World Acceptance Corporation (NASDAQ: WRLD) today reported
financial results for its first quarter of fiscal 2023 and three
months ended June 30, 2022.
First quarter highlights
During its first quarter, the World Acceptance Corporation
experienced exceptional growth in both loan balances and customer
base even while tightening our underwriting at the beginning of the
quarter. While this growth initially depresses current earnings due
to the day one provisioning for anticipated credit losses under the
current accounting standards, it positions the company well for the
future as these customers continue to generate revenue over the
long term.
Highlights from the first quarter include:
- Unique customer base grew 11.4% from same quarter prior
year
- Gross loans outstanding of $1.64 billion, a 34.2% increase from
same quarter prior year
- Total revenues of $157.6 million, a 21.5% increase from the
same quarter prior year
- Net loss of $8.8 million and adjusted net income of $6.6
million
- Net loss per diluted share of $1.53, and adjusted net income
per diluted share of $1.15
- Cash flow from operating activities of $58.2 million over the
last three months, a 18.8% increase from FY2022
Portfolio results
Gross loans outstanding increased to $1.64 billion as of June
30, 2022, a 34.2% increase from the $1.22 billion of gross loans
outstanding for the period ended June 30, 2021. During the most
recent quarter, gross loans outstanding increased 7.8%, or $119.0
million, from Q4 fiscal 2022 compared to an increase of 10.7%, or
$118.4 million, in the comparable quarter of the prior year. During
the quarter, we saw an increase in borrowing from new, current and
former customers that exceeded comparable pre-pandemic volumes. We
have seen increased demand for new customer applications since the
third quarter of fiscal 2022. The borrowing increase was driven by
an increase in applications under tightened underwriting standards
initiated during the third quarter of fiscal 2022. Underwriting was
tightened further in April for the current fiscal year.
The following table includes the volume of gross loan
origination balances, excluding tax advance loans, by customer type
for the following comparative quarterly periods:
Q1 FY 2023
Q1 FY 2022
Q1 FY 2021
New Customers
$75,263,048
$58,956,364
$17,737,020
Former Customers
$110,262,220
$104,117,107
$39,210,936
Refinance Customers
$746,840,769
$595,277,770
$412,496,734
Our customer base increased by 11.4% during the twelve-month
period ended as of June 30, 2022, compared to a decrease of 6.5%
for the comparable period ended June 30, 2021. During the quarter
ended June 30, 2022, the number of unique borrowers in the
portfolio increased by 0.2% compared to a decrease of 1.0% during
the quarter ended June 30, 2021. As a result of the expanded
emphasis on our larger loan offerings, the average gross loan
balance increased 20.8% during the twelve-month period ended June
30, 2022, compared to June 30, 2021. As a result of underwriting
changes over the past several quarters, the number of new customer
loans originated during the quarter declined 27-30% when compared
to the most recent pre-pandemic Q1 levels as the increased credit
quality requirements resulted in a 28-31% lower book-to-look rate
when compared to the same periods.
As of June 30, 2022, the Company had 1,146 open branches. For
branches open throughout both periods, same store gross loans
increased 38.2% in the twelve-month period ended June 30, 2022,
compared to an increase of 16.4% for the twelve-month period ended
June 30, 2021. For branches open throughout both periods, the
customer base over the twelve-month period ended June 30, 2022,
increased 14.6% compared to a decrease of 5.1% for the twelve
months ended June 30, 2021.
Three-month financial results
Net income for the first quarter of fiscal 2023 decreased by
$24.6 million to an $8.8 million loss from $15.8 million for the
same quarter of the prior year. Net income per diluted share
decreased to $1.53 loss per share in the first quarter of fiscal
2023 from $2.44 per share for the same quarter of the prior year.
Net income was significantly impacted by an increase in the day one
provision for credit losses under the accounting standards that is
directly related to the growth and the impact of seasonality on the
expected loss rates. Net income adjusted for the impact of the
change in the allowance for credit losses but including the impact
of recognized net credit losses was $6.6 million for the current
quarter compared to $20.5 million in the same quarter of the prior
year. Adjusted net income per diluted share decreased to $1.15 per
share in the first quarter of fiscal 2023 from $3.17 per share for
the same quarter of the prior year. We believe this provides
additional insight into our operations and profitability in periods
of substantial growth and provides additional information regarding
the expected loss rates due to credit normalization and
seasonality. See further discussion on the current quarter
provision and impact of current expected credit loss below.
