World Acceptance Corporation (NASDAQ:WRLD) Q1 2025 Earnings Conference Call July 26, 2024 10:00 AM ET
Company Participants
Chad Prashad - President and CEO
Johnny Calmes - Chief Financial and Strategy Officer
Conference Call Participants
John Rowan - Janney
Guy Riegel - Ingalls & Snyder
Operator
Good morning, and welcome to World Acceptance Corporation's First Quarter 2025 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 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, 2024 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 2025 first quarter earnings call.
Before we open up to questions, there are a few areas I'd like to highlight. We've talked a good bit about rightsizing and derisking the portfolio over the last year or two, as well as returning to moderate growth this year.
In the first quarter of 2025, we experienced moderate growth in our customer base of around 50 basis points. Their average balance declined slightly and gross yields improved across all customer types. Year-over-year, our average balance has decreased almost 7% from June 30, 2023. Currently, our average loan balance has decreased over 11% from the peak average loan size, which was towards the end of fiscal year 2023.