Cash America 2014 Annual Report Download - page 18

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miscellaneous income, has been combined with the information previously included in the retail services segment
because all of the Company's corporate expenses and other miscellaneous income support the Company's sole
operating segment. Prior year financial amounts shown for the Company have been reclassified to reflect the
Company’s current segment structure. Additional financial information regarding the Company’s operating segment
and each of the geographic areas in which the Company conducted business during 2014, 2013 and 2012 is
provided in “Item 8. Financial Statements and Supplementary Data—Note 19.”
Locations
The following table sets forth the number of retail services locations through which the 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,” “Cashland” and “Mr. Payroll.” The
Company’s Mexico-based pawn operations, all of which were sold during 2014, included 47 locations offering
pawn lending only as of December 31, 2013 and 2012, which are included in the table below. The Company
operated these locations in Mexico under the name “Cash America casa de empeño.” The Company’s domestic
pawn and consumer lending locations operated in 21 states in the United States as of December 31, 2014 and 22
states as of December 31, 2013 and 2012. As of December 31, 2014, 2013, and 2012, the franchised check cashing
locations operated in 12, 14 and 15 states, respectively.
As of
December
31,
2014
2013
2012
Locations offering:
Both pawn and consumer lending 272
582
581
Pawn lending only 548
294
214
Consumer lending only 39 40 83
Franchised check cashing 84 90 91
Tot al
943
1,006
969
Recent Developments
Enova Spin-off
On November 13, 2014, the Company completed the separation of its online lending business that comprised
its e-commerce division, Enova, through the distribution of approximately 80 percent of the outstanding shares of
Enova common stock to the Company’s shareholders, which was structured with the intent that it would be a tax-
free distribution. The Company distributed to its shareholders 0.915 shares of Enova common stock for every one
share of the Company’s common stock held as of the close of business on November 3, 2014, which was the record
date for the Enova Spin-off. The Company received a private letter ruling from the IRS, an opinion from the
Company's tax counsel and a solvency opinion from an independent financial advisor prior to 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 approximately 20 percent, or 6.6 million
shares of Enova common stock, and the Company has agreed, pursuant to the private letter ruling, to dispose of its
retained shares of Enova common stock (other than the shares retained for delivery under the Company’s long-term
incentive plans as described below) no later than two years after the distribution. The retained shares of Enova
common stock include a portion of shares of Enova common stock that may be delivered by the Company to
holders of certain outstanding unvested RSUs, vested deferred RSUs, and unvested deferred RSUs that were
granted 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-off. Such RSU awards and Director
Deferred Shares will be payable by the Company in both shares of Company common stock and Enova common