Market Overview

Cabela's Inc. Announces Second Quarter 2017 Results

Share:

- Second Quarter GAAP Diluted EPS of $0.41 and Non-GAAP Diluted EPS of
$0.53

- Cabela's CLUB® Avg. Receivables Grew 9.2%

- Consolidated Retail Comparable Store Sales Decreased 9.3%

- Merchandise Gross Margin Decreased 20 Basis Points to 32.7%

Cabela's Incorporated (NYSE:CAB) today reported financial results for
the second quarter fiscal 2017.

For the quarter, on a GAAP basis, total revenue decreased 4.2% to $890.4
million, revenue from retail store sales decreased 6.7% to $601.7
million, Internet and catalog sales decreased 3.9% to $135.7 million,
and Financial Services revenue increased 9.0% to $147.2 million. For the
quarter, comparable store sales decreased 9.3%.

For the quarter, net income decreased 24.9% to $28.3 million compared to
$37.8 million in the year ago quarter, and earnings per diluted share
were $0.41 compared to $0.55 in the year ago quarter. Adjusted for
certain items, the Company reported second quarter net income of $36.7
million and earnings per diluted share of $0.53 as compared to net
income of $40.8 million and earnings per diluted share of $0.59 in the
year ago quarter. Second quarter 2017 GAAP results included impairment
and restructuring charges and other items totaling a $0.12 reduction in
earnings per diluted share. See the supporting schedules to this
earnings release labeled "Reconciliation of GAAP Reported to Non-GAAP
Adjusted Financial Measures" for a reconciliation of the GAAP to
non-GAAP financial measures.

"Merchandise sales were challenging in the second quarter," said Tommy
Millner, Cabela's Chief Executive Officer. "Since the fall election, we
have continued to see a slowdown in firearms and shooting related
categories. This slowdown was even more pronounced in the second quarter
due to the impact of inventory liquidation by a major competitor who has
filed for bankruptcy as well as the anniversary of a number of events
from a year ago, including the Orlando tragedy in June of 2016.
Additionally, similar to broader retail industry trends, we continued to
experience softness in most hunting related categories. For the quarter,
we were pleased with the excellent performance of our Cabela's CLUB Visa
program which continues to perform very well."

For the quarter, consolidated comparable store sales decreased 9.3% and
U.S. comparable store sales decreased 9.7% as compared to the same
quarter a year ago. Firearms and shooting related products were
responsible for nearly half of the overall comparable store sales
decline. The decline in firearms and shooting related products was
primarily attributable to several headwinds including the residual
impact of the election and the anniversary of several tragedies a year
ago.

Merchandise gross margin decreased by 20 basis points in the quarter to
32.7% compared to 32.9% in the same quarter a year ago. The small
decrease was attributable to an increase in sales discounts and
promotional activity.

The Cabela's CLUB Visa program had another excellent quarter. For the
quarter, growth in the average number of active credit card accounts was
1.6% and growth in average balance per active credit card account was
7.5% as compared to the same period a year ago. The average balance of
credit card loans grew 9.2% to approximately $5.4 billion as compared to
$5.0 billion in the year ago quarter. For the quarter, net charge-offs
were 3.12%. Second quarter Financial Services revenue increased 9.0%
over the year ago quarter. This increase was primarily driven by
increases in interest and fee income, which was largely offset by
increases in the provision for loan losses as well as interest expense.

"We are continuing to execute on initiatives that will lead to future
revenue growth," Millner said. "We are increasing our SKU count in high
value lifetime guarantee products, increasing our drop ship assortments,
reducing lead times for Cabela's branded product, improving our firearms
sales program, optimizing our Internet user experience and improving our
selling culture in all channels. At the same time, we are continuing our
focus on expense reductions by reviewing all business process, including
indirect procurement and cost of goods sold."

As a reminder, Cabela's will not host a conference call with analysts
and investors or provide guidance in connection with the results and
does not plan to do so for future quarters while the acquisition of the
Company by Bass Pro Shops is pending.

