CSH

CASH AMERICA
INTERNATIONAL INC.
CSH/NYSE

Continuing Coverage:
Cash America Goes Through the Big D

Investment Rating: Market Outperform

 Enova spin‐off unlocks value
 Pawn business provides stable revenues
 De‐emphasis of consumer loans will decrease regulatory risk and
short‐term revenue
 Future growth depends on acquisitions
 Our 12‐month target price is $33.00.


Company Quick View:

Cash America is more than just a pawn in the financial services game. Cash
America is the largest pawn operator in the U.S. The Company has 863 retail
lending locations in 21 states under the names Cash America Pawn, SuperPawn,
Cash America Payday Advance and Cashland. The Company recently completed
spinning‐off its e‐commerce division, Enova, which offers consumer loans in 34
states in the U.S. as well as in the U.K., Australia, Canada, Brazil, and China.
Analysts: Investment Research Manager:
Awesta Nawabi Xi Luo
Kaixi Ye
Kelly Kidwell
Zhe Liu
November 20, 2014
PRICE: $ 25.08 S&P 500: 2,052.75 DJIA: 17,719.00 RUSSELL 2000: 1,170.75
Valuation
EPS*
P/E
CFPS
P/CFPS
* Excluding non‐recurring ite
2013 A
$ 4.97
5.0x
$ 18.99
1.3x
ems
2014 E
$ 3.85
6.5x
$ 16.70
1.5x
2015 E
$ 5.98
4.2x
$ 7.94
3.2x
Market Capitalization Stock Data
Equity Market Cap (MM): $ 725 52‐Week Range: $24.56 ‐ $25.21
Enterprise Value (MM): $ 1,301 12‐Month Stock Performance: 47.22%
Shares Outstanding (MM): 28.89 Dividend Yield: 0.30%
Estimated Float (MM): 28.17 Book Value Per Share: $ 38.99
6‐Mo. Avg. Daily Volume: 483,234 Beta: 0.94
The BURKENROAD REPORTS are produced solely as a part of an educational program of Tulane University's
Freeman School of Business. The reports are not investment advice and you should not and may not rely on
them in making any investment decision. You should consult an investment professional and/or conduct your
own primary research regarding any potential investment.
Wall Street's Farm Team
BURKENROADREPORTS

Cash America International (CSH) BURKENROAD REPORTS (www.burkenroad.org) November 20, 2014
2
Figure 1: 5‐year Stock Price Performance
Source: Yahoo Finance November 20, 2014
INVESTMENT SUMMARY
We give Cash America International Inc. a rating of Market Outperform. Our target price is
$33.00, an increase of over 30% from its November 20, 2014 price of $25.08. We used the
discounted free cash flow to firm and the price to earnings valuation methods to calculate the
target price.
Cash America is the largest pawn operator in the U.S. and provides financial services to
unbanked and under‐banked consumers through retail services locations and previously
through online distribution platforms. The Company offers secured pawn loans and unsecured
consumer loans, which consist of short‐term and installment loans. Product offerings in the
Company’s retail services segment include pawn loans, consumer loans, and unredeemed
merchandise used as collateral on pawn loans. The Company’s e‐commerce segment, Enova,
offers consumer loans in the U.S. and internationally.
Cash America recently completed a spin‐off of its e‐commerce segment, Enova. Although it is
experiencing rapid growth, Enova operates in a high regulatory risk environment. In contrast,
Cash America’s pawn segment is facing slow growth in a stable regulatory environment.
Separating the two businesses allows Cash America to focus on its core business in pawn
lending and minimize its exposure to regulatory risk. Post spin‐off, Cash America’s growth
depends on its ability to find suitable acquisitions.

3
Table 1: Historical Burkenroad Ratings and Prices
Date Rating Price*
10/26/2012 Market Outperform $52.00
11/07/2013 Market Outperform $50.00
*Price at time of report date and prior to Enova spin‐off
INVESTMENT THESIS
We rate Cash America as Market Outperform and project a one‐year share price target of
$33.00. In determining our projections, we took into consideration the Company’s revenue
potential in pawn services and the abstraction of its e‐commerce segment, Enova.
Enova spin‐off unlocks value
Until recently, Cash America was comprised of two distinct business segments. The Company’s
retail services segment generates steady revenue in a low regulatory risk environment. The
Company’s e‐commerce segment, Enova, on the other hand, is experiencing rapid growth in a
high regulatory risk environment. Additionally, the success of each segment depends on
different criteria. In pawn lending, economic conditions affect revenue. In consumer lending,
profitability is dependent on analytics, collections, and regulatory compliance.
The major differences in the two segments prompted the Company to propose a tax‐free spin‐
off of Enova. On October 22, 2014, the Company’s Board of Directors approved the spin‐off.
Then, on November 13, 2014, the Company distributed 80% of Enova’s shares to current Cash
America shareholders. A separation allows Cash America to focus on its pawn business and
reduce its risk profile.
Pawn business provides stable revenues
The pawn business provides Cash America with stable earnings. The Company’s pawn segment
generates nearly one billion dollars in revenue per year. Although the pawn segment is
experiencing much slower growth in comparison to the Company’s consumer loan segment,
Cash America’s pawn‐related net revenue is increasing due to higher pawn loan fees and
service charges, and due to higher gross profit on retail sales. In comparison to the prior year
quarter, the Company’s pawn‐related net revenue for the third quarter of 2014 increased by
$9.2 million to $126.1 million. Same‐store pawn loan balances also increased by 2.1% in third
quarter 2014 compared to the prior year quarter.
De‐emphasis of consumer loans will decrease regulatory risk and short‐term revenue
Cash America is strategically minimizing its exposure to regulatory risk. Regulatory risk is stable
in pawn lending but uncertain in consumer lending. In addition to separating its e‐commerce
consumer loan segment, the Company plans to deemphasize unsecured consumer loans
offered in its storefront locations. Recently the Company discontinued short‐term consumer
lending in 160 of its retail services locations. In the fourth quarter of 2014, the Company plans
to end short‐term consumer lending in an additional 146 locations.

4
Consumer lending currently represents less than 10% of total revenue in the Company’s retail
services segment. The reduction in consumer lending will decrease revenue in the short‐term.
Future growth depends on acquisitions
With the spin‐off of Enova, Cash America is returning to its core business in pawn lending.
Pawn lending is a mature industry which lacks the extensive growth opportunities of consumer
lending. Cash America’s future growth will depend on its ability to acquire competitors and
increase its retail locations. Because the pawn shop industry is highly fragmented, the
Company has ample opportunity to acquire independent operators. Cash America has strong
cash flows to pursue an aggressive acquisition strategy.
VALUATION
We used both an absolute and a relative valuation model to derive our 12‐month target price
of $33.00 for Cash America. We used the discounted free cash flow to firm valuation method
in conjunction with the relative multiples price to earnings valuation model to gauge company
value.
Discounted Cash Flow Method
The discounted cash flow (DCF) method is appropriate for valuing intrinsic worth. The DCF
method determines the value of a company by discounting to the present estimated future
free cash flows. In calculating the discount rate, we used the capital asset pricing model
(CAPM) to arrive at a cost of equity of 9.60%. We estimated the pretax cost of debt at 2.50%
and the liquidity premium at 7.50% to get a weighted average cost of capital of 12.50%. We
assumed a terminal growth rate of 2.78% which is equal to the 20‐year U.S. treasury yield. The
DCF method yields a 12‐month target share price of $27.66.
Relative Multiples Method
In addition to the DCF method, we used the relative multiples valuation of price to earnings
(P/E) to arrive at a share price of $38.46. Because Cash America does not have a close peer
group, we did not compare the Company with its peers. Instead, we used the P/E historical
method and multiplied the Company’s average P/E ratio by the sum of the forecasted next four
quarters’ earnings to derive the target price. For the P/E multiple, we averaged the Company’s
most recent trading P/E multiples post Enova spin‐off to arrive at a value of 7x.

5
INDUSTRY ANALYSIS
Cash America is part of both the pawn shop and the payday loan services industries. Pawn
shops help make loans more accessible to lower‐income workers and families than traditional
financial institutions by offering cash loans in exchange for personal property as collateral. The
pawn shop industry is segmented, and most pawn shops are family‐owned. Pawn shop
industry revenue is estimated at $6.2 billion in 2013, with an average annual growth of 2.4% in
the last five years.
The payday loan services industry offers small, short‐term unsecured consumer loans both
through retail establishments and e‐commerce. Revenue in the payday loan services industry is
estimated at $11.1 billion in 2014, with an annualized growth rate of 2%. Recently, the payday
loan services industry has seen an increase in regulation from both state and federal agencies.
Customers
The pawn shop and payday loan services industries both serve the short‐term credit needs of
consumers who have subprime credit scores, limited access to mainstream financial products,
and low to moderate household incomes. These consumers are typically referred to as
unbanked or underbanked and represent approximately 60 million households in the U.S.
According to the National Pawnbrokers Association, the average pawn customer is 36 years old
and has a household income of $29,000. Additionally, 80% of pawn customers are employed,
82% have a high school diploma or GED, and 33% are homeowners.
According to estimates from The Pew Charitable Trusts and IBISWorld, consumers earning
under $40,000 per year account for 73.5% of total revenue in the payday loan services
industry. Consumers most likely to use payday loan services are home renters, separated or
divorced individuals, and those without a four‐year college degree.

$20.00
$25.00
$30.00
$35.00
$40.00
DCF P/E at 7 Multiple
Figure 2: Burkenroad Valuation
12‐Month
Target Price:
$33.00
Current Price:
$25.08

6
Competition
In the pawn shop industry, market share concentration is low. The two largest players, Cash
America and EZCORP, comprise less than 20% of industry market share. The pawn shop
industry is a growing market (see Figure 3), and despite regulatory barriers to entry, many
smaller players have entered the market. Since 2008, there has been a 12% increase in the
total number of pawn shops.
Pawn shops compete internally on the basis of lending agreements and reputation.
Specifically, pawn shops that offer competitive lending agreements and a high level of service
are more likely to succeed. Industry players differentiate services from traditional loan
providers such as commercial banks, credit unions and credit card companies by lowering their
lending standards, by offering smaller loans, and by allowing flexibility for repayments.
Cash America also competes in the payday loan services industry which has many similarities
to the pawn shop industry including: low market share concentration, regulatory barriers to
entry, and basis of competition. Cash America’s biggest competitor in consumer lending is ACE
Cash Express. Still, Cash America and ACE Cash Express account for less than 11% of total
industry revenue in 2014.
Figure 3: Total Number of U.S. Pawn Shop Establishments
Source: IBISWorld
Regulatory Environment
Pawn shops are subject to both state and federal regulations. States require pawn brokers to
obtain occupational licenses and renew them each year. Most states also require a written
contract for each pawn transaction. States may also cap the maximum amount of interest that
can be charged on a pawn loan. Typically, the maximum is about 25% interest per month.

