQUITY Liabilities: Senior notes payable $ 335,949,020 $ 223,419,132 Senior unsecured notes payable, net 223,910,142 272,609,632 Operating lease liability 81,207,297 81,920,865 Accounts payable and accrued expenses 41,263,775 53,974,198 Total liabilities 682,330,234 631,923,827 Commitments and contingencies 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 5,787,976 and 5,938,665 shares at December 31, 2024 and March 31, 2024, respectively — — Additional paid-in capital 267,074,904 286,432,952 Retained earnings 161,095,045 137,994,264 Total shareholders' equity 428,169,949 424,427,216 Total liabilities and shareholders' equity $ 1,110,500,183 $ 1,056,351,043 See accompanying notes to consolidated financial statements. 5 Table of Contents WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended December 31, Nine months ended December 31, 2024 2023 2024 2023 Revenues: Interest and fee income $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – BASIS OF PRESENTATION The consolidated financial statements of the Company at December 31, 2024 and 2023 and for the three and nine months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at December 31, 2024, and the results of operations and cash flows for the periods ended December 31, 2024 and 2023, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company's audited consolidated financial statements and related notes for the fiscal year ended March 31, 2024, included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC (the "fiscal 2024 Annual Report"). The Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in fiscal 2024 Annual Report. The Company believes that the disclosures are adequate to make the information presented not misleading. NOTE 2 – SUMMARY OF SIGNIFICANT POLICIES Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-

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