World Acceptance Corp (WRLD) 2026 Q1 法說會逐字稿

Good morning and welcome to World Acceptance Corporation's first-quarter 2026 earnings conference call. This call is being recorded. (Operator Instructions)

早安，歡迎參加 World Acceptance Corporation 2026 年第一季財報電話會議。此通話正在錄音。（操作員指示）

Before we begin, the corporation has (technical difficulty) that I make the following announcement. The comments made during conference call may contain certain forward-looking statements within the meaning of Section 21(a) of the Securities Exchange Act of 1934 that represent the corporation's expectations and beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties.

在我們開始之前，由於公司（技術困難）要求我做出以下公告。電話會議期間發表的評論可能包含《1934 年證券交易法》第 21(a) 條規定意義內的某些前瞻性陳述，這些陳述代表了公司對未來事件的期望和信念。此類前瞻性陳述涉及本質上具有風險和不確定性的事項。

Statements other than those of historical fact, as well as those identified by the words anticipate, estimate, intend, (technical difficulty) believe, may, will, and should, or any variation of the foregoing and similar expressions are forward-looking statements. Additional information regarding forward-looking statements and any factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements are included in the paragraph discussing forward-looking statements (technical difficulty) day's earnings press release and in the Risk Factor section of the corporation's most recent Form 10-K for the fiscal year ended March 31, 2025, and subsequent reports filed with or furnished to the SEC from time to time.

除歷史事實以外的陳述以及預期、估計、打算、（技術難度）相信、可能、將會和應該等詞語或前述詞語的任何變體和類似表達所標識的陳述均為前瞻性陳述。有關前瞻性陳述的其他資訊以及可能導致實際結果或業績與此類前瞻性陳述中表達或暗示的預期不同的任何因素，均包含在討論前瞻性陳述（技術難度）的段落中，當天的收益新聞稿和公司截至 2025 年 3 月 31 日的財政年度的最新 10-K 表格的風險因素部分，以及不時向 SEC 提交或提供後續的後續報告中提交的後續報告。

The corporation does not undertake any obligation to update any forward-looking statements it makes. At this time, it is my pleasure to turn the floor over to your host Chad Prashad, President and Chief Executive Officer.

該公司不承擔更新其所作的任何前瞻性陳述的義務。現在，我很高興將發言權交給主持人、總裁兼執行長 Chad Prashad。

Good morning and thank you for joining our fiscal 2026 first-quarter earnings call. Before we open up to questions, we've had a few major updates this week to share along with highlights from the first quarter.

早安，感謝您參加我們的 2026 財年第一季財報電話會議。在我們開始提問之前，本週我們有一些重要更新與第一季的亮點一起分享。

We recently completed a new credit agreement, increasing commitments to $640 million, allowing for stock repurchases of up to 100% of net income, which is an increase from 50% of net income in the prior agreement. And a $100 million upfront repurchase allowance, in addition to 100% of net income beginning January 1, 2025. The net income is around $45 million since January 1, 2025.

我們最近完成了一項新的信貸協議，將承諾金額增加到 6.4 億美元，允許回購高達淨收入 100% 的股票，這比先前協議中淨收入的 50% 有所增加。以及 1 億美元的預付回購津貼，以及從 2025 年 1 月 1 日起的 100% 淨收入。自2025年1月1日起，淨收入約4,500萬美元。

In addition, we're in the process of redeeming the remaining bonds that were issued in 2021. If you recall, we issued $300 million in high yield notes with a five-year maturity in the fall of 2021 and have been repurchasing them in the market over the last few quarters. We currently have around $170 million outstanding that we'll redeem by the end of August.

此外，我們正在贖回 2021 年發行的剩餘債券。如果你還記得的話，我們在 2021 年秋季發行了 3 億美元的五年期高收益票據，並且在過去幾個季度一直在市場上回購這些票據。我們目前有大約 1.7 億美元未償還債務，我們將在 8 月底前贖回。

This removes the constraint to allow for more accelerated stock repurchases. That capacity may be over $200 million for share repurchases over the next 12 months, which is approximately 23% to 25% of outstanding shares at this morning's stock price.

這消除了限制，允許更快速的股票回購。未來 12 個月的股票回購能力可能超過 2 億美元，以今天上午的股價計算，約佔流通股的 23% 至 25%。

As a reminder, our earnings are quite seasonal. Historically, the first quarter is our lowest quarter for earnings, as we rebound from growth and provision from the tax season runoff. Over the prior three years, first quarter net income has made up an average of only 5.6% of our total annual net income and it's peaked at a high of only 12% of annual net income.

