AI
Thursday, January 24, 2013 11:17:32 AM
Cash America Announces Fourth Quarter and Fiscal Year-End Earnings and Declares Dividend
6:00 AM ET 1/24/13 | BusinessWire
Cash America International, Inc. (NYSE: CSH) reported today that its fourth quarter ended December 31, 2012 net income attributable to the Company was $24,480,000 (79 cents per share), which included previously announced charges related to the closure of 115 locations during the quarter in its Mexico based pawn operations of $7.0 million (23 cents per share) and the after tax impact of the Company's voluntary refund to certain Ohio customers of $8.4 million (27 cents per share) in the period. The combined amount of the Mexico charges and the refund expense amounted to $15.4 million after taxes (50 cents per share). Adding these amounts back to reported net income would result in adjusted earnings, a non-GAAP measure, for the fourth quarter of 2012 of $39,887,000 ($1.29 per share), compared to $37,827,000 ($1.18 per share) for the fourth quarter of 2011. This amount is greater than management's publicly released earnings per share guidance of between $1.15 per share and $1.25 per share as reported in the Company's press release dated October 25, 2012 and above analysts' consensus estimates of $1.20 per share as reported by Thomson Reuters.
Consolidated total revenue of the Company increased 4% in the fourth quarter of 2012 to $491.6 million, up from $474.0 million for the same period in 2011. Revenue from the Company's loan products, driven by higher loan balances outstanding, contributed the largest portion of the increase for the period. Comparing the ending balance at December 31, 2012 to the same date in 2011, total combined consumer loan balances, a non-GAAP measure, which includes loans extended by the Company directly and loans offered by third parties that the Company guarantees, which are both GAAP measures, were up 27% to $439.8 million, which led to a 24% increase in revenue from consumer loan fees and was the primary driver of the increase in total revenue during the fourth quarter. Aggregate pawn service fees rose 5% in the fourth quarter of 2012 compared to the same period in 2011, adding to the top line revenue growth for the period. Consumer loan fees increased 24%, to $222.9 million, in the fourth quarter of 2012 compared to the same period in 2011, as the Company's E-commerce segment recorded a 30% increase in revenue, led by a 38% increase in revenue from its domestic online lending business and a 22% increase in revenue from its foreign lending business.
Commenting on the results of the quarter, Daniel R. Feehan, President and Chief Executive Officer of Cash America, said, "We continued to see strong performance out of our E-commerce business in the fourth quarter of 2012 as the higher levels of assets observed in the second and third quarters contributed to earnings growth that exceeded our expectations this period."
Net income attributable to the Company for the twelve months ended December 31, 2012 was $107,470,000 (3.42 per share) compared to $135,963,000 ($4.25 per share) for the same twelve-month period of 2011. When adding back the unusual items for the full year, which includes $25.4 million (81 cents per share) related to Mexico charges, $8.4 million (27 cents per share) related to the refund expense plus $2.5 million (7 cents per share) related to expenses associated with the July 2012 withdrawal of the Enova International, Inc. proposed initial public offering, adjusted earnings, a non-GAAP measure, would have been $143.8 million and adjusted earnings per share, a non-GAAP measure, would have been $4.57 per share for the twelve-month period ended December 31, 2012, up 8% for the period. Total revenue for the fiscal year ended December 31, 2012 increased 14% to $1.80 billion, up from $1.58 billion during the same twelve-month period in 2011.
Cash America will conduct a conference call to discuss its fourth quarter earnings on Thursday, January 24, 2013, at 7:00 AM CST. A live web cast of the call will be available on the Company's corporate web site in the Investor Relations section (www.cashamerica.com). To listen to the live call, please go to the web site at least fifteen minutes early to register, download, and install any necessary audio software.
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.035 (3.5 cents) per share cash dividend on common stock outstanding. The dividend will be paid at the close of business on February 20, 2013 to shareholders of record on February 6, 2013.
Outlook for the First Quarter of 2013 and the 2013 Fiscal Year
Management believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the Company, which primarily take the form of pawn loans and consumer loans. Other elements expected to affect the growth in revenue include the potential impact of the regulatory governance of loan products, the reorganization and continued development of the Mexican pawn operations and the development and expansion of the Company's online distribution channel. First quarter 2013 results could be influenced by the timing of Federal income tax refunds to the Company's customers. Based on the preceding factors management estimates that the first quarter of fiscal 2013 will be between $1.35 and $1.42 in earnings per share compared to $1.30 in the first quarter of 2012. At this time management confirms its previously reported expectations for its fiscal year 2013 earnings per share to a range of between $4.75 to $5.15 which compares to actual adjusted full year 2012 earnings per share of $4.57 that excludes the after tax impact of unusual items of $35.3 million ($1.15 per share).
About the Company
As of December 31, 2012, Cash America International, Inc. operated 969 total locations offering specialty financial services to consumers, which included the following:
-- 831 lending locations in 22 states in the United States primarily under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance," and "Cashland;"
-- 47 pawn lending locations in central and southern Mexico under the name "Cash America casa de empeno" (previously operated under the name "Prenda Facil"); and
-- 91 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 15 states in the United States under the name "Mr. Payroll."
Additionally, as of December 31, 2012, the Company offered consumer loans over the Internet to customers:
-- in 32 states in the United States at http://www.cashnetusa.com and http://www.netcredit.com;
-- in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk;
-- in Australia at http://www.dollarsdirect.com.au; and
-- in Canada at http://www.dollarsdirect.ca.
For additional information regarding the Company and the services it provides, visit the Company's websites located at:
View data
http://www.cashamerica.com http://www.poundstopocket.co.uk
http://www.enova.com http://www.dollarsdirect.com.au
http://www.cashnetusa.com http://www.dollarsdirect.ca
http://www.netcredit.com http://www.goldpromise.com
http://www.cashlandloans.com http://www.mrpayroll.com
http://www.quickquid.co.uk http://www.primaryinnovations.net
http://www.cashamerica.com http://www.poundstopocket.co.uk http://www.enova.com http://www.dollarsdirect.com.au http://www.cashnetusa.com http://www.dollarsdirect.ca http://www.netcredit.com http://www.goldpromise.com http://www.cashlandloans.com http://www.mrpayroll.com http://www.quickquid.co.uk http://www.primaryinnovations.net
Non-GAAP Measures
A reconciliation of adjusted earnings and adjusted earnings per share, which are non-GAAP measures, for the three- and twelve-month periods ended December 31, 2012 discussed above is included in the attachments to this press release. In addition, details regarding combined consumer loan balances as of December 31, 2012 and December 31, 2011 discussed above, which are non-GAAP measures that are comprised of loans extended by the Company directly and loans offered by third parties that the Company guarantees that are both GAAP measures, are included in the attachments to this press release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements about the business, financial condition, operations and prospects of the Company. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation: changes in domestic and foreign pawn, consumer credit, tax and other laws and governmental rules and regulations applicable to the Company's business or changes in the interpretation or enforcement thereof; the anticipated regulation of consumer financial products and services by the Consumer Financial Protection Bureau; acceptance by consumers, legislators or regulators of the negative characterization by the media and consumer activists with respect to certain of the Company's loan products; the reorganization of the Company's Mexico-based pawn operations; the deterioration of the political, regulatory or economic environment in foreign countries where the Company operates or in the future may operate; the actions of third parties who provide, acquire or offer products and services to, from or for the Company; changes in demand for the Company's services and the continued acceptance of the online distribution channel by the Company's online loan customers; fluctuations in the price of gold or a deterioration in economic conditions; changes in competition; the ability of the Company to open new locations in accordance with its plans or to successfully integrate newly acquired businesses into the Company's operations; interest rate and foreign currency exchange rate fluctuations; the effect of any current or future litigation proceedings or any judicial decisions or rule-making that affect the Company, its products or its arbitration agreements; changes in the capital markets; changes in the Company's ability to satisfy its debt obligations or to refinance existing debt obligations or obtain new capital to finance growth; a prolonged interruption in the Company's operations of its facilities, systems and business functions, including its information technology and other business systems; security breaches, cyber attacks or fraudulent activity; the implementation of new, or changes in the interpretation of existing, accounting principles or financial reporting requirements; acts of God, war or terrorism, pandemics and other events; the effect of any of such changes on the Company's business or the markets in which it operates; and other risks and uncertainties indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as "believes," "estimates," "should," "could," "would," "plans," "expects," "anticipates," "may," "forecasts," "projects" and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------------- -------------------------
2012 2011 2012 2011
--------------- ------------ --------- ---------
Consolidated Operations:
Total revenue $ 491,604 $ 473,957 $ 1,800,430 $ 1,583,064
Net revenue 267,088 248,329 1,005,957 909,759
Total expenses 217,600 180,204 790,042 665,417
----------------------------------------------------------- ----------- ------- --------- ---------
Income from Operations $ 49,488 $ 68,125 $ 215,915 $ 244,342
Income before income taxes 41,160 60,688 186,320 217,526
----------------------------------------------------------- ----------- ------- --------- ---------
Net Income $ 23,991 $ 37,605 $ 101,664 $ 135,166
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Net loss attributable to the noncontrolling interest $ 489 $ 222 $ 5,806 $ 797
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Earnings per share:
Net Income attributable to Cash America International, Inc.
common shareholders:
Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59
Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25
Weighted average common shares outstanding:
Basic 29,262 29,528 29,514 29,602
Diluted 30,884 32,059 31,452 31,991
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, ---------------------------- ------------------------- 2012 2011 2012 2011 --------------- ------------ --------- --------- Consolidated Operations: Total revenue $ 491,604 $ 473,957 $ 1,800,430 $ 1,583,064 Net revenue 267,088 248,329 1,005,957 909,759 Total expenses 217,600 180,204 790,042 665,417 ----------------------------------------------------------- ----------- ------- --------- --------- Income from Operations $ 49,488 $ 68,125 $ 215,915 $ 244,342 Income before income taxes 41,160 60,688 186,320 217,526 ----------------------------------------------------------- ----------- ------- --------- --------- Net Income $ 23,991 $ 37,605 $ 101,664 $ 135,166 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Net loss attributable to the noncontrolling interest $ 489 $ 222 $ 5,806 $ 797 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Earnings per share: Net Income attributable to Cash America International, Inc. common shareholders: Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59 Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25 Weighted average common shares outstanding: Basic 29,262 29,528 29,514 29,602 Diluted 30,884 32,059 31,452 31,991
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
(Unaudited)
December 31,
--------------------------------
2012 2011
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 63,134 $ 62,542
Pawn loans 244,640 253,519
Consumer loans, net 289,418 222,778
Merchandise held for disposition, net 167,409 161,884
Pawn loan fees and service charges receivable 48,991 48,003
Prepaid expenses and other assets 35,605 31,301
Deferred tax assets 48,992 35,065
----------------------------------------------------------------------- --------- ---------
Total current assets 898,189 815,092
Property and equipment, net 261,771 246,429
Goodwill 608,216 562,721
Intangible assets, net 36,473 34,771
Other assets 13,609 15,236
----------------------------------------------------------------------- --------- ---------
Total assets $ 1,818,258 $ 1,674,249
----------------------------------------------------------------------- -------- --------- - ---------
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses $ 126,664 $ 113,113
Customer deposits 11,420 9,935
Income taxes currently payable 5,922 12,880
Current portion of long-term debt 43,617 34,273
----------------------------------------------------------------------- --------- ---------
Total current liabilities 187,623 170,201
Deferred tax liabilities 101,711 89,712
Noncurrent income tax payable 2,703 2,315
Other liabilities 888 1,413
Long-term debt 534,713 503,018
----------------------------------------------------------------------- --------- ---------
Total liabilities $ 827,638 $ 766,659
----------------------------------------------------------------------- -------- --------- - ---------
Equity:
Cash America International, Inc. equity:
Common stock, $0.10 par value per share, 80,000,000 shares
authorized, 30,235,164 shares issued and outstanding 3,024 3,024
Additional paid-in capital 157,613 167,683
Retained earnings 879,434 776,060
Accumulated other comprehensive income (loss) 3,128 (6,896)
Treasury shares, at cost (1,351,712 shares and 1,011,356 shares
at December 31, 2012 and 2011, respectively) (51,304) (37,419)
----------------------------------------------------------------------- --------- ---------
Total Cash America International, Inc. shareholders' equity 991,895 902,452
Noncontrolling interest (1,275) 5,138
----------------------------------------------------------------------- --------- ---------
Total equity 990,620 907,590
----------------------------------------------------------------------- --------- ---------
Total liabilities and equity $ 1,818,258 $ 1,674,249
----------------------------------------------------------------------- -------- --------- - ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (Unaudited) December 31, -------------------------------- 2012 2011 --------- --------- Assets Current assets: Cash and cash equivalents $ 63,134 $ 62,542 Pawn loans 244,640 253,519 Consumer loans, net 289,418 222,778 Merchandise held for disposition, net 167,409 161,884 Pawn loan fees and service charges receivable 48,991 48,003 Prepaid expenses and other assets 35,605 31,301 Deferred tax assets 48,992 35,065 ----------------------------------------------------------------------- --------- --------- Total current assets 898,189 815,092 Property and equipment, net 261,771 246,429 Goodwill 608,216 562,721 Intangible assets, net 36,473 34,771 Other assets 13,609 15,236 ----------------------------------------------------------------------- --------- --------- Total assets $ 1,818,258 $ 1,674,249 ----------------------------------------------------------------------- -------- --------- - --------- Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 126,664 $ 113,113 Customer deposits 11,420 9,935 Income taxes currently payable 5,922 12,880 Current portion of long-term debt 43,617 34,273 ----------------------------------------------------------------------- --------- --------- Total current liabilities 187,623 170,201 Deferred tax liabilities 101,711 89,712 Noncurrent income tax payable 2,703 2,315 Other liabilities 888 1,413 Long-term debt 534,713 503,018 ----------------------------------------------------------------------- --------- --------- Total liabilities $ 827,638 $ 766,659 ----------------------------------------------------------------------- -------- --------- - --------- Equity: Cash America International, Inc. equity: Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding 3,024 3,024 Additional paid-in capital 157,613 167,683 Retained earnings 879,434 776,060 Accumulated other comprehensive income (loss) 3,128 (6,896) Treasury shares, at cost (1,351,712 shares and 1,011,356 shares at December 31, 2012 and 2011, respectively) (51,304) (37,419) ----------------------------------------------------------------------- --------- --------- Total Cash America International, Inc. shareholders' equity 991,895 902,452 Noncontrolling interest (1,275) 5,138 ----------------------------------------------------------------------- --------- --------- Total equity 990,620 907,590 ----------------------------------------------------------------------- --------- --------- Total liabilities and equity $ 1,818,258 $ 1,674,249 ----------------------------------------------------------------------- -------- --------- - ---------
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------- --------------------------
2012 2011 2012 2011
------- ------- --------- ---------
(Unaudited)
Revenue
Pawn loan fees and service charges $ 79,479 $ 76,063 $ 300,929 $ 282,197
Proceeds from disposition of merchandise 185,935 215,196 703,767 688,884
Consumer loan fees 222,864 180,124 781,520 598,646
Other 3,326 2,574 14,214 13,337
------------------------------------------------------------------ ------- ------- --------- ---------
Total Revenue 491,604 473,957 1,800,430 1,583,064
------------------------------------------------------------------ ------- ------- --------- ---------
Cost of Revenue
Disposed merchandise 127,301 145,145 478,179 447,617
Consumer loan loss provision 97,215 80,483 316,294 225,688
------------------------------------------------------------------ ------- ------- --------- ---------
Total Cost of Revenue 224,516 225,628 794,473 673,305
------------------------------------------------------------------ ------- ------- --------- ---------
Net Revenue 267,088 248,329 1,005,957 909,759
------------------------------------------------------------------ ------- ------- --------- ---------
Expenses
Operations and administration 199,054 165,655 714,614 611,268
Depreciation and amortization 18,546 14,549 75,428 54,149
------------------------------------------------------------------ ------- ------- --------- ---------
Total Expenses 217,600 180,204 790,042 665,417
------------------------------------------------------------------ ------- ------- --------- ---------
Income from Operations 49,488 68,125 215,915 244,342
Interest expense (8,066) (7,221) (29,131) (25,528)
Interest income 65 25 144 81
Foreign currency transaction gain (loss) (241) (207) (313) (1,265)
Equity in loss of unconsolidated subsidiary (86) (34) (295) (104)
------------------------------------------------------------------ ------- ------- --------- ---------
Income before Income Taxes 41,160 60,688 186,320 217,526
Provision for income taxes 17,169 23,083 84,656 82,360
------------------------------------------------------------------ ------- ------- --------- ---------
Net Income 23,991 37,605 101,664 135,166
Net loss attributable to the noncontrolling interest 489 222 5,806 797
------------------------------------------------------------------ ------- ------- --------- ---------
Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963
------------------------------------------------------------------ ---- ------- ---- ------- ---- --------- ---- ---------
Earnings Per Share:
Net Income attributable to Cash America International, Inc. common
shareholders:
Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59
Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25
Weighted average common shares outstanding:
Basic 29,262 29,528 29,514 29,602
Diluted 30,884 32,059 31,452 31,991
Dividends declared per common share $ 0.035 $ 0.035 $ 0.140 $ 0.140
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, ---------------------- -------------------------- 2012 2011 2012 2011 ------- ------- --------- --------- (Unaudited) Revenue Pawn loan fees and service charges $ 79,479 $ 76,063 $ 300,929 $ 282,197 Proceeds from disposition of merchandise 185,935 215,196 703,767 688,884 Consumer loan fees 222,864 180,124 781,520 598,646 Other 3,326 2,574 14,214 13,337 ------------------------------------------------------------------ ------- ------- --------- --------- Total Revenue 491,604 473,957 1,800,430 1,583,064 ------------------------------------------------------------------ ------- ------- --------- --------- Cost of Revenue Disposed merchandise 127,301 145,145 478,179 447,617 Consumer loan loss provision 97,215 80,483 316,294 225,688 ------------------------------------------------------------------ ------- ------- --------- --------- Total Cost of Revenue 224,516 225,628 794,473 673,305 ------------------------------------------------------------------ ------- ------- --------- --------- Net Revenue 267,088 248,329 1,005,957 909,759 ------------------------------------------------------------------ ------- ------- --------- --------- Expenses Operations and administration 199,054 165,655 714,614 611,268 Depreciation and amortization 18,546 14,549 75,428 54,149 ------------------------------------------------------------------ ------- ------- --------- --------- Total Expenses 217,600 180,204 790,042 665,417 ------------------------------------------------------------------ ------- ------- --------- --------- Income from Operations 49,488 68,125 215,915 244,342 Interest expense (8,066) (7,221) (29,131) (25,528) Interest income 65 25 144 81 Foreign currency transaction gain (loss) (241) (207) (313) (1,265) Equity in loss of unconsolidated subsidiary (86) (34) (295) (104) ------------------------------------------------------------------ ------- ------- --------- --------- Income before Income Taxes 41,160 60,688 186,320 217,526 Provision for income taxes 17,169 23,083 84,656 82,360 ------------------------------------------------------------------ ------- ------- --------- --------- Net Income 23,991 37,605 101,664 135,166 Net loss attributable to the noncontrolling interest 489 222 5,806 797 ------------------------------------------------------------------ ------- ------- --------- --------- Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963 ------------------------------------------------------------------ ---- ------- ---- ------- ---- --------- ---- --------- Earnings Per Share: Net Income attributable to Cash America International, Inc. common shareholders: Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59 Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25 Weighted average common shares outstanding: Basic 29,262 29,528 29,514 29,602 Diluted 30,884 32,059 31,452 31,991 Dividends declared per common share $ 0.035 $ 0.035 $ 0.140 $ 0.140
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
PAWN LENDING ACTIVITIES - FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables outline certain data related to pawn loan
activities of Cash America International, Inc. (the "Company") as
of and for the three months and years ended December 31, 2012 and
2011 (dollars in thousands).
