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Condensed Consolidating Guarantor Financial Statements | 9 Months Ended
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Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Guarantor Financial Statements | Condensed Consolidating Guarantor Financial Statements In connection with the issuance of the Notes, certain of the Company's domestic subsidiaries (collectively, "Guarantor Subsidiaries”), fully, unconditionally, jointly and severally guaranteed the payment obligations under the Notes. Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by the Company. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of comprehensive income and statements of cash flows of First Cash Financial Services, Inc. (the “Parent Company”), the Guarantor Subsidiaries and the Parent Company's other subsidiaries (the “Non-Guarantor Subsidiaries”). The supplemental condensed consolidating financial information has been prepared pursuant to SEC rules and regulations for interim condensed financial information and does not include the more complete disclosures included in annual financial statements. Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. The condensed financial information may not necessarily be indicative of the results of operations or financial position had the Guarantor Subsidiaries or Non-Guarantor Subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheet
September 30, 2014
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 17,380 |  |  | $ | 2,809 |  |  | $ | 22,571 |  |  | $ | — |  |  | $ | 42,760 |
Pawn loan fees and service charges receivable |  | — |  |  | 7,480 |  |  | 12,001 |  |  | — |  |  | 19,481 |
Pawn loans |  | — |  |  | 57,116 |  |  | 79,865 |  |  | — |  |  | 136,981 |
Consumer loans, net |  | — |  |  | 842 |  |  | 668 |  |  | — |  |  | 1,510 |
Inventories |  | — |  |  | 34,915 |  |  | 59,975 |  |  | — |  |  | 94,890 |
Prepaid expenses and other current assets |  | 3,708 |  |  | — |  |  | 2,584 |  |  | — |  |  | 6,292 |
Deferred tax assets |  | 906 |  |  | — |  |  | 5,393 |  |  | — |  |  | 6,299 |
Total current assets |  | 21,994 |  |  | 103,162 |  |  | 183,057 |  |  | — |  |  | 308,213 |
Property and equipment, net |  | 4,050 |  |  | 50,094 |  |  | 60,971 |  |  | — |  |  | 115,115 |
Goodwill, net |  | — |  |  | 158,308 |  |  | 106,567 |  |  | — |  |  | 264,875 |
Other non-current assets |  | 6,354 |  |  | 4,981 |  |  | 5,129 |  |  | — |  |  | 16,464 |
Deferred tax assets |  | — |  |  | — |  |  | 10,106 |  |  | (10,106 | ) |  | — |
Intercompany receivable |  | — |  |  | — |  |  | 169,711 |  |  | (169,711 | ) |  | — |
Investments in subsidiaries |  | 804,310 |  |  | — |  |  | — |  |  | (804,310 | ) |  | — |
Total assets |  | $ | 836,708 |  |  | $ | 316,545 |  |  | $ | 535,541 |  |  | $ | (984,127 | ) |  | $ | 704,667 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 19,979 |  |  | $ | 6,684 |  |  | $ | 23,515 |  |  | $ | — |  |  | $ | 50,178 |
Total current liabilities |  | 19,979 |  |  | 6,684 |  |  | 23,515 |  |  | — |  |  | 50,178 |
Revolving unsecured credit facility |  | 17,500 |  |  | — |  |  | — |  |  | — |  |  | 17,500 |
Senior unsecured notes |  | 200,000 |  |  | — |  |  | — |  |  | — |  |  | 200,000 |
Deferred tax liabilities |  | 64 |  |  | 14,761 |  |  | 2,816 |  |  | (10,106 | ) |  | 7,535 |
Intercompany payable |  | 169,711 |  |  | — |  |  | — |  |  | (169,711 | ) |  | — |
