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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

__________________________________
 Form 10-Q
__________________________________

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from ______________ to ______________
 
Commission File Number:  000-19599

WORLD ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter.)
South Carolina
 57-0425114
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
104 S Main Street
Greenville,South Carolina29601
(Address of principal executive offices)
(Zip Code)
(864)298-9800
(registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, no par valueWRLD
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
1


Large Accelerated filerAccelerated filer
  
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x

The number of outstanding shares of the issuer’s common stock, no par value, as of August 3, 2021 was 6,692,894.

2


 WORLD ACCEPTANCE CORPORATION
FORM 10-Q

TABLE OF CONTENTS
Item No.ContentsPage
GLOSSARY OF DEFINED TERMS
PART I - FINANCIAL INFORMATION 
1.Consolidated Financial Statements (unaudited):
 Consolidated Balance Sheets as of June 30, 2021 and March 31, 2021
 Consolidated Statements of Operations for the three months ended June 30, 2021 and June 30, 2020
 Consolidated Statements of Shareholders' Equity for the three months ended June 30, 2021 and June 30, 2020
 Consolidated Statements of Cash Flows for the three months ended June 30, 2021 and June 30, 2020
 Notes to Consolidated Financial Statements
2.Management's Discussion and Analysis of Financial Condition and Results of Operations
3.Quantitative and Qualitative Disclosures about Market Risk
4.Controls and Procedures
PART II - OTHER INFORMATION
1.Legal Proceedings
1A.Risk Factors
2.Unregistered Sales of Equity Securities and Use of Proceeds
3.Defaults Upon Senior Securities
4.Mine Safety Disclosures
5.Other Information
6.Exhibits
EXHIBIT INDEX
SIGNATURES

Introductory Note: As used herein, the "Company," "we," "our," "us," or similar formulations include World Acceptance Corporation and each of its subsidiaries, unless otherwise expressly noted or the context otherwise requires that it include only World Acceptance Corporation. All references in this report to "fiscal 2022" are to the Company’s fiscal year ending March 31, 2022; all references in this report to "fiscal 2021" are to the Company's fiscal year ended March 31, 2021; and all references to "fiscal 2020" are to the Company’s fiscal year ended March 31, 2020.

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Table of Contents
GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Report, including consolidated financial statements and related notes.
TermDefinition
ASCAccounting Standards Codification
ASUAccounting Standards Update
CECLCurrent Expected Credit Loss
CEOChief Executive Officer
CFOChief Financial Officer
CFPBU.S. Consumer Financial Protection Bureau
Compensation CommitteeCompensation and Stock Option Committee
Customer TenureThe number of years since a customer was first serviced by the Company
DOJU.S. Department of Justice
EBITDAEarnings before interest, taxes, depreciation, and amortization
ERISAEmployee Retirement Income Security Act
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FICOthe Fair Isaac Corporation
G&AGeneral and administrative
GAAPU.S. generally accepted accounting principles
IRSU.S. Internal Revenue Service
LIBORLondon Interbank Offered Rate
Option Measurement PeriodThe 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Options are eligible to vest, following certification by the Compensation Committee of achievement
PCDPurchased Assets with Credit Deterioration
Performance OptionsPerformance-based stock options
Performance Share Measurement PeriodThe 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which the Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
Performance SharesService- and performance-based restricted stock awards
Rehab RatePercentage of 91 days or more delinquent that do not charge off
Restricted StockService-based restricted stock awards
SECU.S. Securities and Exchange Commission
Service OptionsService-based stock options
TALTax Advance Loan

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Table of Contents
PART I.  FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 30, 2021March 31, 2021
ASSETS  
Cash and cash equivalents$8,387,320 $15,746,454 
Gross loans receivable1,223,138,687 1,104,746,261 
Less:  
Unearned interest, insurance and fees(322,753,401)(279,364,584)
Allowance for credit losses(97,852,630)(91,722,288)
Loans receivable, net802,532,656 733,659,389 
Right-of-use asset (Note 6)89,797,336 90,055,572 
Property and equipment, net24,457,334 26,340,037 
Deferred income taxes, net28,782,464 24,992,742 
Other assets, net38,865,715 31,423,134 
Goodwill7,370,791 7,370,791 
Intangible assets, net22,339,503 23,537,517 
Assets held for sale (Note 2)1,143,528 1,143,528 
Total assets$1,023,676,647 $954,269,164 
 
LIABILITIES & SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes payable$467,699,588 $405,007,500 
Income taxes payable12,407,028 11,575,861 
Lease liability (Note 6)89,871,852 91,718,075 
Accounts payable and accrued expenses48,227,317 41,040,287 
Total liabilities618,205,785 549,341,723 
Commitments and contingencies (Notes 6 and 12)
Shareholders' equity:  
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding
  
