ワールド・アクセプタンス（WRLD）2027年度第2四半期決算説明会：与信品質が改善

要約

• ワールド・アクセプタンス（World Acceptance Corporation）が発表した2027年度第2四半期の調整後1株当たり利益（EPS）は1.92ドルでした。
• 売上高は3.2%増加した一方、貸倒引当金費用は7.7%減少しました。
• 早期延滞率は20%から18.9%へと改善し、経営陣は後期延滞率も改善していると言及しました。
• 同社は貸出に対して引き続き慎重な姿勢を維持しています。引受基準は3月期と比べるとわずかに緩やかになったものの、前年同期との比較では依然として大幅に厳しくなっています。
• 経営陣は、同社の短期的な成長軌道に劇的な変化が起きるとは予想していません。
• クレジットカードのパイロット事業は引き続き検証段階にあり、規模拡大の可能性に関する決定は少なくとも1〜2四半期先になる見込みです。

主要財務データ

事業および業績

ワールド・アクセプタンスによると、2027年度第2四半期の業績には、ローンポートフォリオの責任ある拡大、信用品質の改善、および経費抑制の進展が反映されています。

経営陣は、信用指標の改善を保守的な引受基準によるものとしています。同社は現在、新規貸出に対して慎重なアプローチをとりながら、既存顧客および事業ファンダメンタルズに注力しています。

トビン・ターナー最高執行責任者（COO）によると、申込件数の推移は良好な状態を維持しています。経営陣は、条件が整ったと判断した段階で成長を促進する機会があるとみています。

クレジットカードの提供はパイロットテスト段階にとどまっています。同社は顧客行動を長期的に観察するのに十分な枚数のカードを発行していますが、規模拡大の可否を決定する前に初期ポートフォリオの経過を見極めています。

経営陣の見通し

経営陣は、貸出基準が3月期よりわずかに緩和されたものの、前年同期と比べると大幅に厳しい状態が続いていると説明しました。同社は成長速度をやや高めるために引受基準を調整する可能性はあるものの、短期的に成長軌道が劇的に変化することは予想していません。

ワールド・アクセプタンスはまた、経費に対する規律あるアプローチを維持する方針です。クレジットカードのパイロット事業について、経営陣は規模拡大の意思決定までに少なくとも1〜2四半期はかかると示唆しました。

リスクと注視点

ガソリン価格の上昇は、歴史的にワールド・アクセプタンスの顧客に影響を与えてきました。経営陣は、ガソリン価格の高騰がなければ信用指標がどれほど改善したかを特定するのは難しいとしつつも、保守的な貸出基準のもとでポートフォリオの強化が継続していると述べました。

ローン成長のペースは、慎重な引受基準によって引き続き抑制されています。成長の加速は、信用の質を維持しながら貸出条件を調整する経営陣の意向に依存します。

クレジットカードのパイロット事業はまだ初期評価段階にあり、経営陣は製品の規模拡大を行うかどうかを決定していません。

アナリスト質疑応答の要点

• ガソリン価格に対する消費者の感度：経営陣はガソリン価格が歴史的に顧客に影響を与えてきたことを認めつつも、保守的な引受基準によって全般的な信用指標の改善が継続していると説明しました。
• ローン成長戦略：同社は引き続き事業ファンダメンタルズと慎重な貸出に焦点を当てています。基準は3月期からわずかに緩和されたものの、前年同期比では大幅に厳しい状態が続いています。
• 競合環境：経営陣は申込件数の推移や競合上のポジションに自信を示し、成長の機会を選択的に追求できると言及しました。
• クレジットカードのパイロット事業：顧客行動を評価するために初期ポートフォリオをモニタリングしています。拡大に関する意思決定は早くとも1〜2四半期先になる見込みです。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, and welcome to World Acceptance Corporation's Second Quarter Fiscal 2027 Earnings Conference Call. This call is being recorded. At this time, all participants have been placed in a listen-only mode.

