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Condensed Consolidating Guarantor Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Consolidating Guarantor Financial Statements [Abstract] |
Condensed Consolidating Guarantor Financial Statements |
Summary 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, as reported |  | $ | (78,799 | ) |  | $ | 82,737 |  |  | $ | 102,780 |  |  | $ | — |  |  | $ | 106,718 |
Reclassifications |  | — |  |  | 274 |  |  | (274 | ) |  | — |  |  | — |
Revisions |  | 153,201 |  |  | (20,334 | ) |  | (64,299 | ) |  | (68,568 | ) |  | — |
Cash flow from operating activities, revised |  | $ | 74,402 |  |  | $ | 62,677 |  |  | $ | 38,207 |  |  | $ | (68,568 | ) |  | $ | 106,718 |
Cash flow from investing activities, as reported |  | $ | 36,684 |  |  | $ | (82,382 | ) |  | $ | (95,028 | ) |  | $ | — |  |  | $ | (140,726 | )
Reclassifications |  | — |  |  | (26,039 | ) |  | 26,039 |  |  | — |  |  | — |
Revisions |  | (153,201 | ) |  | — |  |  | 38,300 |  |  | 114,901 |  |  | — |
Cash flow from investing activities, revised |  | $ | (116,517 | ) |  | $ | (108,421 | ) |  | $ | (30,689 | ) |  | $ | 114,901 |  |  | $ | (140,726 | )
Cash flow from financing activities, as reported |  | $ | 54,644 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,644 |
Revisions |  | — |  |  | 46,373 |  |  | (40 | ) |  | (46,333 | ) |  | — |
Cash flow from financing activities, revised |  | $ | 54,644 |  |  | $ | 46,373 |  |  | $ | (40 | ) |  | $ | (46,333 | ) |  | $ | 54,644 |
Condensed Consolidating Balance Sheet
December 31, 2015
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,460 |  |  | $ | 3,765 |  |  | $ | 77,729 |  |  | $ | — |  |  | $ | 86,954 |
Pawn loan fees and service charges receivable |  | — |  |  | 7,596 |  |  | 8,810 |  |  | — |  |  | 16,406 |
Pawn loans |  | — |  |  | 61,204 |  |  | 56,397 |  |  | — |  |  | 117,601 |
Consumer loans, net |  | — |  |  | 624 |  |  | 494 |  |  | — |  |  | 1,118 |
Inventories |  | — |  |  | 46,349 |  |  | 47,109 |  |  | — |  |  | 93,458 |
Prepaid expenses and other current assets |  | 6,477 |  |  | — |  |  | 3,420 |  |  | — |  |  | 9,897 |
Intercompany receivable |  | 7,382 |  |  | — |  |  | — |  |  | (7,382 | ) |  | — |
Total current assets |  | 19,319 |  |  | 119,538 |  |  | 193,959 |  |  | (7,382 | ) |  | 325,434 |
Property and equipment, net |  | 3,568 |  |  | 55,585 |  |  | 53,294 |  |  | — |  |  | 112,447 |
Goodwill |  | — |  |  | 196,224 |  |  | 99,385 |  |  | — |  |  | 295,609 |
Other non-current assets |  | 5,416 |  |  | 4,893 |  |  | 3,901 |  |  | — |  |  | 14,210 |
Deferred tax assets |  | — |  |  | — |  |  | 9,321 |  |  | — |  |  | 9,321 |
Investments in subsidiaries |  | 675,574 |  |  | — |  |  | — |  |  | (675,574 | ) |  | — |
Total assets |  | $ | 703,877 |  |  | $ | 376,240 |  |  | $ | 359,860 |  |  | $ | (682,956 | ) |  | $ | 757,021 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 14,308 |  |  | $ | 7,929 |  |  | $ | 20,015 |  |  | $ | — |  |  | $ | 42,252 |
Income taxes payable |  | — |  |  | — |  |  | 3,923 |  |  | — |  |  | 3,923 |
