Cabela's 2008 Annual Report Download - page 70

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65
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Fiscal Years
2008 2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 76,404 $87,879 $85,785
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 64,673 59,863 45,559
Stock based compensation 6,535 4,944 3,615
Deferred income taxes 6,928 (1,077)24,030
Other, net (3,250)(167)1,188
Change in operating assets and liabilities, net of business acquisition:
Accounts receivable 2,633 (8,425)(11,506)
Originations of credit card loans held for sale (271,730)(378,186)(325,382)
Proceeds from securitizations of credit card loans 292,687 336,000 267,000
Retained interests in securitized loans (14,578)(11,244)(12,818)
Inventories 90,502 (119,051)(87,779)
Prepaid expenses and other current assets (12,517)(10,964)(14,974)
Land held for sale or development 1,474 (10,379)602
Accounts payable and accrued expenses (83,857)9,756 73,936
Gift certificates, and credit card and loyalty rewards programs 576 39,789 23,090
Other long-term liabilities 22,050 15,926 (3,269)
Income taxes payable (23,562)17,164 (14,120)
Net cash derived from operating activities 154,968 31,828 54,957
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions (91,164)(335,644)(179,238)
Proceeds from dispositions of property and equipment 27 3,931 -
Purchases of economic development bonds (18,525)(36,223)(23,397)
Proceeds from retirements and maturities of economic development bonds 3,405 45,427 54,065
Purchases of short-term investments - - (131,225)
Proceeds from sales or maturities of short-term investments 2,946 -131,225
Change in credit card loans receivable, net 2,450 1,228 (5,308)
Acquisition, net of cash acquired - (9,277) -
Other investing changes, net 2,650 (935)9,182
Net cash used in investing activities (98,211)(331,493)(144,696)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance 16,877 11,340 (21,652)
Change in time deposits, net 325,608 58,395 (7,292)
Changes in short-term borrowings of financial services subsidiary (100,000)93,509 6,491
Borrowings on revolving credit facilities and inventory financing 778,135 510,939 391,589
Repayments on revolving credit facilities and inventory financing (815,710)(454,757)(383,203)
Issuances of long-term debt 61,200 60,800 215,000
Payments on long-term debt (52,874)(27,008)(29,093)
Exercise of employee stock options and employee stock puchase plan issuances 7,719 3,978 3,832
Other financing changes, net 1,210 748 47
Net cash provided by financing activities 222,165 257,944 175,719
Net change in cash and cash equivalents 278,922 (41,721)85,980
Cash and cash equivalents, at beginning of year 131,182 172,903 86,923
Cash and cash equivalents, at end of year $ 410,104 $131,182 $172,903
Refer to notes to consolidated financial statements.