Cash America 2014 Annual Report Download

Download and view the complete annual report

Please find the complete 2014 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 171

  • 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
  • 168
  • 169
  • 170
  • 171

Focusing on what we do best.
Cash America International, Inc.
2014 Annual Report

Table of contents

  • Page 1
    Focusing on what we do best. Cash America International, Inc. 2014 Annual Report

  • Page 2
    ... and new start-up locations, Cash America has greatly enhanced its presence in key strategic markets such as Texas, Georgia, Tennessee and North Carolina. Adding these locations to our pre-existing store base builds on the Company's preeminent market leadership position as the leader in pawn lending...

  • Page 3
    ... to Cash America International,Inc., divided by monthly average total assets and monthly average total equity of the Company. (c) Includes 31,622 shares, 31,501 shares, and 31,403 shares in 2014, 2013 and 2012, respectively, held in the Company's non-qualified deferred compensation plan. CORE...

  • Page 4
    .... In returning to its roots, Cash America now operates 943 total storefront units, including 820 pawn lending locations, 39 consumer lending locations and 84 franchised check cashing locations. The company expects that approximately 90% of its 2015 net revenue will be generated from pawn-related...

  • Page 5
    ... ready access to pawn lending today is certainly worth the expense required to pursue favorable pawn legislation in multiple states around the country. Finally, in fully evaluating the investment opportunity of a public U.S. pawnshop company, you will obviously be considering the long-term market...

  • Page 6
    ...and new start-up locations, Cash America has greatly enhanced its presence in key strategic markets such as Texas, Georgia, Tennessee and North Carolina. These locations, along with the existing store base, build on the Company's preeminent market leadership position as the leader in pawn lending in...

  • Page 7
    ...of items, including electronics, musical instruments, gold and diamond jewelry, power tools and more. Our average pawn loan was $123 during 2014. During the loan period, which is typically 60 to 90 days in length, customers have the option to return and pay the balance, plus fees and service charges...

  • Page 8
    ... Changed NYSE symbol to "CSH". 2006 - Acquired online lending company CashNetUSA.com to provide an additional distribution platform for short-term loans (this later became Enova). Investing in professionals Our people are the reason Cash America is able to offer a superior brand of customer service...

  • Page 9
    ... Acquired 25-store chain, Pawn & Bargains, in Tennessee, North Carolina. Also acquired a nine-store chain in Arizona, Central Pawn. 2013 - David Fisher appointed CEO of Enova. 2013 - Acquired 41-store chain of pawnshops in Texas, Top Dollar Pawn. 2014 April 2014 - Company announced it was reviewing...

  • Page 10
    ...6 5 831 Texas ...Ohio ...Florida ...Georgia ...Tennessee ...Arizona ...Indiana ...Washington ...Nevada ...Illinois ...Louisiana ...California ...Kentucky...North Carolina ...Missouri...Oklahoma ...Alabama...Michigan ...Utah...Alaska ...South Carolina...Colorado ...Total Lending Locations ... Alaska...

  • Page 11
    ... Identification No.) 1600 West 7th Street Fort Worth, Texas (Address of principal executive offices) 76102 - 2599 (Zip Code) Registrant's telephone number, including area code: (817) 335-1100 Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on...

  • Page 12
    ... Statement Presentation by Eliminating the Concept of Extraordinary Items. "ASU 2015-02" means ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. "CFPB" means the Consumer Financial Protection Bureau. "Company" or "Cash America" means Cash America International...

  • Page 13
    ... of the Company's Mexico-based pawn operations in 2012 to include only 47 full-service pawn locations and discontinuation of the operations of 148 of its Mexico-based pawn locations. "Nonqualified Savings Plan" means the Cash America International, Inc. Nonqualified Savings Plan, as amended...

  • Page 14
    ...on the number of claims submitted for payment. As of December 31, 2014, a total of $18.6 million had been paid for the 2013 Litigation Settlement. "2014" means the year ended December 31, 2014. "2014 LTIP" means the Cash America International, Inc. 2014 Long-Term Incentive Plan. "2014 Reorganization...

  • Page 15
    ... Information Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accounting Fees and Services...

  • Page 16
    ...Company's ability to open new locations in accordance with plans or to successfully integrate newly acquired businesses into its operations; • risks related to the Enova Spin-off; • fluctuations in the price of the Company's common stock; • the effect of any of the above changes on the Company...

  • Page 17
    ... its storefront lending and franchised check cashing locations. The Company was incorporated in Texas in 1984 and has been providing specialty financial services to its customers for over 30 years. The Company believes it was one of the largest providers of pawn loans in the world in 2014 based on...

  • Page 18
    ... Company offered pawn lending, consumer lending, and other services and franchised locations offering check cashing services as of December 31, 2014, 2013 and 2012. The Company provides these services in the United States under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance...

  • Page 19
    ... the Texas Consumer Loan Store Closures. As of December 31, 2014, the Company only offered short-term consumer loans in 311 of its locations. Short-term consumer loan fees comprised 7.7%, 9.7% and 9.7%, respectively, of total revenue in 2014, 2013 and 2012. Management expects the Company's revenue...

  • Page 20
    ... customer on the pawn transaction agreement, commonly referred to as a pawn ticket. These pawn loan fees and service charges contributed approximately 30.1%, 30.3% and 26.4% of the Company's total revenue from continuing operations in 2014, 2013 and 2012, respectively. In the Company's pawn lending...