The Company repurchased 73,643 shares of its common stock on the
open market at an aggregate purchase price of approximately $14.3
million during the first quarter of fiscal 2023. This is in
addition to repurchase of 589,533 shares in fiscal 2022 at an
aggregate purchase price of approximately $111.1 million and the
repurchase of 1,129,875 shares in fiscal 2021 at an aggregate
purchase price of approximately $102.4 million. The Company had
approximately 5.7 million common shares outstanding, excluding
approximately 550,000 unvested restricted shares, as of June 30,
2022. As of June 30, 2022, the Company had the ability to
repurchase approximately $1.1 million of additional shares under
its current share repurchase program and, subject to board
approval, could repurchase approximately $14.2 million of shares
under the terms of its debt facilities.
Total revenues for the first quarter of fiscal 2023 increased to
$157.6 million, a 21.5% increase from $129.7 million for the same
quarter of the prior year. This was driven by an increase in
average gross earning loans (total gross loans less gross loans 60
days contractually past due and tax advances) of 29.7%. Interest
and fee income increased 19.3%, from $109.2 million in the first
quarter of fiscal 2022 to $130.2 million in the first quarter of
fiscal 2023 due to an increase in loans outstanding. Insurance
income increased by 37.2% to $17.0 million in the first quarter of
fiscal 2023 compared to $12.4 million in the first quarter of
fiscal 2022. The large loan portfolio increased from 46.0% of the
overall portfolio as of June 30, 2021, to 53.4% as of June 30,
2022. This resulted in lower interest and fee yields but higher
insurance sales in the most recent quarter, given that the sale of
insurance products is limited to large loans in several states in
which we operate. Other income increased by 28.3% to $10.3 million
in the first quarter of fiscal 2022 compared to $8.1 million in the
fourth quarter of fiscal 2021. Other income includes a $3.1 million
bargain purchase gain during the current quarter.
On April 1, 2020, the Company replaced its incurred loss
methodology with a current expected credit loss ("CECL")
methodology to accrue for expected losses. This change in
accounting methodology requires us to create a larger provision for
credit losses on the day we originate the loan compared to the
prior methodology. The provision for credit losses increased $55.6
million to $85.8 million from $30.3 million when comparing the
first quarter of fiscal 2023 to the first quarter of fiscal 2022.
The table below itemizes the key components of the CECL allowance
and provision impact during the quarter.
CECL Allowance and Provision (Dollars
in millions)
FY 2023
FY 2022
Difference
Beginning Allowance - March 31
$134.2
$91.7
$42.5
Change due to Growth
$10.5
$9.8
$0.7
Change due to Expected Loss Rate on
Performing Loans
$16.8
$2.5
$14.3
Change due to 90 day past due
$(5.9)
$(6.2)
$0.3
Ending Allowance - June 30
$155.6
$97.8
$57.8
Net Charge-offs
$64.4
$24.1
$40.3
Provision
$85.8
$30.3
$55.5
Note: The change in allowance for the
quarter plus net charge-offs for the quarter equals the provision
for the quarter.
The change in the allowance during the quarter was significantly
impacted by both growth and changes in expected loss rates on our
performing loans. The three most important factors impacting the
expected loss rates on performing loans are recent actual loss
performance, changes in mix of the portfolio tenure, and a
seasonality factor. The seasonality factor had the most significant
impact on the expected loss rates during the quarter, resulting in
a 14.5% increase in the portfolio expected loss rates or
approximately $13.4 million. The table below includes the
seasonality factor for each quarter end.
Quarter End
Seasonality Factor
March 31
0.943738
June 30
1.080301
September 30
1.047518
December 31
0.938281
Expected loss rates by tenure bucket also increased due to
actual loss rates increasing as credit normalizes. This was offset
to some degree by a shift in portfolio mix to more tenured
customers.