7
As such, the cap on interest reduces possible interest revenue from loans. Pawn shops cannot
sell a customer’s merchandise within seven days of the loan transaction to maintain the pawn
shop’s status as a loan broker rather than a consignment store. Further, shops may not form
loan contracts with minors and must keep thorough records and receipts from each
transaction.
Pawn shops are also subject to commercial zoning requirements as set by city or state. Cities
and states often designate certain property zones for residential use and others for
commercial use. Because pawn shops cannot operate in residential areas, they may have to
pay more for real estate, thereby increasing the costs of opening a pawn shop. These property
types may also be taxed differently, affecting operating costs for the entire duration that the
pawn shop is in business.
Federal laws such as the Truth in Lending Act and the Equal Credit Opportunity Act also apply
to pawn shops. These provisions ensure pawn shops do not discriminate based on race,
gender, age, class, or nationality when brokering pawn loans. Maintaining proof of fairness in
lending adds to the costs of operating a pawn business.
The pawn shop and the payday loan services industries are further subject to regulation from
the Consumer Financial Protection Bureau (CFPB). In April 2013, the CFPB issued a report on
payday loans and stated that the agency’s “findings raised substantial consumer protection
concerns”. Based on these concerns, the CFPB may adopt new rules and regulations in the near
future. Thus, new regulation is likely to increase industry compliance costs.
Macroeconomic Factors
Macroeconomic factors such as the national unemployment rate largely influence the pawn
shop industry. When unemployment rates are high, consumers turn to pawn shops for short‐
term loans to cover personal expenses. The national unemployment rate has been on a
downward trend since 2011, serving as a potential threat to industry revenue.
Per capital disposable income also affects the demand for pawn shops. During periods of low
income, more consumers typically turn to pawn shops for short‐term loans, leading to higher
demand for the industry’s loan services. However, the industry’s retail sales typically fall during
times of low income because consumers tend to cut back on unnecessary purchases during
tough times.
Additionally, the price of gold has a significant impact on the pawn shop industry. When the
price of gold rises, consumers are incentivized to sell their gold and jewelry to local pawn
shops. With rising gold prices, pawn shops see a boost in revenue from merchandise sales
because jewelry sales represent a significant share of most pawnbrokers’ total receipts.
According to IBISWorld estimates, 58.1% of total industry revenue in 2013 was attributed to
merchandise sales. However, in the case of Cash America, revenue attributed to merchandise
is much lower at approximately 20% in 2013.

8
ABOUT CASH AMERICA
Cash America International, Inc. (CSH/NYSE) was founded by Jack Dougherty in 1983 in Irving,
Texas and was incorporated in 1984. The Company initiated a public stock offering on the
American Stock Exchange in 1987 and was listed in the New York Stock Exchange in 1990.
Cash America provides short‐term consumer loans through retail services locations. Until
recently, the Company provided e‐commerce services in 34 states in the U.S., as well as in the
United Kingdom (U.K.), Canada, Australia, Brazil, and China. The Company has retail locations
in 21 states and is headquartered in Fort Worth, Texas.
Products
Cash America’s product offering is distinct for each of its segments. The Company’s newly
spun‐off e‐commerce segment, Enova International, Inc. offers unsecured, short‐term, single
payment consumer loans in the U.S., U.K., Australia, Canada, Brazil, and China. Enova also
offers multi‐payment installment loans and open lines of credit to consumers in the U.S. and
U.K.
Through its retail services segment, the Company primarily offers traditional pawn loans in 21
states in the U.S. Pawn loans are short‐term loans that require the consumer to provide
personal property such as jewelry, electronics, musical instruments, and tools as collateral. In
return, Cash America provides consumers with an opportunity to repay the loan and any
service charges to buy back their property. Any property not redeemed by the consumer
becomes forfeited merchandise. The Company sells forfeited merchandise at its pawnshop
locations. As shown in Figure 4, pawn‐related activities contributed to 48% of net revenue in
fiscal year 2013.
Figure 4: Composition of Consolidated Net Revenue (12 months ended December 31, 2013)

Source: 2013 Cash America Annual Report

9
Competitors
The pawn shop industry is a highly fragmented market, as seen in Figure 5, with
independently‐owned small businesses comprising 75% of pawn shops in the US. Cash America
has the largest market share in the pawn shop industry, accounting for 11.3% of industry
revenue in 2013. Cash America’s largest competitor in pawn lending is EZCORP, Inc. with a
market share of 8.6%. In recent years, both Cash America and EZCORP have aggressively
acquired smaller players and increased their share of industry revenue.
Cash America also has the largest market share in the payday loan services industry. Figure 6
demonstrates that Cash America has 8.1% market share, and its largest competitor, ACE Cash
Express, has 2.8% of market share. Both Cash America and ACE Cash Express offer consumer
loans, which includes payday loans, at storefront locations as well as through e‐commerce
websites.
In the sale of used merchandise, Cash America has many competitors including low cost
retailers of new merchandise, thrift stores, internet retailers, internet auction sites such as
eBay, online posting sites such as Craigslist, and other pawn shops.
Source: IBISWorld
Corporate Strategy
Cash America has a unique strategy for each of its segments. For its e‐commerce division,
Enova, the Company’s strategy is to broaden its product offering to expand beyond single‐
payment loans to longer‐term installment loans and line of credit products.

Cash
America
11% EZCorp
9%
First
Cash
Financial
5%
Other
75%
Figure 5: Pawn Shop Industry
Market Share
Cash
America
8%
ACE Cash
Express
3%
DFC
Global
Corp.
1%
Other
88%
Figure 6: Payday Loan Services
Industry Market Share

10
Expanding its product set will allow the Company to reach new markets. In the short‐term, the
Company is exploring Enova’s expansion to international markets as well as a tax‐free spin‐off
of Enova. On November 13, 2014, the Company completed the spin‐off of Enova.
Cash America’s strategy for retail services is to maintain its position as the largest pawn lender
in the world. The Company plans to grow by acquiring competitors. In particular, Cash America
intends to take advantage of the decline in gold prices to obtain competitors at a discount
price. In 2013, the Company acquired a total of 75 new pawnshop locations for approximately
$164 million paid in cash. The new locations increased the Company’s market share in the U.S.
and its presence in the states of Texas, Georgia, and North Carolina (see Figure 7). Moving
forward, Cash America has sufficient free cash flow to finance future acquisitions.
Figure 7: Cash America Retail Coverage and Top Ten States based on Number of Locations

Source: Cash America’s Investor Presentation as of September 30, 2014
Latest Developments
Completed Enova Spin‐off
In April 2014, Cash America announced plans to spin‐off at least 80% of its e‐commerce
branch, Enova, by early 2015. On October 22, 2014, the Company’s Board of Directors
approved the spin‐off, and on November 13, 2014, Cash America completed the spin‐off to
create a stand‐alone, publicly traded online lending company. Although Enova now operates as
an independent company, Cash America currently retains 20% ownership of Enova.
Completed Expansions
In December 2013, the Company completed the acquisition of 34 pawn lending locations in
Georgia and North Carolina. The Company purchased these locations from PawnMart, Inc. with
approximately $62 million in cash. These additions bring Cash America’s total presence to 48
locations in Georgia and 20 locations in North Carolina.

11
Store Closures and Market Exits
While the Company is focused on expansion, it occasionally closes underperforming locations
to improve the overall profitability of its retail segment. In December 2013, the Company
closed 36 retail service locations in Texas as a result of recent changes in city ordinances that
made short‐term consumer loans less profitable. In August 2014, the Company announced the
sale of 47 pawn lending locations in Mexico and five pawn lending locations in Colorado. The
Company decided to leave these less strategic locations to enter more strategic domestic
markets. Excluding these closures, the Company is currently operating 863 lending locations in
21 states in the U.S.
Recent Industry Trends
Some recent trends affecting Cash America hold true for the entire pawn industry. First, the
price of gold has decreased in recent years, causing a decline in gold‐based transactions.
Consequently, in 2013, Cash America’s profit from the commercial sale of gold fell by
approximately $41 million from 2012 levels. Second, weak consumer confidence due to the
instability of the market has led to a decrease in retail sales. As such, Cash America’s net
revenue from pawn‐related activities decreased 10% from 2011 to 2013. These trends indicate
that the retail segment of Cash America may suffer.
PEER ANALYSIS
Cash America’s core business is providing short‐term consumer loans through storefront
locations and previously e‐commerce sites. The Company targets customers with limited
access to traditional sources of credit. Cash America’s peers are businesses that offer similar
products, target the same customer, operate in similar geographic locations, and have
comparable scale of operations.
In pawn lending, Cash America’s peers are EZCORP and First Cash Financial Services. In payday
and installment loans, the Company’s largest peer is World Acceptance Corporation. In
consumer lending, Cash America also competes with DFC Global Corp. and ACE Cash Express.
Lone Star Funds, a global private equity firm, recently acquired DFC Global. Because DFC Global
and ACE Cash Express are privately held companies with limited financials available to the
public, they are not included in the peer analysis.
Table 2 provides key financial metrics for Cash America and its publicly traded peers. Cash
America has the second largest market capitalization of $727.95 million. Cash America’s price
to earnings (P/E) ratio falls in the low range. Because Cash America’s recent quarterly earnings
have been stable, the Company’s low P/E ratio may be an indication that its stock is
undervalued. In relation to its peers, Cash America has the lowest enterprise value to earnings
before income, taxes, depreciation, and amortization (EV/EBITDA) which is further indication
that the Company may be undervalued.

