Cabela's 2014 Annual Report Download - page 84

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74
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Fiscal Years
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 201,715 $ 224,390 $ 173,513
Adjustments to reconcile net income to net cash flows
by operating activities:
Depreciation and amortization 113,097 93,407 79,269
Impairment and restructuring charges 641 5,868 20,324
Stock-based compensation 17,498 14,969 13,733
Deferred income taxes (11,562) (8,231) (15,472)
Provision for loan losses 61,922 43,223 42,760
Other, net 139 (3,668) (6,222)
Changes in operating assets and liabilities, net:
Accounts receivable (19,468) 3,391 4,485
Credit card loans originated from internal operations, net (26,436) (26,545) (39,261)
Inventories (119,751) (92,308) (57,747)
Prepaid expenses and other current assets (4,971) 40,449 6,403
Accounts payable and accrued expenses and other liabilities 58,531 (21,283) 29,830
Gift certificates, credit card rewards, and loyalty rewards programs 49,064 28,790 35,239
Other long-term liabilities 415 34,115 (1,335)
Income taxes receivable (62,855) 8,437 (50,890)
Net cash provided by operating activities 257,979 345,004 234,629
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions (440,891) (333,009) (214,267)
Change in credit card loans originated externally, net (518,041) (457,836) (406,808)
Change in restricted cash of the Trust, net (311,621) (5,899) 1,004
Proceeds from retirement and maturity of economic development bonds 4,765 3,473 3,151
Purchases of held-to-maturity investment securities (24,999) (135,000) -
Maturities of held-to-maturity investment securities 25,205 135,435 -
Other investing changes, net (720) (195) 4,553
Net cash used in investing activities (1,266,302) (793,031) (612,367)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance 16,073 (6,211) 9,804
Change in time deposits, net (263,306) 21,344 65,705
Borrowings on secured obligations of the Trust 1,380,000 1,284,750 2,730,000
Repayments on secured obligations of the Trust (355,000) (935,000) (2,440,000)
Borrowings on revolving credit facilities and inventory financing 1,616,189 759,792 453,355
Repayments on revolving credit facilities and inventory financing (1,431,332) (756,769) (453,746)
Payments on long-term debt (8,418) (8,402) (8,387)
Excess tax benefits from exercise of employee stock options 7,551 9,959 13,349
Exercise of employee stock options and tax withholdings on
share-based payment awards (4,982) (1,061) 20,706
Purchase of treasury stock - (10,053) (28,977)
Net cash provided by financing activities 956,775 358,349 361,809
Effect of exchange rates on cash and cash equivalents (4,766) - -
Net change in cash and cash equivalents (56,314) (89,678) (15,929)
Cash and cash equivalents, at beginning of year 199,072 288,750 304,679
Cash and cash equivalents, at end of year $ 142,758 $ 199,072 $ 288,750
Refer to notes to consolidated financial statements.