Net charge-offs for the quarter increased $40.3 million, from
$24.1 million in the first quarter of fiscal 2022 to $64.4 million
in the first quarter of fiscal 2023. Net charge-offs as a
percentage of average net loan receivables on an annualized basis
increased from 11.4% in the first quarter of fiscal 2022 to 22.3%
in the first quarter of fiscal 2023. Annualized net charge-offs
were 18.3% for the first quarter of fiscal 2021. The increase in
delinquency and charge-offs were expected due to the increase in
new and shorter tenured customers over the last twelve months.
Accounts 61 days or more past due increased to 6.9% on a recency
basis at June 30, 2022, compared to 4.0% at June 30, 2021, and 5.7%
at June 30, 2020. Total delinquency on a recency basis increased to
11.2% at June 30, 2022, compared to 6.7% at June 30, 2021, and 8.3%
at June 30, 2020. Our allowance for credit losses as a percent of
net loans receivable was 13.0% at June 30, 2022, compared to 10.9%
at June 30, 2021, and 14.2% at June 30, 2020. The increase in
delinquency was expected given the increase in new, shorter tenured
borrowers in recent quarters.
The table below is updated to use the customer tenure based
methodology that aligns with our CECL methodology. After
experiencing rapid portfolio growth during fiscal years 2019 and
2020, primarily in new customers, our gross loan balance
experienced pandemic related declines in fiscal 2021 before
rebounding during fiscal 2022. The tables below illustrate the
changes in the portfolio weighting.
Gross Loan Balance By Customer
Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
Total
06/30/2017
$273,887,376
$707,810,306
$981,697,682
06/30/2018
$319,827,964
$742,845,987
$1,062,673,951
06/30/2019
$429,461,205
$793,297,330
$1,222,758,535
06/30/2020
$355,437,073
$712,516,701
$1,067,953,773
06/30/2021
$382,753,073
$840,444,842
$1,223,197,915
06/30/2022
$522,860,576
$1,119,072,168
$1,641,932,744
Year-Over-Year Growth
(Decline) in Gross Loan Balance by Customer Tenure at
Origination
12 Month Period Ended
Less Than 2 Years
More Than 2 Years
Total
6/30/2017
$4,751,788
$(9,068,937)
$(4,317,149)
6/30/2018
$45,940,588
$35,035,681
$80,976,269
6/30/2019
$109,633,241
$50,451,343
$160,084,584
6/30/2020
$(74,024,133)
$(80,780,629)
$(154,804,762)
6/30/2021
$27,316,000
$127,928,141
$155,244,141
6/30/2022
$140,107,503
$278,627,326
$418,734,829
Portfolio Mix by Customer
Tenure at Origination
As of
Less Than 2 Years
More Than 2 Years
6/30/2017
27.9%
72.1%
6/30/2018
30.1%
69.9%
6/30/2019
35.1%
64.9%
6/30/2020
33.3%
66.7%
6/30/2021
31.3%
68.7%
6/30/2022
31.8%
68.2%
While the mix of less than two year customer balances is
relatively consistent with June 30, 2021, there has been a
significant increase in the shortest tenured customers within this
cohort. The 0-5 month customer bucket has increased from 8.5% of
the overall portfolio as of June 30, 2021, to 11.9% of the
portfolio as of June 30, 2022. The 0-5 month customer is our
riskiest customer.
General and administrative (“G&A”) expenses decreased $0.5
million, or 0.7%, to $72.9 million in the first quarter of fiscal
2023 compared to $73.4 million in the same quarter of the prior
fiscal year. As a percentage of revenues, G&A expenses
decreased from 56.6% during the first quarter of fiscal 2022 to
46.2% during the first quarter of fiscal 2023. G&A expenses per
average open branch increased by 3.3% when comparing the first
quarter of fiscal 2023 to the first quarter fiscal 2022.
Personnel expense decreased $1.1 million, or 2.3%, during the
first quarter of fiscal 2023 as compared to the first quarter of
fiscal 2022. Salary expense increased approximately $1.6 million,
or 5.6%, in the quarter ended June 30, 2022, compared to the
quarter ended June 30, 2021. Our headcount as of June 30, 2022,
increased 3.3% compared to June 30, 2021. Benefit expense decreased
approximately $0.4 million, or 4.0%, when comparing the quarterly
periods ended June 30, 2022 and 2021. Incentive expense decreased
$2.1 million, or 17.4%, in the first quarter of fiscal 2023
compared to first quarter of fiscal 2022.
