Cash America 2010 Annual Report Download - page 100

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See notes to consolidated financial statements.
71
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2010 2009 2008
Cash Flows from Operating Activities
Net Income $ 115,244 $ 97,936 $81,186
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 43,923 41,589 39,651
Amortization of discount on convertible debt 3,340 1,956 -
Consumer loan loss provision 182,394 130,816 140,723
Stock-based compensation 3,815 3,210 3,314
Deferred income taxes, net 8,842 11,105 7,302
Other 718 1,191 177
Changes in operating assets and liabilities, net of assets acquired
Merchandise held for disposition (6,914) (22,883) (15,127)
Pawn loan fees and service charges receivable (2,120) (3,329) (4,107)
Finance and service charges on consumer loans (3,590) (1,465) 1,885
Prepaid expenses and other assets 1,337 (17,054) 2,709
Accounts payable and accrued expenses 11,569 10,340 2,052
Excess income tax benefit from stock-based compensation (2,250) (786) (662)
Current income taxes (5,415) 12,124 (5,699)
Other operating assets and liabilities 413 (1,190) 4,005
Net cash provided by operating activities 351,306 263,560 257,409
Cash Flows from Investing Activities
Pawn loans made (644,683) (622,697) (495,637)
Pawn loans repaid 391,440 360,670 247,332
Principal recovered through dispositions of forfeited pawn loans 248,850 262,572 238,418
Consumer loans made or purchased (1,591,467) (1,297,042) (1,133,371)
Consumer loans repaid 1,374,445 1,143,561 996,517
Acquisitions, net of cash acquired (82,263) (43,615) (182,356)
Purchases of property and equipment (59,697) (44,101) (57,082)
Investments in marketable securities (5,652) - -
Other investing activities 822 1,031 1,214
Net cash used in investing activities (368,205) (239,621) (384,965)
Cash Flows from Financing Activities
Net borrowings (repayments) under bank lines of credit 25,362 (92,663) 109,876
Issuance of long-term debt 25,000 115,000 48,000
Net proceeds from re-issuance of treasury shares 2,013 1,578 687
Loan costs paid (293) (3,920) (2,958)
Payments on notes payable and other obligations (25,493) (18,616) (8,499)
Excess income tax benefit from stock-based compensation 2,250 786 662
Treasury shares purchased (14,482) (10,805) (7,206)
Dividends paid (4,135) (4,125) (4,068)
Net cash provided by (used in) financing activities 10,222 (12,765) 136,494
Effect of exchange rates on cash (1,003) 4,825 (1,658)
Net (decrease) increase in cash and cash equivalents (7,680) 15,999 7,280
Cash and cash equivalents at beginning of year 46,004 30,005 22,725
Cash and cash equivalents at end of period $38,324 $ 46,004 $ 30,005