Cabela's 2012 Annual Report Download - page 86

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76
CABELA’S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Fiscal Years
2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 173,513 $ 142,620 $ 112,159
Adjustments to reconcile net income to net cash flows by operating activities:
Depreciation and amortization 79,269 71,343 69,872
Impairment and restructuring charges 20,324 11,309 5,626
Stock-based compensation 13,733 12,911 11,198
Deferred income taxes (15,472) 35,073 19,407
Provision for loan losses 42,760 39,287 66,814
Other, net (2,352) (3,722) (2,081)
Change in operating assets and liabilities, net:
Accounts receivable 4,485 (1,265) (17,623)
Credit card loans originated from internal operations, net (39,261) (17,276) (49,415)
Inventories (57,747) 14,270 (73,217)
Prepaid expenses and other current assets 6,403 (22,759) 24,121
Land held for sale (3,870) (227) 8,032
Accounts payable and accrued expenses 29,830 70,952 (1,629)
Gift certificates, credit card rewards, and loyalty rewards programs 35,239 24,873 18,626
Other long-term liabilities (1,335) (5,412) 9,738
Income taxes receivable (50,890) (5,509) (34,201)
Net cash provided by operating activities 234,629 366,468 167,427
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions (214,267) (126,740) (75,349)
Proceeds from dispositions of property and equipment 1,089 47 3,025
Change in credit card loans originated externally, net (406,808) (406,863) (280,924)
Change in restricted cash of the Trust, net 1,004 242 846
Proceeds from retirement and maturity of economic development bonds 3,151 3,057 7,214
Purchases of held-to-maturity investment securities - (197,999) (349,738)
Maturities of held-to-maturity investment securities - 197,999 350,000
Other investing changes, net 3,464 (1,783) (2,644)
Net cash used in investing activities (612,367) (532,040) (347,570)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in unpresented checks net of bank balance 9,804 (8,103) (17,167)
Change in time deposits, net 65,705 469,562 36,088
Borrowings on secured obligations of the Trust 2,730,000 2,238,000 1,110,500
Repayments on secured obligations of the Trust (2,440,000) (2,359,400) (1,399,500)
Borrowings on revolving credit facilities and inventory financing 453,355 646,132 477,514
Repayments on revolving credit facilities and inventory financing (453,746) (646,189) (483,335)
Payments on long-term debt (8,387) (230) (225)
Exercise of employee stock options and employee stock purchase plan issuances, net 20,706 12,869 8,168
Purchase of treasury stock (28,977) (20,287) -
Excess tax benefits from exercise of employee stock options 13,349 3,438 1,620
Other financing changes, net - (1,960) 714
Net cash provided by (used in) financing activities 361,809 333,832 (265,623)
Net change in cash and cash equivalents (15,929) 168,260 (445,766)
Cash and cash equivalents, at beginning of year 304,679 136,419 582,185
Cash and cash equivalents, at end of year $ 288,750 $ 304,679 $ 136,419
Refer to notes to consolidated financial statements.