Intercompany payable |  | — |  |  | — |  |  | 7,382 |  |  | (7,382 | ) |  | — |
Total current liabilities |  | 14,308 |  |  | 7,929 |  |  | 31,320 |  |  | (7,382 | ) |  | 46,175 |
Revolving unsecured credit facilities |  | 58,000 |  |  | — |  |  | — |  |  | — |  |  | 58,000 |
Senior unsecured notes |  | 200,000 |  |  | — |  |  | — |  |  | — |  |  | 200,000 |
Deferred tax liabilities |  | 187 |  |  | 18,880 |  |  | 2,397 |  |  | — |  |  | 21,464 |
Total liabilities |  | 272,495 |  |  | 26,809 |  |  | 33,717 |  |  | (7,382 | ) |  | 325,639 |
Total stockholders’ equity |  | 431,382 |  |  | 349,431 |  |  | 326,143 |  |  | (675,574 | ) |  | 431,382 |
Total liabilities and stockholders’ equity |  | $ | 703,877 |  |  | $ | 376,240 |  |  | $ | 359,860 |  |  | $ | (682,956 | ) |  | $ | 757,021 |
Condensed Consolidating Balance Sheet
December 31, 2014
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,799 |  |  | $ | 3,146 |  |  | $ | 57,047 |  |  | $ | — |  |  | $ | 67,992 |
Pawn loan fees and service charges receivable |  | — |  |  | 8,047 |  |  | 8,879 |  |  | — |  |  | 16,926 |
Pawn loans |  | — |  |  | 61,384 |  |  | 57,152 |  |  | — |  |  | 118,536 |
Consumer loans, net |  | — |  |  | 690 |  |  | 551 |  |  | — |  |  | 1,241 |
Inventories |  | — |  |  | 39,505 |  |  | 51,583 |  |  | — |  |  | 91,088 |
Prepaid expenses and other current assets |  | 1,881 |  |  | — |  |  | 3,089 |  |  | — |  |  | 4,970 |
Intercompany receivable |  | 4,948 |  |  | — |  |  | — |  |  | (4,948 | ) |  | — |
Total current assets |  | 14,628 |  |  | 112,772 |  |  | 178,301 |  |  | (4,948 | ) |  | 300,753 |
Property and equipment, net |  | 3,997 |  |  | 53,944 |  |  | 55,809 |  |  | — |  |  | 113,750 |
Goodwill |  | — |  |  | 181,101 |  |  | 95,781 |  |  | — |  |  | 276,882 |
Other non-current assets |  | 5,967 |  |  | 5,594 |  |  | 4,607 |  |  | — |  |  | 16,168 |
Deferred tax assets |  | 893 |  |  | — |  |  | 9,070 |  |  | (893 | ) |  | 9,070 |
Investments in subsidiaries |  | 648,296 |  |  | — |  |  | — |  |  | (648,296 | ) |  | — |
Total assets |  | $ | 673,781 |  |  | $ | 353,411 |  |  | $ | 343,568 |  |  | $ | (654,137 | ) |  | $ | 716,623 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 16,940 |  |  | $ | 7,108 |  |  | $ | 18,511 |  |  | $ | — |  |  | $ | 42,559 |
Intercompany payable |  | — |  |  | — |  |  | 4,948 |  |  | (4,948 | ) |  | — |
Total current liabilities |  | 16,940 |  |  | 7,108 |  |  | 23,459 |  |  | (4,948 | ) |  | 42,559 |
Revolving unsecured credit facility |  | 22,400 |  |  | — |  |  | — |  |  | — |  |  | 22,400 |
Senior unsecured notes |  | 200,000 |  |  | — |  |  | — |  |  | — |  |  | 200,000 |
Deferred tax liabilities |  | — |  |  | 14,069 |  |  | 4,047 |  |  | (893 | ) |  | 17,223 |
Total liabilities |  | 239,340 |  |  | 21,177 |  |  | 27,506 |  |  | (5,841 | ) |  | 282,182 |
Total stockholders’ equity |  | 434,441 |  |  | 332,234 |  |  | 316,062 |  |  | (648,296 | ) |  | 434,441 |
Total liabilities and stockholders’ equity |  | $ | 673,781 |  |  | $ | 353,411 |  |  | $ | 343,568 |  |  | $ | (654,137 | ) |  | $ | 716,623 |
Summary Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2013
