Cabela's 2012 Annual Report Download - page 39

29
ITEM 6. SELECTED FINANCIAL DATA
Fiscal Year (1)
2012 2011 2010 2009 2008
Operations Data: (In Thousands Except Earnings per Share)
Revenue:
Merchandise sales $ 2,778,903 $ 2,505,733 $ 2,412,486 $ 2,447,635 $ 2,380,655
Financial Services revenue 319,399 291,746 227,675 171,414 158,971
Other revenue 14,380 13,687 23,081 13,191 13,095
Total revenue 3,112,682 2,811,166 2,663,242 2,632,240 2,552,721
Total cost of revenue 1,769,798 1,613,249 1,575,449 1,602,621 1,540,214
Selling, distribution, and
administrative expenses 1,046,861 954,125 895,405 870,147 865,684
Impairment and restructuring charges 20,324 12,244 5,626 66,794 5,784
Operating income 275,699 231,548 186,762 92,678 141,039
Interest expense, net (20,123) (24,427) (27,442) (23,109) (29,658)
Other non-operating income, net 6,138 7,346 7,360 6,955 6,854
Income before provision for income taxes 261,714 214,467 166,680 76,524 118,235
Provision for income taxes 88,201 71,847 54,521 26,907 41,831
Net income $ 173,513 $ 142,620 $ 112,159 $ 49,617 $ 76,404
Earnings per basic share $ 2.48 $ 2.06 $ 1.65 $ 0.74 $ 1.15
Earnings per diluted share $ 2.42 $ 2.00 $ 1.62 $ 0.74 $ 1.14
Selected Balance Sheet Data:
Cash and cash equivalents (2) $ 288,750 $ 304,679 $ 136,419 $ 582,185 $ 410,104
Working capital (2) (3) 3,159,678 2,491,591 1,747,124 619,354 573,410
Total assets (3) 5,748,163 5,133,771 4,531,179 2,491,885 2,396,066
Total debt excluding
Financial Services segment 336,535 344,922 345,152 348,279 380,031
Total debt of Financial
Services segment (3) (4) 3,200,518 2,844,813 2,496,651 476,664 486,199
Total stockholders’ equity 1,375,979 1,181,316 1,024,548 984,421 913,705
Other Data:
Depreciation and amortization $ 79,269 $ 71,343 $ 69,872 $ 70,566 $ 64,673
Property and equipment additions $ 230,009 $ 120,739 $ 79,720 $ 49,817 $ 54,934
Retail square footage 5,142 4,682 4,409 4,333 4,253
(1) Fiscal years are based on the 52-53 week period ending on the Saturday closest to December 31. Fiscal 2012, 2011,
2010, and 2008 each consisted of 52 weeks and fiscal 2009 consisted of 53 weeks.
(2) Includes amounts for the Financial Services segment totaling $91 million, $117 million, $82 million,
$371 million, and $402 million at years ended 2012, 2011, 2010, 2009, and 2008, respectively. Our ability
to use this cash for non-banking operations, including its use as working capital for our Retail or Direct
businesses, or for retail store expansion, is limited by regulatory restrictions.
(3) Amounts for 2012, 2011, and 2010 include assets and liabilities resulting from the consolidation of the
Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”) related to a
change in accounting principle. Accordingly, effective January 3, 2010, total assets and liabilities increased
$2.15 billion and $2.25 billion, respectively, and retained earnings and other comprehensive income decreased
$93 million, after tax. Prior to this change in accounting principle, the securitizations issued by the Trust
qualified for sales treatment under generally accepted accounting principles and, therefore, the Trust was
excluded from the Company’s consolidated financial statements.
(4) Amounts include time deposits and short-term borrowings of the Financial Services segment, and
for 2012, 2011, and 2010, amounts also include the secured variable funding obligations and secured long-
term obligations of the Trust.