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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 June 30, 2024
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 name of registrant as specified in its charter.)
South Carolina
 57-0425114
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
104 S Main Street
Greenville,South Carolina29601
(Address of principal executive offices)
(Zip Code)
(864)298-9800
(registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, no par valueWRLD
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
1


Large Accelerated filerAccelerated filer
  
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x

The number of outstanding shares of the issuer’s common stock, no par value, as of August 5, 2024 was 5,854,598.

2


 WORLD ACCEPTANCE CORPORATION
FORM 10-Q

TABLE OF CONTENTS
Item No.ContentsPage
GLOSSARY OF DEFINED TERMS
PART I - FINANCIAL INFORMATION 
1.Consolidated Financial Statements (unaudited):
 Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024
 Consolidated Statements of Operations for the three months ended June 30, 2024 and June 30, 2023
 Consolidated Statements of Shareholders' Equity for the three months ended June 30, 2024 and June 30, 2023
 Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and June 30, 2023
 Notes to Consolidated Financial Statements
2.Management's Discussion and Analysis of Financial Condition and Results of Operations
3.Quantitative and Qualitative Disclosures about Market Risk
4.Controls and Procedures
PART II - OTHER INFORMATION
1.Legal Proceedings
1A.Risk Factors
2.Unregistered Sales of Equity Securities and Use of Proceeds
3.Defaults Upon Senior Securities
4.Mine Safety Disclosures
5.Other Information
6.Exhibits
EXHIBIT INDEX
SIGNATURES

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

GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Report, including consolidated financial statements and related notes.
TermDefinition
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
ASCAccounting Standards Codification
ASUAccounting Standards Update
CECLCurrent Expected Credit Loss
CEOChief Executive Officer
CFOChief Financial Officer
CFPBU.S. Consumer Financial Protection Bureau
Compensation CommitteeCompensation and Stock Option Committee
Customer Tenure
The number of months since a customer was first serviced by the Company
EPS
Earnings per share
ERISAEmployee Retirement Income Security Act
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FICOThe Fair Isaac Corporation
G&AGeneral and administrative
GAAPU.S. generally accepted accounting principles
HTCHistoric Tax Credit
IRSU.S. Internal Revenue Service
Notes
$300 million in aggregate principal amount of 7.0% unsecured senior notes due November 2026 issued on September 27, 2021
Option Measurement PeriodThe 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Options are eligible to vest, following certification by the Compensation Committee of achievement
PCDPurchased Assets with Credit Deterioration
Performance OptionsPerformance-based stock options
Performance Share Measurement PeriodThe 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
Performance SharesService- and performance-based restricted stock awards
Rehab RatePercentage of 91 days or more delinquent that do not charge off
Restricted StockService-based restricted stock awards
SECU.S. Securities and Exchange Commission
Service OptionsService-based stock options
SOFRSecured Overnight Finance Rate
TALTax Advance Loan
4

PART I.  FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 30, 2024March 31, 2024
ASSETS  
Cash and cash equivalents$11,119,138 $11,839,460 
Gross loans receivable1,274,819,257 1,277,149,256 
Less:  
Unearned interest, insurance and fees(330,334,164)(326,746,136)
Allowance for credit losses(109,643,363)(102,962,811)
Loans receivable, net834,841,730 847,440,309 
Income taxes receivable3,950,606 3,091,229 
Operating lease right‐of‐use assets, net80,865,970 79,501,238 
Property and equipment, net22,199,110 22,897,197 
Deferred income taxes, net32,425,138 30,942,844 
Other assets, net45,599,564 42,198,242 
Goodwill7,370,791 7,370,791 
Intangible assets, net10,063,983 11,069,733 
Total assets$1,048,436,030 $1,056,351,043 
 
LIABILITIES & SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes payable$241,727,745 $223,419,132 
Senior unsecured notes payable, net251,013,681 272,609,632 
Operating lease liability83,136,404 81,920,865 
Accounts payable and accrued expenses49,947,032 53,974,198 
Total liabilities625,824,862 631,923,827 
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 5,847,398 and 5,938,665 shares at June 30, 2024 and March 31, 2024, respectively
  
Additional paid-in capital285,924,247 286,432,952 
Retained earnings136,686,921 137,994,264 
Total shareholders' equity422,611,168 424,427,216 
Total liabilities and shareholders' equity$1,048,436,030 $1,056,351,043 

See accompanying notes to consolidated financial statements.

