Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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, 2023


☐			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 Carolina	29601
(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock, no par value	WRLD	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.

Large Accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller 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 July 28, 2023 was 6,242,160.

WORLD ACCEPTANCE CORPORATION

FORM 10-Q

TABLE OF CONTENTS


Item No.	Contents	Page
	GLOSSARY OF DEFINED TERMS	4

	PART I - FINANCIAL INFORMATION
1.	Consolidated Financial Statements (unaudited):	1
	Consolidated Balance Sheets as of June 30, 2023 and March 31, 2023	1
	Consolidated Statements of Operations for the three months ended June 30, 2023 and June 30, 2022	2

	Consolidated Statements of Shareholders' Equity for the three months ended June 30, 2023 and June 30, 2022	3
	Consolidated Statements of Cash Flows for the three months ended June 30, 2023 and June 30, 2022	4
	Notes to Consolidated Financial Statements	6
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
3.	Quantitative and Qualitative Disclosures about Market Risk	36
4.	Controls and Procedures	36

	PART II - OTHER INFORMATION
1.	Legal Proceedings	37
1A.	Risk Factors	37
2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
3.	Defaults Upon Senior Securities	37
4.	Mine Safety Disclosures	37
5.	Other Information	37
6.	Exhibits	38

	EXHIBIT INDEX	39

	SIGNATURES	40

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 2024" are to the Company’s fiscal year ending March 31, 2024; all references in this report to "fiscal 2023" are to the Company's fiscal year ended March 31, 2023; and all references to "fiscal 2019" are to the Company’s fiscal year ended March 31, 2019.

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GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Report, including consolidated financial statements and related notes.


Term			Definition
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CECL			Current Expected Credit Loss
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CFPB			U.S. Consumer Financial Protection Bureau
Compensation Committee			Compensation and Stock Option Committee
Customer Tenure			The number of years since a customer was first serviced by the Company
DOJ			U.S. Department of Justice

ERISA			Employee Retirement Income Security Act
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FICO			The Fair Isaac Corporation
G&A			General and administrative
GAAP			U.S. generally accepted accounting principles
HTC			Historic Tax Credit
IRS			U.S. Internal Revenue Service
Notes			$300 million in aggregate principal amount of 7.0% unsecured senior notes due 2026 issued on September 27, 2021
Option Measurement Period			The 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
PCD			Purchased Assets with Credit Deterioration
Performance Options			Performance-based stock options
Performance Share Measurement Period			The 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 Shares			Service- and performance-based restricted stock awards
Rehab Rate			Percentage of 91 days or more delinquent that do not charge off
Restricted Stock			Service-based restricted stock awards
SEC			U.S. Securities and Exchange Commission
Service Options			Service-based stock options
SOFR			Secured Overnight Finance Rate

TAL			Tax Advance Loan

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PART I. FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30, 2023		March 31, 2023
ASSETS
Cash and cash equivalents	$	15,988,798	$	16,508,935
Gross loans receivable	1,397,965,921		1,390,015,568
Less:
Unearned interest, insurance and fees	(379,966,515)		(376,674,349)
Allowance for credit losses	(129,342,988)		(125,552,733)
Loans receivable, net	888,656,418		887,788,486

Operating lease right‐of‐use assets, net	79,462,179		81,289,240

Property and equipment, net	23,856,064		23,926,080
Deferred income taxes, net	43,271,950		41,722,361
Other assets, net	41,147,435		43,422,669
Goodwill	7,370,791		7,370,791
Intangible assets, net	14,220,264		15,289,579


Total assets	$	1,113,973,899	$	1,117,318,141

LIABILITIES & SHAREHOLDERS' EQUITY

Liabilities:
Senior notes payable	$	299,776,031	$	307,910,824
Senior unsecured notes payable, net	285,620,007		287,352,892
Income taxes payable	3,812,177		2,532,766
Operating lease liability	81,988,898		83,735,002

Accounts payable and accrued expenses	45,889,309		50,559,920

Total liabilities	717,086,422		732,091,404

Commitments and contingencies

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 6,240,497 and 6,231,082 shares at June 30, 2023 and March 31, 2023, respectively	—		—
Additional paid-in capital	290,193,831		288,071,839
Retained earnings	106,693,646		97,154,898

Total shareholders' equity	396,887,477		385,226,737

Total liabilities and shareholders' equity	$	1,113,973,899	$	1,117,318,141

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,
	2023		2022

Revenues:
Interest and fee income	$	116,618,914	$	130,205,390
Insurance and other income, net	22,704,877		27,712,898
Total revenues	139,323,791		157,918,288

Expenses:
Provision for credit losses	46,602,012		85,822,267
General and administrative expenses:
Personnel	41,792,087		45,178,345
Occupancy and equipment	12,619,740		13,234,697
Advertising	2,749,544		2,208,395
Amortization of intangible assets	1,069,316		1,132,104
Other	9,894,517		9,896,854
Total general and administrative expenses	68,125,204		71,650,395

Interest expense	12,242,249		11,174,347
Total expenses	126,969,465		168,647,009

Income (loss) before income taxes	12,354,326		(10,728,721)

Income tax expense (benefit)	2,815,578		(2,162,249)

Net income (loss)	$	9,538,748	$	(8,566,472)

Net income (loss) per common share:
Basic	$	1.65	$	(1.49)
Diluted	$	1.62	$	(1.49)
Weighted average common shares outstanding:
Basic	5,772,733		5,740,835
Diluted	5,891,299		5,740,835

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, 2023
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2023	6,231,082	$	288,071,839	$	97,154,898	$	385,226,737
Proceeds from exercise of stock options	7,540	709,294		—		709,294

Restricted common stock expense under stock option plan, net of cancellations ($0)	1,875	1,099,351		—		1,099,351
Stock option expense	—	313,347		—		313,347

Net income	—	—		9,538,748		9,538,748
Balances at June 30, 2023	6,240,497	$	290,193,831	$	106,693,646	$	396,887,477


	Three months ended June 30, 2022
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2022	6,348,314	$	280,907,085	$	92,117,343	$	373,024,428
Proceeds from exercise of stock options	4,300	403,547		—		403,547
Common stock repurchases	(73,643)	—		(14,314,088)		(14,314,088)
Restricted common stock expense under stock option plan, net of cancellations ($0)	1,750	3,048,003		—		3,048,003
Stock option expense	—	768,055		—		768,055
Cumulative effect of adoption of ASU 2023-02	—	—		(1,880,346)		(1,880,346)
Net loss	—	—		(8,566,472)		(8,566,472)
Balances at June 30, 2022	6,280,721	$	285,126,690	$	67,356,437	$	352,483,127

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Table of Contents

(Unaudited)


	Three months ended June 30,
	2023		2022
Cash flow from operating activities:
Net income (loss)	$	9,538,748	$	(8,566,472)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:


Amortization of intangible assets	1,069,316		1,132,104

Accrued unearned interest	(879,946)		(6,442,480)
Amortization of deferred loan cost	3,198,092		4,404,042
Gain on extinguishment of senior unsecured notes payable	(435,885)		—
Amortization of debt issuance costs	484,571		382,230
Provision for credit losses	46,602,012		85,822,267
Depreciation	1,574,515		1,510,599
Amortization of finance leases	—		102,278
Gain on asset acquisitions, net of income tax	—		(3,144,722)

Gain on sale of property and equipment	(11,753)		(129,476)
Deferred income tax benefit	(1,549,589)		(6,695,391)
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	1,412,698		3,816,058


Change in accounts:
Other assets, net	2,114,620		(8,573,847)
Income taxes payable/ receivable	1,279,411		(323,270)
Accounts payable and accrued expenses	(4,670,611)		(5,116,425)
Net cash provided by operating activities	59,726,199		58,177,495
Cash flows from investing activities:
Increase in loans receivable, net	(49,788,091)		(113,577,559)

Cash paid for acquisitions, primarily loans	—		(19,700,844)

Purchases of property and equipment	(1,658,199)		(1,353,135)


Proceeds from the sale of property and equipment	165,453		283,927
Net cash used in investing activities	(51,280,837)		(134,347,611)
Cash flow from financing activities:
Borrowings from senior notes payable	65,529,224		127,920,704
Payments on senior notes payable	(73,664,017)		(43,500,000)
Payments for extinguished senior unsecured notes payable	(1,535,000)		—


Payments for debt extinguishment costs	(5,000)		—
Debt issuance costs associated with senior notes payable	—		(239,636)
Proceeds from exercise of stock options	709,294		403,547

Repayment of finance lease	—		(34,143)
Repurchase of common stock	—		(14,314,088)

Net cash provided by (used in) financing activities	(8,965,499)		70,236,384

Net change in cash and cash equivalents	(520,137)		(5,933,732)
Cash and cash equivalents at beginning of period	16,508,935		19,236,322

Cash and cash equivalents at end of period	$	15,988,798	$	13,302,590



Supplemental Disclosures:
Interest paid during the period	$	17,301,329	$	17,698,537
Income taxes paid during the period	$	2,466,889	$	4,007,869

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, 2023 and 2022 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, 2023, and the results of operations and cash flows for the periods ended June 30, 2023 and 2022, 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, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, as filed with the SEC. 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, 2023. The Company believes that the disclosures are adequate to make the information presented not misleading.

NOTE 2 – 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 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.

Loans receivable, net

Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.2 million and $4.9 million as of June 30, 2023 and March 31, 2023, respectively.

From time to time, the Company may sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing.

Allowance for credit losses

Refer to Note 4, “Loans Receivable and Allowance for Credit Losses,” for information regarding the Company's CECL allowance model and a description of the methodology it utilizes.

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Reclassification

Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income (loss) or shareholders' equity, with the exception of the following.

As a result of adopting ASU 2023-02, Investments- Equity Method and Joint Venture (Topic 323), in March 2023 with an effective date of April 1, 2022, previously reported net loss for the three months ended June 30, 2022 and shareholders' equity as of June 30, 2022 were immaterially impacted to conform to the modified retrospective application of this newly adopted ASU.

Recently Adopted Accounting Standards

Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of ASU 2022-02 on April 1, 2023 expanded our write-off disclosures, but had no other impact on the Company’s Consolidated Financial Statements.

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 3 – 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, senior notes payable, and senior unsecured notes payable. Loans receivable are originated at prevailing market rates and have an average life of approximately less than twelve 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 SOFR and reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. 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, 2023				March 31, 2023
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,988,798	$	15,988,798	$	16,508,935	$	16,508,935
Loans receivable, net	3	888,656,418		888,656,418		887,788,486		887,788,486

LIABILITIES
Senior unsecured notes payable	2	288,860,000		252,752,500		290,860,000		218,127,548
Senior notes payable	3	299,776,031		299,776,031		307,910,824		307,910,824

There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2023 or March 31, 2023.

NOTE 4 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	June 30, 2023		March 31, 2023
0 to 5 months	$	77,832,233	$	81,803,668
6 to 17 months	115,061,651		133,650,188
18 to 35 months	149,142,504		135,396,187
36 to 59 months	240,921,979		244,414,255
60+ months	813,633,836		792,189,216

Tax advance loans	1,373,718		2,562,054
Total gross loans	$	1,397,965,921	$	1,390,015,568

Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which 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.

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, 2023:

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	Term Loans By Origination
Loans	Up 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	$	1,192,066,728	$	77,308,971	$	3,044,992	$	120,623	$	33,744	$	8,848	$	1,272,583,906
30 - 60 days past due	40,945,038		6,398,969		305,901		21,491		9,068		857		47,681,324
61 - 90 days past due	24,455,047		4,170,062		166,843		34,662		6,921		—		28,833,535
91 or more days past due	38,396,407		8,793,831		285,866		9,021		8,313		—		47,493,438
Total	$	1,295,863,220	$	96,671,833	$	3,803,602	$	185,797	$	58,046	$	9,705	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	8,436	$	2,475	$	—	$	—	$	—	$	—	$	10,911
30 - 60 days past due	92,644		406		—		—		—		—		93,050
61 - 90 days past due	150,173		376		—		—		—		—		150,549
91 or more days past due	1,118,587		621		—		—		—		—		1,119,208
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:

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	Term Loans By Origination
Loans	Up 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	$	1,200,504,088	$	62,076,656	$	1,998,218	$	148,662	$	23,046	$	6,863	$	1,264,757,533
30 - 60 days past due	40,791,746		4,689,867		160,956		42,700		8,504		2,988		45,696,761
61 - 90 days past due	26,319,250		2,572,733		92,088		40,281		884		—		29,025,236
91 or more days past due	41,832,821		5,944,645		160,361		29,494		4,430		2,233		47,973,984
Total	$	1,309,447,905	$	75,283,901	$	2,411,623	$	261,137	$	36,864	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	3,524	$	—	$	—	$	—	$	—	$	1,936,131
30 - 60 days past due	609,844		736		—		—		—		—		610,580
61 - 90 days past due	—		4,845		—		—		—		—		4,845
91 or more days past due	409		10,089		—		—		—		—		10,498
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

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, 2023:

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	Term Loans By Origination
Loans	Up 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	$	1,171,894,227	$	67,248,005	$	2,360,641	$	41,757	$	14,047	$	3,465	$	1,241,562,142
30 - 60 days past due	45,623,659		5,538,291		133,436		6,006		—		—		51,301,392
61 - 90 days past due	29,268,423		4,820,038		126,494		5,572		—		—		34,220,527
91 or more days past due	49,076,912		19,065,498		1,183,032		132,462		43,999		6,239		69,508,142
Total	$	1,295,863,221	$	96,671,832	$	3,803,603	$	185,797	$	58,046	$	9,704	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
30 - 60 days past due	87,950		—		—		—		—		—		87,950
61 - 90 days past due	164,821		—		—		—		—		—		164,821
91 or more days past due	1,117,069		3,878		—		—		—		—		1,120,947
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:

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	Term Loans By Origination
Loans	Up 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	$	1,174,237,761	$	53,652,011	$	1,554,144	$	64,233	$	5,142	$	1,491	$	1,229,514,782
30 - 60 days past due	47,346,331		3,661,493		77,857		6,714		—		—		51,092,395
61 - 90 days past due	33,012,804		3,030,052		44,129		7,643		—		—		36,094,628
91 or more days past due	54,851,010		14,940,345		735,493		182,547		31,721		10,593		70,751,709
Total	$	1,309,447,906	$	75,283,901	$	2,411,623	$	261,137	$	36,863	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	—	$	—	$	—	$	—	$	—	$	1,932,607
30 - 60 days past due	609,844		—		—		—		—		—		609,844
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	409		19,194		—		—		—		—		19,603
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2023:


	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2018 and prior	$	5,007	$	—	$	5,007
2019	12,727		—		12,727
2020	104,287		—		104,287
2021	2,943,366		—		2,943,366
2022	47,396,816		4,627		47,401,443
2023	253,212		3,000		256,212
Total	$	50,715,415	$	7,627	$	50,723,042

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2022:

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	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2017 and prior	$	5,663	$	—	$	5,663
2018	13,855		—		13,855
2019	138,663		—		138,663
2020	1,509,992		—		1,509,992
2021	65,867,200		14,163		65,881,363
2022	1,649,742		67,104		1,716,846
Total	$	69,185,115	$	81,267	$	69,266,382

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

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. 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 first pay success for new borrowers, 60-89 day delinquencies on a recency basis, FICO scores, percent of loan balances that are paying and percentage of gross loans that are acquired loans. From time to time, the Company will make changes, as deemed appropriate, to our new borrower underwriting guidance. As a result, management also considers whether a change in our new borrower underwriting might suggest a change is needed to the allowance for credit losses. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period.

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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 six-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 management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate.

The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Beginning balance	$	125,552,733	$	134,242,862

Provision for credit losses	46,602,012		85,822,267
Charge-offs	(50,723,042)		(69,266,382)
Recoveries1	7,911,285		4,851,932
Net charge-offs	(42,811,757)		(64,414,450)
Ending Balance	$	129,342,988	$	155,650,679

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	61,192,949	$	5,159,304	$	3,946,507	$	7,533,473	$	16,639,284	$	77,832,233
6 to 17 months	97,270,965		6,044,736		4,167,086		7,578,864		17,790,686		115,061,651
18 to 35 months	133,608,163		6,116,113		3,508,885		5,909,343		15,534,341		149,142,504
36 to 59 months	219,635,566		8,468,545		4,959,167		7,858,701		21,286,413		240,921,979
60+ months	760,876,263		21,892,627		12,251,890		18,613,056		52,757,573		813,633,836

Tax advance loans	10,912		93,049		150,549		1,119,208		1,362,806		1,373,718
Total gross loans	1,272,594,818		47,774,374		28,984,084		48,612,645		125,371,103		1,397,965,921
Unearned interest, insurance and fees	(345,890,705)		(12,985,054)		(7,877,861)		(13,212,895)		(34,075,810)		(379,966,515)
Total net loans	$	926,704,113	$	34,789,320	$	21,106,223	$	35,399,750	$	91,295,293	$	1,017,999,406

Percentage of period-end gross loans receivable			3.4%		2.1%		3.5%		9.0%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:

1 Recoveries during the three months ended June 30, 2023 include $4.4 million in proceeds related to the recurring sales of charge-offs. This gain on sale is included as a component of Provision for credit losses in the Consolidated Statements of Operations.

