The Company also took steps to improve the gross yield to expected loss ratio for all new, former, and refinance customer originations. During the quarter, World Acceptance saw a decrease in borrowing from new, former, and refinance customers compared to the same quarter of the prior year as the Company continued with the tightened underwriting implemented in prior quarters. During the most recent quarter, gross loans outstanding sequentially decreased 2.8%, or $44.4 million, from $1.60 billion as of September 30, 2022, compared to an increase of 15.1%, or $211.3 million, in the comparable quarter of the prior year. Gross loans outstanding were $1.55 billion as of December 31, 2022, a 3.2% decrease from the $1.61 billion of gross loans outstanding as of December 31, 2021. Total revenues of $146.5 million, a 1.4% decrease from the same quarter prior yearĬash flow from operating activities of $203.3 million over the last nine months, a 21.5% increase from the same nine-month period
Gross loans outstanding of $1.55 billion, a 3.2% decrease from same quarter prior year Significant decrease in 0-89 days past due accounts from 23.5% at Septemto 20.5% at December 31, 2022 Highlights from the third quarter include: Management believes that continuing to conservatively manage investment in the Company's highest credit-risk customers, including lower credit-grade new customers, is prudent given current economic uncertainties. World Acceptance Corporation (the "Company") WRLD today reported financial results for its third quarter of fiscal 2023 and nine months ended December 31, 2022.ĭuring its third fiscal quarter, World Acceptance Corporation slowed its growth in both loan balances and customer base by reducing new borrower marketing spend and tightening its overall underwriting requirements.
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