  • Page 21
    ... the item are returned to the customer as store credit. Consumer Loan Activities In addition to pawn loans, the Company also offers or arranges certain consumer loans, including shortterm loans and secured and unsecured installment loans, in some of its locations. Consumer loan fees include revenue...

  • Page 22
    ... a Bachelor of Business Administration degree in Accounting from Texas A&M University. On July 23, 2014, Mr. Feehan informed the Company's Board of Directors of his intent to retire when the current term of his executive employment agreement expires on April 30, 2015. Mr. Feehan will remain on the 7

  • Page 23
    ... Science degree in Marketing from Kansas State University. Victor L. Pepe has been the Company's Executive Vice President-Chief Information Officer since April 2014. Prior to joining the Company, Mr. Pepe was employed by Nationstar Mortgage, a leading residential mortgage services company, where he...

  • Page 24
    ...not open for business at the time of the acquisition), all of which operated under the name Top Dollar Pawn. In December 2012, the Company completed the acquisition of substantially all of the assets of a 25-store chain of pawn lending locations located in Kentucky, North Carolina, and Tennessee. In...

  • Page 25
    ...world in terms of pawn loan balances and number of pawn lending locations. The three largest domestic publicly-traded pawnshop companies, First Cash Financial Services, Inc., EZCORP, Inc., and the Company, operated approximately 1,500 total pawnshops in the United States in 2014. Management believes...

  • Page 26
    ... pawn loan and the purchase and sale of used merchandise, such as the service charges and interest rates that a pawn lending location may charge, the maximum amount of a pawn loan, the minimum and/or maximum term of a pawn loan, the content and format of the pawn ticket, and the length of time after...

  • Page 27
    ... short-term consumer loans, the Company closed 36 retail services locations in Texas in 2013 in connection with the Texas Consumer Loan Store Closures. Additionally, during 2014, in connection with the Company's strategy to deemphasize the consumer loan product in many of its pawn lending locations...

  • Page 28
    ... federally licensed firearms dealers conduct a background check in connection with any disposition of handguns. In addition, the Company must comply with the regulations of the U.S. Department of Justice-Bureau of Alcohol, Tobacco and Firearms that require each pawn lending location dealing in guns...

  • Page 29
    ...its 2012 review of the Company, to pay a civil money penalty of $5 million. The Company also agreed to set aside $8 million for a period of 180 days to fund any further payments to any remaining eligible Ohio customers in connection with the Ohio Reimbursement Program. The Consent Order also relates...

  • Page 30
    ... products and services. See Item 1A. Risk Factors-Risks Related to the Company's Business and Industry" for additional information. Company and Website Information The Company's principal executive offices are located at 1600 West 7th Street, Fort Worth, Texas 761022599, and its telephone number is...

  • Page 31
    ... reviews, regulator inquiry, customer complaint or otherwise, the Company generally conducts a review of the activity in question and determines how to address it, such as modifying the product, making customer refunds or providing additional disclosure. The Company also evaluates whether reports...

  • Page 32
    ... its 2012 review of the Company's consumer loan business, to pay a civil money penalty of $5 million. The Company also agreed to set aside $8 million for a period of 180 days to fund any further payments to eligible Ohio customers in connection with the Ohio Reimbursement Program. The Consent Order...

  • Page 33
    ... conducting a review of the short-term small dollar loan industry, which includes a review of payday loans, and has indicated that its "findings raised substantial consumer protection concerns" related to the sustained use of payday loans. The CFPB recently announced that it is in the late stages...

  • Page 34
    ... the carrying value of equity. The Company believes the observable market value at December 31, 2014 is not a reliable indicator of the Company's fair value, due to the very short time frame since the date of the Enova Spin-off, a likely transition of a significant number of investors occurring due...

  • Page 35
    ... effectively lend on an item of collateral. Such reductions could adversely affect pawn loan balances, pawn loan redemption rates, inventory balances, inventory mixes and gross profit margins. An economic slowdown could also result in a decreased number of consumer loans being made to customers due...

  • Page 36
    ... in gold prices could result in decreases in the value of collateral securing outstanding pawn loans, in the balance of pawn loans secured by gold jewelry, in inventory valuations, and in commercial merchandise sales and could have a Material Adverse Effect. Negative public perception of the Company...

  • Page 37
    ... could be time consuming for management and could affect the Company's ability to obtain capital in the future. As of the date of this Annual Report, the Company has ample liquidity and capital resources, including availability under the Company's Domestic and Multi-Currency Line of Credit, to repay...

  • Page 38
    ... customer base. The Company's principal competitors to its retail operations, include retailers of new merchandise, retailers of pre-owned merchandise, other pawn shops, thrift shops, internet retailers, internet auction sites and other similar sites. Increased competition or aggressive marketing...

  • Page 39
    ... that makes offering such loans in certain states where the Company operates less profitable or unattractive to the Company. For example, during 2013, the Company closed 36 retail services locations in Texas in connection with the Texas Consumer Loan Store Closures, mainly as a result of restrictive...

  • Page 40
    ... to conduct business, including causing damage to merchandise or collateral that it holds in any of its retail services locations and causing multiple pawn lending locations to shut down or have limited operations, and the Company's insurance coverage may be insufficient to compensate for losses...

  • Page 41
    ...derecognition of goodwill in connection with the Enova Spin-off. The Company may encounter conflicting guidance in the future. If new rules or interpretations of existing rules require the Company to change its financial reporting or cause a delay in the Company's filings with the SEC, it could have...

