Delaware | 1-32227 | 20-0486586 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) | ||
One Cabela Drive, Sidney, Nebraska | 69160 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant's telephone number, including area code: (308) 254-5505 | ||||
Not applicable | ||||
(Former name or former address, if changed since last report) | ||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
CABELA'S INCORPORATED | ||
Dated: | July 24, 2014 | /s/ Ralph W. Castner |
Ralph W. Castner Executive Vice President and Chief Financial Officer |
Investor Contact: |
Chris Gay |
308-255-2905 |
Cabela's Incorporated |
Media Contact: |
Joe Arterburn |
308-255-1204 |
Cabela's Incorporated |
CABELA'S INCORPORATED AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||
Revenue: | |||||||||||||||
Merchandise sales | $ | 646,866 | $ | 663,684 | $ | 1,267,063 | $ | 1,375,397 | |||||||
Financial Services revenue | 109,364 | 88,578 | 207,942 | 174,350 | |||||||||||
Other revenue | 4,971 | 4,543 | 12,019 | 9,555 | |||||||||||
Total revenue | 761,201 | 756,805 | 1,487,024 | 1,559,302 | |||||||||||
Cost of revenue: | |||||||||||||||
Merchandise costs (exclusive of depreciation and amortization) | 407,450 | 413,465 | 814,093 | 872,092 | |||||||||||
Cost of other revenue | 68 | — | 1,390 | 68 | |||||||||||
Total cost of revenue (exclusive of depreciation and amortization) | 407,518 | 413,465 | 815,483 | 872,160 | |||||||||||
Selling, distribution, and administrative expenses | 281,051 | 275,468 | 558,056 | 540,155 | |||||||||||
Impairment and restructuring charges | 641 | 937 | 641 | 937 | |||||||||||
Operating income | 71,991 | 66,935 | 112,844 | 146,050 | |||||||||||
Interest expense, net | (5,639 | ) | (3,914 | ) | (9,324 | ) | (9,270 | ) | |||||||
Other non-operating income, net | 1,039 | 1,108 | 3,141 | 2,647 | |||||||||||
Income before provision for income taxes | 67,391 | 64,129 | 106,661 | 139,427 | |||||||||||
Provision for income taxes | 23,874 | 19,584 | 37,395 | 45,035 | |||||||||||
Net income | $ | 43,517 | $ | 44,545 | $ | 69,266 | $ | 94,392 | |||||||
Earnings per basic share | $ | 0.61 | $ | 0.63 | $ | 0.98 | $ | 1.34 | |||||||
Earnings per diluted share | $ | 0.61 | $ | 0.62 | $ | 0.96 | $ | 1.32 | |||||||
Basic weighted average shares outstanding | 71,031,019 | 70,503,889 | 70,901,515 | 70,330,817 | |||||||||||
Diluted weighted average shares outstanding | 71,700,006 | 71,687,776 | 71,851,184 | 71,607,333 |
CABELA'S INCORPORATED AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in Thousands Except Par Values) | |||||||||||
(Unaudited) | |||||||||||
June 28, 2014 | December 28, 2013 | June 29, 2013 | |||||||||
ASSETS | |||||||||||
CURRENT | |||||||||||
Cash and cash equivalents | $ | 133,774 | $ | 199,072 | $ | 345,504 | |||||
Restricted cash of the Trust | 25,789 | 23,191 | 19,412 | ||||||||
Held-to-maturity investment securities | — | — | 135,000 | ||||||||
Accounts receivable, net | 25,102 | 42,868 | 24,243 | ||||||||
Credit card loans (includes restricted credit card loans of the Trust of $3,926,700, $3,956,230, and $3,477,891), net of allowance for loan losses of $47,350, $53,110, and $62,500 | 3,904,938 | 3,938,630 | 3,442,685 | ||||||||
Inventories | 803,079 | 644,883 | 696,101 | ||||||||
Prepaid expenses and other current assets | 90,306 | 90,438 | 85,547 | ||||||||
Income taxes receivable and deferred income taxes | 37,245 | 47,430 | 40,090 | ||||||||
