Cabela's Inc. Reports Third Quarter Results.SIDNEY Sidney, city (1990 pop. 18,710), seat of Shelby co., W central Ohio, on the Great Miami River, in a farm area; founded 1811, inc. 1834. Refrigerator parts and machinery are among the items produced there. , Neb. -- Cabela's For the video game series, see . Cabela's is a Sidney, Nebraska-based direct marketer and specialty retailer of hunting, fishing, camping and related outdoor merchandise. Its direct marketing operation is one of the largest in the United States. Incorporated (NYSE NYSE See: New York Stock Exchange : CAB) --Q3 Total Revenue Increased 15.9% to a Record $383.8 Million --Q3 Total Retail Revenue Increased 36.8% --Q3 Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Increased 45.2% to $25.5 Million as Operating Margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: Increased 130 Basis Points --Company Reported Q3 Fully-Diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Increased 31.6% to $0.25 vs. $0.19 --Year-to-Date Total Revenues Increased 15.7% to $976.9 Million --Year-to-Date Fully-Diluted EPS Increased 43.3% to $0.43 Cabela's Incorporated (NYSE: CAB) today reported financial results for the third fiscal quarter of 2004 and the nine months ended October October: see month. 2, 2004. Total revenue for the third fiscal quarter of 2004 increased 15.9% to $383.8 million compared to $331.2 million for the third fiscal quarter of 2003. Net income for the third fiscal quarter of 2004 increased 61.2% to $16.5 million, or $0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $10.2 million, or $0.19 per diluted share, for the third fiscal quarter of 2003. The Company noted that, as a result of the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. in the third fiscal quarter of 2003, and the Company's recent public offering, weighted average diluted shares outstanding increased 20.0% to 66.4 million during the third fiscal quarter of 2004 compared to 55.4 million during the third fiscal quarter of 2003. During the third fiscal quarter of 2004: direct revenue increased 3.8% to $221.0 million; retail revenue increased 36.8% to $140.5 million, despite a same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of decline of 3.0%; and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. revenue increased 39.9% to $22.3 million, all over the third fiscal quarter of 2003. Total revenue for the nine months ended October 2, 2004 increased 15.7% to $976.9 million compared to $844.4 million for the nine months ended September September: see month. 27, 2003. Net income for the nine months ended October 2, 2004 increased 61.8% to $26.5 million compared to $16.4 million for the nine months ended September 27, 2003. The Company reported diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of growth of 43.3% to $0.43, on 62.2 million weighted average diluted shares for the nine months ended October 2, 2004, compared to $0.30, on 54.2 million weighted average diluted shares for the nine months ended September 27, 2003. Also for the nine months ended October 2, 2004: direct revenue increased 4.9% to $592.7 million; retail revenue increased 38.9% to $327.5 million, with a same store sales increase of 1.3%; and financial services revenue increased 30.9% to $53.7 million, all over the nine-month period ended September 27, 2003. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the Highby, Cabela's President and Chief Executive Officer commented, "Once again, we were pleased to achieve record revenues and profits during the quarter. Our ability to continue to drive operating margin expansion allowed us to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. a 16% gain in sales into a 32% increase in earnings per share. As we head into our peak selling season, our momentum is positive and we are dedicated to effectively executing our strategic initiatives." Mr. Highby continued, "Total retail sales increased more than 36% during the quarter, although same store sales fell 3%. We believe the decrease in same store sales was primarily due to a delay in the printing and shipping of a promotional gift card. We are also very pleased as our new stores continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. expectations. In particular, our 176,000 square foot store in Wheeling, West Virginia Wheeling is a city in West Virginia, in the United States. Most of the city is in Ohio County, with a small part in Marshall County. It is the county seat of Ohio CountyGR6. has performed well since its opening this past August, and our Hamburg, Pennsylvania Hamburg is a borough in Berks County, Pennsylvania, United States. The population was 4,114 at the 2000 census. The town is named after Hamburg, Germany. Geography Hamburg is located at (40.556271, -75.982667). location remains one of our most profitable stores to date. The strong performance of these newer stores gives us a heightened degree of confidence as we accelerate our retail expansion into the future. As previously announced, we