  • Page 42
    ... condition. Adverse real estate market fluctuations could affect the Company's profitability. The Company leases most of its locations. A significant rise in real estate prices or real property taxes could result in an increase in store lease costs as the Company opens new locations and renews...

  • Page 43
    ... 355(a)(1)(D)(ii) of the Internal Revenue Code. The private letter ruling does not address any other tax issues related to the Enova Spin-off. Notwithstanding the private letter ruling, the IRS could determine on audit that the retention of the Enova stock was in pursuant to a plan having as one of...

  • Page 44
    ... where the liabilities of Enova may become the Company's obligations. For example, under the Internal Revenue Code and the related rules and regulations, each corporation that was a member of the Company's consolidated U.S. federal income tax reporting group during any taxable period or portion of...

  • Page 45
    .... Potential conflicts of interest may also arise because the Company's President and Chief Executive Officer, Daniel R. Feehan, also serves as a director of Enova. Further, conflicts of interest may arise out of any commercial arrangements that the Company and Enova may enter into in the future. 30

  • Page 46
    ... or regulatory changes affecting the Company's operations; the Enova Spin-off; fluctuations in commodity prices; general trends in the industry; market conditions; analysts' estimates; and perceptions of and other events related to the pawn or consumer loan industry. The market price for the...

  • Page 47
    ... The Company's principal locations are as follows A corporate headquarters building in Fort Worth, Texas that is owned by the Company; Corporate locations leased for the Company in Fort Worth, Texas and Cincinnati, Ohio; and Multiple locations that offer pawn lending and/or consumer lending as...

  • Page 48
    ... of these matters are covered to an extent by insurance. In the opinion of management, the resolution of these matters is not expected to have a material adverse effect on the Company's financial position, results of operations or liquidity. ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. 33

  • Page 49
    ... per share during 2014 and 2013 are included in the table below. The stock prices presented below have been adjusted from original historical prices based on the method used by the New York Stock Exchange to reflect the impact on the Company's stock price as a result of the Enova Spin-off, which was...

  • Page 50
    ... shares withheld from employees as partial tax payments for shares issued under the Company's stock-based compensation plans of 720, 34...2015, the Board of Directors authorized the Company's repurchase of up to a total of 4,000,000 shares of the Company's common stock, which is referred to as the 2015...

  • Page 51
    ... Attributable to Cash America International, Inc. Dividends declared per common share Weighted average common shares outstanding: Basic Diluted Balance Sheet Data at End of Year(a)(c) Pawn loans Consumer loans, net Merchandise held for disposition, net Working capital Total assets Long-term debt...

  • Page 52
    ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. GENERAL The Company provides specialty financial services to individuals through its storefront lending and franchised check cashing locations. Pawn Lending The Company offers secured non-recourse loans,...

  • Page 53
    ...8. Financial Statements and Supplementary Data-Note 19." Locations See "Item 1. Business-Overview-General" for details of the Company's owned and franchised locations offering pawn lending, consumer lending and other services as of December 31, 2014, 2013 and 2012. Recent Developments Enova Spin-off...

  • Page 54
    ... the Texas Consumer Loan Store Closures. As of December 31, 2014, the Company only offered short-term consumer loans in 311 of its locations. Short-term consumer loan fees comprised 7.7%, 9.7% and 9.7%, respectively, of total revenue in 2014, 2013 and 2012. Management expects the Company's revenue...

  • Page 55
    ... expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition on pawn loan fees and service charges, allowance for losses on merchandise held for disposition and consumer loans, goodwill, long-lived and...

  • Page 56
    ...at that point. Consumer loans classified as delinquent generally have an age of one to 59 days from the date any portion of the loan became delinquent, as defined above. Recoveries on loans previously charged to the allowance are credited to the allowance when collected. As of December 31, 2014, the...

  • Page 57
    ... the carrying value of equity. The Company believes the observable market value at December 31, 2014 is not a reliable indicator of the Company's fair value, due to the very short time frame since the date of the Enova Spin-off, a likely transition of a significant number of investors occurring due...

  • Page 58
    ...forecasted revenue, expenses, cash flows, weighted-average cost of capital and/or market transaction multiples. The Company will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the retail services reporting unit. Long...

  • Page 59
    ... the sale of the Company's Mexico-based pawn lending locations. As of December 31, 2014, the Company had no remaining valuation allowance recorded. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC 740. ASC 740 requires...

  • Page 60
    ...lending. As a result, the Company discontinued unsecured consumer lending activities in 311 of its locations. This reduction was in addition to the closure in 2013 of 36 locations in Texas that offered consumer loans as their primary source of revenue in connection with the Texas Consumer Loan Store...

  • Page 61
    ... loan fees and services charges and proceeds from disposition of merchandise, net of cost of disposed merchandise. Consumer loan fees, net of the loss provision, partially offset the pawn-related net revenue increase. Income from operations decreased $28.2 million, or 46.1%, to $33.0 million in 2014...

  • Page 62
    ... the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): 2014 Amount Pawn loan fees and service charges $ Proceeds from disposition of merchandise, net of cost of disposed merchandise Pawn related $ Consumer loan fees, net of loss provision $ Other revenue Net revenue $ 329,368 % of...

  • Page 63
    ... operations," are useful to investors in order to allow them to clearly quantify these amounts and compare the Company's financial results for the years ended December 31, 2014, 2013 and 2012, respectively. The computation of Adjusted Earnings Measures as presented below may differ from the...

