Cabela's 2007 Annual Report Download - page 60

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54
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Fiscal Years
2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................ $ 87,879 $ 85,785 $ 72,569
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization.............................................. 59,863 45,559 34,912
Stock based compensation................................................. 4,944 3,615 941
Deferred income taxes .................................................... (1,077) 24,030 11,308
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (167) 1,188 (354)
Change in operating assets and liabilities, net of business acquisition:
Accounts receivable...................................................... (8,425) (11,506) (3,803)
Originations of credit card loans held for sale.................................. (378,186) (325,382) (250,671)
Proceeds from securitizations of credit card loans .............................. 336,000 267,000 237,000
Retained interests in securitized loans........................................ (11,244) (12,818) (6,492)
Inventories ............................................................. (119,051) (87,779) (83,633)
Prepaid expenses and other current assets ..................................... (10,964) (14,974) (22,697)
Land held for sale or development .......................................... (10,379) 602 5,554
Accounts payable and accrued expenses ...................................... 9,756 73,936 63,243
Gift certificates, and credit card and loyalty rewards programs .................... 39,789 23,090 23,878
Other long-term liabilities ................................................. 15,926 (3,269) (2,329)
Income taxes payable..................................................... 17,164 (14,120) (6,862)
Net cash derived from operating activities ................................. 31,828 54,957 72,564
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions .............................................. (335,644) (179,238) (194,659)
Proceeds from dispositions of property and equipment .............................. 3,931 — —
Purchases of economic development bonds ....................................... (36,223) (23,397) (65,077)
Proceeds from retirements and maturities of economic development bonds .............. 45,427 54,065 66,188
Purchases of short-term investments ............................................ — (131,225) (21,000)
Proceeds from sales or maturities of short-term investments .......................... — 131,225 145,250
Change in credit card loans receivable, net ....................................... 1,228 (5,308) (7,479)
Acquisition, net of cash acquired ............................................... (9,277) — —
Other investing changes, net................................................... (935) 9,182 (3,840)
Net cash used in investing activities ...................................... (331,493) (144,696) (80,617)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance ................................. 11,340 (21,652) (13,001)
Change in time deposits, net ................................................... 58,395 (7,292) 8,829
Changes in short-term borrowings of financial services subsidiary, net ................. 93,509 6,491 —
Borrowings on revolving credit facilities and inventory financing ..................... 510,939 391,589 554,137
Repayments on revolving credit facilities and inventory financing ..................... (454,757) (383,203) (553,116)
Issuances of long-term debt ................................................... 60,800 215,000 —
Payments on long-term debt ................................................... (27,008) (29,093) (28,326)
Exercise of employee stock options ............................................. 3,978 3,832 2,519
Other financing changes, net .................................................. 748 47 —
Net cash provided by (used in) financing activities .......................... 257,944 175,719 (28,958)
Net change in cash and cash equivalents ............................................ (41,721) 85,980 (37,011)
Cash and cash equivalents, at beginning of year ...................................... 172,903 86,923 123,934
Cash and cash equivalents, at end of year ........................................... $ 131,182 $ 172,903 $ 86,923
Refer to notes to consolidated financial statements.