5

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended June 30,
20242023
Revenues:  
Interest and fee income$111,161,086 $116,618,914 
Insurance and other income, net18,366,180 22,704,877 
Total revenues129,527,266 139,323,791 
Expenses: 
Provision for credit losses45,419,007 46,602,012 
General and administrative expenses:
Personnel36,976,186 41,792,087 
Occupancy and equipment12,163,775 12,619,740 
Advertising1,656,279 2,749,544 
Amortization of intangible assets1,005,750 1,069,316 
Other9,610,334 9,894,517 
Total general and administrative expenses61,412,324 68,125,204 
Interest expense9,768,771 12,242,249 
Total expenses116,600,102 126,969,465 
Income before income taxes
12,927,164 12,354,326 
Income tax expense2,979,737 2,815,578 
Net income
$9,947,427 $9,538,748 
Net income per common share:
 
Basic$1.82 $1.65 
Diluted$1.79 $1.62 
Weighted average common shares outstanding:
Basic5,480,205 5,772,733 
Diluted5,567,818 5,891,299 

See accompanying notes to consolidated financial statements.

6

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)


Three months ended June 30, 2024
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20245,938,665 $286,432,952 $137,994,264 $424,427,216 
Proceeds from exercise of stock options7,011 686,382  686,382 
Common stock repurchases(79,324) (11,254,770)(11,254,770)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($131,242)
(18,954)(1,338,807) (1,338,807)
Stock-based compensation related to stock options 143,720  143,720 
Net income  9,947,427 9,947,427 
Balances at June 30, 20245,847,398 $285,924,247 $136,686,921 $422,611,168 

Three months ended June 30, 2023
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20236,231,082 $288,071,839 $97,154,898 $385,226,737 
Proceeds from exercise of stock options7,540 709,294 — 709,294 
Stock-based compensation related to restricted stock, net of cancellations ($0)
1,875 1,099,351 — 1,099,351 
Stock-based compensation related to stock options— 313,347 — 313,347 
Net income— — 9,538,748 9,538,748 
Balances at June 30, 20236,240,497 $290,193,831 $106,693,646 $396,887,477 















See accompanying notes to consolidated financial statements.
7

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended June 30,
 20242023
Cash flow from operating activities:  
Net income$9,947,427 $9,538,748 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization of intangible assets1,005,750 1,069,316 
Accrued unearned interest(1,225,006)(879,946)
Amortization of deferred loan cost3,351,475 3,198,092 
Gain on extinguishment of senior unsecured notes payable(841,902)(435,885)
Amortization of debt issuance costs347,904 484,571 
Provision for credit losses45,419,007 46,602,012 
Depreciation1,643,118 1,574,515 
Gain on sale of property and equipment(22,972)(11,753)
Deferred income tax expense (benefit)(1,482,294)(1,549,589)
Stock-based compensation (reversal) related to equity classified awards(1,063,845)1,412,698 
Change in accounts:  
Other assets, net(3,675,104)2,114,620 
Income taxes receivable(859,377)1,279,411 
Accounts payable and accrued expenses(4,133,254)(4,670,611)
Net cash provided by operating activities48,410,927 59,726,199 
Cash flows from investing activities:  
Increase in loans receivable, net(34,946,897)(49,788,091)
Purchases of property and equipment(1,083,641)(1,658,199)
Proceeds from the sale of property and equipment161,582 165,453 
Net cash used in investing activities(35,868,956)(51,280,837)
Cash flow from financing activities:  
Borrowings from senior notes payable94,138,260 65,529,224 
Payments on senior notes payable(75,829,647)(73,664,017)
Payments for extinguished senior unsecured notes payable(20,962,500)(1,535,000)
Payments for debt extinguishment costs(12,500)(5,000)
Debt issuance costs associated with senior notes payable(2,364) 
Proceeds from exercise of stock options686,382 709,294 
Payments for taxes related to net share settlement of equity awards(131,242) 
Repurchase of common stock(11,148,682) 
Net cash used in financing activities
(13,262,293)(8,965,499)
Net change in cash and cash equivalents(720,322)(520,137)
Cash and cash equivalents at beginning of period11,839,460 16,508,935 
Cash and cash equivalents at end of period$11,119,138 $15,988,798 
Supplemental Disclosures:
Interest paid during the period$15,255,371 $17,301,329 
Income taxes paid during the period$954,509 $2,466,889 
Non-cash excise tax on stock repurchases
$106,088 $ 

See accompanying notes to consolidated financial statements.
8

WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The consolidated financial statements of the Company at June 30, 2024 and 2023 and for the three 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 June 30, 2024, and the results of operations and cash flows for the periods ended June 30, 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 Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024. 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-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals.

