Cabela's 2005 Annual Report Download - page 79

CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar Amounts in Thousands)
2005 2004 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ...................................................................... $ 72,569 $ 64,996 $ 51,391
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation ................................................................... 33,898 28,385 25,509
Amortization ................................................................... 1,014 1,458 1,206
Stock based compensation ........................................................ 941 1,674 —
Equity in undistributed net (earnings) losses of equity method investee ..................... (108) (532) 86
Deferred income taxes ........................................................... 11,308 (2,379) 8,674
Other ......................................................................... (246) (2,067) 3,442
Change in operating assets and liabilities:
Accounts receivable ........................................................... (3,803) (2,749) (3,554)
Proceeds from new securitizations ................................................ 237,000 169,000 206,000
Origination of credit card loans held for sale, net of collections ......................... (250,671) (205,006) (192,455)
Retained interests (Note 1) ...................................................... (6,492) (359) (3,983)
Inventories ................................................................... (83,633) (50,239) (44,864)
Prepaid expenses and deferred catalog costs ........................................ (11,724) (259) (2,007)
Other current assets ............................................................ (10,973) 1,966 (10,131)
Land held for sale or development ................................................ 5,554 (2,875) (3,092)
Accounts payable ............................................................. 51,960 9,302 4,704
Accrued expenses and other liabilities ............................................. 5,961 5,985 19,831
Gift certificates and credit card reward points ....................................... 23,878 16,672 17,826
Accrued compensation and benefits ............................................... 5,322 (2,209) 16,811
Income taxes payable .......................................................... (6,862) 13,413 (1,726)
Deferred grant income ......................................................... (884) 1,116 (773)
Deferred compensation ......................................................... (1,445) 1,366 (29,642)
Net cash flows from operating activities .......................................... 72,564 46,659 63,253
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ............................................................... (194,659) (52,568) (72,972)
Distributions from equity and cost method investees ...................................... 583 1,145 182
Proceeds from sale of cost method investment ........................................... — 8,755 —
Purchases of intangibles ............................................................ (76) (1,761) (267)
Purchases of marketable securities .................................................... (65,077) (74,492) (18,201)
Retirements of marketable securities .................................................. 60,053 — —
Change in credit card loans receivable ................................................. (7,479) (5,313) —
Change in cash reserves for retained interests (Note 1) .................................... 750 (7,500) (3,000)
Maturities of marketable securities .................................................... 6,135 4,959 2,596
Other, net ........................................................................ (5,097) (36) 1,927
Net cash flows from investing activities .......................................... (204,867) (126,811) (89,735)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances on lines of credit .......................................................... 554,137 53,106 117,023
Payments on lines of credit .......................................................... (553,116) (53,106) (117,023)
Change in unpresented checks net of bank balance ....................................... (13,001) (2,135) (1,905)
Proceeds from issuance of long-term debt .............................................. — 98 61
Payments on long-term debt ......................................................... (28,326) (3,325) (18,862)
Change in time deposits, net ......................................................... 8,829 18,995 12,224
Net decrease in employee savings plan ................................................. — (1,083) (8,958)
Issuance of common stock for initial public offering, net of transaction costs of $3,343 .......... — 114,219 —
Proceeds from exercise of employee stock options and stock purchase plan, and recapitalization
(Note 17) ...................................................................... 2,519 10,259 209,736
Repurchase of common stock ........................................................ — (1,273) (151,869)
Net cash flows from financing activities .......................................... (28,958) 135,755 40,427
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ...................... (161,261) 55,603 13,945
CASH AND CASH EQUIVALENTS, Beginning of Year ................................... 248,184 192,581 178,636
CASH AND CASH EQUIVALENTS, End of Year ........................................ $ 86,923 $ 248,184 $ 192,581
See notes to consolidated financial statements.
67