Cash America 2015 Annual Report Download - page 43
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Net Revenue
Net revenue is composed of total revenue less the cost of disposed merchandise and the consumer loan loss
provision. Net revenue is the income available to satisfy all remaining expenses and is the measure management
uses to evaluate top-line performance.
On a consolidated basis, net revenue decreased $22.4 million, or 3.8%, in 2015 compared to 2014, partly
due to a $7.8 million decrease related to the Company’s Mexico-based pawn operations, which were sold in August
2014.
ThefollowingtablesshowthecomponentsofnetrevenuefortheyearsendedDecember31,2015,2014
and 2013 (dollars in thousands):
Year Ended December 31,
2015 2014(a) 2013(a)
Domestic operations Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Pawn loan fees and service charges $318,987 56.2%$324,337 55.7%$ 304,511 52.8%
Proceeds from disposition of
merchandise, net of cost of disposed
merchandise 181,515 32.0%183,287 31.5%182,337 31.6%
Pawn-related net revenue $500,502 88.2%$507,624 87.2%$ 486,848 84.4%
Consumer loan fees, net of loss
provision $59,396 10.5%$66,665 11.5%$ 79,852 13.9%
Other revenue 7,246 1.3%7,480 1.3%9,532 1.7%
Net revenue $567,144 100.0%$581,769 100.0%$ 576,232 100.0%
(a) Excludes amounts related to the Company’s Mexico-based pawn operations, which were sold in August 2014. For the years ended
December 31, 2014 and 2013, Mexico-based pawn operations had pawn loan fees and service charges of $5,031 and $7,288, proceeds from
disposition of merchandise, net of cost of disposed merchandise, of $2,582 and $2,489, pawn-related net revenue of $7,613 and $9,777,
other revenue of $168 and $505 and net revenue of $7,781 and $10,282, respectively.
Domestic net revenue decreased $14.6 million, or 2.5% in 2015 compared to 2014. Consumer loan net
revenue decreased $7.3 million, or 10.9%, in 2015 compared to 2014, primarily due to the closures and sale of
certain lending locations that offered consumer loans and the Company’s strategic decision to deemphasize and
eliminate short-term consumer lending activities in many of its locations. Domestic pawn loan fees and service
charges decreased $5.4 million, or 1.6%, in 2015 compared to 2014, primarily due to lower average pawn loan
balances. Proceeds from disposition of merchandise, net of cost of disposed merchandise, decreased $1.8 million, or
1.0%, in 2015 compared to 2014, primarily due to lower gross profit on commercial disposition activities, partially
offset by higher gross profit on retail sales. Same-store net revenue for domestic locations decreased 1.1% in 2015
compared to 2014.
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