$WRLD
WORLD ACCEPTANCE CORP

2014 Q3 Form 10-Q Financial Statement

#000010838514000043 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $148.2M $145.0M
YoY Change 2.16% 4.05%
Cost Of Revenue $6.000M $5.300M
YoY Change 13.21% 29.27%
Gross Profit $142.2M $144.7M
YoY Change -1.73% 6.95%
Gross Profit Margin 95.96% 99.76%
Selling, General & Admin $71.50M $71.70M
YoY Change -0.28% 8.97%
% of Gross Profit 50.28% 49.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.800M $1.900M
YoY Change -5.26% 0.0%
% of Gross Profit 1.27% 1.31%
Operating Expenses $113.9M $115.5M
YoY Change -1.38% 12.5%
Operating Profit $28.34M $29.24M
YoY Change -3.1% -10.5%
Interest Expense $6.026M $5.281M
YoY Change 14.11% 29.88%
% of Operating Profit 21.27% 18.06%
Other Income/Expense, Net
YoY Change
Pretax Income $34.32M $34.51M
YoY Change -0.54% -6.16%
Income Tax $13.05M $12.94M
% Of Pretax Income 38.02% 37.51%
Net Earnings $21.27M $21.57M
YoY Change -1.35% -5.83%
Net Earnings / Revenue 14.36% 14.87%
Basic Earnings Per Share $2.34 $1.95
Diluted Earnings Per Share $2.30 $1.91
COMMON SHARES
Basic Shares Outstanding 9.088M shares 11.08M shares
Diluted Shares Outstanding 9.263M shares 11.31M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.60M $14.50M
YoY Change 0.69% 14.17%
Cash & Equivalents $14.63M $14.49M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.60M $14.50M
YoY Change 0.69% -98.05%
LONG-TERM ASSETS
Property, Plant & Equipment $25.81M $23.96M
YoY Change 7.73% -1.41%
Goodwill $5.967M $5.967M
YoY Change 0.0%
Intangibles $3.544M $4.253M
YoY Change -16.68%
Long-Term Investments
YoY Change
Other Assets $36.90M $36.20M
YoY Change 1.93% 41.41%
Total Long-Term Assets $875.4M $856.2M
YoY Change 2.24% 1104.23%
TOTAL ASSETS
Total Short-Term Assets $14.60M $14.50M
Total Long-Term Assets $875.4M $856.2M
Total Assets $890.0M $870.7M
YoY Change 2.21% 7.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.00M $25.10M
YoY Change 15.54% 12.56%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.70M $31.10M
YoY Change 18.01% 7.61%
LONG-TERM LIABILITIES
Long-Term Debt $559.7M $486.9M
YoY Change 14.95% 25.94%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $559.7M $486.9M
YoY Change 14.95% 25.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.70M $31.10M
Total Long-Term Liabilities $559.7M $486.9M
Total Liabilities $596.4M $518.0M
YoY Change 15.13% 24.64%
SHAREHOLDERS EQUITY
Retained Earnings $173.5M $256.6M
YoY Change -32.39%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $293.6M $352.7M
YoY Change
Total Liabilities & Shareholders Equity $890.0M $870.7M
YoY Change 2.21% 7.1%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $21.27M $21.57M
YoY Change -1.35% -5.83%
Depreciation, Depletion And Amortization $1.800M $1.900M
YoY Change -5.26% 0.0%
Cash From Operating Activities $50.50M $50.50M
YoY Change 0.0% 9.31%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$1.900M
YoY Change 26.32% -13.64%
Acquisitions
YoY Change
Other Investing Activities -$47.50M -$56.70M
YoY Change -16.23% -13.83%
Cash From Investing Activities -$50.00M -$58.70M
YoY Change -14.82% -13.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.700M 11.30M
YoY Change -115.04% -47.69%
NET CHANGE
Cash From Operating Activities 50.50M 50.50M
Cash From Investing Activities -50.00M -58.70M
Cash From Financing Activities -1.700M 11.30M
Net Change In Cash -1.200M 3.100M
YoY Change -138.71% -1650.0%
FREE CASH FLOW
Cash From Operating Activities $50.50M $50.50M
Capital Expenditures -$2.400M -$1.900M
Free Cash Flow $52.90M $52.40M
YoY Change 0.95% 8.26%

