Cash America 2012 Annual Report Download - page 127

See notes to consolidated financial statements.
102
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Year Ended December 31,
2012 2011 2010
Cash Flows from Operating Activities
Net Income $101,664 $ 135,166 $ 115,244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses 75,428 54,149 43,923
Amortization of debt discount and issuance costs 3,811 3,566 3,340
Consumer loan loss provision 316,294 225,688 182,394
Stock-based compensation 4,804 4,934 3,815
Deferred income taxes, net (3,521) 25,563 8,842
Excess income tax benefit from stock-based compensation (2,638) (1,040) (2,250)
Other 8,601 2,884 718
Changes in operating assets and liabilities, net of assets acquired:
Merchandise other than forfeited 10,229 (7,150) (1,869)
Pawn loan fees and service charges receivable 1,312 (5,707) (2,120)
Finance and service charges on consumer loans (8,218) (9,426) (3,590)
Prepaid expenses and other assets (284) 2,337 4,146
Accounts payable and accrued expenses 14,038 9,916 11,569
Current income taxes (3,886) 12,310 (5,415)
Other operating assets and liabilities 647 814 413
Net cash provided by operating activities 518,281 454,004 359,160
Cash Flows from Investing Activities
Pawn loans made (760,925) (779,668) (644,683)
Pawn loans repaid 426,583 408,105 340,267
Principal recovered through dispositions of forfeited pawn loans 336,791 316,651 291,163
Consumer loans made or purchased (1,912,962) (1,621,836) (1,591,467)
Consumer loans repaid 1,537,930 1,324,807 1,374,445
Acquisitions, net of cash acquired (78,217) (49,539) (82,263)
Purchases of property and equipment (79,399) (75,049) (59,697)
Proceeds from sale of assets 5,471 - -
Investment in equity securities (1,000) (5,000) (5,652)
Other investing activities (926) (515) 822
Net cash used in investing activities (526,654) (482,044) (377,065)
Cash Flows from Financing Activities
Net borrowings under bank lines of credit 20,172 65,814 25,362
Issuance of long-term debt 52,000 50,000 25,000
Net proceeds from re-issuance of treasury shares 1,784 403 2,013
Loan costs paid (440) (2,902) (293)
Payments on notes payable (34,272) (38,113) (25,493)
Excess income tax benefit from stock-based compensation 2,638 1,040 2,250
Treasury shares purchased (25,133) (20,488) (14,482)
Dividends paid (4,096) (4,111) (4,135)
Purchase of noncontrolling interest (5,625) - -
Net cash provided by financing activities 7,028 51,643 10,222
Effect of exchange rates on cash 1,937 615 3
Net increase (decrease) in cash and cash equivalents 592 24,218 (7,680)
Cash and cash equivalents at beginning of year 62,542 38,324 46,004
Cash and cash equivalents at end of period $63,134 62,542 38,324