Cabela's 2005 Annual Report Download - page 109

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CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollar Amounts in Thousands Except Share and Per Share Amounts)
Segment assets are those directly used in or clearly allocable to an operating segment’s operations. For the
Direct segment, these assets primarily include prepaid catalog costs, fixed assets and goodwill. Goodwill makes
up $970 of assets in the Direct Segment. For the Retail segment, these assets primarily include inventory in the
stores, land, buildings, fixtures and leasehold improvements. For the Financial Services segment, these assets
primarily include cash, credit card loans, buildings and fixtures. Corporate and other assets include corporate
headquarters, merchandise distribution inventory, and shared technology infrastructure as well as corporate cash
and cash equivalents, prepaid expenses and $355 of investment in an equity method investee. In addition to the
capital expenditures shown below, there were non-cash capital expenditures of $25, $5,010 and $3,464 in the
Direct, Retail and Other segments, respectively, in fiscal 2005 related to unpaid capital expenditures included in
accounts payable. Segment depreciation and amortization and capital expenditures are correspondingly allocated
to each segment. Corporate and other depreciation and amortization and capital expenditures are related to
corporate headquarters, merchandise distribution and technology infrastructure. Unallocated assets include
corporate cash and equivalents, inventory that could be shipped for sales to the Retail or Direct segment entities,
the net book value of corporate facilities and related information systems, deferred income taxes and other
corporate long-lived assets. The accounting policies of the segments, where applicable, are the same as those
described in the summary of significant accounting policies in our annual financial statements. Intercompany
revenue between the segments has been eliminated in the consolidations.
2005 Direct Retail
Financial
Services
Corporate
Overhead
and Other Total
Revenue from external ..................... $1,035,830 $618,135 $116,708 $ 28,988 $1,799,661
Revenue from internal ...................... 1,948 2,061 (608) (3,401) —
Total revenue ........................ 1,037,778 620,196 116,100 25,587 1,799,661
Operating income (loss) .................... 150,788 73,660 61,355 (170,840) 114,963
As a % of revenue ..................... 14.5% 11.9% 52.8% N/A 6.4%
Depreciation and amortization ............... 5,308 12,916 1,089 15,599 34,912
Assets .................................. 405,303 460,776 262,799 237,402 1,366,280
Capital expenditures ....................... 5,829 158,113 603 30,114 194,659
2004 Direct Retail
Financial
Services
Corporate
Overhead
and Other Total
Revenue from external ..................... $ 968,889 $497,027 $ 78,714 $ 11,344 $1,555,974
Revenue from internal ...................... 1,757 2,047 (610) (3,194) —
Total revenue ........................ 970,646 499,074 78,104 8,150 1,555,974
Operating income (loss) .................... 146,765 72,136 31,099 (152,785) 97,215
As a % of revenue ..................... 15.1% 14.5% 39.8% N/A 6.2%
Depreciation and amortization ............... 5,350 10,200 1,386 12,907 29,843
Assets .................................. 309,089 266,840 199,861 452,441 1,228,231
Capital expenditures ....................... 6,752 24,915 857 20,044 52,568
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