Total current assets | 5,020,233 | 4,986,512 | 4,788,582 | ||||||||
Property and equipment, net | 1,454,130 | 1,287,545 | 1,125,591 | ||||||||
Economic development bonds | 78,429 | 78,504 | 79,043 | ||||||||
Other assets | 45,393 | 44,303 | 50,004 | ||||||||
Total assets | $ | 6,598,185 | $ | 6,396,864 | $ | 6,043,220 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT | |||||||||||
Accounts payable, including unpresented checks of $8,875, $22,717, and $24,571 | $ | 246,452 | $ | 261,200 | $ | 337,389 | |||||
Gift instrument, credit card rewards, and loyalty rewards programs | 285,892 | 291,444 | 254,968 | ||||||||
Accrued expenses | 133,965 | 204,073 | 137,551 | ||||||||
Time deposits | 248,022 | 297,645 | 364,487 | ||||||||
Current maturities of secured variable funding obligations of the Trust | — | 50,000 | — | ||||||||
Current maturities of secured long-term obligations of the Trust | 255,000 | — | — | ||||||||
Current maturities of long-term debt | 8,426 | 8,418 | 8,410 | ||||||||
Deferred income taxes, current | 2,584 | — | — | ||||||||
Total current liabilities | 1,180,341 | 1,112,780 | 1,102,805 | ||||||||
Long-term time deposits | 593,005 | 771,717 | 825,023 | ||||||||
Secured long-term obligations of the Trust, less current maturities | 2,452,250 | 2,452,250 | 2,154,750 | ||||||||
Long-term debt, less current maturities | 547,674 | 322,647 | 374,854 | ||||||||
Deferred income taxes | 1,606 | 3,118 | 13,401 | ||||||||
Other long-term liabilities | 138,947 | 128,018 | 101,539 | ||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | — | — | — | ||||||||
Common stock, $0.01 par value: | |||||||||||
Class A Voting, Authorized – 245,000,000 shares; | |||||||||||
Issued – 71,037,162, 70,630,866, and 70,563,558 shares | |||||||||||
Outstanding – 71,037,162, 70,630,866, and 70,549,821 shares | 710 | 706 | 706 | ||||||||
Additional paid-in capital | 352,507 | 346,535 | 338,397 | ||||||||
Retained earnings | 1,330,083 | 1,260,817 | 1,130,819 | ||||||||
Accumulated other comprehensive income (loss) | 1,062 | (1,724 | ) | 1,674 | |||||||
Treasury stock, at cost – 13,737 shares at June 29, 2013 | — | — | (748 | ) | |||||||
Total stockholders’ equity | 1,684,362 | 1,606,334 | 1,470,848 | ||||||||
Total liabilities and stockholders’ equity | $ | 6,598,185 | $ | 6,396,864 | $ | 6,043,220 |
CABELA'S INCORPORATED AND SUBSIDIARIES | |||||||||||||||
SELECTED FINANCIAL DATA | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||
Components of Consolidated Revenue: | |||||||||||||||
Retail | $ | 500,436 | $ | 483,923 | $ | 941,385 | $ | 970,672 | |||||||
Direct | 147,116 | 180,124 | 326,532 | 405,282 | |||||||||||
Financial Services | 109,364 | 88,578 | 207,942 | 174,350 | |||||||||||
Other | 4,285 | 4,180 | 11,165 | 8,998 | |||||||||||
Total revenue | $ | 761,201 | $ | 756,805 | $ | 1,487,024 | $ | 1,559,302 | |||||||
As a Percentage of Consolidated Revenue: | |||||||||||||||
Retail revenue | 65.7 | % | 63.9 | % | 63.3 | % | 62.2 | % | |||||||
Direct revenue | 19.3 | 23.8 | 22.0 | 26.0 | |||||||||||
Financial Services revenue | 14.4 | 11.7 | 14.0 | 11.2 | |||||||||||
Other revenue | 0.6 | 0.6 | 0.7 | 0.6 | |||||||||||
Total revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Segment Operating Income (Loss): | |||||||||||||||
Retail | $ | 99,806 | $ | 91,073 | $ | 152,104 | $ | 175,751 | |||||||
Direct | 24,063 | 30,731 | 57,193 | 75,628 | |||||||||||
Financial Services (1) | 23,587 | 25,915 | 56,689 | 50,016 | |||||||||||