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Net income (loss), as reported |  | $ | (22,940 | ) |  | $ | 52,617 |  |  | $ | 54,169 |  |  | $ | — |  |  | $ | 83,846 |
Reclassifications |  | 106,786 |  |  | 1,459 |  |  | (1,459 | ) |  | (106,786 | ) |  | — |
Net income (loss), revised |  | $ | 83,846 |  |  | $ | 54,076 |  |  | $ | 52,710 |  |  | $ | (106,786 | ) |  | $ | 83,846 |
Other comprehensive income (loss), as reported: |  | $ | (22,940 | ) |  | $ | 52,617 |  |  | $ | 53,358 |  |  | $ | — |  |  | $ | 83,035 |
Reclassifications |  | 106,786 |  |  | 1,459 |  |  | (1,459 | ) |  | (106,786 | ) |  | — |
Revisions |  | (4,821 | ) |  | — |  |  | 811 |  |  | — |  |  | (4,010 | )
Other comprehensive income (loss), revised: |  | $ | 79,025 |  |  | $ | 54,076 |  |  | $ | 52,710 |  |  | $ | (106,786 | ) |  | $ | 79,025 |
Summary Condensed Consolidating Balance Sheet
December 31, 2014
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Total assets, as reported |  | $ | 858,199 |  |  | $ | 314,832 |  |  | $ | 566,389 |  |  | $ | (1,024,745 | ) |  | $ | 714,675 |
Reclassifications |  | (176 | ) |  | 38,579 |  |  | (38,579 | ) |  | 2,124 |  |  | 1,948 |
Revisions |  | (184,242 | ) |  | — |  |  | (184,242 | ) |  | 368,484 |  |  | — |
Total assets, revised |  | $ | 673,781 |  |  | $ | 353,411 |  |  | $ | 343,568 |  |  | $ | (654,137 | ) |  | $ | 716,623 |
Total liabilities, as reported |  | $ | 409,648 |  |  | $ | 20,528 |  |  | $ | 23,207 |  |  | $ | (187,259 | ) |  | $ | 266,124 |
Reclassifications |  | (176 | ) |  | 649 |  |  | (649 | ) |  | 2,124 |  |  | 1,948 |
Revisions |  | (170,132 | ) |  | — |  |  | 4,948 |  |  | 179,294 |  |  | 14,110 |
Total liabilities, revised |  | $ | 239,340 |  |  | $ | 21,177 |  |  | $ | 27,506 |  |  | $ | (5,841 | ) |  | $ | 282,182 |
Total stockholders’ equity, as reported |  | $ | 448,551 |  |  | $ | 294,304 |  |  | $ | 543,182 |  |  | $ | (837,486 | ) |  | $ | 448,551 |
Reclassifications |  | — |  |  | 37,930 |  |  | (37,930 | ) |  | — |  |  | — |
Revisions |  | (14,110 | ) |  | — |  |  | (189,190 | ) |  | 189,190 |  |  | (14,110 | )
Total stockholders’ equity, revised |  | $ | 434,441 |  |  | $ | 332,234 |  |  | $ | 316,062 |  |  | $ | (648,296 | ) |  | $ | 434,441 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2015
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 163,648 |  |  | $ | 285,648 |  |  | $ | — |  |  | $ | 449,296 |
Pawn loan fees |  | — |  |  | 84,295 |  |  | 111,153 |  |  | — |  |  | 195,448 |
Consumer loan and credit services fees |  | — |  |  | 25,294 |  |  | 2,509 |  |  | — |  |  | 27,803 |
Wholesale scrap jewelry revenue |  | — |  |  | 17,396 |  |  | 14,659 |  |  | — |  |  | 32,055 |
Total revenue |  | — |  |  | 290,633 |  |  | 413,969 |  |  | — |  |  | 704,602 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 95,129 |  |  | 183,502 |  |  | — |  |  | 278,631 |
Consumer loan and credit services loss provision |  | — |  |  | 6,748 |  |  | 411 |  |  | — |  |  | 7,159 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 15,861 |  |  | 11,767 |  |  | — |  |  | 27,628 |