About Cabela's Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading
specialty omni-channel retailer of hunting, fishing, camping, shooting
sports, and related outdoor merchandise. Since the Company's 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 Outfitter®. Cabela's offers a wide and distinctive
selection of high-quality outdoor products at competitive prices while
providing superior customer service. Cabela's also issues the Cabela's
CLUB® Visa credit card, which serves as its primary customer loyalty
rewards program. Cabela's stock is traded on the New York Stock Exchange
under the symbol "CAB".

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" that are based
on the Company's beliefs, assumptions, and expectations of future
events, taking into account the information currently available to the
Company. All statements other than statements of current or historical
fact contained in this press release are forward-looking statements. The
words "believe," "may," "should," "anticipate," "estimate," "expect,"
"intend," "objective," "seek," "plan," "confident," and similar
statements are intended to identify forward-looking statements.
Forward-looking statements involve risks and uncertainties that may
cause the Company's actual results, performance, or financial condition
to differ materially from the expectations of future results,
performance, or financial condition that the Company expresses or
implies in any forward-looking statements. These risks and uncertainties
include, but are not limited to: the satisfaction of the conditions
precedent to the consummation of the proposed merger by and among Bass
Pro Group, LLC, Prairie Merger Sub, Inc., a wholly owned subsidiary of
Bass Pro Group, LLC, and the Company, including, without limitation, the
receipt of regulatory approval; unanticipated difficulties or
expenditures relating to the proposed merger; legal proceedings,
judgments, or settlements, including those that may be instituted
against the Company, the Company's board of directors, executive
officers, and others following the announcement of the proposed merger;
disruptions of current plans and operations caused by the announcement
and pendency of the proposed merger; potential difficulties in employee
retention due to the announcement and pendency of the proposed merger;
the response of customers, suppliers, business partners, and regulators
to the announcement of the proposed merger; the state of the economy and
the level of discretionary consumer spending, including changes in
consumer preferences, demand for firearms and ammunition, and
demographic trends; adverse changes in the capital and credit markets or
the availability of capital and credit; the Company's ability to
successfully execute its omni-channel strategy; increasing competition
in the outdoor sporting goods industry and for credit card products and
reward programs; the cost of the Company's products, including increases
in fuel prices; the availability of the Company's products due to
political or financial instability in countries where the goods the
Company sells are manufactured; supply and delivery shortages or
interruptions, and other interruptions or disruptions to the Company's
systems, processes, or controls, caused by system changes or other
factors; increased or adverse government regulations, including
regulations relating to firearms and ammunition; the Company's ability
to protect its brand, intellectual property, and reputation; the
Company's ability to prevent cybersecurity breaches and mitigate
cybersecurity risks; the outcome of litigation, administrative, and/or
regulatory matters (including the ongoing audits by tax authorities and
compliance examinations by the Federal Deposit Insurance Corporation);
the Company's ability to manage credit, liquidity, interest rate,
operational, legal, regulatory capital, and compliance risks; the
Company's ability to increase credit card receivables while managing
credit quality; the Company's ability to securitize its credit card
receivables at acceptable rates or access the deposits market at
acceptable rates; the impact of legislation, regulation, and supervisory
regulatory actions in the financial services industry; and other risks,
relevant factors, and uncertainties identified in the Company's filings
with the SEC (including the information set forth in the "Risk Factors"
section of the Company's Form 10-K for the fiscal year ended December
31, 2016, and in subsequent filings), which filings are available at the
Company's website at www.cabelas.com
and the SEC's website at www.sec.gov.
Given the risks and uncertainties surrounding forward-looking
statements, you should not place undue reliance on these statements. The
Company's forward-looking statements speak only as of the date they are
made. Other than as required by law, the Company undertakes no
obligation to update or revise forward-looking statements, whether as a
result of new information, future events, or otherwise.