12
Table 2: Peer Analysis
Company
Ticker
Symbol
Market
Cap ($)
P/E P/BV
EV/
EBITDA
Debt/
Equity
(%)
Div.
Yield
(%)
ROE
(%)
Cash America
International, Inc.
CSH 727.95M 7.13x 0.64x 3.94x 62.14 0.60 9.51
EZCORP, Inc. EZPW 587.01M 7.01x 0.67x 6.71x 40.29 0 5.42
First Cash Financial
Services, Inc.
FCFS 1.66B 20.60x 3.83x 12.84x 50.56 0 20.57
World Acceptance
Corporation
WRLD 693.02M 7.80x 2.36x 6.20x 190.63 0 32.73
Source: Yahoo Finance November 21, 2014
EZCORP, Inc. (EZPW/NASDAQ)
EZCORP, Inc. has 495 pawn locations in the U.S, as well as locations in Mexico. The company
brokers pawn loans using consumer merchandise as collateral, which it sells in its retail
segment when a customer defaults on a loan. The company’s retail segment also offers
buy/sell consignment services in the U.S., Canada, and Mexico. EZCORP also operates an online
loan segment in the U.S. and United Kingdom (U.K.) and offers other small‐scale financial
services. Although EZCORP operates very similarly to Cash America, it is less than half the size
of Cash America and has a much lower return on equity (ROE). Further, the company’s revenue
growth is steadily declining and only grew by 1.8% in 2013. Also, the company has a much
smaller market capitalization than Cash America. However, the company recently announced a
new executive team, so their growth strategy may change.
First Cash Financial Services, Inc. (FCFS/NASDAQ)
First Cash Financial Services, Inc. is an international pawn shop operator with 316 locations in
12 U.S. states and 667 locations in Mexico. First Cash Financial Services has the largest market
capitalization of $1.59 billion. In 2013, the company had revenue growth of 12%, a
considerable increase in comparison to Cash America which had a slight decrease in revenue
growth of 0.2%. Although it is important to note that Cash America generates nearly twice the
revenue as First Cash Financial Services.
First Cash Financial Services has a pawn‐focused business model with over 93% of its revenue
generated from pawn‐related activities. The company’s growth strategy involves new store
openings and acquisitions. In 2014, the company opened five new stores in the U.S. and 24 in
Mexico, and First Cash acquired ten stores in the U.S. and 47 in Mexico.
World Acceptance Corporation (WRLD/NASDAQ)
World Acceptance Corporation offers short and medium‐term consumer installment loans to
individuals with limited access to banks and other related credit sources. World Acceptance
Corp. operates 1,271 offices in 14 states in the U.S. and in Mexico and has approximately
956,000 customers.

13
In fiscal year 2014, World Acceptance Corp. had a loan growth of 4.2% and revenue growth of
7.3%. However, 2014 was the fourth consecutive year the company experienced slower year
over year loan and revenue growth. In 2014, the company used $190.5 million of excess cash
flow to repurchase outstanding common shares, which explains its high debt‐to‐equity ratio.
The company plans to expand by opening 50 new offices in the U.S. and 20 in Mexico in 2015.
Incidentally, World Acceptance Corp. is currently facing regulatory and legislative risk. The
Consumer Financial Protection Bureau recently issued the company a Civil Investigative
Demand.
MANAGEMENT PERFORMANCE AND BACKGROUND
Cash America’s leadership team has over 67 years of combined experience managing the
Company. The Company’s current President and Chief Executive Officer (CEO), Daniel Feehan,
recently announced plans to retire as CEO in April 2015. As such, the Company’s Board of
Directors (the Board) is responsible for succession planning. Regarding this, the Board has
appointed a special committee to lead the search for a successor to Mr. Feehan. Upon
retirement, Mr. Feehan will assume the role of Chairman of the Board.
Executive Compensation
The Company’s Board of Directors is also responsible for CEO compensation and evaluation. A
subcommittee of the Board sets annual and long‐term performance goals for the CEO. Cash
America’s executive team’s compensation includes salary, restricted stock awards, non‐equity
compensation, and bonuses. The Company’s total executive compensation in 2013 was $8.91
million, an increase of 10.7% from 2012.
Return on Invested Capital (ROIC)
Return on invested capital (ROIC) is an important measure of management ability. Table 3
provides ROIC data for the Company and its publicly traded peers. Cash America boasts
consistently high ROIC and had the highest ROIC in 2013 of 27.76%. This consistently high
ROIC indicates that the Company’s management team is effectively allocating capital
investments and creating value for shareholders.
Table 3: ROIC of Cash America and Peers
Company 2013 2012 2011 2010
Cash America 27.76% 25.82% 26.51% 24.99%
EZCORP 12.56% 15.97% 16.50% 22.91%
First Cash Financial Services 11.73% 18.48% 20.61% 19.11%
World Acceptance Corp. 25.58% 27.14% 27.15% 27.23%
Peer Average 19.41% 21.85% 22.69% 23.56%
Source: Bloomberg October 5, 2014

14
Daniel R. Feehan
President and Chief Executive Officer (63)
Daniel R. Feehan has been with the Company since 1988. During his tenure at Cash America,
he has filled the roles of Executive Vice President of Finance and Administration, Chief
Operating Officer, and Chairman and Co‐Chief Executive to one of the Company’s subsidiaries.
Mr. Feehan has been the Company’s President and CEO since 2000. He also serves on the
Company’s Board of Directors. Mr. Feehan is the Non‐Executive Chairman of the Board for
RadioShack Corporation and sits on the board of companies including Williamson Dickie Mfg.
Co., AZZ Incorporated, and Calloway’s Nursery, Inc. He serves on nonprofit boards such as
Safe City Commission and the Lena Pope Home Foundation. Mr. Feehan graduated from Texas
A&M University in 1972 with a bachelor’s in accounting. He has received awards including the
Ernst and Young Entrepreneur of the Year Award and the Texas A&M Mays Business School’s
Outstanding Alumni Award.
Thomas A. Bessant Jr.
Executive Vice President and Chief Financial Officer (55)
Thomas A. Bessant, Jr. joined the Company in May 1993. He has also served as Vice President
of Finance, Treasurer, and Senior Vice President Chief Financial Officer. Before he joined the
Company, Mr. Bessant served in senior and executive management in the Corporate Banking
Dividion of NCNB Texas, N.A. and Arthur Anderson & Co. in Dallas. Mr. Bessant serves on the
board of the Juvenile Diabetes Research Foundation’s chapter in Fort Worth, Fort Worth Sister
Cities, and Shakespeare Festival of Dallas. Mr. Bessant graduated from Texas Tech University
with a bachelor’s in finance and accounting and earned a Master in Business Administration in
finance from Vanderbilt University.
David A. Fisher
Chief Executive Officer of E‐Commerce Division (44)
David A. Fisher joined Cash America in January of 2013. Before joining the Company, Mr.
Fisher was the CEO of optionsXpress, until its acquisition, after which he served as its
President. Mr. Fisher has also served as CFO of Potbelly Sandwich Works and CFO and General
Counsel of Prism Financial Corporation. He has also served on the board of directors of
InnerWorkings, Inc., GrubHub, Inc., optionsXpress, and CBOE Holdings, Inc. Mr. Fisher holds a
bachelor’s in finance from the University of Illinois and a Juris Doctor from Northwestern
University.
J. Curtis Linscott
Executive Vice President, General Counsel and Corporate Secretary (48)
J. Curtis Linscott joined the Company in 1995 and has been serving in his current position
since 2006. He oversees all legal issues pertaining to Cash America. He previously served as
Director—Associate General Counsel and Vice President—Associate General Counsel. Mr.
Linscott volunteers at the First United Methodist Church of Arlington and the Arlington YMCA.
He holds a bachelor’s in marketing from Kansas State University and a law degree from the
University of Kansas School of Law.

15
Jack R. Daugherty
Founder and Chairman of the Board (66)
Jack R. Daugherty is the founder of Cash America and has served as Chairman of the Board of
Directors since 1984. Mr. Daugherty retired as Chief Executive Officer of Cash America in
February 2000. Mr. Daugherty will step down as Chairman in April 2015 but will continue to
serve on the Board. Mr. Daugherty will be replaced by Mr. Feehan as Chairman.
SHAREHOLDER ANALYSIS
Cash America has 28.89 million shares of common stock outstanding. The Company’s cash
dividends declared per share is $0.035 paid quarterly. In January 2013, the Company’s Board
of Directors authorized up to 2.5 million shares of its common stock to be repurchased. During
2013, the Company used $46.1 million to buy 966,700 shares in open market transactions.
The Company has over 1.5 million shares remaining that it may acquire under the repurchase
authorization plan.
Institutional Investors
Table 4 lists the Company’s top ten institutional holders, all of which are investment
management firms. The Company’s ten largest shareholders own 58% of shares outstanding,
and the top five institutional investors hold approximately 36% of shares. Cash America’s
largest investor, Fidelity Management & Research has a growth at a reasonable price (GARP)
investment style. Fidelity has increased its position by 7.5% signaling its belief that Cash
America is an undervalued company with solid sustainable growth potential. However,
collectively, the top ten institutional holders have decreased their position by over 386,000
shares indicating divergence in investor confidence.
Table 4: Institutional Holders
Holder Name Ownership
Shares
Held
Latest
Change
Investment
Style
Fidelity Management & Research Co. 9.41% 2,718,141 190,187 GARP
BlackRock Institutional Trust Co. 7.78% 2,247,866 (118,977) Index
NFJ Investment Group LLC 6.91% 1,996,240 (77,606) Deep Value
The Vanguard Group, Inc. 6.13% 1,771,669 53,614 Index
Ceredex Value Advisors LLC 6.12% 1,767,889 (72,567) Deep Value
EARNEST Partners, LLC 5.09% 1,469,208 8,359 Core Value
Huber Capital Management LLC 4.45% 1,284,935 (726,745) Core Value
Acadian Asset Management LLC 4.19% 1,209,506 37,762 Deep Value
Dimensional Fund Advisors, L.P. 4.09% 1,182,598 316,017 Core Growth
American Century Investment, Inc. 3.88% 1,122,235 3,554 Core Growth
Source: Thomson One October, 9, 2014

16
Insider Stockholders
Cash America’s top five individual holders own 1.94% of total shares outstanding. Daniel
Feehan, the Company’s Chief Executive Officer since 2000, is the largest insider stockholder
with 350,626 shares. Table 5 outlines Cash America’s five largest individual owners. The
Company’s top five insider shareholders have increased their collective ownership by nearly
0.5% in comparison to July 2013.
Table 5: Individual Holders
Holder Name Ownership Shares Held
Daniel Feehan (CEO) 1.21% 350,626
Thomas Bessant Jr (CFO) 0.23% 65,476
John Curtis Linscott (General Counsel) 0.18% 51,731
B.D. Hunter (Director) 0.17% 48,956
James Graves (Director) 0.15% 41,905
Source: Bloomberg October 5, 2014
Short Position
An important indicator of market sentiment is the short interest ratio. The short interest ratio
is derived by dividing the short interest by the average daily trading volume. The resulting
number is used by investors to determine the number of days to cover a short position if the
price of a stock rises. A short ratio of five or greater indicates bearish sentiment. Cash
America’s current short interest ratio is 8.8 days signifying pessimism about the stock’s future
price.
RISK ANALYSIS AND INVESTMENT CAVEATS
Cash America faces many risks that could potentially lower its future earnings. Cash America
operates in the financial services industry which is highly regulated. Therefore, regulatory risk
is one of the biggest challenges currently facing the Company. Cash America is also susceptible
to operational and financial risks.
Regulatory Risks
Cash America is subject to extensive regulation from federal, state, local, and foreign
governments. Failure to comply with regulation could lead to criminal or financial penalties.
Recently, there has been an increase in regulatory scrutiny over consumer loan products, such
as those offered by the Company.