Total cost of revenue |  | — |  |  | 117,738 |  |  | 195,680 |  |  | — |  |  | 313,418 |
Net revenue |  | — |  |  | 172,895 |  |  | 218,289 |  |  | — |  |  | 391,184 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 92,277 |  |  | 115,295 |  |  | — |  |  | 207,572 |
Administrative expenses (1) |  | 26,467 |  |  | — |  |  | 28,291 |  |  | — |  |  | 54,758 |
Depreciation and amortization |  | 758 |  |  | 6,800 |  |  | 10,381 |  |  | — |  |  | 17,939 |
Goodwill impairment - U.S. consumer loan operations |  | — |  |  | 7,913 |  |  | — |  |  | — |  |  | 7,913 |
Interest expense |  | 16,887 |  |  | — |  |  | — |  |  | — |  |  | 16,887 |
Interest income |  | (13 | ) |  | — |  |  | (1,553 | ) |  | — |  |  | (1,566 | )
Total expenses and other income |  | 44,099 |  |  | 106,990 |  |  | 152,414 |  |  | — |  |  | 303,503 |
Income (loss) before income taxes |  | (44,099 | ) |  | 65,905 |  |  | 65,875 |  |  | — |  |  | 87,681 |
Provision for income taxes |  | (16,844 | ) |  | 24,385 |  |  | 19,430 |  |  | — |  |  | 26,971 |
Income (loss) before equity in net income of subsidiaries |  | (27,255 | ) |  | 41,520 |  |  | 46,445 |  |  | — |  |  | 60,710 |
Equity in net income of subsidiaries |  | 87,965 |  |  | — |  |  | — |  |  | (87,965 | ) |  | — |
Net income (loss) |  | $ | 60,710 |  |  | $ | 41,520 |  |  | $ | 46,445 |  |  | $ | (87,965 | ) |  | $ | 60,710 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment |  | (38,132 | ) |  | — |  |  | — |  |  | — |  |  | (38,132 | )
Comprehensive income (loss) |  | $ | 22,578 |  |  | $ | 41,520 |  |  | $ | 46,445 |  |  | $ | (87,965 | ) |  | $ | 22,578 |
(1) | Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.
Summary Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Cash flow from operating activities, as reported |  | $ | (20,276 | ) |  | $ | 18,939 |  |  | $ | 99,016 |  |  | $ | — |  |  | $ | 97,679 |
Reclassifications |  | — |  |  | (101 | ) |  | 101 |  |  | — |  |  | — |
Revisions |  | 62,908 |  |  | 43,565 |  |  | (35,607 | ) |  | (70,866 | ) |  | — |
Cash flow from operating activities, revised |  | $ | 42,632 |  |  | $ | 62,403 |  |  | $ | 63,510 |  |  | $ | (70,866 | ) |  | $ | 97,679 |
Cash flow from investing activities, as reported |  | $ | 12,499 |  |  | $ | (20,273 | ) |  | $ | (77,592 | ) |  | $ | — |  |  | $ | (85,366 | )
Reclassifications |  | — |  |  | (1,456 | ) |  | 1,456 |  |  | — |  |  | — |
Revisions |  | (62,908 | ) |  | — |  |  | 13,338 |  |  | 49,570 |  |  | — |
Cash flow from investing activities, revised |  | $ | (50,409 | ) |  | $ | (21,729 | ) |  | $ | (62,798 | ) |  | $ | 49,570 |  |  | $ | (85,366 | )
Cash flow from financing activities, as reported |  | $ | (9,098 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9,098 | )
Reclassifications |  | — |  |  | (42,109 | ) |  | 20,813 |  |  | 21,296 |  |  | — |
Cash flow from financing activities, revised |  | $ | (9,098 | ) |  | $ | (42,109 | ) |  | $ | 20,813 |  |  | $ | 21,296 |  |  | $ | (9,098 | )
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 |  | $ | 74,402 |  |  | $ | 62,677 |  |  | $ | 38,207 |  |  | $ | (68,568 | ) |  | $ | 106,718 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | 4,138 |  |  | (4,549 | ) |  | — |  |  | (411 | )
