World Acceptance (WRLD) 2027 財年第二季法說會：信用品質改善

重點摘要

• World Acceptance Corporation 公布 2027 財年第二季調整後每股盈餘為 1.92 美元。
• 營收成長 3.2%，同時備抵呆帳費用減少 7.7%。
• 前端逾期率自 20% 改善至 18.9%，管理層亦指出後端逾期率有所改善。
• 該公司對放款保持審慎。核貸標準雖較 3 月當季略為放寬，但仍大幅嚴於去年同期。
• 管理層預期公司近期的成長軌跡不會出現劇烈變化。
• 信用卡試點計畫仍處於評估階段，預計至少還需要一至兩個季度才能決定是否擴大規模。

重要財務數據

業務與營運表現

World Acceptance 表示，其 2027 財年第二季的表現反映了在負責任地擴展貸款組合、提升信用品質及控制費用方面取得進展。

管理層將更強健的信用指標歸因於保守的核貸策略。公司目前專注於既有客戶與營運基本面，同時對新增放款採取審慎態度。

營運長 Tobin Turner 表示，貸款申請量保持令人滿意的水準。管理層認為，當認為條件合適時，公司有機會加速成長。

信用卡產品仍處於試點測試階段。公司已發行足夠數量的卡片以觀察顧客的長期行為，但在決定是否擴大產品規模前，正讓初期資產組合逐步經歷觀察期。

管理層展望

管理層表示放款標準較 3 月當季略有放寬，但仍明顯嚴於去年同期。公司可能會調整核貸標準以支持稍快一點的成長，但預期近期成長軌跡不會發生劇烈變化。

World Acceptance 還預期將對費用保持紀律。針對信用卡試點，管理層指出關於擴大規模的決定至少還需要一至兩個季度的時間。

風險與觀察重點

汽油價格上漲歷史上曾影響 World Acceptance 的客戶。管理層表示，很難確定若沒有高油價，信用指標還能改善多少，不過在保守的放款標準下，放款組合持續走強。

審慎的核貸策略依然限制了放款成長的速度。未來的任何加速將取決於管理層是否願意在維持信用品質的前提下調整放款參數。

信用卡試點仍處於早期評估階段，管理層尚未決定是否擴大該產品的規模。

分析師問答重點

• 消費者對汽油價格的敏感度：管理層承認油價歷史上曾影響客戶，但表示保守的核貸策略已協助整體信用指標持續改善。
• 放款成長策略：公司仍專注於營運基本面與審慎放款。標準雖較 3 月當季略有放寬，但仍大幅嚴於去年同期。
• 競爭環境：管理層對貸款申請量及競爭地位表達信心，同時指出可以選擇性地把握成長機會。
• 信用卡試點計畫：初期資產組合正受到監測，以評估客戶行為。預計最早在一至兩個季度後才會決定是否擴展規模。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.