World Acceptance Corporation (NASDAQ:WRLD) Q2 2023 Earnings Conference Call October 27, 2022 10:00 AM ET
Company Participants
Chad Prashad - President and CEO
Johnny Calmes - Chief Financial and Strategy Officer
Conference Call Participants
John Rowan - Janney
Vincent Caintic - Stephens
Operator
Good morning. And welcome to the World Acceptance Corporation Second Quarter Press Release Conference Call. Today, 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 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 fact, 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, 2022, 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, Mr. Chad Prashad. You may proceed, sir.
Chad Prashad
Good morning. And thank you for joining our fiscal 2023 second quarter earnings call. Before we open up the questions, there are a few areas that I’d like to highlight. As we discussed in our first quarter earnings call, we began making underwriting adjustments at the end of our last fiscal year to protect our $1.6 billion portfolio that we have built as we were heading into economic uncertainty.
This was mainly with the perspective of the impact of inflationary pressures on our customer’s cash flow and delinquency normalization coming off stimulus payments, but also with the growing concerns over the likelihood of a recession in the next year. We are pleased to have continued to execute on this preplan for fiscal year 2023 by reducing our exposure to our highest risk customers and making progress to increase her gross yield.