Cash America 2015 Annual Report Download - page 66

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Cash Flows Highlights
The Company’s continuing cash flows and other key indicators of liquidity are summarized as follows
(dollars in thousands):
YearEndedDecember31,
2015 2014 2013
Net cash provided by continuing operating activities $129,462 $ 127,775 $ 140,763
Pawn activities, net $(34,501)$(24,203)$(33,564)
Consumer loan activities, net (10,985)(24,742) (31,324)
Acquisitions, net of cash acquired (1,109)(1,207) (165,284)
Purchases of property and equipment (20,436)(37,910) (46,400)
Proceeds from disposition of marketable equity securities 516 — 6,616
Proceeds from divestitures, net of cash divested 2,943 21,534 —
Proceeds from note receivable —431,034 36,187
Dividends received —122,384 —
Other investing (896)246 776
Net cash (used in) provided by continuing investing activities $(64,468)$ 487,136 $ (232,993)
Net proceeds (payments) under debt instruments 27,108 (193,718) (107,294)
Proceeds from issuance of long-term debt —— 300,000
Payments on/repurchases of notes payable (12,020)(380,450) (41,990)
Treasury shares purchased (104,567)(2,896) (47,631)
Dividends paid (5,386)(3,986) (3,981)
Other financing (25)(483) (9,815)
Net cash (used in) provided by continuing financing activities $(94,890)$ (581,533) $ 89,289
Net cash provided by discontinued operations $—$ 56,363 $ 5,194
Working capital from continuing operations $573,918 $ 658,937 $ 948,445
Cash and cash equivalents $23,153 $ 53,042 $ 19,748
Total debt (includes current maturities of long-term debt) $211,558 $ 196,470 $ 739,989
Current ratio from continuing operations 6.9 x 6.5 x 8.5 x
Domestic merchandise turnover 2.0 x 2.3 x 2.3 x
Total debt to adjusted EBITDA ratio(a) 1.9 x 1.8 x 5.5 x
(a) Non-GAAP measure. See “Results of Operations—Non-GAAP Disclosure—Adjusted EBITDA” section for a reconciliation of adjusted
EBITDA to net income attributable to the Company.
Cash Flows from Continuing Operating Activities
2015 comparison to 2014
Net cash provided by continuing operating activities was $129.5 million for 2015, which represented an
increase of $1.7 million, or 1.3%, from $127.8 million in 2014. The increase was primarily due to a $38.0 million
increase in net income from continuing operations and a $12.8 million increase in accounts payable and accrued
expenses, primarily due to a decrease in payments made in 2015 compared to 2014. Primarily offsetting this
increase, net cash provided by continuing operating activities experienced a $13.8 million decrease due to lower
adjustments for non-cash expenses related to depreciation and amortization expenses, amortization of debt issuance
costs and the consumer loan loss provision, as well as a $10.0 million decrease due to increased downward
adjustments for net non-cash gains and losses on the extinguishment of debt, divestitures, and disposition of equity
securities. Net cash provided by continuing operating activities also decreased $7.8 million due to an increase in
merchandise purchased from customers and other third parties, net of funds received for dispositions of these goods.
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