Other | (75,465 | ) | (80,784 | ) | (153,142 | ) | (155,345 | ) | |||||||
Total operating income | $ | 71,991 | $ | 66,935 | $ | 112,844 | $ | 146,050 | |||||||
As a Percentage of Segment Revenue: | |||||||||||||||
Retail operating income | 19.9 | % | 18.8 | % | 16.2 | % | 18.1 | % | |||||||
Direct operating income | 16.4 | 17.1 | 17.5 | 18.7 | |||||||||||
Financial Services operating income (1) | 22.6 | 29.3 | 27.9 | 28.7 | |||||||||||
Total operating income as a percentage of total revenue | 9.5 | 8.8 | 7.6 | 9.4 | |||||||||||
(1) Includes the effect of the reimbursement from our Financial Services segment to our Retail and Direct segments for the costs of promotions totaling $4,776 eliminated in consolidation for the three and six months ended June 28, 2014. During the three months ended June 28, 2014, we made an adjustment in the presentation of reimbursement from the Financial Services segment to the Retail and Direct segments for certain operating and promotional costs. | |||||||||||||||
CABELA'S INCORPORATED AND SUBSIDIARIES | ||||
COMPONENTS OF FINANCIAL SERVICES REVENUE | ||||
(Dollars in Thousands) | ||||
(Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||
Interest and fee income | $ | 94,652 | $ | 81,189 | $ | 188,871 | $ | 162,438 | |||||||
Interest expense | (15,804 | ) | (15,937 | ) | (31,690 | ) | (29,788 | ) | |||||||
Provision for loan losses | (10,314 | ) | (11,851 | ) | (23,028 | ) | (24,626 | ) | |||||||
Net interest income, net of provision for loan losses | 68,534 | 53,401 | 134,153 | 108,024 | |||||||||||
Non-interest income: | |||||||||||||||
Interchange income | 91,512 | 85,697 | 173,939 | 163,327 | |||||||||||
Other non-interest income | 867 | 1,400 | 1,622 | 2,683 | |||||||||||
Total non-interest income | 92,379 | 87,097 | 175,561 | 166,010 | |||||||||||
Less: Customer rewards costs | (51,549 | ) | (51,920 | ) | (101,772 | ) | (99,684 | ) | |||||||
Financial Services revenue | $ | 109,364 | $ | 88,578 | $ | 207,942 | $ | 174,350 |
Three Months Ended | Six Months Ended | ||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||
Interest and fee income | 10.0 | % | 9.6 | % | 10.0 | % | 9.7 | % | |||
Interest expense | (1.7 | ) | (1.9 | ) | (1.7 | ) | (1.8 | ) | |||
Provision for loan losses | (1.1 | ) | (1.4 | ) | (1.2 | ) | (1.5 | ) | |||
Interchange income | 9.6 | 10.1 | 9.2 | 9.7 | |||||||
Other non-interest income | 0.1 | 0.2 | 0.1 | 0.2 | |||||||
Customer rewards costs | (5.4 | ) | (6.1 | ) | (5.4 | ) | (5.9 | ) | |||
Financial Services revenue | 11.5 | % | 10.5 | % | 11.0 | % | 10.4 | % |
CABELA'S INCORPORATED AND SUBSIDIARIES | ||||
KEY STATISTICS OF FINANCIAL SERVICES BUSINESS | ||||
(Unaudited) |
Three Months Ended | ||||||||||||||
June 28, 2014 | June 29, 2013 | Increase | % | |||||||||||
(Decrease) | Change | |||||||||||||
(Dollars in Thousands Except Average Balance per Account ) | ||||||||||||||
Average balance of credit card loans (1) | $ | 3,808,842 | $ | 3,387,851 | $ | 420,991 | 12.4 | % | ||||||
Average number of active credit card accounts | 1,778,556 | 1,651,288 | 127,268 | 7.7 | ||||||||||
Average balance per active credit card account (1) | $ | 2,142 | $ | 2,052 | $ | 90 | 4.4 | |||||||
Net charge-offs on credit card loans (1) | $ | 15,864 | $ | 15,879 | $ | (15 | ) | (0.1 | ) | |||||
Net charge-offs as a percentage of average credit card loans (1) | 1.67 | % | 1.87 | % | (0.20 | )% | ||||||||