Occupancy and equipment expense decreased $0.4 million, or 2.7%,
when comparing the quarterly periods ended June 30, 2022 and 2021.
The prior year includes a $0.3 million write down of signage as a
result of rebranding our offices in the prior year fourth quarter
and we did not have any similar expense this year.
Advertising expense decreased $1.6 million, or 41.3%, in the
first quarter of fiscal 2023 compared to the first quarter of
fiscal 2022 due to decreased spending on new customer acquisition
programs.
Other expense increased $2.6 million, or 30.0%, in the first
quarter of fiscal 2023 compared to the fourth quarter of fiscal
2022.
Interest expense for the quarter ended June 30, 2022, increased
by $5.7 million, or 103.1%, from the corresponding quarter of the
previous year. Interest expense increased due to an increase in
average debt outstanding and a 20.0% increase in the effective
interest rate from 5.0% to 6.0%. The average debt outstanding
increased from $420.2 million to $741.7 million when comparing the
quarters ended June 30, 2021 and 2022. The Company’s debt to equity
ratio increased to 2.2:1 at June 30, 2022, compared to 1.2:1 at
June 30, 2021. As of June 30, 2022, the Company had $777.0 million
of debt outstanding, net of unamortized debt issuance costs related
to the unsecured senior notes payable.
Other key return ratios for the first quarter of fiscal 2023
included a 2.5% return on average assets and a return on average
equity of 7.5% (both on a trailing twelve-month basis).
Non-GAAP financial measures
From time-to-time the Company uses certain financial measures
derived on a basis other than generally accepted accounting
principles (“GAAP”), primarily by excluding from a comparable GAAP
measure certain items the Company does not consider to be
representative of its actual operating performance. Such financial
measures qualify as “non-GAAP financial measures” as defined in SEC
rules. The Company uses these non-GAAP financial measures in
operating its business because management believes they are less
susceptible to variances in actual operating performance that can
result from the excluded items and other infrequent charges. The
Company may present these financial measures to investors because
management believes they are useful to investors in evaluating the
primary factors that drive the Company’s core operating performance
and provide greater transparency into the Company’s results of
operations. However, items that are excluded and other adjustments
and assumptions that are made in calculating these non-GAAP
financial measures are significant components to understanding and
assessing the Company’s financial performance. Such non-GAAP
financial measures should be evaluated in conjunction with, and are
not a substitute for, the Company’s GAAP financial measures.
Further, because these non-GAAP financial measures are not
determined in accordance with GAAP and are, thus, susceptible to
varying calculations, any non-GAAP financial measures, as
presented, may not be comparable to other similarly titled measures
of other companies.
For purposes of assessing performance, the Company will adjust
earnings to remove the impact of the change in the allowance for
credit losses but including the impact of recognized net credit
losses. The Company believes this measure improves the
compatibility of our results to peer companies who use varying
methods to determine their allowance for credit losses under the
CECL. The measure also normalizes earnings for the impact of
growth, seasonality and periods of volatility in expected loss
rates.
This measure has limitations as an analytical tool and should
not be considered in isolation or as a substitute for GAAP earnings
or other income statement data prepared in accordance with GAAP.
The following table reconciles GAAP net income (loss) to Adjusted
net income (loss):
Three months ended June 30,
Three months ended June 30,
2022
2021
Income (loss) before income taxes
$(12,252,252)
$
20,541,298
Provision for credit losses
85,822,267
30,265,811
Net charge-offs
(64,414,450)
(24,135,468
)
Adjusted income before income taxes
9,155,565
26,671,641
Income taxes at actual rate
2,577,555
6,194,169
Adjusted net income
$6,578,010
$
20,477,472
Weighted average dilutive shares
outstanding
5,740,835
6,455,753
Adjusted net income per common share,
diluted
$1.15
$
3.17
About World Acceptance Corporation (World Finance)
Founded in 1962, World Acceptance Corporation (NASDAQ: WRLD), is
a people-focused finance company that provides personal installment
loan solutions and personal tax preparation and filing services to
over one million customers each year. Headquartered in Greenville,
South Carolina, the Company operates more than 1,100
community-based World Finance branches across 16 states. The
Company primarily serves a segment of the population that does not
have ready access to credit; however, unlike many other lenders in
this segment, we strive to work with our customers to understand
their broader financial pictures, ensure they have the ability and
stability to make payments, and help them achieve their financial
goals. For more information, visit www.loansbyworld.com.
