![]() ![]() During that time, through credit tightening, our book-to-look ratio decreased to a low of 20% during the second quarter before slowly improving to 25% in the third quarter and 30% in this most recent fourth quarter. While new customer loan volume increased in the first quarter by 5% year-over-year, it declined significantly by between 35% and 45% during our fiscal second, third and fourth quarters of this year as we work to improve credit quality. Rather than lend into the economic uncertainty, we dramatically reduced our exposure to our highest risk customers. At the time, inflationary pressure concerns about delinquency normalization after a period of extraordinary portfolio growth and growing recessionary concerns were key drivers for the strategic changes. As we discussed during prior earnings calls, we tightened underwriting about 18 months ago as economic uncertainty was increasing. We made several changes in early fiscal '23 that we believe would have a significant impact on our business, and we've been very pleased with the results. Before we open up to questions, there are a few areas that I'd like to highlight. Good morning, and thank you for joining our fiscal 2023 year-end and fourth quarter earnings call. The corporation does not undertake any obligation to update any such forward-looking statements it makes.Īt this time, it is my pleasure to turn the floor over to your host, Chad Prashad, President and Chief Executive Officer. Statements other than those of historical fact as well as those identified by the words anticipate, estimate, intend, plan, expect, believe, may, will and should or any variation of the foregoing and similar expressions are forward-looking statements.Īdditional information regarding forward-looking statements and any factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements are included in the paragraph discussing forward-looking statements in today's earnings press release and in the Risk Factors section of the corporation's most recent Form 10-K for the fiscal year ended March 31, 2022, and subsequent reports filed with or furnished to the SEC from time to time. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. The comments made during this conference call may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that represent the corporation's expectations and beliefs concerning future events. (Operator Instructions) Before we begin, the company has requested that I make the following announcement. Good morning, and welcome to World Acceptance Corporation's Fourth Quarter 2023 Earnings Conference Call. Vincent Albert Caintic MD & Equity Research Analyst Stephens Inc., Research Division Presentation Rowan Director of Specialty Finance Janney Montgomery Scott LLC, Research Division ![]() Ravin Chad Prashad President, CEO & Director World Acceptance Corporation Calmes Executive VP, Chief Financial & Strategy Officer and Treasurer World Acceptance Corporation Your ICC questions answered Eligibility - nationality based criteria The Resolution also lists the countries which have notified the UNECE Secretariat that they have accepted the resolution.įind out more about ICC Resolution No. 40 details how and to who the ICC may be issued, the syllabus requirements and the layout of the certificate. 40 and has authorised the RYA to issue a UK ICC on its behalf. ![]() 40, the UK Government has accepted Resolution No. ![]() The ICC was developed under the United Nations Economic Commission for Europe (UNECE) Inland Transport Committee Working Party on Inland Water Transport Resolution No. To know whether the ICC is the right document for your circumstances you need to consider the applicable legislation.įind out more about applicable legislation and flag and coastal states. When you visit another country, in most circumstances (in accordance with the United Nations Convention on the Law of the Sea) you can be required to comply with the maritime legislation of the visited country (the Coastal State) in addition to that of your vessel’s country of registration. It’s an assurance from one government to another that the certificate holder is sufficiently competent to be operating a pleasure craft, despite not holding the visited country’s certificate. a country you are not a citizen or a resident of). The ICC is intended to provide evidence of competence when requested by officials in a country you are visiting (i.e. If you’re looking to operate a pleasure craft or hire a boat outside the UK and need to evidence your competence, then the UK International Certificate for Operators of Pleasure Craft (the ICC) issued by the RYA, may be useful. ![]()
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