2024 Q2 Form 10-K Financial Statement

#000010838524000024 Filed on May 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
Revenue $129.5M $159.3M $573.2M
YoY Change -7.03% -0.98% -7.03%
Cost Of Revenue $9.769M $12.16M $49.83M
YoY Change -20.2% -0.23% -1.25%
Gross Profit $119.8M $147.1M $523.4M
YoY Change -5.76% -1.04% -7.54%
Gross Profit Margin 92.46% 92.37% 91.31%
Selling, General & Admin $60.41M $70.58M $264.4M
YoY Change -9.92% 4.58% -3.86%
% of Gross Profit 50.44% 47.98% 50.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.006M $2.768M $6.700M
YoY Change -5.89% 148.51% 49.99%
% of Gross Profit 0.84% 1.88% 1.28%
Operating Expenses $106.8M $100.9M $425.6M
YoY Change -6.88% -11.51% -21.03%
Operating Profit $12.93M $46.21M $97.81M
YoY Change 4.63% 33.44% 260.32%
Interest Expense $9.769M $11.76M $48.23M
YoY Change -20.2% -3.51% -4.42%
% of Operating Profit 75.57% 25.44% 49.31%
Other Income/Expense, Net
YoY Change
Pretax Income $12.93M $46.61M $99.41M
YoY Change 4.63% 34.59% 266.21%
Income Tax $2.980M $11.56M $22.06M
% Of Pretax Income 23.05% 24.79% 22.19%
Net Earnings $9.947M $35.06M $77.35M
YoY Change 4.28% 36.72% 264.3%
Net Earnings / Revenue 7.68% 22.01% 13.49%
Basic Earnings Per Share $1.82 $6.19 $13.45
Diluted Earnings Per Share $1.79 $6.09 $13.19
COMMON SHARES
Basic Shares Outstanding 5.845M shares 6.080M shares 5.749M shares
Diluted Shares Outstanding 5.568M shares 5.862M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.12M $11.84M $11.84M
YoY Change -30.46% -28.28% -28.28%
Cash & Equivalents $11.12M $11.84M $11.84M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.12M $11.84M $11.84M
YoY Change -30.46% -28.28% -28.28%
LONG-TERM ASSETS
Property, Plant & Equipment $103.1M $22.90M $102.4M
YoY Change -0.24% -78.24% -2.68%
Goodwill $7.371M $7.400M
YoY Change 0.0% 0.0%
Intangibles $10.06M $11.07M
YoY Change -29.23% -27.6%
Long-Term Investments
YoY Change
Other Assets $32.42M $30.94M $30.94M
YoY Change -25.07% -25.84% -25.84%
Total Long-Term Assets $1.037B $1.045B $1.045B
YoY Change -5.53% -5.11% -5.11%
TOTAL ASSETS
Total Short-Term Assets $11.12M $11.84M $11.84M
Total Long-Term Assets $1.037B $1.045B $1.045B
Total Assets $1.048B $1.056B $1.056B
YoY Change -5.88% -5.46% -5.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.95M $53.97M $53.97M
YoY Change 8.84% 6.75% 6.75%
Accrued Expenses $83.14M $81.92M $81.92M
YoY Change 1.4% -2.17% -2.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $133.1M $135.9M $135.9M
YoY Change 1.06% -0.68% -0.68%
LONG-TERM LIABILITIES
Long-Term Debt $492.7M $496.0M $496.0M
YoY Change -15.83% -16.67% -16.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $492.7M $496.0M $496.0M
YoY Change -15.83% -16.67% -16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.1M $135.9M $135.9M
Total Long-Term Liabilities $492.7M $496.0M $496.0M
Total Liabilities $625.8M $631.9M $631.9M
YoY Change -12.73% -13.68% -13.68%
SHAREHOLDERS EQUITY
Retained Earnings $136.7M $138.0M
YoY Change 28.11% 42.04%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $422.6M $424.4M $424.4M
YoY Change
Total Liabilities & Shareholders Equity $1.048B $1.056B $1.056B
YoY Change -5.88% -5.46% -5.46%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income $9.947M $35.06M $77.35M
YoY Change 4.28% 36.72% 264.3%
Depreciation, Depletion And Amortization $1.006M $2.768M $6.700M
YoY Change -5.89% 148.51% 49.99%
Cash From Operating Activities $48.41M $83.81M $265.8M
YoY Change -18.95% -2.18% -8.84%
INVESTING ACTIVITIES
Capital Expenditures $1.084M $1.513M $5.933M
YoY Change -34.65% 15.52% 1.8%
Acquisitions
YoY Change
Other Investing Activities -$34.79M $23.69M -$129.2M
YoY Change -29.9% -35.5% -26.07%
Cash From Investing Activities -$35.87M $22.17M -$135.1M
YoY Change -30.05% -37.39% -25.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $36.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$13.26M -106.9M -$135.3M
YoY Change 47.93% -14.83% 19.01%
NET CHANGE
Cash From Operating Activities $48.41M 83.81M $265.8M
Cash From Investing Activities -$35.87M 22.17M -$135.1M
Cash From Financing Activities -$13.26M -106.9M -$135.3M
Net Change In Cash -$720.3K -936.1K -$4.669M
YoY Change 38.49% -78.98% 71.21%
FREE CASH FLOW
Cash From Operating Activities $48.41M $83.81M $265.8M
Capital Expenditures $1.084M $1.513M $5.933M
Free Cash Flow $47.33M $82.30M $259.9M
YoY Change -18.5% -2.45% -9.06%

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CY2024 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2024 us-gaap Payments For Repurchase Of Common Stock
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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InterestPaidNet
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IncomeTaxesPaid
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CY2024 us-gaap Use Of Estimates
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<div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Consolidated Financial Statements</span></div><div style="padding-left:22.5pt"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for credit losses.</span></div>
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="padding-left:22.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, prior period amounts may be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity.</span></div>
CY2024 us-gaap Number Of Reportable Segments