提醒一下，我們的收入具有很強的季節性。從歷史上看，第一季是我們獲利最低的季度，因為我們從稅收季節的流失帶來的成長和準備金中反彈。在過去三年中，第一季的淨收入平均僅占我們年度淨收入總額的 5.6%，最高時僅佔年度淨收入的 12%。

We're excited about the current portfolio and its trajectory, which includes substantial customer base expansion, strong loan growth, improved loan approval rates while maintaining credit quality, growth in yields, and stable and improving late-stage delinquency. On growth, refinance volume increased 10% this quarter over the first quarter last year.

我們對目前的投資組合及其發展軌跡感到興奮，其中包括大幅擴大客戶群、強勁的貸款成長、在保持信貸品質的同時提高貸款批准率、收益率成長以及穩定和改善的後期拖欠率。從成長來看，本季再融資量比去年第一季成長了 10%。

To really underscore the overall growth we're seeing in the current lending environment, the number of new originations this quarter increased 12.6% over last year's first quarter. This is the highest volume of new originations in our first quarter since fiscal year 2020. In terms of dollars lent in new originations, we increased 12.8% year-over-year and are in line with fiscal year 2019 and 2020, both of which were some of the highest non-refinanced growth years on record.

為了真正強調我們在當前貸款環境中看到的整體成長，本季新發放貸款數量比去年第一季增加了 12.6%。這是自 2020 財年以來我們第一季新發起量的最高值。就新發放貸款金額而言，我們同比增長了 12.8%，與 2019 財年和 2020 財年持平，這兩個財年都是有記錄以來非再融資增長最高的年份之一。

Our customer base increased by 4% this quarter compared to the first quarter of last year. This is our first positive customer base growth we've experienced during the first quarter in three years. We've also returned to the largest customer base we've had since the first quarter of 2023.

與去年第一季相比，本季我們的客戶群增加了 4%。這是我們三年來第一季首次實現客戶群正成長。我們也恢復了自 2023 年第一季以來最大的客戶群。

All this growth has put us on track to rapidly close the year-over-year ledger gap. We began the year on April 1 with a ledger that was down around 4% year-over-year, or approximately $50 million. We've grown around $40 million in this quarter to end the quarter down about 80 basis points, which is approximately $10 million year-over-year.

所有這些增長使我們有望迅速彌補同比帳簿缺口。我們在 4 月 1 日開始新的一年，帳目年減了約 4%，約 5,000 萬美元。本季我們成長了約 4,000 萬美元，但到本季末卻下降了約 80 個基點，年減了約 1,000 萬美元。

Even with the substantial growth, both new originations and the overall portfolio have stable first pay default rates and improving delinquency, as well as, and quite importantly, gross yields have increased over 230 basis points year-over-year. These results and other operational capital improvements increase our confidence in a portfolio that we'll continue to have moderate growth with low-cost of acquisitions, strong credit performance, improving yields, increased revenue, declining share count, and ultimately, returning enhanced value to our shareholders through strong EPS growth.

即使大幅成長，新發起貸款和整體投資組合的首次還款違約率仍然保持穩定，拖欠率也在改善，而且非常重要的是，總收益率同比增長了 230 個基點以上。這些結果和其他營運資本的改善增強了我們對投資組合的信心，我們將繼續保持適度增長，收購成本低，信貸表現強勁，收益率提高，收入增加，股票數量下降，並最終通過強勁的每股收益增長為股東帶來更高的價值。

One short note on the World Finance mile credit card, we completed the first phase of internal testing and have moved on to live testing of customers. To reiterate, our main goals are to use this product slowly and wisely.

關於世界金融里程信用卡的簡短說明，我們完成了第一階段的內部測試，並已進入客戶現場測試階段。重申一下，我們的主要目標是緩慢而明智地使用該產品。

We want to better align yield with risk, especially in rate cap states, help customers manage both installment and revolving credit, lower our overall cost of acquisition and service, improve customer retention, and expand our markets. Our approach is to be prudent in our efforts to serve the one in three Americans with minimal to no mainstream access to responsible and affordable credit.

我們希望更好地將收益與風險結合起來，特別是在利率上限州，幫助客戶管理分期付款和循環信貸，降低我們的整體收購和服務成本，提高客戶保留率，並擴大我們的市場。我們的方法是謹慎努力地為三分之一的美國人提供服務，使他們能夠很少甚至無法獲得主流的負責任且負擔得起的信貸。

Finally, we have an absolutely amazing team at World, and I'm very grateful for their commitment to their customers as well as to each other. They are helping our customers every day to establish and rebuild credit, while also meeting immediate financial needs.

最後，我們在 World 擁有一支非常出色的團隊，我非常感謝他們對客戶以及彼此的承諾。他們每天都在幫助我們的客戶建立和重建信用，同時滿足客戶的即時財務需求。

At this time, Johnny Calmes, our Chief Financial and Strategy Officer, and I would like to open up to any questions you have.