  • Page 64
    ...on divestitures 6,444 2014 Reorganization 4,749 Texas Consumer Loan Store Closures - Loss on early debt extinguishment 14,208 Regulatory Penalty 2013 Litigation Settlement 400 Tax benefit related to Creazione Deduction - Charges related to the Mexico Reorganization Charges related to Ohio Adjustment...

  • Page 65
    ... $ 2014 Reorganization - - - - 7,538 2,789 4,749 Texas Consumer Loan Store Closures 1,373 508 865 - - - - Loss on early debt extinguishment 607 225 382 - 22,553 8,345 14,208 Regulatory Penalty 2,500 - 2,500 - - - - 2013 Litigation Settlement 18,000 6,660 11,340 - 635 235 400 Tax benefit related to...

  • Page 66
    ...Depreciation and amortization expenses 60,942 Adjustments 2014 Reorganization 7,538 Loss on Divestitures 5,176 Texas Consumer Loan Store Closures - Regulatory Penalty - 2013 Litigation Settlement 635 Charges related to Mexico Reorganization - Charges related to Ohio Adjustment and Ohio Reimbursement...

  • Page 67
    ... as a result of the Enova Spin-off. The following table provides a reconciliation for each quarter of 2014 between net income (loss) from continuing operations, which is the nearest GAAP measure presented in the Company's financial statements, to Adjusted EBITDA (dollars in thousands): Three Months...

  • Page 68
    ... data related to the Company's pawn lending activities as of and for the years ended December 31, 2014 and 2013 (dollars in thousands except where otherwise noted). Year Ended December 31, Pawn loan fees and service charges Ending pawn loan balance (as of December 31,) Average pawn loan balance...

  • Page 69
    ... gross profit on disposition of merchandise into two groups, retail sales and commercial sales. Retail sales include the sale of jewelry and general merchandise direct to consumers through the Company's locations or over the internet through auction and other similar sites. Commercial sales include...

  • Page 70
    ... below summarizes the age of merchandise held for disposition related to the Company's pawn operations before and after valuation allowance of $2.4 million and $0.9 million as of December 31, 2014 and 2013, respectively (dollars in thousands): As of December 31, 2014 Jewelry - held for one year or...

  • Page 71
    ... 2013. The decrease in consumer loan fees was primarily due to a decrease in short-term consumer loan balances, mainly due to the Company's strategic decision to discontinue short-term consumer lending in 311 of its locations in 2014. See "General-Recent Developments-Reduction in Short-Term Consumer...

  • Page 72
    ... Company's strategy to de-emphasize its short-term consumer loan lending activities, the total consumer loan portfolio included a greater proportion of installment loans in 2014 compared to 2013. Short-term loans generally carry lower loss rates than installment loans, and the decrease in short-term...

  • Page 73
    ... Management evaluates consumer loan loss rates for all of its consumer loan products to determine credit quality and evaluate trends. For short-term loans, the Company evaluates consumer loan losses as a percentage of combined consumer loans written and renewed. For installment loans, the Company...

  • Page 74
    ... personnel expenses is primarily due to severance costs related to the 2014 Reorganization, the addition of retail services locations through acquisitions made during 2013, normal merit increases, incentives and increased health insurance costs. The $8.8 million increase in occupancy expenses, which...

  • Page 75
    ...of its Mexico-based pawn operations, and a $0.3 million loss on the sale of the Company's Colorado pawn lending locations. See "General-Recent Developments-Divestiture of Mexico-based Pawn Operations" and "-Divestiture of Colorado Pawn Shops" for additional information. Depreciation and Amortization...

  • Page 76
    ... revenue from Enova's domestic and foreign line of credit account and installment loan portfolios and lower consumer loan loss rates across all of Enova's consumer loan portfolios, including short-term loans, line of credit accounts and installment loans. Enova's effective tax rate for 2014 and 2013...

  • Page 77
    ... was mainly due to the net closure of 148 pawn lending locations in 2012 as part of the Mexico Reorganization. Consequently, foreign pawn loan fees and service charges decreased $5.5 million, or 42.9%, to $7.3 million in 2013 compared to 2012. However, the annualized yield on pawn loans increased...

  • Page 78
    ... due to management's emphasis on retail disposition activity and the addition of locations through acquisitions and de novo store growth. Offsetting this increase was a $6.8 million decrease in foreign retail sales proceeds, mainly due to the closure in 2012 of pawn lending locations in Mexico...

  • Page 79
    ...to a shift in mix of loans in the portfolio in 2013 as compared to 2012 to include a higher proportion of the installment loans, which generally carry higher loss rates than short-term consumer loans. Additionally, the Company experienced higher charge-offs and decreased collections in each of these...

  • Page 80
    ... fees on consumer loans by product type, and the related loan loss provision for the years ended December 31, 2013 and 2012 (dollars in thousands): Year Ended December 31, 2013 Short-term Installment loans loans Total $ 100,146 $ 13,065 $ 113,211 27,513 5,846 33,359 2012 Short-term Installment loans...

  • Page 81
    ... by Product The following tables provide additional information related to each of the Company's consumer loan products as of and for the year ended December 31, 2013 and 2012 (dollars in thousands): 2013 Short-term consumer loans: Consumer loan loss provision Charge-offs (net of recoveries...

  • Page 82
    ... were primarily due to decreased collection costs in 2013 as a result of a decrease in loans written, lower processing charges related to the disposition of commercial merchandise and lower underwriting costs related to a decrease in loans written in 2013. Partially offsetting the decreases noted...

