Cash America 2013 Annual Report Download - page 127

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Contractual Obligations and Commitments
The following table summarizes the Company’s contractual obligations at December 31, 2013, and the effect
such obligations are expected to have on its liquidity and cash flow in future periods (dollars in thousands):
2014 2015 2016 2017 2018 Thereafter Total
Bank line of credit $ - $ - $ - $ - $ 193,717 $ - $ 193,717
Other long-term debt (a) 22,606 32,006 32,720 25,720 312,387 120,833 546,272
Interest on other long-term debt (b) 27,808 23,147 21,653 20,111 10,553 1,881 105,153
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on-cancelable leases(c) 61,350 50,052 41,195 29,933 21,103 60,379 264,012
Total $ 111,764 $ 105,205 $ 95,568 $ 75,764 $ 537,760 $ 183,093 $ 1,109,154
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(a) The 2029 Convertible Notes are net of a discount of $1.2 million. The 2029 Convertible Notes have a stated maturity date of
May 15, 2029; however, the Company expects to repay the $103.0 million balance owed in cash during 2014 with excess cash
from operations and borrowings under its Domestic and Multi-Currency Line of Credit. If the balance is paid in 2014 as
expected, the 2014 total contractual obligations of the Company would be $214,764, and the total contractual obligations for
“Thereafter” would be $80,093. See “Item 8. Financial Statements and Supplementary Data—Note 11.”
(b) Represents cash payments for interest and excludes interest obligations on all of the Company’s variable rate debt. See “Item 8.
Financial Statements and Supplementary Data—Note 11” for further discussion of the Company’s long-term debt.
(c) Represents obligations due under long-term operating leases.See “Item 8. Financial Statements and Supplementary Data—Note
13” for further discussion of the Company’s operating lease obligations.
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Share Repurchases
On January 24, 2013, the Board of Directors of the Company authorized a new share repurchase program for the
repurchase of up to 2.5 million shares of its common stock and canceled the Company’s previous share repurchase
authorization from January 2011. During 2013, the Company purchased 966,700 shares in open market transactions
under this authorization for a total investment of $46.1 million, including commissions. Management anticipates that it
will periodically purchase shares under this authorization based on its assessment of market characteristics, the liquidity
position of the Company and alternative prospects for the investment of capital to expand the business and pursue
strategic objectives.
At December 31, 2013, there were 1,533,300 shares remaining under the 2013 authorization to repurchase
shares. Generally, the Company retains the shares upon repurchase in treasury, which are not considered outstanding for
earnings per common share computation purposes. For additional information regarding the Company’s share
repurchases during the year ended December 31, 2013, see “Item 5(c) — Issuer Purchases of Equity Securities” in
Part II.
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Shelf Registration Statement
On August 24, 2012, the Company filed an automatic Shelf Registration Statement on Form S-3 (“the Shelf
Registration Statement”) with the Securities and Exchange Commission (“SEC”) which permits the Company or its
selling securityholders to offer from time to time shares of the Company’s common stock, par value $0.10 per share,
debt securities, depositary shares, warrants, stock purchase contracts, units, and subscription rights as described in the
accompanying prospectus. Pursuant to Rule 462(e) of the Securities Act, the Shelf Registration Statement became
effective automatically upon filing with the SEC. Management believes the Shelf Registration Statement will provide
the Company with additional flexibility with regard to potential financings that it may undertake when market conditions
permit or the Company’s financial condition may require.
Off-Balance Sheet Arrangements
In certain markets, the Company arranges for consumers to obtain consumer loan products from one of several
independent third-party lenders through the CSO programs. For consumer loan products originated by third-party
lenders under the CSO programs, each lender is responsible for providing the criteria by which the consumer’s