Total liabilities |  | 407,254 |  |  | 21,445 |  |  | 26,331 |  |  | (179,817 | ) |  | 275,213 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock |  | 395 |  |  | — |  |  | — |  |  | — |  |  | 395 |
Additional paid-in capital |  | 182,119 |  |  | — |  |  | — |  |  | — |  |  | 182,119 |
Retained earnings |  | 543,877 |  |  | 295,100 |  |  | 521,286 |  |  | (804,310 | ) |  | 555,953 |
Accumulated other comprehensive income (loss) |  | (303 | ) |  | — |  |  | (12,076 | ) |  | — |  |  | (12,379 | )
Common stock held in treasury, at cost |  | (296,634 | ) |  | — |  |  | — |  |  | — |  |  | (296,634 | )
Total stockholders' equity |  | 429,454 |  |  | 295,100 |  |  | 509,210 |  |  | (804,310 | ) |  | 429,454 |
Total liabilities and stockholders' equity |  | $ | 836,708 |  |  | $ | 316,545 |  |  | $ | 535,541 |  |  | $ | (984,127 | ) |  | $ | 704,667 |
Condensed Consolidating Balance Sheet
September 30, 2013
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14,255 |  |  | $ | 3,952 |  |  | $ | 12,332 |  |  | $ | — |  |  | $ | 30,539 |
Pawn loan fees and service charges receivable |  | — |  |  | 7,595 |  |  | 10,078 |  |  | — |  |  | 17,673 |
Pawn loans |  | — |  |  | 55,425 |  |  | 65,762 |  |  | — |  |  | 121,187 |
Consumer loans, net |  | — |  |  | 552 |  |  | 823 |  |  | — |  |  | 1,375 |
Inventories |  | — |  |  | 33,393 |  |  | 49,176 |  |  | — |  |  | 82,569 |
Prepaid expenses and other current assets |  | 2,535 |  |  | 11 |  |  | 10,387 |  |  | (8,153 | ) |  | 4,780 |
Deferred tax assets |  | 1,148 |  |  | — |  |  | 2,200 |  |  | — |  |  | 3,348 |
Total current assets |  | 17,938 |  |  | 100,928 |  |  | 150,758 |  |  | (8,153 | ) |  | 261,471 |
Property and equipment, net |  | 4,443 |  |  | 42,666 |  |  | 54,920 |  |  | — |  |  | 102,029 |
Goodwill, net |  | — |  |  | 149,379 |  |  | 81,098 |  |  | — |  |  | 230,477 |
Other non-current assets |  | — |  |  | 5,304 |  |  | 3,373 |  |  | — |  |  | 8,677 |
Deferred tax assets |  | — |  |  | — |  |  | 7,146 |  |  | (7,146 | ) |  | — |
Intercompany receivable |  | — |  |  | — |  |  | 139,228 |  |  | (139,228 | ) |  | — |
Investments in subsidiaries |  | 696,368 |  |  | — |  |  | — |  |  | (696,368 | ) |  | — |
Total assets |  | $ | 718,749 |  |  | $ | 298,277 |  |  | $ | 436,523 |  |  | $ | (850,895 | ) |  | $ | 602,654 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current portion of notes payable |  | $ | 3,297 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,297 |
Accounts payable and accrued liabilities |  | 11,597 |  |  | 7,046 |  |  | 16,803 |  |  | — |  |  | 35,446 |
Income taxes payable |  | 17,871 |  |  | — |  |  | — |  |  | (8,153 | ) |  | 9,718 |
Total current liabilities |  | 32,765 |  |  | 7,046 |  |  | 16,803 |  |  | (8,153 | ) |  | 48,461 |
Revolving unsecured credit facility |  | 152,500 |  |  | — |  |  | — |  |  | — |  |  | 152,500 |
Notes payable, net of current portion |  | 5,868 |  |  | — |  |  | — |  |  | — |  |  | 5,868 |
Deferred tax liabilities |  | 876 |  |  | 13,750 |  |  | 833 |  |  | (7,146 | ) |  | 8,313 |
Intercompany payable |  | 139,228 |  |  | — |  |  | — |  |  | (139,228 | ) |  | — |
Total liabilities |  | 331,237 |  |  | 20,796 |  |  | 17,636 |  |  | (154,527 | ) |  | 215,142 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock |  | 393 |  |  | — |  |  | — |  |  | — |  |  | 393 |
Additional paid-in capital |  | 176,018 |  |  | — |  |  | — |  |  | — |  |  | 176,018 |
