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Condensed Consolidating Guarantor Financial Statements | 12 Months Ended
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Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Guarantor Financial Statements | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS On March 24, 2014, the Company completed an offering of $200,000,000 of 6.75% senior notes due on April 1, 2021 (the “Notes”) to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Notes are fully, unconditionally, jointly, and severally guaranteed by certain of the Company's domestic subsidiaries (collectively, "Guarantor Subsidiaries”). 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 (“Non-Guarantor Subsidiaries”). The supplemental condensed consolidating financial information has been prepared pursuant to Securities and Exchange Commission rules and regulations for 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
December 31, 2013
(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 income 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) from cumulative foreign currency translation adjustments |  | (303 | ) |  | — |  |  | (7,448 | ) |  | — |  |  | (7,751 | )
Common stock held in treasury, at cost |  | (252,687 | ) |  | — |  |  | — |  |  | — |  |  | (252,687 | )
Condensed Consolidating Balance Sheet (Continued)
December 31, 2013
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
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 Balance Sheet
December 31, 2012
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,145 |  |  | $ | 3,885 |  |  | $ | 34,255 |  |  | $ | — |  |  | $ | 50,285 |
Pawn loan fees and service charges receivable |  | — |  |  | 6,999 |  |  | 8,159 |  |  | — |  |  | 15,158 |
Pawn loans |  | — |  |  | 50,091 |  |  | 53,090 |  |  | — |  |  | 103,181 |
Consumer loans, net |  | — |  |  | 1,076 |  |  | 803 |  |  | — |  |  | 1,879 |
Inventories |  | — |  |  | 29,325 |  |  | 36,020 |  |  | — |  |  | 65,345 |
Prepaid expenses and other current assets |  | 3,733 |  |  | — |  |  | 1,263 |  |  | (562 | ) |  | 4,434 |
Deferred tax assets |  | 1,148 |  |  | — |  |  | — |  |  | — |  |  | 1,148 |
Total current assets |  | 17,026 |  |  | 91,376 |  |  | 133,590 |  |  | (562 | ) |  | 241,430 |
Property and equipment, net |  | 3,732 |  |  | 38,802 |  |  | 50,770 |  |  | — |  |  | 93,304 |
Goodwill, net |  | — |  |  | 95,368 |  |  | 71,018 |  |  | — |  |  | 166,386 |
Other non-current assets |  | — |  |  | 3,503 |  |  | 3,069 |  |  | — |  |  | 6,572 |
Deferred tax assets |  | — |  |  | — |  |  | 3,447 |  |  | (3,447 | ) |  | — |
Intercompany receivable |  | — |  |  | — |  |  | 118,494 |  |  | (118,494 | ) |  | — |
Investments in subsidiaries |  | 572,928 |  |  | — |  |  | — |  |  | (572,928 | ) |  | — |
Total assets |  | $ | 593,686 |  |  | $ | 229,049 |  |  | $ | 380,388 |  |  | $ | (695,431 | ) |  | $ | 507,692 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current portion of notes payable |  | $ | 3,212 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,212 |
Accounts payable and accrued liabilities |  | 7,629 |  |  | 5,585 |  |  | 14,724 |  |  | — |  |  | 27,938 |
Income taxes payable |  | — |  |  | — |  |  | 562 |  |  | (562 | ) |  | — |
Total current liabilities |  | 10,841 |  |  | 5,585 |  |  | 15,286 |  |  | (562 | ) |  | 31,150 |
Revolving unsecured credit facility |  | 102,500 |  |  | — |  |  | — |  |  | — |  |  | 102,500 |
Notes payable, net of current portion |  | 8,351 |  |  | — |  |  | — |  |  | — |  |  | 8,351 |