Purchases of property and equipment |  | (1,616 | ) |  | (12,767 | ) |  | (12,289 | ) |  | — |  |  | (26,672 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (99,792 | ) |  | (13,851 | ) |  | — |  |  | (113,643 | )
Investing activity with subsidiaries |  | (114,901 | ) |  | — |  |  | — |  |  | 114,901 |  |  | — |
Net cash flow provided by (used in) investing activities |  | (116,517 | ) |  | (108,421 | ) |  | (30,689 | ) |  | 114,901 |  |  | (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 |
Proceeds from intercompany financing related activity |  | — |  |  | 112,559 |  |  | 2,342 |  |  | (114,901 | ) |  | — |
Intercompany dividends paid |  | — |  |  | (66,186 | ) |  | (2,382 | ) |  | 68,568 |  |  | — |
Net cash flow provided by (used in) financing activities |  | 54,644 |  |  | 46,373 |  |  | (40 | ) |  | (46,333 | ) |  | 54,644 |
Effect of exchange rates on cash |  | — |  |  | — |  |  | (278 | ) |  | — |  |  | (278 | )
Change in cash and cash equivalents |  | 12,529 |  |  | 629 |  |  | 7,200 |  |  | — |  |  | 20,358 |
Cash and cash equivalents at beginning of the period |  | 12,145 |  |  | 3,952 |  |  | 34,188 |  |  | — |  |  | 50,285 |
Cash and cash equivalents at end of the period |  | $ | 24,674 |  |  | $ | 4,581 |  |  | $ | 41,388 |  |  | $ | — |  |  | $ | 70,643 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2013
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 126,228 |  |  | $ | 240,959 |  |  | $ | — |  |  | $ | 367,187 |
Pawn loan fees |  | — |  |  | 73,853 |  |  | 107,702 |  |  | — |  |  | 181,555 |
Consumer loan and credit services fees |  | — |  |  | 39,903 |  |  | 3,878 |  |  | — |  |  | 43,781 |
Wholesale scrap jewelry revenue |  | — |  |  | 36,035 |  |  | 32,290 |  |  | — |  |  | 68,325 |
Total revenue |  | — |  |  | 276,019 |  |  | 384,829 |  |  | — |  |  | 660,848 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 68,447 |  |  | 152,914 |  |  | — |  |  | 221,361 |
Consumer loan and credit services loss provision |  | — |  |  | 10,685 |  |  | 683 |  |  | — |  |  | 11,368 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 29,854 |  |  | 28,691 |  |  | — |  |  | 58,545 |
Total cost of revenue |  | — |  |  | 108,986 |  |  | 182,288 |  |  | — |  |  | 291,274 |
Net revenue |  | — |  |  | 167,033 |  |  | 202,541 |  |  | — |  |  | 369,574 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 78,973 |  |  | 102,348 |  |  | — |  |  | 181,321 |
Administrative expenses (1) |  | 30,900 |  |  | — |  |  | 18,630 |  |  | — |  |  | 49,530 |
Depreciation and amortization |  | 1,193 |  |  | 4,867 |  |  | 9,301 |  |  | — |  |  | 15,361 |
Interest expense |  | 3,492 |  |  | — |  |  | — |  |  | — |  |  | 3,492 |
Interest income |  | (8 | ) |  | — |  |  | (314 | ) |  | — |  |  | (322 | )
Total expenses and other income |  | 35,577 |  |  | 83,840 |  |  | 129,965 |  |  | — |  |  | 249,382 |
Income (loss) from continuing operations before income taxes |  | (35,577 | ) |  | 83,193 |  |  | 72,576 |  |  | — |  |  | 120,192 |
