Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

2. Discontinued Operations

On November 13, 2014, the Company completed the Enova Spin-off by distributing net assets of $79.6 million through a distribution of Enova common shares to the Company’s shareholders. The Enova Spin-off was part of the Company’s strategy to focus on its core pawn operations business, and consequently, the net assets, operating results, and cash flows of the Company’s previously-held Enova business are presented separately as discontinued operations for the years ended December 31, 2014 and 2013.

Upon completion of the Enova Spin-off, the Company retained approximately 20 percent of the shares of Enova common stock. See Note 9 for additional information related to the Company’s investment in Enova.

Enova is now a stand-alone public company that separately reports its financial results. Due to differences between the basis of presentation for discontinued operations and the basis of presentation as a stand-alone

company, the financial results of Enova included within discontinued operations for the Company may not be indicative of actual financial results of Enova as a stand-alone company.

Summarized income statement and supplemented cash flow information for discontinued operations for the years ended December 31, 2014 and 2013, is shown below (dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expenses and cash flow activity prior to the date of the Enova Spin-off.

	Year Ended December 31,
	2014			2013
Total Revenue	$	705,778		$	766,169
Total Cost of Revenue	229,816			317,896
Net Revenue	475,962			448,273
Expenses
Operations and administration	256,466			280,515
Depreciation and amortization	15,698			17,143
Total Expenses	272,164			297,658
Income from Operations	203,798			150,615
Interest expense, net	(31,301		)	(19,788		)
Foreign currency transaction loss	(539		)	(1,222		)
Income before Income Taxes	171,958			129,605
Provision for income taxes	62,933			46,259
Net Income from Discontinued Operations	$	109,025		$	83,346
Diluted Income per Share from Discontinued Operations	$	3.72		$	2.72

	Year Ended December 31,
	2014		2013
Cash flows from investing activities
Capital expenditures	$	11,681	$	14,872
Significant non-cash operating items
Non-cash interest expense on note payable to Cash America	$	—	$	19,844
Significant non-cash investing items
Consumer loans renewed	$	262,458	$	500,797
Cash paid during the year for:
Interest	$	7,630	$	—
Income taxes (a)	$	758	$	170

^(a) Represents cash paid for state and local income taxes. Federal income tax payments for 2014 and 2013 were made by Cash America.