 
CABELA'S INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except Earnings Per Share)
(Unaudited)
 
    Three Months Ended     Six Months Ended
July 1,
2017
    July 2,
2016
July 1,
2017
    July 2,
2016
Revenue:
Merchandise sales $ 737,384 $ 786,203 $ 1,415,405 $ 1,506,118
Financial Services revenue 147,196 135,081 297,195 275,904
Other revenue 5,862   8,613   12,731   12,537  
Total revenue 890,442   929,897   1,725,331   1,794,559  
Cost of revenue:

Merchandise costs (exclusive of depreciation and
 amortization)

496,360 527,409 961,442 1,015,401
Cost of other revenue 515   4,138   1,545   4,291  

Total cost of revenue (exclusive of depreciation
 and
amortization)

496,875   531,547   962,987   1,019,692  
 
Selling, distribution, and administrative expenses 335,693 329,682 663,550 658,871
Impairment and restructuring charges 829   959   3,236   3,931  
 
Operating income 57,045 67,709 95,558 112,065
 
Interest expense, net (7,689 ) (8,285 ) (15,365 ) (17,516 )
Other non-operating income, net 911   2,780   1,480   3,681  
 
Income before provision for income taxes 50,267 62,204 81,673 98,230
Provision for income taxes 21,919   24,445   34,262   37,582  
Net income $ 28,348   $ 37,759   $ 47,411   $ 60,648  
 
Earnings per basic share $ 0.41   $ 0.55   $ 0.69   $ 0.89  
Earnings per diluted share $ 0.41   $ 0.55   $ 0.68   $ 0.88  
 
Basic weighted average shares outstanding 68,914,407   68,388,426   68,777,332   68,168,772  
Diluted weighted average shares outstanding 69,352,449   68,909,403   69,332,304   68,799,980  
 
CABELA'S INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands Except Par Values)
(Unaudited)
           
July 1,
2017
December 31,
2016
  July 2,
2016
ASSETS
CURRENT
Cash and cash equivalents $ 167,629 $ 263,825 $ 542,067
Restricted cash of the Trust 51,233 48,697 40,978
Accounts receivable, net 37,112 76,140 39,278

Credit card loans (includes restricted credit card loans of the
Trust of $5,517,628,
 $5,661,101, and $5,114,711), net of
allowance for loan losses of $120,474,
 $118,343, and $83,950

5,425,509 5,579,575 5,062,226
Inventories 863,834 860,360 888,209
Prepaid expenses and other current assets 128,235 132,250 122,139
Income taxes receivable 52,555     75,731     60,180  
Total current assets 6,726,107 7,036,578 6,755,077
Property and equipment, net 1,785,999 1,807,209 1,839,451
Deferred income taxes 28,417
Other assets 124,087     127,037     142,314  
Total assets $ 8,636,193     $ 8,970,824     $ 8,765,259  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT

Accounts payable, including unpresented checks of $34,869,
$41,132, and $28,667

$ 270,921 $ 347,784 $ 253,488
Gift instruments, credit card rewards, and loyalty rewards programs 372,740 387,865 353,570
Accrued expenses and other liabilities 147,945 172,744 165,610
Time deposits 252,358 177,015 187,324
Current maturities of secured variable funding obligations of the
Trust
1,395,000 420,000
Current maturities of secured long-term obligations of the Trust, net 1,104,685 1,359,032
Current maturities of long-term debt 8,131   79,677     68,461  
Total current liabilities 2,447,095 2,689,770 2,387,485
Long-term time deposits 846,709 991,842 1,009,549
Secured long-term obligations of the Trust, less current maturities,
net
2,467,787 2,466,576 2,466,054
Long-term debt, less current maturities, net 654,569 671,509 842,728
Deferred income taxes 6,449 7,288
Other long-term liabilities 137,737 132,240 134,349
 
COMMITMENTS AND CONTINGENCIES
 
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 – 71,595,020 shares for all periods 716 716 716
Outstanding – 68,929,479, 68,502,256, and 68,465,082 shares
Additional paid-in capital 368,126 384,353 372,994
Retained earnings 1,846,220 1,798,809 1,712,510
Accumulated other comprehensive loss (33,480 ) (45,922 ) (32,788 )
Treasury stock, at cost – 2,665,541, 3,092,764, and 3,129,938 shares (105,735 )   (126,357 )   (128,338 )
Total stockholders' equity 2,075,847     2,011,599     1,925,094  
Total liabilities and stockholders' equity $ 8,636,193     $ 8,970,824     $ 8,765,259  
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in Thousands)
(Unaudited)
               
