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

__________________________________
 Form 10-Q
__________________________________

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

For the quarterly period ended December 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

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

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

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

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


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

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

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

The number of outstanding shares of the issuer’s common stock, no par value, as of January 28, 2022 was 6,546,203.

2


 WORLD ACCEPTANCE CORPORATION
FORM 10-Q

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

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

3

GLOSSARY OF DEFINED TERMS

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

4

PART I.  FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 December 31, 2021March 31, 2021
ASSETS  
Cash and cash equivalents$18,667,639 $15,746,454 
Gross loans receivable1,606,111,453 1,104,746,261 
Less:  
Unearned interest, insurance and fees(433,432,489)(279,364,584)
Allowance for credit losses(133,281,196)(91,722,288)
Loans receivable, net1,039,397,768 733,659,389 
Operating lease right‐of‐use assets, net (Note 6)86,097,524 90,055,572 
Finance lease right‐of‐use assets, net (Note 6)708,203 1,013,901 
Property and equipment, net24,530,719 25,326,136 
Deferred income taxes, net34,808,153 24,992,742 
Other assets, net37,596,701 31,423,134 
Goodwill7,370,791 7,370,791 
Intangible assets, net21,027,359 23,537,517 
Assets held for sale (Note 2) 1,143,528 
Total assets$1,270,204,857 $954,269,164 
 
LIABILITIES & SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes payable$425,174,040 $405,007,500 
Senior unsecured notes payable, net295,142,754  
Income taxes payable1,591,376 11,575,861 
Operating lease liability (Note 6)87,677,147 91,132,722 
Finance lease liability (Note 6)146,305 585,353 
Accounts payable and accrued expenses51,066,970 41,040,287 
Total liabilities860,798,592 549,341,723 
Commitments and contingencies (Notes 6 and 12)
Shareholders' equity:  
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding
  
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 6,637,093 and 6,805,294 shares at December 31, 2021 and March 31, 2021, respectively
  
Additional paid-in capital274,991,975 255,590,674 
Retained earnings134,414,290 149,336,767 
Total shareholders' equity409,406,265 404,927,441 
Total liabilities and shareholders' equity$1,270,204,857 $954,269,164 

5

See accompanying notes to consolidated financial statements.

6

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended December 31,Nine months ended December 31,
2021202020212020
Revenues:  
Interest and fee income$128,147,374 $114,885,857 $355,435,289 $333,632,164 
Insurance and other income, net20,424,437 16,059,793 60,622,784 45,621,340 
Total revenues148,571,811 130,945,650 416,058,073 379,253,504 
Expenses:   
Provision for credit losses56,458,533 28,857,443 128,767,870 80,608,470 
General and administrative expenses:  
Personnel44,383,906 46,699,999 136,361,580 138,154,915 
Occupancy and equipment12,613,622 15,058,226 39,155,558 41,755,200 
Advertising6,847,777 6,660,129 15,902,321 14,527,909 
Amortization of intangible assets1,275,784 1,377,250 3,736,113 4,045,496 
Other9,108,390 8,079,467 27,413,963 26,292,070 
Total general and administrative expenses74,229,479 77,875,071 222,569,535 224,775,590 
Interest expense10,166,125 7,304,531 22,380,850 18,759,198 
Total expenses140,854,137 114,037,045 373,718,255 324,143,258 
Income before income taxes7,717,674 16,908,605 42,339,818 55,110,246 
Income taxes390,942 2,417,999 6,802,166 11,711,371 
Net income$7,326,732 $14,490,606 $35,537,652 $43,398,875 
Net income per common share:   
Basic$1.20 $2.32 $5.81 $6.58 
Diluted$1.14 $2.25 $5.53 $6.44 
Weighted average common shares outstanding:  
Basic6,118,591 6,233,961 6,119,971 6,593,135 
Diluted6,403,788 6,452,385 6,424,067 6,743,649 

See accompanying notes to consolidated financial statements.

