Cabela's 2009 Annual Report Download - page 8

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Fiscal Year Ended
December 27, 2008
GAAP Basis
As Reported Amounts
Added Back Non-GAAP
As Adjusted
(Dollars in Thousands Except Earnings Per Share)
Revenue:
Merchandise sales $2,380,655 $ - $2,380,655
Financial Services revenue (1) 158,971 4,357 163,328
Other revenue 13,095 - 13,095
Total revenue 2,552,721 4,357 2,557,078
Total cost of revenue (exclusive of
depreciation and amortization) 1,540,214 - 1,540,214
Selling, distribution, and administrative expenses 865,684 - 865,684
Impairment and restructuring charges (2) 5,784 (5,784) -
Operating income 141,039 10,141 151,180
Interest expense, net (29,658) - (29,658)
Other non-operating income, net (3) 6,854 - 6,854
Income before provision for income taxes 118,235 10,141 128,376
Provision for income taxes (4) 41,831 3,590 45,421
Net income $76,404 $6,551 $82,955
Basic earnings per share $1.15 $0.10 $1.25
Diluted earnings per share $1.14 $0.10 $1.24
(1) Valuations of our interest-only strips associated with securitized loans of our Financial Services business
segment.
(2) Reflects impairment losses on certain assets where projected cash flows were less than the fair value of the
respective assets and restructuring charges for severance and related benefits pursuant to certain reductions in
workforce and voluntary retirement plans. See Note 13 in the 2009 Form 10-K for additional detail.
(3) Loss incurred in the fourth quarter of 2009 to terminate forward exchange rate contracts for Canadian
operations.
(4) Income taxes for the non-GAAP measures were based on the effective tax rate for that respective fiscal year.
CABELA’S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES