EX-99.1 2 a09302014exhibit991.htm EXHIBIT 99.1 09.30.2014 Exhibit 99.1


Exhibit 99.1

UNADUITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION


On November 13, 2014 (the “Distribution Date”), Cash America International, Inc. (“Cash America” or the “Company”) completed the distribution of 80% of the outstanding shares of Enova International, Inc. (“Enova”), which previously comprised its e-commerce segment, to its shareholders (the “Spin-off”). The consolidated balance sheet as of September 30, 2014 giving effect to the Enova Spin-off, including the related notes thereto, previously filed on a Current Report on Form 8-K on November 18, 2014 has been revised in this Exhibit 99.1 as discussed in this Current Report on Form 8-K/A. The unaudited pro forma consolidated statements of operations of the Company that were included in Exhibit 99.1 on the Current Report on Form 8-K filed on November 18, 2014 have not been revised.

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
As of September 30, 2014
(dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
 
Distribution of Enova (a)
 
Pro Forma Adjustments
 
Note
 
Pro Forma
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
123,532
 
 
$
(90,872
)
 
$
—
 
 
 
 
$
32,660
 
Restricted cash
60
 
 
—
 
 
—
 
 
 
 
60
 
Pawn loans
264,612
 
 
—
 
 
—
 
 
 
 
264,612
 
Consumer loans, net
348,225
 
 
(303,694
)
 
—
 
 
 
 
44,531
 
Merchandise held for disposition, net
215,263
 
 
—
 
 
—
 
 
 
 
215,263
 
Pawn loan fees and service charges receivable
54,501
 
 
—
 
 
—
 
 
 
 
54,501
 
Prepaid expenses and other assets
33,871
 
 
(12,738
)
 
—
 
 
 
 
21,133
 
Deferred tax assets
36,076
 
 
(26,514
)
 
—
 
 
 
 
9,562
 
Investment in Enova International, Inc.
—
 
 
—
 
 
194,898
 
 
(b)
 
194,898
 
Total current assets
1,076,140
 
 
(433,818
)
 
194,898
 
 
 
 
837,220
 
Property and equipment, net
245,382
 
 
(35,598
)
 
—
 
 
 
 
209,784
 
Goodwill
699,061
 
 
(210,361
)
 
—
 
 
 
 
488,700
 
Intangible assets, net
47,490
 
 
(18
)
 
—
 
 
 
 
47,472
 
Other assets
32,272
 
 
(21,712
)
 
—
 
 
 
 
10,560
 
Total assets
$
2,100,345
 
 
$
(701,507
)
 
$
194,898
 
 
 
 
$
1,593,736
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
141,351
 
 
$
(71,941
)
 
$
—
 
 
 
 
$
69,410
 
Customer deposits
19,271
 
 
—
 
 
—
 
 
 
 
19,271
 
Income taxes currently payable
1,399
 
 
15
 
 
—
 
 
 
 
1,414
 
Total current liabilities
162,021
 
 
(71,926
)
 
—
 
 
 
 
90,095
 
Deferred tax liabilities
110,624
 
 
(45,656
)
 
—
 
 
 
 
64,968
 
Other liabilities
1,124
 
 
(105
)
 
—
 
 
 
 
1,019
 
Long-term debt
700,043
 
 
(494,021
)
 
—
 
 
 
 
206,022
 
Total liabilities
$
973,812
 
 
$
(611,708
)
 
$
—
 
 
 
 
$
362,104
 
Equity:
 
 
 
 
 
 
 
 
—
 
Total equity
1,126,533
 
 
(89,799
)
 
194,898
 
 
(b)
 
1,231,632
 
Total liabilities and equity
$
2,100,345
 
 
$
(701,507
)
 
$
194,898
 
 
 
 
$
1,593,736
 


See Notes to Unaudited Pro Forma Consolidated Financial Statements
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Cash America International, Inc. and Subsidiaries
Notes to Unaudited Pro Forma Consolidated Financial Statements
(a)
The “Distribution of Enova” column amounts represent the revenue, expenses, assets, liabilities and equity attributable to Enova, which were included in the Company's historical financial statements.The balance sheet also assumes settlement of a $13.4 million Intercompany debt owed by Enova to the Company. Operations and administration expense includes $2.3 million directly related to the spin-off of Enova for the nine months ended September 30, 2014. The Company did not allocate corporate overhead costs to Enova for purposes of pro forma financial statement presentation.
(b)
The Company retained approximately 6.6 million, or approximately 20.0%, of Enova’s outstanding common shares to 1) settle restricted stock unit obligations for employees and directors of the Company, 2) settle certain deferred share obligations for the Company's directors, and 3) to hold as an investment, which is expected to be accounted for using the fair value method of accounting for available-for-sale securities in accordance with Accounting Standards Codification Topic 320, Investments - Debt and Equity Securities. For purposes of the pro forma financial statements, the value of the Company's investment in Enova was calculated using a stock price of $29.53 per share (based on the average of the high and low market prices on the first day of trading, which was November 13, 2014).

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