Cash America 2010 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2010 Cash America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 167

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167

39
net revenue, mainly due to an increase in consumer loan fees, net of loss provision, on more loans written from the e-
commerce segment.
Non-GAAP Disclosure
In addition to the financial information prepared in conformity with GAAP, the Company provides historical
non-GAAP financial information. Management uses the non-GAAP financial measures for internal managerial purposes
and believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities
and business metrics of the Company’s operations. Management believes that these non-GAAP financial measures reflect
an additional way of viewing aspects of the Company’s business that, when viewed with the Company’s GAAP results,
provide a more complete understanding of factors and trends affecting the Company’s business.
Management provides non-GAAP financial information for informational purposes and to enhance
understanding of the Company’s GAAP consolidated financial statements. Readers should consider the information in
addition to, but not instead of, the Company’s financial statements prepared in accordance with GAAP. This non-
GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness
of those measures for comparative purposes.
Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted
earnings and adjusted earnings per share, which are non-GAAP measures. Management believes these measures are
useful to help investors better understand the Company’s financial performance, competitive position and prospects for
the future.
These non-GAAP measures are used by management in evaluating the Company’s results of operations and
liquidity. The following table provides reconciliation between net income attributable to the Company and diluted
earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share,
respectively (dollars in thousands except per share data):
Year Ended December 31,
2010 2009 2008
$
Per
Share $
Per
Share $
Per
Share
N
et income attributable to Cash America
International, Inc.(a) $ 115,538 $ 3.67 $ 96,678 $ 3.17 $ 81,140 $ 2.70
Adjustments:
Intangible asset amortization, net of tax 2,993 0.09 3,805 0.12 2,590 0.09
Non-cash equity-based compensation, net of tax 2,384 0.08 2,032 0.07 2,026 0.07
Convertible debt non-cash interest and issuance
cost amortization, net of tax 2,088 0.06 1,238 0.04 - -
Foreign exchange loss, net of tax 289 0.01 100 - 108 -
Adjusted earnings $ 123,292 $ 3.91 $ 103,853 $ 3.40 $ 85,864 $ 2.86