Cash America 2014 Annual Report Download - page 98

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See notes to consolidated financial statements.
83
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Year Ended December 31,
2014
2013
2012
Cash Flows from Operating Activities
Net Income including noncontrolling interest $
98,638
$142,836 $101,664
Less: Net income from discontinued operations, net of tax (109,025)(83,346)(66,569)
Net (loss) income from continuing operations (10,387)59,490
35,095
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating
activities:
Depreciation and amortization expenses
60,942
56,128
62,156
Amortization of debt discount and issuance costs
3,173
6,206
3,811
Consumer loan loss provision
31,009
33,359
29,225
Stock-based compensation
4,454
4,908
4,804
Deferred income taxes, net
13,042
4,057
(1,345
)
Excess income tax benefit from stock-based compensation
—
(595
)
(2,638
)
Non-cash loss on extinguishment of debt
3,090
—
—
Non-cash loss on divestitures
5,176
—
—
Other
7,956
2,638
8,596
Interest income from note receivable
—
(19,844
)
(21,005
)
Changes in operating assets and liabilities, net of assets acquired:
Merchandise other than forfeited
6,959
7,308
10,229
Pawn loan fees and service charges receivable
(1,082
)
(680
)
1,312
Finance and service charges receivable on consumer loans
3,187
1,673
(1,282
)
Restricted cash
7,940
(8,000
)
—
Prepaid expenses and other assets
220
(2,419
)
393
Accounts payable and accrued expenses
(10,957
)
9,424
11,894
Current and noncurrent income taxes
148
(14,477
)
(3,974
)
Other operating assets and liabilities
2,905
1,587
437
Net cash provided by continuing operating activities
127,775
140,763 137,708
Net cash provided by operating activities - discontinued operations
393,374
445,417 382,562
Net cash provided by operating activities
521,149
586,180 520,270
Cash Flows from Investing Activities
Pawn loans made
(817,360
)
(745,103
)
(760,925
)
Pawn loans repaid
453,987
422,855
426,583
Principal recovered through dispositions of forfeited pawn loans
339,170
288,684
336,791
Consumer loans made or purchased
(668,387
)
(734,317
)
(772,769
)
Consumer loans repaid
643,645
702,993
744,205
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 investing activities - discontinued operations (261,073)(404,036)(365,518)
Net cash used in investing activities
226,063
(637,029)(510,374)
Cash Flows from Financing Activities
Net (payments) borrowings under bank lines of credit
(193,718
)
(107,294
)
20,172
Issuance of long-term debt
—
300,000
52,000
Net proceeds from re-issuance of treasury shares
—
—
1,784
Debt issuance costs paid
(483
)
(10,406
)
(440
)
Payments on/repurchases of notes payable
(380,450
)
(41,990
)
(34,272
)
Excess income tax benefit from stock-based compensation
—
595
2,638
Treasury shares purchased
(2,896
)
(47,631
)
(25,133
)
Dividends paid
(3,986
)
(3,981
)
(4,096
)
Purchase of noncontrolling interest
—
(4)(5,625)
Net cash (used in) provided by continuing financing activities (581,533)89,289
7,028
Net cash (used in) provided by financing activities - discontinued operations (75,938)(36,187)(16,280)
Net cash (used in) provided by financing activities (657,471)53,102 (9,252)
Effect of exchange rates on cash (6,206)3,601
1,937
Net increase in cash and cash equivalents
83,535
5,854
2,581
Less: increase in cash and cash equivalents from discontinued operations (50,241)(9,934)(3,135)
Change in cash and cash equivalents from continuing operations
33,294
(4,080)(554)
Cash and cash equivalents at beginning of year
19,748
23,828
24,382
Cash and cash equivalents at end of period $
53,042
$
19,748
$
23,828