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, 2025 OR ☐ 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 nam ...

I believe in fundamental analysis and disciplined market research. I have strong quant background with a Ph.D. (Chemical Engineering, University of California, Santa Barbara) in model predictive control and an MBA (Jones School of Business, Rice University). My primary focus is to identify 1) small cap companies with strong fundamentals and growth potential, 2) large cap companies going through temporary set-backs, and 3) stable companies with solid dividend yields and growth potential.Analyst’s Disclosure: ...

Core Viewpoint - World Acceptance (WRLD) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade reflects an improvement in World Acceptance's underlying business, suggesting that investors may push the stock price higher due to this positive trend [5][10]. - For the fiscal year ending March 2026, World Acceptance is expected to earn $14.91 per share, which represents a decrease of 8.5% from the previous year, although estimates have increased by 1.6% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7][9]. - The upgrade to Zacks Rank 2 places World Acceptance in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Financial Data and Key Metrics Changes - The company ended the fiscal year with an outstanding letter of $1.22 billion, representing a 4% decrease year over year, while the customer base increased by 3.5%, marking the first year of customer growth since fiscal year 2022 [3][4] - The average balance per customer decreased by 7.3% year over year, following a 7.1% decrease last year, indicating efforts to improve gross yields which improved by over 100 basis points this year [4][6] - The annualized charge-off rate was reported at 17.5%, with expectations of a natural reduction of 125 to 150 basis points with normal portfolio growth [4][5] Business Line Data and Key Metrics Changes - Non-refinance loan volume increased by 12.6% year over year, following a 10% increase last year, while refinance loan volume improved slightly by 3% year over year [7][10] - The company experienced a 25% increase in tax return revenue during the fourth quarter, contributing nearly $7 million to earnings [6] - The portfolio composition is shifting towards smaller loans, with large loans decreasing from nearly 60% two years ago to 48% at the end of fiscal year 2025 [11][12] Market Data and Key Metrics Changes - The company reported a significant increase in the number of new customers, with a 36% increase in customers with less than six months of tenure compared to December 2023, amounting to a $32 million increase [5][6] - The average balance for new loans in April 2026 was reported to be 24% lower than in April 2023, while gross yields were 800 basis points higher [9][10] Company Strategy and Development Direction - The company is focusing on returning to its roots by emphasizing small loans, which historically made up a larger portion of the portfolio [11][18] - A new credit card product is being piloted internally, with plans for wider rollout later in the fiscal year, aimed at better aligning yield with risk and expanding market reach [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted no significant changes in consumer behavior despite external economic factors, indicating stability in demand and payment patterns [17][18] - The company is optimistic about the impact of improved training and loan servicing management on delinquency rates moving forward [6][12] Other Important Information - The company has repurchased over $115 million of bonds, with plans for more repurchases depending on negotiations with banks and bond limitations [26][27] Q&A Session Summary Question: Has there been a shift in consumer behavior since mid to late February? - Management indicated no significant increase or decrease in demand or changes in payments [17] Question: What is driving the shift to smaller loans? - The shift is attributed to a strategic return to focusing on small loan customers rather than changes in consumer demand [18] Question: What is driving the strong revenue growth in tax preparation? - Revenue growth is driven by market research, increased pricing, and sustained demand during the tax season [20]

World Acceptance (WRLD) Q4 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Chad Prashad - President & Chief Executive OfficerKyle Joseph - Managing DirectorJohn Rowan - Managing DirectorJohn Calmes - Executive VP, Chief Financial & Strategy Officer and Treasurer Operator Good morning, and welcome to World Acceptance Corporation's Fourth Quarter twenty twenty five Earnings Conference Call. This call is being recorded. The comments made during this conference call may contain certain forwar ...

World Acceptance (WRLD) Q4 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Chad Prashad - President & Chief Executive OfficerKyle Joseph - Managing DirectorJohn Rowan - Managing DirectorJohn Calmes - Executive VP, Chief Financial & Strategy Officer and Treasurer Operator Good morning, and welcome to World Acceptance Corporation's Fourth Quarter twenty twenty five Earnings Conference Call. This call is being recorded. The comments made during this conference call may contain certain forwar ...