7

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Three months ended December 31, 2021
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at September 30, 20216,724,140 $272,572,177 146,435,164 419,007,341 
Proceeds from exercise of stock options31,981 3,033,142  3,033,142 
Common stock repurchases(93,722)(19,347,606)(19,347,606)
Restricted common stock expense under stock option plan, net of cancellations ($4,922,017)
(25,306)(1,277,438) (1,277,438)
Stock option expense 664,094  664,094 
Net income  7,326,732 7,326,732 
Balances at December 31, 20216,637,093 $274,991,975 134,414,290 409,406,265 
Three months ended December 31, 2020
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at September 30, 20207,002,080 $237,547,566 129,727,585 367,275,151 
Proceeds from exercise of stock options18,205 1,248,999 — 1,248,999 
Common stock repurchases(238,452)— (26,161,371)(26,161,371)
Restricted common stock expense under stock option plan, net of cancellations ($2,889,656)
(16,055)1,154,157 — 1,154,157 
Stock option expense— 854,647 — 854,647 
Net income— — 14,490,606 14,490,606 
Balances at December 31, 20206,765,778 $240,805,369 118,056,820 358,862,189 
Nine months ended December 31, 2021
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20216,805,294 $255,590,674 149,336,767 $404,927,441 
Proceeds from exercise of stock options143,103 11,715,720  11,715,720 
Common stock repurchases(289,158) (50,460,129)(50,460,129)
Restricted common stock expense under stock option plan, net of cancellations ($5,072,230)
(22,146)5,168,510  5,168,510 
Stock option expense 2,517,071  2,517,071 
Net income  35,537,652 35,537,652 
Balances at December 31, 20216,637,093 $274,991,975 134,414,290 $409,406,265 
8

Nine months ended December 31, 2020
Common Stock
SharesAdditional Paid-in CapitalRetained EarningsTotal Shareholders' Equity
Balances at March 31, 20207,807,834 $227,214,577 184,748,490 $411,963,067 
Proceeds from exercise of stock options33,776 2,255,824 — 2,255,824 
Common stock repurchases(1,024,870)— (88,848,296)(88,848,296)
Restricted common stock expense under stock option plan, net of cancellations ($3,173,735)
(50,962)8,347,347 — 8,347,347 
Stock option expense— 2,987,621 — 2,987,621 
Cumulative effect of adoption of ASC 326— — (21,242,249)(21,242,249)
Net income— — 43,398,875 43,398,875 
Balances at December 31, 20206,765,778 $240,805,369 118,056,820 $358,862,189 

See accompanying notes to consolidated financial statements.

9

WORLD ACCEPTANCE CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
10

(Unaudited)
Nine months ended December 31,
 20212020
Cash flow from operating activities:  
Net income$35,537,652 $43,398,875 
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss on assets held for sale38,633  
Amortization of intangible assets3,736,113 4,045,496 
Amortization of investment in historic tax credits2,950,970 1,302,288 
Amortization of debt issuance costs698,667 489,582 
Provision for credit losses128,767,870 80,608,470 
Depreciation5,027,288 7,294,907 
Loss (gain) on sale of property and equipment368,589 (153,338)
Deferred income tax expense (benefit)(9,815,411)4,136,893 
Compensation related to stock option and restricted stock plans, net of taxes and adjustments12,757,811 14,508,703 
Change in accounts:  
Other assets, net(9,058,328)(1,154,320)
Income taxes payable(9,984,485)(4,112,382)
Accounts payable and accrued expenses10,026,683 (18,969,426)
Net cash provided by operating activities171,052,052 131,408,699 
Cash flows from investing activities:  
Increase in loans receivable, net(424,875,137)(106,901,743)
Net assets acquired from acquisitions, primarily loans(9,631,112)(14,364,043)
Increase in intangible assets from acquisitions(1,225,955)(4,483,180)
Purchases of property and equipment(4,480,906)(8,985,589)
Proceeds from sale of assets held for sale1,104,895 2,810,391 
Proceeds from sale of property and equipment186,145 222,725 
Net cash used in investing activities(438,922,070)(131,252,112)
Cash flow from financing activities:  
Borrowings from senior notes payable407,216,540 283,576,750 
Payments on senior notes payable(387,050,000)(195,076,750)
Issuance of senior unsecured notes payable300,000,000  
Debt issuance costs associated with senior unsecured notes payable(5,119,649) 
Debt issuance costs associated with senior notes payable (376,750)
Proceeds from exercise of stock options11,715,720 2,255,824 
Payments for taxes related to net share settlement of equity awards(5,072,230)(3,173,735)
Repayment of finance lease(439,048)(441,890)
Repurchase of common stock(50,460,130)(88,848,296)
Net cash provided by (used in) financing activities270,791,203 (2,084,847)
Net change in cash and cash equivalents2,921,185 (1,928,260)
Cash and cash equivalents at beginning of period15,746,454 11,618,922 
Cash and cash equivalents at end of period$18,667,639 $9,690,662 
Supplemental Disclosures:
Interest paid during the period$16,020,205 $17,723,748 
Income taxes paid during the period$26,884,025 $12,101,860 
See accompanying notes to consolidated financial statements.
11

WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The consolidated financial statements of the Company at December 31, 2021 and for the three and nine 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 December 31, 2021, and the results of operations and cash flows for the periods ended December 31, 2021 and 2020, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

NOTE 2 – ASSETS HELD FOR SALE

In the fourth quarter of fiscal 2020 the Company moved its corporate headquarters from properties it owned outright in Greenville, South Carolina to leased office space in downtown Greenville, South Carolina. Under ASC 360-10, the properties met the criteria for classification as held for sale as of March 31, 2020. During the second quarter of fiscal 2021 the Company completed the sale of two of the three buildings held for sale. During the second quarter of fiscal 2022 the Company completed the sale of the last held for sale building, and recorded a $39.0 thousand loss on sale which is included as a component of Insurance and other income, net in the consolidated statements of operations.

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

NOTE 3 – SUMMARY OF SIGNIFICANT POLICIES

Nature of Operations

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

Seasonality

The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash
12

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.

Allowance for credit losses

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

Reclassification

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

Recently Issued Accounting Standards Not Yet Adopted

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

NOTE 4 – FAIR VALUE

Fair Value Disclosures

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

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

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

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

13

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.
December 31, 2021March 31, 2021
Input LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
ASSETS
Cash and cash equivalents1$18,667,639 $18,667,639 $15,746,454 $15,746,454 
Loans receivable, net31,039,397,768 1,039,397,768 733,659,389 733,659,389 
LIABILITIES
Senior unsecured notes payable2300,000,000 301,500,000   
Senior notes payable3425,174,040 425,174,040 405,007,500 405,007,500 

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

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

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

NOTE 5 – FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:
Customer TenureDecember 31, 2021March 31, 2021
0 to 5 months$221,068,385 $92,378,097 
6 to 17 months129,269,609 106,742,121 
18 to 35 months232,252,594 169,361,910 
36 to 59 months214,113,248 130,655,627 
60+ months809,305,528 597,292,495 
Tax advance loans102,089 8,316,011 
Total gross loans$1,606,111,453 $1,104,746,261 

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

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


14


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 December 31, 2021:
Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,391,805,121 $43,464,472 $3,311,801 $142,004 $18,087 $6,424 $1,438,747,909 
30 - 60 days past due60,477,887 3,190,374 429,991 31,452 13,250  64,142,954 
61 - 90 days past due37,137,360 2,066,364 232,506 27,958 7,083  39,471,271 
91 or more days past due57,977,118 5,220,263 410,537 30,133 8,967 212 63,647,230 
Total$1,547,397,486 $53,941,473 $4,384,835 $231,547 $47,387 $6,636 $1,606,009,364 
Term Loans By Origination
Tax advance loansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$11,639 $ $ $ $ $ 11,639 
30 - 60 days past due5,205      5,205 
61 - 90 days past due9,292      9,292 
91 or more days past due73,240 2,549 164    75,953 
Total$99,376 $2,549 $164 $ $ $ $102,089 
Total gross loans$1,606,111,453 


























15


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



























16

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 December 31, 2021:
Term Loans By Origination
LoansUp to
1
Year Ago
Between
1 and 2
Years Ago
Between
2 and 3
Years Ago
Between
3 and 4
Years Ago
Between
4 and 5
Years Ago
More than
5
Years Ago
Total
Current$1,371,742,328 $39,499,813 $2,733,628 $78,643 $6,860 $739 $1,414,062,011 
30 - 60 days past due64,429,119 2,166,680 147,860 2,106   66,745,765 
61 - 90 days past due42,456,180 1,898,732 130,531 1,357   44,486,800 
91 or more days past due68,769,859 10,376,248 1,372,816 149,441 40,527 5,897 80,714,788 
Total$1,547,397,486 $53,941,473 $4,384,835 $