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			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	64,615,314	$	5,451,276		$	4,407,751		$	7,329,327		$	17,188,354		$	81,803,668
6 to 17 months	113,946,833		6,527,355			4,655,441			8,520,559			19,703,355			133,650,188
18 to 35 months	120,125,821		5,336,994			3,727,331			6,206,041			15,270,366			135,396,187
36 to 59 months	223,734,062		8,070,011			4,839,000			7,771,182			20,680,193			244,414,255
60+ months	742,335,503		20,311,125			11,395,713			18,146,875			49,853,713			792,189,216

Tax advance loans	1,936,131		610,580			4,845			10,498			625,923			2,562,054
Total gross loans	1,266,693,664		46,307,341			29,030,081			47,984,482			123,321,904			1,390,015,568
Unearned interest, insurance and fees	(343,255,876)		(12,548,627)			(7,866,737)			(13,003,109)			(33,418,473)			(376,674,349)
Total net loans	$	923,437,788	$	33,758,714		$	21,163,344		$	34,981,373		$	89,903,431		$	1,013,341,219

Percentage of period-end gross loans receivable			3.3		%	2.1		%	3.5		%	8.9		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	59,258,540	$	5,113,469	$	4,075,349	$	9,384,875	$	18,573,693		$	77,832,233
6 to 17 months	93,865,123		6,127,267		4,571,045		10,498,216		21,196,528			115,061,651
18 to 35 months	129,848,141		6,471,807		4,158,292		8,664,264		19,294,363			149,142,504
36 to 59 months	214,011,449		9,223,244		5,966,254		11,721,032		26,910,530			240,921,979
60+ months	744,578,889		24,365,605		15,449,587		29,239,755		69,054,947			813,633,836

Tax advance loans	—		87,950		164,821		1,120,947		1,373,718			1,373,718
Total gross loans	1,241,562,142		51,389,342		34,385,348		70,629,089		156,403,779			1,397,965,921
Unearned interest, insurance and fees	(337,456,038)		(13,967,600)		(9,345,922)		(19,196,955)		(42,510,477)			(379,966,515)
Total net loans	$	904,106,104	$	37,421,742	$	25,039,426	$	51,432,134	$	113,893,302		$	1,017,999,406

Percentage of period-end gross loans receivable			3.7%		2.5%		5.1%		11.3		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:

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			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	61,850,142	$	5,320,659		$	4,864,498		$	9,768,369		$	19,953,526		$	81,803,668
6 to 17 months	109,694,389		6,892,610			5,613,468			11,449,721			23,955,799			133,650,188
18 to 35 months	115,711,782		5,721,694			4,499,010			9,463,701			19,684,405			135,396,187
36 to 59 months	217,821,239		8,991,995			6,078,488			11,522,533			26,593,016			244,414,255
60+ months	724,437,230		24,165,437			15,039,164			28,547,385			67,751,986			792,189,216

Tax advance loans	1,932,607		609,844			—			19,603			629,447			2,562,054
Total gross loans	1,231,447,389		51,702,239			36,094,628			70,771,312			158,568,179			1,390,015,568
Unearned interest, insurance and fees	(333,704,639)		(14,010,568)			(9,781,128)			(19,178,014)			(42,969,710)			(376,674,349)
Total net loans	$	897,742,750	$	37,691,671		$	26,313,500		$	51,593,298		$	115,598,469		$	1,013,341,219

Percentage of period-end gross loans receivable			3.7		%	2.6		%	5.1		%	11.4		%

The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest revenue is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. During the three months ended June 30, 2023 and June 30, 2022, the Company reversed a total of $6.3 million and $9.0 million, respectively, of unpaid accrued interest against interest income.

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three months ended June 30, 2023 and 2022:


	Nonaccrual Loans Receivable
Customer Tenure	As of June 30, 2023		As of March 31, 2023		Interest Income Recognized for the three months ended June 30, 2023		Interest Income Recognized for the three months ended June 30, 2022
0 to 5 months	$	14,146,363	$	15,781,494	$	326,773	$	503,963
6 to 17 months	15,831,823		18,288,714		476,870		378,450
18 to 35 months	13,705,732		15,551,806		464,668		628,781
36 to 59 months	18,983,213		19,745,397		609,507		503,362
60+ months	48,292,974		49,285,814		1,737,871		1,658,281

Tax advance loans	1,299,860		19,603		—		—
Unearned interest, insurance and fees	(30,512,209)		(32,158,640)		—		—
Total	$	81,747,756	$	86,514,188	$	3,615,689	$	3,672,837

As of June 30, 2023 and March 31, 2023, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.

NOTE 5 – LEASES

Accounting Policies and Matters Requiring Management's Judgment

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The Company uses its effective annual interest rate, adjusted for certain assumptions, as the discount rate when evaluating leases under Topic 842. Management applies the adjusted effective annual interest rate to leases entered for the entirety of the subsequent year.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company generally does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's operating leases consist of real estate leases for office space as well as office equipment. Both the branch real estate and office equipment lease terms generally range from three years to five years, and generally contain options to extend which mirror the original terms of the lease.

During the second quarter of fiscal 2023, the lease terms associated with the Company's finance leases expired and the Company exercised its purchase option to acquire the IT equipment. Because it was reasonably certain that the Company would obtain the assets at the end of their lease terms, the right-of-use assets have amortized over the useful life of the asset, rather than over the lease term. As of June 30, 2023, the Company had no finance leases.

The following table reports information about the Company's lease cost for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Lease Cost
Finance lease cost	$	—	$	103,302
Amortization of right-of-use assets	—		102,278
Interest on lease liabilities	—		1,024
Operating lease cost	$	6,141,171	$	6,662,311

Variable lease cost	$	1,030,675	$	931,084

Total lease cost	$	7,171,846	$	7,696,697

The following table reports other information about the Company's leases for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023			2022
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	6,324,218		$	6,724,592
Operating cash flows from finance leases	—			1,024
Operating cash flows from operating leases	6,324,218			6,689,425
Financing cash flows from finance leases	—			34,143

Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,046,251		$	5,352,690
Weighted-average remaining lease term — finance leases	—			0.4 years
Weighted average remaining lease term — operating leases	7.1 years			7.2 years
Weighted-average discount rate — finance leases	—		%	6.0		%
Weighted-average discount rate — operating leases	6.1		%	6.1		%

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The aggregate annual lease obligations as of June 30, 2023 are as follows:


	Operating Leases
Remainder of 2024	$	17,407,197
2025	19,180,075
2026	15,695,818
2027	11,797,164
2028	9,231,916
Thereafter	28,762,038
Total undiscounted lease liability	$	102,074,208
Imputed interest	20,085,310
Total discounted lease liability	$	81,988,898

The Company had no leases with related parties at June 30, 2023 or March 31, 2023.

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NOTE 6 – AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended June 30,
	2023	2022
Basic:
Weighted average common shares outstanding (denominator)	5,772,733	5,740,835

Diluted:
Weighted average common shares outstanding	5,772,733	5,740,835
Dilutive potential common shares2	118,566	—
Weighted average diluted shares outstanding (denominator)	5,891,299	5,740,835

Options to purchase 309,371 and 341,880 shares of common stock at various prices were outstanding during the three months ended June 30, 2023 and 2022, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.

2 Dilutive potential common shares have been excluded from the weighted average diluted shares outstanding calculation for the three months ended June 30, 2022. In accordance with ASC 260-10-45, shares which would otherwise be considered dilutive are deemed anti-dilutive when the entity incurs a loss from continuing operations in the period reported.

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NOTE 7 – STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company maintains a 2008 Stock Option Plan, a 2011 Stock Option Plan and a 2017 Stock Incentive Plan for the benefit of certain non-employee directors, officers, and key employees. Under these plans, a total of 3,350,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation Committee. Stock options granted under these plans have a maximum term of 10 years, may be subject to certain vesting requirements, which are generally three to six years for officers, non-employee directors, and key employees, and are priced at the market value of the Company's common stock on the option's grant date. At June 30, 2023, there were a total of 149,174 shares of common stock remaining available for grant under the plans.

Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the Consolidated Financial Statements based on their grant date fair values. The Company has applied the Black-Scholes valuation model in determining the grant date fair value of the stock option awards. Compensation expense is recognized only for those options expected to vest.

Long-term Incentive Program and Non-Employee Director Awards

On October 15, 2018, the Compensation Committee and Board approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ interest by focusing executives on the achievement of long-term results. The program is comprised of four components: Service Options, Performance Options, Restricted Stock, and Performance Shares.

Pursuant to this program, in fiscal 2019, the Compensation Committee approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the World Acceptance Corporation 2011 Stock Option Plan and the World Acceptance Corporation 2017 Stock Incentive Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Service Options and Restricted Stock to certain of the Company’s non-employee directors.

Under the long-term incentive program, up to 100% of the shares of restricted stock subject to the Performance Shares will vest, if at all, based on the achievement of two trailing earnings per share performance targets established by the Compensation Committee that are based on earnings per share (measured at the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2019) for the previous four calendar quarters. The Performance Shares are eligible to vest over the Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement).

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%

The Restricted Stock awards typically vest in six equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

The Service Options typically vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Service Options have a 10-year term.

The Performance Options will fully vest if the Company attains the trailing earnings per share target over four consecutive calendar quarters occurring between September 30, 2018 and March 31, 2025 described below. Such performance target was established by the Compensation Committee and will be measured at the end of each calendar quarter commencing on

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September 30, 2019. The Performance Options are eligible to vest over the Option Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the Option Measurement Period or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Performance Options have a 10-year term. The Performance Option performance target is set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

Stock Options

There were no options issued during the three months ended June 30, 2023. The weighted-average fair value at the grant date for options issued during the three months ended June 30, 2022 was $80.87.

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended June 30,
	2023	2022

Dividend yield	—%	—%
Expected volatility	—%	55.96%
Average risk-free rate	—%	2.94%
Expected life	—	5.9 years

The expected stock price volatility is based on the historical volatility of the Company's common stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term.

Option activity for the three months ended June 30, 2023 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	314,742		$	104.41
Granted during period	—		—
Exercised during period	(7,540)		94.07
Forfeited during period	(6,018)		120.31
Expired during period	—		—
Options outstanding, end of period	301,184	3	$	104.35	5.6 years	$	9,920,060
Options exercisable, end of period	107,217		$	100.66	4.8 years	$	3,943,955

The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on June 30, 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by option holders had all option holders exercised their options as of June 30, 2023. This amount will change as the market price of the common stock changes. The total intrinsic value of options exercised during the periods ended June 30, 2023 and 2022 was as follows:

3 Of the 301,184 options outstanding, 80,793 are not yet exercisable based solely on fulfilling a service condition and another 113,174 are not yet exercisable based solely on fulfilling the performance condition described further above.

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	June 30, 2023		June 30, 2022

Three months ended	$	215,135	$	430,466

As of June 30, 2023, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $2.4 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years.

Restricted Stock

During the first three months of fiscal 2024, the Company granted 1,875 shares of restricted stock (which are equity classified) to certain vice presidents, senior vice presidents, executive officers, and non-employee directors with a grant date weighted average fair value of $103.78 per share.

During fiscal 2023, the Company granted 3,250 shares of restricted stock (which are equity classified) to certain vice presidents with a grant date weighted average fair value of $129.85 per share.

Compensation expense related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. The Company recognized compensation expense of $1.1 million and $3.0 million for the three months ended June 30, 2023 and 2022, respectively, which is included as a component of general and administrative expenses in the Company’s Consolidated Statements of Operations.

As of June 30, 2023, there was approximately $3.5 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 1.3 years based on current estimates.

A summary of the status of the Company’s restricted stock as of June 30, 2023, and changes during the three months ended June 30, 2023, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2023	460,614	$	101.82
Granted during the period	1,875	103.78
Vested during the period	—	—
Forfeited during the period	—	—
Outstanding at June 30, 2023	462,489	$	101.83

Total Stock-Based Compensation

Total stock-based compensation included as a component of net income (loss) during the three month periods ended June 30, 2023 and 2022 was as follows:


	Three months ended June 30,
	2023		2022
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	313,347	$	768,055
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations	1,099,351		3,048,003
Total stock-based compensation related to equity classified awards	$	1,412,698	$	3,816,058

NOTE 8 – ACQUISITIONS

The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as asset purchases.

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The following table sets forth the Company's acquisition activity for the three months ended June 30, 2023 and 2022.


	Three months ended June 30,
	2023		2022
Acquisitions:

Number of loan portfolios acquired through asset purchases	—		35
Total acquisitions	—		35

Purchase price	$	—	$	19,700,844

Tangible assets:
Loans receivable, net	—		23,547,972



Purchase price amount below carrying value of net tangible assets4	$	—	$	(3,847,128)


Non-compete agreements	$	—	$	215,000

Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill.

Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. In an asset purchase, no goodwill is recorded.

The Company’s acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below.

Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally less than twelve months, and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Under CECL, acquired loans are included in the reserve calculations for all loan types (excluding TALs). Management includes recent acquisition activity compared to historical activity when considering reasonable and supportable forecasts as it relates to assessing the adequacy of the allowance for expected credit losses. The Company did not acquire any loans that would qualify as PCDs during the three months ended June 30, 2023 and 2022.

Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values.

Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values.

Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to a branch is less than $100,000, and management believes that in the event a triggering event were to occur, the impairment loss to an unamortized customer list would be immaterial.

4 As a result of the asset purchase during the first quarter of fiscal 2023, the Company recorded a $3.1 million gain, net of $917.4 thousand income tax, which is included as a component of Insurance and other income, net in the Consolidated Statements of Operations. The transaction resulted in a gain as the acquired loan portfolios were purchased at a discount. As an immediate gain would be recognized on the net loans acquired if the cost below fair value was allocated, it was not determined appropriate to reduce the basis of the net loans acquired.

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The estimated results of all acquisitions have been included in the Company’s Consolidated Financial Statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.

NOTE 9 – DEBT

Senior Notes Payable; Revolving Credit Facility

At June 30, 2023, the Company's senior notes payable consisted of a $685.0 million senior revolving credit facility, which has an accordion feature permitting the maximum aggregate commitments to increase to $785.0 million provided that certain conditions are met.

At June 30, 2023, $299.8 million was outstanding under the Company's credit facility, not including a $524.0 thousand outstanding standby letter of credit related to workers compensation under a $1.5 million sub-facility. To the extent that the letter of credit is drawn upon, the disbursement will be funded by the credit facility. There are no amounts due related to the letter of credit as of June 30, 2023. The letter of credit expires on December 31, 2023; however, it automatically extends for one year on the expiration date. Subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus .10% and an applicable margin of 3.5% with a minimum rate of 4.5%. The revolving credit facility has a commitment fee of 0.50% per annum on the unused portion of the commitment. Commitment fees on the unused portion of the borrowing totaled $0.5 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively.

For the three months ended June 30, 2023 and fiscal year ended March 31, 2023, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 9.6% annualized and 7.0%, respectively. At June 30, 2023, the unused amount available under the revolving credit facility was $366.3 million and borrowings under the revolving credit facility mature on June 7, 2024.

Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement.

Senior Unsecured Notes Payable

On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s existing and certain of its future subsidiaries that guarantee the revolving credit facility. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing May 1, 2022. At any time prior to November 1, 2023, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, as described in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. At any time on or after November 1, 2023, the Company may redeem the Notes at redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to November 1, 2023, the Company may use the proceeds of certain equity offerings to redeem up to 40.0% of the aggregate principal amount of the Notes issued under the indenture at a redemption price equal to 107.0% of the principal amount of Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

During fiscal 2023, the Company repurchased and extinguished $9.1 million of its Notes, net of $0.1 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $7.2 million.

During the first three months of fiscal 2024. the Company repurchased and extinguished $2.0 million of its Notes, net of $24.1 thousand unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $1.54 million. In accordance with ASC 470, the Company recognized the $0.4 million gain on extinguishment as a component of interest expense in the Company's Consolidated Statements of Operations.

Debt Covenants

The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that generally restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and

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consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. The agreement's financial covenants include (i) a minimum consolidated net worth of $325.0 million on and after December 31, 2020; (ii) a maximum ratio of total debt to consolidated adjusted net worth of 2.5 to 1.0 (decreasing to 2.25 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 2.0 to 1.0 for the fiscal quarter ending September 30, 2023, and 2.25 to 1.0 for the fiscal quarter ending December 31, 2023); (iii) a maximum collateral performance indicator of 26.0% as of the end of each calendar month (increasing to 28% for the calendar months ending October 31, 2022 through June 30, 2023); and (iv) a minimum fixed charges coverage ratio of 1.25 to 1.0 for the fiscal quarter ended December 31, 2022, 1.15 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 1.50 to 1.0 for the fiscal quarter ending September 30, 2023, 2.0 to 1.0 for the fiscal quarter ending December 31, 2023, and 2.75 to 1.0 for each fiscal quarter thereafter, where the ratio for the most recent four consecutive fiscal quarters must be at least 2.0 to 1.0 in order for the Company to declare dividends or purchase any class or series of its capital stock or other equity.

The collateral performance indicator is equal to the sum of (a) a three-month rolling average rate of receivables at least sixty days past due and (b) an eight-month rolling average net charge-off rate.

The Company was in compliance with these covenants at June 30, 2023 and does not believe that these covenants will materially limit its business and expansion strategy.

The agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, invalidity of subordination provisions of subordinated debt, certain changes of control of the Company, and the occurrence of certain regulatory events, (including the entry of any stay, order, judgment, ruling or similar event related to the Company’s or any of its subsidiaries’ originating, holding, pledging, collecting or enforcing its eligible loans receivable that is material to the Company or any subsidiary) which remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry and is reasonably likely to cause a material adverse change.

