World Acceptance Corporation (NASDAQ:WRLD) Q2 2022 Earnings Conference Call July 21, 2021 10:00 AM ET Company Participants Chad Prashad - President & Chief Executive Officer Johnny Calmes - Chief Financial & Strategy Officer Conference Call Participants Kyle Joseph - Jefferies John Rowan - Janney Operator Good morning, and welcome to the World Acceptance Corporation Sponsored First Quarter Press Release Conference Call. This call is being recorded. At this all participants have been placed on listen-only mo ...

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, 2021 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 ...

World Acceptance Corp (NASDAQ:WRLD) Q4 2021 Earnings Conference Call May 6, 2021 10:00 AM ET Company Participants Chad Prashad - President, CEO & Director John Calmes - EVP, CFO, Chief Strategy Officer & Treasurer Conference Call Participants Kyle Joseph - Jefferies & Company John Rowan - Janney Montgomery Operator Good morning, and welcome to the World Acceptance Corporation Sponsored Fourth Quarter Press Release Conference Call. [Operator Instructions] This call is being recorded. At this all participants ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________ Form 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 South Carolina 57-0425114 For the transition period from ______________ to ______________ Commission File Number: 000-19599 WORLD ACCEPTANCE CORPORATION (Exact name of registrant as specified in its charter.) O ...

Financial Data and Key Metrics Changes - The third quarter of 2020 was the busiest in the company's history, indicating a significant operational achievement despite challenges faced during the year [5] - The company built up a quantitative reserve tied to higher unemployment rates but adjusted this reserve due to additional federal unemployment and stimulus, indicating a cautious approach to future losses [8] Business Line Data and Key Metrics Changes - Demand for loans saw a significant rebound in the third quarter, with the highest demand for former customers recorded in the company's history, although new customer demand was still down approximately 20% to 25% year-over-year [9][11] - The company pivoted to serve only customers eligible for loans below 36% in Illinois, impacting about 70% of its previous customer base in that state [10] Market Data and Key Metrics Changes - The company reported a net loan amount of around $60 million in Illinois at the end of December, down from $91 million in March, reflecting the impact of new legislation [16] - The new Illinois legislation is expected to limit the company's ability to extend credit to a significant portion of the population, affecting approximately 2.5 million to 2.7 million people [24] Company Strategy and Development Direction - The company is focusing on compliance with new regulations and intends to pivot its business model to accommodate the changes, particularly in Illinois [22][23] - There is an opportunity to expand into new customer segments with higher credit scores, which the company has not traditionally targeted [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to adapt to regulatory changes while maintaining a commitment to serving subprime customers [22][24] - The company does not anticipate needing to loosen credit criteria despite the stimulus, as demand has returned rapidly from existing and former customers [30][31] Other Important Information - The company has around $18 million available for stock buybacks, with $10 million already spent in January, indicating a proactive approach to capital management [18] Q&A Session Summary Question: Impact of stimulus on loan demand - Management noted a significant drop in demand initially with the first round of stimulus but observed a rebound in the third quarter, indicating a complex relationship between stimulus and demand [9] Question: Exposure to new Illinois legislation - Management confirmed that existing loans above 36% remain collectible, but new customer origination will be limited to those eligible for loans below 36% [13][16] Question: Repurchase strategy and cadence - Management indicated that repurchase levels would depend on bank cooperation and existing capacity, with a focus on maintaining a sustainable buyback strategy [18][20] Question: Regulatory changes under the new administration - Management emphasized a commitment to compliance and the ability to pivot operations as needed, while also addressing the potential loss of access to credit for many customers [22][24] Question: Credit performance and future growth avenues - Management stated that credit quality has improved and that they do not plan to loosen credit criteria, focusing instead on meeting customer needs through other products [30][31]

[Glossary of Defined Terms](index=5&type=section&id=GLOSSARY%20OF%20DEFINED%20TERMS) This section defines key financial and regulatory terms such as ACL, CECL, CFPB, DOJ, and SEC for clarity - The report defines key financial and regulatory terms to ensure clarity, including **ACL** (Allowance for Credit Losses), **CECL** (Current Expected Credit Loss), **CFPB** (U.S. Consumer Financial Protection Bureau), **DOJ** (U.S. Department of Justice), and **SEC** (U.S. Securities and Exchange Commission)[12](index=12&type=chunk)[13](index=13&type=chunk) Part I - Financial Information [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=1.%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents World Acceptance Corporation's unaudited consolidated financial statements, including balance sheets, statements of operations, shareholders' equity, and cash flows, prepared under GAAP [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20September%2030,%202020%20and%20March%2031,%202020) This section provides a snapshot of the company's financial position at specific dates, detailing assets, liabilities, and equity Consolidated Balance Sheet Highlights | Metric | September 30, 2020 | March 31, 2020 | Change (Absolute) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :---------------- | :--------- | | Total assets | $932,290,939 | $1,030,086,435 | $(97,795,496) | -9.49% | | Loans receivable, net | $710,064,903 | $804,402,786 | $(94,337,883) | -11.73% | | Allowance for credit losses | $109,601,359 | $96,487,856 | $13,113,503 | 13.59% | | Total liabilities | $565,015,788 | $618,123,368 | $(53,107,580) | -8.59% | | Total shareholders' equity | $367,275,151 | $411,963,067 | $(44,687,916) | -10.85% | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20September%2030,%202020%20and%20September%2030,%202019) This