World Acceptance Corporation is a consumer finance company operating primarily in 16 US states, offering small installment loans, credit insurance, and ancillary services to non-prime individuals.

# Company Summary: World Acceptance Corporation

## Business Description
- **Industry:** Small-loan consumer finance (installment loans)
- **Operations:** Operates in 16 U.S. states, primarily offering short-term and medium-term installment loans, credit insurance, and ancillary services.
- **Headquarters:** Greenville, South Carolina
- **Number of Branches (as of March 31, 2025):** 1,024 branches
- **Primary Customer Focus:** Individuals with limited access to traditional credit sources such as banks, credit unions, or credit card lenders.

## Loan Offerings
- **Loan Types:**  
  - Traditional installment loans: $400 - $5,000  
  - Loan terms: 6 to 14 months (generally)  
  - Interest rates: Average of 50.3% APR as of March 31, 2025  
  - Loan origination: Approximately $1,975 on average in fiscal 2025  
- **Loan Portfolio (as of March 31, 2025):**  
  - Gross loans receivable: **$1.226 billion**  
  - Number of loans: **693,556**  
  - Average gross loan balance: **$1,767**  
  - Largest state portfolio includes Texas (about 21%) and Georgia (about 12%)

## Revenue and Income
- **Total Revenue (fiscal 2025):** **$564.8 million**  
- **Breakdown of Revenue:**  
  - Interest and fee income: **$465.1 million** (82.3% of total revenue)  
  - Income from tax return preparation services: **$37.2 million** (fiscal 2025)  
  - Insurance revenue (credit life, accident/health, property, unemployment): **$99.8 million** (decreased from previous years)  
- **Net Income (fiscal 2025):** **$89.7 million** (a 16.0% increase from fiscal 2024)  
- **Earnings per Share:**  
  - Basic: **$16.54**  
  - Diluted: **$16.30**  
- **Number of Employees (as of March 31, 2025):** **2,838 total**  
  - Corporate employees: approximately 260 in Greenville, SC  
  - Branch employees: approximately 2,600 across 16 states

## Business Operations and Strategy
- **Loan Management:** Focuses on analyzing borrower creditworthiness based on discretionary income, employment stability, residence duration, and credit history.  
- **Refinancing:** About 65.7% of loans in fiscal 2025 were refinancings of existing loans.  
- **Loan Collection:** Uses customer contact strategies, wage garnishment where permitted, and centralized collections for over 90 days past due.  
- **Branch Operations:** Emphasis on local community presence, with most branches leased, averaging around 1,600 sq. ft., located in shopping centers, malls, and downtowns.  
- **Market:** Serves mainly non-prime, limited-access individuals, operating in states with specific licensing and regulation, including South Carolina, Texas, Georgia, and others.

## Regulatory Environment
- Subject to extensive federal and state regulation concerning licensing, interest rates, fees, advertising, and collection practices.
- Certain transactions involve selling credit insurance and ancillary products, with commissions earned on these sales.
- The company maintains a webpage and files with SEC; reports are available publicly.

This summary reflects the company's core operations, financial figures, staffing, and strategic focus based solely on the provided document.

World Acceptance Corporation is a leading small-loan consumer finance company based in South Carolina, providing short-term loans and serving customers with limited access to credit.

# Company Overview: World Acceptance Corporation

**Business Description:**
World Acceptance Corporation (the "Company") is a South Carolina-based small-loan consumer finance company engaged in providing short-term small installment loans, larger medium-term loans, related credit insurance, and various ancillary products and services. The Company primarily serves individuals with limited access to traditional sources of credit such as banks and credit unions.

## Key Operations
- **Branch Operations:** 
  - As of March 31, 2024, the Company operates **1,048 branches** across **16 states** in the U.S., including Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
  - The Company has opened **3 new branches** and merged **28 branches** during fiscal 2024.

- **Loan Products Offered:**
  - **Small Installment Loans:** Average loan origination of **$2,118**, ranging from **$350 to $6,000**.
  - **Large Installment Loans:** Origination up to **$32,400** with terms from **9 to 60 months**.
  - **Tax Advance Loans:** Minimum origination of **$500** and maximum of **$7,000**.

- **Customer Base:** 
  - As of March 31, 2024, the Company has serviced approximately **670,160 loans**, demonstrating a significant network of borrowers. 
  - The Company's historical customer tenure indicates a focus on building long-term relationships with borrowers, suggesting repeat business.

- **Revenue Streams:**
  - The Company generates its revenue primarily from **interest and fee income** from loans, which accounted for **81.7%** of total revenues in fiscal 2024.
  - **Insurance and ancillary income** also contribute significantly to revenue, including income from credit insurance and tax preparation services. In fiscal 2024, total revenues reached **$573.2 million**.

## Financial Performance
- **Revenue for Fiscal Years:**
  - **2024:** $573.2 million
  - **2023:** $616.5 million
  - **2022:** $585.2 million

- **Net Income:**
  - **2024:** $77.3 million (264.3% increase from $21.2 million in 2023)
  
- **Expenses:**
  - The provision for credit losses decreased to **$157.0 million** in fiscal 2024 from **$259.5 million** in fiscal 2023.
  - General administrative expenses for fiscal 2024 were **$268.6 million**, showing a slight decrease of **3.9%** from the previous year.

- **Employee Base:**
  - As of March 31, 2024, the Company employed **2,872 individuals**, with approximately **2,600** based in branches across various states and around **272** corporate team members.

## Compliance and Regulatory Environment
World Acceptance Corporation operates within a highly regulated industry, subject to extensive state and federal laws governing its lending practices. This includes adherence to compliance requirements set by the U.S. Consumer Financial Protection Bureau (CFPB).

## Summary
World Acceptance Corporation, as a leading small-loan consumer finance company, specializes in servicing a customer base with limited credit access through a diverse offering of loans and ancillary products. With a robust operational footprint and a focus on developing customer relationships, the Company is positioned to continue generating substantial revenues while navigating the complexities of regulatory requirements and market conditions.

WORLD ACCEPTANCE CORP

10-K / May 22, 2025

10-K / May 23, 2024

10-K / May 22, 2025

Company Summary: World Acceptance Corporation

Business Description

Loan Offerings

Revenue and Income

Business Operations and Strategy

Regulatory Environment