Provision for income taxes |  | (12,637 | ) |  | 29,117 |  |  | 19,233 |  |  | — |  |  | 35,713 |
Income (loss) from continuing operations before equity in net income of subsidiaries |  | (22,940 | ) |  | 54,076 |  |  | 53,343 |  |  | — |  |  | 84,479 |
Loss from discontinued operations, net of tax |  | — |  |  | — |  |  | (633 | ) |  | — |  |  | (633 | )
Equity in net income of subsidiaries |  | 106,786 |  |  | — |  |  | — |  |  | (106,786 | ) |  | — |
Net income (loss) |  | $ | 83,846 |  |  | $ | 54,076 |  |  | $ | 52,710 |  |  | $ | (106,786 | ) |  | $ | 83,846 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment |  | (4,821 | ) |  | — |  |  | — |  |  | — |  |  | (4,821 | )
Comprehensive income (loss) |  | $ | 79,025 |  |  | $ | 54,076 |  |  | $ | 52,710 |  |  | $ | (106,786 | ) |  | $ | 79,025 |
(1) | Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2015
(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 |  | $ | 32,753 |  |  | $ | 59,675 |  |  | $ | 66,713 |  |  | $ | (66,392 | ) |  | $ | 92,749 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | 1,803 |  |  | (5,519 | ) |  | — |  |  | (3,716 | )
Purchases of property and equipment |  | (329 | ) |  | (6,919 | ) |  | (13,825 | ) |  | — |  |  | (21,073 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (29,617 | ) |  | (17,270 | ) |  | — |  |  | (46,887 | )
Investing activity with subsidiaries |  | (43,890 | ) |  | — |  |  | — |  |  | 43,890 |  |  | — |
Net cash flow provided by (used in) investing activities |  | (44,219 | ) |  | (34,733 | ) |  | (36,614 | ) |  | 43,890 |  |  | (71,676 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 120,000 |  |  | — |  |  | — |  |  | — |  |  | 120,000 |
Repayments of revolving credit facilities |  | (84,400 | ) |  | — |  |  | — |  |  | — |  |  | (84,400 | )
Debt issuance costs paid |  | (407 | ) |  | — |  |  | — |  |  | — |  |  | (407 | )
Purchases of treasury stock |  | (39,974 | ) |  | — |  |  | — |  |  | — |  |  | (39,974 | )
Proceeds from exercise of share-based compensation awards |  | 9,895 |  |  | — |  |  | — |  |  | — |  |  | 9,895 |
Income tax benefit from exercise of stock options |  | 5,126 |  |  | — |  |  | — |  |  | — |  |  | 5,126 |
Payment of minimum withholding taxes on net share settlement of stock options exercised |  | (1,113 | ) |  | — |  |  | — |  |  | — |  |  | (1,113 | )
Proceeds from intercompany financing related activity |  | — |  |  | 36,536 |  |  | 7,354 |  |  | (43,890 | ) |  | — |
Intercompany dividends paid |  | — |  |  | (60,859 | ) |  | (5,533 | ) |  | 66,392 |  |  | — |
Net cash flow provided by (used in) financing activities |  | 9,127 |  |  | (24,323 | ) |  | 1,821 |  |  | 22,502 |  |  | 9,127 |
Effect of exchange rates on cash |  | — |  |  | — |  |  | (11,238 | ) |  | — |  |  | (11,238 | )
Change in cash and cash equivalents |  | (2,339 | ) |  | 619 |  |  | 20,682 |  |  | — |  |  | 18,962 |
Cash and cash equivalents at beginning of the period |  | 7,799 |  |  | 3,146 |  |  | 57,047 |  |  | — |  |  | 67,992 |
Cash and cash equivalents at end of the period |  | $ | 5,460 |  |  | $ | 3,765 |  |  | $ | 77,729 |  |  | $ | — |  |  | $ | 86,954 |
