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Condensed Consolidating Guarantor Financial Statements | 12 Months Ended
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Dec. 31, 2015
Condensed Consolidating Guarantor 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 (loss) 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 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, 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 |
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.
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 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 |
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 |
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 |
Certain amounts in the above condensed consolidating financial statements for the years ended December 31, 2014 and 2013 have been reclassified in order to conform to the 2015 presentation. These reclassifications include (1) the retrospective reflection of certain domestic Non-Guarantor Subsidiaries becoming Guarantor Subsidiaries on October 30, 2015, (2) the retrospective early adoption of ASU 2015-17 (as further described in Note 2) and (3) the presentation of “equity in net income of subsidiaries” in the condensed consolidating statements of comprehensive income (loss). In addition, the above condensed consolidating financial statements for the years ended December 31, 2014 and 2013 have been revised to (1) correct certain prior-year intercompany balances between the Parent Company and certain Non-Guarantor Subsidiaries in the condensed consolidating balance sheet, (2) correct certain prior-year intercompany activities between the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries as cash flows from investing and financing activities that had previously been reflected within cash flows from operating activities in the condensed consolidating statements of cash flows and (3) correct certain prior-year deferred tax asset balances related to foreign currency translation adjustments in the condensed consolidating balance sheet and condensed consolidating statements of comprehensive income (loss) (as further described in Note 2). The Company has evaluated the effects of these errors, both qualitatively and quantitatively, and concluded that they did not have a material impact on any previously issued financial statements or the full year results for fiscal 2015. The impact of these reclassifications and revisions to the condensed consolidating financial statements for 2014 and 2013 are summarized in the tables below:
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 |
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 |
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 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 | )
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 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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