Cabela's 2009 Annual Report Download - page 95

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86
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Cash Flows from Securitizations:
The following table summarizes the cash flows received from the Trust during the years ended:
2009 2008 2007
Proceeds from new securitizations $ 207,312 $292,687 $336,000
Collections used by the trust to purchase new balances in revolving
credit card securitizations 8,949,075 8,929,868 8,040,206
Servicing fees received 40,144 36,315 30,077
Other cash flows received by the transferor other than servicing fees 191,600 187,590 188,633
Key Assumptions:
The following are the key economic assumptions used to estimate the fair value of the interest-only strip, cash
reserve, and cash accounts resulting from the securitization of credit card loans for the years ended:
2009 2008
Weighted average payment rates 25.14 to 27.16%26.93 to 29.78%
Weighted average life in years 0.750 to 0.833 0.708 to 0.750
Weighted average expected credit losses 6.78 to 8.04%3.28 to 6.06%
Servicing fee 2.00%2.00%
Discount rate 11.00 to 16.22%10.00 to 16.60%
Weighted average interest rate paid to investors 4.25 to 4.65%4.11to5.35%
Sensitivity Analysis:
The key economic assumptions used and the sensitivity of the current fair value of the interest-only strip,
cash reserve, and cash accounts of $24,577 at January 2, 2010, to immediate 10% and 20% adverse changes in those
assumptions are as follows:
Impact on Fair Value of
an Adverse Change of
Assumption 10% 20%
Weighted average payment rates 25.55% $ (1,199) $(2,137)
Weighted average expected credit losses 8.04 (6,901) (13,967)
Discount rate 12.00 (130) (261)
Weighted average interest paid to investors 4.50 (119) (238)