World Acceptance Corporation (NASDAQ:WRLD) Q1 2024 Results Conference Call July 21, 2023 10:00 AM ET
Company Participants
Chad Prashad - President & Chief Executive Officer
Johnny Calmes - Chief Financial & Strategy Officer
Conference Call Participants
John Rowan - Janney
Vincent Caintic - Stephens
Operator
Good morning, and welcome to the World Acceptance Corporation's First Quarter 2024 Earnings Conference Call. This call is being recorded. At this time, all participants have been placed on 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 and that represent the corporation's expectations and beliefs concerning future events.
Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Statements other than those of historical facts as well as those identified by the words anticipate, estimate, intend, plan, 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, 2023, 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, Chad Prashad, President and Chief Executive Officer. Please go ahead.
Chad Prashad
Good morning, and thank you for joining our fiscal 2024 first quarter earnings call. Before we open it up to questions, there are a few areas that I'd like to highlight.
Last year, we instituted a number of adjustments that we believe would have a significant impact on our business and have been quite pleased with the results. As we discussed during prior earnings calls, we tightened underwriting about 1.5 years ago as economic uncertainty and inflation concerns were increasing.
We have weathered a period of delinquency normalization after a period of extraordinary portfolio growth as well as higher-than-expected delinquency and losses throughout most of our last fiscal year. Today, we continue to see lower and normalizing delinquency rates in our portfolio as well as increasing yields and expect this trend to continue for several more months. This is primarily due to many operations adjustments, including a heightened focus on credit quality and yields as we previously discussed.