17
Federal Regulation
The Consumer Financial Protection Bureau (CFPB) has federal regulatory powers over
providers of consumer financial products in the U.S. and has recently started to examine non‐
bank providers of short‐term consumer loans. The CFPB reviewed Cash America in 2012. As a
result of this review, the Company agreed to pay a civil penalty of $5 million and set aside $8
million to fund claims made in the Company’s Ohio voluntary reimbursement program. The
Company is also required to provide the CFPB periodic reports.
Even more, the CFPB recently published a white paper on short‐term small dollar loans such
as payday loans. The CFPB expressed concerns and announced that further attention was
needed to protect consumers. The CFPB could adopt new rules that may significantly affect
the Company’s consumer loan business and result in considerable compliance costs.
State and Local Regulation
State and local authorities have the power to use local zoning and permitting laws to restrict
pawn shop operators. In 2013, the Company closed 36 locations in Texas as a result of
restrictive city ordinances that reduced the profitability and volume of short‐term consumer
loans in those locations. In Missouri, a pending ballot initiative may require the Company to
stop offering consumer loan products in that state.
Foreign Regulation
In the United Kingdom (U.K.), the Financial Conduct Authority (FCA) is responsible for
regulating lenders of unsecured credit such as Cash America. The FCA recently proposed new
regulation to include mandatory affordability checks on borrowers, limitation on the number
of rollovers, and restrictions on advertising. The FCA published its final regulations in February
2014. The Company is currently assessing the new regulations and determining the impact on
its business. The Company may be required to adjust its collections processes which could
lead to a decrease in revenues and an increase in compliance costs.
Regulators in the U.K. are also reviewing the payday lending industry and determining
whether the market allows for fair competition. The investigation may lead to remedial action
for industry participants including Cash America. Additionally, as a requirement of the
Financial Services Act passed in December 2013, the FCA may adopt rules to protect
borrowers from excessive charges on short‐term consumer loans. New regulation from the
FCA could lead to a reduction in the Company’s consumer loan volume or profitability.
In Australia, the Company must comply with the National Consumer Protection Act. Recent
amendments to the Act include limitations on fees charged on consumer loans. Because of
the amendment, the Company has recently changed its product offering in Australia. The new
product offering is likely to be less profitable. If the reduction in profits is significant, the
Company may decide to exit the Australian market.

18
Operational Risks
Public Perception
Recently, there has been an increase in negative public perception of the consumer loan
business. Consumer advocacy groups and the media perceive loan rates charged by the
Company and others in the industry to be exorbitant in comparison to the fees charged by
banks and credit card companies. Media reports may influence regulatory agencies to ban or
place restrictions on consumer loans. Negative public perception is also likely to decrease
customer demand for the Company’s products.
Price of Gold
The price of gold significantly affects the Company’s earnings because 64% of its pawn loans
are secured by jewelry. A decrease in gold prices leads to a decrease in Cash America’s profits.
In recent years, the price of gold has been volatile, with the price of gold declining by over
25% since 2012. Consequently, consumers are also less likely to pawn their gold jewelry when
the price of gold is down.
Unsecured Consumer Loan Credit Risk
Unlike pawn loans, consumer loans are unsecured. In 2013, consumer loans fees were 50.9%
of the Company’s total net revenue, and consumer loan loss provision as a percentage of
consumer loan fees was 40%. Cash America uses underwriting models to minimize loss rates.
If the Company’s underwriting process is unable to effectively manage credit risk of unsecured
consumer loans, then the Company is likely to see an increase in credit loss due to customers
defaulting on loans.
Acquisition Integration
Cash America’s growth strategy is to pursue acquisitions. Finding suitable acquisitions is time
intensive and costly. Additionally, once an acquisition is complete, it is difficult to integrate
the newly acquired business into existing operations. The Company’s performance may suffer
if it is unable to realize a return on acquisitions.
Financial Risks
Foreign Exchange Risk
Cash America operates internationally in the U.K., Canada, and Australia. As such, the
Company is exposed to the risk of unexpected changes in foreign currency exchange rates. In
the U.K. and Australia, the Company uses forward currency exchange contracts to decrease
foreign exchange risk. In 2013, the Company recorded a loss of $1.8 million on forward
currency exchange contracts.

19
Interest Rate Risk
Cash America’s variable rate debt is subject to interest rate risk. The Company’s outstanding
weighted average variable rate debt in 2013 was $180.5 million. An increase in interest rates
will lead to an increase in the Company’s interest expense. In recent years, the Company did
not use interest rate cap agreements to manage its interest rate risk.
Liquidity Risk
Liquidity refers to a company’s ability to meet its short term financial demands. The current
ratio is commonly used to test a company’s liquidity by calculating the ratio of current assets
available to cover current liabilities. Cash America’s current ratio increased from 4.8 in 2012 to
5.8 in 2013. In 2013, the Company’s current ratio was also higher than the peer average of
5.2. Another measure of liquidity is the quick ratio which measures the amount of liquid
assets (current assets minus inventories) available to cover current liabilities. In comparison to
its peers, Cash America has the highest quick ratio of 4.88. The Company’s high current and
quick ratios suggest it has the capability to pay its obligations.
Credit Risk
The Company’s access to future debt capital is dependent on many internal factors such as
earnings and cash flows as well as external factors such as industry prospects and prevailing
capital market conditions. If the Company is unable to obtain credit it may not be able to
finance its growth or operations. However, because it is not heavily leveraged, Cash America is
not at risk for default. Both the Company’s debt‐to‐equity ratio and its debt to EBITDA ratio is
below the peer average, as seen in Table 6. The Company’s interest coverage ratio of 5
indicates that it has the ability to meet interest expenses.
Table 6: Leverage Ratios
Company
Debt/Equity
(%)
Debt/EBITDA
Ratio
Interest
Coverage Ratio
Cash America 70.76 2.7 5.0
EZCORP 34.33 4.2 2.1
First Cash Financial Services 45.21 1.4 16.7
World Acceptance Corp. 192.79 2.8 8.7
Peer Average 85.77 2.8 8.1
Source: Thomson One October 16, 2014
FINANCIAL PERFORMANCE AND PROJECTIONS
To project Cash America’s future financial performance, we made assumptions about the
Company’s operating, investing, and financing activities. The assumptions are based on
information provided in the Company’s SEC filings, quarterly earnings conference calls, and
external data sources.

20
Operating Activities
With the separation of Enova complete, Cash America’s future financial performance is
dependent on retail lending. The Company’s retail services business generates revenue from
pawn loan fees and service charges, as well as proceeds from the disposition of merchandise.
The Company’s operations are subject to seasonal fluctuations with revenue levels highest
during the first and fourth quarter. Tax refund proceeds in the first quarter and the holiday
season in the fourth quarter contribute to higher net income levels.
To forecast future revenues in pawn loan fees and services charges, we used seasonal growth
rates in the short‐term and a constant growth rate of 5% in the long‐term. For proceeds from
the disposition of merchandise, we used a linear regression model to forecast revenues in the
short‐term. The key factors we used were property, plant, and equipment, the future price of
gold, and seasonality. The price of gold is an important indicator as a significant percentage of
pawn loans are secured by gold jewelry. We assumed a growth rate of 1% to forecast long‐
term revenue from merchandise disposition. Additionally, because the Company is
deemphasizing unsecured consumer loan products in its retail locations, we expect future
revenues from consumer loan fees to be zero.
Investing and Financing Activities
Cash America’s future growth depends on its ability to expand its retail locations. As such,
capital expenditure is a key revenue driver. To forecast capital expenditures, we used the
historical average of property, plant, and equipment and used a quarterly growth rate of
2.83%. We did not make any assumptions about future acquisitions or a growth in the
dividend rate, as management was unable to provide clear guidance. We did, however,
assume the Company would continue to repurchase its own shares.
SITE VISIT
On October 24, 2014, our analyst team visited Cash America’s headquarters in Fort Worth,
Texas to meet with Mr. Dee Littrell, the Company’s Director of Investor Relations. Mr. Littrell
held a Question and Answer session with our team and took us to a store visit to see behind
the scenes of a Cash America pawn shop.
Question and Answer Session
Mr. Littrell kindly answered our team’s questions, many of which focused on the spin‐off of
the Company’s e‐commerce segment, Enova. Cash America finalized Enova’s spinoff on
October 22, two days before our visit. The spin‐off is set to take place in November 2014. Mr.
Littrell said that Cash America hoped to benefit from the spin‐off by reducing its regulatory
risk. He expressed the Company’s hopes that post‐spin‐off, each company will be valued
differently and at a better multiple. He said the regulatory outlook for Cash America in the
future is positive because the Consumer Financial Protection Bureau is not investigating pawn
loans but it is strictly concerned with unsecured short‐term consumer loans which the
Company plans to de‐emphasize upon separation from Enova.