Deferred income tax liabilities |  | 1,084 |  |  | 8,492 |  |  | 7,146 |  |  | (3,447 | ) |  | 13,275 |
Intercompany payable |  | 118,494 |  |  | — |  |  | — |  |  | (118,494 | ) |  | — |
Total liabilities |  | 241,270 |  |  | 14,077 |  |  | 22,432 |  |  | (122,503 | ) |  | 155,276 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock |  | 388 |  |  | — |  |  | — |  |  | — |  |  | 388 |
Additional paid-in capital |  | 159,081 |  |  | — |  |  | — |  |  | — |  |  | 159,081 |
Retained earnings |  | 407,160 |  |  | 214,972 |  |  | 364,678 |  |  | (572,928 | ) |  | 413,882 |
Accumulated other comprehensive income (loss) from cumulative foreign currency translation adjustments |  | (218 | ) |  | — |  |  | (6,722 | ) |  | — |  |  | (6,940 | )
Common stock held in treasury, at cost |  | (213,995 | ) |  | — |  |  | — |  |  | — |  |  | (213,995 | )
Condensed Consolidating Balance Sheet (Continued)
December 31, 2012
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Total stockholders' equity |  | 352,416 |  |  | 214,972 |  |  | 357,956 |  |  | (572,928 | ) |  | 352,416 |
Total liabilities and stockholders' equity |  | $ | 593,686 |  |  | $ | 229,049 |  |  | $ | 380,388 |  |  | $ | (695,431 | ) |  | $ | 507,692 |
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2013
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 121,194 |  |  | $ | 245,993 |  |  | $ | — |  |  | $ | 367,187 |
Pawn loan fees |  | — |  |  | 71,586 |  |  | 109,969 |  |  | — |  |  | 181,555 |
Consumer loan and credit services fees |  | — |  |  | 39,771 |  |  | 4,010 |  |  | — |  |  | 43,781 |
Wholesale scrap jewelry revenue |  | — |  |  | 35,147 |  |  | 33,178 |  |  | — |  |  | 68,325 |
Total revenue |  | — |  |  | 267,698 |  |  | 393,150 |  |  | — |  |  | 660,848 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 65,381 |  |  | 155,980 |  |  | — |  |  | 221,361 |
Consumer loan and credit services loss provision |  | — |  |  | 10,659 |  |  | 709 |  |  | — |  |  | 11,368 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 29,148 |  |  | 29,397 |  |  | — |  |  | 58,545 |
Total cost of revenue |  | — |  |  | 105,188 |  |  | 186,086 |  |  | — |  |  | 291,274 |
Net revenue |  | — |  |  | 162,510 |  |  | 207,064 |  |  | — |  |  | 369,574 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 76,821 |  |  | 104,500 |  |  | — |  |  | 181,321 |
Administrative expenses |  | 30,900 |  |  | — |  |  | 18,630 |  |  | — |  |  | 49,530 |
Depreciation and amortization |  | 1,193 |  |  | 4,739 |  |  | 9,429 |  |  | — |  |  | 15,361 |
Interest expense |  | 3,492 |  |  | — |  |  | — |  |  | — |  |  | 3,492 |
Interest income |  | (8 | ) |  | — |  |  | (314 | ) |  | — |  |  | (322 | )
Total expenses and other income |  | 35,577 |  |  | 81,560 |  |  | 132,245 |  |  | — |  |  | 249,382 |
Income from continuing operations before income taxes |  | (35,577 | ) |  | 80,950 |  |  | 74,819 |  |  | — |  |  | 120,192 |
Provision for income taxes |  | (12,637 | ) |  | 28,333 |  |  | 20,017 |  |  | — |  |  | 35,713 |
Income from continuing operations |  | (22,940 | ) |  | 52,617 |  |  | 54,802 |  |  | — |  |  | 84,479 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | (633 | ) |  | — |  |  | (633 | )
Net income |  | $ | (22,940 | ) |  | $ | 52,617 |  |  | $ | 54,169 |  |  | $ | — |  |  | $ | 83,846 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (811 | ) |  | — |  |  | — |  |  | — |  |  | (811 | )
Comprehensive income |  | $ | (23,751 | ) |  | $ | 52,617 |  |  | $ | 54,169 |  |  | $ | — |  |  | $ | 83,035 |
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2012
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 89,373 |  |  | $ | 198,083 |  |  | $ | — |  |  | $ | 287,456 |
Pawn loan fees |  | — |  |  | 57,220 |  |  | 95,017 |  |  | — |  |  | 152,237 |
Consumer loan and credit services fees |  | — |  |  | 44,419 |  |  | 4,273 |  |  | — |  |  | 48,692 |
Wholesale scrap jewelry revenue |  | — |  |  | 51,978 |  |  | 51,728 |  |  | — |  |  | 103,706 |
Total revenue |  | — |  |  | 242,990 |  |  | 349,101 |  |  | — |  |  | 592,091 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 45,572 |  |  | 121,572 |  |  | — |  |  | 167,144 |
Consumer loan and credit services loss provision |  | — |  |  | 11,837 |  |  | 719 |  |  | — |  |  | 12,556 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 36,672 |  |  | 40,181 |  |  | — |  |  | 76,853 |
Total cost of revenue |  | — |  |  | 94,081 |  |  | 162,472 |  |  | — |  |  | 256,553 |
Net revenue |  | — |  |  | 148,909 |  |  | 186,629 |  |  | — |  |  | 335,538 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 59,843 |  |  | 89,036 |  |  | — |  |  | 148,879 |
Administrative expenses |  | 36,281 |  |  | — |  |  | 13,930 |  |  | — |  |  | 50,211 |
Depreciation and amortization |  | 1,096 |  |  | 3,861 |  |  | 7,982 |  |  | — |  |  | 12,939 |
Interest expense |  | — |  |  | 1,488 |  |  | — |  |  | — |  |  | 1,488 |
Interest income |  | — |  |  | (11 | ) |  | (205 | ) |  | — |  |  | (216 | )
Total expenses and other income |  | 37,377 |  |  | 65,181 |  |  | 110,743 |  |  | — |  |  | 213,301 |
Income from continuing operations before income taxes |  | (37,377 | ) |  | 83,728 |  |  | 75,886 |  |  | — |  |  | 122,237 |
Provision for income taxes |  | (12,859 | ) |  | 30,561 |  |  | 23,673 |  |  | — |  |  | 41,375 |
Income from continuing operations |  | (24,518 | ) |  | 53,167 |  |  | 52,213 |  |  | — |  |  | 80,862 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | (503 | ) |  | — |  |  | (503 | )
Net income |  | $ | (24,518 | ) |  | $ | 53,167 |  |  | $ | 51,710 |  |  | $ | — |  |  | $ | 80,359 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | 6,523 |  |  | — |  |  | — |  |  | — |  |  | 6,523 |
Comprehensive income |  | $ | (17,995 | ) |  | $ | 53,167 |  |  | $ | 51,710 |  |  | $ | — |  |  | $ | 86,882 |
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2011
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 71,863 |  |  | $ | 164,934 |  |  | $ | — |  |  | $ | 236,797 |
Pawn loan fees |  | — |  |  | 47,199 |  |  | 75,121 |  |  | — |  |  | 122,320 |
Consumer loan and credit services fees |  | — |  |  | 42,051 |  |  | 4,825 |  |  | — |  |  | 46,876 |
Wholesale scrap jewelry revenue |  | — |  |  | 51,345 |  |  | 56,659 |  |  | — |  |  | 108,004 |
Total revenue |  | — |  |  | 212,458 |  |  | 301,539 |  |  | — |  |  | 513,997 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 36,085 |  |  | 106,021 |  |  | — |  |  | 142,106 |
Consumer loan and credit services loss provision |  | — |  |  | 10,484 |  |  | 847 |  |  | — |  |  | 11,331 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 33,454 |  |  | 37,851 |  |  | — |  |  | 71,305 |
Total cost of revenue |  | — |  |  | 80,023 |  |  | 144,719 |  |  | — |  |  | 224,742 |
Net revenue |  | — |  |  | 132,435 |  |  | 156,820 |  |  | — |  |  | 289,255 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 52,776 |  |  | 73,331 |  |  | — |  |  | 126,107 |
Administrative expenses |  | 34,695 |  |  | — |  |  | 10,564 |  |  | — |  |  | 45,259 |
Depreciation and amortization |  | 1,079 |  |  | 3,343 |  |  | 6,522 |  |  | — |  |  | 10,944 |
Interest expense |  | 135 |  |  | — |  |  | — |  |  | — |  |  | 135 |
Interest income |  | (111 | ) |  | — |  |  | (166 | ) |  | — |  |  | (277 | )
Total expenses and other income |  | 35,798 |  |  | 56,119 |  |  | 90,251 |  |  | — |  |  | 182,168 |
Income from continuing operations before income taxes |  | (35,798 | ) |  | 76,316 |  |  | 66,569 |  |  | — |  |  | 107,087 |
Provision for income taxes |  | (10,015 | ) |  | 26,711 |  |  | 20,254 |  |  | — |  |  | 36,950 |
Income from continuing operations |  | (25,783 | ) |  | 49,605 |  |  | 46,315 |  |  | — |  |  | 70,137 |
Income (loss) from discontinued operations, net of tax |  | — |  |  | — |  |  | 7,645 |  |  | — |  |  | 7,645 |
Net income |  | $ | (25,783 | ) |  | $ | 49,605 |  |  | $ | 53,960 |  |  | $ | — |  |  | $ | 77,782 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment, net of tax expense or benefit |  | (10,414 | ) |  | — |  |  | — |  |  | — |  |  | (10,414 | )
Comprehensive income |  | $ | (36,197 | ) |  | $ | 49,605 |  |  | $ | 53,960 |  |  | $ | — |  |  | $ | 67,368 |
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013
(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 |  | $ | (78,714 | ) |  | $ | 82,737 |  |  | $ | 102,695 |  |  | $ | — |  |  | $ | 106,718 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | (78 | ) |  | (333 | ) |  | — |  |  | (411 | )
Purchases of property and equipment |  | (1,616 | ) |  | (11,584 | ) |  | (13,472 | ) |  | — |  |  | (26,672 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (70,720 | ) |  | (42,923 | ) |  | — |  |  | (113,643 | )
Investing activity with subsidiaries |  | 38,215 |  |  | — |  |  | (38,215 | ) |  | — |  |  | — |
Net cash flow provided by (used in) investing activities |  | 36,599 |  |  | (82,382 | ) |  | (94,943 | ) |  | — |  |  | (140,726 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 152,500 |  |  | — |  |  | — |  |  | — |  |  | 152,500 |
Repayments of revolving credit facilities |  | (73,000 | ) |  | — |  |  | — |  |  | — |  |  | (73,000 | )
Repayments of notes payable |  | (3,211 | ) |  | — |  |  | — |  |  | — |  |  | (3,211 | )
Purchases of treasury stock |  | (38,692 | ) |  | — |  |  | — |  |  | — |  |  | (38,692 | )
Proceeds from exercise of share-based compensation awards |  | 9,242 |  |  | — |  |  | — |  |  | — |  |  | 9,242 |
Income tax benefit from exercise of stock options |  | 7,805 |  |  | — |  |  | — |  |  | — |  |  | 7,805 |
Net cash flow provided by (used in) financing activities |  | 54,644 |  |  | — |  |  | — |  |  | — |  |  | 54,644 |
Effect of exchange rates on cash |  | — |  |  | — |  |  | (278 | ) |  | — |  |  | (278 | )
Change in cash and cash equivalents |  | 12,529 |  |  | 355 |  |  | 7,474 |  |  | — |  |  | 20,358 |
Cash and cash equivalents at beginning of the period |  | 12,145 |  |  | 3,885 |  |  | 34,255 |  |  | — |  |  | 50,285 |
Cash and cash equivalents at end of the period |  | $ | 24,674 |  |  | $ | 4,240 |  |  | $ | 41,729 |  |  | $ | — |  |  | $ | 70,643 |
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2012
(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 |  | $ | (123,042 | ) |  | $ | 94,644 |  |  | $ | 117,190 |  |  | $ | — |  |  | $ | 88,792 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | (6,702 | ) |  | (10,623 | ) |  | — |  |  | (17,325 | )