The indenture governing the Notes contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness or issue certain disqualified stock and preferred stock; (ii) pay dividends or distributions or redeem or purchase capital stock; (iii) prepay subordinated debt or make certain investments; (iv) transfer and sell assets; (v) create or permit to exist liens; (vi) enter into agreements that restrict dividends, loans and other distributions from their subsidiaries; (vii) engage in a merger, consolidation or sell, transfer or otherwise dispose of all or substantially all of their assets; and (viii) engage in transactions with affiliates. However, these covenants are subject to a number of important detailed qualifications and exceptions.

Debt Maturities

The aggregate annual maturities of the Company's debt arrangements as of June 30, 2023 are as follows:


	Amount
Remainder of 2024	$	—
2025	299,776,031
2026	—
2027	288,860,000
2028	—
Total future debt payments	$	588,636,031

NOTE 10 – INCOME TAXES

As of June 30, 2023 and March 31, 2023, the Company had $1.2 million and $1.1 million, respectively, of total gross unrecognized tax benefits including interest. Approximately $0.9 million and $0.9 million, respectively, represent the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At June 30, 2023, approximately $0.5 million of gross unrecognized tax benefits are expected to be resolved during the next twelve

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months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $313.1 thousand accrued for gross interest as of June 30, 2023, and accrued $20.2 thousand during the three months ended June 30, 2023.

Investment in HTC was $21.7 million and $23.0 million as of June 30, 2023 and March 31, 2023, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. For the three months ended June 30, 2023 and 2022, the Company recognized net amortization from these investments of $1.3 million and $0.9 million, respectively, in income tax expense. For the three months ended June 30, 2023 and 2022, the Company recognized tax benefits from these investments of $1.5 million and $0.5 million, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period.

The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2018, although carryforward attributes that were generated prior to 2018 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period.

The Company’s effective income tax rate totaled 22.8% for the quarter ended June 30, 2023 compared to 20.2% for the prior year quarter. The increase is primarily due to the tax benefit related to the bargain purchase recorded as a discrete item in the prior year quarter. This was partially offset by the effects of pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year quarter.

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Derivative Litigation

On September 25, 2020, a shareholder filed a derivative complaint in South Carolina state court, Paul Parshall v. World Acceptance et al., against the Company as the nominal defendant and certain current and former directors and officers as defendants. Pointing to the Company’s resolution with the SEC and DOJ of the Mexico investigation previously disclosed, the complaint alleged violations of South Carolina law, including breaches of fiduciary duties and corporate waste, and that the Company has suffered damages as a result of those alleged breaches. The complaint sought unspecified monetary damages from the individual defendants, equitable and/or injunctive relief, disgorgement of compensation from the individual defendants, and attorneys’ fees and costs. Because the complaint was derivative in nature, it did not seek monetary damages from the Company. On July 6, 2023, the Court issued a Final Order and Judgment approving the April 19, 2023 Stipulation and Agreement of Settlement dated March 31, 2023, by and among: the plaintiff, derivatively on behalf of the Company; (ii) the individual defendants; and (iii) the Company. The Final Order and Judgment resulted in a non-material payment by the Company.

General

In addition, from time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business.

Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. However, in light of the inherent uncertainties involved, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

NOTE 12 – SUBSEQUENT EVENTS

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On July 18, 2023, the Company amended its revolving credit agreement ("Tenth Amendment") to, among other things, (i) reduce the total commitments under the facility from $685 million to $580 million; (ii) increase the amount available under the accordion feature from $100 million to $150 million (for a total commitment, if the full accordion is borrowed, of $730 million); (iii) extend the maturity from June 7, 2024 to June 7, 2026; (iv) change the ratio of Net Income Available for Fixed Charges to Fixed Charges from not less than 2.75 to 1.0 to not less than 2.25 to 1.0 starting with the fiscal quarter ending March 31, 2024; and (v) replace certain lenders and amend the commitment levels of certain lenders.

Management is not aware of any other significant events occurring subsequent to the balance sheet date that would have a

material effect on the financial statements thereby requiring adjustment or disclosure.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Information

This report on Form 10-Q, including "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains various "forward-looking statements," within the meaning of The Private Securities Litigation Reform Act of 1995, that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including those identified by words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” “believe,” “may,” “will,” “should,” "would," "could," "continue," "forecast," and any variation of the foregoing and similar expressions are forward-looking statements. Although the Company believes that the expectations reflected in any such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Any such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual financial results, performance or financial condition may vary materially from those anticipated, estimated or expected. Therefore, you should not rely on any of these forward-looking statements.

Among the key factors that could cause our actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements are the following: recently enacted, proposed or future legislation and the manner in which it is implemented; changes in the U.S. tax code; the nature and scope of regulatory authority, particularly discretionary authority, that may be exercised by regulators, including, but not limited to, the U.S. Consumer Financial Protection Bureau, and individual state regulators having jurisdiction over the Company; the unpredictable nature of regulatory proceedings and litigation, employee misconduct or misconduct by third parties, uncertainties associated with management turnover and the effective succession of senior management; media and public characterization of consumer installment loans, labor unrest the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s reported consolidated financial statements or necessitate material delays or changes in the issuance of the Company’s audited consolidated financial statements; the Company's assessment of its internal control over financial reporting; changes in interest rates; the impact of inflation; risks relating to the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan delinquencies or net charge-offs, the loss of key personnel, integration or migration issues, the failure to achieve anticipated synergies, increased costs of servicing, incomplete records, and retention of customers; risks inherent in making loans, including repayment risks and value of collateral; cybersecurity threats or incidents, including the potential or actual misappropriation of assets or sensitive information, corruption of data or operational disruption and the costs of the associated response thereto; our dependence on debt and the potential impact of limitations in the Company’s amended revolving credit facility or other impacts on the Company's ability to borrow money on favorable terms, or at all; the timing and amount of revenues that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting delinquency and charge-offs); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company).

These and other risks are discussed in more detail in Part I, Item 1A “Risk Factors” in the Company's most recent annual report on Form 10-K for the fiscal year ended March 31, 2023 filed with the SEC, and in the Company’s other reports filed with, or furnished to, the SEC from time to time. The Company does not undertake any obligation to update any forward-looking statements it may make, except to the extent required by law.

Results of Operations

The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Consolidated Balance Sheets (unaudited), as well as operating data and ratios, for the periods indicated:

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	Three months ended June 30,
	2023			2022
	(Dollars in thousands)
Gross loans receivable	$	1,397,966		$	1,641,798
Average gross loans receivable (1)	1,388,662			1,575,548
Net loans receivable (2)	1,017,999			1,194,508
Average net loans receivable (3)	1,013,007			1,152,981

Expenses as a percentage of total revenue:
Provision for credit losses	33.4		%	54.3		%
General and administrative	48.9		%	45.4		%
Interest expense	8.8		%	7.1		%
Operating income as a % of total revenue (4)	17.7		%	0.3		%

Loan volume (5)	721,234			932,379

Net charge-offs as percent of average net loans receivable on an annualized basis	16.9		%	22.3		%

Return on average assets (trailing 12 months)	3.3		%	2.5		%

Return on average equity (trailing 12 months)	10.7		%	7.5		%

Branches opened or acquired (merged or closed), net	(18)			(21)

Branches open (at period end)	1,055			1,146

_______________________________________________________

(1) Average gross loans receivable has been determined by averaging month-end gross loans receivable over the indicated period, excluding tax advances.

(2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees.

(3) Average net loans receivable has been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period, excluding tax advances.

(4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses.

(5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions.

Comparison of three months ended June 30, 2023 versus three months ended June 30, 2022

Gross loans outstanding decreased to $1.40 billion as of June 30, 2023, a 14.9% decrease from the $1.64 billion of gross loans outstanding as of June 30, 2022. During the most recent quarter, we saw a decrease in borrowing from new, former, and refinance customers compared to the same quarter of the prior year due to the tighter underwriting standards implemented in prior quarters. During the three months ended June 30, 2023 our unique borrowers increased by 1.5% compared to an increase of 0.2% during the three months ended June 30, 2022.

Net income for the three months ended June 30, 2023 increased to $9.5 million, a 211.3% increase from a net loss of $8.6 million for the same period of the prior year. Operating income, which is revenue less provision for credit losses and general and administrative expenses, increased by $24.2 million, or 5,419.6%, compared to the same period of the prior fiscal year.

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Revenues for the three months ended June 30, 2023 decreased by $18.6 million, or 11.8%, to $139.3 million from $157.9 million for the same period of the prior year. Interest and fee income for the three months ended June 30, 2023 decreased by $13.6 million, or 10.4%, from the same period of the prior year due to a decrease in loans outstanding. The decrease was primarily due to a 14.0% decrease in average gross earning loans (total gross loans less gross loans 60 days or more contractually past due and tax advances).

Insurance and other income for the three months ended June 30, 2023 decreased by $5.0 million, or 18.1%, from the same period of the prior year. Insurance income decreased by approximately $1.0 million, or 5.9%, during the three months ended June 30, 2023 when compared to the three months ended June 30, 2022. Insurance commissions decreased primarily due to a decrease in loans where our insurance products are available to our customer. Other income decreased by $4.0 million. Other income in the prior year's first quarter includes a $3.1 million bargain purchase gain related to an acquisition.

The provision for credit losses decreased $39.2 million, or 45.7%, to $46.6 million from $85.8 million when comparing the first quarter of fiscal 2024 to the first quarter of fiscal 2023. The table below itemizes the key components of the CECL allowance and provision impact during the quarter.


CECL Allowance and Provision (Dollars in millions)	FY 2024	FY 2023	Difference	Reconciliation
Beginning Allowance - March 31	$125.5	$134.2	$(8.7)
Change due to Growth	$0.7	$10.5	$(9.8)	$(9.8)
Change due to Expected Loss Rate on Performing Loans	$3.5	$16.8	$(13.3)	$(13.3)
Change due to 90 day past due	$(0.4)	$(5.9)	$5.5	$5.5
Ending Allowance - June 30	$129.3	$155.6	$(26.3)	$(17.6)
Net Charge-offs	$42.8	$64.4	$(21.6)	$(21.6)
Provision	$46.6	$85.8	$(39.2)	$(39.2)
Note: The change in allowance for the quarter plus net charge-offs for the quarter equals the provision for the quarter (see above reconciliation).

The provision benefited from substantially lower charge-offs, smaller increases in expected loss rates, and slower growth in the

portfolio. The three most important factors impacting the expected loss rates on performing loans are recent actual loss

performance, changes in mix of the portfolio tenure, and a seasonality factor.

Net charge-offs for the quarter decreased $21.6 million, from $64.4 million in the first quarter of fiscal 2023 to $42.8 million in the first quarter of fiscal 2024. Net charge-offs as a percentage of average net loan receivables on an annualized basis decreased from 22.3% in the first quarter of fiscal 2023 to 16.9% in the first quarter of fiscal 2024. Net charge-offs during the period include $4.4 million in proceeds related to recurring sales of charge-offs.

The Company's allowance for credit losses as a percentage of net loans was 12.7% at June 30, 2023 compared to 13.0% at June 30, 2022. Accounts that were 61 days or more past due on a recency basis were 5.6% of the portfolio at June 30, 2023 and 6.9% of the portfolio at June 30, 2022.

We experienced significant improvement in recency delinquency on accounts at least 90 days past due, improving from 4.1% at June 30, 2022, to 3.5% at June 30, 2023. Recency delinquency for accounts 0-89 days past due also improved from 23.0% at June 30, 2022, to 20.2% at June 30, 2023.

G&A expenses for the three months ended June 30, 2023 decreased by $3.5 million, or 4.9%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses increased from 45.4% during the three months ended June 30, 2022 to 48.9% during the three months ended June 30, 2023. G&A expenses per average open branch decreased by 3.8% when comparing the two three-month periods. The change in G&A expense is explained in greater detail below.

Personnel expense totaled $41.8 million for the three months ended June 30, 2023, a $3.4 million, or 7.5%, decrease over the three months ended June 30, 2022. Benefit expense decreased approximately $1.7 million, or 18.4%, when comparing the quarterly periods ended June 30, 2023 and 2022. Incentive expense decreased $3.3 million, or 34.2%. This was offset by a $1.1 million, or 3.6%, increase in salary expense when comparing the two quarterly periods ended June 30, 2023 and 2022. The decrease in incentive expense is mostly due to a $1.9 million decrease in share based compensation and bonus expense. On July 1, 2022, we increased base wages for our Financial Service Representatives to a minimum of approximately $15 an hour and eliminated the monthly bonus for the same position. The increase in salary expense is mostly due to the increased base wages for our Financial Service Representatives as mentioned above, partially offset by our headcount as of June 30, 2023, decreasing by 5.3% compared to June 30, 2022.

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Occupancy and equipment expense totaled $12.6 million for the three months ended June 30, 2023, a $0.6 million, or 4.6%, decrease over the three months ended June 30, 2022. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the period. The current year includes $0.3 million in expense related to the merger of branches during the quarter. For the three months ended June 30, 2023, the average open branches decreased 8.4% compared to the three months ended June 30, 2022.

Advertising expense increased $0.5 million, or 24.5%, in the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023 due to increased spending on customer acquisition programs.

Amortization of intangible assets totaled $1.1 million for the three months ended June 30, 2023, a $62.8 thousand, or 5.5%, decrease over the three months ended June 30, 2022.

Other expense totaled $9.9 million for the three months ended June 30, 2023, remaining relatively flat compared to the three month ended June 30, 2022.

Interest expense for the three months ended June 30, 2023 increased by $1.1 million, or 9.6%, from the corresponding three months of the previous year. The increase in interest expense was due to a 42% increase in the effective interest rate from 6.0% to 8.5%, partially offset by a 20.0% decrease in the average debt outstanding, from $741.7 million to $593.2 million. The Company’s senior debt-to-equity ratio decreased from 2.2:1 at June 30, 2022 to 1.5:1 at June 30, 2023. The Company repurchased and extinguished $2.0 million of its Notes, net of $24.1 thousand unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $1.54 million.

Other key return ratios for the three months ended June 30, 2023 included a 3.3% return on average assets and a return on average equity of 10.7% (both on a trailing 12-month basis), as compared to a 2.5% return on average assets and a return on average equity of 7.5% (both on a trailing 12-month basis) for the three months ended June 30, 2022.

The Company’s effective income tax rate increased to 22.8% for the three months ended June 30, 2023 compared to 20.2% for the corresponding period of the previous year. The increase is primarily due to the tax benefit related to the bargain purchase recorded as a discrete item in the prior year quarter. This was partially offset by the effects of pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year quarter.

Regulatory Matters

CFPB Rulemaking Initiatives

On October 5, 2017, the CFPB issued a final rule (the "Rule") imposing limitations on (i) short-term consumer loans, (ii) longer-term consumer installment loans with balloon payments, and (iii) higher-rate consumer installment loans repayable by a payment authorization. The Rule originally required lenders originating short-term loans and longer-term balloon payment loans to evaluate whether each consumer has the ability to repay the loan along with current obligations and expenses (“ability to repay requirements”); however, the ability to repay requirements were rescinded in July 2020. The Rule also curtails repeated unsuccessful attempts to debit consumers’ accounts for short-term loans, balloon payment loans, and installment loans that involve a payment authorization and an annual percentage rate over 36% (“payment requirements”). However, on October 19, 2022, a three-judge panel of the Fifth Circuit Court of Appeals held in Cmty. Fin.l Servs. Ass’n of Am., Ltd. v. Consumer Fin. Prot. Bureau, that the CFPB’s funding structure violated the U.S. Constitution’s Appropriations Clause, which requires that all expenditures of federal funds be approved by Congress. On this ground, it vacated the Rule. The decision will be binding in the Fifth Circuit’s jurisdiction, covering Louisiana, Texas and Mississippi, and persuasive in other circuits until there’s a competing case to contradict it. The CFPB has filed a certiorari petition asking the U.S. Supreme Court to review the Fifth Circuit’s panel decision. The Supreme Court has scheduled oral arguments on October 3, 2023 and it is possible that a decision may not be issued until the end of the Court’s term in June 2024. Implementation of the Rule’s payment requirements is uncertain, but if it were to take effect it could require changes to the Company’s practices and procedures for such loans, which could materially and adversely affect the Company’s ability to make such loans, the cost of making such loans, the Company’s ability to, or frequency with which it could, refinance any such loans, and the profitability of such loans.

Unless rescinded or otherwise amended, the Company will have to comply with the Rule’s payment requirements if it continues to allow consumers to set up future recurring payments online for certain covered loans such that it meets the definition of having a “leveraged payment mechanism” under the Rule. If the payment provisions of the Rule apply, the Company will have to modify its loan payment procedures to comply with the required notices and mandated timeframes set forth in the final rule.

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In its Fall 2015 rulemaking agenda, the CFPB stated that it expected to conduct a rulemaking to identify larger participants in the installment lending market for purposes of its supervision program. However, this initiative was classified as “inactive” on the CFPB’s Spring 2018 rulemaking, and its Fall 2022 rulemaking agenda showed no planned activity in this area. Though the likelihood and timing of any such rulemaking is uncertain, the Company believes that the implementation of such rules would likely bring the Company’s business under the CFPB’s supervisory authority which, among other things, would subject the Company to reporting obligations to, and on-site compliance examinations by, the CFPB. While the CFPB has not yet initiated rulemaking for defining larger participants in the installment lending market, its Spring 2023 rulemaking agenda indicates that the CFPB is considering rules to define larger participants in markets for consumer payments, suggesting that the CFPB has renewed its focus on further identifying larger participants for purposes of its supervision program. Even in the absence of a larger participant rule, the CFPB has the power to order individual nonbank financial institutions to submit to supervision where the CFPB has reasonable cause to determine that the institution is engaged in “conduct that poses risks to consumers” under 12 USC 5514(a)(1)(C). On April 25, 2022, the CFPB announced that it has begun using this “dormant authority” to examine nonbank entities that pose risks to consumers.