2012 2011
---------------------------------------------- -----------------------------------------------
Domestic Foreign Total Domestic Foreign Total
--------------- -------------- --------------- --------------- --------------- ---------------
As of December 31,
-------------------------------------------------
Ending pawn loan balances $ 240,573 $ 4,067 $ 244,640 $ 238,399 $ 15,120 $ 253,519
Ending merchandise balance, net $ 161,655 $ 5,754 $ 167,409 $ 151,274 $ 10,610 $ 161,884
Three Months Ended December 31,
-------------------------------------------------
Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ 71,420 $ 4,643 $ 76,063
Average pawn loan balance outstanding $ 240,545 $ 7,775 $ 248,320 $ 231,424 $ 17,561 $ 248,985
Amount of pawn loans written and renewed $ 241,215 $ 8,998 $ 250,213 $ 227,944 $ 37,266 $ 265,210
Annualized yield on pawn loans 127.9% 108.7% 127.3% 122.4% 104.9% 121.2%
Average amount per pawn loan (in ones) $ 133 $ 84 $ 127 $ 134 $ 99 $ 128
Gross profit margin on disposition of merchandise 32.6% 13.5% 31.5% 33.1% 24.8% 32.6%
Merchandise turnover 2.8 4.3 2.9 3.3 4.1 3.4
2012 2011
---------------------------------------------- -----------------------------------------------
Year Ended December 31, Domestic Foreign Total Domestic Foreign Total
------------------------------------------------- --------------- -------------- --------------- --------------- --------------- ---------------
Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ 261,829 $ 20,368 $ 282,197
Average pawn loan balance outstanding $ 225,066 $ 12,055 $ 237,121 $ 205,610 $ 20,037 $ 225,647
Amount of pawn loans written and renewed $ 916,215 $ 60,476 $ 976,691 $ 869,203 $ 118,126 $ 987,329
Annualized yield on pawn loans 128.0% 105.9% 126.9% 127.3% 101.7% 125.1%
Average amount per pawn loan (in ones) $ 131 $ 88 $ 124 $ 127 $ 103 $ 124
Gross profit margin on disposition of merchandise 33.5% 12.0% 32.1% 36.4% 18.6% 35.0%
Merchandise turnover 2.9 3.9 3.0 3.0 5.0 3.1
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES PAWN LENDING ACTIVITIES - FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables outline certain data related to pawn loan activities of Cash America International, Inc. (the "Company") as of and for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). 2012 2011 ---------------------------------------------- ----------------------------------------------- Domestic Foreign Total Domestic Foreign Total --------------- -------------- --------------- --------------- --------------- --------------- As of December 31, ------------------------------------------------- Ending pawn loan balances $ 240,573 $ 4,067 $ 244,640 $ 238,399 $ 15,120 $ 253,519 Ending merchandise balance, net $ 161,655 $ 5,754 $ 167,409 $ 151,274 $ 10,610 $ 161,884 Three Months Ended December 31, ------------------------------------------------- Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ 71,420 $ 4,643 $ 76,063 Average pawn loan balance outstanding $ 240,545 $ 7,775 $ 248,320 $ 231,424 $ 17,561 $ 248,985 Amount of pawn loans written and renewed $ 241,215 $ 8,998 $ 250,213 $ 227,944 $ 37,266 $ 265,210 Annualized yield on pawn loans 127.9% 108.7% 127.3% 122.4% 104.9% 121.2% Average amount per pawn loan (in ones) $ 133 $ 84 $ 127 $ 134 $ 99 $ 128 Gross profit margin on disposition of merchandise 32.6% 13.5% 31.5% 33.1% 24.8% 32.6% Merchandise turnover 2.8 4.3 2.9 3.3 4.1 3.4 2012 2011 ---------------------------------------------- ----------------------------------------------- Year Ended December 31, Domestic Foreign Total Domestic Foreign Total ------------------------------------------------- --------------- -------------- --------------- --------------- --------------- --------------- Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ 261,829 $ 20,368 $ 282,197 Average pawn loan balance outstanding $ 225,066 $ 12,055 $ 237,121 $ 205,610 $ 20,037 $ 225,647 Amount of pawn loans written and renewed $ 916,215 $ 60,476 $ 976,691 $ 869,203 $ 118,126 $ 987,329 Annualized yield on pawn loans 128.0% 105.9% 126.9% 127.3% 101.7% 125.1% Average amount per pawn loan (in ones) $ 131 $ 88 $ 124 $ 127 $ 103 $ 124 Gross profit margin on disposition of merchandise 33.5% 12.0% 32.1% 36.4% 18.6% 35.0% Merchandise turnover 2.9 3.9 3.0 3.0 5.0 3.1
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
MERCHANDISE DISPOSITION, GROSS PROFIT AND INVENTORY OPERATING
DATA
(dollars in thousands)
Profit from the disposition of merchandise represents the proceeds received from the disposition of merchandise in excess of the cost of disposed merchandise, which is the Company's cost basis in the loan or the amount paid for purchased merchandise. The following tables summarize the proceeds from the disposition of merchandise and the related profit for the three months and years ended December 31, 2012 and 2011 (dollars in thousands).
View data
Three Months Ended December 31,
----------------------------------------------------------------------------------------
2012 2011
------------------------------------------- --------------------------------------------
Retail Commercial Total Retail Commercial Total
-------------- --------------- ------------ -------------- ---------------- ------------
Proceeds from disposition $ 113,964 $ 71,971 $ 185,935 $ 105,423 $ 109,773 $ 215,196
Gross profit on disposition $ 40,625 $ 18,009 $ 58,634 $ 37,712 $ 32,339 $ 70,051
Gross profit margin 35.6 % 25.0 % 31.5 % 35.8 % 29.5 % 32.6 %
Percentage of total gross profit 69.3 % 30.7 % 100.0 % 53.8 % 46.2 % 100.0 %
Three Months Ended December 31, ---------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------- -------------------------------------------- Retail Commercial Total Retail Commercial Total -------------- --------------- ------------ -------------- ---------------- ------------ Proceeds from disposition $ 113,964 $ 71,971 $ 185,935 $ 105,423 $ 109,773 $ 215,196 Gross profit on disposition $ 40,625 $ 18,009 $ 58,634 $ 37,712 $ 32,339 $ 70,051 Gross profit margin 35.6 % 25.0 % 31.5 % 35.8 % 29.5 % 32.6 % Percentage of total gross profit 69.3 % 30.7 % 100.0 % 53.8 % 46.2 % 100.0 %
View data
Year Ended December 31,
-----------------------------------------------------------------------------------------
2012 2011
-------------------------------------------- --------------------------------------------
Retail Commercial Total Retail Commercial Total
-------------- ---------------- ------------ -------------- ---------------- ------------
Proceeds from disposition $ 391,566 $ 312,201 $ 703,767 $ 358,695 $ 330,189 $ 688,884
Gross profit on disposition $ 144,095 $ 81,493 $ 225,588 $ 137,620 $ 103,647 $ 241,267
Gross profit margin 36.8 % 26.1 % 32.1 % 38.4 % 31.4 % 35.0 %
Percentage of total gross profit 63.9 % 36.1 % 100.0 % 57.0 % 43.0 % 100.0 %
Year Ended December 31, ----------------------------------------------------------------------------------------- 2012 2011 -------------------------------------------- -------------------------------------------- Retail Commercial Total Retail Commercial Total -------------- ---------------- ------------ -------------- ---------------- ------------ Proceeds from disposition $ 391,566 $ 312,201 $ 703,767 $ 358,695 $ 330,189 $ 688,884 Gross profit on disposition $ 144,095 $ 81,493 $ 225,588 $ 137,620 $ 103,647 $ 241,267 Gross profit margin 36.8 % 26.1 % 32.1 % 38.4 % 31.4 % 35.0 % Percentage of total gross profit 63.9 % 36.1 % 100.0 % 57.0 % 43.0 % 100.0 %
The table below summarizes the age of merchandise held for disposition before valuation allowance of $0.8 million and $0.7 million as of December 31, 2012 and 2011 (dollars in thousands).
View data
As of December 31,
----------------------------------------
2012 2011
------------------- -------------------
Amount % Amount %
------------ ----- ------------ -----
Jewelry - held for one year or less $ 99,489 59.0 $ 99,683 61.3
Other merchandise - held for one year or less 60,344 35.8 56,483 34.8
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for one year or less 159,833 94.8 156,166 96.1
------------------------------------------------------------ ------- ----- ------- -----
Jewelry - held for more than one year 3,283 1.9 2,626 1.6
Other merchandise - held for more than one year 5,597 3.3 3,792 2.3
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for more than one year 8,880 5.2 6,418 3.9
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for disposition $ 168,713 100.0 $ 162,584 100.0
------------------------------------------------------------ --- ------- ----- --- ------- -----
As of December 31, ---------------------------------------- 2012 2011 ------------------- ------------------- Amount % Amount % ------------ ----- ------------ ----- Jewelry - held for one year or less $ 99,489 59.0 $ 99,683 61.3 Other merchandise - held for one year or less 60,344 35.8 56,483 34.8 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for one year or less 159,833 94.8 156,166 96.1 ------------------------------------------------------------ ------- ----- ------- ----- Jewelry - held for more than one year 3,283 1.9 2,626 1.6 Other merchandise - held for more than one year 5,597 3.3 3,792 2.3 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for more than one year 8,880 5.2 6,418 3.9 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for disposition $ 168,713 100.0 $ 162,584 100.0 ------------------------------------------------------------ --- ------- ----- --- ------- -----
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables set forth consumer loan fees by segment,
adjusted for the deduction of the loan loss provision for the
three months and years ended December 31, 2012 and 2011 (dollars
in thousands).
Three Months Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Retail Services E-Commerce Total Retail Services E-Commerce Total
---------------- ---------------- -------------- ---------------- ---------------- --------------
Interest and fees on short-term loans $ 28,803 $ 120,539 $ 149,342 $ 30,570 $ 117,449 $ 148,019
Interest and fees on line of credit - 27,558 27,558 - 9,797 9,797
Interest and fees on installment loans 3,693 42,271 45,964 2,790 19,518 22,308
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees $ 32,496 $ 190,368 $ 222,864 $ 33,360 $ 146,764 $ 180,124
Consumer loan loss provision 10,095 87,120 97,215 8,549 71,934 80,483
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees, net of loss provision $ 22,401 $ 103,248 $ 125,649 $ 24,811 $ 74,830 $ 99,641
--------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- -------
Year-over-year change - $ $ (2,410) $ 28,418 $ 26,008 $ (1,120) $ 21,419 $ 20,299
Year-over-year change - % (9.7) % 38.0 % 26.1 % (4.3) % 40.1 % 25.6 %
Consumer loan loss provision as a % of 31.1 % 45.8 % 43.6 % 25.6 % 49.0 % 44.7 %
consumer loan fees
--------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
Year Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Retail Services E-Commerce Total Retail Services E-Commerce Total
---------------- ---------------- -------------- ---------------- ---------------- --------------
Interest and fees on short-term loans $ 109,972 $ 459,793 $ 569,765 $ 110,071 $ 400,810 $ 510,881
Interest and fees on line of credit - 73,572 73,572 - 30,590 30,590
Interest and fees on installment loans 11,920 126,263 138,183 9,121 48,054 57,175
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees $ 121,892 $ 659,628 $ 781,520 $ 119,192 $ 479,454 $ 598,646
Consumer loan loss provision 29,225 287,069 316,294 24,001 201,687 225,688
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees, net of loss provision $ 92,667 $ 372,559 $ 465,226 $ 95,191 $ 277,767 $ 372,958
--------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- -------
Year-over-year change - $ $ (2,524) $ 94,792 $ 92,268 $ (1,345) $ 65,745 $ 64,400
Year-over-year change - % (2.7) % 34.1 % 24.7 % (1.4) % 31.0 % 20.9 %
Consumer loan loss provision as a % of consumer loan fees 24.0 % 43.5 % 40.5 % 20.1 % 42.1 % 37.7 %
--------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables set forth consumer loan fees by segment, adjusted for the deduction of the loan loss provision for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). Three Months Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Retail Services E-Commerce Total Retail Services E-Commerce Total ---------------- ---------------- -------------- ---------------- ---------------- -------------- Interest and fees on short-term loans $ 28,803 $ 120,539 $ 149,342 $ 30,570 $ 117,449 $ 148,019 Interest and fees on line of credit - 27,558 27,558 - 9,797 9,797 Interest and fees on installment loans 3,693 42,271 45,964 2,790 19,518 22,308 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees $ 32,496 $ 190,368 $ 222,864 $ 33,360 $ 146,764 $ 180,124 Consumer loan loss provision 10,095 87,120 97,215 8,549 71,934 80,483 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees, net of loss provision $ 22,401 $ 103,248 $ 125,649 $ 24,811 $ 74,830 $ 99,641 --------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- ------- Year-over-year change - $ $ (2,410) $ 28,418 $ 26,008 $ (1,120) $ 21,419 $ 20,299 Year-over-year change - % (9.7) % 38.0 % 26.1 % (4.3) % 40.1 % 25.6 % Consumer loan loss provision as a % of 31.1 % 45.8 % 43.6 % 25.6 % 49.0 % 44.7 % consumer loan fees --------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- -- Year Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Retail Services E-Commerce Total Retail Services E-Commerce Total ---------------- ---------------- -------------- ---------------- ---------------- -------------- Interest and fees on short-term loans $ 109,972 $ 459,793 $ 569,765 $ 110,071 $ 400,810 $ 510,881 Interest and fees on line of credit - 73,572 73,572 - 30,590 30,590 Interest and fees on installment loans 11,920 126,263 138,183 9,121 48,054 57,175 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees $ 121,892 $ 659,628 $ 781,520 $ 119,192 $ 479,454 $ 598,646 Consumer loan loss provision 29,225 287,069 316,294 24,001 201,687 225,688 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees, net of loss provision $ 92,667 $ 372,559 $ 465,226 $ 95,191 $ 277,767 $ 372,958 --------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- ------- Year-over-year change - $ $ (2,524) $ 94,792 $ 92,268 $ (1,345) $ 65,745 $ 64,400 Year-over-year change - % (2.7) % 34.1 % 24.7 % (1.4) % 31.0 % 20.9 % Consumer loan loss provision as a % of consumer loan fees 24.0 % 43.5 % 40.5 % 20.1 % 42.1 % 37.7 % --------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
In addition to reporting consumer loans owned by the Company and consumer loans guaranteed by the Company, which are either generally accepted accounting principles ("GAAP") items or disclosures required by GAAP, the Company has provided combined consumer loans, which is a non-GAAP measure. In addition, the Company has reported consumer loans written and renewed, which is statistical data that is not included in the Company's financial statements. The Company also reports allowances and liabilities for estimated losses on consumer loans and on a combined basis, which are GAAP measures that are included in the Company's financial statements.
Management believes these measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the consumer loan portfolio on an aggregate basis. The comparison of the aggregate amounts from period to period is more meaningful than comparing only the residual amount on the Company's balance sheet since both revenue and the loss provision for loans are impacted by the aggregate amount of loans owned by the Company and those guaranteed by the Company as reflected in its financial statements.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables summarize selected data related to the
Company's consumer loan activities as of and for the three months
and years ended December 31, 2012 and 2011.
Three Months Ended Year Ended
December 31, December 31,
------------------- ------------------------------------------------------
2012 2011 2012 2011
------- --------- ----- ---------------------------------------------
Combined consumer loan loss provision as a % of combined consumer 10.4% 9.2% 9.3% 7.4%
loans written and renewed(a)
Charge-offs (net of recoveries) as a % of combined consumer loans 9.7% 7.4% 8.6% 6.6%
written and renewed(a)
Combined consumer loan loss provision as a % of consumer loan fees 43.6% 44.7% 40.5% 37.7%
-------------------------------------------------------------- ----- --------- ----- ---------------------------------------------
(a) The disclosure regarding the amount and number of
consumer loans written and renewed is
statistical
data that is not included in the Company's financial statements.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables summarize selected data related to the Company's consumer loan activities as of and for the three months and years ended December 31, 2012 and 2011. Three Months Ended Year Ended December 31, December 31, ------------------- ------------------------------------------------------ 2012 2011 2012 2011 ------- --------- ----- --------------------------------------------- Combined consumer loan loss provision as a % of combined consumer 10.4% 9.2% 9.3% 7.4% loans written and renewed(a) Charge-offs (net of recoveries) as a % of combined consumer loans 9.7% 7.4% 8.6% 6.6% written and renewed(a) Combined consumer loan loss provision as a % of consumer loan fees 43.6% 44.7% 40.5% 37.7% -------------------------------------------------------------- ----- --------- ----- --------------------------------------------- (a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements.
