World Acceptance reports Q2 FY2022: loans +25.7% to $1.39B, revenue +10.8% but net income down to $12.4M

WORLD ACCEPTANCE CORP

2022-Q2 EPS reported $4.38 revenue$267,486,262

Gross loans outstanding rose 25.7% YoY to $1.39B; new customer applications up 88% YoY and 19% above pre-pandemic Q2 2020.
Net income $12.4M ($1.94 diluted EPS) vs $13.4M ($1.96) a year ago; provision for credit losses increased 61.1% to $42.0M due to loan growth under CECL.
Net charge-off rate improved to 10.5% annualized from 14.5% a year ago; delinquency (61+ days) rose to 5.0% from 4.5%.
G&A expenses as % of revenue improved to 54.4% from 60.5%; share repurchases of $10M in Q2 and $100.1M remaining authorization.
Debt/equity ratio 1.4:1; return on equity (TTM) 22.4%; return on assets 8.6%.

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