Retained earnings |  | 464,007 |  |  | 277,481 |  |  | 427,830 |  |  | (696,368 | ) |  | 472,950 |
Accumulated other comprehensive income (loss) |  | (219 | ) |  | — |  |  | (8,943 | ) |  | — |  |  | (9,162 | )
Common stock held in treasury, at cost |  | (252,687 | ) |  | — |  |  | — |  |  | — |  |  | (252,687 | )
Total stockholders' equity |  | 387,512 |  |  | 277,481 |  |  | 418,887 |  |  | (696,368 | ) |  | 387,512 |
Total liabilities and stockholders' equity |  | $ | 718,749 |  |  | $ | 298,277 |  |  | $ | 436,523 |  |  | $ | (850,895 | ) |  | $ | 602,654 |
Condensed Consolidating Balance Sheet
December 31, 2013
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 24,674 |  |  | $ | 4,240 |  |  | $ | 41,729 |  |  | $ | — |  |  | $ | 70,643 |
Pawn loan fees and service charges receivable |  | — |  |  | 7,934 |  |  | 8,755 |  |  | — |  |  | 16,689 |
Pawn loans |  | — |  |  | 56,566 |  |  | 58,668 |  |  | — |  |  | 115,234 |
Consumer loans, net |  | — |  |  | 694 |  |  | 756 |  |  | — |  |  | 1,450 |
Inventories |  | — |  |  | 33,817 |  |  | 43,976 |  |  | — |  |  | 77,793 |
Prepaid expenses and other current assets |  | 1,971 |  |  | — |  |  | 1,398 |  |  | — |  |  | 3,369 |
Deferred tax assets |  | 907 |  |  | — |  |  | 4,137 |  |  | — |  |  | 5,044 |
Total current assets |  | 27,552 |  |  | 103,251 |  |  | 159,419 |  |  | — |  |  | 290,222 |
Property and equipment, net |  | 4,155 |  |  | 47,374 |  |  | 56,608 |  |  | — |  |  | 108,137 |
Goodwill, net |  | — |  |  | 149,470 |  |  | 101,771 |  |  | — |  |  | 251,241 |
Other non-current assets |  | — |  |  | 6,020 |  |  | 3,353 |  |  | — |  |  | 9,373 |
Deferred tax assets |  | — |  |  | — |  |  | 6,943 |  |  | (6,943 | ) |  | — |
Intercompany receivable |  | — |  |  | — |  |  | 156,794 |  |  | (156,794 | ) |  | — |
Investments in subsidiaries |  | 751,785 |  |  | — |  |  | — |  |  | (751,785 | ) |  | — |
Total assets |  | $ | 783,492 |  |  | $ | 306,115 |  |  | $ | 484,888 |  |  | $ | (915,522 | ) |  | $ | 658,973 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current portion of notes payable |  | $ | 3,326 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,326 |
Accounts payable and accrued liabilities |  | 13,804 |  |  | 6,942 |  |  | 17,277 |  |  | — |  |  | 38,023 |
Income taxes payable |  | 7,302 |  |  | — |  |  | 110 |  |  | — |  |  | 7,412 |
Total current liabilities |  | 24,432 |  |  | 6,942 |  |  | 17,387 |  |  | — |  |  | 48,761 |
Revolving unsecured credit facility |  | 182,000 |  |  | — |  |  | — |  |  | — |  |  | 182,000 |
Notes payable, net of current portion |  | 5,026 |  |  | — |  |  | — |  |  | — |  |  | 5,026 |
Deferred tax liabilities |  | 881 |  |  | 10,080 |  |  | 4,809 |  |  | (6,943 | ) |  | 8,827 |
Intercompany payable |  | 156,794 |  |  | — |  |  | — |  |  | (156,794 | ) |  | — |
Total liabilities |  | 369,133 |  |  | 17,022 |  |  | 22,196 |  |  | (163,737 | ) |  | 244,614 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock |  | 394 |  |  | — |  |  | — |  |  | — |  |  | 394 |
Additional paid-in capital |  | 176,675 |  |  | — |  |  | — |  |  | — |  |  | 176,675 |
Retained earnings |  | 490,280 |  |  | 289,093 |  |  | 470,140 |  |  | (751,785 | ) |  | 497,728 |
Accumulated other comprehensive income (loss) |  | (303 | ) |  | — |  |  | (7,448 | ) |  | — |  |  | (7,751 | )
Common stock held in treasury, at cost |  | (252,687 | ) |  | — |  |  | — |  |  | — |  |  | (252,687 | )