section details the company's financial performance over specific periods, highlighting revenues, expenses, and net income Consolidated Statements of Operations Highlights | Metric | 3 Months Ended Sep 30, 2020 | 3 Months Ended Sep 30, 2019 | Change (Absolute) | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :---------------- | :--------- | | Total revenues | $124,441,052 | $141,573,116 | $(17,132,064) | -12.10% | | Provision for credit losses | $26,090,367 | $52,968,036 | $(26,877,669) | -50.74% | | Net income | $13,398,620 | $2,513,174 | $10,885,446 | 433.13% | | Basic EPS | $2.01 | $0.32 | $1.69 | 528.13% | | Metric | 6 Months Ended Sep 30, 2020 | 6 Months Ended Sep 30, 2019 | Change (Absolute) | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :---------------- | :--------- | | Total revenues | $248,307,854 | $280,015,099 | $(31,707,245) | -11.32% | | Provision for credit losses | $51,751,027 | $94,259,107 | $(42,508,080) | -45.10% | | Net income | $28,908,269 | $11,121,573 | $17,786,696 | 159.93% | | Basic EPS | $4.27 | $1.36 | $2.91 | 213.97% | [Consolidated Statements of Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity%20for%20the%20three%20and%20six%20months%20ended%20September%2030,%202020%20and%20September%2030,%202019) This section outlines changes in the company's equity accounts, including net income, share repurchases, and accounting adjustments Shareholders' Equity Changes (6 Months Ended Sep 30, 2020) | Metric | March 31, 2020 | September 30, 2020 | Change (Absolute) | | :------------------------------------ | :------------- | :----------------- | :---------------- | | Total Shareholders' Equity | $411,963,067 | $367,275,151 | $(44,687,916) | | Common stock repurchases | — | $(62,686,925) | $(62,686,925) | | Cumulative effect of adoption of ASC 326 | — | $(21,242,249) | $(21,242,249) | | Net income | — | $28,908,269 | $28,908,269 | - For the three months ended September 30, 2020, the Company repurchased **460,120 shares** of common stock, totaling **$43,235,638**[21](index=21&type=chunk)[22](index=22&type=chunk) - For the six months ended September 30, 2020, common stock repurchases amounted to **$62,686,925**[21](index=21&type=chunk)[22](index=22&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20September%2030,%202020%20and%20September%2030,%202019) This section categorizes cash inflows and outflows from operating, investing, and financing activities over specific periods Consolidated Statements of Cash Flows Highlights (6 Months Ended Sep 30) | Cash Flow Activity | 2020 | 2019 | Change (Absolute) | | :------------------------- | :------------ | :------------ | :---------------- | | Operating activities | $79,914,300 | $118,176,756 | $(38,262,456) | | Investing activities | $10,995,613 | $(196,583,969)| $207,579,582 | | Financing activities | $(88,540,929) | $79,296,535 | $(167,837,464) | | Net change in cash | $2,368,984 | $889,322 | $1,479,162 | | Cash at end of period | $13,987,906 | $10,224,755 | $3,763,151 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1 – Basis of Presentation](index=11&type=section&id=NOTE%201%20%E2%80%93%20BASIS%20OF%20PRESENTATION) This note describes the preparation of unaudited financial statements in accordance with Form 10-Q and GAAP, and the adoption of the CECL model - The consolidated financial statements are unaudited and prepared in accordance with Form 10-Q instructions and GAAP, including all normal, recurring adjustments[27](index=27&type=chunk)[28](index=28&type=chunk) - Management's estimates and assumptions affect reported amounts, and actual results may differ[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company adopted the **CECL allowance model** on April 1, 2020, impacting critical accounting policies[29](index=29&type=chunk) [Note 2 – Assets Held for Sale](index=11&type=section&id=NOTE%202%20%E2%80%93%20ASSETS%20HELD%20FOR%20SALE) This note details the classification and sale of corporate properties as assets held for sale, including resulting gains or losses - The Company moved its corporate headquarters to leased space in fiscal 2020, classifying owned properties as held for sale[30](index=30&type=chunk) - During Q2 fiscal 2021, two of three buildings held for sale were sold, resulting in an aggregate loss of **$37,579**, recorded in insurance income, net and other income[31](index=31&type=chunk) Assets Held for Sale | Asset Class | September 30, 2020 | March 31, 2020 | | :---------------------- | :------------------- | :------------------- | | Property and equipment, net | $1,143,528 | $3,991,498 | [Note 3 – Summary of Significant Policies](index=11&type=section&id=NOTE%203%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20POLICIES) This note outlines the company's business model, seasonal loan demand, and the adoption of the CECL model for credit loss allowance - The Company is a small-loan consumer finance company offering short-term and medium-term loans, credit insurance, ancillary products, and tax preparation services to individuals with limited credit access[33](index=33&type=chunk) - Loan volume and demand are seasonal, with highest demand from October to December (Q3) and lowest from January to March (Q4), leading to seasonal fluctuations in operating results[35](index=35&type=chunk) - The Company adopted the **CECL model** for allowance for credit losses on April 1, 2020, replacing the incurred loss methodology[36](index=36&type=chunk)[39](index=39&type=chunk) - Adoption of CECL resulted in a **$28.6 million** increase in the allowance for credit losses and a **$21.2 million** reduction in retained earnings (net of tax) on April 1, 2020[40](index=40&type=chunk) [Note 4 – Fair Value](index=13&type=section&id=NOTE%204%20%E2%80%93%20FAIR%20VALUE) This note defines fair value measurement and provides fair value estimates for financial instruments like cash, loans, and senior notes - Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants[42](index=42&type=chunk)[47](index=47&type=chunk) - Measurements are grouped into three levels based on input observability[42](index=42&type=chunk)[47](index=47&type=chunk) - For cash and cash equivalents, loans receivable (net), and senior notes payable, fair value approximates carrying value due to their short-term nature or variable rates[43](index=43&type=chunk) Fair Value of Financial Instruments (September 30, 2020) | Instrument | Input Level | Carrying Value | Estimated Fair Value | | :------------------ | :---------- | :------------- | :------------------- | | Cash and cash equivalents | 1 | $13,987,906 | $13,987,906 | | Loans receivable, net | 3 | $710,064,903 | $710,064,903 | | Senior notes payable | 3 | $424,900,000 | $424,900,000 | [Note 5 – Finance Receivables and Allowance for Credit Losses](index=14&type=section&id=NOTE%205%20%E2%80%93%20FINANCE%20RECEIVABLES%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) This note details the impact of CECL adoption on the allowance for credit losses and the methodology for monitoring loan performance - Upon adoption of ASU 2016-13 (CECL model) on April 1, 2020, the total allowance for credit losses increased by **$28.6 million**, with no impact on the consolidated statement of operations[48](index=48&type=chunk) - The Company monitors current payment performance daily and uses customer tenure as the strongest predictor of default risk for aggregating loans into pools for CECL calculation[49](index=49&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) Allowance for Credit Losses Roll Forward (6 Months Ended Sep 30) | Metric | 2020 | 2019 | | :-------------------------- | :------------ | :------------ | | Beginning balance | $96,487,856 | $81,519,624 | | Impact of ASC 326 | $28,628,368 | — | | Provision for credit losses | $51,751,027 | $94,259,107 | | Net charge-offs | $(67,265,892) | $(74,309,418) | | Ending Balance | $109,601,359 | $101,469,313 | - Loans are placed on nonaccrual status when **61 days or more** past the contractual due date[60](index=60&type=chunk) - During the six months ended September 30, 2020, **$9.8 million** of unpaid accrued interest was reversed[60](index=60&type=chunk) [Note 6 – Leases](index=20&type=section&id=NOTE%206%20%E2%80%93%20LEASES) This note describes the company's operating leases for real estate and equipment, including lease costs and future liabilities - The Company's leases consist of real estate (office space) and office equipment, all classified as operating leases at September 30, 2020, with terms ranging from **three to five years**, generally including extension options[69](index=69&type=chunk) Lease Cost and Information (6 Months Ended Sep 30) | Metric | 2020 | 2019 | | :---------------------------------------------------- | :------------ | :------------ | | Total lease cost | $15,867,108 | $14,268,035 | | Cash paid for lease liabilities | $13,849,168 | $12,303,194 | | Right-of-use assets obtained (new operating lease liabilities) | $7,632,494 | $23,293,291 | | Weighted average remaining lease term (operating leases) | 7.2 years | 5.1 years | | Weighted-average discount rate (operating leases) | 6.5% | 6.7% | Operating Lease Liability Maturity Analysis (September 30, 2020) | Fiscal Year | Amount | | :---------- | :------------- | | 2021 | $13,573,314 | | 2022 | $24,553,898 | | 2023 | $20,165,601 | | 2024 | $16,082,881 | | 2025 | $11,719,843 | | 2026 | $8,076,744 | | Thereafter | $29,578,070 | | **Total undiscounted lease liability** | **$123,750,351** | [Note 7 – Average Share Information](index=22&type=section&id=NOTE%207%20%E2%80%93%20AVERAGE%20SHARE%20INFORMATION) This note provides weighted average common shares outstanding for basic and diluted EPS calculations Weighted Average Common Shares Outstanding (6 Months Ended Sep 30) | Share Type | 2020 | 2019 | | :--------- | :---------- | :---------- | | Basic | 6,773,704 | 8,155,263 | | Diluted | 6,890,265 | 8,532,012 | - Options to purchase **639,654 shares** (2020) and **669,374 shares** (2019) were outstanding but excluded from diluted shares as their exercise price exceeded market value[73](index=73&type=chunk) [Note 8 – Stock-Based Compensation](index=22&type=section&id=NOTE%208%20%E2%80%93%20STOCK-BASED%20COMPENSATION) This note details the company's stock option and incentive plans, including activity and unrecognized compensation expense - The Company has multiple stock option and incentive plans, with **4,350,000 shares** authorized and **207,224 shares** available for grant as of September 30, 2020[74](index=74&type=chunk) - A long-term incentive program (adopted Oct 2018) includes Service Options, Performance Options, Restricted Stock, and Performance Shares, aligning management interests with shareholders through EPS targets[76](index=76&type=chunk)[77](index=77&type=chunk) Performance Share EPS Targets (Sep 30, 2018 - Mar 31, 2025) | Trailing 4-Quarter EPS Target | Restricted Stock Eligible for Vesting (Percentage of Award) | | :---------------------------- | :-------------------------------------------------------- | | $16.35 | 40% | | $20.45 | 60% | Stock Option Activity (6 Months Ended Sep 30, 2020) | Activity | Shares | Weighted Average Exercise Price | | :-------------------------- | :-------- | :------------------------------ | | Outstanding, beginning of period | 646,728 | $88.30 | | Granted | 17,530 | $90.72 | | Exercised | (15,571) | $64.66 | | Forfeited | (11,880) | $100.79 | | Expired | (300) | $76.51 | | Outstanding, end of period | 636,507 | $88.71 | - Total unrecognized stock-based compensation expense for non-vested stock options was approximately **$9.0 million** as of September 30, 2020, expected to be recognized over **3.8 years**[86](index=86&type=chunk) Total Stock-Based Compensation (6 Months Ended Sep 30) | Compensation Type | 2020 | 2019 | | :---------------------------------------------------- | :---------- | :---------- | | Stock options | $2,132,974 | $3,226,110 | | Restricted stock, net of adjustments | $7,477,269 | $13,376,367 | | **Total stock-based compensation** | **$9,610,243** | **$16,602,477** | [Note 9 – Acquisitions](index=25&type=section&id=NOTE%209%20%E2%80%93%20ACQUISITIONS) This note summarizes the company's acquisition activities, distinguishing between business combinations and loan portfolio purchases Acquisition Activity (6 Months Ended Sep 30) | Metric | 2020 | 2019 | | :------------------------------------------ | :--- | :--- | | Number of branches acquired (business combinations) | — | 37 | | Number of loan portfolios acquired (asset purchases) | 15 | 134 | | Total acquisitions | 15 | 171 | | Purchase price | $6,936,938 | $61,570,642 | - Acquisitions accounted for as business combinations typically result in new branches and retention of employees, with purchase price allocated to tangible and intangible assets (including goodwill)[96](index=96&type=chunk)[97](index=97&type=chunk) - Asset purchases are usually limited to loan portfolios, with no goodwill recorded[96](index=96&type=chunk)[97](index=97&type=chunk) - Acquired