WRLD — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-06-04

• Although the CFPB is a principal federal regulator of consumer lending, the Federal Trade Commission (FTC) also retains certain authority over the Company’s lending activities. In particular, the FTC’s authority covers for-profit entities such as creditors and debt collectors. The FTC also has law e…

• Available Information. The Company maintains a website, “www.LoansByWorld.com,” where interested persons will be able to access free of charge, among other information, the Company’s annual reports on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K, as well as any …

• SEC. The Company files these reports with the SEC via the SEC’s EDGAR filing system, and such reports also may be accessed via the SEC’s EDGAR database at www.sec.gov/edgar. Information included on or linked to our website is not incorporated by reference into this annual report.

Text removed vs the prior filing · source: 10-K · 2025-05-22

• As of March 31, 2025, our employees had the following gender, race and ethnicity demographics:

• Information about our Executive Officers. The names and ages, positions, terms of office and periods of service of each of the Company's executive officers (and other business experience for executive officers who have served as such for less than five years) are set forth below.

• Name and AgePositionPeriod of Service as Executive Officer and

• •Senior Vice President, Chief Strategy & Analytics Officer from February 2018 to June 2018

• •Vice President of Analytics from June 2014 to February 2018

Text added vs the prior filing · source: 10-K · 2026-06-04

• In addition, our profitability may be directly affected by the level of, and fluctuations in, interest rates, whether caused by changes in economic conditions or other factors that affect our borrowing costs. Changes in monetary policy, including changes

• in interest rates, could influence the amount of interest we pay on our revolving credit facility or any other floating interest rate obligations we may incur. Our profitability and liquidity could be materially adversely affected during any period of higher interest rates. See Part II, Item 7A, “Qu…

• We currently operate consumer installment loan branches in sixteen states in the United States. Any adverse legislative or regulatory change in any one of our states or an economic downturn or catastrophic event that disproportionately affects one or

• more of our states, including in any of our larger states, could have a material adverse effect on our business, prospects, and results of operations or financial condition. See Part I, Item 1, “Description of Business” for information regarding the size of our business in the various states in whic…

• Adverse economic conditions—such as inflation, unemployment, interest rate volatility, or reduced consumer spending—may impair the Company's ability to execute business strategy and could materially impact its financial position, operating results, and cash flows.

Text removed vs the prior filing · source: 10-K · 2025-05-22

• In addition, our profitability may be directly affected by the level of and fluctuations in interest rates, whether caused by changes in economic conditions or other factors that affect our borrowing costs. Changes in monetary policy, including changes in interest rates, could influence the amount o…

• We currently operate consumer installment loan branches in sixteen states in the United States. Any adverse legislative or regulatory change in any one of our states or an economic downturn or catastrophic event that disproportionately affects one or more of our states, including in any of our large…

• Adverse economic conditions—such as inflation, unemployment, interest rate volatility, or reduced consumer spending may impair the Company's ability to execute business strategy and could materially impact it's financial position, operating results, and cash flows.

• While we commit resources to the design, implementation, maintenance, testing, and monitoring of our networks and systems and training of our employees, we may be required to expend significant additional resources in the future to modify and enhance our security controls in response to new or more …

• Despite the measures we implement to protect our systems and data, we may not be able to anticipate, identify, prevent or detect cyber-attacks, ransomware, computer viruses or other security breaches, particularly because the techniques used by attackers change frequently and often are not immediate…

Text added vs the prior filing · source: 10-K · 2026-06-04

• 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, penal…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• 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, penal…

• 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 de…

Text added vs the prior filing · source: 10-K · 2026-06-04

• CECL Allowance and Provision (Dollars in millions)FY 2026FY 2025DifferenceReconciliation

• Change due to Expected Loss Rate on Performing Loans$6.0$0.5$5.5$5.5

• General and administrative expenses during fiscal 2026 increased by $60.9 million, or 25.3%, over the previous fiscal year. General and administrative expenses, when divided by average open branches, increased 28.5% from fiscal 2025 to fiscal 2026 and, overall, general and administrative expenses as…

• Personnel expense totaled $200.0 million for fiscal 2026, a $59.0 million, or 41.8%, increase over fiscal 2025. The increase was largely due to a $39.0 million increase in share based compensation expense. Share based compensation expense increased due to share grants in December of 2024 and June of…

• Occupancy and equipment expense totaled $48.4 million for fiscal 2026, a 0.8 million, or 1.6%, decrease over fiscal 2025. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the year. In fiscal 2026, the expense per average open branch in…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• Change due to Expected Loss Rate on Performing Loans$0.5$(10.1)$10.6$10.6

• 2023 In fiscal 2023, the Company's net charge-off rate increased to 23.7%. This increase is primarily attributable to the higher proportion of NBs at the beginning of the current fiscal year. Additionally, NBs originated in the prior fiscal year performed worse than expected as a result of the rapid…

• 2024 In fiscal 2024, the Company's net charge-off rate decreased to 17.7%. This decrease is primarily attributable to the Company's continued focus on credit quality and a conservative approach to its lending operations.

• General and administrative expenses during fiscal 2025 decreased by $27.7 million, or 10.3%, over the previous fiscal year. General and administrative expenses, when divided by average open branches, decreased 9.1% from fiscal 2024 to fiscal 2025 and, overall, general and administrative expenses as …

• Personnel expense totaled $141.1 million for fiscal 2025, a $23.4 million, or 14.2%, decrease over fiscal 2024. The decrease was largely due to the $18.5 million reversal of previously recognized stock-based compensation expense associated with the $20.45 Performance Shares and the $3.5 million reve…

Text added vs the prior filing · source: 10-K · 2026-06-04

• The Company’s outstanding debt under its revolving credit facility was $443.9 million at March 31, 2026. Interest on borrowings under this facility is based on the greater of 4.5% or one month SOFR plus 0.10% and an applicable margin of 3.5%. Based on the outstanding balance under the Company's revo…

• The Company’s outstanding debt under its Warehouse Facility was $143.3 million at March 31, 2026. Interest on borrowings under this facility is based on one-month SOFR plus 0.11448% and an applicable margin of 3.0%. Based on the outstanding balance under the Company's Warehouse Facility at March 31,…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• The Company’s outstanding debt under its revolving credit facility was $262.5 million at March 31, 2025. Interest on borrowings under this facility is based on the greater of 4.5% or one month SOFR plus 0.10% and an applicable margin of 3.5%.

• Based on the outstanding balance under the Company's revolving credit facility at March 31, 2025, a change of 1% in the interest rate would cause a change in interest expense of approximately $2.6 million on an annual basis.