Total stockholders' equity |  | 414,359 |  |  | 289,093 |  |  | 462,692 |  |  | (751,785 | ) |  | 414,359 |
Total liabilities and stockholders' equity |  | $ | 783,492 |  |  | $ | 306,115 |  |  | $ | 484,888 |  |  | $ | (915,522 | ) |  | $ | 658,973 |
Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2014
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 30,698 |  |  | $ | 71,252 |  |  | $ | — |  |  | $ | 101,950 |
Pawn loan fees |  | — |  |  | 18,837 |  |  | 32,941 |  |  | — |  |  | 51,778 |
Consumer loan and credit services fees |  | — |  |  | 8,636 |  |  | 838 |  |  | — |  |  | 9,474 |
Wholesale scrap jewelry revenue |  | — |  |  | 5,988 |  |  | 5,810 |  |  | — |  |  | 11,798 |
Total revenue |  | — |  |  | 64,159 |  |  | 110,841 |  |  | — |  |  | 175,000 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 17,264 |  |  | 45,516 |  |  | — |  |  | 62,780 |
Consumer loan and credit services loss provision |  | — |  |  | 2,756 |  |  | 157 |  |  | — |  |  | 2,913 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 5,381 |  |  | 5,063 |  |  | — |  |  | 10,444 |
Total cost of revenue |  | — |  |  | 25,401 |  |  | 50,736 |  |  | — |  |  | 76,137 |
Net revenue |  | — |  |  | 38,758 |  |  | 60,105 |  |  | — |  |  | 98,863 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 18,767 |  |  | 30,526 |  |  | — |  |  | 49,293 |
Administrative expenses |  | 5,598 |  |  | — |  |  | 7,808 |  |  | — |  |  | 13,406 |
Depreciation and amortization |  | 218 |  |  | 1,488 |  |  | 2,698 |  |  | — |  |  | 4,404 |
Interest expense |  | 4,059 |  |  | — |  |  | — |  |  | — |  |  | 4,059 |
Interest income |  | — |  |  | — |  |  | (179 | ) |  | — |  |  | (179 | )
Total expenses and other income |  | 9,875 |  |  | 20,255 |  |  | 40,853 |  |  | — |  |  | 70,983 |
Income (loss) from continuing operations before income taxes |  | (9,875 | ) |  | 18,503 |  |  | 19,252 |  |  | — |  |  | 27,880 |
Provision for income taxes |  | (5,021 | ) |  | 6,477 |  |  | 6,896 |  |  | — |  |  | 8,352 |
Income (loss) from continuing operations |  | (4,854 | ) |  | 12,026 |  |  | 12,356 |  |  | — |  |  | 19,528 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) |  | $ | (4,854 | ) |  | $ | 12,026 |  |  | $ | 12,356 |  |  | $ | — |  |  | $ | 19,528 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (4,940 | ) |  | — |  |  | — |  |  | — |  |  | (4,940 | )
Comprehensive income (loss) |  | $ | (9,794 | ) |  | $ | 12,026 |  |  | $ | 12,356 |  |  | $ | — |  |  | $ | 14,588 |
Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2013
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 31,930 |  |  | $ | 57,842 |  |  | $ | — |  |  | $ | 89,772 |
Pawn loan fees |  | — |  |  | 19,351 |  |  | 28,104 |  |  | — |  |  | 47,455 |
Consumer loan and credit services fees |  | — |  |  | 9,928 |  |  | 990 |  |  | — |  |  | 10,918 |
Wholesale scrap jewelry revenue |  | — |  |  | 14,590 |  |  | 10,644 |  |  | — |  |  | 25,234 |
Total revenue |  | — |  |  | 75,799 |  |  | 97,580 |  |  | — |  |  | 173,379 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 16,993 |  |  | 36,553 |  |  | — |  |  | 53,546 |
Consumer loan and credit services loss provision |  | — |  |  | 3,209 |  |  | 255 |  |  | — |  |  | 3,464 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 12,534 |  |  | 9,860 |  |  | — |  |  | 22,394 |
Total cost of revenue |  | — |  |  | 32,736 |  |  | 46,668 |  |  | — |  |  | 79,404 |