  • Page 83
    ...19.9% increase in net revenue, driven by higher revenue from Enova's domestic and foreign line of credit account and installment loan portfolios and lower consumer loan loss rates across Enova's entire consumer loan portfolio. Enova's effective tax rate for 2013 and 2012, respectively, was 35.7% and...

  • Page 84
    ... the Company's long-term unsecured bank line of credit or other long-term debt securities. As of December 31, 2014, 2013 and 2012, the Company believes it was in compliance with all financial ratios, covenants and other requirements set forth in its debt agreements. Representatives of a small number...

  • Page 85
    ... are summarized as follows (dollars in thousands): Year Ended December 31, Net cash provided by continuing operating activities Pawn activities Consumer loans Acquisitions, net of cash acquired Purchases of property and equipment Proceeds from sale of marketable equity securities Proceeds from...

  • Page 86
    ... Enova Note Receivable in 2014; a $15.9 million increase related to changes in "Restricted cash" on the Company's consolidated balance sheet. The Company established an $8.0 million restricted cash fund in 2013 in connection with the Company's Consent Order issued by the CFPB. In 2014, the Company...

  • Page 87
    ... open for business at the time of the acquisition) and the acquisition of a 34-store chain of pawn lending locations in Georgia and North Carolina (31 locations in Georgia and three locations in North Carolina). Consideration for these acquisitions was paid in cash and funded through available cash...

  • Page 88
    ... of shares of Company common stock primarily through open market transactions. See "Share Repurchases" below for additional information related to share repurchase activity. As of December 31, 2014, the Company had no borrowings outstanding on its Domestic and Multi-currency Line of Credit, and it...

  • Page 89
    ... from 2013 to 2014, primarily due to: • a $143.0 million decrease in cash used by investing activities in 2014, mainly as a result of a decrease in cash used for consumer loan activities as a result of decreased loans written and increased payments from customers and collections on consumer loans...

  • Page 90
    ... than 90 days. Unsecured installment loans that are guaranteed generally have terms of two to 12 months. Installment loans secured by the customer's vehicle that are guaranteed typically have terms of up to 60 months. As of December 31, 2014 and 2013, the outstanding amount of active consumer loans...

  • Page 91
    ...or could be in the future, identified for liquidation as refined gold. In this instance, management believes some customers would be willing to add additional items of value to their pledge in order to obtain the desired loan amount. However, those customers unable or unwilling to provide additional...

  • Page 92
    ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Consolidated Financial Statements Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets - December 31, 2014 and 2013 Consolidated Statements of Income - Years Ended December 31, 2014, 2013 and 2012 ...

  • Page 93
    Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Cash America International, Inc.: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, equity, and cash flows present...

  • Page 94
    ... AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) December 31, 2014 Assets Current assets: Cash and cash equivalents Restricted cash Pawn loans Consumer loans, net Merchandise held for disposition, net Pawn loan fees and service...

  • Page 95
    ... 59,182 83,346 142,528 $ 2014 Revenue Pawn loan fees and service charges Proceeds from disposition of merchandise Consumer loan fees Other Total Revenue Cost of Revenue Disposed merchandise Consumer loan loss provision Total Cost of Revenue Net Revenue Expenses Operations and administration Loss on...

  • Page 96
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (dollars in thousands) Year Ended December 31, 2014 2013 98,638 $ 142,836 $ - (b) (c) Net income including noncontrolling interest Other comprehensive (loss) gain, net of tax: Unrealized derivatives ...

  • Page 97
    ... tax benefit from stock-based compensation Purchase and conversion of convertible debt Net income attributable to Cash America International, Inc. Dividends paid Foreign currency translation loss, net of tax Marketable equity securities, net of tax Purchases of treasury shares Spin-off of Enova...

  • Page 98
    ...Net cash used in investing activities Cash Flows from Financing Activities Net (payments) borrowings under bank lines of credit Issuance of long-term debt Net proceeds from re-issuance of treasury shares Debt issuance costs paid Payments on/repurchases of notes payable Excess income tax benefit from...

  • Page 99
    ... Used Terms" section of this Annual Report. 1. Nature of the Company The Company provides specialty financial services to individuals through its storefront lending and franchised check cashing locations. The Company's primary line of business is pawn lending. Pawn loans are shortterm loans made...

  • Page 100
    ...operating locations, deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. Restricted Cash Restricted cash represents the amount mandated by the CFPB through its November 20, 2013 Consent Order to be set aside for payments to customers...

  • Page 101
    .... Installment loans are considered delinquent when a customer misses two payments. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. The Company generally does not accrue interest on delinquent consumer...

  • Page 102
    ... price. If the customer fails to make a required payment, the item is returned to merchandise held for disposition. The layaway fee is recognized as revenue, and any amounts previously paid toward the item are returned to the customer as store credit. Interim customer payments for layaway sales...

  • Page 103
    ...Following the seven-day period and up to 30 days, customers can receive a replacement item of comparable value or store credit. Based on management's analysis of historical refund trends, the Company provided a return allowance of $0.3 million as of December 31, 2014 and 2013. The allowance deducted...

  • Page 104
    ... the carrying value of equity. The Company believes the observable market value at December 31, 2014 is not a reliable indicator of the Company's fair value, due to the very short time frame since the date of the Enova Spin-off, a likely transition of a significant number of investors occurring due...

  • Page 105
    ... the SEC, the Company has valued this investment based on the market determined stock price of Enova on December 31, 2014, less an adjustment factor due to the unregistered nature of the shares. The Company's non-marketable equity securities are recorded on a cost basis. The carrying value for the...