View data
As of December 31,
-------------------------------------------------------------------------------------------
2012 2011
--------------------------------------------- ---------------------------------------------
Company Guaranteed Combined(b) Company Guaranteed Combined(b)
Owned(a) by the Owned(a) by the
Company(a) Company(a)
------------ ------------ ------------- ------------ ------------ -------------
Ending consumer loan balances:
Retail Services
-------------------------------------------------------------------
Short-term loans $ 52,171 $ 7,134 $ 59,305 $ 53,601 $ 9,237 $ 62,838
Installment loans 11,246 9,395 20,641 9,262 7,425 16,687
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Retail Services, gross 63,417 16,529 79,946 62,863 16,662 79,525
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
E-Commerce
-------------------------------------------------------------------
Domestic
Short-term loans 38,227 44,261 82,488 39,232 39,341 78,573
Line of credit 42,700 - 42,700 21,648 - 21,648
Installment loans 45,996 - 45,996 24,582 - 24,582
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Domestic, gross 126,923 44,261 171,184 85,462 39,341 124,803
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Foreign
Short-term loans 108,899 3,946 112,845 101,723 3,420 105,143
Installment loans 75,882 - 75,882 35,802 - 35,802
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Foreign, gross 184,781 3,946 188,727 137,525 3,420 140,945
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total E-Commerce, gross 311,704 48,207 359,911 222,987 42,761 265,748
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total ending loan balance, gross 375,121 64,736 439,857 285,850 59,423 345,273
Less: Allowance and liabilities for losses (85,703) (3,498) (89,201) (63,072) (3,062) (66,134)
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total ending loan balance, net $ 289,418 $ 61,238 $ 350,656 $ 222,778 $ 56,361 $ 279,139
------------------------------------------------------------------- ---- -------- ----- ------- ----- -------- ---- -------- ----- ------- ----- --------
Allowance and liability for losses as a % of combined consumer loan 22.8% 5.4% 20.3% 22.1% 5.2% 19.2%
balances, gross(b)
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
As of December 31, ------------------------------------------------------------------------------------------- 2012 2011 --------------------------------------------- --------------------------------------------- Company Guaranteed Combined(b) Company Guaranteed Combined(b) Owned(a) by the Owned(a) by the Company(a) Company(a) ------------ ------------ ------------- ------------ ------------ ------------- Ending consumer loan balances: Retail Services ------------------------------------------------------------------- Short-term loans $ 52,171 $ 7,134 $ 59,305 $ 53,601 $ 9,237 $ 62,838 Installment loans 11,246 9,395 20,641 9,262 7,425 16,687 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Retail Services, gross 63,417 16,529 79,946 62,863 16,662 79,525 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- E-Commerce ------------------------------------------------------------------- Domestic Short-term loans 38,227 44,261 82,488 39,232 39,341 78,573 Line of credit 42,700 - 42,700 21,648 - 21,648 Installment loans 45,996 - 45,996 24,582 - 24,582 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Domestic, gross 126,923 44,261 171,184 85,462 39,341 124,803 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Foreign Short-term loans 108,899 3,946 112,845 101,723 3,420 105,143 Installment loans 75,882 - 75,882 35,802 - 35,802 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Foreign, gross 184,781 3,946 188,727 137,525 3,420 140,945 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total E-Commerce, gross 311,704 48,207 359,911 222,987 42,761 265,748 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total ending loan balance, gross 375,121 64,736 439,857 285,850 59,423 345,273 Less: Allowance and liabilities for losses (85,703) (3,498) (89,201) (63,072) (3,062) (66,134) ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total ending loan balance, net $ 289,418 $ 61,238 $ 350,656 $ 222,778 $ 56,361 $ 279,139 ------------------------------------------------------------------- ---- -------- ----- ------- ----- -------- ---- -------- ----- ------- ----- -------- Allowance and liability for losses as a % of combined consumer loan 22.8% 5.4% 20.3% 22.1% 5.2% 19.2% balances, gross(b) ------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
View data
(a) GAAP measure. The consumer loan balances guaranteed by the Company
represent loans originated by third-party lenders through the
Company's credit services organization programs (the "CSO
programs"), so these balances are not recorded in the Company's
financial statements. However, the Company has established a
liability for estimated losses in support of its guarantee of these
loans, which is reflected in the table above and included in its
financial statements.
(b) Except for allowance and liability for estimated losses, amounts
represent non-GAAP measures.
(a) GAAP measure. The consumer loan balances guaranteed by the Company represent loans originated by third-party lenders through the Company's credit services organization programs (the "CSO programs"), so these balances are not recorded in the Company's financial statements. However, the Company has established a liability for estimated losses in support of its guarantee of these loans, which is reflected in the table above and included in its financial statements. (b) Except for allowance and liability for estimated losses, amounts represent non-GAAP measures.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables summarize the consumer loans written and
renewed for the three months and years ended December 31, 2012 and
2011 (dollars in thousands).
Three Months Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Company Guaranteed Combined(a) Company Guaranteed Combined(a)
Owned(a) by the Owned(a) by the
Company(a)(b) Company(a)(b)
------------- ------------- -------------- ------------- ------------- --------------
Amount of consumer loans written
and renewed:
Retail Services
--------------------------------------------------
Short-term loans $ 198,645 $ 36,216 $ 234,861 $ 202,782 $ 46,079 $ 248,861
Installment loans 2,033 7,289 9,322 1,676 5,588 7,264
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Retail Services 200,678 43,505 244,183 204,458 51,667 256,125
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
E-Commerce
--------------------------------------------------
Domestic
Short-term loans 83,447 206,169 289,616 97,552 189,585 287,137
Line of credit 33,681 - 33,681 20,029 - 20,029
Installment loans 32,244 - 32,244 14,270 - 14,270
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Domestic 149,372 206,169 355,541 131,851 189,585 321,436
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Foreign
Short-term loans 271,652 19,868 291,520 252,334 16,441 268,775
Installment loans 41,319 - 41,319 24,510 - 24,510
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Foreign 312,971 19,868 332,839 276,844 16,441 293,285
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total E-Commerce 462,343 226,037 688,380 408,695 206,026 614,721
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total amount of consumer loans written and renewed $ 663,021 $ 269,542 $ 932,563 $ 613,153 $ 257,693 $ 870,846
-------------------------------------------------- ---- --------- ------ ------- ----- --------- ---- --------- ------ ------- ----- ---------
Number of consumer loans written
and renewed:
Retail Services
--------------------------------------------------
Short-term loans 414,714 68,508 483,222 430,692 82,935 513,627
Installment loans 1,836 1,339 3,175 1,757 824 2,581
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Retail Services 416,550 69,847 486,397 432,449 83,759 516,208
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
E-Commerce
--------------------------------------------------
Domestic
Short-term loans 277,756 279,905 557,661 288,098 265,007 553,105
Line of credit 126,292 - 126,292 72,157 - 72,157
Installment loans 30,017 - 30,017 11,521 - 11,521
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Domestic 434,065 279,905 713,970 371,776 265,007 636,783
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Foreign
Short-term loans 455,579 25,985 481,564 465,473 23,557 489,030
Installment loans 34,711 - 34,711 21,382 - 21,382
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Foreign 490,290 25,985 516,275 486,855 23,557 510,412
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total E-Commerce 924,355 305,890 1,230,245 858,631 288,564 1,147,195
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total number of consumer loans written and renewed 1,340,905 375,737 1,716,642 1,291,080 372,323 1,663,403
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
(a)The disclosure regarding the amount and
number of consumer loans written and renewed is statistical data
that is
not included in the Company's financial
statements.
(b)Loans guaranteed by the Company
represent loans originated by third-party lenders through the CSO
programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables summarize the consumer loans written and renewed for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). Three Months Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Company Guaranteed Combined(a) Company Guaranteed Combined(a) Owned(a) by the Owned(a) by the Company(a)(b) Company(a)(b) ------------- ------------- -------------- ------------- ------------- -------------- Amount of consumer loans written and renewed: Retail Services -------------------------------------------------- Short-term loans $ 198,645 $ 36,216 $ 234,861 $ 202,782 $ 46,079 $ 248,861 Installment loans 2,033 7,289 9,322 1,676 5,588 7,264 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Retail Services 200,678 43,505 244,183 204,458 51,667 256,125 -------------------------------------------------- --------- ------- --------- --------- ------- --------- E-Commerce -------------------------------------------------- Domestic Short-term loans 83,447 206,169 289,616 97,552 189,585 287,137 Line of credit 33,681 - 33,681 20,029 - 20,029 Installment loans 32,244 - 32,244 14,270 - 14,270 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Domestic 149,372 206,169 355,541 131,851 189,585 321,436 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Foreign Short-term loans 271,652 19,868 291,520 252,334 16,441 268,775 Installment loans 41,319 - 41,319 24,510 - 24,510 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Foreign 312,971 19,868 332,839 276,844 16,441 293,285 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total E-Commerce 462,343 226,037 688,380 408,695 206,026 614,721 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total amount of consumer loans written and renewed $ 663,021 $ 269,542 $ 932,563 $ 613,153 $ 257,693 $ 870,846 -------------------------------------------------- ---- --------- ------ ------- ----- --------- ---- --------- ------ ------- ----- --------- Number of consumer loans written and renewed: Retail Services -------------------------------------------------- Short-term loans 414,714 68,508 483,222 430,692 82,935 513,627 Installment loans 1,836 1,339 3,175 1,757 824 2,581 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Retail Services 416,550 69,847 486,397 432,449 83,759 516,208 -------------------------------------------------- --------- ------- --------- --------- ------- --------- E-Commerce -------------------------------------------------- Domestic Short-term loans 277,756 279,905 557,661 288,098 265,007 553,105 Line of credit 126,292 - 126,292 72,157 - 72,157 Installment loans 30,017 - 30,017 11,521 - 11,521 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Domestic 434,065 279,905 713,970 371,776 265,007 636,783 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Foreign Short-term loans 455,579 25,985 481,564 465,473 23,557 489,030 Installment loans 34,711 - 34,711 21,382 - 21,382 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Foreign 490,290 25,985 516,275 486,855 23,557 510,412 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total E-Commerce 924,355 305,890 1,230,245 858,631 288,564 1,147,195 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total number of consumer loans written and renewed 1,340,905 375,737 1,716,642 1,291,080 372,323 1,663,403 -------------------------------------------------- --------- ------- --------- --------- ------- --------- (a)The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements. (b)Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
Year Ended December 31,
-----------------------------------------------------------------------------------------------------
2012 2011
-------------------------------------------------- --------------------------------------------------
Company Guaranteed Combined(a) Company Guaranteed Combined(a)
Owned(a) by the Owned(a) by the
Company(a)(b) Company(a)(b)
------------- --------------- -------------- ------------- --------------- --------------
Amount of consumer loans written
and renewed:
Retail Services
------------------------------------------------
Short-term loans $ 743,575 $ 145,221 $ 888,796 $ 736,964 $ 174,510 $ 911,474
Installment loans 7,723 17,902 25,625 8,256 15,781 24,037
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Retail Services 751,298 163,123 914,421 745,220 190,291 935,511
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
E-Commerce
------------------------------------------------
Domestic
Short-term loans 331,754 747,533 1,079,287 376,041 681,009 1,057,050
Line of credit 116,360 - 116,360 57,012 - 57,012
Installment loans 89,598 - 89,598 42,532 - 42,532
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Domestic 537,712 747,533 1,285,245 475,585 681,009 1,156,594
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Foreign
Short-term loans 1,010,334 72,592 1,082,926 820,841 56,917 877,758
Installment loans 133,109 - 133,109 61,307 - 61,307
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Foreign 1,143,443 72,592 1,216,035 882,148 56,917 939,065
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total E-Commerce 1,681,155 820,125 2,501,280 1,357,733 737,926 2,095,659
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total amount of consumer loans written and renewed $ 2,432,453 $ 983,248 $ 3,415,701 $ 2,102,953 $ 928,217 $ 3,031,170
------------------------------------------------ ---- --------- ------ --------- ----- --------- ---- --------- ------ --------- ----- ---------
Number of consumer loans written
and renewed:
Retail Services
------------------------------------------------
Short-term loans 1,574,163 269,144 1,843,307 1,586,551 309,003 1,895,554
Installment loans 7,088 2,845 9,933 6,858 2,863 9,721
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Retail Services 1,581,251 271,989 1,853,240 1,593,409 311,866 1,905,275
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
E-Commerce
------------------------------------------------
Domestic
Short-term loans 1,062,105 1,021,057 2,083,162 1,115,549 958,821 2,074,370
Line of credit 417,171 - 417,171 201,934 - 201,934
Installment loans 87,272 - 87,272 36,151 - 36,151
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Domestic 1,566,548 1,021,057 2,587,605 1,353,634 958,821 2,312,455
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Foreign
Short-term loans 1,815,420 95,630 1,911,050 1,543,453 84,897 1,628,350
Installment loans 115,250 - 115,250 53,567 - 53,567
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Foreign 1,930,670 95,630 2,026,300 1,597,020 84,897 1,681,917
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total E-Commerce 3,497,218 1,116,687 4,613,905 2,950,654 1,043,718 3,994,372
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total number of consumer loans written and renewed 5,078,469 1,388,676 6,467,145 4,544,063 1,355,584 5,899,647
------------------------------------------------ --------- --------- --------- --------- --------- ---------
(a) The disclosure regarding the amount and number of
consumer loans written and renewed is statistical data that
is
not included in the Company's financial statements.
(b) Loans guaranteed by the Company represent loans
originated by third-party lenders through the CSO programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) Year Ended December 31, ----------------------------------------------------------------------------------------------------- 2012 2011 -------------------------------------------------- -------------------------------------------------- Company Guaranteed Combined(a) Company Guaranteed Combined(a) Owned(a) by the Owned(a) by the Company(a)(b) Company(a)(b) ------------- --------------- -------------- ------------- --------------- -------------- Amount of consumer loans written and renewed: Retail Services ------------------------------------------------ Short-term loans $ 743,575 $ 145,221 $ 888,796 $ 736,964 $ 174,510 $ 911,474 Installment loans 7,723 17,902 25,625 8,256 15,781 24,037 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Retail Services 751,298 163,123 914,421 745,220 190,291 935,511 --------------------------------------------------- --------- --------- --------- --------- --------- --------- E-Commerce ------------------------------------------------ Domestic Short-term loans 331,754 747,533 1,079,287 376,041 681,009 1,057,050 Line of credit 116,360 - 116,360 57,012 - 57,012 Installment loans 89,598 - 89,598 42,532 - 42,532 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Domestic 537,712 747,533 1,285,245 475,585 681,009 1,156,594 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Foreign Short-term loans 1,010,334 72,592 1,082,926 820,841 56,917 877,758 Installment loans 133,109 - 133,109 61,307 - 61,307 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Foreign 1,143,443 72,592 1,216,035 882,148 56,917 939,065 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total E-Commerce 1,681,155 820,125 2,501,280 1,357,733 737,926 2,095,659 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total amount of consumer loans written and renewed $ 2,432,453 $ 983,248 $ 3,415,701 $ 2,102,953 $ 928,217 $ 3,031,170 ------------------------------------------------ ---- --------- ------ --------- ----- --------- ---- --------- ------ --------- ----- --------- Number of consumer loans written and renewed: Retail Services ------------------------------------------------ Short-term loans 1,574,163 269,144 1,843,307 1,586,551 309,003 1,895,554 Installment loans 7,088 2,845 9,933 6,858 2,863 9,721 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Retail Services 1,581,251 271,989 1,853,240 1,593,409 311,866 1,905,275 --------------------------------------------------- --------- --------- --------- --------- --------- --------- E-Commerce ------------------------------------------------ Domestic Short-term loans 1,062,105 1,021,057 2,083,162 1,115,549 958,821 2,074,370 Line of credit 417,171 - 417,171 201,934 - 201,934 Installment loans 87,272 - 87,272 36,151 - 36,151 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Domestic 1,566,548 1,021,057 2,587,605 1,353,634 958,821 2,312,455 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Foreign Short-term loans 1,815,420 95,630 1,911,050 1,543,453 84,897 1,628,350 Installment loans 115,250 - 115,250 53,567 - 53,567 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Foreign 1,930,670 95,630 2,026,300 1,597,020 84,897 1,681,917 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total E-Commerce 3,497,218 1,116,687 4,613,905 2,950,654 1,043,718 3,994,372 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total number of consumer loans written and renewed 5,078,469 1,388,676 6,467,145 4,544,063 1,355,584 5,899,647 ------------------------------------------------ --------- --------- --------- --------- --------- --------- (a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements. (b) Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
(dollars in thousands)
The following tables contain operating segment data for the three months and years ended December 31, 2012 and 2011 (dollars in thousands).
Corporate operations primarily include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems (except for online lending systems, which are included in the e-commerce segment). Corporate income includes miscellaneous income not directly attributable to the Company's segments. Corporate assets primarily include: corporate property and equipment, nonqualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.