Net revenue |  | — |  |  | 43,063 |  |  | 50,912 |  |  | — |  |  | 93,975 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 15,963 |  |  | 30,686 |  |  | — |  |  | 46,649 |
Administrative expenses |  | 7,638 |  |  | — |  |  | 5,196 |  |  | — |  |  | 12,834 |
Depreciation and amortization |  | 319 |  |  | 1,245 |  |  | 2,424 |  |  | — |  |  | 3,988 |
Interest expense |  | 1,122 |  |  | — |  |  | — |  |  | — |  |  | 1,122 |
Interest income |  | (2 | ) |  | — |  |  | (67 | ) |  | — |  |  | (69 | )
Total expenses and other income |  | 9,077 |  |  | 17,208 |  |  | 38,239 |  |  | — |  |  | 64,524 |
Income (loss) from continuing operations before income taxes |  | (9,077 | ) |  | 25,855 |  |  | 12,673 |  |  | — |  |  | 29,451 |
Provision for income taxes |  | (2,957 | ) |  | 9,308 |  |  | (27 | ) |  | — |  |  | 6,324 |
Income (loss) from continuing operations |  | (6,120 | ) |  | 16,547 |  |  | 12,700 |  |  | — |  |  | 23,127 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Net income (loss) |  | $ | (6,120 | ) |  | $ | 16,547 |  |  | $ | 12,714 |  |  | $ | — |  |  | $ | 23,141 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (1,894 | ) |  | — |  |  | — |  |  | — |  |  | (1,894 | )
Comprehensive income (loss) |  | $ | (8,014 | ) |  | $ | 16,547 |  |  | $ | 12,714 |  |  | $ | — |  |  | $ | 21,247 |
Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2014
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 99,314 |  |  | $ | 198,532 |  |  | $ | — |  |  | $ | 297,846 |
Pawn loan fees |  | — |  |  | 55,980 |  |  | 90,991 |  |  | — |  |  | 146,971 |
Consumer loan and credit services fees |  | — |  |  | 25,164 |  |  | 2,510 |  |  | — |  |  | 27,674 |
Wholesale scrap jewelry revenue |  | — |  |  | 19,526 |  |  | 18,086 |  |  | — |  |  | 37,612 |
Total revenue |  | — |  |  | 199,984 |  |  | 310,119 |  |  | — |  |  | 510,103 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 55,664 |  |  | 126,699 |  |  | — |  |  | 182,363 |
Consumer loan and credit services loss provision |  | — |  |  | 6,373 |  |  | 519 |  |  | — |  |  | 6,892 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 16,553 |  |  | 15,055 |  |  | — |  |  | 31,608 |
Total cost of revenue |  | — |  |  | 78,590 |  |  | 142,273 |  |  | — |  |  | 220,863 |
Net revenue |  | — |  |  | 121,394 |  |  | 167,846 |  |  | — |  |  | 289,240 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 60,036 |  |  | 86,683 |  |  | — |  |  | 146,719 |
Administrative expenses |  | 18,422 |  |  | — |  |  | 21,928 |  |  | — |  |  | 40,350 |
Depreciation and amortization |  | 781 |  |  | 4,277 |  |  | 7,943 |  |  | — |  |  | 13,001 |
Interest expense |  | 9,405 |  |  | — |  |  | — |  |  | — |  |  | 9,405 |
Interest income |  | (23 | ) |  | — |  |  | (499 | ) |  | — |  |  | (522 | )
Total expenses and other income |  | 28,585 |  |  | 64,313 |  |  | 116,055 |  |  | — |  |  | 208,953 |
Income (loss) from continuing operations before income taxes |  | (28,585 | ) |  | 57,081 |  |  | 51,791 |  |  | — |  |  | 80,287 |
Provision for income taxes |  | (12,801 | ) |  | 19,979 |  |  | 14,612 |  |  | — |  |  | 21,790 |
Income (loss) from continuing operations |  | (15,784 | ) |  | 37,102 |  |  | 37,179 |  |  | — |  |  | 58,497 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | (272 | ) |  | — |  |  | (272 | )
Net income (loss) |  | $ | (15,784 | ) |  | $ | 37,102 |  |  | $ | 36,907 |  |  | $ | — |  |  | $ | 58,225 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (4,628 | ) |  | — |  |  | — |  |  | — |  |  | (4,628 | )