Three Months Ended Six Months Ended
July 1,
2017
July 2,
2016
July 1,
2017
July 2,
2016
 

Components of Total Consolidated Revenue:

Merchandise sales $ 737,384 $ 786,203 $ 1,415,405 $ 1,506,118
Financial Services revenue 147,196 135,081 297,195 275,904
Other revenue 5,862   8,613   12,731   12,537  
Total consolidated revenue as reported $ 890,442   $ 929,897   $ 1,725,331   $ 1,794,559  
 

As a Percentage of Total Consolidated
Revenue:

Merchandise sales 82.8 % 84.6 % 82.0 % 83.9 %
Financial Services revenue 16.5 14.5 17.2 15.4
Other revenue 0.7   0.9   0.8   0.7  
Total 100.0 % 100.0 % 100.0 % 100.0 %
 

Operating Income (Loss) by Segment:

Merchandising $ (4,414 ) $ 18,024 $ (34,485 ) $ 1,629
Financial Services 61,459   49,685   130,043   110,436  
Total consolidated operating income as reported $ 57,045   $ 67,709   $ 95,558   $ 112,065  
 

Operating Income (Loss) by Segment as a
Percentage of Segment Revenue:

Merchandising segment operating loss (0.6 )% 2.3 % (2.4 )% 0.1 %
Financial Services segment operating income 43.4 38.3 45.3 41.6
Total operating income as a percentage of total revenue 6.4 7.3 5.5 6.2
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
COMPONENTS OF FINANCIAL SERVICES REVENUE
(Dollars in Thousands)
(Unaudited)
 

Financial Services revenue consists of activity from the Company's
credit card operations and is comprised of interest and fee income,
interchange income, other non-interest income, interest expense,
provision for loan losses, and customer rewards costs. The following
table details the components and amounts of Financial Services revenue
as reported for the periods presented below.

       
Three Months Ended Six Months Ended
July 1,
2017
    July 2,
2016
July 1,
2017
    July 2,
2016
 
Interest and fee income $ 171,938 $ 141,180 $ 336,582 $ 280,928
Interest expense (27,283 ) (20,929 ) (53,603 ) (40,802 )
Provision for loan losses (45,246 ) (32,404 ) (76,332 ) (55,224 )
Net interest income, net of provision for loan losses 99,409   87,847   206,647   184,902  
Non-interest income:
Interchange income 105,792 104,841 200,158 199,837
Other non-interest income 959   875   1,716   1,545  
Total non-interest income 106,751 105,716 201,874 201,382
Less: Customer rewards costs (58,964 ) (58,482 ) (111,326 ) (110,380 )
Financial Services revenue as reported $ 147,196   $ 135,081   $ 297,195   $ 275,904  
 

The following table sets forth the components of Financial Services
revenue as reported as a percentage of average total credit card loans,
including any accrued interest and fees, for the periods presented below.

       
Three Months Ended Six Months Ended
July 1,
2017
    July 2,
2016
July 1,
2017
    July 2,
2016
 
Interest and fee income 12.7 % 11.4 % 12.4 % 11.4 %
Interest expense (2.0 ) (1.7 ) (2.0 ) (1.7 )
Provision for loan losses (3.3 ) (2.6 ) (2.8 ) (2.2 )
Interchange income 7.8 8.4 7.4 8.1
Other non-interest income 0.1 0.1 0.1
Customer rewards costs (4.3 ) (4.7 ) (4.1 ) (4.5 )
Financial Services revenue as reported 10.9 % 10.9 % 11.0 % 11.2 %
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
KEY STATISTICS OF FINANCIAL SERVICES BUSINESS
(Unaudited)
 

The following table show key statistics reflecting the performance of
the Financial Services business for the periods presented below.