現在，我們的財務和策略長 Johnny Calmes 和我願意回答您的任何問題。

(Operator Instructions) Kyle Joseph, Stephens.

（操作員指示）凱爾·約瑟夫，史蒂芬斯。

Hey. Good morning, guys. Thanks for taking my questions. Just want to part through some of the credit developments in the quarter.

嘿。大家早安。感謝您回答我的問題。只是想介紹一下本季的一些信貸發展。

So understand that you guys were expecting charge-offs to be higher because of late-stage DQs last quarter. Obviously, delinquency moved in the right direction this quarter.

因此，請理解，由於上個季度後期的 DQ，你們預計沖銷額會更高。顯然，本季的違約情況朝著正確的方向發展。

Just -- is there anything that's driving that, whether it's underwriting changes and macro? And how that positions your outlook for charge-offs for the remainder of the year.

只是——有什麼因素在推動這一趨勢嗎，無論是承保變化還是宏觀？以及這對您今年剩餘時間的沖銷前景有何影響。

Yeah, so the biggest thing is the proportion of new customers in the portfolio. So we had a really good third quarter or December quarter with new customer growth. And at the end of December, our zero- to five-month customer, right? So they only had been with us for zero to up to five months.

是的，所以最重要的是投資組合中新客戶的比例。因此，我們的第三季或 12 月季度表現非常好，新客戶數量有所成長。到 12 月底，我們的零到五個月的客戶，對嗎？所以他們與我們在一起的時間只有零到五個月。

That made up 8.7% of our portfolio at December or $120 million. That's now down to 7.2% or $91 million at June, right? So a lot of the risk has come out of the portfolio as that zero-, five-month customer becomes a small proportion of the overall portfolio.

截至 12 月份，這占我們投資組合的 8.7%，即 1.2 億美元。現在 6 月這一數字下降到了 7.2%，即 9,100 萬美元，對嗎？因此，由於零期、五個月期客戶在整個投資組合中所佔比例很小，因此許多風險已經從投資組合中消失。

Yeah. Okay. I got it. That makes sense. And then, on the strategy in terms of smaller loans, higher yields, give us a sense for where you are in terms of that strategy? Are you happy with the current mix? Do we -- would you expect ongoing growth in smaller loans and how you foresee that impacting the portfolio yield over time?

是的。好的。我得到了它。這很有道理。然後，關於小額貸款、高收益的策略，請您介紹一下您在該策略方面的進展？您對目前的混音滿意嗎？您是否預計小額貸款將持續成長？您預計這將如何影響投資組合報酬率？

Yeah. Great question. So I think right now, we're fairly happy with the overall mix. We don't expect to dramatically increase investments into new customers beyond the current weighting in the portfolio.

是的。好問題。所以我認為現在我們對整體組合相當滿意。我們預計不會大幅增加對新客戶的投資，超出目前投資組合的權重。

We have been running a strategy for the past year or two that really weights both new customers and returning customers pretty heavily in terms of our investments. We would like to continue that strategy, especially in terms of returning customers, and overall customer retention.

在過去的一兩年裡，我們一直在實施一項策略，該策略在投資方面非常重視新客戶和回頭客。我們希望繼續這項策略，特別是在回頭客和整體客戶保留方面。

We're not really in a place where we're looking to massively grow the portfolio, either the base or the ledger. We're not looking for double-digit growth there. We're not looking to take any unnecessary risks on from a credit perspective.

我們其實並不打算大規模擴大投資組合，無論是基礎投資組合或分類帳投資組合。我們並不期望那裡出現兩位數的成長。從信用角度來看，我們不想承擔任何不必要的風險。

So to the extent that application volume of acceptable risk customers continues to be this high and operations continues to run as smoothly as it is, I would expect the current mix of new customers to be about the same, as well as former customers. And then in addition to that, still aiming for overall increase in customer retention.

因此，在可接受風險客戶的申請量繼續保持如此高水準且營運繼續順利進行的範圍內，我預計當前新客戶和老客戶的組合將大致相同。除此之外，我們仍致力於全面提高客戶保留率。

Got it. Helpful. And then, last time we caught up was April. Obviously, sentiment has shifted dramatically, at least, in terms of public equity markets. But at least, just give us a sense for any changes in your consumer behavior.

知道了。很有幫助。然後，我們上次見面是在四月。顯然，至少就公開股票市場而言，情緒已經發生了巨大變化。但至少，讓我們了解您的消費者行為的任何變化。

It didn't sound like in April, there had been a dramatic impact from tariffs. And then -- but any changes that, at least, the public stock market has sentiment has shifted pretty dramatically since we last caught up?