  • Page 106
    ... to corporate service functions, such as legal, occupancy, executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems. Marketing expenses consist of marketing costs...

  • Page 107
    ... Income Attributable to Cash America International, Inc. - diluted $ (a) (b) (c) (d) Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended December 31, 2014, 2013 and 2012, respectively. Includes shares related to unvested...

  • Page 108
    ...other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company adopted ASU 2013-05 on January...

  • Page 109
    ...approval of the Enova Spin-off by the Company's Board of Directors. As a result of the Enova Spin-off, Enova is now an independent public company, and its common stock is listed on the New York Stock Exchange under the ticker symbol "ENVA." Upon completion of the Enova Spin-off, the Company retained...

  • Page 110
    ... STATEMENTS by the Company to certain of its officers, directors and employees and certain Director Deferred Shares payable to the Company's directors relating to the Company's common stock awards that were outstanding under the Company's long-term incentive plans as of the date of the Enova Spin...

  • Page 111
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS previously reported in the Company's financial statements to reclassify certain liabilities as in-transit cash disbursements due to the timing of payments for certain contracts. Management determined that ...

  • Page 112
    ...(dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expense and cash flow activity prior to the date of the Enova Spin-off. Year Ended December 31, 2013 2012 2014 Revenue Consumer loan fees Other Total Revenue Cost of Revenue Consumer...

  • Page 113
    ... Company's line of credit. The Company incurred approximately $0.6 million of acquisition costs related to the acquisition, which were expensed. The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans Merchandise acquired Pawn loan fees and service...

  • Page 114
    ...'s line of credit, was approximately $15.6 million. The Company incurred an immaterial amount of acquisition costs related to the transaction. The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans Merchandise held for disposition Pawn loan fees...

  • Page 115
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans Merchandise held for disposition Pawn loan fees and service charges receivable Property and ...

  • Page 116
    ... the investment, because the Company's pawn loans are non-recourse against the customer. In addition, the customer's creditworthiness does not affect the Company's financial position or results of operations. Generally, forfeited merchandise has historically sold for an amount in excess of the cost...

  • Page 117
    ...for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): Year Ended December 31, 2014 Short-term Installment Total Loans Loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period Consumer loan loss provision Charge-offs Recoveries...

  • Page 118
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. Prepaid Expenses and Other Assets Prepaid expenses and other assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): As of December 31, 2013 2014 14,016 12,838 $ 1,381 1,621 2,...

  • Page 119
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Goodwill Changes in the carrying value of goodwill for the years ended December 31, 2014 and 2013 are shown in the table below (dollars in thousands). Balance as of January 1, 2014 Acquisitions Divestitures ...

  • Page 120
    ... Accrued payroll, annual incentive and fringe benefits Accrued interest payable Accrual for consumer loan payments rejected for non-sufficient funds Deferred CSO fees Liability for losses on third-party lender-owned consumer loans Ohio Reimbursement Program(a) 2013 Litigation Settlement (a) Other...

  • Page 121
    ... and Multi-currency Line of Credit. Therefore, these borrowings are considered part of the applicable line of credit and as long-term debt. Variable Rate Senior Unsecured Notes When the Company entered into the Credit Agreement, it also entered into a $50.0 million term loan facility under which...

  • Page 122
    ... Company under the LC Agreement will bear interest annually at a rate that is the lesser of (a) 2% above the prime rate for Wells Fargo Bank, National Association or (b) the maximum rate of interest permissible under applicable laws. The LC Agreement also requires the Company to pay quarterly fees...

  • Page 123
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2018 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of 2018 Senior Notes repurchased plus accrued and unpaid interest, if any, as of the date of ...

  • Page 124
    ...this claim. For each of the five years after December 31, 2014, required principal payments under the terms of the long-term debt, including the Company's Domestic and Multi-currency Line of Credit, are as follows (dollars in thousands): Year 2015 2016 2017 2018 2019 Amount - - - 196,470 - $ 196,470...

  • Page 125
    ... (dollars in thousands): As of December 31, 2013 2014 Deferred tax assets: Deferred finish-out allowances from lessors Tax over book accrual of pawn loan fees and service charges Convertible debt Reserves for 2013 Litigation Settlement (a) Allowance for consumer loan losses Deferred compensation Net...

  • Page 126
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2014, 2013 and 2012, were as follows (dollars in thousands): Year Ended December 31, 2013 ...

  • Page 127
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Income tax expense included in the Company's income (loss) from continuing and discontinued operations, respectively, is as follows (dollars in thousands): Year Ended December 31, 2013 2012 2014 (15,505) 46,...

  • Page 128
    ...90 days. Unsecured installment loans that are guaranteed generally have terms of two to 12 months. Installment loans secured by the customer's vehicle that are guaranteed typically have terms of up to 60 months. As of December 31, 2014 and 2013, the amount of consumer loans guaranteed by the Company...

  • Page 129
    ... STATEMENTS Litigation 2013 Litigation Settlement On August 6, 2004, James E. Strong filed a purported class action lawsuit in the State Court of Cobb County, Georgia against Georgia Cash America, Inc., Cash America International, Inc. (referred to together with Georgia Cash America, Inc., as Cash...

  • Page 130
    ... Savings Plan, which no longer permits investments in the Company's common stock. Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands): Year Ended December 31, 2013 2012 2014 Purchases: Number of shares Aggregate amount Sales: Number of...