21
Regarding expected growth for the pawn segment, Mr. Littrell could not reveal any
information about Cash America’s acquisition strategy in the future, but said that the
Company’s same‐store growth is about 1‐2% annually. He also said that pawn revenue is
demand‐based and that pawn demand is dependent upon consumers’ disposable income. On
the topic of competition, Mr Littrell explained that Cash America’s biggest threat is “mom and
pop” individually owned pawn shops which have greater flexibility in operations.
Store Visit
After our Q&A session, we went with Mr. Littrell to visit one of Cash America’s pawnshops in
Fort Worth. First, we examined the store’s merchandise which ranged from jewelry and home
electronics to bicycles, musical instruments, and power tools. Mr. Littrell then introduced us
to the store’s manager who showed us the storage room and described the process for
storing, cataloging, and auditing customer collateral. The manager explained the valuation
process which depends upon several factors such as the customer’s past history, seasonality,
and consumer demand for retail goods. Touring the pawnshop gave us insight into Cash
America’s operations, employees, and customers.
Site Visit Photo

From Left: Kaixi Ye, Zhe Liu, Kelly Kidwell, Awesta Nawabi, and Dee Littrell

22
INDEPENDENT OUTSIDE RESEARCH
To prepare this report, our team of analysts used a variety of outside sources to develop our
outlook on Cash America’s financial future. Our main sources for general financial data were
Thomson One, Bloomberg, and Yahoo! Finance. We also relied heavily on the Company’s SEC
filings, annual and quarterly reports, and investor presentations. For further Company
information, we listened to Company conference calls and researched the Company’s
presentations at industry conferences such as the 2014 JMP Securities Financial Services
Conference in New York on September 30. We obtained industry data from the National
Pawnbrokers Association, IBISWorld, the Wall Street Journal, and other financial news
sources, consumer advocacy groups, and regulatory agencies. We also examined competitors’
websites, SEC reports, and investor presentations.
Some of our best information came from our site visit at Cash America’s headquarters in Fort
Worth, where we met with Dee Littrell, the Company’s Director of Investor Relations. He
answered many of the questions we came across in prior research. While in Fort Worth, we
also visited one of Cash America’s pawn shop locations and spoke with the manager about
how he values the property used for collateral on pawn loans. We were able to look behind
the scenes of how the pawn shops operate and could observe both pawn and loan customers
interact with Cash America employees.

23
ANOTHER WAY TO LOOK AT IT
ALTMAN Z‐SCORE
One measure of a company’s likelihood of bankruptcy is the Altman Z‐score. Developed by
Edward Altman in 1967, the Altman Z‐score is based on five financial ratios: working capital
to total assets, retained earnings to total assets, earnings before interest and tax to total
assets, market value of equity to total liabilities, and sales to total assets. The Altman Z‐score
gives insight on a company’s financial strength. Scores above 3.0 indicate low risk for
bankruptcy while scores below 1.8 indicate high risk for bankruptcy.
Table 7 shows Cash America’s Z‐score for the past five years. In 2013, the Company’s Z‐score
was 3.04 indicating Cash America is safe from bankruptcy. However, 2013 represented the
Company’s lowest Z‐score since 2009. The decrease in Z‐score is attributed to a growth in the
Company’s total assets. An increase in goodwill from acquisitions contributed to the increase
in Cash America’s total assets.
Table 7: Cash America’s Historical Z‐Scores
Year 2009 2010 2011 2012 2013
Z‐Score 3.37 3.51 3.61 3.38 3.04
Source: Cash America 10K filings

24
PETER LYNCH EARNINGS MULTIPLE VALUATION
Peter Lynch, author of the bestseller One Up On Wall Street, used a number of charts to
simplify stock valuation. His most powerful chart displayed both stock price and earnings per
share and aligned the value of $1 in earnings per share to $15 in stock price. If a stock was
priced below the earnings line, Lynch considered it a good buy.
Figure 8 shows a five year history of Cash America’s stock price and earnings line. As of
November 11, 2014, Cash America’s stock price of $50.18 is below the earnings line,
indicating the stock is a buy.
Figure 8: Cash America’s 5‐year Stock Price and Earnings Line
Source: Bloomberg November 11, 2014

25
WWBD?
What Would Ben (Graham) Do?

Ben Graham was one of the first investors to use financial analysis to successfully invest in
stocks. As a value investor, Graham searched for stocks of companies he believed to be
undervalued. Graham used a series of hurdles to identify value stocks. Graham’s first four
hurdles assess a stock’s potential reward, and the second four hurdles measure a stock’s risk.
Graham considered stocks that passed four of the eight hurdles as attractive investments.
Cash America passes five of the eight hurdles making it an attractive buy. The Company’s
earnings to price yield exceeds twice the yield on a 10‐year Treasury; its stock price is less
than 150% of book value; its total debt is less than book value; it has a high current ratio of 6.6
and earnings growth of 10% over the past five years. Cash America falls short on three
indicators with a low price to earnings ratio, a high dividend yield, and stability in growth of
earnings. In 2012, the Company’s growth in earnings declined by 20%. A complete Ben
Graham analysis is provided in the following table.
Figure 9: Ben Graham Analysis

26
Earnings per share (ttm) 3.60$ Price: 25.05$
Earnings to Price Yield 14.36%
10 Year Treasury (2X) 5.56%
P/E ratio as of 2009 5.0
Current P/E Ratio 7.0
Dividends per share (ttm) 0.14$ Price: 25.05$
Dividend Yield 0.56%
1/2 Yield on 10 Year Treasury 1.39%
Stock Price 25.05$
Book Value per share as of 9/30/14 38.99$
150% of book Value per share as of 9/30/14 58.49$
Interest‐bearing debt as of 9/30/14 700,043$
Book value as of 9/30/14 1,126,533$
Current assets as of 9/30/14 1,076,140$
Current liabilities as of 9/30/14 162,021$
Current ratio as of 9/30/14 6.6
EPS for year ended 2013 4.66$
EPS for year ended 2013 4.66$ 36%
EPS for year ended 2012 3.42$ ‐20%
Stock price data as of November 20, 2014
No
Hurdle # 3: A Dividend Yield of 1/2 the Yield on 10 Year Treasury
No
Hurdle # 4: A Stock Price less than 1.5 BV
Yes
Hurdle # 5: Total Debt less than Book Value
Yes
Hurdle # 6: Current Ratio of Two or More
Yes
Hurdle # 7: Earnings Growth of 7% or Higher over past 5 years
Yes
Hurdle # 8: Stability in Growth of Earnings
No
CASH AMERICA INTERNATIONAL INC. (CSH)
Ben Graham Analysis
Hurdle # 1: An Earnings to Price Yield of 2X the Yield on 10 Year Treasury
Yes
Hurdle # 2: A P/E Ratio Down to 1/2 of the Stocks Highest in 5 Yrs

Cash America International (CSH)BURKENROAD REPORTS (www.burkenroad.org)November 20, 2014
27
CASHAMERICAINTERNATIONALINC.(CSH)
QuarterlyandAnnualEarnings
Inthousands
Fortheperiodended
Revenue
PawnLoanFeesandServiceCharges
Proceedsfromdispostionofmerchandise
2011A
282,197$
688,884
2012A
300,929$
703,767
2013A31‐MarA30‐JunA30‐SepA31‐DecE2014E31‐MarE30‐JunE30‐SepE31‐DecE2015E
311,799$80,187$80,990$85,313$88,053$334,543$86,523$84,782$84,521$92,456$348,282$
595,439176,455146,772155,087148,829627,143164,257135,372133,354162,692595,675
2015E2014E
Consumerloanfees
Othercheckcashingroyaltiesandfees
Totalrevenue
Costofrevenue
DisposedMerchandise
Consumerloanlossprovision
Netrevenue
Expenses
598,646
13,337
1,583,064
447,617
225,688
909,759
781,520
14,214
1,800,430
478,179
316,294
1,005,957
878,183234,182225,339229,435127,065816,021
11,8052,2761,9892,3432,0008,6082,0002,0002,0002,0008,000
1,797,226493,100455,090472,178365,9471,786,315252,781222,154219,875257,148951,958
410,613124,564104,510114,29388,984432,35164,68749,55449,48860,498224,227
351,25573,50074,68981,53344,763274,485
1,035,358295,036275,891276,352232,2001,079,479188,093172,600170,387196,650727,731
OperationsandAdministration611,268714,614750,304191,586194,975205,731149,520741,812102,93185,11494,589105,067387,701
Lossondivestitures
Depreciationandamortization54,14975,428
5,1765,176
73,27119,26119,49720,44418,56677,76818,51818,52818,52118,52174,088
Totalexpenses
Operatingincome(loss)
Interestexpense
Interestincome
Foreigncurrencytransactiongain(loss)
Lossonextinguishmentofdebt
Equityinlossofunconsolidatedsubsidiary
Earningsfromunconsolidatedaffiliates,netoflosses
665,417
244,342
(25,528)
81
(1,265)
(104)
790,042
215,915
(29,131)
144
(313)
(295)
823,575210,847214,472231,351168,086824,756121,450103,642113,109123,588461,789
211,78384,18961,41945,00164,114254,72366,64468,95857,27873,062265,942
(36,317)(10,068)(12,828)(17,467)(11,411)(51,774)(4,966)(4,966)(4,966)(4,966)(19,866)
721081014421110101041
(1,205)(101)(179)(159)(439)
(607)(1,546)(15,016)(5,991)(22,553)
(136)2,3332,3337,0007,0007,0007,00028,000
Income(loss)beforeincometaxes
Provisionforincometaxes
217,526
82,360
186,320
84,656
173,59072,48433,40421,39455,051182,33368,68871,00259,32175,106274,117
30,75426,74712,43311,47820,91971,57726,10126,98122,54228,540104,165
Incomefromcontinuingoperations135,166101,664142,83645,73720,9719,91634,132110,75642,58644,02136,77946,566169,953
Netloss(income)incomeattributabletothenoncontrollinginterest7975,806(308)
Netincome(loss)AttributabletoCashAmericaInt.
Netincome(loss)percommonshare:
Basic
Incomefromcontinuingoperations
Adjustmentfornon‐recurringcharges
Netincome(loss)excludingnon‐recurringcharges
Diluted
Incomefromcontinuingoperations
Adjustmentfornon‐recurringcharges
Netincome(loss)excludingnon‐recurringcharges
Weightedaveragesharesoutstanding:
Basic
Diluted
Dividendsdeclaredpercommonshare
135,963$
4.59$
4.59$
4.25$
4.25$
29,602
31,991
0.14$
107,470$
3.64$
3.64$
3.42$
3.42$
29,514
31,452
0.14$
142,528$45,737$20,971$9,916$34,132$110,756$42,586$44,021$36,779$46,566$169,953$
4.97$1.61$0.73$0.34$1.17$3.85$1.48$1.54$1.30$1.66$5.98$
0.01$0.03$0.33$0.36$
4.99$1.64$1.06$0.34$1.17$4.21$1.48$1.54$1.30$1.66$5.98$
4.66$1.55$0.72$0.39$1.06$3.72$1.53$1.59$1.35$1.71$6.19$
4.66$1.55$0.72$0.34$1.02$3.81$1.48$1.54$1.30$1.66$6.05$
28,65728,40728,82329,18629,05729,05728,80228,55228,30928,07228,072
30,61329,50029,25629,31233,56729,05728,80228,55228,30928,07228,072
0.14$0.04$0.04$0.04$0.04$0.14$0.04$0.04$0.04$0.04$0.14$