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1 segment
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Goodwill
7400000 usd
CY2024 us-gaap Number Of Reporting Units
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1 reporting_unit
CY2024Q1 wrld Line Of Credit Facility Accordion Feature Maximum Borrowing Capacity
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CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
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0.0050
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CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2024Q1 us-gaap Long Term Debt
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CY2024 us-gaap Concentration Risk Credit Risk
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<div style="padding-left:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Risk</span></div><div style="padding-left:22.5pt"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. Substantially all new customers are </span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">required to submit a listing of personal property that will serve as collateral to secure the loan; however, the Company does not rely on the value of such collateral in the loan approval process and generally does not perfect its security interest in that collateral.</span></div><div style="padding-left:22.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended March 31, 2024, the Company operated in sixteen states in the United States. For fiscal years ended March 31, 2024, 2023, and 2022, gross loan receivable within the Company's four largest states accounted for approximately 51% of the Company's gross loans receivable balance.</span></div>The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts.
CY2024Q1 us-gaap Number Of States In Which Entity Operates
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16 states
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4 states
CY2022Q1 wrld Number Of States With Largest Concentration Of Revenue
NumberOfStatesWithLargestConcentrationOfRevenue
4 states
CY2023Q1 wrld Number Of States With Largest Concentration Of Revenue
NumberOfStatesWithLargestConcentrationOfRevenue
4 states
CY2024 us-gaap Advertising Expense
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CY2023 us-gaap Advertising Expense
AdvertisingExpense
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CY2022 us-gaap Advertising Expense
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CY2024Q1 us-gaap Notes Receivable Gross
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CY2023Q1 us-gaap Notes Receivable Gross
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CY2024Q1 wrld Financing Receivable Weighted Average Interest Rate
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0.049
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FinancingReceivableWeightedAverageInterestRate
0.071
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CY2024Q1 us-gaap Notes Receivable Gross
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FinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff
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CY2023 us-gaap Financing Receivable Originated More Than Five Years Before Current Fiscal Year Writeoff
FinancingReceivableOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff
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CY2023 us-gaap Financing Receivable Year Five Originated Four Years Before Current Fiscal Year Writeoff
FinancingReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff
33698 usd
CY2023 us-gaap Financing Receivable Year Four Originated Three Years Before Current Fiscal Year Writeoff
FinancingReceivableYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff
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CY2023 us-gaap Financing Receivable Year Three Originated Two Years Before Current Fiscal Year Writeoff
FinancingReceivableYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff
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CY2023 us-gaap Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Writeoff
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CY2023 us-gaap Financing Receivable Year One Originated Current Fiscal Year Writeoff
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CY2024 wrld Uncollected Accrued Interest Reversed
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CY2024Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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FinancingReceivableNonaccrualInterestIncome
15606987 usd
CY2022 us-gaap Financing Receivable Nonaccrual Interest Income
FinancingReceivableNonaccrualInterestIncome
12657746 usd
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2024 us-gaap Provision For Loan Losses Expensed
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CY2024 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2023 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
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CY2022 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
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CY2024 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
30981617 usd
CY2023 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
34226817 usd
CY2022 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
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