See Part I, Item 1, “Business - Government Regulation - Federal legislation,” for a further discussion of these matters and the federal regulations to which the Company’s operations are subject and Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K for the year ended March 31, 2023 for more information regarding these regulatory and related risks.

Liquidity and Capital Resources

The Company has historically financed and continues to finance its operations, acquisitions and branch expansion primarily through a combination of cash flows from operations and borrowings from its institutional lenders. As discussed below, the Company has also issued debt securities to finance its operations and repay a portion of its outstanding indebtedness. The Company has generally applied its cash flows from operations to fund its loan volume, fund acquisitions, repay long-term indebtedness, and repurchase its common stock. Net cash provided by operating activities for the three months ended June 30, 2023 was $59.7 million.

The Company believes that attractive opportunities to acquire new branches or receivables from its competitors or to acquire branches in communities not currently served by the Company will continue to become available as conditions in local economies and the financial circumstances of owners change.

On September 27, 2021, we issued a $300 million in aggregate principal amount of 7.0% senior notes due 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s existing and certain of its future subsidiaries that guarantee the revolving credit facility. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing May 1, 2022. At any time prior to November 1, 2023, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, as described in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. At any time on or after November 1, 2023, the Company may redeem the Notes at redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to November 1, 2023, the Company may use the proceeds of certain equity offerings to redeem up to 40% of the aggregate principal amount of the Notes issued under the indenture at a redemption price equal to 107.0% of the principal amount of Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

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(iv) transfer and sell assets; (v) create or permit to exist liens; (vi) enter into agreements that restrict dividends, loans and other distributions from their subsidiaries; (vii) engage in a merger, consolidation or sell, transfer or otherwise dispose of all or substantially all of their assets; and (viii) engage in transactions with affiliates. However, these covenants are subject to a number of important detailed qualifications and exceptions.

The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our revolving credit facility and the Notes limit share repurchases to up to 50% of consolidated adjusted net income for the period commencing January 1, 2019. As of June 30, 2023, subject to further approval from our Board of Directors, we could repurchase approximately $34.0 million of shares under the terms of our debt facilities. Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the revolving credit facility and the Notes.

The Company has a revolving credit facility with a syndicate of banks. The revolving credit facility provides for revolving borrowings of up to the lesser of (a) the aggregate commitments under the facility and (b) a borrowing base, and it includes a $524.0 thousand letter of credit under a $1.5 million subfacility.

Subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus .10% and an applicable margin of 3.5% with a minimum rate of 4.5%. At June 30, 2023, the aggregate commitments under the revolving credit facility were $685.0 million. The $524.0 thousand letter of credit outstanding under the subfacility expires on December 31, 2023; however, it automatically extends for one year on the expiration date. The borrowing base limitation is equal to the product of (a) the Company’s eligible finance receivables, less unearned finance charges, insurance premiums and insurance commissions applicable to such eligible finance receivables, and (b) an advance rate percentage that ranges from 62% to 80% based on a collateral performance indicator, as more completely described below. Further, under the amended and restated revolving credit agreement, the administrative agent has the right to set aside reasonable reserves against the available borrowing base in such amounts as it may deem appropriate, including, without limitation, reserves with respect to certain regulatory events or any increased operational, legal, or regulatory risk of the Company and its subsidiaries.

The Company’s obligations under the revolving credit facility, together with treasury management and hedging obligations owing to any lender under the revolving credit facility or any affiliate of any such lender, are required to be guaranteed by each of the Company’s wholly-owned domestic subsidiaries. The obligations of the Company and the subsidiary guarantors under the revolving credit facility, together with such treasury management and hedging obligations, are secured by a first-priority security interest in substantially all assets of the Company and the subsidiary guarantors.

The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. The agreement's financial covenants include (i) a minimum consolidated net worth of $325.0 million on and after December 31, 2020; (ii) a maximum ratio of total debt to consolidated adjusted net worth of 2.5 to 1.0 (decreasing to 2.25 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 2.0 to 1.0 for the fiscal quarter ending September 30, 2023, and 2.25 to 1.0 for the fiscal quarter ending December 31, 2023); (iii) a maximum collateral performance indicator of 26.0% as of the end of each calendar month (increasing to 28.0% for the calendar months ending October 31, 2022 through June 30, 2023); and (iv) a minimum fixed charges coverage ratio of 1.25 to 1.0 for the fiscal quarter ended December 31, 2022, 1.15 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 1.50 to 1.0 for the fiscal quarter ending September 30, 2023, 2.0 to 1.0 for the fiscal quarter ending December 31, 2023, and 2.75 to 1.0 for each fiscal quarter thereafter, where the ratio for the most recent four consecutive fiscal quarters must be at least 2.0 to 1.0 in order for the Company to declare dividends or purchase any class or series of its capital stock or other equity.

The Company was in compliance with these covenants at June 30, 2023 and does not believe that these covenants will materially limit its business and expansion strategy.

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The Company believes that cash flow from operations and borrowings under its revolving credit facility or other sources will be adequate to fund the expected cost of opening or acquiring new branches, including funding initial operating losses of new branches and funding loans receivable originated by those branches and the Company's other branches (for the next 12 months and for the foreseeable future beyond that). Except as otherwise discussed in this report including, but not limited to, any discussions in Part 1, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K (as supplemented by any subsequent disclosures in information the Company files with or furnishes to the SEC from time to time), management is not currently aware of any trends, demands, commitments, events or uncertainties that it believes will or could result in, or are or could be reasonably likely to result in, any material adverse effect on the Company’s liquidity.

Share Repurchase Program

On February 24, 2022, the Board of Directors authorized the Company to repurchase up to $30.0 million of the Company’s outstanding common stock, inclusive of the amount that remained available for repurchase under prior repurchase authorizations. As of June 30, 2023 the Company had $1.1 million in aggregate remaining repurchase capacity under its current share repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, available funds, alternative uses of capital, restrictions under the revolving credit agreement, and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the revolving credit facility and the Notes. Our first priority is to ensure we have enough capital to fund loan growth. As of June 30, 2023, subject to further approval from our Board of Directors, we could repurchase approximately $34.0 million of shares under the terms of our debt facilities. To the extent we have excess capital, we may repurchase stock, if appropriate and as authorized by our Board of Directors. As of June 30, 2023, the Company's debt outstanding was $585.4 million, net of $3.2 million unamortized debt issuance costs related to the unsecured senior notes payable, and its shareholders' equity was $396.9 million resulting in a debt-to-equity ratio of 1.5:1.0. Management will continue to monitor the Company's debt-to-equity ratio and is committed to maintaining a debt level that will allow the Company to continue to execute its business objectives, while not putting undue stress on its consolidated balance sheet.

Inflation

The Company does not believe that inflation, within reasonably anticipated rates, will have a material, adverse effect on its financial condition. Although inflation would increase the Company’s operating costs in absolute terms, the Company expects that the same decrease in the value of money would result in an increase in the size of loans demanded by its customer base. It is reasonable to anticipate that such a change in customer preference would result in an increase in total loans receivable and an increase in absolute revenue to be generated from that larger amount of loans receivable. The Company believes that this increase in absolute revenue should offset any increase in operating costs. In addition, because the Company’s loans have a relatively short contractual term and average life, it is unlikely that loans made at any given point in time will be repaid with significantly inflated dollars.

Quarterly Information and Seasonality

See Note 2 to the unaudited Consolidated Financial Statements.

Recently Adopted Accounting Pronouncements

See Note 2 to the unaudited Consolidated Financial Statements.

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Critical Accounting Policies

The Company’s accounting and reporting policies are in accordance with GAAP and conform to general practices within the finance company industry. Certain accounting policies involve significant judgment by the Company’s management, including the use of estimates and assumptions which affect the reported amounts of assets, liabilities, revenue, and expenses. As a result, changes in these estimates and assumptions could significantly affect the Company’s financial position and results of operations. The Company considers its policies regarding the allowance for credit losses, share-based compensation and income taxes to be its most critical accounting policies due to the significant degree of management judgment involved.

Allowance for Credit Losses

Accounting policies related to the allowance for credit losses are considered to be critical as these policies involve considerable subjective judgement and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance account represents management’s best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions, qualitative factors, and reasonable and supportable forecasts.

Share-Based Compensation

The Company measures compensation cost for share-based awards at fair value and recognizes compensation over the service period for awards expected to vest. The fair value of restricted stock is based on the number of shares granted and the quoted price of the Company’s common stock at the time of grant, and the fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of assumptions, including expected volatility, risk-free interest rate and expected life.

Income Taxes

Management uses certain assumptions and estimates in determining income taxes payable or refundable, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. Management exercises considerable judgment in evaluating the amount and timing of recognition of the resulting income tax liabilities and assets. These judgments and estimates are re-evaluated on a periodic basis as regulatory and business factors change.

No assurance can be given that either the tax returns submitted by management or the income tax reported on the Consolidated Financial Statements will not be adjusted by either adverse rulings, changes in the tax code, or assessments made by the IRS, state, or foreign taxing authorities. The Company is subject to potential adverse adjustments, including but not limited to: an increase in the statutory federal or state income tax rates, the permanent non-deductibility of amounts currently considered deductible either now or in future periods, and the dependency on the generation of future taxable income in order to ultimately realize deferred income tax assets.

Under FASB ASC Topic 740, the Company will include the current and deferred tax impact of its tax positions in the financial statements when it is more likely than not (likelihood of greater than 50%) that such positions will be sustained by taxing authorities, with full knowledge of relevant information, based on the technical merits of the tax position. While the Company supports its tax positions by unambiguous tax law, prior experience with the taxing authority, and analysis of what it considers to be all relevant facts, circumstances and regulations, management must still rely on assumptions and estimates to determine the overall likelihood of success and proper quantification of a given tax position.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

The Company’s outstanding debt under its revolving credit facility was $299.8 million at June 30, 2023. Interest on borrowing under this facility is based on the greater of 4.5% or one month SOFR plus .10% and an applicable margin of 3.5%. Based on the outstanding balance at June 30, 2023, a change of 1.0% in the interest rate would cause a change in interest expense of approximately $3.0 million on an annual basis.

Item 4. Controls and Procedures

Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Based on management’s evaluation, with the participation of our CEO and CFO, as of the end of the period covered by this report, our CEO and CFO have concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, including the CEO and CFO do not expect that our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See Note 11 to the unaudited Consolidated Financial Statements included in this report for information regarding legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company's credit agreements contain certain limits on share repurchases. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources."

The repurchase authorization does not have a stated expiration date. The following table details purchases of the Company's common stock, if any, made by the Company during the three months ended June 30, 2023:


	(a) Total number of shares purchased	(b) Average price paid per share		(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Approximate dollar value of shares that may yet be purchased under the plans or programs(1)
April 1 through April 30, 2023	—	$	—	—	$	1,123,544
May 1 through May 31, 2023	—	—		—	1,123,544
June 1 through June 30, 2023	—	—		—	1,123,544
Total for the quarter	—	$	—	—

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None of our officers and directors entered into, modified or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (each as defined in in Item 408(c) of Regulation S-K) during the quarter ended June 30, 2023.

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Item 6. Exhibits

The exhibits listed in the accompanying exhibit index are filed as part of the Quarterly Report on Form 10-Q.

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EXHIBIT INDEX

Exhibit
Number

Exhibit Description

Filed
Herewith

Incorporated by Reference

Form or
Registration
Number

Exhibit

Filing
Date

3.01

Second Amended and Restated Articles of Incorporation of World Acceptance Corporation, as amended

S-8

3.1

07-29-03

3.02

Eighth Amended and Restated Bylaws of World Acceptance Corporation

10-Q

3.01

11-08-18

10.01

Tenth Amendment to Amended and Restated Revolving Credit Facility, dated July 18, 2023, including the Amended and Restated Revolving Credit Facility attached as Exhibit A thereto

8-K

10.1
10.2

07-18-23

31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.02

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial and Strategy Officer

32.01

Section 1350 Certification of Chief Executive Officer

32.02

Section 1350 Certification of Chief Financial and Strategy Officer

101.01

The following materials from the Company's Quarterly Report for the fiscal quarter ended June 30, 2023, formatted in Inline XBRL:

(i)

Consolidated Balance Sheets as of June 30, 2023 and March 31, 2023;

(ii)

Consolidated Statements of Operations for the three months ended June 30, 2023 and June 30, 2022;

(iii)

Consolidated Statements of Shareholders' Equity for the three months ended June 30, 2023 and June 30, 2022;

(iv)

Consolidated Statements of Cash Flows for the three months ended June 30, 2023 and June 30, 2022; and

(v)

Notes to the Consolidated Financial Statements.

104.01

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


*			Filed herewith.
+			Management Contract or other compensatory plan required to be filed under Item 6 of this report and Item 601 of Regulation S-K of the Securities and Exchange Commission.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WORLD ACCEPTANCE CORPORATION

By: /s/ Scott McIntyre

Scott McIntyre

Senior Vice President of Accounting

Signing on behalf of the registrant and as principal accounting officer

Date:

August 3, 2023

EXHIBIT 31.01

CERTIFICATION

I, R. Chad Prashad, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of World Acceptance Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Dated:	August 3, 2023	/s/ R. Chad Prashad
		R. Chad Prashad
		President and Chief Executive Officer

EXHIBIT 31.02

CERTIFICATION

I, John L. Calmes, Jr., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of World Acceptance Corporation;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Dated:	August 3, 2023	/s/ John L. Calmes, Jr.
		John L. Calmes, Jr.
		Executive Vice President and Chief Financial and Strategy Officer

EXHIBIT 32.01

CERTIFICATION OF PERIODIC REPORT

I, R. Chad Prashad, President and Chief Executive Officer of World Acceptance Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2023, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:	August 3, 2023	/s/ R. Chad Prashad
		R. Chad Prashad
		President and Chief Executive Officer

EXHIBIT 32.02

CERTIFICATION OF PERIODIC REPORT

I, John L. Calmes, Jr., Executive Vice President and Chief Financial and Strategy Officer of World Acceptance Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to my knowledge:

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:	August 3, 2023	/s/ John L. Calmes, Jr.
		John L. Calmes, Jr.
		Executive Vice President and Chief Financial and Strategy Officer

COVER - shares	3 Months Ended
COVER - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-19599
Entity Registrant Name	WORLD ACCEPTANCE CORP
Entity Incorporation, State or Country Code	SC
Entity Tax Identification Number	57-0425114
Entity Address, Address Line One	104 S Main Street
Entity Address, City or Town	Greenville,
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29601
City Area Code	(864)
Local Phone Number	298-9800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	WRLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,242,160
Entity Central Index Key	0000108385
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 15,988,798	$ 16,508,935
Gross loans receivable	1,397,965,921	1,390,015,568
Less:
Unearned interest, insurance and fees	(379,966,515)	(376,674,349)
Allowance for credit losses	(129,342,988)	(125,552,733)
Loans receivable, net	888,656,418	887,788,486
Operating lease right‐of‐use assets, net	79,462,179	81,289,240
Property and equipment, net	23,856,064	23,926,080
Deferred income taxes, net	43,271,950	41,722,361
Other assets, net	41,147,435	43,422,669
Goodwill	7,370,791	7,370,791
Intangible assets, net	14,220,264	15,289,579
Total assets	1,113,973,899	1,117,318,141
Liabilities:
Senior notes payable	299,776,031	307,910,824
Senior unsecured notes payable, net	285,620,007	287,352,892
Income taxes payable	3,812,177	2,532,766
Operating lease liability	81,988,898	83,735,002
Accounts payable and accrued expenses	45,889,309	50,559,920
Total liabilities	717,086,422	732,091,404
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding	0	0
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 6,240,497 and 6,231,082 shares at June 30, 2023 and March 31, 2023, respectively	0	0
Additional paid-in capital	290,193,831	288,071,839
Retained earnings	106,693,646	97,154,898
Total shareholders' equity	396,887,477	385,226,737
Total liabilities and shareholders' equity	$ 1,113,973,899	$ 1,117,318,141

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	95,000,000	95,000,000
Common stock, shares issued (in shares)	6,240,497	6,231,082
Common stock, shares outstanding (in shares)	6,240,497	6,231,082

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Interest and fee income	$ 116,618,914	$ 130,205,390
Insurance and other income, net	22,704,877	27,712,898
Total revenues	139,323,791	157,918,288
Expenses:
Provision for credit losses	46,602,012	85,822,267
General and administrative expenses:
Personnel	41,792,087	45,178,345
Occupancy and equipment	12,619,740	13,234,697
Advertising	2,749,544	2,208,395
Amortization of intangible assets	1,069,316	1,132,104
Other	9,894,517	9,896,854
Total general and administrative expenses	68,125,204	71,650,395
Interest expense	12,242,249	11,174,347
Total expenses	126,969,465	168,647,009
Income (loss) before income taxes	12,354,326	(10,728,721)
Income tax expense (benefit)	2,815,578	(2,162,249)
Net income (loss)	$ 9,538,748	$ (8,566,472)
Net income (loss) per common share:
Basic (in dollars per share)	$ 1.65	$ (1.49)
Diluted (in dollars per share)	$ 1.62	$ (1.49)
Weighted average common shares outstanding:
Basic (in shares)	5,772,733	5,740,835
Diluted (in shares)	5,891,299	5,740,835