plan to open two stores in Texas and one in Utah in fiscal 2005. In addition, we recently announced we are in negotiations for two new locations; one in Wheat Ridge, Colorado The City of Wheat Ridge is a Home Rule Municipality located in Jefferson County, Colorado, United States. Wheat Ridge is a western suburb of Denver. The Wheat Ridge Municipal Center is 5 miles (8 km) , slated to open in fiscal 2006, and one in East Rutherford, New Jersey East Rutherford is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 8,716. By an act of the New Jersey Legislature on April 17, 1889, a portion of the old Union Township was incorporated under the name of , slated to open in fiscal 2007." Mr. Highby concluded, "We are focused on continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improving our operating platform and further building on our leadership position in the outdoor industry. We move forward with a powerful brand, strong financials, significant growth prospects and a management team committed to capitalizing on the many opportunities that lie ahead to deliver long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value to our shareholders." Conference Call Information A conference call to discuss third quarter 2004 operating results is scheduled for today (Thursday Thursday: see week. , October 28, 2004) at 4:30 PM Eastern Time. A webcast of the call will take place simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics and can be accessed by visiting the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Cabela's website at www.cabelas.com and clicking on Cabela's Third Quarter 2004 Earnings Conference Call Webcast. A replay of the call will be archived on www.cabelas.com. About Cabela's Incorporated Cabela's Incorporated, headquartered in Sidney, Nebraska Sidney is a city in Cheyenne County, Nebraska, United States. The population was 6,282 at the 2000 census. It is the county seat of Cheyenne CountyGR6. Geography Sidney is located at (41.139428, -102. , is the nation's largest direct marketer, and a leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer, of hunting, fishing, camping and related outdoor merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain . Since the Company's founding in 1961, Cabela's has grown to become one of the most well known outdoor recreation brands in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and has long been recognized as the World's Foremost Outfitter out·fit n. 1. A set of tools or equipment for a specialized purpose: a welder's outfit. See Synonyms at equipment. 2. A set of clothing, often with accessories. 3. (R). Through Cabela's established direct business and its growing number of destination retail stores, it offers a wide and distinctive selection of high quality outdoor products at competitive prices while providing superior customer service. Cabela's operates as an integrated multi-channel See multichannel. retailer, offering its customers a seamless See seamless integration. shopping experience through its catalogs, website and destination retail stores. Cabela's also issues the Cabela's Club(R) VISA See VESA. credit card through which it offers a related customer loyalty rewards program as a vehicle for strengthening its customer relationships. CAUTIONARY STATEMENT FOR THE PURPOSE OF THE SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. PROVISIONS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 This press release and the related webcast (other than historical information) contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that are based on the Company's beliefs, assumptions and expectations of future events, taking into account the information currently available to the Company. 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 (logic) implies - (=> or a thin right arrow) A binary Boolean function and logical connective. A => B is true unless A is true and B is false. The truth table is A B | A => B ----+------- F F | T F T | T T F | F T T | T It is surprising at first that A => in any forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to negotiate favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. lease and economic development arrangements; expansion into new markets; market saturation In economics, "market saturation" is a term used to describe a situation in which a product has become diffused (distributed) within a market; the actual level of saturation can depend on consumer purchasing power; as well as competition, prices, and technology. due to new destination retail store openings; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support the Company's growth initiatives; increasing competition in the outdoor segment of the sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport industry; the cost of the Company's products; supply and delivery interruptions; adverse weather conditions; fluctuations in operating results; adverse economic conditions; increased fuel prices; labor shortages A Labor