View data
Retail Services E-Commerce
------------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------- ------------- ------------- ------------ ----------- -------------- -----------------
Three Months Ended December 31, 2012
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ - $ - $ - $ - $ 79,479
Proceeds from disposition of merchandise 175,546 10,389 185,935 - - - - 185,935
Consumer loan fees 32,496 - 32,496 100,484 89,884 190,368 - 222,864
Other 1,943 697 2,640 499 14 513 173 3,326
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total revenue 287,339 13,211 300,550 100,983 89,898 190,881 173 491,604
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 118,311 8,990 127,301 - - - - 127,301
Consumer loan loss provision 10,095 - 10,095 47,532 39,588 87,120 - 97,215
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 128,406 8,990 137,396 47,532 39,588 87,120 - 224,516
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Net revenue 158,933 4,221 163,154 53,451 50,310 103,761 173 267,088
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 104,837 14,066 118,903 33,216 32,604 65,820 14,331 199,054
Depreciation and amortization 8,524 2,121 10,645 3,611 380 3,991 3,910 18,546
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total expenses 113,361 16,187 129,548 36,827 32,984 69,811 18,241 217,600
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 45,572 $ (11,966) $ 33,606 $ 16,624 $ 17,326 $ 33,950 $ (18,068) $ 49,488
------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
As of December 31, 2012
------------------------------------------
Total assets $ 1,031,431 $ 85,607 $ 1,117,038 $ 391,068 $ 179,554 $ 570,622 $ 130,598 $ 1,818,258
Goodwill $ 397,845 $ 210,371 $ 608,216
Retail Services E-Commerce ------------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------- ------------- ------------- ------------ ----------- -------------- ----------------- Three Months Ended December 31, 2012 -------------------------------------------- Revenue Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ - $ - $ - $ - $ 79,479 Proceeds from disposition of merchandise 175,546 10,389 185,935 - - - - 185,935 Consumer loan fees 32,496 - 32,496 100,484 89,884 190,368 - 222,864 Other 1,943 697 2,640 499 14 513 173 3,326 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total revenue 287,339 13,211 300,550 100,983 89,898 190,881 173 491,604 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 118,311 8,990 127,301 - - - - 127,301 Consumer loan loss provision 10,095 - 10,095 47,532 39,588 87,120 - 97,215 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total cost of revenue 128,406 8,990 137,396 47,532 39,588 87,120 - 224,516 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Net revenue 158,933 4,221 163,154 53,451 50,310 103,761 173 267,088 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 104,837 14,066 118,903 33,216 32,604 65,820 14,331 199,054 Depreciation and amortization 8,524 2,121 10,645 3,611 380 3,991 3,910 18,546 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total expenses 113,361 16,187 129,548 36,827 32,984 69,811 18,241 217,600 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 45,572 $ (11,966) $ 33,606 $ 16,624 $ 17,326 $ 33,950 $ (18,068) $ 49,488 ------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ --------- As of December 31, 2012 ------------------------------------------ Total assets $ 1,031,431 $ 85,607 $ 1,117,038 $ 391,068 $ 179,554 $ 570,622 $ 130,598 $ 1,818,258 Goodwill $ 397,845 $ 210,371 $ 608,216
View data
Retail Services E-Commerce
---------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
------------- ------------ ------------- ------------- ------------ ----------- -------------- -----------------
Three Months Ended December 31, 2011
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 71,420 $ 4,643 $ 76,063 $ - $ - $ - $ - $ 76,063
Proceeds from disposition of merchandise 200,953 14,243 215,196 - - - - 215,196
Consumer loan fees 33,360 - 33,360 72,909 73,855 146,764 - 180,124
Other 2,402 253 2,655 201 (545) (344) 263 2,574
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total revenue 308,135 19,139 327,274 73,110 73,310 146,420 263 473,957
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 134,440 10,705 145,145 - - - - 145,145
Consumer loan loss provision 8,549 - 8,549 31,401 40,533 71,934 - 80,483
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 142,989 10,705 153,694 31,401 40,533 71,934 - 225,628
------- ------- --------- ------- ------- ------- -------- ---------
Net revenue 165,146 8,434 173,580 41,709 32,777 74,486 263 248,329
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 89,495 8,269 97,764 26,095 25,545 51,640 16,251 165,655
Depreciation and amortization 6,806 1,412 8,218 2,457 232 2,689 3,642 14,549
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total expenses 96,301 9,681 105,982 28,552 25,777 54,329 19,893 180,204
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 68,845 $ (1,247) $ 67,598 $ 13,157 $ 7,000 $ 20,157 $ (19,630) $ 68,125
------------------------------------------------ ------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
As of December 31, 2011
------------------------------------------
Total assets $ 941,801 $ 117,470 $ 1,059,271 $ 352,244 $ 135,774 $ 488,018 $ 126,960 $ 1,674,249
Goodwill $ 352,439 $ 210,282 $ 562,721
Retail Services E-Commerce ---------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated ------------- ------------ ------------- ------------- ------------ ----------- -------------- ----------------- Three Months Ended December 31, 2011 -------------------------------------------- Revenue Pawn loan fees and service charges $ 71,420 $ 4,643 $ 76,063 $ - $ - $ - $ - $ 76,063 Proceeds from disposition of merchandise 200,953 14,243 215,196 - - - - 215,196 Consumer loan fees 33,360 - 33,360 72,909 73,855 146,764 - 180,124 Other 2,402 253 2,655 201 (545) (344) 263 2,574 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total revenue 308,135 19,139 327,274 73,110 73,310 146,420 263 473,957 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 134,440 10,705 145,145 - - - - 145,145 Consumer loan loss provision 8,549 - 8,549 31,401 40,533 71,934 - 80,483 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total cost of revenue 142,989 10,705 153,694 31,401 40,533 71,934 - 225,628 ------- ------- --------- ------- ------- ------- -------- --------- Net revenue 165,146 8,434 173,580 41,709 32,777 74,486 263 248,329 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 89,495 8,269 97,764 26,095 25,545 51,640 16,251 165,655 Depreciation and amortization 6,806 1,412 8,218 2,457 232 2,689 3,642 14,549 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total expenses 96,301 9,681 105,982 28,552 25,777 54,329 19,893 180,204 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 68,845 $ (1,247) $ 67,598 $ 13,157 $ 7,000 $ 20,157 $ (19,630) $ 68,125 ------------------------------------------------ ------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ --------- As of December 31, 2011 ------------------------------------------ Total assets $ 941,801 $ 117,470 $ 1,059,271 $ 352,244 $ 135,774 $ 488,018 $ 126,960 $ 1,674,249 Goodwill $ 352,439 $ 210,282 $ 562,721
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
(dollars in thousands)
Retail Services E-Commerce
------------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------- ------------- ------------- ------------ ----------- -------------- -----------------
Year Ended December 31, 2012
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ - $ - $ - $ - $ 300,929
Proceeds from disposition of merchandise 657,104 46,663 703,767 - - - - 703,767
Consumer loan fees 121,892 - 121,892 332,752 326,876 659,628 - 781,520
Other 9,028 1,209 10,237 1,326 33 1,359 2,618 14,214
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total revenue 1,076,185 60,640 1,136,825 334,078 326,909 660,987 2,618 1,800,430
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 437,099 41,080 478,179 - - - - 478,179
Consumer loan loss provision 29,225 - 29,225 143,006 144,063 287,069 - 316,294
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 466,324 41,080 507,404 143,006 144,063 287,069 - 794,473
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Net revenue 609,861 19,560 629,421 191,072 182,846 373,918 2,618 1,005,957
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 369,174 44,287 413,461 116,202 118,156 234,358 66,795 714,614
Depreciation and amortization 30,978 16,634 47,612 11,987 1,285 13,272 14,544 75,428
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total expenses 400,152 60,921 461,073 128,189 119,441 247,630 81,339 790,042
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 209,709 $ (41,361) $ 168,348 $ 62,883 $ 63,405 $ 126,288 $ (78,721) $ 215,915
------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES INCOME FROM OPERATIONS BY OPERATING SEGMENT (dollars in thousands) Retail Services E-Commerce ------------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------- ------------- ------------- ------------ ----------- -------------- ----------------- Year Ended December 31, 2012 -------------------------------------------- Revenue Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ - $ - $ - $ - $ 300,929 Proceeds from disposition of merchandise 657,104 46,663 703,767 - - - - 703,767 Consumer loan fees 121,892 - 121,892 332,752 326,876 659,628 - 781,520 Other 9,028 1,209 10,237 1,326 33 1,359 2,618 14,214 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total revenue 1,076,185 60,640 1,136,825 334,078 326,909 660,987 2,618 1,800,430 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 437,099 41,080 478,179 - - - - 478,179 Consumer loan loss provision 29,225 - 29,225 143,006 144,063 287,069 - 316,294 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total cost of revenue 466,324 41,080 507,404 143,006 144,063 287,069 - 794,473 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Net revenue 609,861 19,560 629,421 191,072 182,846 373,918 2,618 1,005,957 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 369,174 44,287 413,461 116,202 118,156 234,358 66,795 714,614 Depreciation and amortization 30,978 16,634 47,612 11,987 1,285 13,272 14,544 75,428 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total expenses 400,152 60,921 461,073 128,189 119,441 247,630 81,339 790,042 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 209,709 $ (41,361) $ 168,348 $ 62,883 $ 63,405 $ 126,288 $ (78,721) $ 215,915 ------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
View data
Retail Services E-Commerce
------------------------------------------ --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------ ------------- ------------- ------------ ----------- -------------- -----------------
Year Ended December 31, 2011
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 261,829 $ 20,368 $ 282,197 $ - $ - $ - $ - $ 282,197
Proceeds from disposition of merchandise 636,698 52,156 688,854 30 - 30 - 688,884
Consumer loan fees 119,192 - 119,192 254,152 225,302 479,454 - 598,646
Other 11,170 545 11,715 593 286 879 743 13,337
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total revenue 1,028,889 73,069 1,101,958 254,775 225,588 480,363 743 1,583,064
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 405,132 42,462 447,594 23 - 23 - 447,617
Consumer loan loss provision 24,001 - 24,001 90,535 111,152 201,687 - 225,688
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 429,133 42,462 471,595 90,558 111,152 201,710 - 673,305
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Net revenue 599,756 30,607 630,363 164,217 114,436 278,653 743 909,759
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 339,247 33,604 372,851 88,577 84,544 173,121 65,296 611,268
Depreciation and amortization 26,165 5,871 32,036 10,413 850 11,263 10,850 54,149
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total expenses 365,412 39,475 404,887 98,990 85,394 184,384 76,146 665,417
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 234,344 $ (8,868) $ 225,476 $ 65,227 $ 29,042 $ 94,269 $ (75,403) $ 244,342
------------------------------------------------ --------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
Retail Services E-Commerce ------------------------------------------ -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------ ------------- ------------- ------------ ----------- -------------- ----------------- Year Ended December 31, 2011 -------------------------------------------- Revenue Pawn loan fees and service charges $ 261,829 $ 20,368 $ 282,197 $ - $ - $ - $ - $ 282,197 Proceeds from disposition of merchandise 636,698 52,156 688,854 30 - 30 - 688,884 Consumer loan fees 119,192 - 119,192 254,152 225,302 479,454 - 598,646 Other 11,170 545 11,715 593 286 879 743 13,337 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total revenue 1,028,889 73,069 1,101,958 254,775 225,588 480,363 743 1,583,064 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 405,132 42,462 447,594 23 - 23 - 447,617 Consumer loan loss provision 24,001 - 24,001 90,535 111,152 201,687 - 225,688 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total cost of revenue 429,133 42,462 471,595 90,558 111,152 201,710 - 673,305 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Net revenue 599,756 30,607 630,363 164,217 114,436 278,653 743 909,759 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 339,247 33,604 372,851 88,577 84,544 173,121 65,296 611,268 Depreciation and amortization 26,165 5,871 32,036 10,413 850 11,263 10,850 54,149 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total expenses 365,412 39,475 404,887 98,990 85,394 184,384 76,146 665,417 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 234,344 $ (8,868) $ 225,476 $ 65,227 $ 29,042 $ 94,269 $ (75,403) $ 244,342 ------------------------------------------------ --------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
LOCATION INFORMATION
Retail Services Segment
The following table sets forth the number of domestic and foreign Company-owned and franchised locations in the Company's retail services segment offering pawn lending, consumer lending, and other services as of December 31, 2012 and 2011. The Company's domestic retail services locations operate under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance," "Cashland" and "Mr. Payroll." In addition, certain recently acquired domestic retail services locations operate under various names that are expected be changed to "Cash America Pawn" during 2013. The Company's foreign retail services locations operate under the name "Cash America casa de empeno" (previously operated under the name "Prenda Facil").
View data
As of December 31,
------------------------------------------------------------
2012 2011
---------------------------- -------------------------------
Domestic(a) Foreign Total Domestic(a)(b) Foreign Total
----------- ------- ----- -------------- ------- -----
Retail services locations offering:
Both pawn and consumer 581 - 581 572 - 572
lending
Pawn lending only 167 47 214 126 190 316
Consumer lending only 83 - 83 86 - 86
Other (c) 91 - 91 110 - 110
----------------------------------- ----------- ------- ----- -------------- ------- -----
Total retail services 922 47 969 894 190 1,084
----------------------------------- ----------- ------- ----- -------------- ------- -----
As of December 31, ------------------------------------------------------------ 2012 2011 ---------------------------- ------------------------------- Domestic(a) Foreign Total Domestic(a)(b) Foreign Total ----------- ------- ----- -------------- ------- ----- Retail services locations offering: Both pawn and consumer 581 - 581 572 - 572 lending Pawn lending only 167 47 214 126 190 316 Consumer lending only 83 - 83 86 - 86 Other (c) 91 - 91 110 - 110 ----------------------------------- ----------- ------- ----- -------------- ------- ----- Total retail services 922 47 969 894 190 1,084 ----------------------------------- ----------- ------- ----- -------------- ------- -----
View data
(a) Except as described in (c) below, includes locations that operate in
22 and 23 states in the United States as of December 31, 2012 and
2011, respectively.
(b) Includes one unconsolidated franchised location operating under the
name "Cash America Pawn" at December 31, 2011.
(c) As of December 31, 2012 and 2011, includes zero and six consolidated
Company-owned check cashing locations, respectively, and 91 and 104
unconsolidated franchised check cashing locations, respectively. As
of December 31, 2012 and 2011, includes locations that operate in 15
and 18 states in the United States, respectively.
(a) Except as described in (c) below, includes locations that operate in 22 and 23 states in the United States as of December 31, 2012 and 2011, respectively. (b) Includes one unconsolidated franchised location operating under the name "Cash America Pawn" at December 31, 2011. (c) As of December 31, 2012 and 2011, includes zero and six consolidated Company-owned check cashing locations, respectively, and 91 and 104 unconsolidated franchised check cashing locations, respectively. As of December 31, 2012 and 2011, includes locations that operate in 15 and 18 states in the United States, respectively.
E-Commerce Segment
As of December 31, 2012 and 2011, the Company's e-commerce segment operated in 32 states in the United States and in three other foreign countries:
-- in the United States at http://www.cashnetusa.com and http://www.netcredit.com,
-- in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk,
-- in Australia at http://www.dollarsdirect.com.au, and
-- in Canada at http://www.dollarsdirect.ca.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the adjustments shown below, especially the adjustments for events that occurred during the three months and year ended December 31, 2012, such as the reorganization of the Company's Mexico-based pawn operations ("Mexico Reorganization"), the withdrawal of the proposed initial public offering of the Company's wholly-owned subsidiary, Enova International, Inc. ("Proposed Enova IPO"), and the charges related to the Company's voluntary reimbursements to Ohio customers ("Ohio Reimbursements") are useful to investors in order to allow them to compare the Company's financial results for the current quarter with the previous periods shown.
The following table provides a reconciliation between net income and diluted earnings per share attributable to the Company calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
View data
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------- ----------------------------------------
2012 2011 2012 2011
------------------ ------------------ ----------------- -----------------
Net income and diluted earnings per share attributable $ 24,480 $ 0.79 $ 37,827 $ 1.18 $ 107,470 $ 3.42 $ 135,963 $ 4.25
to Cash America International, Inc.
Charges related to withdrawn Proposed Enova IPO(a) - - - - 2,424 0.07 - -
Charges related to Mexico Reorganization, 6,965 0.23 - - 25,421 0.81 - -
net of noncontrolling interest(b)
Charges related to Ohio Reimbursements(c) 8,442 0.27 - - 8,442 0.27 - -
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Subtotal 39,887 1.29 37,827 1.18 143,757 4.57 135,963 4.25
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Intangible asset amortization 740 0.03 885 0.03 2,791 0.09 3,905 0.12
Non-cash equity-based compensation 515 0.02 619 0.02 3,007 0.10 3,064 0.10
Convertible debt non-cash interest and issuance 612 0.02 566 0.02 2,386 0.07 2,214 0.07
cost amortization
Foreign currency transaction (gain) loss 151 - 128 - 196 0.01 786 0.02
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Adjusted earnings and adjusted earnings per share $ 41,905 1.36 $ 40,025 $ 1.25 $ 152,137 $ 4.84 $ 145,932 $ 4.56
------------------------------------------------------ - ------ ---- - ------ - ---- - ------- - ---- - ------- - ----
Three Months Ended Year Ended December 31, December 31, -------------------------------------- ---------------------------------------- 2012 2011 2012 2011 ------------------ ------------------ ----------------- ----------------- Net income and diluted earnings per share attributable $ 24,480 $ 0.79 $ 37,827 $ 1.18 $ 107,470 $ 3.42 $ 135,963 $ 4.25 to Cash America International, Inc. Charges related to withdrawn Proposed Enova IPO(a) - - - - 2,424 0.07 - - Charges related to Mexico Reorganization, 6,965 0.23 - - 25,421 0.81 - - net of noncontrolling interest(b) Charges related to Ohio Reimbursements(c) 8,442 0.27 - - 8,442 0.27 - - ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Subtotal 39,887 1.29 37,827 1.18 143,757 4.57 135,963 4.25 ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Intangible asset amortization 740 0.03 885 0.03 2,791 0.09 3,905 0.12 Non-cash equity-based compensation 515 0.02 619 0.02 3,007 0.10 3,064 0.10 Convertible debt non-cash interest and issuance 612 0.02 566 0.02 2,386 0.07 2,214 0.07 cost amortization Foreign currency transaction (gain) loss 151 - 128 - 196 0.01 786 0.02 ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Adjusted earnings and adjusted earnings per share $ 41,905 1.36 $ 40,025 $ 1.25 $ 152,137 $ 4.84 $ 145,932 $ 4.56 ------------------------------------------------------ - ------ ---- - ------ - ---- - ------- - ---- - ------- - ----
View data
(a) Represents charges directly related to the Proposed Enova IPO that
was withdrawn in July 2012. For the year ended December 31, 2012,
represents $3.9 million of charges, net tax benefit of $1.5
million.
(b) Represents charges related to the Mexico Reorganization. For the
three months ended December 31, 2012, represents $7.0 million of
charges. For the year ended December 31, 2012, represents $28.9
million of charges, net tax benefit of $1.2 million and
noncontrolling interest of $2.3 million.
(c) Represents charges related to the Ohio Reimbursements. For the
three months and year ended December 31, 2012, represents $13.4
million of charges, net tax benefit of $5.0 million.
(a) Represents charges directly related to the Proposed Enova IPO that was withdrawn in July 2012. For the year ended December 31, 2012, represents $3.9 million of charges, net tax benefit of $1.5 million. (b) Represents charges related to the Mexico Reorganization. For the three months ended December 31, 2012, represents $7.0 million of charges. For the year ended December 31, 2012, represents $28.9 million of charges, net tax benefit of $1.2 million and noncontrolling interest of $2.3 million. (c) Represents charges related to the Ohio Reimbursements. For the three months and year ended December 31, 2012, represents $13.4 million of charges, net tax benefit of $5.0 million.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
ADJUSTED EBITDA
Adjusted EBITDA
The table below shows adjusted EBITDA, a non-GAAP measure that the Company defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, equity in earnings or loss of unconsolidated subsidiary, taxes and including the net income or loss attributable to noncontrolling interests. Management believes adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company's ability to incur and service debt and its capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess the Company's liquidity and estimated enterprise value. The computation of adjusted EBITDA as presented below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):
View data
Year Ended December 31,
-------------------------------------
2012 2011
------------------ ------------------
Net income attributable to Cash America International, Inc. $ 107,470 $ 135,963
Adjustments:
Depreciation and amortization expenses 75,428 54,149
Interest expense, net 28,987 25,447
Foreign currency transaction loss 313 1,265
Equity in loss of unconsolidated subsidiary 295 104
Provision for income taxes 84,656 82,360
Net loss attributable to the noncontrolling interest (5,806) (797)
----------------------------------------------------------- --------- ---------
Adjusted EBITDA $ 291,343 $ 298,491
----------------------------------------------------------- --- --------- --- ---------
Adjusted EBITDA margin calculated as follows:
Total revenue $ 1,800,430 $ 1,583,064
Adjusted EBITDA 291,343 298,491
----------------------------------------------------------- --------- ---------
Adjusted EBITDA as a percentage of total revenue 16.2% 18.9%
----------------------------------------------------------- --------- ---------
Year Ended December 31, ------------------------------------- 2012 2011 ------------------ ------------------ Net income attributable to Cash America International, Inc. $ 107,470 $ 135,963 Adjustments: Depreciation and amortization expenses 75,428 54,149 Interest expense, net 28,987 25,447 Foreign currency transaction loss 313 1,265 Equity in loss of unconsolidated subsidiary 295 104 Provision for income taxes 84,656 82,360 Net loss attributable to the noncontrolling interest (5,806) (797) ----------------------------------------------------------- --------- --------- Adjusted EBITDA $ 291,343 $ 298,491 ----------------------------------------------------------- --- --------- --- --------- Adjusted EBITDA margin calculated as follows: Total revenue $ 1,800,430 $ 1,583,064 Adjusted EBITDA 291,343 298,491 ----------------------------------------------------------- --------- --------- Adjusted EBITDA as a percentage of total revenue 16.2% 18.9% ----------------------------------------------------------- --------- ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
Non-GAAP Disclosure
In addition to the financial information prepared in conformity with GAAP the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of the Company's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, its financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130124005425r1&sid=cmtx4&distro=nx
SOURCE: Cash America International, Inc.
Cash America International, Inc.
Thomas A. Bessant, Jr., 817-335-1100
6:00 AM ET 1/24/13 | BusinessWire
Cash America International, Inc. (NYSE: CSH) reported today that its fourth quarter ended December 31, 2012 net income attributable to the Company was $24,480,000 (79 cents per share), which included previously announced charges related to the closure of 115 locations during the quarter in its Mexico based pawn operations of $7.0 million (23 cents per share) and the after tax impact of the Company's voluntary refund to certain Ohio customers of $8.4 million (27 cents per share) in the period. The combined amount of the Mexico charges and the refund expense amounted to $15.4 million after taxes (50 cents per share). Adding these amounts back to reported net income would result in adjusted earnings, a non-GAAP measure, for the fourth quarter of 2012 of $39,887,000 ($1.29 per share), compared to $37,827,000 ($1.18 per share) for the fourth quarter of 2011. This amount is greater than management's publicly released earnings per share guidance of between $1.15 per share and $1.25 per share as reported in the Company's press release dated October 25, 2012 and above analysts' consensus estimates of $1.20 per share as reported by Thomson Reuters.
