Cash America 2012 Annual Report Download - page 67

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ITEM 6. SELECTED FINANCIAL DATA
Five-Year Summary of Selected Consolidated Financial Data
(dollars in thousands, except per share data)
Year Ended December 31,
2012 2011 2010 2009 2008
Statement of Income Data (a)
Total revenue $1,800,430 $1,583,064 $ 1,337,050 $ 1,149,125 $ 1,030,794
Income from operations (b) (e) 215,915 244,342 207,132 175,652 148,706
Income before income taxes(b) (e) 186,320 217,526 184,513 154,716 132,803
N
et income attributable to Cash America
International, Inc.(c) (e) 107,470 135,963 115,538 96,678 81,140
N
et income per share:
Basic $3.64 $4.59 $ 3.90 $ 3.26 $ 2.77
Diluted(
d
) $3.42 $4.25 $ 3.67 $ 3.17 $ 2.70
Dividends declared per share $0.14 $0.14 $ 0.14 $ 0.14 $ 0.14
Weighted average shares:
Basic 29,514 29,602 29,640 29,639 29,327
Diluted 31,452 31,991 31,521 30,503 30,092
Balance Sheet Data at End of Year
Pawn loans $244,640 $253,519 $ 217,402 $ 188,285 $ 168,747
Consumer loans, net (f) 289,418 222,778 139,377 108,789 83,850
Merchandise held for disposition, net 167,409 161,884 130,956 116,593 109,493
Working capital 710,566 644,891 491,298 414,450 313,827
Total assets 1,818,258 1,674,249 1,427,186 1,269,655 1,186,510
Long-term debt 578,330 537,291 456,704 429,183 438,154
Total equity 990,620 907,590 802,731 683,199 579,735
Ratio Data at End of Year
Current ratio 4.8 x 4.8 x 4.8 x 4.1 x 3.1 x
Debt to equity ratio 58.4
%
59.2 % 56.9 % 62.8 % 75.6 %
(a) See “Item 8. Financial Statements and Supplementary Data—Note 3” for discussion of the Company's acquisitions in 2008, 2010, 2011 and 2012.
(b)
A
A
A
aa
aa
Income from operations and income before income taxes for 2012 include unusual items of $39.0 million, consisting of $3.9 million, $21.7 million
and $13.4 million of expenses related to the withdrawal of the proposed initial public offering (“IPO”) of the Company’s wholly-owned subsidiary,
Enova International, Inc. (“Enova”), the reorganization of the Company’s Mexico-based pawn operations (the “Mexico Reorganization”) and the
voluntary reimbursements to Ohio customers (the “Ohio Reimbursements”), respectively. Excluding these unusual items, non-generally accepted
accounting principles (“non-GAAP”) adjusted income from operations and non-GAAP adjusted income before income taxes would have been $254.9
million and $225.3 million, respectively, in 2012. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Results of Continuing Operations—Highlights” for additional information about these non-GAAP measures.
(c)
aa
aa
aa
a
N
et income for 2012 includes unusual items of $36.2 million, net of tax and noncontrolling interests, consisting of $2.4 million, $25.4 million and
$8.4 million of expenses related to the withdrawal of the proposed Enova IPO, the Mexico Reorganization and the Ohio Reimbursements,
respectively. Excluding these unusual items, non-GAAP adjusted net income would have been $143.7 million in 2012. See “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Results of Continuing Operations—Overview—Non-GAAP
Disclosure—Adjusted Earnings and Adjusted Earnings Per Share” for additional information about this non-GAAP measure.
(d)
aa
aa
aa
aa
Diluted net income per share for 2012 includes unusual items of $1.15, net of tax and noncontrolling interests, related to the withdrawal of the
proposed Enova IPO, the Mexico Reorganization and the Ohio Reimbursements. Excluding these unusual items, non-GAAP adjusted diluted
earnings per share would have been $4.57 in 2012. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Results of Continuing Operations—Overview—Non-GAAP Disclosure—Adjusted Earnings and Adjusted Earnings Per Share” for
additional information about this non-GAAP measure.
(e)
aa
See “Item 8. Financial Statements and Supplementary Data—Notes 4, 15 and 24” for further discussion of the Mexico Reorganization, the Ohio
Reimbursements and the withdrawal of the proposed Enova IPO, respectively, which occurred in 2012.
(f)a
a
Excludes loans originated by third-party lenders through the CSO programs. See “Item 8. Financial Statements and Supplementary Data—Notes 2
and 6” for further discussion.