(1) Includes accrued interest and fees |
Six Months Ended | ||||||||||||||
June 28, 2014 | June 29, 2013 | Increase | % | |||||||||||
(Decrease) | Change | |||||||||||||
(Dollars in Thousands Except Average Balance per Account ) | ||||||||||||||
Average balance of credit card loans (1) | $ | 3,783,171 | $ | 3,367,002 | $ | 416,169 | 12.4 | % | ||||||
Average number of active credit card accounts | 1,770,669 | 1,642,420 | 128,249 | 7.8 | ||||||||||
Average balance per active credit card account (1) | $ | 2,137 | $ | 2,050 | $ | 87 | 4.2 | |||||||
Net charge-offs on credit card loans (1) | $ | 32,783 | $ | 31,464 | $ | 1,319 | 4.2 | |||||||
Net charge-offs as a percentage of average credit card loans (1) | 1.73 | % | 1.87 | % | (0.14 | )% | ||||||||
(1) Includes accrued interest and fees |
CABELA'S INCORPORATED AND SUBSIDIARIES | ||||
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED FINANCIAL MEASURES (1) | ||||
(Unaudited) |
Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures (1) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | ||||||||||||||||||||||
GAAP Basis | Non-GAAP | Non-GAAP | GAAP Basis | Non-GAAP | Non-GAAP | ||||||||||||||||||
As Reported | Adjustments | Amounts | As Reported | Adjustments | Amounts | ||||||||||||||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||||||||||||||||||
Total revenue (2) | $ | 761,201 | $ | — | $ | 761,201 | $ | 756,805 | $ | (1,200 | ) | $ | 755,605 | ||||||||||
Impairment and restructuring charges (3) | $ | 641 | $ | (641 | ) | $ | — | $ | 937 | $ | (937 | ) | $ | — | |||||||||
Operating income | $ | 71,991 | $ | 641 | $ | 72,632 | $ | 66,935 | $ | (263 | ) | $ | 66,672 | ||||||||||
Operating income as a percentage of total revenue | 9.5 | % | — | % | 9.5 | % | 8.8 | % | — | % | 8.8 | % | |||||||||||
Income before provision for income taxes | $ | 67,391 | $ | 641 | $ | 68,032 | $ | 64,129 | $ | (263 | ) | $ | 63,866 | ||||||||||
Provision for income taxes (4) | $ | 23,874 | $ | 225 | $ | 24,099 | $ | 19,584 | $ | (85 | ) | $ | 19,499 | ||||||||||
Net income | $ | 43,517 | $ | 416 | $ | 43,933 | $ | 44,545 | $ | (178 | ) | $ | 44,367 | ||||||||||
Earnings per diluted share | $ | 0.61 | $ | — | $ | 0.61 | $ | 0.62 | $ | — | $ | 0.62 | |||||||||||
CABELA'S INCORPORATED AND SUBSIDIARIES | ||||
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED FINANCIAL MEASURES (1) | ||||
(Unaudited) |
Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures (1) | |||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | ||||||||||||||||||||||
GAAP Basis | Non-GAAP | Non-GAAP | GAAP Basis | Non-GAAP | Non-GAAP | ||||||||||||||||||
As Reported | Adjustments | Amounts | As Reported | Adjustments | Amounts | ||||||||||||||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||||||||||||||||||
Total revenue (2) | $ | 1,487,024 | $ | — | $ | 1,487,024 | $ | 1,559,302 | $ | (1,200 | ) | $ | 1,558,102 | ||||||||||
Impairment and restructuring charges (3) | $ | 641 | $ | (641 | ) | $ | — | $ | 937 | $ | (937 | ) | $ | — | |||||||||
Operating income | $ | 112,844 | $ | 641 | $ | 113,485 | $ | 146,050 | $ | (263 | ) | $ | 145,787 | ||||||||||
Operating income as a percentage of total revenue | 7.6 | % | — | % | 7.6 | % | 9.4 | % | — | % | 9.4 | % | |||||||||||
Income before provision for income taxes | $ | 106,661 | $ | 641 | $ | 107,302 | $ | 139,427 | $ | (263 | ) | $ | 139,164 | ||||||||||
