World Acceptance Corp (WRLD) 2026 Q4 法說會逐字稿

Good morning, and welcome to World Acceptance Corporation's fourth quarter 2026 earnings conference call. This call is being recorded.

早安，歡迎參加 World Acceptance Corporation 2026 會計年度第四季財報電話會議。本次通話將被錄音。

Before we begin, the corporation has requested that I make the following announcement. The comments made during this conference call may contain forward-looking statements within the meaning of Section 21E 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. Statements other than those of historical fact as well as those identified by the words anticipate, estimate, intend, plan, expect, believe, may, will and should or any variation of the foregoing and similar expressions are forward-looking statements.

在我們開始之前，公司要求我宣讀以下聲明。本次電話會議中的評論可能包含《1934 年證券交易法》第 21E 條所定義的前瞻性陳述，代表公司對未來事件的預期與信念。此類前瞻性陳述涉及本質上受風險與不確定性影響的事項。除歷史事實陳述外，以及使用「預期、估計、意圖、計畫、期望、相信、可能、將、應」或其任何變體及類似表述所識別的陳述，均屬前瞻性陳述。

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 in today's earnings press release and in the Risk Factors 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. The corporation does not undertake any obligation to update any forward-looking statements it makes.

有關前瞻性陳述的更多資訊，以及任何可能導致實際結果或表現與該等前瞻性陳述所明示或暗示之預期不同的因素，載於今日財報新聞稿中討論前瞻性陳述的段落，以及公司截至 2025 年 3 月 31 日止會計年度最近一期 Form 10-K 的「風險因素」章節，並載於公司不時向 SEC 提交或提供的後續報告中。公司不承擔更新其所作任何前瞻性陳述之義務。

At this time, it is my pleasure to turn the floor over to your host, Janet Matricciani, Interim President and Chief Executive Officer.

此刻，我很榮幸將會議交給本次主持人——臨時總裁兼執行長 Janet Matricciani 女士。

Thank you, Michael. Good morning, and welcome to our fourth quarter and full year 2026 earnings call. I rejoined the company on April 13, and I'm pleased to be leading the team as we strengthen and grow our company. And I look forward to speaking with you in more detail in the quarters ahead.

謝謝你，Michael。早安，歡迎參加我們 2026 會計年度第四季及全年財報電話會議。我於 4 月 13 日重返公司，很高興能帶領團隊強化並成長我們的公司。也期待在接下來的季度中與各位更深入交流。

But for today, I'll turn it over to our CFO, Johnny Calmes, to walk through the quarter and the full year highlights. Thank you, Johnny.

不過就今天而言，我先把時間交給我們的財務長 Johnny Calmes，請他帶各位回顧本季與全年重點。謝謝你，Johnny。

Thanks, Janet. We are pleased with the results of fourth quarter and more importantly, we feel we are positioned very well for fiscal 2027. We achieved earnings per share of $7.70 for the fourth quarter of fiscal 2026, including the impact of one of our senior executives retiring, which had an after-tax impact of approximately $0.25 per share. Total revenue for the quarter increased 7.4%, driven by an increase in loans outstanding and yields.

謝謝，Janet。我們對第四季的成果感到滿意，更重要的是，我們認為公司已為 2027 會計年度做好非常充分的準備。2026 會計年度第四季每股盈餘為 7.70 美元，其中包含一位資深主管退休的影響，稅後對每股約影響 0.25 美元。本季總營收成長 7.4%，主要受惠於放款餘額增加與收益率提升。

We also had a fantastic tax preparation season, where we saw returns prepared increase 13%. Interest fee and insurance income increased 5.4%, and we expect similar increases in the coming quarters. After a buildup in field personnel in the third fiscal quarter to address service gaps, we reduced headcount in the field by 5% in the fourth quarter. This will reduce personnel expense in the coming quarters relative to the third and fourth quarters of fiscal '26. We expect personnel expense to be between $47 million to $49 million in the first three quarters and slightly higher than that in the fourth quarter.