loans are valued at net loan balance, approximating fair value due to their short-term nature[98](index=98&type=chunk) - Under CECL, acquired loans are included in reserve calculations[98](index=98&type=chunk) [Note 10 – Debt](index=27&type=section&id=NOTE%2010%20%E2%80%93%20DEBT) This note describes the company's senior revolving credit facility, outstanding amounts, interest rates, and financial covenants - As of September 30, 2020, the Company had a **$685.0 million** senior revolving credit facility, with **$424.9 million** outstanding[103](index=103&type=chunk)[104](index=104&type=chunk) - The facility matures on June 7, 2022[103](index=103&type=chunk)[104](index=104&type=chunk) - Interest on borrowings is LIBOR plus an applicable margin (**3.0%-4.0%**), with a minimum rate of **4.0%**[103](index=103&type=chunk)[104](index=104&type=chunk) - The effective interest rate for the six months ended September 30, 2020, was **5.8%** annualized[103](index=103&type=chunk)[104](index=104&type=chunk) - The revolving credit agreement includes financial covenants: minimum consolidated net worth (**$325.0 million**), minimum fixed charge coverage ratio (**2.25:1** for Q3 2021, then **2.75:1**), maximum total debt to consolidated adjusted net worth (**2.0:1**), and a maximum collateral performance indicator (**23.0%**)[106](index=106&type=chunk) - The Company was in compliance with all debt covenants at September 30, 2020, and March 31, 2020[107](index=107&type=chunk) [Note 11 – Income Taxes](index=28&type=section&id=NOTE%2011%20%E2%80%93%20INCOME%20TAXES) This note discusses unrecognized tax benefits and the factors influencing the effective income tax rate - As of September 30, 2020, total gross unrecognized tax benefits were **$6.0 million**, with approximately **$2.9 million** expected to be resolved within the next twelve months[110](index=110&type=chunk) - The effective income tax rate decreased to **21.9%** for the quarter ended September 30, 2020 (vs. **34.3%** prior year) due to historic tax credit accounting, reduced disallowed executive compensation, and recognition of permanent tax benefits from life insurance proceeds[112](index=112&type=chunk) [Note 12 – Commitments and Contingencies](index=28&type=section&id=NOTE%2012%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) This note outlines the resolution of the Mexico investigation with the SEC and DOJ, and related shareholder derivative litigation - The Company reached a resolution with the SEC and DOJ regarding allegations primarily involving its former Mexico subsidiary[114](index=114&type=chunk)[115](index=115&type=chunk) - The DOJ declined prosecution due to prompt self-disclosure, cooperation, and remediation[114](index=114&type=chunk)[115](index=115&type=chunk) - The SEC issued a Cease-and-Desist Order, requiring the Company to pay **$21,726,000** in disgorgement, prejudgment interest, and civil penalties, which was paid during the quarter ended September 30, 2020[116](index=116&type=chunk)[117](index=117&type=chunk) - A shareholder derivative complaint was filed on September 25, 2020, alleging breaches of fiduciary duties related to the Mexico investigation, seeking unspecified monetary damages from individual defendants and equitable relief[119](index=119&type=chunk) [Note 13 – Subsequent Events](index=29&type=section&id=NOTE%2013%20%E2%80%93%20SUBSEQUENT%20EVENTS) This note confirms no material subsequent events affecting the financial statements have occurred - Management is not aware of any significant events occurring subsequent to the balance sheet date that would materially affect the financial statements[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=2.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of financial performance, liquidity, regulatory matters, and critical accounting policies [Cautionary Note Regarding Forward-Looking Information](index=30&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Information) This note advises that forward-looking statements are subject to various risks and uncertainties, including regulatory and economic factors - Forward-looking statements are subject to risks and uncertainties, including legislation, regulatory authority, unpredictable proceedings, COVID-19 pandemic impacts, Mexico subsidiary sale, management turnover, accounting changes, interest rates, acquisitions, cybersecurity threats, and debt limitations[124](index=124&type=chunk)[125](index=125&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section presents key consolidated financial statistics for the company's operating performance over specified periods Selected Consolidated Statistics (3 Months Ended Sep 30) | Metric | 2020 | 2019 | | :------------------------------------ | :------------ | :------------ | | Gross loans receivable | $1,109,366 | $1,274,147 | | Average gross loans receivable | $1,088,191 | $1,253,249 | | Net loans receivable | $819,666 | $939,820 | | Average net loans receivable | $805,346 | $923,046 | | Provision for credit losses (% of revenue) | 21.0% | 37.4% | | General and administrative (% of revenue) | 60.5% | 55.4% | | Interest expense (% of revenue) | 4.7% | 4.5% | | Operating income (% of revenue) | 18.5% | 7.2% | | Loan volume | $647,024 | $729,775 | | Net charge-offs (% of average net loans) | 14.5% | 16.8% | | Return on average assets (trailing 12 months) | 4.5% | 5.8% | | Return on average equity (trailing 12 months) | 11.8% | 10.5% | | Branches opened or acquired (net) | (8) | 16 | | Branches open (at period end) | 1,232 | 1,234 | Selected Consolidated Statistics (6 Months Ended Sep 30) | Metric | 2020 | 2019 | | :------------------------------------ | :------------ | :------------ | | Gross loans receivable | $1,109,366 | $1,274,147 | | Average gross loans receivable | $1,105,573 | $1,212,281 | | Net loans receivable | $819,666 | $939,820 | | Average net loans receivable | $821,808 | $894,935 | | Provision for credit losses (% of revenue) | 20.8% | 33.7% | | General and administrative (% of revenue) | 59.2% | 57.2% | | Interest expense (% of revenue) | 4.6% | 3.8% | | Operating income (% of revenue) | 20.0% | 9.1% | | Loan volume | $1,110,507 | $1,481,923 | | Net charge-offs (% of average net loans) | 16.4% | 16.6% | | Return on average assets (trailing 12 months) | 4.5% | 5.8% | | Return on average equity (trailing 12 months) | 11.8% | 10.5% | | Branches opened or acquired (net) | (11) | 41 | | Branches open (at period end) | 1,232 | 1,234 | [Comparison of Q2 2021 vs. Q2 