           
Three Months Ended
July 1,
2017
    July 2,
2016
Increase (Decrease) % Change
(Dollars in Thousands Except Average Balance per Active Account )
 
Average balance of credit card loans (1) $ 5,423,286 $ 4,964,603 $ 458,683 9.2 %
Average number of active credit card accounts 2,074,159 2,041,783 32,376 1.6
Average balance per active credit card account (1) $ 2,615 $ 2,432 $ 183 7.5
Purchases on credit card accounts, net 5,510,132 5,419,361 90,771 1.7
Net charge-offs on credit card loans (1) 42,339 26,490 15,849 59.8
Net charge-offs as a percentage of average

credit card loans (1)

    3.12 %     2.13 %     0.99 %      
(1) Includes accrued interest and fees
           
Six Months Ended
July 1,
2017
    July 2,
2016
Increase (Decrease) % Change
(Dollars in Thousands Except Average Balance per Active Account )
 
Average balance of credit card loans (1) $ 5,412,522 $ 4,916,180 $ 496,342 10.1 %
Average number of active credit card accounts 2,074,465 2,033,919 40,546 2.0
Average balance per active credit card account (1) $ 2,609 $ 2,417 $ 192 7.9
Purchases on credit card accounts, net 10,389,328 10,245,980 143,348 1.4
Net charge-offs on credit card loans (1) 85,291 53,863 31,428 58.3

Net charge-offs as a percentage of average

credit card loans (1)

    3.15 %     2.19 %     0.96 %      
(1) Includes accrued interest and fees
 
 
CABELA'S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED FINANCIAL
MEASURES (1)
(Unaudited)
 

To supplement our consolidated statements of income presented in
accordance with generally accepted accounting principles ("GAAP"), we
are providing non-GAAP adjusted financial measures of operating results
that exclude certain items. Selling, distribution, and administrative
expenses; impairment and restructuring charges; operating income; income
before provision for income taxes; provision for income taxes; net
income; and earnings per diluted share are presented below both as GAAP
reported and non-GAAP financial measures excluding (i) consulting fees
and certain expenses primarily related to our corporate restructuring
initiative and the pending merger; (ii) a charge recognized pursuant to
a lawsuit settlement; (iii) charges related to the early extinguishment
of certain certificates of deposit; (iv) impairment and restructuring
charges; and (v) an adjustment to the provision for income taxes for
nondeductible expenses primarily to facilitate the acquisition of the
Company. In light of the nature and magnitude, we believe these items
should be presented separately to enhance a reader's overall
understanding of the Company's ongoing operations. These non-GAAP
adjusted financial measures should be considered in conjunction with the
GAAP financial measures.

We believe these non-GAAP adjusted financial measures provide useful
supplemental information to investors regarding the underlying business
trends and performance of our ongoing operations and are useful for
year-over-year comparisons of such operations. In addition, we evaluate
results using non-GAAP adjusted operating income, adjusted net income,
and adjusted earnings per diluted share. These non-GAAP adjusted
financial measures should not be considered in isolation or as a
substitute for operating income, net income, earnings per diluted share,
or any other measure calculated in accordance with GAAP. The following
tables reconcile these financial measures to the related GAAP adjusted
financial measures for the periods presented.

    Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial
Measures (1)
Three Months Ended
July 1, 2017     July 2, 2016

GAAP Basis
as Reported

   

Non-GAAP
Adjustments

   

Non-GAAP
Amounts

GAAP Basis
as Reported

   

Non-GAAP
Adjustments

   

Non-GAAP
Amounts

(Dollars in Thousands Except Earnings Per Share)
 

Selling, distribution, and
 administrative expenses (2)

$ 335,693 $ (10,538 ) $ 325,155 $ 329,682 $ (4,592 ) $ 325,090

Impairment and restructuring
 charges (3)

$ 829 $ (829 ) $ $ 959 $ (959 ) $
Operating income (2) (3) $ 57,045 $ 11,367 $ 68,412 $ 67,709 $ 5,551 $ 73,260

Income before provision for
 income taxes

$ 50,267 $ 11,367 $ 61,634 $ 62,204 $ 5,074 $ 67,278
Provision for income taxes (4) $ 21,919 $ 2,993 $ 24,912 $ 24,445 $ 1,994 $ 26,439
Net income $ 28,348 $ 8,374 $ 36,722 $ 37,759 $ 3,080 $ 40,839
Earnings per diluted share $ 0.41 $ 0.12 $ 0.53 $ 0.55 $ 0.04 $ 0.59
 
    Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial
Measures (1)
Six Months Ended
July 1, 2017     July 2, 2016

GAAP Basis
as Reported

   

Non-GAAP
Adjustments

   

Non-GAAP
Amounts

GAAP Basis
as Reported

   

Non-GAAP
Adjustments

   

Non-GAAP
Amounts

(Dollars in Thousands Except Earnings Per Share)
 

Selling, distribution, and
 administrative expenses (2)

$ 663,550 $ (19,766 ) $ 643,784 $ 658,871 $ (12,095 ) $ 646,776

Impairment and restructuring
 charges (3)

$ 3,236 $ (3,236 ) $ $ 3,931 $ (3,931 ) $
Operating income (2) (3) $ 95,558 $ 23,002 $ 118,560 $ 112,065 $ 16,026 $ 128,091

Income before provision for
 income taxes

$ 81,673 $ 23,002 $ 104,675 $ 98,230 $ 15,549 $ 113,779
Provision for income taxes (4) $ 34,262 $ 6,081 $ 40,343 $ 37,582 $ 5,949 $ 43,531
Net income $ 47,411 $ 16,921 $ 64,332 $ 60,648 $ 9,600 $ 70,248
Earnings per diluted share $ 0.68 $ 0.25 $ 0.93 $ 0.88 $ 0.14 $ 1.02
 

(footnotes follow on the next page)

 
CABELA'S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED FINANCIAL
MEASURES (Continued) (1)
(Unaudited)
 
(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) Consists of the following for the respective periods:
    Three Months Ended     Six Months Ended

July 1,
2017

    July 2,
2016
July 1,
2017
    July 2,
2016
 

Consulting fees and certain other expenses primarily related
 to
the Company's corporate
 restructuring initiative and the
pending merger

$ 10,538 $ 4,592 $ 18,423 $ 8,245
Charge related to a lawsuit settlement 3,850

Charges related to the early extinguishment of certain
 certificates
of deposit

    1,343  
$ 10,538   $ 4,592   $ 19,766   $ 12,095
 
(3)   Consists of the following for the respective periods:
    Three Months Ended     Six Months Ended
July 1,
2017
    July 2,
2016
July 1,
2017
    July 2,
2016
 

Charges for employee severance agreements and
 termination
benefits related to our corporate restructuring
 and
reduction in the number of personnel

$ 766 $ 505 $ 2,269 $ 3,336
Impairment losses on other property 904 141

Accumulated amortization of deferred grant income relating
 to
fair value adjustments on economic development
 bonds

63 63
Impairment losses on property, equipment, and other assets   454     454
$ 829   $ 959   $ 3,236   $ 3,931
 
(4)   For all periods presented, reflects the estimated provision for
income taxes on the non-GAAP adjusted income before provision for
income taxes. In addition, for the three and six months ended July
1, 2017, reflects an adjustment of $1,315 and $2,673 to the
provision for income taxes for nondeductible expenses to facilitate
the acquisition of the Company. The effective income tax rate used
for the non-GAAP financial measures was 40.4% and 39.3%, for the
three months ended July 1, 2017, and July 2, 2016, and 38.5% and
38.3%, for the six months ended July 1, 2017, and July 2, 2016,
respectively. A reconciliation impacting the provision for income
taxes follows:
    Three Months Ended     Six Months Ended
July 1,
2017
    July 2,
2016
July 1,
2017
    July 2,
2016
 

Provision for income taxes calculated on the non-GAAP
 adjustments
excluding the impact of the nondeductible
 expenses to
facilitate the acquisition of the Company

$ 4,308 $ 1,994 $ 8,754 $ 5,949

Adjustment to the provision for income taxes for
 nondeductible
expenses to facilitate the acquisition of the
 Company

(1,315 )   (2,673 )
Provision for income taxes on non-GAAP adjustments $ 2,993   $ 1,994   $ 6,081   $ 5,949

View Comments and Join the Discussion!