World Acceptance Q1 net loss of $8.8M, adjusted EPS $1.15; loans up 34% but charge-offs surge

WORLD ACCEPTANCE CORP

2023-Q1 EPS reported -$1.53 revenue$157,594,668

Net loss $8.8M ($1.53 diluted loss) vs prior-year net income $15.8M ($2.44 EPS); adjusted net income $6.6M ($1.15 adjusted EPS).
Revenues $157.6M (+21.5% YoY) driven by 34.2% loan growth to $1.64B; customer base up 11.4%.
Provision for credit losses surged to $85.8M from $30.3M; net charge-offs $64.4M (22.3% annualized) vs $24.1M (11.4%).
61+ day delinquency rose to 6.9% from 4.0% YoY; allowance for credit losses 13.0% of net loans.
Amended credit facility: increased fixed charge coverage ratio to 2.25x–2.75x through June 2023.

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