Cabela's 2012 Annual Report Download - page 2

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ABOUT US
Cabela’s® is a leading specialty
retailer, and the world’s
largest direct marketer, of
hunting, fi shing, camping and
related outdoor merchandise.
Since our founding in 1961,
Cabela’s has grown to become
one of the most well-known
outdoor recreation brands in
the world, and has long been
recognized as the World’s
Foremost Outfi tter.
® Through
our growing number of retail
stores and our
well-established direct
business, we offer a wide
and distinctive selection of
high-quality outdoor products
at competitive prices while
providing superior customer
service. We also issue the
Cabela’s CLUB® Visa credit
card, which serves as our
primary customer loyalty
rewards program.
Fiscal Year
(Dollars in thousands, except per share data) 2010(1) 2011(1) 2012
(1)
Total Revenue $2,663,242 $2,811,166 $3,125,182
Gross Profi t $1,087,793 $1,197,917 $1,355,384
Gross Profi t Margin 40.8% 42.6% 43.4%
Operating Income $200,388 $243,792 $308,523
Operating Income Margin 7.5% 8.7% 9.9%
Net Income $121,328 $150,762 $195,275
Earnings Per Diluted Share $1.76 $2.12 $2.72
Diluted Weighted Average Shares Outstanding 69,086,533 71,274,242 71,709,873
Total Cash and Cash Equivalents $136,419 $304,679 $288,750
Inventories $509,097 $494,828 $552,575
Total Debt
(2) $345,152 $344,922 $336,535
Total Stockholders’ Equity $1,024,548 $1,181,316 $1,375,979
Lease Adjusted Debt-To-Capitalization Ratio(2)(3) 28.1% 26.7% 23.9%
Return on Invested Capital(4) 13.1% 14.3% 15.9%
FINANCIAL HIGHLIGHTS
(1) Fiscal year 2009, 2010, 2011 and 2012 results exclude the impact of impairment and restructuring charges, other special charges,
and valuations of interest-only strips associated with securitized loans. Fiscal year 2012 results also exclude the reduction in revenue
related to the proposed settlement of the Visa antitrust litigation. A reconciliation to GAAP is provided after the Letter to
(2) Excludes all borrowings of fi nancial services subsidiary.
(3) Both the numerator and the denominator are adjusted to include operating lease obligations capitalized at eight times next year’s
annual minimum lease payments and deferred compensation.
(4) A calculation of ROIC is provided after the Letter to Shareholders.
Operating Income(1)
Total Revenue(1)
($ millions)
($ millions)
2009
2009
$157
$2,630
$200
$2,663
$244
$2,811
$309
$3,125
2010
2010
2011
2011
2012
2012
($ millions)
Net Income(1)
2009
$92 $121
$151
$195
2010 2011 2012
ROIC(4)
2009
11.0%
13.1%
14.3% 15.9%
2010 2011 2012
Shareholders.