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Mar. 31, 2022			6,348,314
Beginning balances at Mar. 31, 2022	$ 373,024,428	$ (1,880,346)		$ 280,907,085	$ 92,117,343	$ (1,880,346)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)			4,300
Proceeds from exercise of stock options	403,547			403,547
Common stock repurchases (in shares)			(73,643)
Common stock repurchases	(14,314,088)				(14,314,088)
Restricted common stock expense under stock option plan, net of cancellations (in shares)			1,750
Restricted common stock expense under stock option plan, net of cancellations	3,048,003			3,048,003
Stock option expense	768,055			768,055
Net income (loss)	(8,566,472)				(8,566,472)
Ending balance (in shares) at Jun. 30, 2022			6,280,721
Ending balances at Jun. 30, 2022	$ 352,483,127			285,126,690	67,356,437
Beginning balance (in shares) at Mar. 31, 2023	6,231,082		6,231,082
Beginning balances at Mar. 31, 2023	$ 385,226,737			288,071,839	97,154,898
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)			7,540
Proceeds from exercise of stock options	709,294			709,294
Restricted common stock expense under stock option plan, net of cancellations (in shares)			1,875
Restricted common stock expense under stock option plan, net of cancellations	1,099,351			1,099,351
Stock option expense	313,347			313,347
Net income (loss)	$ 9,538,748				9,538,748
Ending balance (in shares) at Jun. 30, 2023	6,240,497		6,240,497
Ending balances at Jun. 30, 2023	$ 396,887,477			$ 290,193,831	$ 106,693,646

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]			Accounting Standards Update 2023-02 [Member]
Issuance of restricted common stock under stock option plan	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net income (loss)	$ 9,538,748	$ (8,566,472)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible assets	1,069,316	1,132,104
Accrued unearned interest	(879,946)	(6,442,480)
Amortization of deferred loan cost	3,198,092	4,404,042
Gain on extinguishment of senior unsecured notes payable	(435,885)	0
Amortization of debt issuance costs	484,571	382,230
Provision for credit losses	46,602,012	85,822,267
Depreciation	1,574,515	1,510,599
Amortization of finance leases	0	102,278
Gain on asset acquisitions, net of income tax	0	(3,144,722)
Gain on sale of property and equipment	(11,753)	(129,476)
Deferred income tax benefit	(1,549,589)	(6,695,391)
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	1,412,698	3,816,058
Change in accounts:
Other assets, net	2,114,620	(8,573,847)
Income taxes payable/ receivable	1,279,411	(323,270)
Accounts payable and accrued expenses	(4,670,611)	(5,116,425)
Net cash provided by operating activities	59,726,199	58,177,495
Cash flows from investing activities:
Increase in loans receivable, net	(49,788,091)	(113,577,559)
Cash paid for acquisitions, primarily loans	0	(19,700,844)
Purchases of property and equipment	(1,658,199)	(1,353,135)
Proceeds from the sale of property and equipment	165,453	283,927
Net cash used in investing activities	(51,280,837)	(134,347,611)
Cash flow from financing activities:
Borrowings from senior notes payable	65,529,224	127,920,704
Payments on senior notes payable	(73,664,017)	(43,500,000)
Payments for extinguished senior unsecured notes payable	(1,535,000)	0
Payments for debt extinguishment costs	(5,000)	0
Debt issuance costs associated with senior notes payable	0	(239,636)
Proceeds from exercise of stock options	709,294	403,547
Repayment of finance lease	0	(34,143)
Repurchase of common stock	0	(14,314,088)
Net cash provided by (used in) financing activities	(8,965,499)	70,236,384
Net change in cash and cash equivalents	(520,137)	(5,933,732)
Cash and cash equivalents at beginning of period	16,508,935	19,236,322
Cash and cash equivalents at end of period	15,988,798	13,302,590
Supplemental Disclosures:
Interest paid during the period	17,301,329	17,698,537
Income taxes paid during the period	$ 2,466,889	$ 4,007,869

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The consolidated financial statements of the Company at June 30, 2023 and 2022 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, 2023, and the results of operations and cash flows for the periods ended June 30, 2023 and 2022, 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, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, as filed with the SEC. 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, 2023. The Company believes that the disclosures are adequate to make the information presented not misleading.

SUMMARY OF SIGNIFICANT POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT POLICIES	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 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. Loans receivable, net Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.2 million and $4.9 million as of June 30, 2023 and March 31, 2023, respectively. From time to time, the Company may sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. Allowance for credit losses Refer to Note 4, “Loans Receivable and Allowance for Credit Losses,” for information regarding the Company's CECL allowance model 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 (loss) or shareholders' equity, with the exception of the following. As a result of adopting ASU 2023-02, Investments- Equity Method and Joint Venture (Topic 323), in March 2023 with an effective date of April 1, 2022, previously reported net loss for the three months ended June 30, 2022 and shareholders' equity as of June 30, 2022 were immaterially impacted to conform to the modified retrospective application of this newly adopted ASU. Recently Adopted Accounting Standards Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of ASU 2022-02 on April 1, 2023 expanded our write-off disclosures, but had no other impact on the Company’s Consolidated Financial Statements. 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.

FAIR VALUE

3 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value Disclosures

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 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

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, 2023				March 31, 2023
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,988,798	$	15,988,798	$	16,508,935	$	16,508,935
Loans receivable, net	3	888,656,418		888,656,418		887,788,486		887,788,486

LIABILITIES
Senior unsecured notes payable	2	288,860,000		252,752,500		290,860,000		218,127,548
Senior notes payable	3	299,776,031		299,776,031		307,910,824		307,910,824

There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2023 or March 31, 2023.

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Jun. 30, 2023

Receivables [Abstract]

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	June 30, 2023		March 31, 2023
0 to 5 months	$	77,832,233	$	81,803,668
6 to 17 months	115,061,651		133,650,188
18 to 35 months	149,142,504		135,396,187
36 to 59 months	240,921,979		244,414,255
60+ months	813,633,836		792,189,216

Tax advance loans	1,373,718		2,562,054
Total gross loans	$	1,397,965,921	$	1,390,015,568

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, 2023:



	Term Loans By Origination
Loans	Up 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	$	1,192,066,728	$	77,308,971	$	3,044,992	$	120,623	$	33,744	$	8,848	$	1,272,583,906
30 - 60 days past due	40,945,038		6,398,969		305,901		21,491		9,068		857		47,681,324
61 - 90 days past due	24,455,047		4,170,062		166,843		34,662		6,921		—		28,833,535
91 or more days past due	38,396,407		8,793,831		285,866		9,021		8,313		—		47,493,438
Total	$	1,295,863,220	$	96,671,833	$	3,803,602	$	185,797	$	58,046	$	9,705	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	8,436	$	2,475	$	—	$	—	$	—	$	—	$	10,911
30 - 60 days past due	92,644		406		—		—		—		—		93,050
61 - 90 days past due	150,173		376		—		—		—		—		150,549
91 or more days past due	1,118,587		621		—		—		—		—		1,119,208
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,200,504,088	$	62,076,656	$	1,998,218	$	148,662	$	23,046	$	6,863	$	1,264,757,533
30 - 60 days past due	40,791,746		4,689,867		160,956		42,700		8,504		2,988		45,696,761
61 - 90 days past due	26,319,250		2,572,733		92,088		40,281		884		—		29,025,236
91 or more days past due	41,832,821		5,944,645		160,361		29,494		4,430		2,233		47,973,984
Total	$	1,309,447,905	$	75,283,901	$	2,411,623	$	261,137	$	36,864	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	3,524	$	—	$	—	$	—	$	—	$	1,936,131
30 - 60 days past due	609,844		736		—		—		—		—		610,580
61 - 90 days past due	—		4,845		—		—		—		—		4,845
91 or more days past due	409		10,089		—		—		—		—		10,498
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,171,894,227	$	67,248,005	$	2,360,641	$	41,757	$	14,047	$	3,465	$	1,241,562,142
30 - 60 days past due	45,623,659		5,538,291		133,436		6,006		—		—		51,301,392
61 - 90 days past due	29,268,423		4,820,038		126,494		5,572		—		—		34,220,527
91 or more days past due	49,076,912		19,065,498		1,183,032		132,462		43,999		6,239		69,508,142
Total	$	1,295,863,221	$	96,671,832	$	3,803,603	$	185,797	$	58,046	$	9,704	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
30 - 60 days past due	87,950		—		—		—		—		—		87,950
61 - 90 days past due	164,821		—		—		—		—		—		164,821
91 or more days past due	1,117,069		3,878		—		—		—		—		1,120,947
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,174,237,761	$	53,652,011	$	1,554,144	$	64,233	$	5,142	$	1,491	$	1,229,514,782
30 - 60 days past due	47,346,331		3,661,493		77,857		6,714		—		—		51,092,395
61 - 90 days past due	33,012,804		3,030,052		44,129		7,643		—		—		36,094,628
91 or more days past due	54,851,010		14,940,345		735,493		182,547		31,721		10,593		70,751,709
Total	$	1,309,447,906	$	75,283,901	$	2,411,623	$	261,137	$	36,863	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	—	$	—	$	—	$	—	$	—	$	1,932,607
30 - 60 days past due	609,844		—		—		—		—		—		609,844
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	409		19,194		—		—		—		—		19,603
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2023:


	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2018 and prior	$	5,007	$	—	$	5,007
2019	12,727		—		12,727
2020	104,287		—		104,287
2021	2,943,366		—		2,943,366
2022	47,396,816		4,627		47,401,443
2023	253,212		3,000		256,212
Total	$	50,715,415	$	7,627	$	50,723,042

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2022:


	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2017 and prior	$	5,663	$	—	$	5,663
2018	13,855		—		13,855
2019	138,663		—		138,663
2020	1,509,992		—		1,509,992
2021	65,867,200		14,163		65,881,363
2022	1,649,742		67,104		1,716,846
Total	$	69,185,115	$	81,267	$	69,266,382

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.

1.0 to 5 months

2.6 to 17 months

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.

The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Beginning balance	$	125,552,733	$	134,242,862

Provision for credit losses	46,602,012		85,822,267
Charge-offs	(50,723,042)		(69,266,382)
Recoveries1	7,911,285		4,851,932
Net charge-offs	(42,811,757)		(64,414,450)
Ending Balance	$	129,342,988	$	155,650,679

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	61,192,949	$	5,159,304	$	3,946,507	$	7,533,473	$	16,639,284	$	77,832,233
6 to 17 months	97,270,965		6,044,736		4,167,086		7,578,864		17,790,686		115,061,651
18 to 35 months	133,608,163		6,116,113		3,508,885		5,909,343		15,534,341		149,142,504
36 to 59 months	219,635,566		8,468,545		4,959,167		7,858,701		21,286,413		240,921,979
60+ months	760,876,263		21,892,627		12,251,890		18,613,056		52,757,573		813,633,836

Tax advance loans	10,912		93,049		150,549		1,119,208		1,362,806		1,373,718
Total gross loans	1,272,594,818		47,774,374		28,984,084		48,612,645		125,371,103		1,397,965,921
Unearned interest, insurance and fees	(345,890,705)		(12,985,054)		(7,877,861)		(13,212,895)		(34,075,810)		(379,966,515)
Total net loans	$	926,704,113	$	34,789,320	$	21,106,223	$	35,399,750	$	91,295,293	$	1,017,999,406

Percentage of period-end gross loans receivable			3.4%		2.1%		3.5%		9.0%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	64,615,314	$	5,451,276		$	4,407,751		$	7,329,327		$	17,188,354		$	81,803,668
6 to 17 months	113,946,833		6,527,355			4,655,441			8,520,559			19,703,355			133,650,188
18 to 35 months	120,125,821		5,336,994			3,727,331			6,206,041			15,270,366			135,396,187
36 to 59 months	223,734,062		8,070,011			4,839,000			7,771,182			20,680,193			244,414,255
60+ months	742,335,503		20,311,125			11,395,713			18,146,875			49,853,713			792,189,216

Tax advance loans	1,936,131		610,580			4,845			10,498			625,923			2,562,054
Total gross loans	1,266,693,664		46,307,341			29,030,081			47,984,482			123,321,904			1,390,015,568
Unearned interest, insurance and fees	(343,255,876)		(12,548,627)			(7,866,737)			(13,003,109)			(33,418,473)			(376,674,349)
Total net loans	$	923,437,788	$	33,758,714		$	21,163,344		$	34,981,373		$	89,903,431		$	1,013,341,219

Percentage of period-end gross loans receivable			3.3		%	2.1		%	3.5		%	8.9		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	59,258,540	$	5,113,469	$	4,075,349	$	9,384,875	$	18,573,693		$	77,832,233
6 to 17 months	93,865,123		6,127,267		4,571,045		10,498,216		21,196,528			115,061,651
18 to 35 months	129,848,141		6,471,807		4,158,292		8,664,264		19,294,363			149,142,504
36 to 59 months	214,011,449		9,223,244		5,966,254		11,721,032		26,910,530			240,921,979
60+ months	744,578,889		24,365,605		15,449,587		29,239,755		69,054,947			813,633,836

Tax advance loans	—		87,950		164,821		1,120,947		1,373,718			1,373,718
Total gross loans	1,241,562,142		51,389,342		34,385,348		70,629,089		156,403,779			1,397,965,921
Unearned interest, insurance and fees	(337,456,038)		(13,967,600)		(9,345,922)		(19,196,955)		(42,510,477)			(379,966,515)
Total net loans	$	904,106,104	$	37,421,742	$	25,039,426	$	51,432,134	$	113,893,302		$	1,017,999,406

Percentage of period-end gross loans receivable			3.7%		2.5%		5.1%		11.3		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	61,850,142	$	5,320,659		$	4,864,498		$	9,768,369		$	19,953,526		$	81,803,668
6 to 17 months	109,694,389		6,892,610			5,613,468			11,449,721			23,955,799			133,650,188
18 to 35 months	115,711,782		5,721,694			4,499,010			9,463,701			19,684,405			135,396,187
36 to 59 months	217,821,239		8,991,995			6,078,488			11,522,533			26,593,016			244,414,255
60+ months	724,437,230		24,165,437			15,039,164			28,547,385			67,751,986			792,189,216

Tax advance loans	1,932,607		609,844			—			19,603			629,447			2,562,054
Total gross loans	1,231,447,389		51,702,239			36,094,628			70,771,312			158,568,179			1,390,015,568
Unearned interest, insurance and fees	(333,704,639)		(14,010,568)			(9,781,128)			(19,178,014)			(42,969,710)			(376,674,349)
Total net loans	$	897,742,750	$	37,691,671		$	26,313,500		$	51,593,298		$	115,598,469		$	1,013,341,219

Percentage of period-end gross loans receivable			3.7		%	2.6		%	5.1		%	11.4		%


	Nonaccrual Loans Receivable
Customer Tenure	As of June 30, 2023		As of March 31, 2023		Interest Income Recognized for the three months ended June 30, 2023		Interest Income Recognized for the three months ended June 30, 2022
0 to 5 months	$	14,146,363	$	15,781,494	$	326,773	$	503,963
6 to 17 months	15,831,823		18,288,714		476,870		378,450
18 to 35 months	13,705,732		15,551,806		464,668		628,781
36 to 59 months	18,983,213		19,745,397		609,507		503,362
60+ months	48,292,974		49,285,814		1,737,871		1,658,281

Tax advance loans	1,299,860		19,603		—		—
Unearned interest, insurance and fees	(30,512,209)		(32,158,640)		—		—
Total	$	81,747,756	$	86,514,188	$	3,615,689	$	3,672,837

LEASES

3 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

LEASESAccounting Policies and Matters Requiring Management's Judgment

Periodic Disclosures

The following table reports information about the Company's lease cost for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Lease Cost
Finance lease cost	$	—	$	103,302
Amortization of right-of-use assets	—		102,278
Interest on lease liabilities	—		1,024
Operating lease cost	$	6,141,171	$	6,662,311

Variable lease cost	$	1,030,675	$	931,084

Total lease cost	$	7,171,846	$	7,696,697

The following table reports other information about the Company's leases for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023			2022
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	6,324,218		$	6,724,592
Operating cash flows from finance leases	—			1,024
Operating cash flows from operating leases	6,324,218			6,689,425
Financing cash flows from finance leases	—			34,143

Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,046,251		$	5,352,690
Weighted-average remaining lease term — finance leases	—			0.4 years
Weighted average remaining lease term — operating leases	7.1 years			7.2 years
Weighted-average discount rate — finance leases	—		%	6.0		%
Weighted-average discount rate — operating leases	6.1		%	6.1		%

The aggregate annual lease obligations as of June 30, 2023 are as follows:


	Operating Leases
Remainder of 2024	$	17,407,197
2025	19,180,075
2026	15,695,818
2027	11,797,164
2028	9,231,916
Thereafter	28,762,038
Total undiscounted lease liability	$	102,074,208
Imputed interest	20,085,310
Total discounted lease liability	$	81,988,898

The Company had no leases with related parties at June 30, 2023 or March 31, 2023.

AVERAGE SHARE INFORMATION

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended June 30,
	2023	2022
Basic:
Weighted average common shares outstanding (denominator)	5,772,733	5,740,835

Diluted:
Weighted average common shares outstanding	5,772,733	5,740,835
Dilutive potential common shares2	118,566	—
Weighted average diluted shares outstanding (denominator)	5,891,299	5,740,835

STOCK-BASED COMPENSATION

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Incentive Plans

Long-term Incentive Program and Non-Employee Director Awards

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

Stock Options

There were no options issued during the three months ended June 30, 2023. The weighted-average fair value at the grant date for options issued during the three months ended June 30, 2022 was $80.87.