  • Page 131
    ... (loss) Spin-off of Enova Net change in AOCI Balance at December 31, 2014 Total (6,896) 10,024 3,128 2,148 (627) 1,521 4,649 64,704 2,606 67,310 71,959 15. Employee Benefit Plans The 401(k) Savings Plan is open to substantially all U.S. employees of the Company. New employees are automatically...

  • Page 132
    ... related to marketing expenses. 17. Stock-Based Compensation The 2014 LTIP became effective on May 22, 2014, when it was approved by the shareholders of the Company, and will terminate May 21, 2024, unless terminated earlier by the Board of Directors. The Company's previous long-term incentive plan...

  • Page 133
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS There were no stock options outstanding as of December 31, 2014, 2013 or 2012. A summary of the Company's stock option activity for the year ended December 31, 2012 is shown below. Stock options outstanding ...

  • Page 134
    ... stock, subject to the terms of the Company's long-term incentive plans and the applicable award agreement. The delivery of the Enova shares will occur periodically based on the vesting term of the award agreements. As of December 31, 2014, the outstanding RSU awards had an aggregate intrinsic value...

  • Page 135
    ...services locations that offer some or all of the following services operating only in the United States: pawn loans, the purchase and sale of merchandise (mainly forfeited collateral from pawn loans), consumer loans, check cashing, money orders, wire transfers, prepaid debit cards and auto insurance...

  • Page 136
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Geographic Information The following table presents the Company's revenue and long-lived assets by geographic region for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): Year Ended ...

  • Page 137
    ... (dollars in thousands): Carrying Value e 31, December 2014 Financial assets: Cash and cash equivalents Restricted cash Pawn loans Short-term loans, net Installment loans, net Pawn loan fees and service charges receivable Total Financial liabilities: Liability for estimated losses on consumer loans...

  • Page 138
    .... Pawn loans generally have maturity periods of less than 90 days. If a pawn loan defaults, the Company disposes of the collateral. Historically, collateral has sold for an amount in excess of the principal amount of the loan. Short-term loans and installment loans, collectively, represent "Consumer...

  • Page 139
    ...reducing the profitability and the volume of short-term consumer loans the Company offers to customers in Texas, and the Company had experienced a related decline in consumer loans in many of the Company's Texas retail services locations that offer this product as their primary source of revenue. As...

  • Page 140
    ... interest and fees and high relative levels of merchandise sales, primarily as a result of customers using federal tax refund proceeds in the first quarter. The fourth quarter benefits from the seasonally highest levels of pawn loan and consumer loan balances and merchandise dispositions activities...

  • Page 141
    CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In addition to the summary quarterly financial information provided above, the Company has provided financial information for each quarter of 2014, conformed to the current period presentation of Enova's ...

  • Page 142
    ...September 30 and December 31, 2014 are as follows (dollars in thousands): March 31, 2014 Assets Current assets: Cash and cash equivalents Restricted cash Pawn loans Consumer loans, net Merchandise held for disposition, net Pawn loan fees and service charges receivable Income taxes receivable Prepaid...

  • Page 143
    ... is accumulated and communicated to management, including the Company's Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. There was no change in the Company's internal control over financial reporting during the quarter ended December 31...

  • Page 144
    ... internal control over financial reporting as of December 31, 2014 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears in this Form 10-K. /s/ DANIEL R. FEEHAN Daniel R. Feehan President and Chief Executive Officer...

  • Page 145
    ... Company's Secretary at Cash America International, Inc., 1600 West 7th Street, Fort Worth, Texas 76102. ITEM 11. EXECUTIVE COMPENSATION Information contained under the caption "Executive Compensation," "Board Structure, Corporate Governance Matters and Director Compensation-Director Compensation...

  • Page 146
    ... of the Board of Directors and Meetings" and "Board Structure, Corporate Governance Matters and Director Compensation-Director Independence" in the Proxy Statement is incorporated into this report by reference in response to this Item 13. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES Information...

  • Page 147
    ... filed in Item 8 of Part II of this report: Financial Statements: Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets - December 31, 2014 and 2013 Consolidated Statements of Income - Years Ended December 31, 2014, 2013 and 2012 Consolidated Statements of Comprehensive...

  • Page 148
    ... Amendment dated August 8, 2013 to that certain Asset Purchase Agreement dated June 20, 2013 by and among Cash America Pawn L.P. and TDP Superstores Corp. Articles of Incorporation of Cash America Investments, Inc. filed in the office of the Secretary of State of Texas on October 4, 1984 Articles...

  • Page 149
    ... Solutions of Rhode Island, LLC, each as guarantor, and U.S. Bank National Association, as trustee ^ Credit Agreement dated as of May 14, 2014 among Enova, certain domestic subsidiaries of Enova, as guarantors, Jefferies Finance LLC as administrative agent and Jefferies Group LLC as lender ^ Credit...

  • Page 150
    ... Cash America International, Inc. 2014 LongTerm Incentive Plan (the "2014 LTIP") * Form of 2015 Long-Term Incentive Plan Award Agreement for Executive Officers under the 2014 LTIP * Form of 2014 Long-Term Incentive Plan December 2014 Restricted Stock Unit Award Agreement for Executive Officers under...

  • Page 151
    .... First Amended and Restated Senior Executive Bonus Plan * Summary of 2014 Terms and Conditions of the Cash America International, Inc. Short-Term Incentive Plan for Executive Officers * Cash America International, Inc. Severance Pay Plan For Executives dated April 24, 2013 * Form 8-K File No. 001...