Comprehensive income (loss) |  | $ | (20,412 | ) |  | $ | 37,102 |  |  | $ | 36,907 |  |  | $ | — |  |  | $ | 53,597 |
Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2013
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 86,087 |  |  | $ | 169,355 |  |  | $ | — |  |  | $ | 255,442 |
Pawn loan fees |  | — |  |  | 51,649 |  |  | 82,009 |  |  | — |  |  | 133,658 |
Consumer loan and credit services fees |  | — |  |  | 29,705 |  |  | 3,065 |  |  | — |  |  | 32,770 |
Wholesale scrap jewelry revenue |  | — |  |  | 28,109 |  |  | 25,666 |  |  | — |  |  | 53,775 |
Total revenue |  | — |  |  | 195,550 |  |  | 280,095 |  |  | — |  |  | 475,645 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 46,561 |  |  | 106,116 |  |  | — |  |  | 152,677 |
Consumer loan and credit services loss provision |  | — |  |  | 7,534 |  |  | 554 |  |  | — |  |  | 8,088 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 22,952 |  |  | 22,546 |  |  | — |  |  | 45,498 |
Total cost of revenue |  | — |  |  | 77,047 |  |  | 129,216 |  |  | — |  |  | 206,263 |
Net revenue |  | — |  |  | 118,503 |  |  | 150,879 |  |  | — |  |  | 269,382 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 55,266 |  |  | 77,496 |  |  | — |  |  | 132,762 |
Administrative expenses |  | 25,569 |  |  | — |  |  | 13,121 |  |  | — |  |  | 38,690 |
Depreciation and amortization |  | 881 |  |  | 3,493 |  |  | 6,972 |  |  | — |  |  | 11,346 |
Interest expense |  | 2,474 |  |  | — |  |  | — |  |  | — |  |  | 2,474 |
Interest income |  | (6 | ) |  | — |  |  | (261 | ) |  | — |  |  | (267 | )
Total expenses and other income |  | 28,918 |  |  | 58,759 |  |  | 97,328 |  |  | — |  |  | 185,005 |
Income (loss) from continuing operations before income taxes |  | (28,918 | ) |  | 59,744 |  |  | 53,551 |  |  | — |  |  | 84,377 |
Provision for income taxes |  | (8,798 | ) |  | 21,508 |  |  | 12,706 |  |  | — |  |  | 25,416 |
Income (loss) from continuing operations |  | (20,120 | ) |  | 38,236 |  |  | 40,845 |  |  | — |  |  | 58,961 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | 107 |  |  | — |  |  | 107 |
Net income (loss) |  | $ | (20,120 | ) |  | $ | 38,236 |  |  | $ | 40,952 |  |  | $ | — |  |  | $ | 59,068 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (2,222 | ) |  | — |  |  | — |  |  | — |  |  | (2,222 | )
Comprehensive income (loss) |  | $ | (22,342 | ) |  | $ | 38,236 |  |  | $ | 40,952 |  |  | $ | — |  |  | $ | 56,846 |
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2014
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Cash flow from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash flow provided by (used in) operating activities |  | $ | (210 | ) |  | $ | 18,655 |  |  | $ | 50,883 |  |  | $ | — |  |  | $ | 69,328 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | 2,237 |  |  | (26,561 | ) |  | — |  |  | (24,324 | )
Purchases of property and equipment |  | (676 | ) |  | (5,931 | ) |  | (11,194 | ) |  | — |  |  | (17,801 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (16,392 | ) |  | (18,481 | ) |  | — |  |  | (34,873 | )
Investing activity with subsidiaries |  | 12,917 |  |  | — |  |  | (12,917 | ) |  | — |  |  | — |
Net cash flow provided by (used in) investing activities |  | 12,241 |  |  | (20,086 | ) |  | (69,153 | ) |  | — |  |  | (76,998 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 25,500 |  |  | — |  |  | — |  |  | — |  |  | 25,500 |