28
SELECTEDCOMMON‐SIZEAMOUNTS2011A2012A2013A31‐MarA30‐JunA30‐SepA31‐DecE2014E31‐MarE30‐JunE30‐SepE31‐DecE2015E
2015E2014E
PawnLoanFeesandServiceCharges
Proceedsfromdispostionofmerchandise
Consumerloanfees
Othercheckcashingroyaltiesandfees
DisposedMerchandise
17.83%
43.52%
37.82%
0.84%
28.28%
14.26%
16.71%
39.09%
43.41%
0.79%
26.56%
17.57%
17.35%16.26%17.80%18.07%24.06%18.73%34.23%38.16%38.44%35.95%36.59%
33.13%35.78%32.25%32.85%40.67%35.11%64.98%60.94%60.65%63.27%62.57%
48.86%47.49%49.52%48.59%34.72%45.68%0.00%0.00%0.00%0.00%0.00%
0.66%0.46%0.44%0.50%0.55%0.48%0.79%0.90%0.91%0.78%0.84%
22.85%25.26%22.96%24.21%24.32%24.20%25.59%22.31%22.51%23.53%23.55%
19.54%14.91%16.41%17.27%12.23%15.37%0.00%0.00%0.00%0.00%0.00%
OperationsandAdministration38.61%39.69%41.75%38.85%42.84%43.57%40.86%41.53%40.72%38.31%43.02%40.86%40.73%
Depreciationandamortization
Netrevenue
Interestexpense
3.42%
57.47%
15.43%
‐1.61%
4.19%
55.87%
11.99%
‐1.62%
4.08%3.91%4.28%4.33%5.07%4.35%7.33%8.34%8.42%7.20%7.78%
57.61%59.83%60.62%58.53%63.45%60.43%74.41%77.69%77.49%76.47%76.45%
11.78%17.07%13.50%9.53%17.52%14.26%26.36%31.04%26.05%28.41%27.94%
‐2.02%‐2.04%‐2.82%‐3.70%‐3.12%‐2.90%‐1.96%‐2.24%‐2.26%‐1.93%‐2.09%
YEARTOYEARCHANGE
Revenue
DisposedMerchandise
Netrevenue
Interestexpense
13.74%
5.20%
8.59%
18.40%
17.03%
17.82%
17.96%
14.24%
10.35%
4.70%
5.97%
13.73%
6.83%
10.57%
‐11.63%
14.11%
9.66%14.70%7.34%4.53%15.04%10.21%27.17%31.96%26.98%29.21%28.80%
1.71%5.42%2.73%2.43%5.72%4.01%10.33%12.15%10.25%11.10%10.94%
7.93%9.28%4.61%2.10%9.33%6.20%16.85%19.82%16.73%18.11%17.85%
‐0.18%5.33%10.74%7.85%‐23.82%‐0.61%‐48.74%‐51.18%‐53.43%‐29.73%‐46.71%
‐14.13%2.66%17.48%25.46%‐18.53%5.29%‐48.07%‐52.58%‐56.70%‐32.01%‐48.14%
2.92%8.49%12.72%11.88%‐14.52%4.26%‐36.25%‐37.44%‐38.34%‐15.31%‐32.59%
‐1.91%8.51%24.71%57.79%13.62%20.28%‐20.84%12.28%27.28%13.96%4.40%
24.67%35.23%44.09%88.63%6.56%42.56%‐50.67%‐61.28%‐71.57%‐56.48%97.31%
17.89%
18.90%
17.68%
‐14.35%
2.79%
‐20.96%
‐6.83%3.97%‐17.30%17.72%21.50%5.04%‐5.24%112.56%177.28%36.43%50.34%
‐63.67%3.69%‐16.81%‐140.97%16.04%132.74%‐2.41%117.01%96.39%36.43%45.53%
32.62%4.12%‐16.56%‐78.53%25.10%‐22.29%‐6.89%109.91%270.91%36.43%53.45%

29
QuarterlyandAnnualBalanceSheets
Inthousands
Asof
Cashandcashequivalents
RestrictedCash
Pawnloans
Cashadvances,net
Merchandiseheldfordisposition,net
Financeandservicechargesreceivable
Incometaxesreceivable
Otherreceivablesandprepaidexpenses
31‐Dec‐11A
62,542$
253,519
222,778
161,884
48,003
31,301
31‐Dec‐12A
63,134$
244,640
289,418
167,409
48,991
35,605
31‐Dec‐13A31‐MarA30‐JunA30‐SepA31‐DecE31‐Dec‐14E31‐MarE30‐JunE30‐SepE31‐DecE31‐Dec‐15E
67,228$76,438$192,915$123,532$148,928$148,928$237,609$260,364$276,209$270,333$270,333$
8,0008,000606060606060606060
261,148218,093263,668264,612270,853270,853266,149260,792259,990284,399284,399
358,841322,111337,961348,22544,75844,758
208,899192,936198,919215,263167,594167,59489,02690,36099,055114,829114,829
53,43843,81451,98654,50142,23942,23924,24121,07020,62724,12424,124
9,53517
33,65535,65942,54533,87125,18525,18525,18525,18525,18525,18525,185
2015E2014E
Deferredtaxassets35,06548,99238,80033,69434,77936,0765,1625,16219,37519,07319,14119,32619,326
Totalcurrentassets
Propertyandequipment,net
Goodwill
Intangibleassets,net
Otherassets
Investmentinunconsolidatedaffiliate
815,092
246,429
562,721
34,771
15,236
898,189
261,771
608,216
36,473
13,609
1,039,544930,7451,122,8501,076,140704,780704,780661,645676,904700,266738,255738,255
261,223258,134255,407245,382221,608221,608221,608221,598221,605221,605221,605
705,579705,492706,037699,061443,192443,192443,192443,192443,192443,192443,192
52,25650,59249,13547,49045,79445,79444,19142,58840,98539,38239,382
21,12920,66435,45732,27225,98625,98625,98625,98625,98625,98625,986
2,3102,3109,31016,31023,31030,31030,310
Totalassets
Currentliabilities:
Accountspayableandaccruedexpenses
1,674,249$
113,113$
1,818,258$
126,664$
2,079,731$1,965,627$2,168,886$2,100,345$1,443,670$1,443,670$1,405,932$1,426,578$1,455,344$1,498,730$1,498,730$
140,068$105,751$120,417$141,351$105,344$105,344$60,990$48,462$51,284$58,933$58,933$
Customerdeposits
Incometaxescurrentlypayable
Currentportionoflong‐termdebt
9,935
12,880
34,273
11,420
5,922
43,617
14,80317,22718,29519,27119,27119,27119,27119,27119,27119,27119,271
4,2271,399
22,60622,606
Totalcurrentliabilities
Deferredtaxliabilities
Noncurrentincometaxpayable
Otherliabilities
Long‐termdebt
170,201
89,712
2,315
1,413
503,018
187,623
101,711
2,703
888
534,713
177,477149,811138,712162,021124,615124,61580,26167,73370,55578,20478,204
101,417109,807113,157110,62465,31865,31840,20240,20140,20240,20240,202
1,0319171,2681,1241,0731,0731,0731,0731,0731,0731,073
717,383607,650793,863700,043275,910275,910275,910275,910275,910275,910275,910
Totalliabilities
Stockholders'equity:
Commonstock,$.10parvaluepershare
Additionalpaid‐incapital
Retainedearnings
Accumulatedothercomprehensiveincome(loss)
766,659
3,024
167,683
776,060
(6,896)
827,638
3,024
157,613
879,434
3,128
997,308868,1851,047,000973,812466,916466,916397,446384,917387,740395,389395,389
3,0243,0243,0243,0243,0243,0243,0243,0243,0243,0243,024
150,833116,72686,18487,71889,39789,39791,07692,75594,43496,11396,113
1,017,9811,062,7371,082,7251,091,629954,797954,797996,3751,039,3971,075,1851,120,7691,120,769
4,6495,1827,9982,073(1,028)(1,028)(1,028)(1,028)(1,028)(1,028)(1,028)
Treasurystock
TotalCashAmericaInternational,Inc.stockholdersequity
Noncontrollinginterest
Totalstockholders'equity
Totalliabilitiesandstockholders'equity
(37,419)
902,452
5,138
907,590
1,674,249$
(51,304)
991,895
(1,275)
990,620
1,818,258$
(94,064)(90,227)(58,045)(57,911)(69,436)(69,436)(80,961)(92,486)(104,011)(115,536)(115,536)
1,082,4231,097,4421,121,8861,126,533976,754976,7541,008,4861,041,6621,067,6041,103,3421,103,342
1,082,4231,097,4421,121,8861,126,533976,754976,7541,008,4861,041,6621,067,6041,103,3421,103,342
2,079,731$1,965,627$2,168,886$2,100,345$1,443,670$1,443,670$1,405,932$1,426,578$1,455,344$1,498,730$1,498,730$