2020](index=32&type=section&id=Comparison%20of%20three%20months%20ended%20September%2030,%202020%20versus%20three%20months%20ended%20September%2030,%202019) This section compares the company's financial performance for the three months ended September 30, 2020, against the prior year - Gross loans outstanding decreased by **12.9%** to **$1.11 billion**, and unique borrowers decreased by **21.3%** YoY[131](index=131&type=chunk) - Net income surged by **433.1%** to **$13.4 million**, and operating income increased by **127.1%**[132](index=132&type=chunk) - Total revenues decreased by **12.1%** to **$124.4 million**, primarily due to lower average net loans outstanding[133](index=133&type=chunk) - Provision for credit losses decreased by **50.7%** to **$26.9 million**, driven by a **$9.7 million** decrease in net charge-offs and improved delinquency[136](index=136&type=chunk) - G&A expenses decreased by **4.0%** to **$3.2 million**, but increased as a percentage of revenues from **55.4%** to **60.5%**[139](index=139&type=chunk)[140](index=140&type=chunk) - Personnel expense decreased by **5.6%** due to headcount reduction and lower health insurance claims[139](index=139&type=chunk)[140](index=140&type=chunk) - Advertising expense decreased by **16.2%** due to anticipated lower demand from COVID-19[142](index=142&type=chunk) - The effective income tax rate decreased to **21.9%** from **34.3%** due to historic tax credit accounting, reduced executive compensation disallowance, and life insurance proceeds exclusion[146](index=146&type=chunk) [Comparison of H1 2021 vs. H1 2020](index=33&type=section&id=Comparison%20of%20six%20months%20ended%20September%2030,%202020%20versus%20six%20months%20ended%20September%2030,%202019) This section compares the company's financial performance for the six months ended September 30, 2020, against the prior year - Gross loans outstanding decreased by **12.9%** to **$1.11 billion**, and unique borrowers decreased by **18.0%** YoY[148](index=148&type=chunk) - Net income increased by **159.9%** to **$28.9 million**, and operating income increased by **94.5%**[149](index=149&type=chunk) - Total revenues decreased by **11.3%** to **$248.3 million**, primarily due to lower average net loans outstanding[150](index=150&type=chunk) - Provision for credit losses decreased by **45.1%** to **$42.5 million**[153](index=153&type=chunk) - G&A expenses decreased by **8.3%** to **$13.3 million**, but increased as a percentage of revenues from **57.2%** to **59.2%**[156](index=156&type=chunk)[157](index=157&type=chunk) - Personnel expense decreased by **10.4%** due to headcount reduction (furloughs) and decreased benefit claims[156](index=156&type=chunk)[157](index=157&type=chunk) - Advertising expense decreased by **36.4%** due to lower demand anticipated from COVID-19[159](index=159&type=chunk) - Interest expense increased by **6.7%** due to a **10.7%** increase in average debt outstanding, partially offset by a reduction in benchmark interest rates[161](index=161&type=chunk) - The effective income tax rate decreased to **24.3%** from **24.8%** due to the permanent tax benefit related to the exclusion of life insurance proceeds[163](index=163&type=chunk) [Regulatory Matters](index=36&type=section&id=Regulatory%20Matters) This section discusses the resolution of the Mexico investigation and the potential impact of CFPB rules on lending operations - The Company resolved its Mexico investigation with the SEC and DOJ (refer to Note 12)[164](index=164&type=chunk) - The CFPB rescinded the 'ability to repay' requirements of its 2017 rule but did not rescind the 'payment requirements,' which are currently stayed by court order[165](index=165&type=chunk)[166](index=166&type=chunk) - Compliance with CFPB payment requirements may necessitate changes to loan payment procedures, potentially affecting the Company's ability to make loans, costs, refinancing frequency, and profitability[167](index=167&type=chunk) - The CFPB may undertake new rulemaking to identify larger participants in the installment lending market, potentially subjecting the Company to CFPB supervisory authority and reporting obligations[168](index=168&type=chunk)[169](index=169&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's financing strategies, revolving credit facility, and compliance with debt covenants - The Company finances operations and acquisitions through cash flows and borrowings[172](index=172&type=chunk) - Net cash provided by operating activities for the six months ended September 30, 2020, was **$79.9 million**[172](index=172&type=chunk) - The revolving credit facility was amended on April 30, 2020, and July 24, 2020, to modify financial covenants (e.g., minimum net worth, fixed charge ratio), adjust the advance rate percentage, and allow share repurchases up to **$50.0 million** through March 31, 2021, plus **50%** of consolidated adjusted net income[176](index=176&type=chunk)[177](index=177&type=chunk) - As of September 30, 2020, **$157.0 million** was available under the revolving credit facility, with an additional **$102.8 million** potentially available if net eligible finance receivables grow[179](index=179&type=chunk) - The Company was in compliance with all applicable debt covenants at September 30, 2020, and March 31, 2020, and expects sufficient liquidity for future operations and expansion[182](index=182&type=chunk)[184](index=184&type=chunk) [Inflation](index=40&type=section&id=Inflation) This section assesses the potential impact of inflation on the company's operations, anticipating offsets from increased loan demand - The Company does not anticipate a material adverse effect from inflation, expecting increased loan demand and revenue to offset rising operating costs due to the short contractual term of its loans[188](index=188&type=chunk) [Quarterly Information and Seasonality](index=40&type=section&id=Quarterly%20Information%20and%20Seasonality) This section refers to Note 3 for details on the company's quarterly performance and seasonal business fluctuations - Refer to Note 3 for information on quarterly information and seasonality[189](index=189&type=chunk) [Recently Adopted Accounting Pronouncements](index=40&type=section&id=Recently%20Adopted%20Accounting%20Pronouncements) This section refers to Note 3 for information on recently adopted accounting standards and their impact - Refer to Note 3 for information on recently adopted accounting pronouncements[190](index=190&type=chunk) [Critical Accounting