On this page of StockholderLetter.com we present the latest annual shareholder letter from WORLD ACCEPTANCE CORP — ticker symbol WRLD. Reading current and past WRLD letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
COMPANY PROFILE WORLD ACCEPTANCE CORPORATION ( World ), which has continuously operated since 1962, is one of the largest small-loan consumer finance companies in the United States, helping over one million customers to unlock their financial good annually. World works with its customers to help improve financial wellness while meeting an immediate financial need, celebrating the hundreds of thousands of customers who are able to improve their credit each year. Headquartered in Greenville, South Carolina, World offers the strength and technology of a national financial institution with personalized assistance through its local neighborhood branch network of over 1,000 branches. World is proudly rooted in the communities it serves and sets itself apart as a true financial partner offering an ever-expanding menu of customer-focused services and a commitment to teamwork, community, and care. World emphasizes quality service and the building of strong personal relationships with its customers. As a result, a substantial portion of World's new customers are from customer referrals. World's loans are generally under $5,000 (avg. $1,975) with maturities of less than 25 months (avg. 12 months). As of July 9, 2025, World operates 1,014 offices in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Wisconsin. 1
TABLE OF CONTENTS Item No. Contents Page PART I 1. 1A. 1B. 1C. Business Risk Factors Unresolved Staff Comments Cybersecurity 5 15 31 31 2. Properties 33 3. Legal Proceedings 33 4. Mine Safety Disclosures 33 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 6. [Reserved] 36 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Quantitative and Qualitative Disclosures About Market Risk 44 8. Financial Statements and Supplementary Data 45 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 83 9A. Controls and Procedures 83 9B. 9C. Other Information Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 84 7A. PART III 10. Directors, Executive Officers and Corporate Governance 84 11. Executive Compensation 84 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 13. Certain Relationships and Related Transactions, and Director Independence 84 14. Principal Accountant Fees and Services 84 PART IV 15. Exhibits and Financial Statement Schedules 84 16. Form 10-K Summary 85 2
TO OUR SHAREHOLDERS (Dollars in thousands, except per share and statistical data) As of and Years Ended March 31, 2025 Select Statement of Operations Data: Total revenues 2024 Change $564,842 $573,214 -1.46% Net income 89,741 77,346 16.03% Diluted earnings per share 16.30 13.19 23.58% $1,225,636 $1,277,149 -4.03% 1,007,627 1,056,351 -4.61% Total debt 447,857 498,419 -10.14% Total shareholders' equity 439,480 424,427 3.55% 8.5% 7.0% 21.43% Return on average shareholders' equity 21.0% 19.1% 9.95% Shareholders' equity to assets 43.6% 40.2% 8.46% 686,771 663,228 3.55% 1,361,455 1,288,091 5.70% 1,024 1,048 -2.29% Selected Balance Sheet Data: Gross loans receivable Total assets Selected Ratios: Return on average assets Statistical Data: Number of customers at period end Number of loans made Number of offices See our Consolidated Financial Statements and accompanying notes included herein. 3
 • shareholder letter icon 7/23/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/17/2023 WRLD Stockholder Letter
 • stockholder letter icon 7/22/2024 WRLD Stockholder Letter
 • stockholder letter icon More "Credit Services & Lending" Category Stockholder Letters
 • Benford's Law Stocks icon WRLD Benford's Law Stock Score = 96


WRLD Shareholder/Stockholder Letter Transcript:

2025
Annual
Report


COMPANY PROFILE
WORLD ACCEPTANCE CORPORATION (   World   ), which has continuously operated since 1962, is one of the
largest small-loan consumer finance companies in the United States, helping over one million customers to unlock their    financial
good    annually. World works with its customers to help improve financial wellness while meeting an immediate financial need,
celebrating the hundreds of thousands of customers who are able to improve their credit each year. Headquartered in Greenville,
South Carolina, World offers the strength and technology of a national financial institution with personalized assistance through
its local neighborhood branch network of over 1,000 branches. World is proudly rooted in the communities it serves and sets
itself apart as a true financial partner offering an ever-expanding menu of customer-focused services and a commitment to
teamwork, community, and care.
World emphasizes quality service and the building of strong personal relationships with its customers. As a result, a
substantial portion of World's new customers are from customer referrals. World's loans are generally under $5,000 (avg. $1,975)
with maturities of less than 25 months (avg. 12 months).
As of July 9, 2025, World operates 1,014 offices in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana,
Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
1

TABLE OF CONTENTS
Item No. Contents
Page
PART I
1.
1A.
1B.
1C.
Business
Risk Factors
Unresolved Staff Comments
Cybersecurity
5
15
31
31
2.
Properties
33
3.
Legal Proceedings
33
4.
Mine Safety Disclosures
33
PART II
5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
33
6.
[Reserved]
36
7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
36
Quantitative and Qualitative Disclosures About Market Risk
44
8.
Financial Statements and Supplementary Data
45
9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
83
9A.
Controls and Procedures
83
9B.
9C.
Other Information
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
84
84
7A.
PART III
10.
Directors, Executive Officers and Corporate Governance
84
11.
Executive Compensation
84
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
84
13.
Certain Relationships and Related Transactions, and Director Independence
84
14.
Principal Accountant Fees and Services
84
PART IV
15.
Exhibits and Financial Statement Schedules
84
16.
Form 10-K Summary
85
2

TO OUR SHAREHOLDERS
(Dollars in thousands, except per share and statistical data)
As of and Years Ended March 31,
2025
Select Statement of Operations Data:
Total revenues
2024
Change

$564,842
$573,214
-1.46%
Net income
89,741
77,346
16.03%
Diluted earnings per share
16.30
13.19
23.58%
$1,225,636
$1,277,149
-4.03%
1,007,627
1,056,351
-4.61%
Total debt
447,857
498,419
-10.14%
Total shareholders' equity
439,480
424,427
3.55%
8.5%
7.0%
21.43%
Return on average shareholders' equity
21.0%
19.1%
9.95%
Shareholders' equity to assets
43.6%
40.2%
8.46%
686,771
663,228
3.55%
1,361,455
1,288,091
5.70%
1,024
1,048
-2.29%
Selected Balance Sheet Data:
Gross loans receivable
Total assets
Selected Ratios:
Return on average assets
Statistical Data:
Number of customers at period end
Number of loans made
Number of offices
See our Consolidated Financial Statements and accompanying notes included herein.
3



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