30

SELECTEDCOMMONSIZEBALANCESHEETAMOUNTS(%ofnetsales)
Pawnloans
Merchandiseheldfordisposition,net
Otherreceivablesandprepaidexpenses
Deferredtaxassets
Totalcurrentassets
Propertyandequipment,net
Totalassets
Currentliabilities:
Customerdeposits
2011A
27.87%
17.79%
3.44%
3.85%
89.59%
27.09%
3.82%
184.03%
12.43%
1.09%
3.77%
2012A
24.32%
16.64%
3.54%
4.87%
89.29%
26.02%
3.63%
180.75%
12.59%
1.14%
4.34%
2013A31‐MarA30‐JunA30‐SepA31‐DecE31‐Dec‐14E31‐MarE30‐JunE30‐SepE31‐DecE31‐Dec‐15E
25.22%73.92%95.57%95.75%116.65%25.09%141.50%151.10%152.59%144.62%39.08%
20.18%65.39%72.10%77.89%72.18%15.53%47.33%52.35%58.14%58.39%15.78%
3.25%12.09%15.42%12.26%10.85%2.33%13.39%14.59%14.78%12.81%3.46%
3.75%11.42%12.61%13.05%2.22%0.48%10.30%11.05%11.23%9.83%2.66%
100.40%315.47%406.99%389.41%303.52%65.29%351.76%392.18%410.98%375.42%101.45%
25.23%87.49%92.58%88.79%95.44%20.53%117.82%128.39%130.06%112.69%30.45%
5.05%17.15%17.81%17.18%19.72%4.24%23.49%24.67%24.05%20.03%5.41%
200.87%666.23%786.14%760.03%621.73%133.74%747.47%826.52%854.14%762.13%205.95%
13.53%35.84%43.65%51.15%45.37%9.76%32.43%28.08%30.10%29.97%8.10%
1.43%5.84%6.63%6.97%8.30%1.79%10.25%11.17%11.31%9.80%2.65%
2.18%7.66%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
2015E2014E
Otherliabilities
Long‐termdebt
18.71%
0.16%
55.29%
18.65%
0.09%
53.15%
17.14%50.78%50.28%58.63%53.67%11.54%42.67%39.24%41.41%39.77%10.75%
0.10%0.31%0.46%0.41%0.46%0.10%0.57%0.62%0.63%0.55%0.15%
69.29%205.96%287.75%253.32%118.82%25.56%146.69%159.86%161.93%140.30%37.91%
Totalliabilities
SELECTEDCOMMONSIZEBALANCESHEETAMOUNTS(%oftotalassets)
Totalcurrentassets
84.27%
48.68%
2.08%
82.27%
49.40%
2.01%
96.32%294.26%379.50%352.38%201.08%43.25%211.30%223.01%227.56%201.06%54.33%
49.98%47.35%51.77%51.24%48.82%48.82%47.06%47.45%48.12%49.26%49.26%
2.51%2.57%2.27%2.26%3.17%3.17%3.14%2.99%2.82%2.63%2.63%
Currentliabilities:
Customerdeposits
Incometaxescurrentlypayable
6.76%
0.59%
0.77%
2.05%
6.97%
0.63%
0.33%
2.40%
6.73%5.38%5.55%6.73%7.30%7.30%4.34%3.40%3.52%3.93%3.93%
0.71%0.88%0.84%0.92%1.33%1.33%1.37%1.35%1.32%1.29%1.29%
0.00%0.22%0.00%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
1.09%1.15%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Deferredtaxliabilities
Otherliabilities
Long‐termdebt
10.17%
5.36%
0.08%
30.04%
10.32%
5.59%
0.05%
29.41%
8.53%7.62%6.40%7.71%8.63%8.63%5.71%4.75%4.85%5.22%5.22%
4.88%5.59%5.22%5.27%4.52%4.52%2.86%2.82%2.76%2.68%2.68%
0.05%0.05%0.06%0.05%0.07%0.07%0.08%0.08%0.07%0.07%0.07%
34.49%30.91%36.60%33.33%19.11%19.11%19.62%19.34%18.96%18.41%18.41%
Totalliabilities45.79%45.52%47.95%44.17%48.27%46.36%32.34%32.34%28.27%26.98%26.64%26.38%26.38%
Additionalpaid‐incapital
Retainedearnings
10.02%
46.35%
8.67%
48.37%
7.25%5.94%3.97%4.18%6.19%6.19%6.48%6.50%6.49%6.41%6.41%
48.95%54.07%49.92%51.97%66.14%66.14%70.87%72.86%73.88%74.78%74.78%
Treasurystock
Totalstockholders'equity
‐2.23%
54.21%
‐2.82%
54.48%
‐4.52%‐4.59%‐2.68%‐2.76%‐4.81%‐4.81%‐5.76%‐6.48%‐7.15%‐7.71%‐7.71%
52.05%55.83%51.73%53.64%67.66%67.66%71.73%73.02%73.36%73.62%73.62%

31

QuarterlyandAnnualStatementsofCashFlows
Inthousands
Fortheperiodended
CashFlowFromOperations:
Netincome(loss)
2011A
135,166$
2012A
101,664$
142,836$45,737$20,971$9,916$34,132$110,756$42,586$44,021$36,779$46,566$169,953$
2015E2014E
Adjustments:
Depreciationandamortization
Amortizationofdiscountonconvertibledebt
54,149
3,566
225,688
75,428
3,811
316,294
73,27119,26119,49720,44418,56677,76818,51818,52818,52118,52174,088
6,2061,2131,2541,3783,845
351,25573,50074,68981,53344,763274,485
Stock‐basedcompensationexpense
Non‐cashloss(gain)onearlyextinguishmentofdebt
Non‐cashloss(gain)ondivestitures
Other
Minorityinterests
4,934
2,884
4,804
8,601
4,9081,4951,6511,6791,6796,5041,6791,6791,6791,6796,716
3,0903,090
5,1765,176
3,0142,2032,4001,3515,954
(2,310)(2,310)(7,000)(7,000)(7,000)(7,000)(28,000)
Changesinoperatingassestsandliabilities:
Merchandiseheldfordisposition(Merchandiseotherthanforfeited)
Pawnfinanceandservicechargesreceivable
Financeandservicechargesoncashadvances
RestrictedCash
Prepaidexpensesandotherassets
Customerdeposits,net
Currentincometaxes
Excesstaxbenefitfromstock‐basedcompensation
Deferredincometaxes,net
(7,150)
(5,707)
(9,426)
2,337
9,916
12,310
(1,040)
25,563
10,229
1,312
(8,218)
(284)
14,038
(3,886)
(2,638)
(3,521)
7,3087,216(3,190)(1,185)47,66950,51078,568(1,334)(8,694)(15,775)52,765
(680)9,623(8,129)(3,429)12,26210,32717,9983,171443(3,497)18,115
(4,823)3,989290(38)4,241
(8,000)7,9407,940
(577)(2,241)(6,090)4,385(3,946)
16,601(32,479)13,69025,45712,20818,876(44,355)(12,528)2,8227,649(46,412)
(14,738)13,311(4,254)1,44710,504
(595)
8,85713,1521,055(1,021)13,186(39,329)301(67)(185)(39,280)
Otheroperatingassetsandliabilities
Netcashprovidedby(usedin)operatingactivities
Cashflowsfrominvestingactivities
Pawnloansnet
Principalrecoveredonforfeitedloansthroughdispositions
Consumerloansnet
Acquisitions,netofcashacquired
Purchasesofpropertyandequipment
Investmentsinmarketablesecurities
Proceedsfrompropertyinsurance(Proceedsfromsaleofassets)
Otherinvestingactivites
Proceedsfromsaleofassets/subsidiaries
814
454,004
(371,563)
316,651
(297,029)
(49,539)
(75,049)
(5,000)
(515)
647
518,281
(334,342)
336,791
(375,032)
(78,217)
(79,399)
(1,000)
5,471
(926)
1,5872,4241,0561,3824,862
586,430158,404122,830151,565168,968601,76768,66646,83944,48247,958207,946
(322,248)(40,456)(123,701)(112,471)(79,289)(355,917)(75,915)(61,086)(64,650)(104,261)(305,913)
288,68490,70773,59279,51973,048316,86680,62066,44365,45279,852292,367
(420,488)(42,773)(89,918)(93,119)(44,763)(270,573)44,75844,758
(165,284)(500)(704)(1,204)
(61,272)(14,504)(14,955)(12,995)(32,546)(75,000)(16,915)(16,915)(16,925)(16,918)(67,673)
6,616
21,53421,534
776779(393)(307)
(47,480)(47,480)
Netcashusedininvestingactivities
Cashflowsfromfinancingactivities
Issuanceofcommonstock
Netborrowings(repayments)underbanklinesofcredit
Issuanceoflong‐termdebt
(482,044)
403
65,814
50,000
(526,654)
1,784
20,172
52,000
(673,216)(7,449)(155,677)(117,925)(131,030)(412,081)32,548(11,559)(16,122)(41,327)(36,460)
(107,294)(45,097)(148,620)9,552(184,165)
300,000493,810493,810
Paymentsonnotespayableandotherobligations(38,113)(34,272)(41,990)(95,095)(181,825)(103,530)(380,450)
Loancostspaid(2,902)(440)(10,406)(142)(16,484)(105)(16,731)
Excesstaxbenefitfromstock‐basedcompensation1,0402,638595
Treasurysharespurchased
Dividendspaid
Purchaseofnoncontrollinginterest
Netcashprovidedby(usedin)financingactivities
Effectofexchangereatesoncash
Increase(decrease)incashandcashequivalents
Cashandcashequivalentsatbeginningofyear
Cashandcashequivalentsatendofyear
(20,488)
(4,111)
51,643
615
24,218
38,324
62,542
(25,133)
(4,096)
(5,625)
7,028
1,937
592
62,542
63,134
(47,631)(1,359)(1)(1,616)(11,525)(14,501)(11,525)(11,525)(11,525)(11,525)(46,100)
(3,981)(981)(983)554(1,017)(2,427)(1,008)(999)(991)(983)(3,981)
(2,014)
87,279(142,674)145,897(95,145)(12,542)(104,464)(12,533)(12,524)(12,516)(12,508)(50,081)
3,6019293,427(7,878)(3,522)
4,0949,210116,477(69,383)25,39681,70088,68122,75615,844(5,876)121,405
63,13467,22876,438192,915123,53267,228148,928237,609260,364276,209148,928
67,22876,438192,915123,532148,928148,928237,609260,364276,209270,333270,333
Operatingcashflowpershare
excludingchangesinworkingcapital
Operatingcashflowpershare
includingchangesinworkingcapital
13.33$
(15.11)$
16.23$
(16.79)$
18.99$4.86$4.12$4.25$2.88$16.70$1.94$2.00$1.77$2.13$7.94$
(22.82)$(0.25)$(5.31)$(3.51)$(4.51)$(14.68)$1.14$(0.41)$(0.57)$(1.47)$(1.31)$

