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World Acceptance Corporation Reports Fiscal 2021 Fourth Quarter Results
Fourth quarter highlights:
- Net income of $44.9 million, a $21.6 million increase from $23.3 million in same quarter prior year
- Net income per diluted share of $6.96, a $3.78 increase from $3.18 per share in same quarter prior year
- Loans outstanding of $1.10 billion, an 8.7% decrease from the same quarter prior year
- Total revenues of $146.3 million, a 10.3% decrease from the same quarter prior year
- Significant decrease in percentage of accounts 61 days or more past due on a recency basis from same quarter prior year
- Cash flow from operating activities of $199.6 million and non-GAAP free cash flow of $158.5 million, both over the last twelve months
* See “Non-GAAP financial measures,” below, for a description of non-GAAP financial measures and reconciliation of GAAP measures to non-GAAP measures.
GREENVILLE, S.C.--(BUSINESS WIRE)--May 6, 2021--World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its fourth fiscal quarter and twelve months ended March 31, 2021.
Our fiscal fourth quarter and year ended March 31, 2021, was significantly impacted by the pandemic and resulting federal stimulus. The federal stimulus decreased demand for our loan product, driving lower originations as well as increased payments and payoffs from our existing customers. This resulted in a reduction in loans outstanding as well as historically low delinquency. In light of this, we focused on reducing our operating expenses during the year and expect this reduction in G&A expenses to continue into future periods.
Fourth quarter of fiscal 2021 results were impacted by federal economic stimulus in December and March. Gross loans outstanding decreased to $1.10 billion as of March 31, 2021, an 8.7% decrease from the $1.21 billion of gross loans outstanding as of March 31, 2020. This compares to a 7.3% increase for year ended March 31, 2020. During the most recent fiscal fourth quarter, gross loans decreased $159.8 million, or 12.6%, compared to a decrease of $162.9 million, or 11.9%, during the fourth quarter of fiscal year 2020.
Our customer base decreased by 18.8% year-over-year as of March 31, 2021, compared to 5.1% growth for the comparable period ended March 31, 2020. During the quarter ended March 31, 2021, the number of unique borrowers in the portfolio decreased by 9.5% compared to a decrease of 9.0% during the quarter ended March 31, 2020.
The following information was filed by World Acceptance Corp (WRLD) on Thursday, May 6, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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