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended June 30,
	2023	2022

Dividend yield	—%	—%
Expected volatility	—%	55.96%
Average risk-free rate	—%	2.94%
Expected life	—	5.9 years

Option activity for the three months ended June 30, 2023 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	314,742		$	104.41
Granted during period	—		—
Exercised during period	(7,540)		94.07
Forfeited during period	(6,018)		120.31
Expired during period	—		—
Options outstanding, end of period	301,184	3	$	104.35	5.6 years	$	9,920,060
Options exercisable, end of period	107,217		$	100.66	4.8 years	$	3,943,955


	June 30, 2023		June 30, 2022

Three months ended	$	215,135	$	430,466

Restricted Stock

During fiscal 2023, the Company granted 3,250 shares of restricted stock (which are equity classified) to certain vice presidents with a grant date weighted average fair value of $129.85 per share.

A summary of the status of the Company’s restricted stock as of June 30, 2023, and changes during the three months ended June 30, 2023, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2023	460,614	$	101.82
Granted during the period	1,875	103.78
Vested during the period	—	—
Forfeited during the period	—	—
Outstanding at June 30, 2023	462,489	$	101.83

Total Stock-Based Compensation

Total stock-based compensation included as a component of net income (loss) during the three month periods ended June 30, 2023 and 2022 was as follows:


	Three months ended June 30,
	2023		2022
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	313,347	$	768,055
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations	1,099,351		3,048,003
Total stock-based compensation related to equity classified awards	$	1,412,698	$	3,816,058

ACQUISITIONS

3 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

ACQUISITIONSThe Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as asset purchases.

The following table sets forth the Company's acquisition activity for the three months ended June 30, 2023 and 2022.


	Three months ended June 30,
	2023		2022
Acquisitions:

Number of loan portfolios acquired through asset purchases	—		35
Total acquisitions	—		35

Purchase price	$	—	$	19,700,844

Tangible assets:
Loans receivable, net	—		23,547,972



Purchase price amount below carrying value of net tangible assets4	$	—	$	(3,847,128)


Non-compete agreements	$	—	$	215,000

Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values.

Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values.

DEBT

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

Senior Notes Payable; Revolving Credit Facility

Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement.

Senior Unsecured Notes Payable

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

Debt Covenants

The Company was in compliance with these covenants at June 30, 2023 and does not believe that these covenants will materially limit its business and expansion strategy.

Debt Maturities

The aggregate annual maturities of the Company's debt arrangements as of June 30, 2023 are as follows:


	Amount
Remainder of 2024	$	—
2025	299,776,031
2026	—
2027	288,860,000
2028	—
Total future debt payments	$	588,636,031

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESAs of June 30, 2023 and March 31, 2023, the Company had $1.2 million and $1.1 million, respectively, of total gross unrecognized tax benefits including interest. Approximately $0.9 million and $0.9 million, respectively, represent the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At June 30, 2023, approximately $0.5 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $313.1 thousand accrued for gross interest as of June 30, 2023, and accrued $20.2 thousand during the three months ended June 30, 2023. Investment in HTC was $21.7 million and $23.0 million as of June 30, 2023 and March 31, 2023, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. For the three months ended June 30, 2023 and 2022, the Company recognized net amortization from these investments of $1.3 million and $0.9 million, respectively, in income tax expense. For the three months ended June 30, 2023 and 2022, the Company recognized tax benefits from these investments of $1.5 million and $0.5 million, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period. The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2018, although carryforward attributes that were generated prior to 2018 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. The Company’s effective income tax rate totaled 22.8% for the quarter ended June 30, 2023 compared to 20.2% for the prior year quarter. The increase is primarily due to the tax benefit related to the bargain purchase recorded as a discrete item in the prior year quarter. This was partially offset by the effects of pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year quarter.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Derivative Litigation On September 25, 2020, a shareholder filed a derivative complaint in South Carolina state court, Paul Parshall v. World Acceptance et al., against the Company as the nominal defendant and certain current and former directors and officers as defendants. Pointing to the Company’s resolution with the SEC and DOJ of the Mexico investigation previously disclosed, the complaint alleged violations of South Carolina law, including breaches of fiduciary duties and corporate waste, and that the Company has suffered damages as a result of those alleged breaches. The complaint sought unspecified monetary damages from the individual defendants, equitable and/or injunctive relief, disgorgement of compensation from the individual defendants, and attorneys’ fees and costs. Because the complaint was derivative in nature, it did not seek monetary damages from the Company. On July 6, 2023, the Court issued a Final Order and Judgment approving the April 19, 2023 Stipulation and Agreement of Settlement dated March 31, 2023, by and among: the plaintiff, derivatively on behalf of the Company; (ii) the individual defendants; and (iii) the Company. The Final Order and Judgment resulted in a non-material payment by the Company. General In addition, from time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business. Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. However, in light of the inherent uncertainties involved, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 18, 2023, the Company amended its revolving credit agreement ("Tenth Amendment") to, among other things, (i) reduce the total commitments under the facility from $685 million to $580 million; (ii) increase the amount available under the accordion feature from $100 million to $150 million (for a total commitment, if the full accordion is borrowed, of $730 million); (iii) extend the maturity from June 7, 2024 to June 7, 2026; (iv) change the ratio of Net Income Available for Fixed Charges to Fixed Charges from not less than 2.75 to 1.0 to not less than 2.25 to 1.0 starting with the fiscal quarter ending March 31, 2024; and (v) replace certain lenders and amend the commitment levels of certain lenders. Management is not aware of any other significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 9,538,748	$ (8,566,472)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Operations	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	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 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.
Loans receivable, net	Loans receivable, net Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.2 million and $4.9 million as of June 30, 2023 and March 31, 2023, respectively. From time to time, the Company may sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing.
Allowance for credit losses	Allowance for credit losses Refer to Note 4, “Loans Receivable and Allowance for Credit Losses,” for information regarding the Company's CECL allowance model and a description of the methodology it utilizes.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income (loss) or shareholders' equity, with the exception of the following. As a result of adopting ASU 2023-02, Investments- Equity Method and Joint Venture (Topic 323), in March 2023 with an effective date of April 1, 2022, previously reported net loss for the three months ended June 30, 2022 and shareholders' equity as of June 30, 2022 were immaterially impacted to conform to the modified retrospective application of this newly adopted ASU
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of ASU 2022-02 on April 1, 2023 expanded our write-off disclosures, but had no other impact on the Company’s Consolidated Financial Statements. 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.

FAIR VALUE (Tables)

3 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

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, 2023				March 31, 2023
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,988,798	$	15,988,798	$	16,508,935	$	16,508,935
Loans receivable, net	3	888,656,418		888,656,418		887,788,486		887,788,486

LIABILITIES
Senior unsecured notes payable	2	288,860,000		252,752,500		290,860,000		218,127,548
Senior notes payable	3	299,776,031		299,776,031		307,910,824		307,910,824

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	June 30, 2023		March 31, 2023
0 to 5 months	$	77,832,233	$	81,803,668
6 to 17 months	115,061,651		133,650,188
18 to 35 months	149,142,504		135,396,187
36 to 59 months	240,921,979		244,414,255
60+ months	813,633,836		792,189,216

Tax advance loans	1,373,718		2,562,054
Total gross loans	$	1,397,965,921	$	1,390,015,568

Assessment of the Credit Quality

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, 2023:



	Term Loans By Origination
Loans	Up 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	$	1,192,066,728	$	77,308,971	$	3,044,992	$	120,623	$	33,744	$	8,848	$	1,272,583,906
30 - 60 days past due	40,945,038		6,398,969		305,901		21,491		9,068		857		47,681,324
61 - 90 days past due	24,455,047		4,170,062		166,843		34,662		6,921		—		28,833,535
91 or more days past due	38,396,407		8,793,831		285,866		9,021		8,313		—		47,493,438
Total	$	1,295,863,220	$	96,671,833	$	3,803,602	$	185,797	$	58,046	$	9,705	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	8,436	$	2,475	$	—	$	—	$	—	$	—	$	10,911
30 - 60 days past due	92,644		406		—		—		—		—		93,050
61 - 90 days past due	150,173		376		—		—		—		—		150,549
91 or more days past due	1,118,587		621		—		—		—		—		1,119,208
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,200,504,088	$	62,076,656	$	1,998,218	$	148,662	$	23,046	$	6,863	$	1,264,757,533
30 - 60 days past due	40,791,746		4,689,867		160,956		42,700		8,504		2,988		45,696,761
61 - 90 days past due	26,319,250		2,572,733		92,088		40,281		884		—		29,025,236
91 or more days past due	41,832,821		5,944,645		160,361		29,494		4,430		2,233		47,973,984
Total	$	1,309,447,905	$	75,283,901	$	2,411,623	$	261,137	$	36,864	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	3,524	$	—	$	—	$	—	$	—	$	1,936,131
30 - 60 days past due	609,844		736		—		—		—		—		610,580
61 - 90 days past due	—		4,845		—		—		—		—		4,845
91 or more days past due	409		10,089		—		—		—		—		10,498
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,171,894,227	$	67,248,005	$	2,360,641	$	41,757	$	14,047	$	3,465	$	1,241,562,142
30 - 60 days past due	45,623,659		5,538,291		133,436		6,006		—		—		51,301,392
61 - 90 days past due	29,268,423		4,820,038		126,494		5,572		—		—		34,220,527
91 or more days past due	49,076,912		19,065,498		1,183,032		132,462		43,999		6,239		69,508,142
Total	$	1,295,863,221	$	96,671,832	$	3,803,603	$	185,797	$	58,046	$	9,704	$	1,396,592,203

	Term Loans By Origination
Tax advance loans	Up 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
30 - 60 days past due	87,950		—		—		—		—		—		87,950
61 - 90 days past due	164,821		—		—		—		—		—		164,821
91 or more days past due	1,117,069		3,878		—		—		—		—		1,120,947
Total	$	1,369,840	$	3,878	$	—	$	—	$	—	$	—	$	1,373,718
Total gross loans													$	1,397,965,921

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, 2023:


	Term Loans By Origination
Loans	Up 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	$	1,174,237,761	$	53,652,011	$	1,554,144	$	64,233	$	5,142	$	1,491	$	1,229,514,782
30 - 60 days past due	47,346,331		3,661,493		77,857		6,714		—		—		51,092,395
61 - 90 days past due	33,012,804		3,030,052		44,129		7,643		—		—		36,094,628
91 or more days past due	54,851,010		14,940,345		735,493		182,547		31,721		10,593		70,751,709
Total	$	1,309,447,906	$	75,283,901	$	2,411,623	$	261,137	$	36,863	$	12,084	$	1,387,453,514

	Term Loans By Origination
Tax advance loans	Up 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	$	1,932,607	$	—	$	—	$	—	$	—	$	—	$	1,932,607
30 - 60 days past due	609,844		—		—		—		—		—		609,844
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	409		19,194		—		—		—		—		19,603
Total	$	2,542,860	$	19,194	$	—	$	—	$	—	$	—	$	2,562,054
Total gross loans													$	1,390,015,568

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2023:


	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2018 and prior	$	5,007	$	—	$	5,007
2019	12,727		—		12,727
2020	104,287		—		104,287
2021	2,943,366		—		2,943,366
2022	47,396,816		4,627		47,401,443
2023	253,212		3,000		256,212
Total	$	50,715,415	$	7,627	$	50,723,042

The following table provides a breakdown of the Company’s gross charge-offs by year of origination at June 30, 2022:


	Gross Charge-offs by Origination
Origination by Calendar Year	Loans		Tax advance loans		Total
2017 and prior	$	5,663	$	—	$	5,663
2018	13,855		—		13,855
2019	138,663		—		138,663
2020	1,509,992		—		1,509,992
2021	65,867,200		14,163		65,881,363
2022	1,649,742		67,104		1,716,846
Total	$	69,185,115	$	81,267	$	69,266,382

Summary of Changes in the Allowance For Loan Losses

The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Beginning balance	$	125,552,733	$	134,242,862

Provision for credit losses	46,602,012		85,822,267
Charge-offs	(50,723,042)		(69,266,382)
Recoveries1	7,911,285		4,851,932
Net charge-offs	(42,811,757)		(64,414,450)
Ending Balance	$	129,342,988	$	155,650,679

Summary of the Past Due Receivables

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	61,192,949	$	5,159,304	$	3,946,507	$	7,533,473	$	16,639,284	$	77,832,233
6 to 17 months	97,270,965		6,044,736		4,167,086		7,578,864		17,790,686		115,061,651
18 to 35 months	133,608,163		6,116,113		3,508,885		5,909,343		15,534,341		149,142,504
36 to 59 months	219,635,566		8,468,545		4,959,167		7,858,701		21,286,413		240,921,979
60+ months	760,876,263		21,892,627		12,251,890		18,613,056		52,757,573		813,633,836

Tax advance loans	10,912		93,049		150,549		1,119,208		1,362,806		1,373,718
Total gross loans	1,272,594,818		47,774,374		28,984,084		48,612,645		125,371,103		1,397,965,921
Unearned interest, insurance and fees	(345,890,705)		(12,985,054)		(7,877,861)		(13,212,895)		(34,075,810)		(379,966,515)
Total net loans	$	926,704,113	$	34,789,320	$	21,106,223	$	35,399,750	$	91,295,293	$	1,017,999,406

Percentage of period-end gross loans receivable			3.4%		2.1%		3.5%		9.0%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	64,615,314	$	5,451,276		$	4,407,751		$	7,329,327		$	17,188,354		$	81,803,668
6 to 17 months	113,946,833		6,527,355			4,655,441			8,520,559			19,703,355			133,650,188
18 to 35 months	120,125,821		5,336,994			3,727,331			6,206,041			15,270,366			135,396,187
36 to 59 months	223,734,062		8,070,011			4,839,000			7,771,182			20,680,193			244,414,255
60+ months	742,335,503		20,311,125			11,395,713			18,146,875			49,853,713			792,189,216

Tax advance loans	1,936,131		610,580			4,845			10,498			625,923			2,562,054
Total gross loans	1,266,693,664		46,307,341			29,030,081			47,984,482			123,321,904			1,390,015,568
Unearned interest, insurance and fees	(343,255,876)		(12,548,627)			(7,866,737)			(13,003,109)			(33,418,473)			(376,674,349)
Total net loans	$	923,437,788	$	33,758,714		$	21,163,344		$	34,981,373		$	89,903,431		$	1,013,341,219

Percentage of period-end gross loans receivable			3.3		%	2.1		%	3.5		%	8.9		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2023:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	59,258,540	$	5,113,469	$	4,075,349	$	9,384,875	$	18,573,693		$	77,832,233
6 to 17 months	93,865,123		6,127,267		4,571,045		10,498,216		21,196,528			115,061,651
18 to 35 months	129,848,141		6,471,807		4,158,292		8,664,264		19,294,363			149,142,504
36 to 59 months	214,011,449		9,223,244		5,966,254		11,721,032		26,910,530			240,921,979
60+ months	744,578,889		24,365,605		15,449,587		29,239,755		69,054,947			813,633,836

Tax advance loans	—		87,950		164,821		1,120,947		1,373,718			1,373,718
Total gross loans	1,241,562,142		51,389,342		34,385,348		70,629,089		156,403,779			1,397,965,921
Unearned interest, insurance and fees	(337,456,038)		(13,967,600)		(9,345,922)		(19,196,955)		(42,510,477)			(379,966,515)
Total net loans	$	904,106,104	$	37,421,742	$	25,039,426	$	51,432,134	$	113,893,302		$	1,017,999,406

Percentage of period-end gross loans receivable			3.7%		2.5%		5.1%		11.3		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2023:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	61,850,142	$	5,320,659		$	4,864,498		$	9,768,369		$	19,953,526		$	81,803,668
6 to 17 months	109,694,389		6,892,610			5,613,468			11,449,721			23,955,799			133,650,188
18 to 35 months	115,711,782		5,721,694			4,499,010			9,463,701			19,684,405			135,396,187
36 to 59 months	217,821,239		8,991,995			6,078,488			11,522,533			26,593,016			244,414,255
60+ months	724,437,230		24,165,437			15,039,164			28,547,385			67,751,986			792,189,216

Tax advance loans	1,932,607		609,844			—			19,603			629,447			2,562,054
Total gross loans	1,231,447,389		51,702,239			36,094,628			70,771,312			158,568,179			1,390,015,568
Unearned interest, insurance and fees	(333,704,639)		(14,010,568)			(9,781,128)			(19,178,014)			(42,969,710)			(376,674,349)
Total net loans	$	897,742,750	$	37,691,671		$	26,313,500		$	51,593,298		$	115,598,469		$	1,013,341,219

Percentage of period-end gross loans receivable			3.7		%	2.6		%	5.1		%	11.4		%

Financing Receivable, Nonaccrual


	Nonaccrual Loans Receivable
Customer Tenure	As of June 30, 2023		As of March 31, 2023		Interest Income Recognized for the three months ended June 30, 2023		Interest Income Recognized for the three months ended June 30, 2022
0 to 5 months	$	14,146,363	$	15,781,494	$	326,773	$	503,963
6 to 17 months	15,831,823		18,288,714		476,870		378,450
18 to 35 months	13,705,732		15,551,806		464,668		628,781
36 to 59 months	18,983,213		19,745,397		609,507		503,362
60+ months	48,292,974		49,285,814		1,737,871		1,658,281

Tax advance loans	1,299,860		19,603		—		—
Unearned interest, insurance and fees	(30,512,209)		(32,158,640)		—		—
Total	$	81,747,756	$	86,514,188	$	3,615,689	$	3,672,837

LEASES (Tables)