我們也迎來非常出色的報稅季，報稅申報件數增加 13%。利息、手續費與保險收入成長 5.4%，我們預期未來幾季將有類似增幅。在 2026 會計年度第三季為彌補服務缺口而增加第一線人員後，我們在第四季將第一線人力縮減 5%。相較於 2026 會計年度第三季與第四季，這將在未來幾季降低人事費用。我們預期前三季人事費用介於 4,700 萬至 4,900 萬美元，第四季則會略高於此水準。

We increased our loans outstanding by 4.4%, while also decreasing our delinquency in both rate and dollars. This should lead to higher revenues and lower charge-offs in the coming quarters. We also intend to rely less on new customers in the coming year, which should have a positive impact on credit metrics.

我們的放款餘額增加 4.4%，同時在逾期率與逾期金額兩方面均有所下降。這應可在未來幾季帶來更高營收與更低的沖銷。我們也計畫在來年降低對新客戶的依賴，這應會對信用指標帶來正面影響。

Further, we repurchased an additional 37.8 million of shares during the quarter. This is in addition to shares previously repurchased during the fiscal year, equates to 16.5% of our outstanding shares at the beginning of the year.

此外，我們在本季額外回購了 3,780 萬美元的股份。加上本會計年度先前已回購的股份，合計相當於年初流通在外股份的 16.5%。

At this time, we would like to open it up to any questions you may have.

此刻，我們想開放各位提問。

(Operator Instructions) Kyle Joseph, Stephens.

（接線員指示）Kyle Joseph，Stephens。

Welcome back, Janet. Just wanted to start on everything that was going on macroeconomically. It sounds like you guys obviously had good growth of your tax revs, but just kind of want to talk through the impacts of the bigger tax refunds on loan demand and credit and then how much of that was offset in March by the increase in gas prices?

歡迎回來，Janet。我想先從整體宏觀經濟環境談起。聽起來你們的報稅相關收入成長不錯，但我想請你們談談較大額退稅對放款需求與信用的影響，以及 3 月油價上漲在多大程度上抵銷了這些影響？

Sure. So Kyle, we actually have Tobin Turner, our Chief Operating Officer, here with us on the call, and he can speak to some of the impacts that we're seeing from gas prices or not seeing.

當然。Kyle，我們的營運長 Tobin Turner 也在電話會議上，他可以說明我們從油價上漲所看到或尚未看到的一些影響。

Yes. We're definitely, thank you, Kyle. We're watching our most recent vintages very, very closely. So far, we seem fairly pleased with their performance. we've kind of been watching our credit box around the margin pretty tightly.

是的。Kyle，謝謝你。我們確實非常、非常密切地關注最新的放款批次（vintages）。截至目前，我們對其表現相當滿意。我們也一直在邊際上非常嚴格地控管我們的授信標準。

So at the present, high gas prices are definitely on our radar, but we're not seeing a significant impact in our most recent vintages, at least yet.

因此，就目前而言，高油價確實在我們的關注範圍內，但至少到目前為止，我們在最新的放款批次中尚未看到顯著影響。

And as you can see, our front-end delinquency and back-end delinquency looks really strong and improvement over March of last year. So yes, certainly something we're watching, but there's no clear indications that it's having an impact so far.

而且如各位所見，我們的前端逾期與後端逾期表現都非常強勁，較去年 3 月有所改善。所以，是的，這當然是我們正在觀察的事項，但目前沒有明確跡象顯示它已造成影響。

Got it. And then, yes, nice to see another quarter of loan growth, but just remind us any leverage limitations you have there? How much growth can you actually do, obviously, balancing repurchasing shares as well?

了解。另外，很高興看到放款再度成長一季，但請提醒我們在槓桿方面有任何限制嗎？在同時也要平衡回購股份的情況下，你們實際上能做到多少成長？

Sure. Yes, there's no leverage limitations. But in general, the goal is to kind of grow in that mid-single-digit range kind of where we were this year, maybe a little higher.

當然。是的，沒有槓桿限制。但整體而言，我們的目標是維持在中個位數的成長區間，大致與今年相近，或許略高一些。

(Operator Instructions) Seeing no additional questions, this concludes our question-and-answer session. I would like to turn the conference back over to Ms. Matricciani for any closing remarks.

（接線員指示）目前沒有其他問題，本次問答環節到此結束。我想把會議交回 Matricciani 女士，請她做結語。

Yes. I'd just like to say thank you very much for your interest in our company, and we very much look forward to our path ahead.

好的。我只想說，非常感謝各位對我們公司的關注，我們也非常期待未來的發展道路。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。