Cabela's 2006 Annual Report Download - page 67

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63
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Fiscal Years
2006 2005 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................ $ 85,785 $ 72,569 $ 64,996
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation............................................................ 44,665 33,898 28,385
Amortization ........................................................... 894 1,014 1,458
Stock based compensation................................................. 3,615 941 1,674
Deferred income taxes.................................................... 24,030 11,308 (2,379 )
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,188 (354 ) (2,599 )
Change in operating assets and liabilities:
Accounts receivable...................................................... (11,506) (3,803 ) (2,749 )
Proceeds from new securitizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,000 237,000 169,000
Origination of credit card loans held for sale, net of collections. . . . . . . . . . . . . . . . . . . . (325,382) (250,671 ) (205,006 )
Retained interests in securitized loans........................................ (12,818) (6,492 ) (359 )
Inventories............................................................. (87,779) (83,633 ) (50,239 )
Prepaid expenses and deferred catalog costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 (11,724 ) (259 )
Other current assets ...................................................... (15,364) (10,973 ) 1,966
Land held for sale or development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 602 5,554 (2,875 )
Accounts payable........................................................ 57,240 51,960 9,302
Accrued expenses and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,821 5,961 5,985
Gift certificates and credit card reward points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,090 23,878 16,672
Accrued employee compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 5,322 (2,209 )
Income taxes payable..................................................... (14,120) (6,862 ) 13,413
Deferred compensation ................................................... (1,995) (1,445 ) 1,366
Deferred grant income.................................................... (1,274) (884 ) 1,116
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,957 72,564 46,659
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures......................................................... (179,238) (194,659 ) (52,568 )
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,397) (65,077 ) (74,492 )
Proceeds from retirements of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,000 60,053 —
Maturities of marketable securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 6,135 4,959
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (131,225) (21,000) (156,825)
Proceeds from sales or maturities of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . 131,225 145,250 112,500
Change in credit card loans receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,308) (7,479 ) (5,313 )
Change in cash reserves for retained interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,250 750 (7,500 )
Other, net.................................................................. 932 (4,590 ) 8,103
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (144,696) (80,617 ) (171,136 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,652) (13,001 ) (2,135 )
Change in time deposits, net................................................... (7,292) 8,829 18,995
Borrowings on lines of credit, inventory financing and short-term borrowing . . . . . . . . . . . . 398,080 554,137 53,106
Repayments on lines of credit, inventory financing and short-term borrowing . . . . . . . . . . . (383,203) (553,116 ) (53,106 )
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,000 — 98
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,093) (28,326 ) (3,325 )
Proceeds from exercise of employee stock options, stock purchase plan and
2004 recapitalization ..................................................... 3,832 2,519 10,259
Excess tax benefits from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495 — —
Payment of debt issuance costs................................................. (448) — —
Issuance of common stock for initial public offering, net of transaction costs of $3,343 . . . . — — 114,219
Net decrease in employee savings plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (1,083 )
Repurchase of common stock .................................................. — — (1,273 )
Net cash provided by (used in) financing activities. . . . . . . . . . . . . . . . . . . . . . . . . 175,719 (28,958) 135,755
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . 85,980 (37,011) 11,278
CASH AND CASH EQUIVALENTS, beginning of fiscal year. . . . . . . . . . . . . . . . . . . . . . . . . . 86,923 123,934 112,656
CASH AND CASH EQUIVALENTS, end of fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172,903 $ 86,923 $ 123,934
See notes to consolidated financial statements.