Purchases of property and equipment |  | 379 |  |  | (7,379 | ) |  | (14,841 | ) |  | — |  |  | (21,841 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (73,106 | ) |  | (47,632 | ) |  | — |  |  | (120,738 | )
Investing activity with subsidiaries |  | 41,815 |  |  | (8,500 | ) |  | (33,315 | ) |  | — |  |  | — |
Net cash flow provided by (used in) investing activities |  | 42,194 |  |  | (95,687 | ) |  | (106,411 | ) |  | — |  |  | (159,904 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 194,500 |  |  | — |  |  | — |  |  | — |  |  | 194,500 |
Repayments of revolving credit facilities |  | (92,000 | ) |  | — |  |  | — |  |  | — |  |  | (92,000 | )
Repayments of notes payable |  | (1,837 | ) |  | — |  |  | — |  |  | — |  |  | (1,837 | )
Purchases of treasury stock |  | (61,275 | ) |  | — |  |  | — |  |  | — |  |  | (61,275 | )
Proceeds from exercise of share-based compensation awards |  | 4,296 |  |  | — |  |  | — |  |  | — |  |  | 4,296 |
Income tax benefit from exercise of stock options |  | 5,841 |  |  | — |  |  | — |  |  | — |  |  | 5,841 |
Net cash flow provided by (used in) financing activities |  | 49,525 |  |  | — |  |  | — |  |  | — |  |  | 49,525 |
Effect of exchange rates on cash |  | — |  |  | — |  |  | 1,576 |  |  | — |  |  | 1,576 |
Change in cash and cash equivalents |  | (31,323 | ) |  | (1,043 | ) |  | 12,355 |  |  | — |  |  | (20,011 | )
Cash and cash equivalents at beginning of the period |  | 43,468 |  |  | 4,928 |  |  | 21,900 |  |  | — |  |  | 70,296 |
Cash and cash equivalents at end of the period |  | $ | 12,145 |  |  | $ | 3,885 |  |  | $ | 34,255 |  |  | $ | — |  |  | $ | 50,285 |
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2011
(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 |  | $ | (7,515 | ) |  | $ | 26,830 |  |  | $ | 61,060 |  |  | $ | — |  |  | $ | 80,375 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | (3,749 | ) |  | (1,459 | ) |  | — |  |  | (5,208 | )
Purchases of property and equipment |  | 7,075 |  |  | (22,513 | ) |  | (13,536 | ) |  | — |  |  | (28,974 | )
Proceeds from disposition of consumer loan stores |  | — |  |  | — |  |  | 19,857 |  |  | — |  |  | 19,857 |
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | — |  |  | (7,779 | ) |  | — |  |  | (7,779 | )
Investing activity with subsidiaries |  | 52,500 |  |  | — |  |  | (52,500 | ) |  | — |  |  | — |
Net cash flow provided by (used in) investing activities |  | 59,575 |  |  | (26,262 | ) |  | (55,417 | ) |  | — |  |  | (22,104 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Repayments of notes payable |  | (1,851 | ) |  | — |  |  | — |  |  | — |  |  | (1,851 | )
Purchases of treasury stock |  | (55,308 | ) |  | — |  |  | — |  |  | — |  |  | (55,308 | )
Proceeds from exercise of share-based compensation awards |  | 2,478 |  |  | — |  |  | — |  |  | — |  |  | 2,478 |
Income tax benefit from exercise of stock options |  | 2,088 |  |  | — |  |  | — |  |  | — |  |  | 2,088 |
Net cash flow provided by (used in) financing activities |  | (52,593 | ) |  | — |  |  | — |  |  | — |  |  | (52,593 | )
Effect of exchange rates on cash |  | — |  |  | — |  |  | (2,622 | ) |  | — |  |  | (2,622 | )
Change in cash and cash equivalents |  | (533 | ) |  | 568 |  |  | 3,021 |  |  | — |  |  | 3,056 |
Cash and cash equivalents at beginning of the period |  | 44,001 |  |  | 4,360 |  |  | 18,879 |  |  | — |  |  | 67,240 |
Cash and cash equivalents at end of the period |  | $ | 43,468 |  |  | $ | 4,928 |  |  | $ | 21,900 |  |  | $ | — |  |  | $ | 70,296 |

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