Consolidated total revenue of the Company increased 4% in the fourth quarter of 2012 to $491.6 million, up from $474.0 million for the same period in 2011. Revenue from the Company's loan products, driven by higher loan balances outstanding, contributed the largest portion of the increase for the period. Comparing the ending balance at December 31, 2012 to the same date in 2011, total combined consumer loan balances, a non-GAAP measure, which includes loans extended by the Company directly and loans offered by third parties that the Company guarantees, which are both GAAP measures, were up 27% to $439.8 million, which led to a 24% increase in revenue from consumer loan fees and was the primary driver of the increase in total revenue during the fourth quarter. Aggregate pawn service fees rose 5% in the fourth quarter of 2012 compared to the same period in 2011, adding to the top line revenue growth for the period. Consumer loan fees increased 24%, to $222.9 million, in the fourth quarter of 2012 compared to the same period in 2011, as the Company's E-commerce segment recorded a 30% increase in revenue, led by a 38% increase in revenue from its domestic online lending business and a 22% increase in revenue from its foreign lending business.
Commenting on the results of the quarter, Daniel R. Feehan, President and Chief Executive Officer of Cash America, said, "We continued to see strong performance out of our E-commerce business in the fourth quarter of 2012 as the higher levels of assets observed in the second and third quarters contributed to earnings growth that exceeded our expectations this period."
Net income attributable to the Company for the twelve months ended December 31, 2012 was $107,470,000 (3.42 per share) compared to $135,963,000 ($4.25 per share) for the same twelve-month period of 2011. When adding back the unusual items for the full year, which includes $25.4 million (81 cents per share) related to Mexico charges, $8.4 million (27 cents per share) related to the refund expense plus $2.5 million (7 cents per share) related to expenses associated with the July 2012 withdrawal of the Enova International, Inc. proposed initial public offering, adjusted earnings, a non-GAAP measure, would have been $143.8 million and adjusted earnings per share, a non-GAAP measure, would have been $4.57 per share for the twelve-month period ended December 31, 2012, up 8% for the period. Total revenue for the fiscal year ended December 31, 2012 increased 14% to $1.80 billion, up from $1.58 billion during the same twelve-month period in 2011.
Cash America will conduct a conference call to discuss its fourth quarter earnings on Thursday, January 24, 2013, at 7:00 AM CST. A live web cast of the call will be available on the Company's corporate web site in the Investor Relations section (www.cashamerica.com). To listen to the live call, please go to the web site at least fifteen minutes early to register, download, and install any necessary audio software.
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.035 (3.5 cents) per share cash dividend on common stock outstanding. The dividend will be paid at the close of business on February 20, 2013 to shareholders of record on February 6, 2013.
Outlook for the First Quarter of 2013 and the 2013 Fiscal Year
Management believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the Company, which primarily take the form of pawn loans and consumer loans. Other elements expected to affect the growth in revenue include the potential impact of the regulatory governance of loan products, the reorganization and continued development of the Mexican pawn operations and the development and expansion of the Company's online distribution channel. First quarter 2013 results could be influenced by the timing of Federal income tax refunds to the Company's customers. Based on the preceding factors management estimates that the first quarter of fiscal 2013 will be between $1.35 and $1.42 in earnings per share compared to $1.30 in the first quarter of 2012. At this time management confirms its previously reported expectations for its fiscal year 2013 earnings per share to a range of between $4.75 to $5.15 which compares to actual adjusted full year 2012 earnings per share of $4.57 that excludes the after tax impact of unusual items of $35.3 million ($1.15 per share).
About the Company
As of December 31, 2012, Cash America International, Inc. operated 969 total locations offering specialty financial services to consumers, which included the following:
-- 831 lending locations in 22 states in the United States primarily under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance," and "Cashland;"
-- 47 pawn lending locations in central and southern Mexico under the name "Cash America casa de empeno" (previously operated under the name "Prenda Facil"); and
-- 91 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 15 states in the United States under the name "Mr. Payroll."
Additionally, as of December 31, 2012, the Company offered consumer loans over the Internet to customers:
-- in 32 states in the United States at http://www.cashnetusa.com and http://www.netcredit.com;
-- in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk;
-- in Australia at http://www.dollarsdirect.com.au; and
-- in Canada at http://www.dollarsdirect.ca.
For additional information regarding the Company and the services it provides, visit the Company's websites located at:
View data
http://www.cashamerica.com http://www.poundstopocket.co.uk
http://www.enova.com http://www.dollarsdirect.com.au
http://www.cashnetusa.com http://www.dollarsdirect.ca
http://www.netcredit.com http://www.goldpromise.com
http://www.cashlandloans.com http://www.mrpayroll.com
http://www.quickquid.co.uk http://www.primaryinnovations.net
http://www.cashamerica.com http://www.poundstopocket.co.uk http://www.enova.com http://www.dollarsdirect.com.au http://www.cashnetusa.com http://www.dollarsdirect.ca http://www.netcredit.com http://www.goldpromise.com http://www.cashlandloans.com http://www.mrpayroll.com http://www.quickquid.co.uk http://www.primaryinnovations.net
Non-GAAP Measures
A reconciliation of adjusted earnings and adjusted earnings per share, which are non-GAAP measures, for the three- and twelve-month periods ended December 31, 2012 discussed above is included in the attachments to this press release. In addition, details regarding combined consumer loan balances as of December 31, 2012 and December 31, 2011 discussed above, which are non-GAAP measures that are comprised of loans extended by the Company directly and loans offered by third parties that the Company guarantees that are both GAAP measures, are included in the attachments to this press release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements about the business, financial condition, operations and prospects of the Company. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation: changes in domestic and foreign pawn, consumer credit, tax and other laws and governmental rules and regulations applicable to the Company's business or changes in the interpretation or enforcement thereof; the anticipated regulation of consumer financial products and services by the Consumer Financial Protection Bureau; acceptance by consumers, legislators or regulators of the negative characterization by the media and consumer activists with respect to certain of the Company's loan products; the reorganization of the Company's Mexico-based pawn operations; the deterioration of the political, regulatory or economic environment in foreign countries where the Company operates or in the future may operate; the actions of third parties who provide, acquire or offer products and services to, from or for the Company; changes in demand for the Company's services and the continued acceptance of the online distribution channel by the Company's online loan customers; fluctuations in the price of gold or a deterioration in economic conditions; changes in competition; the ability of the Company to open new locations in accordance with its plans or to successfully integrate newly acquired businesses into the Company's operations; interest rate and foreign currency exchange rate fluctuations; the effect of any current or future litigation proceedings or any judicial decisions or rule-making that affect the Company, its products or its arbitration agreements; changes in the capital markets; changes in the Company's ability to satisfy its debt obligations or to refinance existing debt obligations or obtain new capital to finance growth; a prolonged interruption in the Company's operations of its facilities, systems and business functions, including its information technology and other business systems; security breaches, cyber attacks or fraudulent activity; the implementation of new, or changes in the interpretation of existing, accounting principles or financial reporting requirements; acts of God, war or terrorism, pandemics and other events; the effect of any of such changes on the Company's business or the markets in which it operates; and other risks and uncertainties indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as "believes," "estimates," "should," "could," "would," "plans," "expects," "anticipates," "may," "forecasts," "projects" and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------------- -------------------------
2012 2011 2012 2011
--------------- ------------ --------- ---------
Consolidated Operations:
Total revenue $ 491,604 $ 473,957 $ 1,800,430 $ 1,583,064
Net revenue 267,088 248,329 1,005,957 909,759
Total expenses 217,600 180,204 790,042 665,417
----------------------------------------------------------- ----------- ------- --------- ---------
Income from Operations $ 49,488 $ 68,125 $ 215,915 $ 244,342
Income before income taxes 41,160 60,688 186,320 217,526
----------------------------------------------------------- ----------- ------- --------- ---------
Net Income $ 23,991 $ 37,605 $ 101,664 $ 135,166
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Net loss attributable to the noncontrolling interest $ 489 $ 222 $ 5,806 $ 797
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963
----------------------------------------------------------- --- ----------- --- ------- --- --------- --- ---------
Earnings per share:
Net Income attributable to Cash America International, Inc.
common shareholders:
Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59
Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25
Weighted average common shares outstanding:
Basic 29,262 29,528 29,514 29,602
Diluted 30,884 32,059 31,452 31,991
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, ---------------------------- ------------------------- 2012 2011 2012 2011 --------------- ------------ --------- --------- Consolidated Operations: Total revenue $ 491,604 $ 473,957 $ 1,800,430 $ 1,583,064 Net revenue 267,088 248,329 1,005,957 909,759 Total expenses 217,600 180,204 790,042 665,417 ----------------------------------------------------------- ----------- ------- --------- --------- Income from Operations $ 49,488 $ 68,125 $ 215,915 $ 244,342 Income before income taxes 41,160 60,688 186,320 217,526 ----------------------------------------------------------- ----------- ------- --------- --------- Net Income $ 23,991 $ 37,605 $ 101,664 $ 135,166 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Net loss attributable to the noncontrolling interest $ 489 $ 222 $ 5,806 $ 797 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963 ----------------------------------------------------------- --- ----------- --- ------- --- --------- --- --------- Earnings per share: Net Income attributable to Cash America International, Inc. common shareholders: Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59 Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25 Weighted average common shares outstanding: Basic 29,262 29,528 29,514 29,602 Diluted 30,884 32,059 31,452 31,991
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
(Unaudited)
December 31,
--------------------------------
2012 2011
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 63,134 $ 62,542
Pawn loans 244,640 253,519
Consumer loans, net 289,418 222,778
Merchandise held for disposition, net 167,409 161,884
Pawn loan fees and service charges receivable 48,991 48,003
Prepaid expenses and other assets 35,605 31,301
Deferred tax assets 48,992 35,065
----------------------------------------------------------------------- --------- ---------
Total current assets 898,189 815,092
Property and equipment, net 261,771 246,429
Goodwill 608,216 562,721
Intangible assets, net 36,473 34,771
Other assets 13,609 15,236
----------------------------------------------------------------------- --------- ---------
Total assets $ 1,818,258 $ 1,674,249
----------------------------------------------------------------------- -------- --------- - ---------
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses $ 126,664 $ 113,113
Customer deposits 11,420 9,935
Income taxes currently payable 5,922 12,880
Current portion of long-term debt 43,617 34,273
----------------------------------------------------------------------- --------- ---------
Total current liabilities 187,623 170,201
Deferred tax liabilities 101,711 89,712
Noncurrent income tax payable 2,703 2,315
Other liabilities 888 1,413
Long-term debt 534,713 503,018
----------------------------------------------------------------------- --------- ---------
Total liabilities $ 827,638 $ 766,659
----------------------------------------------------------------------- -------- --------- - ---------
Equity:
Cash America International, Inc. equity:
Common stock, $0.10 par value per share, 80,000,000 shares
authorized, 30,235,164 shares issued and outstanding 3,024 3,024
Additional paid-in capital 157,613 167,683
Retained earnings 879,434 776,060
Accumulated other comprehensive income (loss) 3,128 (6,896)
Treasury shares, at cost (1,351,712 shares and 1,011,356 shares
at December 31, 2012 and 2011, respectively) (51,304) (37,419)
----------------------------------------------------------------------- --------- ---------
Total Cash America International, Inc. shareholders' equity 991,895 902,452
Noncontrolling interest (1,275) 5,138
----------------------------------------------------------------------- --------- ---------
Total equity 990,620 907,590
----------------------------------------------------------------------- --------- ---------
Total liabilities and equity $ 1,818,258 $ 1,674,249
----------------------------------------------------------------------- -------- --------- - ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (Unaudited) December 31, -------------------------------- 2012 2011 --------- --------- Assets Current assets: Cash and cash equivalents $ 63,134 $ 62,542 Pawn loans 244,640 253,519 Consumer loans, net 289,418 222,778 Merchandise held for disposition, net 167,409 161,884 Pawn loan fees and service charges receivable 48,991 48,003 Prepaid expenses and other assets 35,605 31,301 Deferred tax assets 48,992 35,065 ----------------------------------------------------------------------- --------- --------- Total current assets 898,189 815,092 Property and equipment, net 261,771 246,429 Goodwill 608,216 562,721 Intangible assets, net 36,473 34,771 Other assets 13,609 15,236 ----------------------------------------------------------------------- --------- --------- Total assets $ 1,818,258 $ 1,674,249 ----------------------------------------------------------------------- -------- --------- - --------- Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 126,664 $ 113,113 Customer deposits 11,420 9,935 Income taxes currently payable 5,922 12,880 Current portion of long-term debt 43,617 34,273 ----------------------------------------------------------------------- --------- --------- Total current liabilities 187,623 170,201 Deferred tax liabilities 101,711 89,712 Noncurrent income tax payable 2,703 2,315 Other liabilities 888 1,413 Long-term debt 534,713 503,018 ----------------------------------------------------------------------- --------- --------- Total liabilities $ 827,638 $ 766,659 ----------------------------------------------------------------------- -------- --------- - --------- Equity: Cash America International, Inc. equity: Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding 3,024 3,024 Additional paid-in capital 157,613 167,683 Retained earnings 879,434 776,060 Accumulated other comprehensive income (loss) 3,128 (6,896) Treasury shares, at cost (1,351,712 shares and 1,011,356 shares at December 31, 2012 and 2011, respectively) (51,304) (37,419) ----------------------------------------------------------------------- --------- --------- Total Cash America International, Inc. shareholders' equity 991,895 902,452 Noncontrolling interest (1,275) 5,138 ----------------------------------------------------------------------- --------- --------- Total equity 990,620 907,590 ----------------------------------------------------------------------- --------- --------- Total liabilities and equity $ 1,818,258 $ 1,674,249 ----------------------------------------------------------------------- -------- --------- - ---------
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------- --------------------------
2012 2011 2012 2011
------- ------- --------- ---------
(Unaudited)
Revenue
Pawn loan fees and service charges $ 79,479 $ 76,063 $ 300,929 $ 282,197
Proceeds from disposition of merchandise 185,935 215,196 703,767 688,884
Consumer loan fees 222,864 180,124 781,520 598,646
Other 3,326 2,574 14,214 13,337
------------------------------------------------------------------ ------- ------- --------- ---------
Total Revenue 491,604 473,957 1,800,430 1,583,064
------------------------------------------------------------------ ------- ------- --------- ---------
Cost of Revenue
Disposed merchandise 127,301 145,145 478,179 447,617
Consumer loan loss provision 97,215 80,483 316,294 225,688
------------------------------------------------------------------ ------- ------- --------- ---------
Total Cost of Revenue 224,516 225,628 794,473 673,305
------------------------------------------------------------------ ------- ------- --------- ---------
Net Revenue 267,088 248,329 1,005,957 909,759
------------------------------------------------------------------ ------- ------- --------- ---------
Expenses
Operations and administration 199,054 165,655 714,614 611,268
Depreciation and amortization 18,546 14,549 75,428 54,149
------------------------------------------------------------------ ------- ------- --------- ---------
Total Expenses 217,600 180,204 790,042 665,417
------------------------------------------------------------------ ------- ------- --------- ---------
Income from Operations 49,488 68,125 215,915 244,342
Interest expense (8,066) (7,221) (29,131) (25,528)
Interest income 65 25 144 81
Foreign currency transaction gain (loss) (241) (207) (313) (1,265)
Equity in loss of unconsolidated subsidiary (86) (34) (295) (104)
------------------------------------------------------------------ ------- ------- --------- ---------
Income before Income Taxes 41,160 60,688 186,320 217,526
Provision for income taxes 17,169 23,083 84,656 82,360
------------------------------------------------------------------ ------- ------- --------- ---------
Net Income 23,991 37,605 101,664 135,166
Net loss attributable to the noncontrolling interest 489 222 5,806 797
------------------------------------------------------------------ ------- ------- --------- ---------
Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963
------------------------------------------------------------------ ---- ------- ---- ------- ---- --------- ---- ---------
Earnings Per Share:
Net Income attributable to Cash America International, Inc. common
shareholders:
Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59
Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25
Weighted average common shares outstanding:
Basic 29,262 29,528 29,514 29,602
Diluted 30,884 32,059 31,452 31,991
Dividends declared per common share $ 0.035 $ 0.035 $ 0.140 $ 0.140
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, ---------------------- -------------------------- 2012 2011 2012 2011 ------- ------- --------- --------- (Unaudited) Revenue Pawn loan fees and service charges $ 79,479 $ 76,063 $ 300,929 $ 282,197 Proceeds from disposition of merchandise 185,935 215,196 703,767 688,884 Consumer loan fees 222,864 180,124 781,520 598,646 Other 3,326 2,574 14,214 13,337 ------------------------------------------------------------------ ------- ------- --------- --------- Total Revenue 491,604 473,957 1,800,430 1,583,064 ------------------------------------------------------------------ ------- ------- --------- --------- Cost of Revenue Disposed merchandise 127,301 145,145 478,179 447,617 Consumer loan loss provision 97,215 80,483 316,294 225,688 ------------------------------------------------------------------ ------- ------- --------- --------- Total Cost of Revenue 224,516 225,628 794,473 673,305 ------------------------------------------------------------------ ------- ------- --------- --------- Net Revenue 267,088 248,329 1,005,957 909,759 ------------------------------------------------------------------ ------- ------- --------- --------- Expenses Operations and administration 199,054 165,655 714,614 611,268 Depreciation and amortization 18,546 14,549 75,428 54,149 ------------------------------------------------------------------ ------- ------- --------- --------- Total Expenses 217,600 180,204 790,042 665,417 ------------------------------------------------------------------ ------- ------- --------- --------- Income from Operations 49,488 68,125 215,915 244,342 Interest expense (8,066) (7,221) (29,131) (25,528) Interest income 65 25 144 81 Foreign currency transaction gain (loss) (241) (207) (313) (1,265) Equity in loss of unconsolidated subsidiary (86) (34) (295) (104) ------------------------------------------------------------------ ------- ------- --------- --------- Income before Income Taxes 41,160 60,688 186,320 217,526 Provision for income taxes 17,169 23,083 84,656 82,360 ------------------------------------------------------------------ ------- ------- --------- --------- Net Income 23,991 37,605 101,664 135,166 Net loss attributable to the noncontrolling interest 489 222 5,806 797 ------------------------------------------------------------------ ------- ------- --------- --------- Net Income Attributable to Cash America International, Inc. $ 24,480 $ 37,827 $ 107,470 $ 135,963 ------------------------------------------------------------------ ---- ------- ---- ------- ---- --------- ---- --------- Earnings Per Share: Net Income attributable to Cash America International, Inc. common shareholders: Basic $ 0.84 $ 1.28 $ 3.64 $ 4.59 Diluted $ 0.79 $ 1.18 $ 3.42 $ 4.25 Weighted average common shares outstanding: Basic 29,262 29,528 29,514 29,602 Diluted 30,884 32,059 31,452 31,991 Dividends declared per common share $ 0.035 $ 0.035 $ 0.140 $ 0.140
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
PAWN LENDING ACTIVITIES - FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables outline certain data related to pawn loan
activities of Cash America International, Inc. (the "Company") as
of and for the three months and years ended December 31, 2012 and
2011 (dollars in thousands).
