Cash America 2014 Annual Report Download - page 85

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70
Cash Flows
The Company’s continuing cash flows and other key indicators of liquidity are summarized as follows
(dollars in thousands):
Year Ended December 31,
2014 2013 2012
Net cash provided by continuing operating activities $127,775 $140,763 $137,708
Pawn activities $
(24,203
)$
(33,564
) $ 2,449
Consumer loans
(24,742
)
(31,324
)
(28,564
)
Acquisitions, net of cash acquired
(1,207
)(165,284)
(78,039
)
Purchases of property and equipment
(37,910
)
(46,400
)
(61,527
)
Proceeds from sale of marketable equity securities
—
6,616
—
Proceeds from divestitures, net of cash divested 21,534
—
5,471
Proceeds from note receivable 431,034 36,187 16,280
Dividends received 122,384
—
—
Other investing activities
246
776 (926)
Net cash provided by (used in) continuing investing activities $487,136 $(232,993) $ (144,856)
Net cash (used in) provided by continuing financing activities $(581,533)$89,289 $7,028
Net cash provided by discontinued operations $56,363 $5,194 $764
Working capital $658,937 $862,067 $710,566
Current ratio
6.5
x
2.4
x
2.2
x
Merchandise turnover
2.3
x
2.4
x
3.0
x
Total debt to adjusted EBITDA ratio(a)
1.8
x
5.5
x
3.3
x
(a) Non-GAAP measure. See “Overview—Non-GAAP Disclosure—Adjusted EBITDA” section for a reconciliation of adjusted EBITDA to
net income attributable to the Company.
Cash Flows from Continuing Operating Activities
2014 comparison to 2013
Net cash provided by continuing operating activities decreased $13.0 million, or 9.2%, from $140.8 million
in 2013 to $127.8 million in 2014.
The significant components of the decrease included:
•a $69.8 million decrease in net income from continuing operations, which was impacted by certain expense
items shown in “Overview—Non-GAAP Disclosures—Adjusted Earnings Measures” and “Results of
Operations—Highlights;” and
•a $20.4 million decrease in accounts payable and accrued expenses, primarily due to an $18.6 million
payment made in 2014 related to the accrued 2013 Litigation Settlement.
Offset by:
•a $23.6 million increase due to a change in income taxes, which increased net income in 2013, primarily
due to the recognized income tax benefit of $33.2 million associated with the Creazione Deduction in 2013
offset by the tax impact of lower pre-tax income in 2014;