CABELAS INC

CIK:0001267130|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Merchandise sales	$ 737,384	$ 786,203	$ 1,415,405	$ 1,506,118
Financial Services revenue	147,196	135,081	297,195	275,904
Other revenue	5,862	8,613	12,731	12,537
Total revenues	890,442	929,897	1,725,331	1,794,559
Merchandise costs (exclusive of depreciation and amortization)	496,360	527,409	961,442	1,015,401
Cost of other revenue	515	4,138	1,545	4,291
Total cost of revenue (exclusive of depreciation and amortization)	496,875	531,547	962,987	1,019,692
Selling, distribution, and administrative expenses	335,693	329,682	663,550	658,871
Restructuring Costs and Asset Impairment Charges	829	959	3,236	3,931
Operating income	57,045	67,709	95,558	112,065
Interest expense, net	(7,689)	(8,285)	(15,365)	(17,516)
Other non-operating income, net	911	2,780	1,480	3,681
Income before provision for income taxes	50,267	62,204	81,673	98,230
Provision for income taxes	21,919	24,445	34,262	37,582
Net income	$ 28,348	$ 37,759	$ 47,411	$ 60,648
Earnings per basic share	$ 0.41	$ 0.55	$ 0.69	$ 0.89
Earnings per diluted share	$ 0.41	$ 0.55	$ 0.68	$ 0.88
Basic weighted average shares outstanding	68,914,407	68,388,426	68,777,332	68,168,772
Diluted weighted average shares outstanding	69,352,449	68,909,403	69,332,304	68,799,980

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Proceeds from (Payments for) Other Financing Activities	$ (1,201)	$ (2,421)
Net income	47,411	60,648
Depreciation and amortization	76,473	74,696
Asset Impairment Charges and Severance Payments	2,882	4,202
Restructuring Costs and Asset Impairment Charges	3,236	3,931
Stock-based compensation	10,602	12,555
Deferred income taxes	(2,471)	(1,643)
Provision for loan losses	76,332	55,224
Other, net	(390)	(8,816)
Accounts receivable	39,474	39,714
Credit card loans originated from internal operations, net	78,475	79,398
Inventories	(568)	(63,674)
Prepaid expenses and other current assets	2,322	(1,935)
Accounts payable and accrued expenses and other liabilities	(88,266)	(76,069)
Gift instruments, credit card rewards, and loyalty rewards programs	(15,489)	(12,476)
Other long-term liabilities	5,640	(2,118)
Income taxes receivable	23,176	17,517
Net cash provided by operating activities	255,603	177,223
Property and equipment additions	(45,963)	(99,284)
Proceeds from Sale of Other Property, Plant, and Equipment	4,081	0
Change in credit card loans originated externally, net	(741)	(161,581)
Change in restricted cash of the Trust, net	(2,536)	5
Other investing changes, net	4,047	1,900
Net cash used in investing activities	(41,112)	(258,960)
Change in unpresented checks net of bank balances	(6,263)	5,087
Change in time deposits, net	(69,937)	316,974
Borrowings on secured obligations of the Trust	3,030,000	2,740,000
Repayments on secured obligations of the Trust	(3,160,000)	(2,800,000)
Borrowings on revolving credit facilities and inventory financing	555,432	665,261
Repayments on revolving credit facilities and inventory financing	(575,328)	(401,990)
Payments on long-term debt	(79,686)	(223,295)
Employee stock option exercises, net of tax withholdings on share-based payment awards	(6,205)	1,673
Excess tax benefit on share-based payment awards	0	3,753
Net cash provided by financing activities	(313,188)	305,042
Effect of Exchange Rate on Cash and Cash Equivalents	2,501	3,696
Net change in cash and cash equivalents	(96,196)	227,001
Cash and cash equivalents, at beginning of period	263,825	315,066
Cash and cash equivalents, at end of period	$ 167,629	$ 542,067

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016	Jul. 02, 2016
Cash and cash equivalents	$ 167,629	$ 263,825	$ 542,067
Restricted cash of the Trust	51,233	48,697	40,978
Accounts receivable, net	37,112	76,140	39,278
Credit card loans (includes restricted credit card loans of the Trust of $5,517,628, $5,661,101, and $5,114,711), net of allowance for loan losses of $120,474, $118,343, and $83,950	5,425,509	5,579,575	5,062,226
Inventories	863,834	860,360	888,209
Prepaid expenses and other current assets	128,235	132,250	122,139
Income taxes receivable	52,555	75,731	60,180
Assets, Current	6,726,107	7,036,578	6,755,077
Property and equipment, net	1,785,999	1,807,209	1,839,451
Deferred Tax Assets, Net, Noncurrent	0	0	28,417
Other assets	124,087	127,037	142,314
Assets	8,636,193	8,970,824	8,765,259
Accounts payable, including unpresented checks of $34,869, $41,132, and $28,667	270,921	347,784	253,488
Gift instruments, credit card rewards, and loyalty rewards programs	372,740	387,865	353,570
Accrued expenses and other liabilities	147,945	172,744	165,610
Time Deposit Maturities, Next Twelve Months	252,358	177,015	187,324
Current maturities of secured variable funding obligations of the Trust	1,395,000	420,000	0
Debt, Current	0	1,104,685	1,359,032
Current maturities of long-term debt	8,131	79,677	68,461
Liabilities, Current	2,447,095	2,689,770	2,387,485
Long-term time deposits	846,709	991,842	1,009,549
Secured long-term obligations of the Trust, less current maturities, net	2,467,787	2,466,576	2,466,054
Long-term debt, less current maturities, net	654,569	671,509	842,728
Deferred income taxes	6,449	7,288	0
Other long-term liabilities	137,737	132,240	134,349
COMMITMENTS AND CONTINGENCIES
Issued – 71,595,020 shares for all periods	716	716	716
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none	0	0	0
Additional paid-in capital	368,126	384,353	372,994
Retained earnings	1,846,220	1,798,809	1,712,510
Accumulated other comprehensive loss	(33,480)	(45,922)	(32,788)
Treasury Stock, Value	(105,735)	(126,357)	(128,338)
Stockholders' Equity Attributable to Parent	2,075,847	2,011,599	1,925,094
Liabilities and Equity	$ 8,636,193	$ 8,970,824	$ 8,765,259