2012 2011
---------------------------------------------- -----------------------------------------------
Domestic Foreign Total Domestic Foreign Total
--------------- -------------- --------------- --------------- --------------- ---------------
As of December 31,
-------------------------------------------------
Ending pawn loan balances $ 240,573 $ 4,067 $ 244,640 $ 238,399 $ 15,120 $ 253,519
Ending merchandise balance, net $ 161,655 $ 5,754 $ 167,409 $ 151,274 $ 10,610 $ 161,884
Three Months Ended December 31,
-------------------------------------------------
Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ 71,420 $ 4,643 $ 76,063
Average pawn loan balance outstanding $ 240,545 $ 7,775 $ 248,320 $ 231,424 $ 17,561 $ 248,985
Amount of pawn loans written and renewed $ 241,215 $ 8,998 $ 250,213 $ 227,944 $ 37,266 $ 265,210
Annualized yield on pawn loans 127.9% 108.7% 127.3% 122.4% 104.9% 121.2%
Average amount per pawn loan (in ones) $ 133 $ 84 $ 127 $ 134 $ 99 $ 128
Gross profit margin on disposition of merchandise 32.6% 13.5% 31.5% 33.1% 24.8% 32.6%
Merchandise turnover 2.8 4.3 2.9 3.3 4.1 3.4
2012 2011
---------------------------------------------- -----------------------------------------------
Year Ended December 31, Domestic Foreign Total Domestic Foreign Total
------------------------------------------------- --------------- -------------- --------------- --------------- --------------- ---------------
Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ 261,829 $ 20,368 $ 282,197
Average pawn loan balance outstanding $ 225,066 $ 12,055 $ 237,121 $ 205,610 $ 20,037 $ 225,647
Amount of pawn loans written and renewed $ 916,215 $ 60,476 $ 976,691 $ 869,203 $ 118,126 $ 987,329
Annualized yield on pawn loans 128.0% 105.9% 126.9% 127.3% 101.7% 125.1%
Average amount per pawn loan (in ones) $ 131 $ 88 $ 124 $ 127 $ 103 $ 124
Gross profit margin on disposition of merchandise 33.5% 12.0% 32.1% 36.4% 18.6% 35.0%
Merchandise turnover 2.9 3.9 3.0 3.0 5.0 3.1
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES PAWN LENDING ACTIVITIES - FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables outline certain data related to pawn loan activities of Cash America International, Inc. (the "Company") as of and for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). 2012 2011 ---------------------------------------------- ----------------------------------------------- Domestic Foreign Total Domestic Foreign Total --------------- -------------- --------------- --------------- --------------- --------------- As of December 31, ------------------------------------------------- Ending pawn loan balances $ 240,573 $ 4,067 $ 244,640 $ 238,399 $ 15,120 $ 253,519 Ending merchandise balance, net $ 161,655 $ 5,754 $ 167,409 $ 151,274 $ 10,610 $ 161,884 Three Months Ended December 31, ------------------------------------------------- Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ 71,420 $ 4,643 $ 76,063 Average pawn loan balance outstanding $ 240,545 $ 7,775 $ 248,320 $ 231,424 $ 17,561 $ 248,985 Amount of pawn loans written and renewed $ 241,215 $ 8,998 $ 250,213 $ 227,944 $ 37,266 $ 265,210 Annualized yield on pawn loans 127.9% 108.7% 127.3% 122.4% 104.9% 121.2% Average amount per pawn loan (in ones) $ 133 $ 84 $ 127 $ 134 $ 99 $ 128 Gross profit margin on disposition of merchandise 32.6% 13.5% 31.5% 33.1% 24.8% 32.6% Merchandise turnover 2.8 4.3 2.9 3.3 4.1 3.4 2012 2011 ---------------------------------------------- ----------------------------------------------- Year Ended December 31, Domestic Foreign Total Domestic Foreign Total ------------------------------------------------- --------------- -------------- --------------- --------------- --------------- --------------- Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ 261,829 $ 20,368 $ 282,197 Average pawn loan balance outstanding $ 225,066 $ 12,055 $ 237,121 $ 205,610 $ 20,037 $ 225,647 Amount of pawn loans written and renewed $ 916,215 $ 60,476 $ 976,691 $ 869,203 $ 118,126 $ 987,329 Annualized yield on pawn loans 128.0% 105.9% 126.9% 127.3% 101.7% 125.1% Average amount per pawn loan (in ones) $ 131 $ 88 $ 124 $ 127 $ 103 $ 124 Gross profit margin on disposition of merchandise 33.5% 12.0% 32.1% 36.4% 18.6% 35.0% Merchandise turnover 2.9 3.9 3.0 3.0 5.0 3.1
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
MERCHANDISE DISPOSITION, GROSS PROFIT AND INVENTORY OPERATING
DATA
(dollars in thousands)
Profit from the disposition of merchandise represents the proceeds received from the disposition of merchandise in excess of the cost of disposed merchandise, which is the Company's cost basis in the loan or the amount paid for purchased merchandise. The following tables summarize the proceeds from the disposition of merchandise and the related profit for the three months and years ended December 31, 2012 and 2011 (dollars in thousands).
View data
Three Months Ended December 31,
----------------------------------------------------------------------------------------
2012 2011
------------------------------------------- --------------------------------------------
Retail Commercial Total Retail Commercial Total
-------------- --------------- ------------ -------------- ---------------- ------------
Proceeds from disposition $ 113,964 $ 71,971 $ 185,935 $ 105,423 $ 109,773 $ 215,196
Gross profit on disposition $ 40,625 $ 18,009 $ 58,634 $ 37,712 $ 32,339 $ 70,051
Gross profit margin 35.6 % 25.0 % 31.5 % 35.8 % 29.5 % 32.6 %
Percentage of total gross profit 69.3 % 30.7 % 100.0 % 53.8 % 46.2 % 100.0 %
Three Months Ended December 31, ---------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------- -------------------------------------------- Retail Commercial Total Retail Commercial Total -------------- --------------- ------------ -------------- ---------------- ------------ Proceeds from disposition $ 113,964 $ 71,971 $ 185,935 $ 105,423 $ 109,773 $ 215,196 Gross profit on disposition $ 40,625 $ 18,009 $ 58,634 $ 37,712 $ 32,339 $ 70,051 Gross profit margin 35.6 % 25.0 % 31.5 % 35.8 % 29.5 % 32.6 % Percentage of total gross profit 69.3 % 30.7 % 100.0 % 53.8 % 46.2 % 100.0 %
View data
Year Ended December 31,
-----------------------------------------------------------------------------------------
2012 2011
-------------------------------------------- --------------------------------------------
Retail Commercial Total Retail Commercial Total
-------------- ---------------- ------------ -------------- ---------------- ------------
Proceeds from disposition $ 391,566 $ 312,201 $ 703,767 $ 358,695 $ 330,189 $ 688,884
Gross profit on disposition $ 144,095 $ 81,493 $ 225,588 $ 137,620 $ 103,647 $ 241,267
Gross profit margin 36.8 % 26.1 % 32.1 % 38.4 % 31.4 % 35.0 %
Percentage of total gross profit 63.9 % 36.1 % 100.0 % 57.0 % 43.0 % 100.0 %
Year Ended December 31, ----------------------------------------------------------------------------------------- 2012 2011 -------------------------------------------- -------------------------------------------- Retail Commercial Total Retail Commercial Total -------------- ---------------- ------------ -------------- ---------------- ------------ Proceeds from disposition $ 391,566 $ 312,201 $ 703,767 $ 358,695 $ 330,189 $ 688,884 Gross profit on disposition $ 144,095 $ 81,493 $ 225,588 $ 137,620 $ 103,647 $ 241,267 Gross profit margin 36.8 % 26.1 % 32.1 % 38.4 % 31.4 % 35.0 % Percentage of total gross profit 63.9 % 36.1 % 100.0 % 57.0 % 43.0 % 100.0 %
The table below summarizes the age of merchandise held for disposition before valuation allowance of $0.8 million and $0.7 million as of December 31, 2012 and 2011 (dollars in thousands).
View data
As of December 31,
----------------------------------------
2012 2011
------------------- -------------------
Amount % Amount %
------------ ----- ------------ -----
Jewelry - held for one year or less $ 99,489 59.0 $ 99,683 61.3
Other merchandise - held for one year or less 60,344 35.8 56,483 34.8
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for one year or less 159,833 94.8 156,166 96.1
------------------------------------------------------------ ------- ----- ------- -----
Jewelry - held for more than one year 3,283 1.9 2,626 1.6
Other merchandise - held for more than one year 5,597 3.3 3,792 2.3
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for more than one year 8,880 5.2 6,418 3.9
------------------------------------------------------------ ------- ----- ------- -----
Total merchandise held for disposition $ 168,713 100.0 $ 162,584 100.0
------------------------------------------------------------ --- ------- ----- --- ------- -----
As of December 31, ---------------------------------------- 2012 2011 ------------------- ------------------- Amount % Amount % ------------ ----- ------------ ----- Jewelry - held for one year or less $ 99,489 59.0 $ 99,683 61.3 Other merchandise - held for one year or less 60,344 35.8 56,483 34.8 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for one year or less 159,833 94.8 156,166 96.1 ------------------------------------------------------------ ------- ----- ------- ----- Jewelry - held for more than one year 3,283 1.9 2,626 1.6 Other merchandise - held for more than one year 5,597 3.3 3,792 2.3 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for more than one year 8,880 5.2 6,418 3.9 ------------------------------------------------------------ ------- ----- ------- ----- Total merchandise held for disposition $ 168,713 100.0 $ 162,584 100.0 ------------------------------------------------------------ --- ------- ----- --- ------- -----
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables set forth consumer loan fees by segment,
adjusted for the deduction of the loan loss provision for the
three months and years ended December 31, 2012 and 2011 (dollars
in thousands).
Three Months Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Retail Services E-Commerce Total Retail Services E-Commerce Total
---------------- ---------------- -------------- ---------------- ---------------- --------------
Interest and fees on short-term loans $ 28,803 $ 120,539 $ 149,342 $ 30,570 $ 117,449 $ 148,019
Interest and fees on line of credit - 27,558 27,558 - 9,797 9,797
Interest and fees on installment loans 3,693 42,271 45,964 2,790 19,518 22,308
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees $ 32,496 $ 190,368 $ 222,864 $ 33,360 $ 146,764 $ 180,124
Consumer loan loss provision 10,095 87,120 97,215 8,549 71,934 80,483
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees, net of loss provision $ 22,401 $ 103,248 $ 125,649 $ 24,811 $ 74,830 $ 99,641
--------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- -------
Year-over-year change - $ $ (2,410) $ 28,418 $ 26,008 $ (1,120) $ 21,419 $ 20,299
Year-over-year change - % (9.7) % 38.0 % 26.1 % (4.3) % 40.1 % 25.6 %
Consumer loan loss provision as a % of 31.1 % 45.8 % 43.6 % 25.6 % 49.0 % 44.7 %
consumer loan fees
--------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
Year Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Retail Services E-Commerce Total Retail Services E-Commerce Total
---------------- ---------------- -------------- ---------------- ---------------- --------------
Interest and fees on short-term loans $ 109,972 $ 459,793 $ 569,765 $ 110,071 $ 400,810 $ 510,881
Interest and fees on line of credit - 73,572 73,572 - 30,590 30,590
Interest and fees on installment loans 11,920 126,263 138,183 9,121 48,054 57,175
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees $ 121,892 $ 659,628 $ 781,520 $ 119,192 $ 479,454 $ 598,646
Consumer loan loss provision 29,225 287,069 316,294 24,001 201,687 225,688
--------------------------------------------------------- ------- ------- ------- ------- ------- -------
Consumer loan fees, net of loss provision $ 92,667 $ 372,559 $ 465,226 $ 95,191 $ 277,767 $ 372,958
--------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- -------
Year-over-year change - $ $ (2,524) $ 94,792 $ 92,268 $ (1,345) $ 65,745 $ 64,400
Year-over-year change - % (2.7) % 34.1 % 24.7 % (1.4) % 31.0 % 20.9 %
Consumer loan loss provision as a % of consumer loan fees 24.0 % 43.5 % 40.5 % 20.1 % 42.1 % 37.7 %
--------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables set forth consumer loan fees by segment, adjusted for the deduction of the loan loss provision for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). Three Months Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Retail Services E-Commerce Total Retail Services E-Commerce Total ---------------- ---------------- -------------- ---------------- ---------------- -------------- Interest and fees on short-term loans $ 28,803 $ 120,539 $ 149,342 $ 30,570 $ 117,449 $ 148,019 Interest and fees on line of credit - 27,558 27,558 - 9,797 9,797 Interest and fees on installment loans 3,693 42,271 45,964 2,790 19,518 22,308 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees $ 32,496 $ 190,368 $ 222,864 $ 33,360 $ 146,764 $ 180,124 Consumer loan loss provision 10,095 87,120 97,215 8,549 71,934 80,483 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees, net of loss provision $ 22,401 $ 103,248 $ 125,649 $ 24,811 $ 74,830 $ 99,641 --------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- ------- Year-over-year change - $ $ (2,410) $ 28,418 $ 26,008 $ (1,120) $ 21,419 $ 20,299 Year-over-year change - % (9.7) % 38.0 % 26.1 % (4.3) % 40.1 % 25.6 % Consumer loan loss provision as a % of 31.1 % 45.8 % 43.6 % 25.6 % 49.0 % 44.7 % consumer loan fees --------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- -- Year Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Retail Services E-Commerce Total Retail Services E-Commerce Total ---------------- ---------------- -------------- ---------------- ---------------- -------------- Interest and fees on short-term loans $ 109,972 $ 459,793 $ 569,765 $ 110,071 $ 400,810 $ 510,881 Interest and fees on line of credit - 73,572 73,572 - 30,590 30,590 Interest and fees on installment loans 11,920 126,263 138,183 9,121 48,054 57,175 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees $ 121,892 $ 659,628 $ 781,520 $ 119,192 $ 479,454 $ 598,646 Consumer loan loss provision 29,225 287,069 316,294 24,001 201,687 225,688 --------------------------------------------------------- ------- ------- ------- ------- ------- ------- Consumer loan fees, net of loss provision $ 92,667 $ 372,559 $ 465,226 $ 95,191 $ 277,767 $ 372,958 --------------------------------------------------------- ----- ------- --- ------- -- ------- ----- ------- --- ------- -- ------- Year-over-year change - $ $ (2,524) $ 94,792 $ 92,268 $ (1,345) $ 65,745 $ 64,400 Year-over-year change - % (2.7) % 34.1 % 24.7 % (1.4) % 31.0 % 20.9 % Consumer loan loss provision as a % of consumer loan fees 24.0 % 43.5 % 40.5 % 20.1 % 42.1 % 37.7 % --------------------------------------------------------- ------- - ------- --- ------- -- ------- - ------- --- ------- --
In addition to reporting consumer loans owned by the Company and consumer loans guaranteed by the Company, which are either generally accepted accounting principles ("GAAP") items or disclosures required by GAAP, the Company has provided combined consumer loans, which is a non-GAAP measure. In addition, the Company has reported consumer loans written and renewed, which is statistical data that is not included in the Company's financial statements. The Company also reports allowances and liabilities for estimated losses on consumer loans and on a combined basis, which are GAAP measures that are included in the Company's financial statements.
Management believes these measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the consumer loan portfolio on an aggregate basis. The comparison of the aggregate amounts from period to period is more meaningful than comparing only the residual amount on the Company's balance sheet since both revenue and the loss provision for loans are impacted by the aggregate amount of loans owned by the Company and those guaranteed by the Company as reflected in its financial statements.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables summarize selected data related to the
Company's consumer loan activities as of and for the three months
and years ended December 31, 2012 and 2011.
Three Months Ended Year Ended
December 31, December 31,
------------------- ------------------------------------------------------
2012 2011 2012 2011
------- --------- ----- ---------------------------------------------
Combined consumer loan loss provision as a % of combined consumer 10.4% 9.2% 9.3% 7.4%
loans written and renewed(a)
Charge-offs (net of recoveries) as a % of combined consumer loans 9.7% 7.4% 8.6% 6.6%
written and renewed(a)
Combined consumer loan loss provision as a % of consumer loan fees 43.6% 44.7% 40.5% 37.7%
-------------------------------------------------------------- ----- --------- ----- ---------------------------------------------
(a) The disclosure regarding the amount and number of
consumer loans written and renewed is
statistical
data that is not included in the Company's financial statements.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables summarize selected data related to the Company's consumer loan activities as of and for the three months and years ended December 31, 2012 and 2011. Three Months Ended Year Ended December 31, December 31, ------------------- ------------------------------------------------------ 2012 2011 2012 2011 ------- --------- ----- --------------------------------------------- Combined consumer loan loss provision as a % of combined consumer 10.4% 9.2% 9.3% 7.4% loans written and renewed(a) Charge-offs (net of recoveries) as a % of combined consumer loans 9.7% 7.4% 8.6% 6.6% written and renewed(a) Combined consumer loan loss provision as a % of consumer loan fees 43.6% 44.7% 40.5% 37.7% -------------------------------------------------------------- ----- --------- ----- --------------------------------------------- (a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements.
View data
As of December 31,
-------------------------------------------------------------------------------------------
2012 2011
--------------------------------------------- ---------------------------------------------
Company Guaranteed Combined(b) Company Guaranteed Combined(b)
Owned(a) by the Owned(a) by the
Company(a) Company(a)
------------ ------------ ------------- ------------ ------------ -------------
Ending consumer loan balances:
Retail Services
-------------------------------------------------------------------
Short-term loans $ 52,171 $ 7,134 $ 59,305 $ 53,601 $ 9,237 $ 62,838
Installment loans 11,246 9,395 20,641 9,262 7,425 16,687
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Retail Services, gross 63,417 16,529 79,946 62,863 16,662 79,525
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
E-Commerce
-------------------------------------------------------------------
Domestic
Short-term loans 38,227 44,261 82,488 39,232 39,341 78,573
Line of credit 42,700 - 42,700 21,648 - 21,648
Installment loans 45,996 - 45,996 24,582 - 24,582
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Domestic, gross 126,923 44,261 171,184 85,462 39,341 124,803
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Foreign
Short-term loans 108,899 3,946 112,845 101,723 3,420 105,143
Installment loans 75,882 - 75,882 35,802 - 35,802
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total Foreign, gross 184,781 3,946 188,727 137,525 3,420 140,945
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total E-Commerce, gross 311,704 48,207 359,911 222,987 42,761 265,748
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total ending loan balance, gross 375,121 64,736 439,857 285,850 59,423 345,273
Less: Allowance and liabilities for losses (85,703) (3,498) (89,201) (63,072) (3,062) (66,134)
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
Total ending loan balance, net $ 289,418 $ 61,238 $ 350,656 $ 222,778 $ 56,361 $ 279,139
------------------------------------------------------------------- ---- -------- ----- ------- ----- -------- ---- -------- ----- ------- ----- --------
Allowance and liability for losses as a % of combined consumer loan 22.8% 5.4% 20.3% 22.1% 5.2% 19.2%
balances, gross(b)
------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
As of December 31, ------------------------------------------------------------------------------------------- 2012 2011 --------------------------------------------- --------------------------------------------- Company Guaranteed Combined(b) Company Guaranteed Combined(b) Owned(a) by the Owned(a) by the Company(a) Company(a) ------------ ------------ ------------- ------------ ------------ ------------- Ending consumer loan balances: Retail Services ------------------------------------------------------------------- Short-term loans $ 52,171 $ 7,134 $ 59,305 $ 53,601 $ 9,237 $ 62,838 Installment loans 11,246 9,395 20,641 9,262 7,425 16,687 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Retail Services, gross 63,417 16,529 79,946 62,863 16,662 79,525 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- E-Commerce ------------------------------------------------------------------- Domestic Short-term loans 38,227 44,261 82,488 39,232 39,341 78,573 Line of credit 42,700 - 42,700 21,648 - 21,648 Installment loans 45,996 - 45,996 24,582 - 24,582 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Domestic, gross 126,923 44,261 171,184 85,462 39,341 124,803 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Foreign Short-term loans 108,899 3,946 112,845 101,723 3,420 105,143 Installment loans 75,882 - 75,882 35,802 - 35,802 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total Foreign, gross 184,781 3,946 188,727 137,525 3,420 140,945 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total E-Commerce, gross 311,704 48,207 359,911 222,987 42,761 265,748 ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total ending loan balance, gross 375,121 64,736 439,857 285,850 59,423 345,273 Less: Allowance and liabilities for losses (85,703) (3,498) (89,201) (63,072) (3,062) (66,134) ------------------------------------------------------------------- -------- ------- -------- -------- ------- -------- Total ending loan balance, net $ 289,418 $ 61,238 $ 350,656 $ 222,778 $ 56,361 $ 279,139 ------------------------------------------------------------------- ---- -------- ----- ------- ----- -------- ---- -------- ----- ------- ----- -------- Allowance and liability for losses as a % of combined consumer loan 22.8% 5.4% 20.3% 22.1% 5.2% 19.2% balances, gross(b) ------------------------------------------------------------------- -------- ------- -------- -------- ------- --------
View data
(a) GAAP measure. The consumer loan balances guaranteed by the Company
represent loans originated by third-party lenders through the
Company's credit services organization programs (the "CSO
programs"), so these balances are not recorded in the Company's
financial statements. However, the Company has established a
liability for estimated losses in support of its guarantee of these
loans, which is reflected in the table above and included in its
financial statements.
