Cash America 2009 Annual Report Download - page 79

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51
The following table summarizes cash advances outstanding at December 31, 2009 and 2008 (dollars in
thousands):
2009 2008
Funded by the Company (a)
Active cash advances and fees receivable $87,710 $69,443
Cash advances and fees in collection 20,055 21,147
Total funded by the Company (a) 107,765 90,590
Funded by third-party lenders(b) (c)
Active cash advances and fees receivable 61,242 37,458
Cash advances and fees in collection 18,278 12,479
Total funded by third-party lenders(b) (c) 79,520 49,937
Combined gross portfolio of cash advances and fees receivable(b) (d) 187,285 140,527
Less: Elimination of cash advances owned by third-party lenders 51,146 35,182
Company-owned cash advances and fees receivable, gross 136,139 105,345
Less: Allowance for losses 27,350 21,495
Cash advances and fees receivable, net $108,789 $83,850
Allowance for loss on Company-owned cash advances $27,350 $21,495
Accrued losses on third-party lender-owned cash advances 2,944 2,135
Combined allowance for losses and accrued third-party lender losses $30,294 $23,630
Combined allowance for losses and accrued third-party lender losses as a % of
combined gross portfolio(b) (d) 16.2 % 16.8 %
(a)a
a
Cash advances written by the Company in its pawn lending and cash advance storefront locations and through the Company’s internet
channel.
(b)a
a
a
a
Non-GAAP presentation. Management evaluates the cash advance portfolio on an aggregate basis including the loss provision for the
Company-owned and the third-party lender-owned portfolio that the Company guarantees. The non-GAAP financial measure is
provided immediately following its most comparable GAAP amount and can be reconciled to its most comparable GAAP amount
through the presentation of the financial information above.
(c)a
a
Cash advances written by third-party lenders that were marketed, processed or arranged by the Company on behalf of the third-party
lenders at the Company’s pawn and cash advance storefront locations and through the Company’s internet and card services channels.
(d)aIncludes cash advances written by the Company, as well as the cash advance products described in footnote (c) above.
Check Cashing Fees, Royalties and Other. Check cashing fees, royalties and other income from all segments
decreased $0.9 million, or 5.9%, to $14.6 million in 2009 from $15.5 million in 2008 primarily due to a lower
volume of checks being cashed in 2009. Management believes check cashing volume in 2009 was lower because
there were no economic stimulus payments, which caused a higher than normal check cashing volume in 2008.
Management believes the decrease in 2009 was also due to the closure of cash advance storefront locations that
offered check cashing services in late 2008 and potentially due to higher unemployment rates in 2009. The
components of these fees are as follows (dollars in thousands):