Facts In Submission

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us-gaap Payments For Proceeds From Loans And Leases
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107800236 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
65058684 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
63406397 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4358977 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3424236 USD
CY2014Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2014Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
195940000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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172334100 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
247100 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1451678 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24826238 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25810308 USD
CY2013Q3 us-gaap Provision For Loan And Lease Losses
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38187649 USD
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
67053998 USD
CY2014Q3 us-gaap Provision For Loan And Lease Losses
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36160733 USD
us-gaap Provision For Loan And Lease Losses
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66890842 USD
us-gaap Repayments Of Senior Debt
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118134100 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
109340000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
173518224 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
193095944 USD
us-gaap Revenues
Revenues
302866614 USD
CY2013Q3 us-gaap Revenues
Revenues
149963579 USD
CY2014Q3 us-gaap Revenues
Revenues
152554639 USD
us-gaap Revenues
Revenues
295228706 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000
CY2014Q1 us-gaap Senior Notes
SeniorNotes
505500000 USD
CY2014Q3 us-gaap Senior Notes
SeniorNotes
559700000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7713731 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8774815 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5334
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5334
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0197
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0197
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
43.93
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
43.93
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11M26D
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11M26D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0D
CY2014Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Lower Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeLowerBound
4500000 USD
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
265365 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8800 shares
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
5234480 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
3820514 USD
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13662510 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
354921 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
800291 shares
CY2014 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2091699 shares
CY2014 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
190536775 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
63406397 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
293606742 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
307355321 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
366396259 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7500000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
6400000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
852000 USD
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
237000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4600000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
5500000 USD
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11312232 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9263137 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9482642 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11500521 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11082741 shares
CY2014Q3 wrld Financing Receivable Bankruptcy
FinancingReceivableBankruptcy
6721814 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9316709 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9087825 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11265575 shares
dei Amendment Flag
AmendmentFlag
false
CY2013Q3 wrld Financing Receivable Bankruptcy
FinancingReceivableBankruptcy
6437259 USD
CY2014Q1 wrld Financing Receivable Bankruptcy
FinancingReceivableBankruptcy
5878825 USD
CY2014Q3 wrld Financing Receivables Delinquent Excluding Bankruptcy
FinancingReceivablesDelinquentExcludingBankruptcy
52590391 USD
CY2013Q3 wrld Financing Receivables Delinquent Excluding Bankruptcy
FinancingReceivablesDelinquentExcludingBankruptcy
28646649 USD
CY2014Q1 wrld Financing Receivables Delinquent Excluding Bankruptcy
FinancingReceivablesDelinquentExcludingBankruptcy
28186637 USD
CY2014Q3 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
FinancingReceivablesLessThanNinetyOneDaysDelinquentExcludingBankruptcy
1134727489 USD
CY2013Q3 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
FinancingReceivablesLessThanNinetyOneDaysDelinquentExcludingBankruptcy
1128153780 USD
CY2014Q1 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
FinancingReceivablesLessThanNinetyOneDaysDelinquentExcludingBankruptcy
1078241873 USD
wrld Loans And Leases Receivable Average Loan Period
LoansAndLeasesReceivableAverageLoanPeriod
P8M
wrld Net Assets Acquired From Acquisition Intangibles
NetAssetsAcquiredFromAcquisitionIntangibles
156133 USD
wrld Net Assets Acquired From Acquisition Intangibles
NetAssetsAcquiredFromAcquisitionIntangibles
276437 USD
wrld Net Assets Acquired From Acquisition Primarily Loans
NetAssetsAcquiredFromAcquisitionPrimarilyLoans
717063 USD
wrld Net Assets Acquired From Acquisition Primarily Loans
NetAssetsAcquiredFromAcquisitionPrimarilyLoans
844742 USD
CY2014Q1 wrld Number Of Offices Purchased
NumberOfOfficesPurchased
1 business_combination
CY2014Q3 wrld Number Of Offices Purchased
NumberOfOfficesPurchased
0 business_combination
CY2014Q3 wrld Number Of Offices Purchased And Merged Into Existing Offices
NumberOfOfficesPurchasedAndMergedIntoExistingOffices
2 asset_purchase
CY2014Q1 wrld Number Of Offices Purchased And Merged Into Existing Offices
NumberOfOfficesPurchasedAndMergedIntoExistingOffices
5 asset_purchase
CY2014Q3 wrld Number Of Subsidiaries Required To Be Assessed
NumberOfSubsidiariesRequiredToBeAssessed
2 foreign_subsidiary
wrld Original Fair Value Of Customer List For Office Acquisition Description
OriginalFairValueOfCustomerListForOfficeAcquisitionDescription
less than $100,000
CY2014Q1 wrld Total Acquisitions
TotalAcquisitions
6 acquisition
CY2014Q3 wrld Total Acquisitions
TotalAcquisitions
2 acquisition
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000108385
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9460555 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WORLD ACCEPTANCE CORP

Files In Submission

Name View Source Status
0000108385-14-000043-index-headers.html Edgar Link pending
0000108385-14-000043-index.html Edgar Link pending
0000108385-14-000043.txt Edgar Link pending
0000108385-14-000043-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
wrld-0930201410xq.htm Edgar Link pending
wrld-20140930.xml Edgar Link completed
wrld-20140930.xsd Edgar Link pending
wrld-20140930_cal.xml Edgar Link unprocessable
wrld-20140930_def.xml Edgar Link unprocessable
wrld-20140930_lab.xml Edgar Link unprocessable
wrld-20140930_pre.xml Edgar Link unprocessable
wrld-9302014ex311.htm Edgar Link pending
wrld-9302014ex312.htm Edgar Link pending
wrld-9302014ex321.htm Edgar Link pending
wrld-9302014ex322.htm Edgar Link pending