(b) Except for allowance and liability for estimated losses, amounts
represent non-GAAP measures.
(a) GAAP measure. The consumer loan balances guaranteed by the Company represent loans originated by third-party lenders through the Company's credit services organization programs (the "CSO programs"), so these balances are not recorded in the Company's financial statements. However, the Company has established a liability for estimated losses in support of its guarantee of these loans, which is reflected in the table above and included in its financial statements. (b) Except for allowance and liability for estimated losses, amounts represent non-GAAP measures.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
The following tables summarize the consumer loans written and
renewed for the three months and years ended December 31, 2012 and
2011 (dollars in thousands).
Three Months Ended December 31,
-------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------ ------------------------------------------------
Company Guaranteed Combined(a) Company Guaranteed Combined(a)
Owned(a) by the Owned(a) by the
Company(a)(b) Company(a)(b)
------------- ------------- -------------- ------------- ------------- --------------
Amount of consumer loans written
and renewed:
Retail Services
--------------------------------------------------
Short-term loans $ 198,645 $ 36,216 $ 234,861 $ 202,782 $ 46,079 $ 248,861
Installment loans 2,033 7,289 9,322 1,676 5,588 7,264
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Retail Services 200,678 43,505 244,183 204,458 51,667 256,125
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
E-Commerce
--------------------------------------------------
Domestic
Short-term loans 83,447 206,169 289,616 97,552 189,585 287,137
Line of credit 33,681 - 33,681 20,029 - 20,029
Installment loans 32,244 - 32,244 14,270 - 14,270
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Domestic 149,372 206,169 355,541 131,851 189,585 321,436
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Foreign
Short-term loans 271,652 19,868 291,520 252,334 16,441 268,775
Installment loans 41,319 - 41,319 24,510 - 24,510
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Foreign 312,971 19,868 332,839 276,844 16,441 293,285
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total E-Commerce 462,343 226,037 688,380 408,695 206,026 614,721
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total amount of consumer loans written and renewed $ 663,021 $ 269,542 $ 932,563 $ 613,153 $ 257,693 $ 870,846
-------------------------------------------------- ---- --------- ------ ------- ----- --------- ---- --------- ------ ------- ----- ---------
Number of consumer loans written
and renewed:
Retail Services
--------------------------------------------------
Short-term loans 414,714 68,508 483,222 430,692 82,935 513,627
Installment loans 1,836 1,339 3,175 1,757 824 2,581
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Retail Services 416,550 69,847 486,397 432,449 83,759 516,208
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
E-Commerce
--------------------------------------------------
Domestic
Short-term loans 277,756 279,905 557,661 288,098 265,007 553,105
Line of credit 126,292 - 126,292 72,157 - 72,157
Installment loans 30,017 - 30,017 11,521 - 11,521
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Domestic 434,065 279,905 713,970 371,776 265,007 636,783
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Foreign
Short-term loans 455,579 25,985 481,564 465,473 23,557 489,030
Installment loans 34,711 - 34,711 21,382 - 21,382
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total Foreign 490,290 25,985 516,275 486,855 23,557 510,412
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total E-Commerce 924,355 305,890 1,230,245 858,631 288,564 1,147,195
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
Total number of consumer loans written and renewed 1,340,905 375,737 1,716,642 1,291,080 372,323 1,663,403
-------------------------------------------------- --------- ------- --------- --------- ------- ---------
(a)The disclosure regarding the amount and
number of consumer loans written and renewed is statistical data
that is
not included in the Company's financial
statements.
(b)Loans guaranteed by the Company
represent loans originated by third-party lenders through the CSO
programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) The following tables summarize the consumer loans written and renewed for the three months and years ended December 31, 2012 and 2011 (dollars in thousands). Three Months Ended December 31, ------------------------------------------------------------------------------------------------- 2012 2011 ------------------------------------------------ ------------------------------------------------ Company Guaranteed Combined(a) Company Guaranteed Combined(a) Owned(a) by the Owned(a) by the Company(a)(b) Company(a)(b) ------------- ------------- -------------- ------------- ------------- -------------- Amount of consumer loans written and renewed: Retail Services -------------------------------------------------- Short-term loans $ 198,645 $ 36,216 $ 234,861 $ 202,782 $ 46,079 $ 248,861 Installment loans 2,033 7,289 9,322 1,676 5,588 7,264 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Retail Services 200,678 43,505 244,183 204,458 51,667 256,125 -------------------------------------------------- --------- ------- --------- --------- ------- --------- E-Commerce -------------------------------------------------- Domestic Short-term loans 83,447 206,169 289,616 97,552 189,585 287,137 Line of credit 33,681 - 33,681 20,029 - 20,029 Installment loans 32,244 - 32,244 14,270 - 14,270 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Domestic 149,372 206,169 355,541 131,851 189,585 321,436 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Foreign Short-term loans 271,652 19,868 291,520 252,334 16,441 268,775 Installment loans 41,319 - 41,319 24,510 - 24,510 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Foreign 312,971 19,868 332,839 276,844 16,441 293,285 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total E-Commerce 462,343 226,037 688,380 408,695 206,026 614,721 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total amount of consumer loans written and renewed $ 663,021 $ 269,542 $ 932,563 $ 613,153 $ 257,693 $ 870,846 -------------------------------------------------- ---- --------- ------ ------- ----- --------- ---- --------- ------ ------- ----- --------- Number of consumer loans written and renewed: Retail Services -------------------------------------------------- Short-term loans 414,714 68,508 483,222 430,692 82,935 513,627 Installment loans 1,836 1,339 3,175 1,757 824 2,581 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Retail Services 416,550 69,847 486,397 432,449 83,759 516,208 -------------------------------------------------- --------- ------- --------- --------- ------- --------- E-Commerce -------------------------------------------------- Domestic Short-term loans 277,756 279,905 557,661 288,098 265,007 553,105 Line of credit 126,292 - 126,292 72,157 - 72,157 Installment loans 30,017 - 30,017 11,521 - 11,521 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Domestic 434,065 279,905 713,970 371,776 265,007 636,783 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Foreign Short-term loans 455,579 25,985 481,564 465,473 23,557 489,030 Installment loans 34,711 - 34,711 21,382 - 21,382 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total Foreign 490,290 25,985 516,275 486,855 23,557 510,412 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total E-Commerce 924,355 305,890 1,230,245 858,631 288,564 1,147,195 -------------------------------------------------- --------- ------- --------- --------- ------- --------- Total number of consumer loans written and renewed 1,340,905 375,737 1,716,642 1,291,080 372,323 1,663,403 -------------------------------------------------- --------- ------- --------- --------- ------- --------- (a)The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements. (b)Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)
Year Ended December 31,
-----------------------------------------------------------------------------------------------------
2012 2011
-------------------------------------------------- --------------------------------------------------
Company Guaranteed Combined(a) Company Guaranteed Combined(a)
Owned(a) by the Owned(a) by the
Company(a)(b) Company(a)(b)
------------- --------------- -------------- ------------- --------------- --------------
Amount of consumer loans written
and renewed:
Retail Services
------------------------------------------------
Short-term loans $ 743,575 $ 145,221 $ 888,796 $ 736,964 $ 174,510 $ 911,474
Installment loans 7,723 17,902 25,625 8,256 15,781 24,037
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Retail Services 751,298 163,123 914,421 745,220 190,291 935,511
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
E-Commerce
------------------------------------------------
Domestic
Short-term loans 331,754 747,533 1,079,287 376,041 681,009 1,057,050
Line of credit 116,360 - 116,360 57,012 - 57,012
Installment loans 89,598 - 89,598 42,532 - 42,532
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Domestic 537,712 747,533 1,285,245 475,585 681,009 1,156,594
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Foreign
Short-term loans 1,010,334 72,592 1,082,926 820,841 56,917 877,758
Installment loans 133,109 - 133,109 61,307 - 61,307
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Foreign 1,143,443 72,592 1,216,035 882,148 56,917 939,065
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total E-Commerce 1,681,155 820,125 2,501,280 1,357,733 737,926 2,095,659
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total amount of consumer loans written and renewed $ 2,432,453 $ 983,248 $ 3,415,701 $ 2,102,953 $ 928,217 $ 3,031,170
------------------------------------------------ ---- --------- ------ --------- ----- --------- ---- --------- ------ --------- ----- ---------
Number of consumer loans written
and renewed:
Retail Services
------------------------------------------------
Short-term loans 1,574,163 269,144 1,843,307 1,586,551 309,003 1,895,554
Installment loans 7,088 2,845 9,933 6,858 2,863 9,721
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Retail Services 1,581,251 271,989 1,853,240 1,593,409 311,866 1,905,275
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
E-Commerce
------------------------------------------------
Domestic
Short-term loans 1,062,105 1,021,057 2,083,162 1,115,549 958,821 2,074,370
Line of credit 417,171 - 417,171 201,934 - 201,934
Installment loans 87,272 - 87,272 36,151 - 36,151
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Domestic 1,566,548 1,021,057 2,587,605 1,353,634 958,821 2,312,455
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Foreign
Short-term loans 1,815,420 95,630 1,911,050 1,543,453 84,897 1,628,350
Installment loans 115,250 - 115,250 53,567 - 53,567
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total Foreign 1,930,670 95,630 2,026,300 1,597,020 84,897 1,681,917
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total E-Commerce 3,497,218 1,116,687 4,613,905 2,950,654 1,043,718 3,994,372
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Total number of consumer loans written and renewed 5,078,469 1,388,676 6,467,145 4,544,063 1,355,584 5,899,647
------------------------------------------------ --------- --------- --------- --------- --------- ---------
(a) The disclosure regarding the amount and number of
consumer loans written and renewed is statistical data that
is
not included in the Company's financial statements.
(b) Loans guaranteed by the Company represent loans
originated by third-party lenders through the CSO programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES CONSUMER LOAN FINANCIAL AND OPERATING DATA (dollars in thousands, except where otherwise noted) Year Ended December 31, ----------------------------------------------------------------------------------------------------- 2012 2011 -------------------------------------------------- -------------------------------------------------- Company Guaranteed Combined(a) Company Guaranteed Combined(a) Owned(a) by the Owned(a) by the Company(a)(b) Company(a)(b) ------------- --------------- -------------- ------------- --------------- -------------- Amount of consumer loans written and renewed: Retail Services ------------------------------------------------ Short-term loans $ 743,575 $ 145,221 $ 888,796 $ 736,964 $ 174,510 $ 911,474 Installment loans 7,723 17,902 25,625 8,256 15,781 24,037 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Retail Services 751,298 163,123 914,421 745,220 190,291 935,511 --------------------------------------------------- --------- --------- --------- --------- --------- --------- E-Commerce ------------------------------------------------ Domestic Short-term loans 331,754 747,533 1,079,287 376,041 681,009 1,057,050 Line of credit 116,360 - 116,360 57,012 - 57,012 Installment loans 89,598 - 89,598 42,532 - 42,532 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Domestic 537,712 747,533 1,285,245 475,585 681,009 1,156,594 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Foreign Short-term loans 1,010,334 72,592 1,082,926 820,841 56,917 877,758 Installment loans 133,109 - 133,109 61,307 - 61,307 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Foreign 1,143,443 72,592 1,216,035 882,148 56,917 939,065 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total E-Commerce 1,681,155 820,125 2,501,280 1,357,733 737,926 2,095,659 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total amount of consumer loans written and renewed $ 2,432,453 $ 983,248 $ 3,415,701 $ 2,102,953 $ 928,217 $ 3,031,170 ------------------------------------------------ ---- --------- ------ --------- ----- --------- ---- --------- ------ --------- ----- --------- Number of consumer loans written and renewed: Retail Services ------------------------------------------------ Short-term loans 1,574,163 269,144 1,843,307 1,586,551 309,003 1,895,554 Installment loans 7,088 2,845 9,933 6,858 2,863 9,721 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Retail Services 1,581,251 271,989 1,853,240 1,593,409 311,866 1,905,275 --------------------------------------------------- --------- --------- --------- --------- --------- --------- E-Commerce ------------------------------------------------ Domestic Short-term loans 1,062,105 1,021,057 2,083,162 1,115,549 958,821 2,074,370 Line of credit 417,171 - 417,171 201,934 - 201,934 Installment loans 87,272 - 87,272 36,151 - 36,151 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Domestic 1,566,548 1,021,057 2,587,605 1,353,634 958,821 2,312,455 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Foreign Short-term loans 1,815,420 95,630 1,911,050 1,543,453 84,897 1,628,350 Installment loans 115,250 - 115,250 53,567 - 53,567 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total Foreign 1,930,670 95,630 2,026,300 1,597,020 84,897 1,681,917 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total E-Commerce 3,497,218 1,116,687 4,613,905 2,950,654 1,043,718 3,994,372 --------------------------------------------------- --------- --------- --------- --------- --------- --------- Total number of consumer loans written and renewed 5,078,469 1,388,676 6,467,145 4,544,063 1,355,584 5,899,647 ------------------------------------------------ --------- --------- --------- --------- --------- --------- (a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company's financial statements. (b) Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
(dollars in thousands)
The following tables contain operating segment data for the three months and years ended December 31, 2012 and 2011 (dollars in thousands).
Corporate operations primarily include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems (except for online lending systems, which are included in the e-commerce segment). Corporate income includes miscellaneous income not directly attributable to the Company's segments. Corporate assets primarily include: corporate property and equipment, nonqualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.