Summary Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2014
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Net income (loss), as reported |  | $ | (20,944 | ) |  | $ | 49,655 |  |  | $ | 56,455 |  |  | $ | — |  |  | $ | 85,166 |
Reclassifications |  | 106,110 |  |  | 3,120 |  |  | (3,120 | ) |  | (106,110 | ) |  | — |
Net income (loss), revised |  | $ | 85,166 |  |  | $ | 52,775 |  |  | $ | 53,335 |  |  | $ | (106,110 | ) |  | $ | 85,166 |
Other comprehensive income (loss), as reported: |  | $ | (20,944 | ) |  | $ | 49,655 |  |  | $ | 38,038 |  |  | $ | — |  |  | $ | 66,749 |
Reclassifications |  | 106,110 |  |  | 3,120 |  |  | (3,120 | ) |  | (106,110 | ) |  | — |
Revisions |  | (28,517 | ) |  | — |  |  | 18,417 |  |  | — |  |  | (10,100 | )
Other comprehensive income (loss), revised: |  | $ | 56,649 |  |  | $ | 52,775 |  |  | $ | 53,335 |  |  | $ | (106,110 | ) |  | $ | 56,649 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2014
(in thousands)
|  | Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | — |  |  | $ | 155,619 |  |  | $ | 272,563 |  |  | $ | — |  |  | $ | 428,182 |
Pawn loan fees |  | — |  |  | 83,321 |  |  | 116,036 |  |  | — |  |  | 199,357 |
Consumer loan and credit services fees |  | — |  |  | 33,568 |  |  | 3,181 |  |  | — |  |  | 36,749 |
Wholesale scrap jewelry revenue |  | — |  |  | 26,365 |  |  | 22,224 |  |  | — |  |  | 48,589 |
Total revenue |  | — |  |  | 298,873 |  |  | 414,004 |  |  | — |  |  | 712,877 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | — |  |  | 88,590 |  |  | 173,083 |  |  | — |  |  | 261,673 |
Consumer loan and credit services loss provision |  | — |  |  | 8,678 |  |  | 609 |  |  | — |  |  | 9,287 |
Cost of wholesale scrap jewelry sold |  | — |  |  | 22,675 |  |  | 18,369 |  |  | — |  |  | 41,044 |
Total cost of revenue |  | — |  |  | 119,943 |  |  | 192,061 |  |  | — |  |  | 312,004 |
Net revenue |  | — |  |  | 178,930 |  |  | 221,943 |  |  | — |  |  | 400,873 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | — |  |  | 89,068 |  |  | 109,918 |  |  | — |  |  | 198,986 |
Administrative expenses (1) |  | 24,095 |  |  | — |  |  | 30,491 |  |  | — |  |  | 54,586 |
Depreciation and amortization |  | 997 |  |  | 6,104 |  |  | 10,375 |  |  | — |  |  | 17,476 |
Interest expense |  | 13,527 |  |  | — |  |  | — |  |  | — |  |  | 13,527 |
Interest income |  | (24 | ) |  | — |  |  | (658 | ) |  | — |  |  | (682 | )
Total expenses and other income |  | 38,595 |  |  | 95,172 |  |  | 150,126 |  |  | — |  |  | 283,893 |
Income (loss) from continuing operations before income taxes |  | (38,595 | ) |  | 83,758 |  |  | 71,817 |  |  | — |  |  | 116,980 |
Provision for income taxes |  | (17,651 | ) |  | 30,983 |  |  | 18,210 |  |  | — |  |  | 31,542 |
Income (loss) from continuing operations before equity in net income of subsidiaries |  | (20,944 | ) |  | 52,775 |  |  | 53,607 |  |  | — |  |  | 85,438 |
Loss from discontinued operations, net of tax |  | — |  |  | — |  |  | (272 | ) |  | — |  |  | (272 | )
Equity in net income of subsidiaries |  | 106,110 |  |  | — |  |  | — |  |  | (106,110 | ) |  | — |