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 6,693,703 and 6,805,294 shares at June 30, 2021 and March 31, 2021, respectively
  
Additional paid-in capital261,446,129 255,590,674 
Retained earnings144,024,733 149,336,767 
Total shareholders' equity405,470,862 404,927,441 
Total liabilities and shareholders' equity$1,023,676,647 $954,269,164 

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended June 30,
20212020
Revenues:
Interest and fee income$109,174,715 $109,860,456 
Insurance income, net and other income20,484,663 14,006,346 
Total revenues129,659,378 123,866,802 
Expenses:  
Provision for credit losses30,265,811 25,660,660 
General and administrative expenses:  
Personnel46,232,123 44,622,023 
Occupancy and equipment13,606,977 13,181,506 
Advertising3,759,709 2,612,167 
Amortization of intangible assets1,214,784 1,382,128 
Other8,537,604 9,810,155 
Total general and administrative expenses73,351,197 71,607,979 
Interest expense5,501,072 5,561,877 
Total expenses109,118,080 102,830,516 
Income before income taxes20,541,298 21,036,286 
Income taxes4,770,470 5,526,637 
Net income$15,770,828 $15,509,649 
Net income per common share:  
Basic$2.56 $2.26 
Diluted$2.44 $2.24 
Weighted average common shares outstanding:  
Basic6,158,486 6,867,457 
Diluted6,455,753 6,928,121 

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Three months ended June 30, 2021
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20216,805,294 $255,590,674 149,336,767 $404,927,441 
Proceeds from exercise of stock options23,494 1,808,854  1,808,854 
Common stock repurchases(134,249) (21,082,862)(21,082,862)
Restricted common stock expense under stock option plan, net of cancellations ($137,489)
(836)3,102,974  3,102,974 
Stock option expense 943,627  943,627 
Net income  15,770,828 15,770,828 
Balances at June 30, 20216,693,703 $261,446,129 144,024,733 $405,470,862 
Three months ended June 30, 2020
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20207,807,834 $227,214,577 184,748,490 $411,963,067 
Proceeds from exercise of stock options  —  
Common stock repurchases(326,298)— (19,451,287)(19,451,287)
Restricted common stock expense under stock option plan, net of cancellations ($119,865)
(29,948)3,417,000 — 3,417,000 
Stock option expense— 1,046,735 — 1,046,735 
Cumulative effect of adoption of ASC 326— — (21,242,249)(21,242,249)
Net income— — 15,509,649 15,509,649 
Balances at June 30, 20207,451,588 $231,678,312 159,564,603 $391,242,915 

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended June 30,
 20212020
Cash flow from operating activities:  
Net income$15,770,828 $15,509,649 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization of intangible assets1,214,784 1,382,128 
Amortization of investment in historic tax credits977,846 434,096 
Amortization of debt issuance costs145,421 144,171 
Provision for credit losses30,265,811 25,660,660 
Depreciation2,449,931 1,716,612 
Loss on sale of property and equipment289,254 34,058 
Deferred income tax benefit(3,789,722)2,512,174 
Compensation related to stock option and restricted stock plans, net of taxes and adjustments4,184,090 4,583,600 
Change in accounts:  
Other assets, net(9,999,219)2,545,580 
Income taxes payable831,167 2,582,959 
Accounts payable and accrued expenses7,187,031 (5,266,403)
Net cash provided by operating activities49,527,222 51,839,284 
Cash flows from investing activities:  
Increase in loans receivable, net(98,996,207)73,293,367 
Net assets acquired from acquisitions, primarily loans(142,870)(4,776,558)
Increase in intangible assets from acquisitions(16,769)(985,354)
Purchases of property and equipment(915,582)(2,376,871)
Proceeds from sale of property and equipment59,100 18,515 
Net cash provided by (used in) investing activities(100,012,328)65,173,099 
Cash flow from financing activities:  
Borrowings from senior notes payable108,792,088 32,705,500 
Payments on senior notes payable(46,100,000)(131,600,000)
Debt issuance costs associated with senior notes payable (205,500)
Proceeds from exercise of stock options1,808,854  
Payments for taxes related to net share settlement of equity awards(137,489)(119,865)
Repayment of finance lease(154,619) 
Repurchase of common stock(21,082,862)(19,451,287)
Net cash provided by (used in) financing activities43,125,972 (118,671,152)
Net change in cash and cash equivalents(7,359,134)(1,658,769)
Cash and cash equivalents at beginning of period15,746,454 11,618,922 
Cash and cash equivalents at end of period$8,387,320 $9,960,153 
Supplemental Disclosures:
Interest paid during the period$5,295,753 $6,046,067 
Income taxes paid during the period$7,729,025 $666,505 
See accompanying notes to consolidated financial statements.
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WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The consolidated financial statements of the Company at June 30, 2021 and for the three months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at June 30, 2021, and the results of operations and cash flows for the periods ended June 30, 2021 and 2020, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