View data
Retail Services E-Commerce
------------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------- ------------- ------------- ------------ ----------- -------------- -----------------
Three Months Ended December 31, 2012
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ - $ - $ - $ - $ 79,479
Proceeds from disposition of merchandise 175,546 10,389 185,935 - - - - 185,935
Consumer loan fees 32,496 - 32,496 100,484 89,884 190,368 - 222,864
Other 1,943 697 2,640 499 14 513 173 3,326
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total revenue 287,339 13,211 300,550 100,983 89,898 190,881 173 491,604
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 118,311 8,990 127,301 - - - - 127,301
Consumer loan loss provision 10,095 - 10,095 47,532 39,588 87,120 - 97,215
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 128,406 8,990 137,396 47,532 39,588 87,120 - 224,516
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Net revenue 158,933 4,221 163,154 53,451 50,310 103,761 173 267,088
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 104,837 14,066 118,903 33,216 32,604 65,820 14,331 199,054
Depreciation and amortization 8,524 2,121 10,645 3,611 380 3,991 3,910 18,546
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total expenses 113,361 16,187 129,548 36,827 32,984 69,811 18,241 217,600
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 45,572 $ (11,966) $ 33,606 $ 16,624 $ 17,326 $ 33,950 $ (18,068) $ 49,488
------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
As of December 31, 2012
------------------------------------------
Total assets $ 1,031,431 $ 85,607 $ 1,117,038 $ 391,068 $ 179,554 $ 570,622 $ 130,598 $ 1,818,258
Goodwill $ 397,845 $ 210,371 $ 608,216
Retail Services E-Commerce ------------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------- ------------- ------------- ------------ ----------- -------------- ----------------- Three Months Ended December 31, 2012 -------------------------------------------- Revenue Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ - $ - $ - $ - $ 79,479 Proceeds from disposition of merchandise 175,546 10,389 185,935 - - - - 185,935 Consumer loan fees 32,496 - 32,496 100,484 89,884 190,368 - 222,864 Other 1,943 697 2,640 499 14 513 173 3,326 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total revenue 287,339 13,211 300,550 100,983 89,898 190,881 173 491,604 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 118,311 8,990 127,301 - - - - 127,301 Consumer loan loss provision 10,095 - 10,095 47,532 39,588 87,120 - 97,215 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total cost of revenue 128,406 8,990 137,396 47,532 39,588 87,120 - 224,516 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Net revenue 158,933 4,221 163,154 53,451 50,310 103,761 173 267,088 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 104,837 14,066 118,903 33,216 32,604 65,820 14,331 199,054 Depreciation and amortization 8,524 2,121 10,645 3,611 380 3,991 3,910 18,546 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total expenses 113,361 16,187 129,548 36,827 32,984 69,811 18,241 217,600 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 45,572 $ (11,966) $ 33,606 $ 16,624 $ 17,326 $ 33,950 $ (18,068) $ 49,488 ------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ --------- As of December 31, 2012 ------------------------------------------ Total assets $ 1,031,431 $ 85,607 $ 1,117,038 $ 391,068 $ 179,554 $ 570,622 $ 130,598 $ 1,818,258 Goodwill $ 397,845 $ 210,371 $ 608,216
View data
Retail Services E-Commerce
---------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
------------- ------------ ------------- ------------- ------------ ----------- -------------- -----------------
Three Months Ended December 31, 2011
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 71,420 $ 4,643 $ 76,063 $ - $ - $ - $ - $ 76,063
Proceeds from disposition of merchandise 200,953 14,243 215,196 - - - - 215,196
Consumer loan fees 33,360 - 33,360 72,909 73,855 146,764 - 180,124
Other 2,402 253 2,655 201 (545) (344) 263 2,574
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total revenue 308,135 19,139 327,274 73,110 73,310 146,420 263 473,957
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 134,440 10,705 145,145 - - - - 145,145
Consumer loan loss provision 8,549 - 8,549 31,401 40,533 71,934 - 80,483
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 142,989 10,705 153,694 31,401 40,533 71,934 - 225,628
------- ------- --------- ------- ------- ------- -------- ---------
Net revenue 165,146 8,434 173,580 41,709 32,777 74,486 263 248,329
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 89,495 8,269 97,764 26,095 25,545 51,640 16,251 165,655
Depreciation and amortization 6,806 1,412 8,218 2,457 232 2,689 3,642 14,549
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Total expenses 96,301 9,681 105,982 28,552 25,777 54,329 19,893 180,204
-------------------------------------------- ------- ------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 68,845 $ (1,247) $ 67,598 $ 13,157 $ 7,000 $ 20,157 $ (19,630) $ 68,125
------------------------------------------------ ------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
As of December 31, 2011
------------------------------------------
Total assets $ 941,801 $ 117,470 $ 1,059,271 $ 352,244 $ 135,774 $ 488,018 $ 126,960 $ 1,674,249
Goodwill $ 352,439 $ 210,282 $ 562,721
Retail Services E-Commerce ---------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated ------------- ------------ ------------- ------------- ------------ ----------- -------------- ----------------- Three Months Ended December 31, 2011 -------------------------------------------- Revenue Pawn loan fees and service charges $ 71,420 $ 4,643 $ 76,063 $ - $ - $ - $ - $ 76,063 Proceeds from disposition of merchandise 200,953 14,243 215,196 - - - - 215,196 Consumer loan fees 33,360 - 33,360 72,909 73,855 146,764 - 180,124 Other 2,402 253 2,655 201 (545) (344) 263 2,574 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total revenue 308,135 19,139 327,274 73,110 73,310 146,420 263 473,957 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 134,440 10,705 145,145 - - - - 145,145 Consumer loan loss provision 8,549 - 8,549 31,401 40,533 71,934 - 80,483 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total cost of revenue 142,989 10,705 153,694 31,401 40,533 71,934 - 225,628 ------- ------- --------- ------- ------- ------- -------- --------- Net revenue 165,146 8,434 173,580 41,709 32,777 74,486 263 248,329 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 89,495 8,269 97,764 26,095 25,545 51,640 16,251 165,655 Depreciation and amortization 6,806 1,412 8,218 2,457 232 2,689 3,642 14,549 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Total expenses 96,301 9,681 105,982 28,552 25,777 54,329 19,893 180,204 -------------------------------------------- ------- ------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 68,845 $ (1,247) $ 67,598 $ 13,157 $ 7,000 $ 20,157 $ (19,630) $ 68,125 ------------------------------------------------ ------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ --------- As of December 31, 2011 ------------------------------------------ Total assets $ 941,801 $ 117,470 $ 1,059,271 $ 352,244 $ 135,774 $ 488,018 $ 126,960 $ 1,674,249 Goodwill $ 352,439 $ 210,282 $ 562,721
View data
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
(dollars in thousands)
Retail Services E-Commerce
------------------------------------------- --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------- ------------- ------------- ------------ ----------- -------------- -----------------
Year Ended December 31, 2012
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ - $ - $ - $ - $ 300,929
Proceeds from disposition of merchandise 657,104 46,663 703,767 - - - - 703,767
Consumer loan fees 121,892 - 121,892 332,752 326,876 659,628 - 781,520
Other 9,028 1,209 10,237 1,326 33 1,359 2,618 14,214
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total revenue 1,076,185 60,640 1,136,825 334,078 326,909 660,987 2,618 1,800,430
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 437,099 41,080 478,179 - - - - 478,179
Consumer loan loss provision 29,225 - 29,225 143,006 144,063 287,069 - 316,294
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 466,324 41,080 507,404 143,006 144,063 287,069 - 794,473
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Net revenue 609,861 19,560 629,421 191,072 182,846 373,918 2,618 1,005,957
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 369,174 44,287 413,461 116,202 118,156 234,358 66,795 714,614
Depreciation and amortization 30,978 16,634 47,612 11,987 1,285 13,272 14,544 75,428
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Total expenses 400,152 60,921 461,073 128,189 119,441 247,630 81,339 790,042
-------------------------------------------- --------- -------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 209,709 $ (41,361) $ 168,348 $ 62,883 $ 63,405 $ 126,288 $ (78,721) $ 215,915
------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES INCOME FROM OPERATIONS BY OPERATING SEGMENT (dollars in thousands) Retail Services E-Commerce ------------------------------------------- -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------- ------------- ------------- ------------ ----------- -------------- ----------------- Year Ended December 31, 2012 -------------------------------------------- Revenue Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ - $ - $ - $ - $ 300,929 Proceeds from disposition of merchandise 657,104 46,663 703,767 - - - - 703,767 Consumer loan fees 121,892 - 121,892 332,752 326,876 659,628 - 781,520 Other 9,028 1,209 10,237 1,326 33 1,359 2,618 14,214 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total revenue 1,076,185 60,640 1,136,825 334,078 326,909 660,987 2,618 1,800,430 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 437,099 41,080 478,179 - - - - 478,179 Consumer loan loss provision 29,225 - 29,225 143,006 144,063 287,069 - 316,294 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total cost of revenue 466,324 41,080 507,404 143,006 144,063 287,069 - 794,473 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Net revenue 609,861 19,560 629,421 191,072 182,846 373,918 2,618 1,005,957 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 369,174 44,287 413,461 116,202 118,156 234,358 66,795 714,614 Depreciation and amortization 30,978 16,634 47,612 11,987 1,285 13,272 14,544 75,428 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Total expenses 400,152 60,921 461,073 128,189 119,441 247,630 81,339 790,042 -------------------------------------------- --------- -------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 209,709 $ (41,361) $ 168,348 $ 62,883 $ 63,405 $ 126,288 $ (78,721) $ 215,915 ------------------------------------------------ --------- --- -------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
View data
Retail Services E-Commerce
------------------------------------------ --------------------------------------
Domestic Foreign Total Domestic Foreign Total Corporate Consolidated
--------------- ------------ ------------- ------------- ------------ ----------- -------------- -----------------
Year Ended December 31, 2011
--------------------------------------------
Revenue
Pawn loan fees and service charges $ 261,829 $ 20,368 $ 282,197 $ - $ - $ - $ - $ 282,197
Proceeds from disposition of merchandise 636,698 52,156 688,854 30 - 30 - 688,884
Consumer loan fees 119,192 - 119,192 254,152 225,302 479,454 - 598,646
Other 11,170 545 11,715 593 286 879 743 13,337
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total revenue 1,028,889 73,069 1,101,958 254,775 225,588 480,363 743 1,583,064
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Cost of revenue
Disposed merchandise 405,132 42,462 447,594 23 - 23 - 447,617
Consumer loan loss provision 24,001 - 24,001 90,535 111,152 201,687 - 225,688
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total cost of revenue 429,133 42,462 471,595 90,558 111,152 201,710 - 673,305
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Net revenue 599,756 30,607 630,363 164,217 114,436 278,653 743 909,759
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Expenses
Operations and administration 339,247 33,604 372,851 88,577 84,544 173,121 65,296 611,268
Depreciation and amortization 26,165 5,871 32,036 10,413 850 11,263 10,850 54,149
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Total expenses 365,412 39,475 404,887 98,990 85,394 184,384 76,146 665,417
-------------------------------------------- --------- ------- --------- ------- ------- ------- -------- ---------
Income (loss) from operations $ 234,344 $ (8,868) $ 225,476 $ 65,227 $ 29,042 $ 94,269 $ (75,403) $ 244,342
------------------------------------------------ --------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
Retail Services E-Commerce ------------------------------------------ -------------------------------------- Domestic Foreign Total Domestic Foreign Total Corporate Consolidated --------------- ------------ ------------- ------------- ------------ ----------- -------------- ----------------- Year Ended December 31, 2011 -------------------------------------------- Revenue Pawn loan fees and service charges $ 261,829 $ 20,368 $ 282,197 $ - $ - $ - $ - $ 282,197 Proceeds from disposition of merchandise 636,698 52,156 688,854 30 - 30 - 688,884 Consumer loan fees 119,192 - 119,192 254,152 225,302 479,454 - 598,646 Other 11,170 545 11,715 593 286 879 743 13,337 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total revenue 1,028,889 73,069 1,101,958 254,775 225,588 480,363 743 1,583,064 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Cost of revenue Disposed merchandise 405,132 42,462 447,594 23 - 23 - 447,617 Consumer loan loss provision 24,001 - 24,001 90,535 111,152 201,687 - 225,688 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total cost of revenue 429,133 42,462 471,595 90,558 111,152 201,710 - 673,305 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Net revenue 599,756 30,607 630,363 164,217 114,436 278,653 743 909,759 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Expenses Operations and administration 339,247 33,604 372,851 88,577 84,544 173,121 65,296 611,268 Depreciation and amortization 26,165 5,871 32,036 10,413 850 11,263 10,850 54,149 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Total expenses 365,412 39,475 404,887 98,990 85,394 184,384 76,146 665,417 -------------------------------------------- --------- ------- --------- ------- ------- ------- -------- --------- Income (loss) from operations $ 234,344 $ (8,868) $ 225,476 $ 65,227 $ 29,042 $ 94,269 $ (75,403) $ 244,342 ------------------------------------------------ --------- --- ------- -- --------- ---- ------- --- ------- -- ------- ---- -------- ------ ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
LOCATION INFORMATION
Retail Services Segment
The following table sets forth the number of domestic and foreign Company-owned and franchised locations in the Company's retail services segment offering pawn lending, consumer lending, and other services as of December 31, 2012 and 2011. The Company's domestic retail services locations operate under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance," "Cashland" and "Mr. Payroll." In addition, certain recently acquired domestic retail services locations operate under various names that are expected be changed to "Cash America Pawn" during 2013. The Company's foreign retail services locations operate under the name "Cash America casa de empeno" (previously operated under the name "Prenda Facil").
View data
As of December 31,
------------------------------------------------------------
2012 2011
---------------------------- -------------------------------
Domestic(a) Foreign Total Domestic(a)(b) Foreign Total
----------- ------- ----- -------------- ------- -----
Retail services locations offering:
Both pawn and consumer 581 - 581 572 - 572
lending
Pawn lending only 167 47 214 126 190 316
Consumer lending only 83 - 83 86 - 86
Other (c) 91 - 91 110 - 110
----------------------------------- ----------- ------- ----- -------------- ------- -----
Total retail services 922 47 969 894 190 1,084
----------------------------------- ----------- ------- ----- -------------- ------- -----
As of December 31, ------------------------------------------------------------ 2012 2011 ---------------------------- ------------------------------- Domestic(a) Foreign Total Domestic(a)(b) Foreign Total ----------- ------- ----- -------------- ------- ----- Retail services locations offering: Both pawn and consumer 581 - 581 572 - 572 lending Pawn lending only 167 47 214 126 190 316 Consumer lending only 83 - 83 86 - 86 Other (c) 91 - 91 110 - 110 ----------------------------------- ----------- ------- ----- -------------- ------- ----- Total retail services 922 47 969 894 190 1,084 ----------------------------------- ----------- ------- ----- -------------- ------- -----
View data
(a) Except as described in (c) below, includes locations that operate in
22 and 23 states in the United States as of December 31, 2012 and
2011, respectively.
(b) Includes one unconsolidated franchised location operating under the
name "Cash America Pawn" at December 31, 2011.
(c) As of December 31, 2012 and 2011, includes zero and six consolidated
Company-owned check cashing locations, respectively, and 91 and 104
unconsolidated franchised check cashing locations, respectively. As
of December 31, 2012 and 2011, includes locations that operate in 15
and 18 states in the United States, respectively.
(a) Except as described in (c) below, includes locations that operate in 22 and 23 states in the United States as of December 31, 2012 and 2011, respectively. (b) Includes one unconsolidated franchised location operating under the name "Cash America Pawn" at December 31, 2011. (c) As of December 31, 2012 and 2011, includes zero and six consolidated Company-owned check cashing locations, respectively, and 91 and 104 unconsolidated franchised check cashing locations, respectively. As of December 31, 2012 and 2011, includes locations that operate in 15 and 18 states in the United States, respectively.
E-Commerce Segment
As of December 31, 2012 and 2011, the Company's e-commerce segment operated in 32 states in the United States and in three other foreign countries:
-- in the United States at http://www.cashnetusa.com and http://www.netcredit.com,
-- in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk,
-- in Australia at http://www.dollarsdirect.com.au, and
-- in Canada at http://www.dollarsdirect.ca.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the adjustments shown below, especially the adjustments for events that occurred during the three months and year ended December 31, 2012, such as the reorganization of the Company's Mexico-based pawn operations ("Mexico Reorganization"), the withdrawal of the proposed initial public offering of the Company's wholly-owned subsidiary, Enova International, Inc. ("Proposed Enova IPO"), and the charges related to the Company's voluntary reimbursements to Ohio customers ("Ohio Reimbursements") are useful to investors in order to allow them to compare the Company's financial results for the current quarter with the previous periods shown.
The following table provides a reconciliation between net income and diluted earnings per share attributable to the Company calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
View data
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------- ----------------------------------------
2012 2011 2012 2011
------------------ ------------------ ----------------- -----------------
Net income and diluted earnings per share attributable $ 24,480 $ 0.79 $ 37,827 $ 1.18 $ 107,470 $ 3.42 $ 135,963 $ 4.25
to Cash America International, Inc.
Charges related to withdrawn Proposed Enova IPO(a) - - - - 2,424 0.07 - -
Charges related to Mexico Reorganization, 6,965 0.23 - - 25,421 0.81 - -
net of noncontrolling interest(b)
Charges related to Ohio Reimbursements(c) 8,442 0.27 - - 8,442 0.27 - -
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Subtotal 39,887 1.29 37,827 1.18 143,757 4.57 135,963 4.25
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Intangible asset amortization 740 0.03 885 0.03 2,791 0.09 3,905 0.12
Non-cash equity-based compensation 515 0.02 619 0.02 3,007 0.10 3,064 0.10
Convertible debt non-cash interest and issuance 612 0.02 566 0.02 2,386 0.07 2,214 0.07
cost amortization
Foreign currency transaction (gain) loss 151 - 128 - 196 0.01 786 0.02
------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ----
Adjusted earnings and adjusted earnings per share $ 41,905 1.36 $ 40,025 $ 1.25 $ 152,137 $ 4.84 $ 145,932 $ 4.56
------------------------------------------------------ - ------ ---- - ------ - ---- - ------- - ---- - ------- - ----
Three Months Ended Year Ended December 31, December 31, -------------------------------------- ---------------------------------------- 2012 2011 2012 2011 ------------------ ------------------ ----------------- ----------------- Net income and diluted earnings per share attributable $ 24,480 $ 0.79 $ 37,827 $ 1.18 $ 107,470 $ 3.42 $ 135,963 $ 4.25 to Cash America International, Inc. Charges related to withdrawn Proposed Enova IPO(a) - - - - 2,424 0.07 - - Charges related to Mexico Reorganization, 6,965 0.23 - - 25,421 0.81 - - net of noncontrolling interest(b) Charges related to Ohio Reimbursements(c) 8,442 0.27 - - 8,442 0.27 - - ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Subtotal 39,887 1.29 37,827 1.18 143,757 4.57 135,963 4.25 ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Intangible asset amortization 740 0.03 885 0.03 2,791 0.09 3,905 0.12 Non-cash equity-based compensation 515 0.02 619 0.02 3,007 0.10 3,064 0.10 Convertible debt non-cash interest and issuance 612 0.02 566 0.02 2,386 0.07 2,214 0.07 cost amortization Foreign currency transaction (gain) loss 151 - 128 - 196 0.01 786 0.02 ------------------------------------------------------ ------ ---- ------ ---- ------- ---- ------- ---- Adjusted earnings and adjusted earnings per share $ 41,905 1.36 $ 40,025 $ 1.25 $ 152,137 $ 4.84 $ 145,932 $ 4.56 ------------------------------------------------------ - ------ ---- - ------ - ---- - ------- - ---- - ------- - ----
View data
(a) Represents charges directly related to the Proposed Enova IPO that
was withdrawn in July 2012. For the year ended December 31, 2012,
represents $3.9 million of charges, net tax benefit of $1.5
million.
(b) Represents charges related to the Mexico Reorganization. For the
three months ended December 31, 2012, represents $7.0 million of
charges. For the year ended December 31, 2012, represents $28.9
million of charges, net tax benefit of $1.2 million and
noncontrolling interest of $2.3 million.
(c) Represents charges related to the Ohio Reimbursements. For the
three months and year ended December 31, 2012, represents $13.4
million of charges, net tax benefit of $5.0 million.
(a) Represents charges directly related to the Proposed Enova IPO that was withdrawn in July 2012. For the year ended December 31, 2012, represents $3.9 million of charges, net tax benefit of $1.5 million. (b) Represents charges related to the Mexico Reorganization. For the three months ended December 31, 2012, represents $7.0 million of charges. For the year ended December 31, 2012, represents $28.9 million of charges, net tax benefit of $1.2 million and noncontrolling interest of $2.3 million. (c) Represents charges related to the Ohio Reimbursements. For the three months and year ended December 31, 2012, represents $13.4 million of charges, net tax benefit of $5.0 million.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
ADJUSTED EBITDA
Adjusted EBITDA
The table below shows adjusted EBITDA, a non-GAAP measure that the Company defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, equity in earnings or loss of unconsolidated subsidiary, taxes and including the net income or loss attributable to noncontrolling interests. Management believes adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company's ability to incur and service debt and its capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess the Company's liquidity and estimated enterprise value. The computation of adjusted EBITDA as presented below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):
View data
Year Ended December 31,
-------------------------------------
2012 2011
------------------ ------------------
Net income attributable to Cash America International, Inc. $ 107,470 $ 135,963
Adjustments:
Depreciation and amortization expenses 75,428 54,149
Interest expense, net 28,987 25,447
Foreign currency transaction loss 313 1,265
Equity in loss of unconsolidated subsidiary 295 104
Provision for income taxes 84,656 82,360
Net loss attributable to the noncontrolling interest (5,806) (797)
----------------------------------------------------------- --------- ---------
Adjusted EBITDA $ 291,343 $ 298,491
----------------------------------------------------------- --- --------- --- ---------
Adjusted EBITDA margin calculated as follows:
Total revenue $ 1,800,430 $ 1,583,064
Adjusted EBITDA 291,343 298,491
----------------------------------------------------------- --------- ---------
Adjusted EBITDA as a percentage of total revenue 16.2% 18.9%
----------------------------------------------------------- --------- ---------
Year Ended December 31, ------------------------------------- 2012 2011 ------------------ ------------------ Net income attributable to Cash America International, Inc. $ 107,470 $ 135,963 Adjustments: Depreciation and amortization expenses 75,428 54,149 Interest expense, net 28,987 25,447 Foreign currency transaction loss 313 1,265 Equity in loss of unconsolidated subsidiary 295 104 Provision for income taxes 84,656 82,360 Net loss attributable to the noncontrolling interest (5,806) (797) ----------------------------------------------------------- --------- --------- Adjusted EBITDA $ 291,343 $ 298,491 ----------------------------------------------------------- --- --------- --- --------- Adjusted EBITDA margin calculated as follows: Total revenue $ 1,800,430 $ 1,583,064 Adjusted EBITDA 291,343 298,491 ----------------------------------------------------------- --------- --------- Adjusted EBITDA as a percentage of total revenue 16.2% 18.9% ----------------------------------------------------------- --------- ---------
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURE
Non-GAAP Disclosure
In addition to the financial information prepared in conformity with GAAP the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of the Company's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, its financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130124005425r1&sid=cmtx4&distro=nx
SOURCE: Cash America International, Inc.
Cash America International, Inc.
Thomas A. Bessant, Jr., 817-335-1100
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Start posting your company's news
Only $200 per official company press release!