聽起來四月關稅並沒有產生巨大影響。然後——但自從我們上次了解情況以來，至少公開股票市場的情緒已經發生了很大變化嗎？

Yeah, we have not really seen any increase in risk from our -- especially our newer customers. We would tend to see first signs of weakness there first.

是的，我們確實沒有看到風險有任何增加——尤其是我們的新客戶。我們往往會先看到那裡出現疲軟跡象。

So for our new customers, we've had some really tight underwriting for a few years. And even as we look at different credit bands, we haven't seen any real dramatic shifts in terms of first pay defaults or their ability to repay. So so far, we haven't seen any real impacts of that.

因此，對於我們的新客戶，我們在過去幾年中實行非常嚴格的承保。即使我們觀察不同的信用等級，我們也沒有看到首次付款違約或償還能力方面發生任何真正的顯著變化。所以到目前為止，我們還沒有看到任何實際影響。

Got it. That's it for me. Thanks for taking my questions.

知道了。對我來說就是這樣。感謝您回答我的問題。

John Rowan, Janney.

約翰羅文、詹妮。

Good morning, guys. Chad, can you repeat what you said about the repurchase authorization with the buckets that, I guess, come in once you retire the remaining notes?

大家早安。查德，您能否重複一下關於回購授權的說法，我猜，這些授權是在您贖回剩餘票據後進行的？

Yeah. So with the new credit agreement, there's really two things at play here. So there's an upfront repurchase allowance of $100 million in the first 12 months.

是的。因此，對於新的信貸協議，實際上有兩件事在起作用。因此，前 12 個月的預付回購津貼為 1 億美元。

In addition to that, we can also repurchase up to 100% of net income, which begins with January 1, 2025. So there's already approximately $45 million in that bucket as well. So as we said today, that's around $145 million.

除此之外，我們還可以回購高達 100% 的淨收入，從 2025 年 1 月 1 日開始。所以這個桶子裡已經有大約 4500 萬美元了。正如我們今天所說，這個數字約為 1.45 億美元。

Okay. But there was -- I thought you said that there's another $100 million that you'd have like $200 million up front?

好的。但是——我以為你說過還有另外 1 億美元，你會預付 2 億美元嗎？

So that bucket will build as we continue our income going forward. So where that used to be, it would build a 50% of that income, it's now 100% of net income.

因此，隨著我們未來收入的不斷增加，這個儲存桶也會不斷擴大。以前，它只佔淨收入的 50%，而現在則佔淨收入的 100%。

Okay. So you (inaudible) distribute, you have $100 million that will -- that comes in. But is that governed by the notes that you have to repurchase?

好的。所以你（聽不清楚）分配了，你有 1 億美元——這就進來了。但這是否受你必須回購的票據的支配？

Right, yes. So the notes are the limiting factor right now, right? So as of today, we can repurchase like [$7.2 million] but once we retire the bonds, that's no longer a factor.

是的，是的。所以現在筆記就是限制因素，對嗎？因此，截至今天，我們可以回購[720 萬美元]，但一旦我們贖回債券，這不再是一個因素。

Okay. And then you'll have just 100% of net income accruing into the bucket, correct?

好的。然後，您的淨收入將全部累積到該桶中，對嗎？

Correct.

正確的。

Okay. The new $640 million credit agreement, does that have any type of performance-based governor to repurchase or -- what are the -- what's the debenture as far as the credit performance within that?

好的。新的 6.4 億美元信貸協議，是否有任何類型的基於績效的回購管理機制，或者 - 其中的信用表現如何？

Yeah, there's nothing new in terms of that. So we -- there are some sort of CPI measures in there. But that's nothing new in terms of that.

是的，就這一點而言並沒有什麼新鮮事。因此我們—其中有一些 CPI 指標。但就這一點而言，這並不是什麼新鮮事。

If I'm not mistaken -- I haven't looked at the CPI in a little while for your old credit agreement. It was in the low-20s, if I'm not mistaken for a trailing -- on a trailing basis. Is that still around that same number?

如果我沒記錯的話——我已經有一段時間沒有查看過您的舊信用協議的 CPI 了。如果我沒有記錯的話，它是在 20 多歲左右，以落後為基礎。這個數字還差不多嗎？

It's a progressive measure, right? So it did -- I think it -- right now, we're around [18], I think (technical difficulty)

這是一個進步的措施，對吧？所以確實如此——我認為——現在，我們大約是[18]，我想（技術難度）

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Prashad for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給普拉沙德先生，請他作最後發言。

Thank you for taking the time to join us today. And this concludes the first-quarter earnings call for World Acceptance Corporation.

感謝您今天抽出時間來參加我們的活動。這就是 World Acceptance Corporation 第一季財報電話會議的結束。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。