The preparation of consolidated 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 consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended March 31, 2021, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, as filed with the SEC. In addition to the "Critical Accounting Policies" impacted by the new CECL standard described below, the Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended March 31, 2021. The Company believes that the disclosures are adequate to make the information presented not misleading. Certain reclassifications have been made to the amounts previously reported to conform to the current period presentation.

NOTE 2 – ASSETS HELD FOR SALE

In the fourth quarter of fiscal 2020 the Company moved its corporate headquarters from properties it owned outright in Greenville, South Carolina to leased office space in downtown Greenville, South Carolina. Under ASC 360-10, the properties met the criteria for classification as held for sale as of March 31, 2020. During the second quarter of fiscal 2021 the Company completed the sale of two of the three buildings held for sale. As of June 30, 2021, the Company still expects to complete the sale of the third, and final, building held for sale.

The following table reconciles the major classes of assets held for sale to the amounts presented in the Consolidated Balance Sheets:
June 30, 2021March 31, 2021
Assets held for sale:
Property and equipment, net$1,143,528 $1,143,528 
Total assets held for sale$1,143,528 $1,143,528 

NOTE 3 – SUMMARY OF SIGNIFICANT POLICIES

Nature of Operations

The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals.

Seasonality

The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash
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needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters and operating results for its fourth fiscal quarter are generally higher than in other quarters.

Allowance for credit losses

Refer to Note 5, “Finance Receivables and Allowance for Credit Losses,” in this Quarterly Report on Form 10-Q for information regarding the Company's adoption of the CECL allowance model on April 1, 2020 and a description of the methodology it utilizes.

Reclassification

Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders' equity.

Recently Issued Accounting Standards Not Yet Adopted

We reviewed all newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements as a result of future adoption.

NOTE 4 – FAIR VALUE

Fair Value Disclosures

The Company may carry certain financial instruments and derivative assets and liabilities at fair value measured on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company measures the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair value measurements are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active.
Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

The Company’s financial instruments consist of cash and cash equivalents, loans receivable, net, and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately eight months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. The Company also considers its creditworthiness in its estimation of fair value.

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The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.
June 30, 2021March 31, 2021
Input LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
ASSETS
Cash and cash equivalents1$8,387,320 8,387,320 $15,746,454 15,746,454 
Loans receivable, net3802,532,656 802,532,656 733,659,389 733,659,389 
LIABILITIES
Senior notes payable3467,699,588 467,699,588 405,007,500 405,007,500 

The carrying amounts and estimated fair values of amounts the Company measures at fair value on a non-recurring basis, which are limited to the Company's assets held for sale, are summarized below.
June 30, 2021March 31, 2021
Input LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
ASSETS
Assets held for sale2$1,143,528 $1,143,528 $1,143,528 $1,143,528 

The Company re-valued its corporate headquarters in Greenville, South Carolina as of March 31, 2020 in conjunction with its reclassification of the related assets as held for sale. The observable inputs the Company used in its revaluation were the agreed-upon prices to sell the assets.

There were no other significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2021 or March 31, 2021.

NOTE 5 – FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:
Customer TenureJune 30, 2021March 31, 2021
0 to 5 months$103,852,785 $92,378,097 
6 to 17 months111,290,093 106,742,121 
18 to 35 months210,101,533 169,361,910 
36 to 59 months151,521,634 130,655,627 
60+ months643,882,305 597,292,495 
Tax advance loans2,490,337 8,316,011 
Total gross loans$1,223,138,687 $1,104,746,261 

During the first quarter of fiscal 2021, we adopted ASU 2016-13, which replaces the incurred loss methodology for determining our provision for credit losses and allowance for credit losses with an expected loss methodology that is referred to as the CECL model, using the modified retrospective approach. Upon adoption, the total allowance for credit losses increased by $28.6 million, with no impact to the consolidated statement of operations.

Based on the Company’s loan products, the purpose and the term, current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled. Current payment performance is monitored by management on a daily basis. On an as needed basis, qualitative information may be taken into consideration if new information arises related to the customer’s ability to repay the loan. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.



