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TheStreet Open House

Cash America Announces Fourth Quarter And Fiscal Year-End Earnings And Declares Dividend

Stocks in this article: CSH

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):

  Three Months Ended     Year Ended
December 31, December 31,
2012     2011 2012     2011
               
Net income and diluted earnings per share attributable

to Cash America International, Inc.

$ 24,480 $ 0.79 $ 37,827 $ 1.18 $ 107,470 $ 3.42 $ 135,963 $ 4.25
Charges related to withdrawn Proposed Enova IPO (a) - - - - 2,424 0.07 - -
Charges related to Mexico Reorganization,

net of noncontrolling interest (b)

6,965 0.23 - - 25,421 0.81 - -
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

cost amortization

612 0.02 566 0.02 2,386 0.07 2,214 0.07
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
(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Represents charges directly related to the Proposed Enova IPO that was withdrawn in July 2012.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):

  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.

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