Cash America 2014 Annual Report Download - page 86
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71
•a $19.8 million increase of non-cash interest income on the Enova Note Receivable in 2013. Interest income
on the Enova Note Receivable in 2014 was paid by Enova as part of the full repayment of the 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 reclassified a majority of the cash
previously held in “Restricted cash” to “Cash and cash equivalents” in connection with the release of
restrictions on the accrued funds; and
•$17.9 million of other net increases to net cash provided by continuing operating activities, primarily related
to divestitures and debt extinguishment, which are non-cash items.
Management believes that its expected cash flows from operations and available cash balances and
borrowings will be sufficient to fund the Company’s operating liquidity needs.
2013 comparison to 2012
Net cash provided by continuing operating activities increased $3.1 million, or 2.2%, from $137.7 million
in 2012 to $140.8 million in 2013.
The significant components of the increase included:
•a $24.3 million increase in net income from continuing operations.
Offset by:
•an $8.0 million decrease related to the establishment of a restricted cash fund in 2013 in connection with the
Company’s Consent Order with the CFPB;
•a $6.0 million decrease related to a decrease in depreciation and amortization expense, a non-cash item,
primarily due to the reduction in assets and impairment charges taken in 2012 from the Mexico
Reorganization, partially offset by acquisitions in late 2012 and in 2013 and an increase in depreciation and
amortization associated with corporate assets; and
•a $5.1 million decrease due to a change in income taxes.
Cash Flows from Continuing Investing Activities
2014 comparison to 2013
Net cash from continuing investing activities increased $720.1 million from 2013 to 2014, from a $233.0
million use of cash in 2013 to a $487.1 million source of cash in 2014.
The significant components of the increase included:
•a $394.8 million increase due to proceeds received in 2014 in connection with the repayment in full of the
Enova Note Receivable;
•a $164.1 million increase related to $165.3 million of cash used in 2013 for acquisitions compared to $1.2
million used for acquisitions in 2014;
•a $122.4 million increase in cash related to dividends received from Enova in 2014;