Cash America 2015 Annual Report Download - page 46
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The table below outlines the pre-tax gross amounts and approximate after-tax amounts for each of the
adjustments included in the table above. The taxes are calculated using a consistently applied marginal tax rate,
except for transactions in which a specific legal entity tax rate applies and differs materially from the consistently
applied rate.
Year Ended December 31,
2015
2014
2013
Pre-tax Tax After-
tax Pre-tax Tax After-
tax Pre-tax Tax After-
tax
Loss on early debt extinguishment
$ 607
$ 225
$ 382
$ 22,553
$ 8,345
$ 14,208
$ 607
$ 225
$ 382
Gain on disposition of equity securities
(1,688)
(599)
(1,089)
—
—
—
—
—
—
Reorganization
853
316
537
7,538
2,789
4,749
—
—
—
Loss on divestitures
—
—
—
5,176
(1,268)
6,444
—
—
—
2013 Litigation Settlement
—
—
—
635
235
400
18,000
6,660
11,340
Texas Consumer Loan Store Closures
—
—
—
—
—
—
1,373
508
865
Regulatory Penalty ——— — — — 2,500 — 2,500
Ohio Adjustment for the Ohio
Reimbursement Program ——— — — — (5,000)(1,791)(3,209)
Tax benefit related to Creazione
Deduction ——— — — — — 33,201 (33,201)
Total Adjustments $ (228) $ (58) $ (170) $ 35,902 $ 10,101 $ 25,801 $ 17,480 $ 38,803 $(21,323)
Adjusted EBITDA
The following table provides a reconciliation between net income (loss) from continuing operations, which
is the nearest GAAP measure presented in the Company’s financial statements, to adjusted EBITDA from
continuingoperations(dollarsinthousands):
Year Ended December 31,
2015 2014 2013
Net income (loss) from continuing operations
$ 27,566
$ (10,387)
$ 59,182
Net loss attributable to the noncontrolling interest in continuing operations
—
—
308
Provision (benefit) for income taxes (a)
15,478
2,041
(15,505)
Equity in loss of unconsolidated subsidiary
—
—
136
Gain on disposition of equity securities
(1,688)
—
—
Loss on early extinguishment of debt
607
22,553
607
Foreign currency transaction gain
(32)
(113)
(17)
Interest expense, net
14,357
18,873
16,457
Depreciation and amortization expenses (b)
56,251
60,942
55,949
Adjustments
Reorganization
853
7,538
—
Loss on divestitures
—
5,176
—
Texas Consumer Loan Store Closures
—
—
1,373
Regulatory Penalty
—
—
2,500
2013 Litigation Settlement
—
635
18,000
Ohio Adjustment for the Ohio Reimbursement Program
—
—
(5,000)
Adjusted EBITDA from continuing operations
$ 113,392
$ 107,258
$ 133,990
Adjusted EBITDA margin from continuing operations calculated as
follows:
Total revenue
$ 1,029,491
$ 1,094,696
$ 1,030,486
Adjusted EBITDA
113,392
107,258
133,990
Adjusted EBITDA as a percentage of total revenue
11.0%
9.8%
13.0%
(a) For the year ended December 31, 2013, includes income tax benefit of $33.2 million related to the Creazione Deduction.
(b) For the year ended December 31, 2013, excludes $0.2 million of depreciation and amortization expenses, which are included in the
“Texas Consumer Loan Store Closures.”
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