Policies](index=40&type=section&id=Critical%20Accounting%20Policies) This section outlines key accounting policies requiring significant management judgment, including allowance for credit losses and income taxes - Critical accounting policies involve significant management judgment and estimates, including the allowance for credit losses, share-based compensation, and income taxes[191](index=191&type=chunk) - The allowance for credit losses, under ASC 326 (CECL), is management's best estimate of expected credit losses over the loan's contractual term, considering historical data, current conditions, and forecasts[192](index=192&type=chunk) - Share-based compensation is measured at fair value (Black-Scholes for options, quoted price for restricted stock) and recognized over the service period, relying on subjective assumptions like expected volatility and life[193](index=193&type=chunk) - Income tax determination involves significant judgment in estimating liabilities, assets, and expense, with re-evaluation based on regulatory and business changes, and potential adjustments from tax authorities[194](index=194&type=chunk)[195](index=195&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=3.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section analyzes the company's exposure to market risks, particularly interest rate fluctuations, and their financial impact - The Company's financial instruments (cash, loans receivable, senior notes payable) approximate fair value[198](index=198&type=chunk) - Loans have an average life of **eight months** and are continually repriced at market rates[198](index=198&type=chunk) - As of September 30, 2020, with **$424.9 million** outstanding under its revolving credit facility, a **1.0%** change in the interest rate would result in an approximate **$4.2 million** change in annual interest expense[199](index=199&type=chunk) [Controls and Procedures](index=39&type=section&id=4.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures and reports no material changes in internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2020, providing reasonable assurance for timely and accurate reporting[201](index=201&type=chunk) - There were no material changes to the Company's internal control over financial reporting during the period covered by the report[200](index=200&type=chunk) Part II - Other Information [Legal Proceedings](index=40&type=section&id=1.%20Legal%20Proceedings) This section directs to Note 12 for comprehensive information on the company's legal proceedings and resolutions - Refer to Note 12 to the unaudited Consolidated Financial Statements for information regarding legal proceedings[204](index=204&type=chunk) [Risk Factors](index=40&type=section&id=1A.%20Risk%20Factors) This section updates key risk factors, focusing on the impacts of the COVID-19 pandemic, CECL methodology, and government stimulus - The new CECL methodology's accuracy in forecasting future losses may be impaired by significant uncertainty surrounding the COVID-19 pandemic, potentially requiring additional provisions for credit losses[206](index=206&type=chunk) - The COVID-19 pandemic has led to higher unemployment, which is expected to increase delinquencies and credit losses[207](index=207&type=chunk)[208](index=208&type=chunk) - Potential workforce disruptions and a second outbreak pose further risks[207](index=207&type=chunk)[208](index=208&type=chunk) - The expiration of CARES Act benefits, such as enhanced unemployment, without extension or new stimulus measures, could materially and adversely impact the Company's results of operations and financial condition[209](index=209&type=chunk) - Government mandates for borrower accommodations due to COVID-19 could result in additional regulation or restrictions, adversely affecting loan collection, income, and financing ability[210](index=210&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=2.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchase program, including board authorizations and credit agreement limitations - The Board authorized repurchases of up to **$30.0 million** on June 16, 2020, and an additional **$25.0 million** on September 14, 2020[212](index=212&type=chunk) - As of September 30, 2020, the Company had **$11.8 million** in aggregate repurchase capacity[212](index=212&type=chunk) - The revolving credit facility limits share repurchases to **$50.0 million** through March 31, 2021, plus **50%** of consolidated adjusted net income from January 1, 2019, and requires **15%** excess availability post-repurchase[187](index=187&type=chunk) Common Stock Purchases (3 Months Ended Sep 30, 2020) | Period | Total Shares Purchased | Average Price Paid Per Share | | :-------------------------- | :--------------------- | :--------------------------- | | July 1 - July 31, 2020 | — | $— | | August 1 - August 31, 2020 | 132,711 | $90.70 | | September 1 - September 30, 2020 | 327,409 | $95.25 | | **Total for the quarter** | **460,120** | **$93.94** | [Defaults Upon Senior Securities](index=41&type=section&id=3.%20Defaults%20Upon%20Senior%20Securities) This section confirms that no defaults occurred on senior securities during the reporting period - There were no defaults upon senior securities[213](index=213&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=4.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosure requirements are not applicable to the company's operations - Mine Safety Disclosures are not applicable to the Company[214](index=214&type=chunk) [Other Information](index=41&type=section&id=5.%20Other%20Information) This section indicates no additional information beyond what is already presented in the report - No other information is required to be disclosed[215](index=215&type=chunk) [Exhibits](index=41&type=section&id=6.%20Exhibits) This section refers to the accompanying exhibit index for a complete list of documents filed with the Form 10-Q - The exhibits listed in the accompanying exhibit index are filed as part of the Quarterly Report on Form 10-Q[216](index=216&type=chunk) [Exhibit Index](index=42&type=section&id=EXHIBIT%20INDEX) This section provides a comprehensive list of all exhibits filed, including credit facility amendments and regulatory orders - The Exhibit Index lists key documents filed, including amendments to the Revolving Credit Facility (10.01, 10.02), the DOJ Declination Letter (10.03), the SEC Cease-and-Desist Order (10.04), and various certifications (31.01, 31.02, 32.01, 32.02)[219](index=219&type=chunk) [Signatures](index=43&type=section&id=SIGNATURES) This section includes the official signatures of the company's key executives, certifying the report's accuracy - The report is signed by R. Chad Prashad (President and CEO), John L. Calmes, Jr. (Executive Vice President and CFO), and Scott McIntyre (Senior Vice President of Accounting) on November 6, 2020[223](index=223&type=chunk)

