世界金融 (WRLD) 2027财年第二季度业绩电话会：信贷质量改善lg...

核心要点

• World Acceptance Corporation公布2027财年第二季度调整后每股收益为1.92美元。
• 营收增长3.2%，同时计提费用下降7.7%。
• 前期拖欠率从20%改善至18.9%，管理层同时提及后期拖欠率也有所改善。
• 该公司对放贷业务保持审慎态度。核保标准较3月季度略有放宽，但仍明显紧于去年同期。
• 管理层预计公司短期内的增长轨迹不会发生剧烈变化。
• 信用卡试点项目仍处于评估阶段，预计至少还需要一到两个季度才能决定是否扩大规模。

关键财务数据

业务与经营业绩

World Acceptance表示，其2027财年第二季度的业绩反映出在负责任地扩大贷款组合、提升信贷质量和控制费用方面取得了进展。

管理层将更健壮的信贷指标归因于保守的核保政策。公司目前专注于现有客户及经营基本面，同时对新放贷业务采取谨慎态度。

首席营运官托宾·特纳（Tobin Turner）表示，申请量依然令人满意。管理层认为，在认为时机成熟时，公司具备加快增长的机会。

信用卡产品仍处于试点测试阶段。公司已发放足够数量的卡片以观察客户的长期行为，但在决定是否扩大该产品规模前，需让初始组合经历更长时间的观察成熟。

管理层展望

管理层表示，放贷标准较3月季度略有放宽，但仍明显紧于去年同期。公司可能会调整核保政策以支持略快的增长，但预计短期内增长轨迹不会发生剧烈变化。

World Acceptance还预计将继续保持严格的费用管控。对于信用卡试点项目，管理层指出一到两个季度内暂不会做出扩大规模的决定。

风险与关注事项

汽油价格上涨在历史上曾对 World Acceptance 的客户产生影响。管理层表示，虽然在保守的放贷标准下贷款组合持续走强，但很难确定若没有高油价影响，信贷指标是否会有更大改善。

受谨慎核保影响，贷款增长放缓。任何加速增长都将取决于管理层是否愿意在保持信贷质量的前提下调整放贷参数。

信用卡试点仍处于早期评估阶段，管理层尚未决定是否扩大该产品的规模。

分析师问答精选

• 消费者对汽油价格敏感度：管理层承认油价历史上曾对客户产生影响，但表示保守的核保助力整体信贷指标持续改善。
• 贷款增长战略：公司继续专注于运营基本面和谨慎放贷。放贷标准较3月季度略有放宽，但仍远紧于去年同期。
• 竞争环境：管理层对申请量及公司的竞争地位表达了信心，同时指出公司可以有选择地把握增长机遇。
• 信用卡试点：目前正监测初始组合以评估客户行为。预计至少一到两个季度内不会做出扩大规模的决定。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.

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