First quarter conference call
The senior management of World Acceptance Corporation will be
discussing these results in its quarterly conference call to be
held at 10:00 a.m. Eastern Time today. A simulcast of the
conference call will be available on the Internet at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=DC1YNN8t.
The call will be available for replay on the Internet for
approximately 30 days.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
that have occurred after quarter end. The Company’s responses to
questions, as well as other matters discussed during the conference
call, may contain or constitute information that has not been
disclosed previously.
Cautionary Note Regarding Forward-looking Information
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, that represent the Company’s current
expectations or beliefs concerning future events. Statements other
than those of historical fact, as well as those identified by words
such as “anticipate,” “estimate,” intend,” “plan,” “expect,”
“project,” “believe,” “may,” “will,” “should,” “would,” “could,”
“probable” and any variation of the foregoing and similar
expressions are forward-looking statements. Such forward-looking
statements are inherently subject to risks and uncertainties. The
Company’s actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause actual results or
performance to differ from the expectations expressed or implied in
such forward-looking statements include the following: the ongoing
impact of the COVID-19 pandemic and the mitigation efforts by
governments and related effects on our financial condition,
business operations and liquidity, our customers, our employees,
and the overall economy; recently enacted, proposed or future
legislation and the manner in which it is implemented; changes in
the U.S. tax code; the nature and scope of regulatory authority,
particularly discretionary authority, that may be exercised by
regulators, including, but not limited to, U.S. Consumer Financial
Protection Bureau, and individual state regulators having
jurisdiction over the Company; the unpredictable nature of
regulatory proceedings and litigation; employee misconduct or
misconduct by third parties; uncertainties associated with
management turnover and the effective succession of senior
management; media and public characterization of consumer
installment loans; labor unrest; the impact of changes in
accounting rules and regulations, or their interpretation or
application, which could materially and adversely affect the
Company’s reported consolidated financial statements or necessitate
material delays or changes in the issuance of the Company’s audited
consolidated financial statements; the Company's assessment of its
internal control over financial reporting; changes in interest
rates; the impact of inflation; risks relating to the acquisition
or sale of assets or businesses or other strategic initiatives,
including increased loan delinquencies or net charge-offs, the loss
of key personnel, integration or migration issues, the failure to
achieve anticipated synergies, increased costs of servicing,
incomplete records, and retention of customers; risks inherent in
making loans, including repayment risks and value of collateral;
cybersecurity threats, including the potential misappropriation of
assets or sensitive information, corruption of data or operational
disruption; our dependence on debt and the potential impact of
limitations in the Company’s amended revolving credit facility or
other impacts on the Company's ability to borrow money on favorable
terms, or at all; the timing and amount of revenues that may be
recognized by the Company; changes in current revenue and expense
trends (including trends affecting delinquency and charge-offs);
the impact of extreme weather events and natural disasters; changes
in the Company’s markets and general changes in the economy
(particularly in the markets served by the Company).
These and other factors are discussed in greater detail in Part
I, Item 1A, “Risk Factors” in the Company’s most recent annual
report on Form 10-K for the fiscal year ended March 31, 2022, as
filed with the SEC and the Company’s other reports filed with, or
furnished to, the SEC from time to time. World Acceptance
Corporation does not undertake any obligation to update any
forward-looking statements it makes. The Company is also not
responsible for updating the information contained in this press
release beyond the publication date, or for changes made to this
document by wire services or Internet services.
WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited and in thousands,
except per share amounts)
Three months ended June 30,
2022
2021
Revenues:
Interest and fee income
$
130,205
$
109,175
Insurance income, net and other income
27,389
20,484
Total revenues
157,594
129,659
Expenses:
Provision for credit losses
85,822
30,266
General and administrative expenses:
Personnel
45,178
46,232
Occupancy and equipment
13,235
13,607
Advertising
2,208
3,760
Amortization of intangible assets
1,132
1,215
Other
11,097
8,537
Total general and administrative
expenses
72,850
73,351
Interest expense
11,174
5,501
Total expenses
169,846
109,118
Income (loss) before income taxes
(12,252
)
20,541
Income taxes
(3,449
)
4,770
Net income (loss)
$
(8,803
)
$
15,771
Net income (loss) per common share,
diluted
$
(1.53
)
$
2.44
Weighted average diluted shares
outstanding
5,741
6,456
WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
June 30, 2022
March 31, 2022
June 30, 2021
ASSETS
Cash and cash equivalents
$
13,303
$
19,236
$
8,387
Gross loans receivable
1,641,798
1,522,789
1,223,139
Less:
Unearned interest, insurance and fees
(447,290
)
(403,031
)
(322,754
)
Allowance for credit losses
(155,651
)
(134,243
)
(97,853
)
Loans receivable, net
1,038,857
985,515
802,532
Operating lease right-of-use assets,
net
86,224
85,631
87,951
Finance lease right-of-use assets, net
505
608
912
Property and equipment, net
24,164
24,476
25,391
Deferred income taxes, net
45,579
39,801
28,782
Other assets, net
44,231
35,902
38,867
Goodwill
7,371
7,371
7,371
Intangible assets, net
18,839
19,756
22,340
Assets held for sale
—
—
1,144
Total assets
$
1,279,073
$
1,218,296
$
1,023,677
LIABILITIES &
SHAREHOLDERS' EQUITY
Liabilities:
Senior notes payable
$
481,393
$
396,973
$
467,700
Senior unsecured notes payable, net
295,645
295,394
—
Income taxes payable
6,632
7,384
12,407
Operating lease liability
88,304
87,399
89,441
Finance lease liability
46
80
431
Accounts payable and accrued expenses
52,926
58,042
48,227
Total liabilities
924,946
845,272
618,206
Shareholders' equity
354,127
373,024
405,471
Total liabilities and shareholders'
equity
$
1,279,073
$
1,218,296
$
1,023,677
WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED
STATISTICS
(unaudited and in thousands,
except percentages and branches)
Three months ended June 30,
2022
2021
Gross loans receivable
$
1,641,798
$
1,223,139
Average gross loans receivable (1)
1,575,548
1,144,425
Net loans receivable (2)
1,194,508
900,385
Average net loans receivable (3)
1,152,981
849,175
Expenses as a percentage of total
revenue:
Provision for credit losses
54.5
%
23.3
%
General and administrative
46.2
%
56.6
%
Interest expense
7.1
%
4.2
%
Operating income (loss) as a % of total
revenue (4)
(0.7
) %
20.1
%
Loan volume (5)
932,379
754,209
Net charge-offs as percent of average net
loans receivable on an annualized basis
22.3
%
11.4
%
Return on average assets (trailing 12
months)
2.5
%
9.1
%
Return on average equity (trailing 12
months)
7.5
%
23.0
%
Branches opened or acquired (merged or
closed), net
(21
)
—
Branches open (at period end)
1,146
1,205
_______________________________________________________
(1) Average gross loans receivable have
been determined by averaging month-end gross loans receivable over
the indicated period, excluding tax advances.
(2) Net loans receivable is defined as
gross loans receivable less unearned interest and deferred
fees.
(3) Average net loans receivable have been
determined by averaging month-end gross loans receivable less
unearned interest and deferred fees over the indicated period,
excluding tax advances.
(4) Operating income is computed as total
revenues less provision for credit losses and general and
administrative expenses.
(5) Loan volume includes all loan balances
originated by the Company. It does not include loans purchased
through acquisitions.
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John L. Calmes, Jr. Chief Financial and Strategy Officer (864)
298-9800
World Acceptance (NASDAQ:WRLD)
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World Acceptance (NASDAQ:WRLD)
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