Financial Performance - Total revenues for the fourth quarter of fiscal 2025 increased to $165.3 million, a 3.8% increase from $159.3 million for the same quarter of the prior year[9] - Net income for the fourth quarter of fiscal 2025 increased to $44.3 million compared to $35.1 million for the same quarter of the prior year, resulting in diluted net income per share of $8.13[8] - Net income for the year ended March 31, 2025, increased by $12.4 million to $89.7 million, resulting in a net income of $16.30 per diluted share compared to $13.19 per diluted share in the prior year[23] - Total revenues for fiscal 2025 decreased by 1.5% to $564.8 million, down from $573.2 million in the previous fiscal year due to a decrease in loans outstanding[23] Loan and Credit Metrics - Gross loans outstanding were $1.23 billion as of March 31, 2025, a 4.0% decrease from $1.28 billion as of March 31, 2024[3] - New customer loan volume increased by 1.3%, while former and refinance customer loan volumes decreased by 2.5% and 14.2%, respectively, compared to the same quarter of fiscal year 2024[4] - The provision for credit losses increased by $3.7 million to $33.0 million from $29.3 million when comparing the fourth quarter of fiscal 2025 to the fourth quarter of fiscal 2024[10] - Provision for credit losses for the year ended March 31, 2025, was $169.2 million, compared to $157.0 million in the prior year[30] - Annualized net charge-offs as a percent of average net loans decreased from 17.7% in fiscal 2024 to 17.5% in fiscal 2025[23] Expenses and Cost Management - General and administrative expenses decreased by $5.7 million, or 7.9%, to $65.9 million in the fourth quarter of fiscal 2025 compared to $71.6 million in the same quarter of the prior fiscal year[16] - Interest expense decreased by $0.6 million, or 4.8%, due to a 5.2% decrease in average debt outstanding for the quarter[20] Asset and Equity Position - Total assets as of March 31, 2025, were $1,007.6 million, a decrease from $1,056.4 million as of March 31, 2024[33] - The debt to equity ratio decreased to 1.0:1 at March 31, 2025, compared to 1.2:1 at March 31, 2024[20] Shareholder Actions - The Company repurchased 225,985 shares at an aggregate purchase price of approximately $32.0 million during Q4 of fiscal 2025, in addition to repurchases of 174,632 shares for approximately $22.2 million in the first three quarters[22] - The Company had approximately 5.2 million common shares outstanding as of March 31, 2025, excluding 159,683 unvested restricted shares[22] Customer and Branch Growth - The customer base increased by 3.5% during the twelve-month period ended March 31, 2025[6] - The Company opened or acquired a net of 11 branches during the three months ended March 31, 2025, bringing the total branches open at period end to 1,024[35] Income from Operations - Other income increased by $6.1 million, or 20.4%, to $35.9 million in the fourth quarter of fiscal 2025 compared to $29.8 million in the fourth quarter of fiscal 2024[9] - Interest and fee income for the year ended March 31, 2025, was $465.1 million, slightly down from $468.5 million in the previous year[30] Return Metrics - Return on average assets for the trailing 12 months was 8.5%, up from 7.0% in the prior year[35]

Core Insights - The Zacks Rank system emphasizes earnings estimates and revisions to identify winning stocks [1] - Value investing remains a popular strategy, focusing on fundamental analysis to find undervalued stocks [2] - Zacks has developed a Style Scores system to identify stocks with specific traits, particularly in the Value category [3] Company Analysis: World Acceptance (WRLD) - World Acceptance (WRLD) currently holds a Zacks Rank of 1 (Strong Buy) and a Value grade of A [4] - WRLD has a Forward P/E ratio of 10.04, which is lower than the industry average of 10.21; its Forward P/E has fluctuated between 12.19 and 7.32 over the past 52 weeks [4] - The stock's P/CF ratio is 7.56, which is attractive compared to the industry's average P/CF of 8.35; WRLD's P/CF has ranged from 9.59 to 5.43 in the past year [5] - These metrics indicate that WRLD is likely undervalued, supported by a strong earnings outlook [6]

Group 1 - World Acceptance Corporation (WRLD) has reached a significant support level and is considered a good pick for investors from a technical perspective due to a "golden cross" formation [1] - The golden cross is characterized by a stock's short-term moving average breaking above its long-term moving average, indicating a potential bullish breakout [1][2] - Over the past four weeks, WRLD has gained 26.2%, and it currently holds a 1 (Strong Buy) rating on the Zacks Rank, suggesting a strong bullish outlook [3] Group 2 - The positive earnings outlook for WRLD is supported by two upward revisions in earnings estimates over the past 60 days, with no downward revisions, indicating a favorable trend [3] - Investors are encouraged to monitor WRLD for potential further gains due to its key technical level and positive earnings estimate revisions [4]

