Cabela's 2013 Annual Report Download - page 83

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73
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Fiscal Years
2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 224,390 $ 173,513 $ 142,620
Adjustments to reconcile net income to net cash flows by operating activities:
Depreciation and amortization 93,407 79,269 71,343
Impairment and restructuring charges 5,868 20,324 11,309
Stock-based compensation 14,969 13,733 12,911
Deferred income taxes (8,231) (15,472) 35,073
Provision for loan losses 43,223 42,760 39,287
Other, net (3,668) (6,222) (3,949)
Change in operating assets and liabilities, net:
Accounts receivable 3,391 4,485 (1,265)
Credit card loans originated from internal operations, net (26,545) (39,261) (17,276)
Inventories (92,308) (57,747) 14,270
Prepaid expenses and other current assets 40,449 6,403 (22,759)
Accounts payable and accrued expenses (21,283) 29,830 70,952
Gift certificates, credit card rewards, and loyalty rewards programs 28,790 35,239 24,873
Other long-term liabilities 34,115 (1,335) (5,412)
Income taxes receivable 8,437 (50,890) (5,509)
Net cash provided by operating activities 345,004 234,629 366,468
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions (333,009) (214,267) (126,740)
Change in credit card loans originated externally, net (457,836) (406,808) (406,863)
Change in restricted cash of the Trust, net (5,899) 1,004 242
Proceeds from retirement and maturity of economic development bonds 3,473 3,151 3,057
Purchases of held-to-maturity investment securities (135,000) - (197,999)
Maturities of held-to-maturity investment securities 135,435 - 197,999
Other investing changes, net (195) 4,553 (1,736)
Net cash used in investing activities (793,031) (612,367) (532,040)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance (6,211) 9,804 (8,103)
Change in time deposits, net 21,344 65,705 469,562
Borrowings on secured obligations of the Trust 1,284,750 2,730,000 2,238,000
Repayments on secured obligations of the Trust (935,000) (2,440,000) (2,359,400)
Borrowings on revolving credit facilities and inventory financing 759,792 453,355 646,132
Repayments on revolving credit facilities and inventory financing (756,769) (453,746) (646,189)
Payments on long-term debt (8,402) (8,387) (230)
Exercise of employee stock options and employee stock purchase plan issuances, net (1,061) 20,706 12,869
Purchase of treasury stock (10,053) (28,977) (20,287)
Excess tax benefits from exercise of employee stock options 9,959 13,349 3,438
Other financing changes, net - - (1,960)
Net cash provided by financing activities 358,349 361,809 333,832
Net change in cash and cash equivalents (89,678) (15,929) 168,260
Cash and cash equivalents, at beginning of year 288,750 304,679 136,419
Cash and cash equivalents, at end of year $ 199,072 $ 288,750 $ 304,679
Refer to notes to consolidated financial statements.