Cash America 2001 Annual Report Download - page 34

15. Operating Segment Information
The Company has two reportable operating segments in the lending industry and one in the check cashing industry. The United States and foreign lending segments
offer secured non-recourse pawn loans to individuals. In the United States segment, loan terms are generally for one month with provisions for renewals and exten-
sions and the loans average approximately 50 days in length. The loan collateral includes a wide variety of personal property items. However, in the foreign segment,
loan terms are 6 months, the loan amounts are generally larger, and the collateral is predominately jewelry. The check cashing segment provides check cashing ser-
vices to individuals through franchised and company owned Mr. Payroll service centers.
The accounting policies of the segments are the same as those described in Note 2. Management of the Company evaluates performance based on income or loss
from operations before net interest expense, other miscellaneous items of income or expense, and the provision for income taxes. There are no intersegmental sales.
While the United States and foreign lending segments offer the same services, each is managed separately due to the different operational strategies required.
The check cashing operation offers different services and products thus requiring its own technical, marketing and operational strategy.
As described in Note 3, the Company has reclassified the results of operations of Rent-A-Tire as discontinued operations. This business was previously reported
as a separate operating segment. The segment data included below has been restated to exclude amounts related to Rent-A-Tire.
Information concerning the segments is set forth below (in thousands):
Lending
United States Foreign Total Check Cashing Consolidated
2001
Total revenue $320,693 $ 31,841 $352,534 $ 3,395 $355,929
Depreciation and amortization 13,644 2,105 15,749 880 16,629
Income from operations 21,384 8,675 30,059 546 30,605
Total assets at December 31 292,426 74,784 367,210 7,074 374,284
Expenditures for property and equipment 29,786 1,947 31,733 96 31,829
2000
Total revenue $ 310,881 $ 32,302 $343,183 $ 3,177 $346,360
Depreciation and amortization 13,701 1,949 15,650 708 16,358
Income from operations 20,733 8,615 29,348 367 29,715
Equity in loss of unconsolidated subsidiary — — — (15,653) (15,653)
Total assets at December 31 265,423 76,251 341,674 12,255 353,929
Expenditures for property and equipment 13,895 1,762 15,657 562 16,219
1999
Total revenue $ 327,117 $ 32,118 $ 359,235 $ 3,660 $ 362,895
Depreciation and amortization 15,864 1,885 17,749 828 18,577
Income (loss) from operations 25,721 12,134 37,855 (3,109) 34,746
Equity in loss of unconsolidated subsidiary — — — (15,238) (15,238)
Total assets at December 31 285,979 89,031 375,010 24,811 399,821
Investment in and advances to
unconsolidated subsidiary at December 31 — — — 15,392 15,392
Expenditures for property and equipment 5,669 4,656 10,325 4,154 14,479
Total assets of discontinued operations were $8,606,000, $24,304,000, and $17,802,000 at December 31, 2001, 2000, and 1999, respectively.
The geographic distribution of property and equipment at December 31, follows (in thousands):
United States Foreign Consolidated
2001 $ 60,366 $ 8,084 $ 68,450
2000 41,528 8,069 49,597
1999 43,745 8,415 52,160
Notes to Consolidated Financial Statements — Continued
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