Financial Data and Key Metrics Changes - The overall loan book is down approximately 20% year-over-year, but there was a sequential uptick in volumes observed during the quarter [10][11] - The 90-day past due delinquency decreased by $11.8 million during the quarter, contributing to a decrease in the allowance from 4% to 2.8% [23][24] - The 60-day past due contractual delinquency was reported at 6.2% in September, down from 7.9% in June and 8% in September of the previous year [21] Business Line Data and Key Metrics Changes - Former customer returns increased by about 2% sequentially, with September ending approximately 19% higher than the previous year [8] - New customer applications were down around 47% year-over-year, but there was a gradual increase in application volume throughout Q1 and Q2 [10] - The small loan portfolio (loans under $2,500) decreased from 66% at September last year to a little over 60% at September of this year [38] Market Data and Key Metrics Changes - The company is experiencing a shift in its portfolio towards more tenured and lower-risk customers, which has positively impacted credit performance [15][16] - The overall market for portfolio acquisitions remains active, with the company seeing increased interest in acquisitions during the quarter [40][41] Company Strategy and Development Direction - The company emphasizes portfolio acquisitions as part of its long-term growth strategy and is focused on prudent marketing investments to manage customer acquisition costs [12][41] - The management is cautious about returning to previous levels of new customer volume until acquisition costs normalize [12] Management's Comments on Operating Environment and Future Outlook - Management noted that future performance is contingent on potential stimulus measures and overall unemployment rates [11] - The company has increased provisions for unforeseen risks, indicating a conservative approach to future losses [17] Other Important Information - The company has $26 million available for share repurchases under its debt agreement, which can increase to 50% of consolidated income [30] - The diluted share count was impacted by the higher share price, which increased the number of dilutive shares [27] Q&A Session Summary Question: Loan growth and demand outlook - Management observed an uptick in demand, with former customer returns increasing and new customer applications gradually returning to normal levels [8][10] Question: Delinquencies and charge-offs - The portfolio has shifted towards lower-risk customers, and management expects charge-offs to reflect the current macroeconomic backdrop if no further stimulus is provided [13][16] Question: 10-Q amendment and past due loans - The amendment was due to a shift in internal reporting methods, with no impact on provisioning numbers [20] Question: Share repurchase timing and impact - Share repurchases were weighted towards the end of the quarter, and the diluted share count will fluctuate based on share price [27][28] Question: Future charge-off rates - Management indicated that if the portfolio mix remains the same, a charge-off rate of 14.5% is a reasonable estimate for modeling [32] Question: Market competition and pricing power - The decrease in yield is attributed to a shift in customer mix, with fewer new customers being brought in [38] Question: Portfolio acquisition opportunities - There is still a market for portfolio acquisitions, with increased interest observed in the current quarter [40][41]

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)%3A) Unaudited consolidated financial statements for Q2 2020 detail financial position, operations, and cash flows, noting CECL adoption and net income increase [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202020%20and%20March%2031%2C%202020) Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | March 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $9,960 | $11,619 | | Loans receivable, net | $681,597 | $804,403 | | Total assets | $902,645 | $1,030,086 | | **Liabilities & Shareholders' Equity** | | | | Senior notes payable | $352,206 | $451,100 | | Total liabilities | $511,402 | $618,123 | | Total shareholders' equity | $391,243 | $411,963 | | Total liabilities and shareholders' equity | $902,645 | $1,030,086 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20three%20months%20ended%20June%2030%2C%202020%20and%20June%2030%2C%202019) Consolidated Statement of Operations Highlights (in thousands) | Account | Three months ended June 30, 2020 | Three months ended June 30, 2019 | | :--- | :--- | :--- | | Total revenues | $123,867 | $138,442 | | Provision for credit losses | $25,661 | $41,291 | | Total general and administrative expenses | $71,608 | $81,776 | | Income before income taxes | $21,036 | $10,971 | | Net income | $15,510 | $8,608 | | Diluted EPS | $2.24 | $0.97 | [Consolidated Statements of Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity%20for%20the%20three%20months%20ended%20June%2030%2C%202020%20and%20June%2030%2C%202019) - Total shareholders' equity decreased from **$412.0 million** at March 31, 2020, to **$391.2 million** at June 30, 2020. The decrease was primarily driven by a **$21.2 million** cumulative effect of adopting ASC 326 (CECL) and **$19.5 million** in common stock repurchases, partially offset by **$15.5 million** in net income[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20three%20months%20ended%20June%2030%2C%202020%20and%20June%2030%2C%202019) Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three months ended June 30, 2020 | Three months ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $51,839 | $58,165 | | Net cash provided by (used in) investing activities | $65,173 | $(111,822) | | Net cash provided by (used in) financing activities | $(118,671) | $54,081 | | Net change in cash and cash equivalents | $(1,659) | $424 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - On April 1, 2020, the Company adopted the new CECL standard (ASU 2016-13), resulting in a one-time **$28.6 million** increase in the allowance for credit losses, a **$21.2 million** reduction in retained earnings (net-of-tax), and a **$7.4 million** increase in deferred income taxes[30](index=30&type=chunk) - The allowance for credit losses is determined by pooling loans based on customer tenure, which was identified as the strongest predictor of default risk. The fiscal 2021 provision includes a **$4.6 million** increase for forecasted losses due to the economic impact of COVID-19 on new loans[47](index=47&type=chunk)[51](index=51&type=chunk) - On August 6, 2020, the Company reached a resolution with the SEC and DOJ regarding its former Mexico subsidiary, agreeing to pay a total of **$21.7 million** in disgorgement, interest, and penalties. The DOJ declined prosecution[110](index=110&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk) - On July 24, 2020, the Company amended its revolving credit agreement, reducing the minimum net worth covenant to **$325.0 million** and allowing for up to **$50.0 million** in share repurchases through March 31, 2021, among other changes[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analysis of Q2 2020 financial condition and operations highlights revenue decline, net income growth, and COVID-19 effects Q1 FY2021 vs Q1 FY2020 Performance | Metric | Q1 FY2021 (ended June 30, 2020) | Q1 FY2020 (ended June 30, 2019) | Change | | :--- | :--- | :--- | :--- | | Gross loans receivable | $1.07B | $1.22B | -12.7% | | Total Revenues | $123.9M | $138.4M | -10.5% | | Net Income | $15.5M | $8.6M | +80.2% | | Provision for credit losses | $25.7M | $41.3M | -37.9% | | G&A Expenses | $71.6M | $81.8M | -12.4% | - The decrease in revenue was primarily due to a decline in average net loans outstanding. Revenue from branches open throughout both periods decreased by **17.8%**[135](index=135&type=chunk)[136](index=136&type=chunk) - The provision for credit losses decreased due to lower loan volumes and improved delinquency, despite a **$4.6 million** increase to the allowance for forecasted losses related to the economic impact of COVID-19[138](index=138&type=chunk) - G&A expenses decreased by **$10.2 million**, driven by a **$7.8 million** reduction in personnel costs (lower incentive pay and benefits) and a **$3.5 million** (**57.2%**) decrease in advertising spend in anticipation of lower demand due to COVID-19[142](index=142&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk) - The company's liquidity is supported by cash from operations (**$51.8 million** for the quarter) and a **$685.0 million** revolving credit facility, which had **$212.8 million** of unused availability at quarter-end[158](index=158&type=chunk)[166](index=166&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its variable-rate revolving credit facility debt - The company's main interest rate risk stems from its revolving credit facility. As of June 30, 2020, the outstanding balance was **$352.2 million**[186](index=186&type=chunk) - A hypothetical **1.0%** change in the interest rate would result in an approximate **$3.5 million** change in annual interest expense, based on the outstanding debt at quarter-end[186](index=186&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal financial reporting controls were effective with no material changes during Q2 2020 - The CEO and CFO concluded that the company's disclosure controls and procedures are effective in ensuring timely and accurate reporting as required by the SEC[188](index=188&type=chunk) - No material changes to the internal control over financial reporting were identified during the quarter ended June 30, 2020[187](index=187&type=chunk) [PART II - OTHER INFORMATION](index=47&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 for details on legal proceedings, primarily the resolution of the Mexico investigation - For details regarding legal proceedings, the report refers to Note 12 of the unaudited Consolidated Financial Statements[191](index=191&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) Key risk factors include COVID-19 uncertainties and CECL adoption, impacting credit losses and loan repayments - The adoption of the CECL methodology on April 1, 2020, introduces risk, as the ability to accurately forecast future credit losses may be impaired by the significant uncertainty surrounding the COVID-19 pandemic[193](index=193&type=chunk) - The COVID-19 pandemic poses a significant risk, with higher unemployment expected to increase delinquencies and credit losses. A second outbreak could lead to further economic disruption[194](index=194&type=chunk)[195](index=195&type=chunk) - The expiration of enhanced unemployment benefits under the CARES Act could negatively impact customers' ability to repay loans, potentially leading to a material increase in delinquencies and adverse effects on financial results[196](index=196&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details common stock repurchase activity for Q2 2020, including a new $30.0 million authorization and shares repurchased Share Repurchases for the Quarter Ended June 30, 2020 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2020 | 254,886 | $55.74 | | May 2020 | 12,398 | $74.99 | | June 2020 | 59,014 | $72.94 | | **Total** | **326,298** | **$59.58** | - On June 16, 2020, the Board of Directors authorized a new repurchase program for up to **$30.0 million** of common stock. As of June 30, 2020, the full **$30.0 million** was available under this authorization[199](index=199&type=chunk)[200](index=200&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults on its senior securities during the period - None [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) The company reported no other information required for disclosure in this section - None [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including credit facility amendments and regulatory documents - The exhibits filed with the report are listed in the accompanying exhibit index[203](index=203&type=chunk)

World Acceptance Corporation (NASDAQ:WRLD) Q1 2021 Results Conference Call July 30, 2020 10:00 AM ET Company Participants Chad Prashad - President and CEO John Calmes - Chief Financial and Strategy Officer Conference Call Participants John Rowan - Janney Kyle Joseph - Jefferies Vincent Caintic - Stephens Operator Good morning, and welcome to the World Acceptance Corporation sponsored First Quarter Press Release Conference call. This call is being recorded. [Operator Instructions] Before we begin, the corpo ...

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, 2020 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 ...