32
CASHAMERICAINTERNATIONALINC.(CSH
Ratios
Fortheperiodended
ProductivityRatios
Receivablesturnover
H)
2011A
37.93
2012A
39.86
35.0910.149.508.877.5737.347.609.8110.5511.4928.69
2015E2014E
Inventoryturnover3.203.082.180.620.530.550.462.300.500.550.520.571.59
Workingcapitalturnover2.882.772.290.600.520.500.492.480.440.370.350.401.54
Netfixedassetturnover6.857.076.871.901.771.891.577.401.141.000.991.164.30
Totalassetturnover1.051.060.920.240.220.220.211.010.180.160.150.170.65
#ofdaysSalesinA/R1110118101111999999
#ofdaysCostofSalesinInventory132128186139173173173141124166184175187
#ofdaysCash‐basedexpensesinpayables92394430374141333333333335
LiquidityMeasures
Currentratio4.794.795.866.218.096.645.665.668.249.999.939.449.44
Quickratio2.812.533.033.254.733.724.714.717.399.039.008.568.56
Cashratio1.321.231.561.802.822.092.542.544.075.185.324.934.93
Cashflowfromoperationsratio2.672.763.301.060.890.941.364.830.860.690.630.612.66
Workingcapital644,891710,566862,067780,934984,138914,119580,165580,165581,385609,172629,711660,052660,052
FinancialRisk(Leverage)Ratios
Totaldebt/equityratio0.840.840.920.790.930.860.480.480.390.370.360.360.36
Debt/equityratio(excludingdeferredtaxes)0.750.730.830.690.830.770.410.410.350.330.330.320.32
TotalLTdebt/equityratio0.660.650.760.650.810.720.350.350.310.300.300.290.29
LTdebt/equity(excludingdeferredtaxes)0.560.540.660.550.710.620.280.280.270.270.260.250.25
Interestcoverageratio(Earnings=EBIT)8.526.394.787.202.601.224.823.5213.8314.2911.9415.1213.80
Interestcoverageratio(Earnings=EBI)5.293.483.934.541.630.572.992.148.578.867.409.378.55
Totaldebtratio0.460.460.480.440.480.460.320.320.280.270.270.260.26
Debtratio(excudingdeferredtaxes)0.430.420.450.410.450.430.290.290.260.250.250.240.24
Profitability/ValuationMeasures
Grossprofitmargin57.47%55.87%57.61%59.83%60.62%58.53%63.45%60.43%74.41%77.69%77.49%76.47%76.45%
Operatingprofitmargin15.43%11.99%11.78%17.07%13.50%9.53%17.52%14.26%26.36%31.04%26.05%28.41%27.94%
Returnonassets9.05%6.34%7.31%2.26%1.01%0.46%1.93%6.29%2.99%3.11%2.55%3.15%11.55%
Returnonequity15.89%11.13%13.75%4.20%1.89%0.88%3.25%10.76%4.29%4.29%3.49%4.29%16.34%
Earningsbeforeinterestmargin8.53%5.64%7.94%9.27%4.61%2.10%9.32%6.20%16.84%19.81%16.72%18.10%17.85%
EBITDAmargin17.16%14.53%13.73%18.60%11.62%8.86%20.11%14.56%34.49%40.30%35.40%36.41%36.57%
EBITDA/Assets18.98%16.12%15.11%4.97%2.63%2.05%4.18%19.17%5.17%4.98%4.38%6.36%23.80%
Dividend(Distribution)payoutpercentage0.45%0.41%0.37%0.09%0.09%‐0.05%0.10%0.25%0.10%0.10%0.09%0.09%0.36%

THIS PAGE LEFT INTENTIONALLY BLANK

BURKENROAD REPORTS RATING SYSTEM
MARKET OUTPERFORM: This rating indicates that we believe forces are in place that would enable this
company's stock to produce returns in excess of the stock market averages over the next 12 months.
MARKET PERFORM: This rating indicates that we believe the investment returns from this company's
stock will be in line with those produced by the stock market averages over the next 12 months.
MARKET UNDERPERFORM: This rating indicates that while this investment may have positive attributes,
we believe an investment in this company will produce subpar returns over the next 12 months.

BURKENROAD REPORTS CALCULATIONS
 CPFS is calculated using operating cash flows excluding working capital changes.
 All amounts are as of the date of the report as reported by Bloomberg or Yahoo Finance unless
otherwise noted. Betas are collected from Bloomberg.
 Enterprise value is based on the equity market cap as of the report date, adjusted for long‐
term debt, cash, & short‐term investments reported on the most recent quarterly report date.
 12‐month Stock Performance is calculated using an ending price as of the report date.
The stock performance includes the 12‐month dividend yield.

2014‐2015 COVERAGE UNIVERSE
Amerisafe Inc. (AMSF)
Bristow Group Inc. (BRS)
The First Bancshares (FBMS)
CalIon Petroleum Company (CPE)
Cal‐Maine Foods Inc. (CALM)
Carbo Ceramics Inc. (CRR)
Cash America International Inc. (CSH)
Conn's Inc. (CONN)
Crown Crafts Inc. (CRWS)
Cyberonics Incorporated (CYBX)
Denbury Resources Inc. (DNR)
EastGroup Properties Inc. (EGP)
Era Group Inc. (ERA)
Evolution Petroleum Corp. (EPM)
Globalstar (GSAT)
Gulf Island Fabrication Inc. (GIFI)
Hibbett Sports (HIBB)
Hornbeck Offshore Services Inc. (HOS)
IBERIABANK Corp. (IBKC)
ION Geophysical Corp. (IO)
Key Energy Services (KEG)
Marine Products Corp. (MPX)
MidSouth Bancorp Inc. (MSL)
Newpark Resources Inc. (NR)
PetroQuest Energy Inc. (PQ)
Popeyes Louisiana Kitchen (PLKI)
Pool Corporation (POOL)
Powell Industries Inc. (POWL)
Rollins Incorporated (ROL)
RPC Incorporated (RES)
Ruth’s Hospitality Group Inc. (RUTH)
Sanderson Farms Inc. (SAFM)
SEACOR Holdings Inc. (CKH)
Sharps Compliance Inc. (SMED)
Stone Energy Corp. (SGY)
Sunoco LP (SUN)
Superior Energy Services Inc. (SPN)
Team Incorporated (TISI)
Vaalco Energy Inc. (EGY)
Willbros Group Inc. (WG)

PETER RICCHIUTI
Director of Research
Founder of Burkenroad
Reports
Peter.Ricchiuti@tulane.edu

ANTHONY WOOD
Senior Director of Accounting
Awood11@tulane.edu

JERRY DICOLO
DAVID DOWTY
ELLIOTT EDWARDS
Associate Directors of Research

BURKENROAD REPORTS
Tulane University
New Orleans, LA 70118‐5669
(504) 862‐8489
(504) 865‐5430 Fax

To receive complete reports on any of the companies we follow, contact:
Peter Ricchiuti, Founder & Director of Research
Tulane University
Freeman School of Business
BURKENROAD REPORTS
Phone: (504) 862-8489
Fax: (504) 865-5430
E-mail: Peter.Ricchiuti@Tulane.edu
Please visit our web site at www.BURKENROAD.org
Printed on Recycled Paper
Named in honor of William B. Burkenroad Jr., an alumnus and a longtime supporter
of Tulane’s business school, and funded through contributions from his family and
friends, BURKENROAD REPORTS is a nationally recognized program, publishing
objective, investment research reports on public companies in our region. Students
at Tulane University’s Freeman School of Business prepare these reports.
Alumni of the BURKENROAD REPORTS program are employed at a number of
highly respected financial institutions including:
ABNAMRO Bank ·Aegis Value Fund · Invesco/AIM Capital Management ·Alpha
Omega Capital Partners · American General Investment Management · Ameriprise
Financial · Atlas Capital · Banc of America Securities · Bank of Montreal ·
Bancomer · Barclays Capital · Barings PLC · Bearing Point · Bessemer Trust ·
Black Gold Capital· Bloomberg · Brookfield Asset Management · Brown Brothers
Harriman Capital · Blackrock Financial Management · Boston Consulting Group
· Buckingham Research · California Board of Regents · Cambridge Associates·
Canaccord Genuity · Cantor Fitzgerald · Chaffe & Associates · Citadel Investment
Group · Citibank · Citigroup Private Bank · City National Bank · Cornerstone
Resources · Credit Suisse · D. A. Davidson & Co. · Deutsche Banc · Duquesne
Capital Management · Equitas Capital Advisors· Factset Research · Financial
Models · First Albany · Fiduciary Trust · Fitch Investors Services · Forex Trading
· Franklin Templeton · Friedman Billings Ramsay · Fulcrum Global Partners ·
Gintel Asset Management · Global Hunter Securities · Goldman Sachs · Grosever
Funds · Gruntal & Co. · Guggenheim Securities , LLC · Hancock Investment
Services · Healthcare Markets Group · Capital One Southcoast · Howard Weil
Labouisse Friedrichs · IBERIABANK Capital Markets · J.P. Morgan Securities
· Janney Montgomery Scott · Jefferies & Co. · Johnson Rice & Co. · KBC
Financial · KDI Capital Partners · Key Investments · Keystone Investments ·
Legacy Capital · Liberty Mutual · Lowenhaupt Global Advisors · Mackay Shields
· Manulife/John Hancock Investments · Marsh & McLennan · Mercer Partners
· Merrill Lynch · Miramar Asset Management · Moodys Investor Services ·
Morgan Keegan · Morgan Stanley · New York Stock Exchange · Perkins Wolf
McDonnell · Piper Jaffray & Co. · Professional Advisory Services · Quarterdeck
Investment Services · RBC · Raymond James · Restoration Capital · Rice Voelker,
LLC · Royal Bank of Scotland· Sandler O'Neill & Partners · Sanford Bernstein
& Co. · Scotia Capital · Scottrade · Second City Trading LLC · Sequent Energy
· Sidoti & Co · Simmons & Co. · Southwest Securities · Stephens & Co. · Sterne
Agee · Stewart Capital LLC · Stifel Nicolaus · Sun-Trust Capital Markets ·
Susquehanna Investment Group · Thomas Weisel Partners · TD Waterhouse
Securities · Texas Employee Retirement System · Texas Teachers Retirement
System · ThirtyNorth Investments · Thornburg Investment Management · Tivoli
Partners · Tudor Pickering & Co. · Tulane University Endowment Fund · Turner
Investment Partners · UBS · Value Line Investments · Vaughan Nelson Investment
Management · Wells Fargo Capital Management · Whitney National Bank ·
William Blair & Co. · Zephyr Management

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