3 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease, Cost

The following table reports information about the Company's lease cost for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Lease Cost
Finance lease cost	$	—	$	103,302
Amortization of right-of-use assets	—		102,278
Interest on lease liabilities	—		1,024
Operating lease cost	$	6,141,171	$	6,662,311

Variable lease cost	$	1,030,675	$	931,084

Total lease cost	$	7,171,846	$	7,696,697

The following table reports other information about the Company's leases for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023			2022
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	6,324,218		$	6,724,592
Operating cash flows from finance leases	—			1,024
Operating cash flows from operating leases	6,324,218			6,689,425
Financing cash flows from finance leases	—			34,143

Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,046,251		$	5,352,690
Weighted-average remaining lease term — finance leases	—			0.4 years
Weighted average remaining lease term — operating leases	7.1 years			7.2 years
Weighted-average discount rate — finance leases	—		%	6.0		%
Weighted-average discount rate — operating leases	6.1		%	6.1		%

Operating Lease Maturity

The aggregate annual lease obligations as of June 30, 2023 are as follows:


	Operating Leases
Remainder of 2024	$	17,407,197
2025	19,180,075
2026	15,695,818
2027	11,797,164
2028	9,231,916
Thereafter	28,762,038
Total undiscounted lease liability	$	102,074,208
Imputed interest	20,085,310
Total discounted lease liability	$	81,988,898

Finance Lease Maturity

The aggregate annual lease obligations as of June 30, 2023 are as follows:


	Operating Leases
Remainder of 2024	$	17,407,197
2025	19,180,075
2026	15,695,818
2027	11,797,164
2028	9,231,916
Thereafter	28,762,038
Total undiscounted lease liability	$	102,074,208
Imputed interest	20,085,310
Total discounted lease liability	$	81,988,898

AVERAGE SHARE INFORMATION (Tables)

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Average Common Shares Outstanding

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended June 30,
	2023	2022
Basic:
Weighted average common shares outstanding (denominator)	5,772,733	5,740,835

Diluted:
Weighted average common shares outstanding	5,772,733	5,740,835
Dilutive potential common shares2	118,566	—
Weighted average diluted shares outstanding (denominator)	5,891,299	5,740,835

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Performance Shares Vesting Based on EPS Targets

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%

The Performance Option performance target is set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

Fair Value was Estimated at Grant Date Using the Weighted-Average

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended June 30,
	2023	2022

Dividend yield	—%	—%
Expected volatility	—%	55.96%
Average risk-free rate	—%	2.94%
Expected life	—	5.9 years

Summary Schedule of Stock Option Activity

Option activity for the three months ended June 30, 2023 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	314,742		$	104.41
Granted during period	—		—
Exercised during period	(7,540)		94.07
Forfeited during period	(6,018)		120.31
Expired during period	—		—
Options outstanding, end of period	301,184	3	$	104.35	5.6 years	$	9,920,060
Options exercisable, end of period	107,217		$	100.66	4.8 years	$	3,943,955

Intrinsic Value of Options Exercised

The total intrinsic value of options exercised during the periods ended June 30, 2023 and 2022 was as follows:


	June 30, 2023		June 30, 2022

Three months ended	$	215,135	$	430,466

Summary of the Status and Changes Restricted Stock

A summary of the status of the Company’s restricted stock as of June 30, 2023, and changes during the three months ended June 30, 2023, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2023	460,614	$	101.82
Granted during the period	1,875	103.78
Vested during the period	—	—
Forfeited during the period	—	—
Outstanding at June 30, 2023	462,489	$	101.83

Share-Based Compensation Included as a Component of Net Income (Loss)

Total stock-based compensation included as a component of net income (loss) during the three month periods ended June 30, 2023 and 2022 was as follows:


	Three months ended June 30,
	2023		2022
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	313,347	$	768,055
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations	1,099,351		3,048,003
Total stock-based compensation related to equity classified awards	$	1,412,698	$	3,816,058

ACQUISITIONS (Tables)

3 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table sets forth the Company's acquisition activity for the three months ended June 30, 2023 and 2022.


	Three months ended June 30,
	2023		2022
Acquisitions:

Number of loan portfolios acquired through asset purchases	—		35
Total acquisitions	—		35

Purchase price	$	—	$	19,700,844

Tangible assets:
Loans receivable, net	—		23,547,972



Purchase price amount below carrying value of net tangible assets4	$	—	$	(3,847,128)


Non-compete agreements	$	—	$	215,000

DEBT (Tables)

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Aggregate Annual Maturities Of the Notes Payable

The aggregate annual maturities of the Company's debt arrangements as of June 30, 2023 are as follows:


	Amount
Remainder of 2024	$	—
2025	299,776,031
2026	—
2027	288,860,000
2028	—
Total future debt payments	$	588,636,031

SUMMARY OF SIGNIFICANT POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Unamortized deferred origination fees and costs	$ 5,200	$ 4,900

FAIR VALUE (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	$ 285,620,007	$ 287,352,892
Senior notes payable	299,776,031	307,910,824
Fair Value, Inputs, Level 1 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	15,988,798	16,508,935
Fair Value, Inputs, Level 1 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	15,988,798	16,508,935
Fair Value, Inputs, Level 2 \| Carrying Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	288,860,000	290,860,000
Fair Value, Inputs, Level 2 \| Estimated Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	252,752,500	218,127,548
Fair Value, Inputs, Level 3 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	888,656,418	887,788,486
Fair Value, Inputs, Level 3 \| Carrying Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	299,776,031	307,910,824
Fair Value, Inputs, Level 3 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	888,656,418	887,788,486
Fair Value, Inputs, Level 3 \| Estimated Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	$ 299,776,031	$ 307,910,824

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Gross Loans Receivable By Customer Tenure) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,397,965,921	$ 1,390,015,568
Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,373,718	2,562,054
0 to 5 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	77,832,233	81,803,668
6 to 17 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	115,061,651	133,650,188
18 to 35 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	149,142,504	135,396,187
36 to 59 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	240,921,979	244,414,255
60+ months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 813,633,836	$ 792,189,216

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Recency Basis) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,397,965,921	$ 1,390,015,568
Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,295,863,220	1,309,447,905
Financing receivable, between 1 and 2 years ago	96,671,833	75,283,901
Financing receivable, between 2 and 3 years ago	3,803,602	2,411,623
Financing receivable, between 3 and 4 years ago	185,797	261,137
Financing receivable, between 4 and 5 years ago	58,046	36,864
Financing receivable, more than 5 years ago	9,705	12,084
Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,396,592,203	1,387,453,514
Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	40,945,038	40,791,746
Financing receivable, between 1 and 2 years ago	6,398,969	4,689,867
Financing receivable, between 2 and 3 years ago	305,901	160,956
Financing receivable, between 3 and 4 years ago	21,491	42,700
Financing receivable, between 4 and 5 years ago	9,068	8,504
Financing receivable, more than 5 years ago	857	2,988
Gross loans receivable	47,681,324	45,696,761
Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	24,455,047	26,319,250
Financing receivable, between 1 and 2 years ago	4,170,062	2,572,733
Financing receivable, between 2 and 3 years ago	166,843	92,088
Financing receivable, between 3 and 4 years ago	34,662	40,281
Financing receivable, between 4 and 5 years ago	6,921	884
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	28,833,535	29,025,236
Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	38,396,407	41,832,821
Financing receivable, between 1 and 2 years ago	8,793,831	5,944,645
Financing receivable, between 2 and 3 years ago	285,866	160,361
Financing receivable, between 3 and 4 years ago	9,021	29,494
Financing receivable, between 4 and 5 years ago	8,313	4,430
Financing receivable, more than 5 years ago	0	2,233
Gross loans receivable	47,493,438	47,973,984
Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,369,840	2,542,860
Financing receivable, between 1 and 2 years ago	3,878	19,194
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,373,718	2,562,054
Tax advance loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	92,644	609,844
Financing receivable, between 1 and 2 years ago	406	736
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	93,050	610,580
Tax advance loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	150,173	0
Financing receivable, between 1 and 2 years ago	376	4,845
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	150,549	4,845
Tax advance loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,118,587	409
Financing receivable, between 1 and 2 years ago	621	10,089
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,119,208	10,498
Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,192,066,728	1,200,504,088
Financing receivable, between 1 and 2 years ago	77,308,971	62,076,656
Financing receivable, between 2 and 3 years ago	3,044,992	1,998,218
Financing receivable, between 3 and 4 years ago	120,623	148,662
Financing receivable, between 4 and 5 years ago	33,744	23,046
Financing receivable, more than 5 years ago	8,848	6,863
Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,272,583,906	1,264,757,533
Performing Financing Receivable \| Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	8,436	1,932,607
Financing receivable, between 1 and 2 years ago	2,475	3,524
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	$ 10,911	$ 1,936,131

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Contractual Basis) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,397,965,921	$ 1,390,015,568
Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,295,863,220	1,309,447,905
Financing receivable, between 1 and 2 years ago	96,671,833	75,283,901
Financing receivable, between 2 and 3 years ago	3,803,602	2,411,623
Financing receivable, between 3 and 4 years ago	185,797	261,137
Financing receivable, between 4 and 5 years ago	58,046	36,864
Financing receivable, more than 5 years ago	9,705	12,084
Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,396,592,203	1,387,453,514
Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	40,945,038	40,791,746
Financing receivable, between 1 and 2 years ago	6,398,969	4,689,867
Financing receivable, between 2 and 3 years ago	305,901	160,956
Financing receivable, between 3 and 4 years ago	21,491	42,700
Financing receivable, between 4 and 5 years ago	9,068	8,504
Financing receivable, more than 5 years ago	857	2,988
Gross loans receivable	47,681,324	45,696,761
Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	24,455,047	26,319,250
Financing receivable, between 1 and 2 years ago	4,170,062	2,572,733
Financing receivable, between 2 and 3 years ago	166,843	92,088
Financing receivable, between 3 and 4 years ago	34,662	40,281
Financing receivable, between 4 and 5 years ago	6,921	884
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	28,833,535	29,025,236
Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	38,396,407	41,832,821
Financing receivable, between 1 and 2 years ago	8,793,831	5,944,645
Financing receivable, between 2 and 3 years ago	285,866	160,361
Financing receivable, between 3 and 4 years ago	9,021	29,494
Financing receivable, between 4 and 5 years ago	8,313	4,430
Financing receivable, more than 5 years ago	0	2,233
Gross loans receivable	47,493,438	47,973,984
Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,369,840	2,542,860
Financing receivable, between 1 and 2 years ago	3,878	19,194
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,373,718	2,562,054
Tax advance loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	92,644	609,844
Financing receivable, between 1 and 2 years ago	406	736
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	93,050	610,580
Tax advance loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	150,173	0
Financing receivable, between 1 and 2 years ago	376	4,845
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	150,549	4,845
Tax advance loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,118,587	409
Financing receivable, between 1 and 2 years ago	621	10,089
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,119,208	10,498
Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,192,066,728	1,200,504,088
Financing receivable, between 1 and 2 years ago	77,308,971	62,076,656
Financing receivable, between 2 and 3 years ago	3,044,992	1,998,218
Financing receivable, between 3 and 4 years ago	120,623	148,662
Financing receivable, between 4 and 5 years ago	33,744	23,046
Financing receivable, more than 5 years ago	8,848	6,863
Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,272,583,906	1,264,757,533
Performing Financing Receivable \| Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	8,436	1,932,607
Financing receivable, between 1 and 2 years ago	2,475	3,524
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	10,911	1,936,131
Contractual basis
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,397,965,921	1,390,015,568
Contractual basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	51,389,342	51,702,239
Contractual basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	34,385,348	36,094,628
Contractual basis \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	70,629,089	70,771,312
Contractual basis \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,295,863,221	1,309,447,906
Financing receivable, between 1 and 2 years ago	96,671,832	75,283,901
Financing receivable, between 2 and 3 years ago	3,803,603	2,411,623
Financing receivable, between 3 and 4 years ago	185,797	261,137
Financing receivable, between 4 and 5 years ago	58,046	36,863
Financing receivable, more than 5 years ago	9,704	12,084
Contractual basis \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,396,592,203	1,387,453,514
Contractual basis \| Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	45,623,659	47,346,331
Financing receivable, between 1 and 2 years ago	5,538,291	3,661,493
Financing receivable, between 2 and 3 years ago	133,436	77,857
Financing receivable, between 3 and 4 years ago	6,006	6,714
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	51,301,392	51,092,395
Contractual basis \| Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	29,268,423	33,012,804
Financing receivable, between 1 and 2 years ago	4,820,038	3,030,052
Financing receivable, between 2 and 3 years ago	126,494	44,129
Financing receivable, between 3 and 4 years ago	5,572	7,643
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	34,220,527	36,094,628
Contractual basis \| Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	49,076,912	54,851,010
Financing receivable, between 1 and 2 years ago	19,065,498	14,940,345
Financing receivable, between 2 and 3 years ago	1,183,032	735,493
Financing receivable, between 3 and 4 years ago	132,462	182,547
Financing receivable, between 4 and 5 years ago	43,999	31,721
Financing receivable, more than 5 years ago	6,239	10,593
Gross loans receivable	69,508,142	70,751,709
Contractual basis \| Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,369,840	2,542,860
Financing receivable, between 1 and 2 years ago	3,878	19,194
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,373,718	2,562,054
Contractual basis \| Tax advance loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	87,950	609,844
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	87,950	609,844
Contractual basis \| Tax advance loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	164,821	0
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	164,821	0
Contractual basis \| Tax advance loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,117,069	409
Financing receivable, between 1 and 2 years ago	3,878	19,194
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,120,947	19,603
Contractual basis \| Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,171,894,227	1,174,237,761
Financing receivable, between 1 and 2 years ago	67,248,005	53,652,011
Financing receivable, between 2 and 3 years ago	2,360,641	1,554,144
Financing receivable, between 3 and 4 years ago	41,757	64,233
Financing receivable, between 4 and 5 years ago	14,047	5,142
Financing receivable, more than 5 years ago	3,465	1,491
Contractual basis \| Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,241,562,142	1,229,514,782
Contractual basis \| Performing Financing Receivable \| Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	0	1,932,607
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	$ 0	$ 1,932,607

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Company’s Gross Charge-Offs By Year of Origination) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Recorded Investment [Line Items]
2018 and prior	$ 5,007	$ 5,663
2019	12,727	13,855
2020	104,287	138,663
2021	2,943,366	1,509,992
2022	47,401,443	65,881,363
2022	256,212	1,716,846
Total	50,723,042	69,266,382
Loans
Financing Receivable, Recorded Investment [Line Items]
2018 and prior	5,007	5,663
2019	12,727	13,855
2020	104,287	138,663
2021	2,943,366	1,509,992
2022	47,396,816	65,867,200
2022	253,212	1,649,742
Total	50,715,415	69,185,115
Tax advance loans
Financing Receivable, Recorded Investment [Line Items]
2018 and prior	0	0
2019	0	0
2020	0	0
2021	0	0
2022	4,627	14,163
2022	3,000	67,104
Total	$ 7,627	$ 81,267

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Roll Forward of the Allowance for Credit Losses on Our Gross Loans Receivable) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 125,552,733	$ 134,242,862
Provision for credit losses	46,602,012	85,822,267
Charge-offs	(50,723,042)	(69,266,382)
Recoveries	7,911,285	4,851,932
Net charge-offs	(42,811,757)	(64,414,450)
Ending Balance	$ 129,342,988	$ 155,650,679