Repayments of revolving credit facilities |  | (190,000 | ) |  | — |  |  | — |  |  | — |  |  | (190,000 | )
Repayments of notes payable |  | (8,352 | ) |  | — |  |  | — |  |  | — |  |  | (8,352 | )
Issuance of senior unsecured notes |  | 200,000 |  |  | — |  |  | — |  |  | — |  |  | 200,000 |
Debt issuance costs paid |  | (6,601 | ) |  | — |  |  | — |  |  | — |  |  | (6,601 | )
Purchases of treasury stock |  | (43,947 | ) |  | — |  |  | — |  |  | — |  |  | (43,947 | )
Proceeds from exercise of share-based compensation awards |  | 2,262 |  |  | — |  |  | — |  |  | — |  |  | 2,262 |
Income tax benefit from exercise of stock options |  | 1,813 |  |  | — |  |  | — |  |  | — |  |  | 1,813 |
Net cash flow provided by (used in) financing activities |  | (19,325 | ) |  | — |  |  | — |  |  | — |  |  | (19,325 | )
Effect of exchange rates on cash |  | — |  |  | — |  |  | (888 | ) |  | — |  |  | (888 | )
Change in cash and cash equivalents |  | (7,294 | ) |  | (1,431 | ) |  | (19,158 | ) |  | — |  |  | (27,883 | )
Cash and cash equivalents at beginning of the period |  | 24,674 |  |  | 4,240 |  |  | 41,729 |  |  | — |  |  | 70,643 |
Cash and cash equivalents at end of the period |  | $ | 17,380 |  |  | $ | 2,809 |  |  | $ | 22,571 |  |  | $ | — |  |  | $ | 42,760 |
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2013
(unaudited, in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Cash flow from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash flow provided by (used in) operating activities |  | $ | (41,616 | ) |  | $ | 80,346 |  |  | $ | 35,289 |  |  | $ | — |  |  | $ | 74,019 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | (3,922 | ) |  | (12,718 | ) |  | — |  |  | (16,640 | )
Purchases of property and equipment |  | (1,592 | ) |  | (5,855 | ) |  | (10,498 | ) |  | — |  |  | (17,945 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (70,502 | ) |  | (13,851 | ) |  | — |  |  | (84,353 | )
Investing activity with subsidiaries |  | 20,733 |  |  | — |  |  | (20,733 | ) |  | — |  |  | — |
Net cash flow provided by (used in) investing activities |  | 19,141 |  |  | (80,279 | ) |  | (57,800 | ) |  | — |  |  | (118,938 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 121,900 |  |  | — |  |  | — |  |  | — |  |  | 121,900 |
Repayments of revolving credit facilities |  | (71,900 | ) |  | — |  |  | — |  |  | — |  |  | (71,900 | )
Repayments of notes payable |  | (2,398 | ) |  | — |  |  | — |  |  | — |  |  | (2,398 | )
Purchases of treasury stock |  | (38,692 | ) |  | — |  |  | — |  |  | — |  |  | (38,692 | )
Proceeds from exercise of share-based compensation awards |  | 8,442 |  |  | — |  |  | — |  |  | — |  |  | 8,442 |
Income tax benefit from exercise of stock options |  | 7,232 |  |  | — |  |  | — |  |  | — |  |  | 7,232 |
Net cash flow provided by (used in) financing activities |  | 24,584 |  |  | — |  |  | — |  |  | — |  |  | 24,584 |
Effect of exchange rates on cash |  | — |  |  | — |  |  | 589 |  |  | — |  |  | 589 |
Change in cash and cash equivalents |  | 2,109 |  |  | 67 |  |  | (21,922 | ) |  | — |  |  | (19,746 | )
Cash and cash equivalents at beginning of the period |  | 12,146 |  |  | 3,885 |  |  | 34,254 |  |  | — |  |  | 50,285 |
Cash and cash equivalents at end of the period |  | $ | 14,255 |  |  | $ | 3,952 |  |  | $ | 12,332 |  |  | $ | — |  |  | $ | 30,539 |

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