Seasonality

The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters.

Loans receivable, net

Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.5 million and $5.0 million as of June 30, 2024 and March 31, 2024, respectively.

From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 4 to the Consolidated Financial Statements for further information.

Allowance for credit losses

Refer to Note 4 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized.
9


Reclassification

From time to time, prior period amounts will be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity.

Recently Issued Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements and related disclosures as a result of future adoption.

NOTE 3 – FAIR VALUE

Fair Value Disclosures

The Company may carry certain financial instruments and derivative assets and liabilities at fair value measured on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company measures the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair value measurements are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active.
Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

The Company’s financial instruments consist of cash and cash equivalents, loans receivable, net, the senior notes payable, and the senior unsecured notes payable. Loans receivable are originated at prevailing market rates and have an average life of up to twelve months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s senior notes payable, consisting of a senior revolving credit facility, has a variable rate based on a margin over SOFR and
10

reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. The Company also considers its creditworthiness in its estimation of fair value.

The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.
June 30, 2024March 31, 2024
Input LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
ASSETS
Cash and cash equivalents1$11,119,138 $11,119,138 $11,839,460 $11,839,460 
Loans receivable, net3834,841,730 834,841,730 847,440,309 847,440,309 
LIABILITIES
Senior unsecured notes payable2251,013,681 239,251,180 272,609,632 254,208,482 
Senior notes payable3241,727,745 241,727,745 223,419,132 223,419,132 

There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2024 or March 31, 2024.

NOTE 4 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:

Customer TenureJune 30, 2024March 31, 2024
0 to 5 months$67,870,166 $73,699,568 
6 to 17 months74,677,636 69,616,739 
18 to 35 months140,903,386 140,340,728 
36 to 59 months164,922,673 181,399,293 
60+ months821,331,631 799,703,920 
TALs
5,113,765 12,389,008 
Total gross loans$1,274,819,257 $1,277,149,256 

Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.

All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at June 30, 2024 and March 31, 2024 was 5.0% and 4.9%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance.

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at June 30, 2024:
11

Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,090,434,963 $62,146,428 $6,122,255 $138,949 $7,803 $11,419 $1,158,861,817 
30 - 60 days past due37,896,134 5,117,469 825,854 41,768 7,045 1,029 43,889,299 
61 - 90 days past due23,424,741 3,585,432 381,438 10,974   27,402,585 
91 or more days past due32,505,250 6,353,303 657,114 26,165 6,139 3,820 39,551,791 
Total$1,184,261,088 $77,202,632 $7,986,661 $217,856 $20,987 $16,268 $1,269,705,492 
Term Loans By Origination
TALs
Up to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$577,952 $1,500 $ $ $ $ $579,452 
30 - 60 days past due411,505      411,505 
61 - 90 days past due585,227      585,227 
91 or more days past due3,537,326 255     3,537,581 
Total$5,112,010 $1,755 $ $ $ $ $5,113,765 
Total gross loans$1,274,819,257 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2024:
12

Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,094,896,350 $61,853,967 $4,807,924 $109,050 $25,850 $1,371 $1,161,694,512 
30 - 60 days past due34,034,537 4,600,615 610,649 10,856 14,076 5,429 39,276,162 
61 - 90 days past due21,874,701 2,154,561 200,117 17,493 204  24,247,076 
91 or more days past due34,560,868 4,600,040 364,386 6,151 5,617 5,436 39,542,498 
Total$1,185,366,456 $73,209,183 $5,983,076 $143,550 $45,747 $12,236 $1,264,760,248 
Term Loans By Origination
TALs
Up to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$7,441,660 $860 $ $ $ $ $7,442,520 
30 - 60 days past due4,942,757 788     4,943,545 
61 - 90 days past due 1,650     1,650 
91 or more days past due 1,293     1,293 
Total$12,384,417 $4,591 $ $ $ $ $12,389,008 
Total gross loans$1,277,149,256 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at June 30, 2024:

13

Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,077,923,932 $55,336,446 $4,790,145 $77,468 $ $5,408 $1,138,133,399 
30 - 60 days past due40,161,675 4,322,214 409,589 7,360 516  44,901,354 
61 - 90 days past due26,639,089 3,965,283 338,414 4,964 708  30,948,458 
91 or more days past due39,536,390 13,578,690 2,448,514 128,064 19,763 10,860 55,722,281 
Total$1,184,261,086 $77,202,633 $7,986,662 $217,856 $20,987 $16,268 $1,269,705,492 
Term Loans By Origination
TALs
Up to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$471,939 $ $ $ $ $ $471,939 
30 - 60 days past due410,053      410,053 
61 - 90 days past due629,413      629,413 
91 or more days past due3,600,605 1,755     3,602,360 
Total$5,112,010 $1,755 $ $ $ $ $5,113,765 
Total gross loans$1,274,819,257 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2024:
14

Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,079,720,968 $54,770,231 $3,681,104 $39,921 $10,484 $1,371 $1,138,224,079 
30 - 60 days past due37,475,784 3,388,380 288,576 1,064   41,153,804 
61 - 90 days past due26,191,269 2,903,253 208,172 3,430 204  29,306,328 
91 or more days past due41,978,436 12,147,320 1,805,223 99,134 35,059 10,865 56,076,037 
Total$1,185,366,457 $73,209,184 $5,983,075 $143,549 $45,747 $12,236 $1,264,760,248 
Term Loans By Origination
TALs
Up to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$7,441,661 $ $ $ $ $ $7,441,661 
30 - 60 days past due4,942,757      4,942,757 
61 - 90 days past due       
91 or more days past due 4,590     4,590 
Total$12,384,418 $4,590 $ $ $ $ $12,389,008 
Total gross loans$1,277,149,256 

The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three months ended June 30, 2024:

Three months ended June 30,
Gross Charge-offs by Origination
Origination Year
Loans
TALs
Total
2020 and prior$20,281 $ $20,281 
202111,268  11,268 
2022322,944  322,944 
20234,275,700  4,275,700 
202439,206,136 53,125 39,259,261 
2025   
Total$43,836,329 $53,125 $43,889,454 
The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three months ended June 30, 2023:

15

Three months ended June 30,
Gross Charge-offs by Origination
Origination Year
Loans
TALs
Total
2019 and prior$6,706 $ $6,706 
202024,375  24,375 
2021153,427  153,427 
20225,416,692 4,388 5,421,080 
202345,113,128 3,238 45,116,366 
20241,088  1,088 
Total$50,715,416 $7,626 $50,723,042 
The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected.

Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type
2.Active months
3.Prior loan performance
4.Customer Tenure

To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.

The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:

1.0 to 5 months
2.6 to 17 months
3.18 to 35     months
4.36 to 59 months
5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The increase in the allowance for credit losses from March 31, 2024 to June 30, 2024 was primarily due to a seasonally driven increase in expected loss rates.

16

Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. As of June 30, 2024 and March 31, 2024, there were no conditions or other factors considered significant enough to warrant a forecast adjustment.

The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2024 and 2023:
Three months ended June 30,
20242023
Beginning balance$102,962,811 $125,552,733 
Provision for credit losses45,419,007 46,602,012 
Charge-offs(43,889,454)(50,723,042)
Recoveries15,150,999 7,911,285 
Net charge-offs(38,738,455)(42,811,757)
Ending Balance$109,643,363 $129,342,988 

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2024:
Days Past Due - Recency Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$52,065,068 $4,832,188 $3,931,350 $7,041,560 $15,805,098 $67,870,166 
6 to 17 months64,749,046 3,815,767 2,490,382 3,622,441 9,928,590 74,677,636 
18 to 35 months125,777,090 6,039,975 3,769,672 5,316,649 15,126,296 140,903,386 
36 to 59 months147,849,164 6,781,282 4,284,121 6,008,106 17,073,509 164,922,673 
60+ months768,421,449 22,420,087 12,927,060 17,563,035 52,910,182 821,331,631 
TALs
579,452 411,505 585,227 3,537,581 4,534,313 5,113,765 
Total gross loans1,159,441,269 44,300,804 27,987,812 43,089,372 115,377,988 1,274,819,257 
Unearned interest, insurance and fees(304,015,610)(8,472,795)(7,303,512)(10,542,247)(26,318,554)(330,334,164)
Total net loans$855,425,659 $35,828,009 $20,684,300 $32,547,125 $89,059,434 $944,485,093 
Percentage of period-end gross loans receivable3.5%2.2%3.4%9.1%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:

1 Recoveries during the three months ended June 30, 2024 and June 30, 2023 include $2.6 million and $4.4 million, respectively, in proceeds related to the recurring sales of charge-offs, which is included as a component of Provision for credit losses in the Consolidated Statements of Operations.
17

Days Past Due - Recency Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$56,802,704 $4,720,149 $4,496,518 $7,680,197 $16,896,864 $73,699,568 
6 to 17 months60,634,735 3,155,423 2,075,608 3,750,973 8,982,004 69,616,739 
18 to 35 months126,843,010 5,057,256 3,224,662 5,215,800 13,497,718 140,340,728 
36 to 59 months165,694,013 6,159,335 3,519,743 6,026,202 15,705,280 181,399,293 
60+ months751,720,050 20,183,999 10,930,545 16,869,326 47,983,870 799,703,920 
TALs
7,442,520 4,943,545 1,650 1,293 4,946,488 12,389,008 
Total gross loans1,169,137,032 44,219,707 24,248,726 39,543,791 108,012,224 1,277,149,256 
Unearned interest, insurance and fees(301,616,958)(7,677,494)(6,674,554)(10,777,130)(25,129,178)(326,746,136)
Total net loans$867,520,074 $36,542,213 $17,574,172 $28,766,661 $82,883,046 $950,403,120 
Percentage of period-end gross loans receivable3.5 %1.9 %3.1 %8.5 %

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2024:
Days Past Due - Contractual Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$51,122,298 $4,732,439 $4,009,253 $8,006,176 $16,747,868 $67,870,166 
6 to 17 months63,479,851 3,661,347 2,576,331 4,960,107 11,197,785 74,677,636 
18 to 35 months123,326,453 5,922,236 4,213,315 7,441,382 17,576,933 140,903,386 
36 to 59 months144,424,256 6,833,482 4,884,425 8,780,510 20,498,417 164,922,673 
60+ months755,780,541 23,751,850 15,265,134 26,534,106 65,551,090 821,331,631 
TALs
471,939 410,053 629,413 3,602,360 4,641,826 5,113,765 
Total gross loans1,138,605,338 45,311,407 31,577,871 59,324,641 136,213,919 1,274,819,257 
Unearned interest, insurance and fees(299,657,876)(8,160,681)(8,204,664)(14,310,943)(30,676,288)(330,334,164)
Total net loans$838,947,462 $37,150,726 $23,373,207 $45,013,698 $105,537,631 $944,485,093 
Percentage of period-end gross loans receivable3.6%2.5%4.7%10.8 %

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:
18

Days Past Due - Contractual Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$55,572,691 $4,645,860 $4,784,273 $8,696,744 $18,126,877 $73,699,568 
6 to 17 months58,920,283 2,990,455 2,364,202 5,341,799 10,696,456 69,616,739 
18 to 35 months123,878,546 5,246,778 3,813,284 7,402,120 16,462,182 140,340,728 
36 to 59 months161,614,270 6,388,791 4,435,367 8,960,865 19,785,023 181,399,293 
60+ months738,238,289 21,881,920 13,909,202 25,674,509 61,465,631 799,703,920 
TALs
7,441,661 4,942,757  4,590 4,947,347 12,389,008 
Total gross loans1,145,665,740 46,096,561 29,306,328 56,080,627 131,483,516 1,277,149,256 
Unearned interest, insurance and fees(296,584,056)(7,544,366)(7,936,622)(14,681,092)(30,162,080)(326,746,136)
Total net loans$849,081,684 $38,552,195 $21,369,706 $41,399,535 $101,321,436 $950,403,120 
Percentage of period-end gross loans receivable3.6 %2.3 %4.4 %10.3 %

The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three months ended June 30, 2024 and 2023:

Three months ended June 30,
20242023
Customer Tenure
0 to 5 months$(1,147,060)$(1,147,128)
6 to 17 months(767,769)(717,671)
18 to 35 months(870,532)(1,007,900)
36 to 59 months(591,258)(963,733)
60+ months(2,687,769)(2,462,048)
Total$(6,064,388)$(6,298,480)

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three months ended June 30, 2024 and 2023:
19

Nonaccrual Loans Receivable
Customer TenureAs of June 30, 2024As of March 31, 2024
Interest Income
Recognized for the three months ended June 30, 2024
Interest Income
Recognized for the three months ended June 30, 2023
0 to 5 months$12,338,965 $13,971,062 $198,802 $326,773 
6 to 17 months7,968,045 8,507,503 235,464 476,870 
18 to 35 months12,524,214