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Summary of Past Due Receivables) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,397,965,921	$ 1,390,015,568
Unearned interest, insurance and fees	(5,200,000)	(4,900,000)
Charge offs	4,400,000
Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,373,718	2,562,054
30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	77,832,233	81,803,668
30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	115,061,651	133,650,188
30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	149,142,504	135,396,187
30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	240,921,979	244,414,255
30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	813,633,836	792,189,216
Recency Basis
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,397,965,921	1,390,015,568
Unearned interest, insurance and fees	(379,966,515)	(376,674,349)
Total net loans	$ 1,017,999,406	$ 1,013,341,219
Financing receivable, percent past due	9.00%	8.90%
Recency Basis \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,373,718	$ 2,562,054
Recency Basis \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	77,832,233	81,803,668
Recency Basis \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	115,061,651	133,650,188
Recency Basis \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	149,142,504	135,396,187
Recency Basis \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	240,921,979	244,414,255
Recency Basis \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	813,633,836	792,189,216
Recency Basis \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,272,594,818	1,266,693,664
Unearned interest, insurance and fees	(345,890,705)	(343,255,876)
Total net loans	926,704,113	923,437,788
Recency Basis \| Current \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	10,912	1,936,131
Recency Basis \| Current \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	61,192,949	64,615,314
Recency Basis \| Current \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	97,270,965	113,946,833
Recency Basis \| Current \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	133,608,163	120,125,821
Recency Basis \| Current \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	219,635,566	223,734,062
Recency Basis \| Current \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	760,876,263	742,335,503
Recency Basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	47,774,374	46,307,341
Unearned interest, insurance and fees	(12,985,054)	(12,548,627)
Total net loans	$ 34,789,320	$ 33,758,714
Financing receivable, percent past due	3.40%	3.30%
Recency Basis \| 30 - 60 days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 93,049	$ 610,580
Recency Basis \| 30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,159,304	5,451,276
Recency Basis \| 30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,044,736	6,527,355
Recency Basis \| 30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,116,113	5,336,994
Recency Basis \| 30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,468,545	8,070,011
Recency Basis \| 30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	21,892,627	20,311,125
Recency Basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	28,984,084	29,030,081
Unearned interest, insurance and fees	(7,877,861)	(7,866,737)
Total net loans	$ 21,106,223	$ 21,163,344
Financing receivable, percent past due	2.10%	2.10%
Recency Basis \| 61 - 90 days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 150,549	$ 4,845
Recency Basis \| 61 - 90 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	3,946,507	4,407,751
Recency Basis \| 61 - 90 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,167,086	4,655,441
Recency Basis \| 61 - 90 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	3,508,885	3,727,331
Recency Basis \| 61 - 90 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,959,167	4,839,000
Recency Basis \| 61 - 90 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	12,251,890	11,395,713
Recency Basis \| 91 or more days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	48,612,645	47,984,482
Unearned interest, insurance and fees	(13,212,895)	(13,003,109)
Total net loans	$ 35,399,750	$ 34,981,373
Financing receivable, percent past due	3.50%	3.50%
Recency Basis \| 91 or more days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,119,208	$ 10,498
Recency Basis \| 91 or more days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	7,533,473	7,329,327
Recency Basis \| 91 or more days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	7,578,864	8,520,559
Recency Basis \| 91 or more days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,909,343	6,206,041
Recency Basis \| 91 or more days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	7,858,701	7,771,182
Recency Basis \| 91 or more days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	18,613,056	18,146,875
Recency Basis \| Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	125,371,103	123,321,904
Unearned interest, insurance and fees	(34,075,810)	(33,418,473)
Total net loans	91,295,293	89,903,431
Recency Basis \| Total Past Due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,362,806	625,923
Recency Basis \| Total Past Due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	16,639,284	17,188,354
Recency Basis \| Total Past Due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	17,790,686	19,703,355
Recency Basis \| Total Past Due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	15,534,341	15,270,366
Recency Basis \| Total Past Due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	21,286,413	20,680,193
Recency Basis \| Total Past Due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	52,757,573	49,853,713
Contractual basis
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,397,965,921	1,390,015,568
Unearned interest, insurance and fees	(379,966,515)	(376,674,349)
Total net loans	$ 1,017,999,406	$ 1,013,341,219
Financing receivable, percent past due	11.30%	11.40%
Contractual basis \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,373,718	$ 2,562,054
Contractual basis \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	77,832,233	81,803,668
Contractual basis \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	115,061,651	133,650,188
Contractual basis \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	149,142,504	135,396,187
Contractual basis \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	240,921,979	244,414,255
Contractual basis \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	813,633,836	792,189,216
Contractual basis \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,241,562,142	1,231,447,389
Unearned interest, insurance and fees	(337,456,038)	(333,704,639)
Total net loans	904,106,104	897,742,750
Contractual basis \| Current \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	0	1,932,607
Contractual basis \| Current \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	59,258,540	61,850,142
Contractual basis \| Current \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	93,865,123	109,694,389
Contractual basis \| Current \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	129,848,141	115,711,782
Contractual basis \| Current \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	214,011,449	217,821,239
Contractual basis \| Current \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	744,578,889	724,437,230
Contractual basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	51,389,342	51,702,239
Unearned interest, insurance and fees	(13,967,600)	(14,010,568)
Total net loans	$ 37,421,742	$ 37,691,671
Financing receivable, percent past due	3.70%	3.70%
Contractual basis \| 30 - 60 days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 87,950	$ 609,844
Contractual basis \| 30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,113,469	5,320,659
Contractual basis \| 30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,127,267	6,892,610
Contractual basis \| 30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,471,807	5,721,694
Contractual basis \| 30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	9,223,244	8,991,995
Contractual basis \| 30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	24,365,605	24,165,437
Contractual basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	34,385,348	36,094,628
Unearned interest, insurance and fees	(9,345,922)	(9,781,128)
Total net loans	$ 25,039,426	$ 26,313,500
Financing receivable, percent past due	2.50%	2.60%
Contractual basis \| 61 - 90 days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 164,821	$ 0
Contractual basis \| 61 - 90 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,075,349	4,864,498
Contractual basis \| 61 - 90 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,571,045	5,613,468
Contractual basis \| 61 - 90 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,158,292	4,499,010
Contractual basis \| 61 - 90 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,966,254	6,078,488
Contractual basis \| 61 - 90 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	15,449,587	15,039,164
Contractual basis \| 91 or more days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	70,629,089	70,771,312
Unearned interest, insurance and fees	(19,196,955)	(19,178,014)
Total net loans	$ 51,432,134	$ 51,593,298
Financing receivable, percent past due	5.10%	5.10%
Contractual basis \| 91 or more days past due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,120,947	$ 19,603
Contractual basis \| 91 or more days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	9,384,875	9,768,369
Contractual basis \| 91 or more days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	10,498,216	11,449,721
Contractual basis \| 91 or more days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,664,264	9,463,701
Contractual basis \| 91 or more days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	11,721,032	11,522,533
Contractual basis \| 91 or more days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	29,239,755	28,547,385
Contractual basis \| Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	156,403,779	158,568,179
Unearned interest, insurance and fees	(42,510,477)	(42,969,710)
Total net loans	113,893,302	115,598,469
Contractual basis \| Total Past Due \| Tax advance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,373,718	629,447
Contractual basis \| Total Past Due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	18,573,693	19,953,526
Contractual basis \| Total Past Due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	21,196,528	23,955,799
Contractual basis \| Total Past Due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	19,294,363	19,684,405
Contractual basis \| Total Past Due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	26,910,530	26,593,016
Contractual basis \| Total Past Due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 69,054,947	$ 67,751,986

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Nonaccrual) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	$ 6,300,000	$ 9,000,000
Financing receivable, nonaccrual	81,747,756		$ 86,514,188
Interest Income Recognized	3,615,689	3,672,837
Nonaccrual status
Financing Receivable, Nonaccrual [Line Items]
Unearned interest, insurance and fees	(30,512,209)		(32,158,640)
Tax advance loans
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	1,299,860		19,603
Interest Income Recognized	0	0
0 to 5 months
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	14,146,363		15,781,494
Interest Income Recognized	326,773	503,963
6 to 17 months
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	15,831,823		18,288,714
Interest Income Recognized	476,870	378,450
18 to 35 months
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	13,705,732		15,551,806
Interest Income Recognized	464,668	628,781
36 to 59 months
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	18,983,213		19,745,397
Interest Income Recognized	609,507	503,362
60+ months
Financing Receivable, Nonaccrual [Line Items]
Financing receivable, nonaccrual	48,292,974		$ 49,285,814
Interest Income Recognized	$ 1,737,871	$ 1,658,281

LEASES (Additional Information) (Details)	Jun. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	5 years

LEASES (Lease Cost) (Details) - USD ($)	3 Months Ended
LEASES (Lease Cost) (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Finance lease cost	$ 0	$ 103,302
Amortization of right-of-use assets	0	102,278
Interest on lease liabilities	0	1,024
Operating lease cost	6,141,171	6,662,311
Variable lease cost	1,030,675	931,084
Total lease cost	7,171,846	7,696,697
Cash paid for amounts included in the measurement of lease liabilities	6,324,218	6,724,592
Operating cash flows from finance leases	0	1,024
Operating cash flows from operating leases	6,324,218	6,689,425
Financing cash flows from finance leases	0	34,143
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,046,251	$ 5,352,690
Weighted-average remaining lease term — finance leases		4 months 24 days
Weighted average remaining lease term — operating leases	7 years 1 month 6 days	7 years 2 months 12 days
Weighted-average discount rate — finance leases	0.00%	6.00%
Weighted-average discount rate — operating leases	6.10%	6.10%

LEASES (Aggregate Annual Lease Obligations) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Operating Leases
Remainder of 2024	$ 17,407,197
2025	19,180,075
2026	15,695,818
2027	11,797,164
2028	9,231,916
Thereafter	28,762,038
Total undiscounted lease liability	102,074,208
Imputed interest	20,085,310
Total discounted lease liability	$ 81,988,898	$ 83,735,002

AVERAGE SHARE INFORMATION (Details) - shares	3 Months Ended
AVERAGE SHARE INFORMATION (Details) - shares	Jun. 30, 2023	Jun. 30, 2022
Basic:
Weighted average common shares outstanding (in shares)	5,772,733	5,740,835
Diluted:
Weighted average common shares outstanding (in shares)	5,772,733	5,740,835
Dilutive potential common shares (in shares)	118,566	0
Weighted average diluted shares outstanding (in shares)	5,891,299	5,740,835
Anti-dilutive shares (in shares)	309,371	341,880

STOCK-BASED COMPENSATION (Narrative) (Details)	3 Months Ended		12 Months Ended
STOCK-BASED COMPENSATION (Narrative) (Details)	Jun. 30, 2023 USD ($) installment $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	149,174
Vesting percentage	100.00%
Weighted-average fair value at the grant date (in dollars per share) \| $ / shares		$ 80.87
Compensation related to stock option and restricted stock plans, net of taxes and adjustments \| $	$ 1,412,698	$ 3,816,058
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of authorized common stock reserved for issuance (in shares)	3,350,000
Options outstanding (in shares)	301,184		314,742
Total unrecognized stock-based compensation expense related to non-vested stock options \| $	$ 2,400,000
Weighted average period for recognition	1 year 7 months 6 days
Compensation related to stock option and restricted stock plans, net of taxes and adjustments \| $	$ 313,347	768,055
Employee Stock Option \| Scenario 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	80,793
Employee Stock Option \| Scenario 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	113,174
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, expiration period	10 years
Vesting period	6 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment	6
Awards granted (in shares)	1,875		3,250
Grant date fair value (in dollars per share) \| $ / shares	$ 103.78		$ 129.85
Compensation related to stock option and restricted stock plans, net of taxes and adjustments \| $	$ 1,099,351	$ 3,048,003
Unvested restricted stock awards \| $	$ 3,500,000
Service Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
Weighted average period for recognition	1 year 3 months 18 days

STOCK-BASED COMPENSATION (Share and Options Performance Targets) (Details)	3 Months Ended
	Jun. 30, 2023 $ / shares
Target 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)	$ 16.35
Vesting percentage	40.00%
Target 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)	$ 20.45
Vesting percentage	60.00%
Target 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)	$ 25.30
Vesting percentage	100.00%

STOCK-BASED COMPENSATION (Grants Date Using The Weighted-Average Assumptions) (Details)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	0.00%	55.96%
Average risk-free rate	0.00%	2.94%
Expected life	0 days	5 years 10 months 24 days

STOCK-BASED COMPENSATION (Stock Option Activity and Intrinsic Value) (Details) - Stock Options Plans - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Options Activity [Roll Forward]
Options outstanding, beginning of year (in shares)	314,742
Granted (in shares)	0
Exercised (in shares)	(7,540)
Forfeited (in shares)	(6,018)
Expired (in shares)	0
Options outstanding, end of period (in shares)	301,184
Options exercisable, end of period (in shares)	107,217
Weighted Average Exercise Price
Options outstanding, beginning of year (in dollars per share)	$ 104.41
Granted (in dollars per share)	0
Exercised (in dollars per share)	94.07
Forfeited (in dollars per share)	120.31
Expired (in dollars per share)	0
Options outstanding, end of period (in dollars per share)	104.35
Options exercisable, end of period (in dollars per share)	$ 100.66
Stock Option Activity Additional Disclosures [Abstract]
Weighted-average remaining contractual term, options outstanding, end of period	5 years 7 months 6 days
Weighted-average remaining contractual terms, options exercisable, end of period	4 years 9 months 18 days
Aggregate intrinsic value, options outstanding, end of period	$ 9,920,060
Aggregate intrinsic value, options exercisable, end of period	3,943,955
Intrinsic value of options exercised	$ 215,135	$ 430,466

STOCK-BASED COMPENSATION (Company Restricted Stock and Total Stock-Based Compensation) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Weighted Average Fair Value at Grant Date
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	$ 1,412,698	$ 3,816,058
Stock Options Plans
Weighted Average Fair Value at Grant Date
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	$ 313,347	768,055
Restricted Stock
Shares
Outstanding at beginning of year (in shares)	460,614
Granted during the period (in shares)	1,875		3,250
Vested during the period (in shares)	0
Forfeited during the period (in shares)	0
Outstanding at end of period (in shares)	462,489		460,614
Weighted Average Fair Value at Grant Date
Outstanding at beginning period (in dollars per share)	$ 101.82
Granted during the period (in shares)	103.78		$ 129.85
Vested during the period (in dollars per share)	0
Forfeited during the period (in dollars per share)	0
Outstanding at ending period (in dollars per share)	$ 101.83		$ 101.82
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	$ 1,099,351	3,048,003
Equity Securities
Weighted Average Fair Value at Grant Date
Compensation related to stock option and restricted stock plans, net of taxes and adjustments	$ 1,412,698	$ 3,816,058

ACQUISITIONS (Details)	3 Months Ended
ACQUISITIONS (Details)	Jun. 30, 2023 USD ($) acquisition	Jun. 30, 2022 USD ($) acquisition
Business Acquisition [Line Items]
Number of loan portfolios acquired through asset purchases \| acquisition	0	35
Total acquisitions \| acquisition	0	35
Loans receivable, net	$ 0	$ 23,547,972
Purchase price amount below carrying value of net tangible assets	0	(3,847,128)
Non-compete agreements	0	215,000
Gain on acquisition, net of income tax	0	3,144,722
Income tax related to asset acquisition		917,400
Insurance And Other Income, Net
Business Acquisition [Line Items]
Gain on acquisition, net of income tax		3,100,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Purchase price	$ 0	$ 19,700,844

DEBT (Narrative) (Details) - USD ($)		3 Months Ended		12 Months Ended
DEBT (Narrative) (Details) - USD ($)	Sep. 27, 2021	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Line of Credit Facility [Line Items]
Accordion feature		$ 100,000,000
Letters of credit outstanding, amount		524,000
Gain on extinguishment of senior unsecured notes payable		435,885	$ 0
Senior Notes Due 2026 \| Senior notes
Line of Credit Facility [Line Items]
Interest rate, percentage	7.00%
Aggregate principal amount	$ 300,000,000
Redemption price, percentage of equity offerings	40.00%
Repurchased and extinguished amount of debt		2,000,000		$ 9,100,000
Debt issuance costs		24,100		100,000
Reacquisition price		1,540,000		$ 7,200,000
Gain on extinguishment of senior unsecured notes payable		400,000
Senior Notes Due 2026 \| Senior notes \| Period One
Line of Credit Facility [Line Items]
Redemption price percent	100.00%
Senior Notes Due 2026 \| Senior notes \| Period Two
Line of Credit Facility [Line Items]
Redemption price percent	107.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		685,000,000
Accordion feature		785,000,000
Amount outstanding		$ 299,800,000
Extension period		1 year
Interest rate, percentage		3.50%
Commitment fee percentage		0.50%
Unused borrowing capacity, fee		$ 500,000	$ 300,000
Interest rate, effective percentage		9.60%		7.00%
Unused amount available		$ 366,300,000
Debt covenants minimum net worth		$ 325,000,000
Fixed conversion ratio		2.0
Expiration period		60 days
Revolving Credit Facility \| Scenario 1
Line of Credit Facility [Line Items]
Debt covenant, maximum ratio of total debt		2.5
Debt covenant, maximum collateral performance indicator percentage		26.00%
Fixed conversion ratio		1.25
Revolving Credit Facility \| Scenario 2
Line of Credit Facility [Line Items]
Debt covenant, maximum ratio of total debt		2.25
Debt covenant, maximum collateral performance indicator percentage		28.00%
Fixed conversion ratio		1.15
Revolving Credit Facility \| Scenario 3
Line of Credit Facility [Line Items]
Debt covenant, maximum ratio of total debt		2.0
Fixed conversion ratio		1.50
Revolving Credit Facility \| Scenario4
Line of Credit Facility [Line Items]
Debt covenant, maximum ratio of total debt		2.25
Fixed conversion ratio		2.0
Revolving Credit Facility \| Scenario 5
Line of Credit Facility [Line Items]
Fixed conversion ratio		2.75
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Interest rate, percentage		4.50%
Revolving Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (in hundredths)		0.10%
Revolving Credit Facility \| Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,500,000

DEBT (Debt Maturities) (Details)	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	299,776,031
2026	0
2027	288,860,000
2028	0
Total future debt payments	$ 588,636,031

INCOME TAXES (Details) - USD ($)	3 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Income Tax Contingency [Line Items]
Total gross unrecognized tax benefits including interest	$ 1,200,000		$ 1,100,000
Unrecognized tax benefits	900,000		900,000
Gross unrecognized tax benefits, limitations and settlement with taxing authorities	500,000
Accrued gross interest	313,100
Gross interest expense	$ 20,200
Effective income tax rate reconciliation, percent	22.80%	20.20%
Historic Tax Credit Investment
Income Tax Contingency [Line Items]
Equity method investment	$ 21,700,000		$ 23,000,000
Historic tax credit investments amortization	1,300,000	$ 900,000
Tax benefits from these investments	$ 1,500,000	$ 500,000

SUBSEQUENT EVENTS (Details)		3 Months Ended
SUBSEQUENT EVENTS (Details)	Jul. 18, 2023 USD ($)	Jun. 30, 2023 USD ($)
Subsequent Event [Line Items]
Accordion feature		$ 100,000,000
Subsequent Event
Subsequent Event [Line Items]
Accordion feature	$ 150,000,000
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		685,000,000
Accordion feature		$ 785,000,000
Fixed conversion ratio		2.0
Revolving Credit Facility \| Scenario 5
Subsequent Event [Line Items]
Fixed conversion ratio		2.75
Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	580,000,000
Accordion feature	$ 730,000,000
Fixed conversion ratio	2.25

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