Financial Performance - Total revenues for the three months ended December 31, 2024, were $138.63 million, a slight increase from $137.75 million in the same period of 2023[16] - Net income for the three months ended December 31, 2024, was $13.39 million, compared to $16.66 million in the same period of 2023, reflecting a decrease of approximately 19%[16] - Basic earnings per share for the three months ended December 31, 2024, were $2.46, down from $2.89 in the same period of 2023[16] - Net income for the nine months ended December 31, 2024, was $45,463,881, an increase from $42,285,985 for the same period in 2023, representing a growth of approximately 5%[24] - Cash flow from operating activities for the nine months ended December 31, 2024, was $163,206,341, compared to $181,969,945 in 2023, indicating a decrease of about 10.3%[24] Credit Losses and Loans - The provision for credit losses increased to $44.10 million for the three months ended December 31, 2024, up from $40.63 million in the same period of 2023, indicating a rise of about 6%[16] - The allowance for credit losses was $116.11 million as of December 31, 2024, up from $102.96 million as of March 31, 2024, reflecting an increase of about 13%[14] - The provision for credit losses increased to $136,191,023 for the nine months ended December 31, 2024, up from $127,697,072 in 2023, reflecting a rise of approximately 6.3%[24] - The company reported gross charge-offs of $106,191,790 for the nine months ended December 31, 2024, with the majority coming from loans originated in 2024[54] - The company experienced net charge-offs of $123,042,888 for the nine months ended December 31, 2024, compared to $132,167,737 for the same period in 2023[59] Assets and Liabilities - Total assets as of December 31, 2024, were $1.11 billion, compared to $1.06 billion as of March 31, 2024, marking an increase of approximately 5%[14] - Total liabilities increased to $682.33 million as of December 31, 2024, from $631.92 million as of March 31, 2024, representing an increase of approximately 8%[14] - The company’s total shareholders' equity increased to $428,169,949 as of December 31, 2024, from $407,019,166 at the end of December 2023, representing an increase of approximately 5.2%[24] Loan Performance - Current payment performance indicates that $1,251,086,702 of loans are current, while $45,948,847 are 91 or more days past due[48] - The total past due loans reached $130,183,274, representing 9.4% of the total gross loans as of December 31, 2024[59] - The percentage of loans receivable that were 60+ days past due was 10.3%, indicating a notable level of delinquency[62] - The total net loans as of December 31, 2024, were $904,527,453, with a total past due amount of $115,490,301[62] Expenses - The company reported a decrease in general and administrative expenses to $67.22 million for the three months ended December 31, 2024, compared to $65.91 million in the same period of 2023[16] - G&A expenses for the three months ended December 31, 2024 increased by $1.3 million, or 2.0%, from the corresponding period of the previous year[148] - Personnel expenses totaled $99.8 million, a decrease of $20.3 million, or 16.9%, compared to the previous year, with headcount down by 3.1%[164] Stock and Share Repurchase - The company repurchased common stock amounting to $22,194,690 during the nine months ended December 31, 2024, compared to $17,291,997 in the same period of 2023, representing an increase of approximately 28%[24] - The Company authorized a share repurchase program of up to $20.0 million, with $9.0 million remaining as of December 31, 2024[193] Debt and Financing - The outstanding balance under the Company's credit facility as of December 31, 2024 was $335.9 million, with an effective interest rate of 9.7% annualized[112] - The Company issued $300 million in 7.0% senior unsecured notes due November 2026, with interest payable semi-annually starting May 1, 2022[114] - The Company was in compliance with its debt covenants as of December 31, 2024, and does not anticipate these covenants will materially limit its business strategy[120] Tax and Compliance - The Company's effective income tax rate increased to 16.4% for the three months ended December 31, 2024, compared to 14.6% for the prior year quarter[128] - As of December 31, 2024, the Company had $1.1 million of total gross unrecognized tax benefits, with $0.4 million expected to be resolved in the next twelve months[125] Future Outlook - The Company believes inflation will not materially adversely affect its financial condition, as increased loan demand may offset rising operating costs[195] - The Company does not foresee any trends or uncertainties that could materially affect its liquidity in the foreseeable future[192]