Before we begin, the corporation has requested that I make the following announcement. The comments made during this conference call may contain certain 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 matters that are inherently subject to risks and uncertainties. And statements other than those of historical fact as well as those identified by words anticipate, estimate, intend, planned, expect, 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 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, 2026 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.

At this time, it is my pleasure to turn the floor over to your host, John Calmes, President and Chief Executive Officer. Please go ahead.

John Calmes

Thank you. Good morning, and thank you for joining our fiscal 2027 2nd quarter earnings call. We are pleased with our second quarter results, and more importantly, we believe we are well positioned for the remainder of fiscal 2027 this quarter reflects steady progress against our core priorities: growing loan portfolio responsibly, improving credit quality and maintaining a disciplined approach to expenses. .

We achieved adjusted earnings per share of $1.92 for the second quarter. Earnings benefited from a 3.2% increase in revenue as well as a 7.7% decrease in provision expense.

Importantly, our credit quality continued to improve. We saw improvement in delinquency on both the front end and back end. Most overly front-end delinquency decreased from 20% to 18.9%. These trends reinforce our confidence in the health of the portfolio and the strength of our underwriting.

On expenses, we saw improvement in our G&A expense, and we expect to maintain disciplined approach to expenses going forward.

At this time, Tobin Turner, our Chief Operating Officer, and I would like to open up to any questions you may have.

Operator

[Operator Instructions] The first question will come from Kyle Joseph with Stephens.

質疑応答

Kyle Joseph

I want to pick your brain on what's going on macro, specifically. Just kind of want to get a sense for how sensitive is the consumer or your consumer to gas prices? Is it to the point where you kind of see delinquencies kind of move in line with gas prices or are we at the point where gas is less of an important portion of their budget?

John Calmes

Yes. Historically, we've always seen that gas prices will have an impact on the -- our customer, right? But right now, we've been pretty conservative in our underwriting. So overall, the credit metrics continue to improve. So I guess you could ask with the where they've improved about more than they have, if we didn't have sort of higher gas prices, it's hard to know that for sure. But in general, with our portfolio, because we've been pretty cautious on our lending, the overall portfolio has seen improvement.

Kyle Joseph

Yes. And then a lot of variables there. So hard to pinpoint for sure. But yes. And then in terms of kind of the strategy going forward, are you guys -- I mean, obviously, it's paying off, you guys are putting up strong credit results here, but are you kind of happy growing kind of the existing customer base being a little bit more cautious, call it, on on new consumers? Is that kind of the plan, at least for the medium near term, given what's going on macroeconomically?

John Calmes

Yes, that's right. So we're focused right now on the blocking and tackling and getting the fundamentals right of the operations and then taking a cautious approach to lending.

So we -- right now, we're a little looser than we were, say, in the March quarter, but we're still a lot tighter than we were at this point last year. So we may continue to kind of put some of those levers to increase growth a little bit, but I wouldn't expect any dramatic change in our growth trajectory in the near term.

Operator

[Operator Instructions] The next question will come from Guy Riegel with Ingalls & Snyder.

Guy Riegel

It's Guy here. Part of my questions were answered, previous person, analyst. But I was curious, can you speak to the competitive environment? And last one would be, are you still testing a credit card offering?

J. Turner

Great questions. Hey, this is Tobin Turner speaking. On the competitive standpoint, we, at a macro level, still feel very confident. We're pleased with our overall app flow. So we kind of like where we're positioned. We see some opportunities to grow when and as we see fit. So from a competitive standpoint, we feel pretty good.

On the credit card front, we have we're still kind of pilot testing where we are. We've got enough cards out there that we're kind of getting to see how people behave over time. We really are in just letting that initial portfolio bake. And we're probably at least a quarter or 2 away from trying to make a decision on how to scale that.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Calmes for any closing remarks.

John Calmes

Thank you for joining our second quarter earnings call, and thanks for your interest.

Operator

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