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The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at June 30, 2021:
Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,102,178,309 $35,689,779 $2,793,918 $149,895 $15,651 $831 $1,140,828,383 
30 - 60 days past due30,238,330 2,370,042 277,064 35,120 8,822  32,929,378 
61 - 90 days past due16,701,091 1,649,920 185,245 16,323 4,028  18,556,607 
91 or more days past due25,036,701 3,022,261 255,079 14,422 5,087 432 28,333,982 
Total$1,174,154,431 $42,732,002 $3,511,306 $215,760 $33,588 $1,263 $1,220,648,350 
Term Loans By Origination
Tax advance loansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$168,692 $831 $ $ $ $ 169,523 
30 - 60 days past due335,358 945     336,303 
61 - 90 days past due563,613 1,413     565,026 
91 or more days past due1,409,785 9,379 321    1,419,485 
Total$2,477,448 $12,568 $321 $ $ $ $2,490,337 
Total gross loans$1,223,138,687 



























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The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2021:
Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$970,526,682 $45,769,052 $2,102,732 $154,890 $14,444 $831 $1,018,568,631 
30 - 60 days past due21,862,634 2,011,261 153,417 21,426 3,500 2,069 24,054,307 
61 - 90 days past due18,039,010 1,208,936 88,119 11,800 571  19,348,436 
91 or more days past due31,126,328 3,120,210 183,434 14,028 14,708 168 34,458,876 
Total$1,041,554,654 $52,109,459 $2,527,702 $202,144 $33,223 $3,068 $1,096,430,250 
Term Loans By Origination
Tax advance loansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$7,583,075 $9,360 $ $ $ $ 7,592,435 
30 - 60 days past due686,667 1,423     688,090 
61 - 90 days past due  321    321 
91 or more days past due 34,509 656    35,165 
Total$8,269,742 $45,292 $977 $ $ $ $8,316,011 
Total gross loans$1,104,746,261 



























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The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at June 30, 2021:
Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,090,473,262 $31,698,268 $2,169,389 $77,983 $3,061 $831 $1,124,422,794 
30 - 60 days past due32,347,248 1,643,999 131,190    34,122,437 
61 - 90 days past due17,594,353 1,175,151 93,413 7,662   18,870,579 
91 or more days past due33,739,567 8,214,583 1,117,315 130,116 30,527 432 43,232,540 
Total$1,174,154,430 $42,732,001 $3,511,307 $215,761 $33,588 $1,263 $1,220,648,350 
Term Loans By Origination
Tax advance loansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$136,117 $ $ $ $ $ $136,117 
30 - 60 days past due330,547      330,547 
61 - 90 days past due596,653      596,653 
91 or more days past due1,414,131 12,568 321    1,427,020 
Total$2,477,448 $12,568 $321 $ $ $ $2,490,337 
Total gross loans$1,223,138,687 



























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The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2021:

Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$948,353,853 $39,661,944 $1,522,148 $83,073 $1,790 $831 $989,623,639 
30 - 60 days past due29,300,148 1,872,816 72,187 1,322   31,246,473 
61 - 90 days past due23,075,264 1,363,196 75,343 567   24,514,370 
91 or more days past due40,825,388 9,211,503 858,024 117,183 31,433 2,237 51,045,768 
Total$1,041,554,653 $52,109,459 $2,527,702 $202,145 $33,223 $3,068 $1,096,430,250 
Term Loans By Origination
Tax advance loansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$7,583,075 $ $ $ $ $ $7,583,075 
30 - 60 days past due686,667      686,667 
61 - 90 days past due       
91 or more days past due 45,292 977    46,269 
Total$8,269,742 $45,292 $977 $ $ $ $8,316,011 
Total gross loans$1,104,746,261 

The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected.

Credit Risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looked to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type
2.Active months
3.Prior loan performance
4.Customer Tenure

To determine how well each metric predicts default risk the Company uses loss rate data over an observation period of twelve months at the loan level.

The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:

1.0 to 5 months
2.6 to 17 months
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3.18 to 35 months
4.36 to 59 months
5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods, adjusted for seasonality. All loans that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in 60-day delinquencies, FICO scores and average loan size as compared to metrics in the historical migration period. Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment do not have a significant impact on loans outstanding at the end of a particular reporting period. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent 6-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If an adjustment is made as a result of the forecast, then the Company has elected to immediately revert back to historical experience past the forecast period.

The following table presents a roll forward of the allowance for credit losses on our gross loans receivable for three months ended June 30, 2021 and 2020.
Three months ended June 30,
20212020
Beginning balance$91,722,288 $96,487,856 
Impact of ASC 326 adoption 28,628,369 
Provision for credit losses30,265,811 25,660,660 
Charge-offs(30,016,940)(43,831,942)
Recoveries