Net income (loss) |  | $ | 85,166 |  |  | $ | 52,775 |  |  | $ | 53,335 |  |  | $ | (106,110 | ) |  | $ | 85,166 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Currency translation adjustment |  | (28,517 | ) |  | — |  |  | — |  |  | — |  |  | (28,517 | )
Comprehensive income (loss) |  | $ | 56,649 |  |  | $ | 52,775 |  |  | $ | 53,335 |  |  | $ | (106,110 | ) |  | $ | 56,649 |
(1) | Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014
(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 |  | $ | 42,632 |  |  | $ | 62,403 |  |  | $ | 63,510 |  |  | $ | (70,866 | ) |  | $ | 97,679 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |  |
Loan receivables, net of cash repayments |  | — |  |  | 2,785 |  |  | (5,255 | ) |  | — |  |  | (2,470 | )
Purchases of property and equipment |  | (839 | ) |  | (8,097 | ) |  | (15,018 | ) |  | — |  |  | (23,954 | )
Acquisitions of pawn stores, net of cash acquired |  | — |  |  | (16,417 | ) |  | (42,525 | ) |  | — |  |  | (58,942 | )
Investing activity with subsidiaries |  | (49,570 | ) |  | — |  |  | — |  |  | 49,570 |  |  | — |
Net cash flow provided by (used in) investing activities |  | (50,409 | ) |  | (21,729 | ) |  | (62,798 | ) |  | 49,570 |  |  | (85,366 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |
Borrowings from revolving credit facilities |  | 50,000 |  |  | — |  |  | — |  |  | — |  |  | 50,000 |
Repayments of revolving credit facilities |  | (209,600 | ) |  | — |  |  | — |  |  | — |  |  | (209,600 | )
Repayments of notes payable |  | (8,352 | ) |  | — |  |  | — |  |  | — |  |  | (8,352 | )
Issuance of senior notes |  | 200,000 |  |  | — |  |  | — |  |  | — |  |  | 200,000 |
Debt issuance costs paid |  | (6,610 | ) |  | — |  |  | — |  |  | — |  |  | (6,610 | )
Purchases of treasury stock |  | (43,947 | ) |  | — |  |  | — |  |  | — |  |  | (43,947 | )
Proceeds from exercise of share-based compensation awards |  | 5,270 |  |  | — |  |  | — |  |  | — |  |  | 5,270 |
Income tax benefit from exercise of stock options |  | 4,141 |  |  | — |  |  | — |  |  | — |  |  | 4,141 |
Proceeds from intercompany financing related activity |  | — |  |  | 24,514 |  |  | 25,056 |  |  | (49,570 | ) |  | — |
Intercompany dividends paid |  | — |  |  | (66,623 | ) |  | (4,243 | ) |  | 70,866 |  |  | — |
Net cash flow provided by (used in) financing activities |  | (9,098 | ) |  | (42,109 | ) |  | 20,813 |  |  | 21,296 |  |  | (9,098 | )
Effect of exchange rates on cash |  | — |  |  | — |  |  | (5,866 | ) |  | — |  |  | (5,866 | )
Change in cash and cash equivalents |  | (16,875 | ) |  | (1,435 | ) |  | 15,659 |  |  | — |  |  | (2,651 | )
Cash and cash equivalents at beginning of the period |  | 24,674 |  |  | 4,581 |  |  | 41,388 |  |  | — |  |  | 70,643 |
Cash and cash equivalents at end of the period |  | $ | 7,799 |  |  | $ | 3,146 |  |  | $ | 57,047 |  |  | $ | — |  |  | $ | 67,992 |

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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References No definition available. + Details
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