Cash America 2009 Annual Report Download - page 107

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See notes to consolidated financial statements.
79
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2009 2008 2007
Cash Flows from Operating Activities
Net Income $97,936 $81,186 $79,346
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 41,589 39,651 32,125
Amortization of discount on convertible debt 1,956 - -
Cash advance loss provision 130,816 140,723 155,238
Loss on disposal of property and equipment 1,033 - -
Stock-based compensation 3,210 3,314 3,060
Foreign currency transaction loss 158 177 24
Gain on sale of foreign notes - - (6,260)
Deferred income taxes, net 11,105 7,302 1,936
Changes in operating assets and liabilities
Merchandise held for disposition (22,883) (15,127) 1,765
Finance and service charges receivable (511) (6,051) (2,305)
Other receivables and prepaid expenses (17,054) 2,709 (2,216)
Accounts payable and accrued expenses 10,340 2,052 8,968
Customer deposits, net (13) 955 328
Excess income tax benefit from stock-based compensation (786) (662) (853)
Current income taxes, net 12,124 (5,699) 1,917
Non current income taxes payable (1,177) 3,050 -
Net cash provided by operating activities 267,843 253,580 273,073
Cash Flows from Investing Activities
Pawn loans made (622,697) (495,637) (435,046)
Pawn loans repaid 360,670 247,332 218,920
Principal recovered through dispositions of forfeited loans 262,572 238,418 194,365
Cash advances made, assigned or purchased (1,297,042) (1,133,371) (1,162,952)
Cash advances repaid 1,139,278 1,000,346 1,001,048
Acquisitions, net of cash acquired (43,615) (182,356) (82,557)
Purchases of property and equipment (44,101) (57,082) (70,097)
Proceeds from sale of foreign notes - - 16,589
Proceeds from property insurance 1,031 1,214 1,416
Net cash used in investing activities (243,904) (381,136) (318,314)
Cash Flows from Financing Activities
Net (repayments) borrowings under bank lines of credit (92,663) 109,876 90,100
Issuance of long-term debt 115,000 48,000 -
Net proceeds from shares issued under stock-based plans 1,578 687 761
Loan costs paid (3,920) (2,958) (282)
Payments on notes payable and other obligations (18,616) (8,499) (21,072)
Payments on notes receivable secured by common stock - - 18
Excess income tax benefit from stock-based compensation 786 662 853
Treasury shares purchased (10,805) (7,206) (24,032)
Dividends paid (4,125) (4,068) (4,128)
Net cash (used) provided by financing activities (12,765) 136,494 42,218
Effect of exchange rates on cash 4,825 (1,658) 25
Net increase (decrease) in cash and cash equivalents 15,999 7,280 (2,998)
Cash and cash equivalents at beginning of year 30,005 22,725 25,723
Cash and cash equivalents at end of period $46,004 $30,005 $22,725