Provision for income taxes (4) | $ | 37,395 | $ | 225 | $ | 37,620 | $ | 45,035 | $ | (85 | ) | $ | 44,950 | ||||||||||
Net income | $ | 69,266 | $ | 416 | $ | 69,682 | $ | 94,392 | $ | (178 | ) | $ | 94,214 | ||||||||||
Earnings per diluted share | $ | 0.96 | $ | — | $ | 0.96 | $ | 1.32 | $ | — | $ | 1.32 | |||||||||||
(1) | The presentation includes non-GAAP financial measures. These non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles, and do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. |
(2) | Reflects an adjustment recorded through interchange income to the Company's outstanding liability related to the proposed settlement of the Visa antitrust litigation due to a group of plaintiffs opting out of the proposed Visa settlement in May 2013. |
(3) | For the three and six months ended June 28, 2014, reflects a restructuring charge for employee severance agreements and termination benefits related to our announcement of the transition to a third-party logistics provider for our distribution needs in Canada and the closing of our distribution center in Winnipeg, Manitoba, Canada. For the three and six months ended June 29, 2013, reflects charges related to the closure of the former Winnipeg retail store in conjunction with the opening of the new Winnipeg next-generation store in May 2013. |
(4) | For the three and six months ended June 28, 2014, and June 29, 2013, the provision for income taxes is based on the effective tax rate for the respective six month periods. |
CABELA'S INCORPORATED AND SUBSIDIARIES | ||||
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED FINANCIAL MEASURES (1) | ||||
(Unaudited) |
Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures (1) | |||||||||||
Fiscal Year Ended December 28, 2013 | |||||||||||
GAAP Basis | Non-GAAP | Non-GAAP | |||||||||
As Reported | Adjustments | Amounts | |||||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||||||
Total revenue (2) | $ | 3,599,577 | $ | (3,167 | ) | $ | 3,596,410 | ||||
Selling, distribution, and administrative expenses (3) | $ | 1,201,519 | $ | (735 | ) | $ | 1,200,784 | ||||
Impairment and restructuring charges (4) | $ | 5,868 | $ | (5,868 | ) | $ | — | ||||
Operating income | $ | 361,361 | $ | 3,436 | $ | 364,797 | |||||
Interest expense, net (5) | $ | (17,833 | ) | $ | 3,648 | $ | (14,185 | ) | |||
Income before provision for income taxes | $ | 343,528 | $ | 7,084 | $ | 350,612 | |||||
Provision for income taxes (6) | $ | 119,138 | $ | (6,783 | ) | $ | 112,355 | ||||
Net income | $ | 224,390 | $ | 13,867 | $ | 238,257 | |||||
Earnings per diluted share | $ | 3.13 | $ | 0.19 | $ | 3.32 | |||||
(1) | The presentation includes non-GAAP financial measures. These non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles, and do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. |
(2) | Reflects adjustments to the liability for the Visa settlement. |
(3) | Reflects certain employee related expenses primarily related to severance benefits. |
(4) | Reflects impairment losses of $4,931 related to a retail store site and $937 related to the closure and relocation of a retail store in May 2013. |
(5) | Reflects interest adjustments related to certain unrecognized tax benefits. |
(6) | Reflects the estimated income tax provision on the non-GAAP adjusted income before provision for income taxes and tax adjustments related to changes in assessments of uncertain tax positions. |
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