  • Page 152
    ... Cash America International, Inc. 401(k) Savings Plan, as amended and restated effective January 1, 2015 * Letter Agreement between Victor L. Pepe and the Company dated April 7, 2014 * Tax Matters Agreement dated November 12, 2014 by and between the Company and Enova Transition Services Agreement...

  • Page 153
    ... 17 CFR 240.24b-2. A redacted version of this agreement was originally filed as Exhibit 10.1 with the Company's quarterly report on Form 10-Q on April 30, 2012 for the quarter ended March 31, 2012. (3) Includes information previously omitted pursuant to a request for confidential treatment under...

  • Page 154
    ...the undersigned, thereunto duly authorized. CASH AMERICA INTERNATIONAL, INC. March 13, 2015 By: /s/ DANIEL R. FEEHAN Daniel R. Feehan Chief Executive Officer and President Pursuant to the requirements of the Securities and Exchange Act of 1934, the report has been signed by the following persons on...

  • Page 155
    ..., 2015 appearing in this 2014 Annual Report Form 10-K of Cash America International, Inc. also included an audit of the financial statement schedule listed in Item 15(a)(2) of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information...

  • Page 156
    SCHEDULE II CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS For the Three Years Ended December 31, 2014 (dollars in thousands) Balance at Beginning of Period Balance at End of Period Description Allowance for valuation of inventory Year Ended: December 31, 2014 ...

  • Page 157
    ... Amendment dated August 8, 2013 to that certain Asset Purchase Agreement dated June 20, 2013 by and among Cash America Pawn L.P. and TDP Superstores Corp. Articles of Incorporation of Cash America Investments, Inc. filed in the office of the Secretary of State of Texas on October 4, 1984 Articles...

  • Page 158
    ... Solutions of Rhode Island, LLC, each as guarantor, and U.S. Bank National Association, as trustee ^ Credit Agreement dated as of May 14, 2014 among Enova, certain domestic subsidiaries of Enova, as guarantors, Jefferies Finance LLC as administrative agent and Jefferies Group LLC as lender ^ Credit...

  • Page 159
    ... Cash America International, Inc. 2014 LongTerm Incentive Plan (the "2014 LTIP") * Form of 2015 Long-Term Incentive Plan Award Agreement for Executive Officers under the 2014 LTIP * Form of 2014 Long-Term Incentive Plan December 2014 Restricted Stock Unit Award Agreement for Executive Officers under...

  • Page 160
    .... First Amended and Restated Senior Executive Bonus Plan * Summary of 2014 Terms and Conditions of the Cash America International, Inc. Short-Term Incentive Plan for Executive Officers * Cash America International, Inc. Severance Pay Plan For Executives dated April 24, 2013 * Form 8-K File No. 001...

  • Page 161
    ... Cash America International, Inc. 401(k) Savings Plan, as amended and restated effective January 1, 2015 * Letter Agreement between Victor L. Pepe and the Company dated April 7, 2014 * Tax Matters Agreement dated November 12, 2014 by and between the Company and Enova Transition Services Agreement...

  • Page 162
    ... 17 CFR 240.24b-2. A redacted version of this agreement was originally filed as Exhibit 10.1 with the Company's quarterly report on Form 10-Q on April 30, 2012 for the quarter ended March 31, 2012. (3) Includes information previously omitted pursuant to a request for confidential treatment under...

  • Page 163
    ...CASH AMERICA INTERNATIONAL, INC. RATIO OF EARNINGS TO FIXED CHARGES ($ in thousands) For the years ended December 31, 2014 $ 50,288 396 $ 42,338 $ 106,393 $ 132,695 $ 396 396 61,876 50,634 136 295 (8,346 ) $ 43,985 $ 81,370 $ 2013 2012... debt discount and issuance costs Portion of rent expense ... costs ...

  • Page 164
    ...Kentucky Delaware Nevada North Carolina Oklahoma South Carolina Tennessee Utah Virginia Delaware Missouri Ohio Delaware Mexico Delaware Florida Georgia Delaware Delaware Delaware Entity Name Cash America Financial Services, Inc. Cash America Franchising, Inc. Cash America Global Services, Inc. Cash...

  • Page 165
    ..., and 333-196183) of Cash America International, Inc. of our report dated March 13, 2015 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K, for the year ended December 31, 2014. We also consent to the...

  • Page 166
    ... information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b) Date: March 13, 2015 /s/ Daniel R. Feehan Daniel R. Feehan Chief Executive Officer and President...

  • Page 167
    ..., whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b) Date: March 13, 2015 /s/ Thomas A. Bessant, Jr. Thomas A. Bessant, Jr. Executive Vice President and Chief Financial Officer 152

  • Page 168
    ... with the Annual Report of Cash America International, Inc. (the "Company") on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Daniel R. Feehan, Chief Executive Officer and President of the Company, certify...

  • Page 169
    ... Annual Report of Cash America International, Inc. (the "Company") on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas A. Bessant, Jr., Executive Vice President and Chief Financial Officer of the Company...

  • Page 170
    ... - Managing Associate General Counsel and Assistant Secretary Jeffery L. Cullum Vice President - Construction P. Christian Schroder Vice President - Managing Associate General Counsel Other Information Corporate Offices Cash America International Building 1600 West 7th Street Fort Worth, Texas...

  • Page 171
    1600 West 7th Street Fort Worth, Texas 76102-2599 (817) 335-1100 www.cashamerica.com www.superpawn.com www.cashlandloans.com www.mrpayroll.com