shortage is an economic condition in which there are insufficient qualified candidates (employees) to fill the market-place demands for employment at any price. This condition is sometimes referred to by Economists as "an insufficiency in the labor force. or increased labor costs; changes in consumer preferences and demographic See demographics. trends; increased government regulation; inadequate protection of the Company's intellectual property; other factors that the Company may not have currently identified or quantified; and other risks, relevant factors and uncertainties identified in the "Risk Factors" section of the Company's most recently filed S-1, which is available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The words "believe," "may," "should," "anticipate," "estimate," "expect," "intend," "objective," "seek," "plan," "will" and similar statements are intended to identify forward-looking statements. Given the risks and uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. 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
CONSOLIDATED BALANCE SHEETS
(Dollar Amounts in Thousands Except Share
and Per Share Amounts)
(Unaudited)
----------------------------------------------------------------------
October 2, January 3,
ASSETS 2004 2004
---------- ---------
CURRENT ASSETS:
Cash and cash equivalents $ 78,981 $ 192,581
Accounts receivable 28,624 32,826
Credit card loans receivable held for sale 88,180 28,013
Inventories 364,366 262,763
Prepaid expenses and deferred catalog costs 50,605 31,035
Other current assets 31,750 34,413
---------- ---------
Total current assets 642,506 581,631
---------- ---------
PROPERTY AND EQUIPMENT, NET 280,111 264,991
---------- ---------
OTHER ASSETS:
Marketable securities 126,091 72,632
Other 58,670 44,299
---------- ---------
Total other assets 184,761 116,931
---------- ---------
Total assets $1,107,378 $ 963,553
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 117,305 $ 91,524
Unpresented checks net of bank balance 14,745 36,788
Accrued expenses and other liabilities 36,579 42,939
Gift certificates and credit card reward points 77,833 80,570
Accrued employee compensation, benefits, and
savings plan 38,189 58,217
Time deposits 40,953 12,900
Current maturities of long-term debt 28,224 3,013
Income taxes payable 22,914 27,100
---------- ---------
Total current liabilities 376,742 353,051
---------- ---------
LONG-TERM LIABILITIES 204,330 237,987
STOCKHOLDERS' EQUITY 526,306 372,515
---------- ---------
Total liabilities and stockholders'
equity $1,107,378 $ 963,553
========== =========
CABELA'S INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollar Amounts in Thousands Except Per
Share and Share Amounts)
(Unaudited)
----------------------------------------------------------------------
Three months ended Nine months ended
------------------------ ------------------------
October 2, Sept. 27, October 2, Sept. 27,
2004 2003 2004 2003
----------- ----------- ----------- -----------
REVENUES:
Merchandise sales $ 361,439 $ 315,614 $ 920,124 $ 800,923
Financial services
revenue 22,276 15,922 53,709 41,029
Other revenue 95 (327) 3,033 2,406
----------- ----------- ----------- -----------
Total revenues 383,810 331,209 976,866 844,358
----------- ----------- ----------- -----------
COST OF REVENUE:
Cost of merchandise
sales 227,346 200,427 585,142 509,604
Cost of other
revenue 43 (1,477) 3,208 1,376
----------- ----------- ----------- -----------
Total cost of
revenue (exclusive
of depreciation
and amortization) 227,389 198,950 588,350 510,980
----------- ----------- ----------- -----------
Gross profit 156,421 132,259 388,516 333,378
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 130,926 114,700 347,086 304,162
----------- ----------- ----------- -----------
OPERATING INCOME 25,495 17,559 41,430 29,216
----------- ----------- ----------- -----------
OTHER INCOME
(EXPENSE):
Interest income 132 24 269 278
Interest expense (2,055) (2,945) (6,100) (8,504)
Other income, net 1,897 1,309 5,227 4,401
----------- ----------- ----------- -----------
(26) (1,612) (604) (3,825)
----------- ----------- ----------- -----------
INCOME BEFORE
PROVISION FOR INCOME
TAXES 25,469 15,947 40,826 25,391
INCOME TAX EXPENSE 8,966 5,710 14,290 8,987
----------- ----------- ----------- -----------
NET INCOME $ 16,503 $ 10,237 $ 26,536 $ 16,404
=========== =========== =========== ===========
EARNINGS PER SHARE:
Basic $ 0.26 $ 0.20 $ 0.44 $ 0.32
=========== =========== =========== ===========
Diluted $ 0.25 $ 0.19 $ 0.43 $ 0.30
=========== =========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic 64,252,912 52,035,101 60,241,891 50,611,169
=========== =========== =========== ===========
Diluted 66,409,915 55,351,796 62,190,157 54,209,546
=========== =========== =========== ===========
CABELA'S INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar Amounts in Thousands)
(Unaudited)
----------------------------------------------------------------------
Nine Months Ended
----------------------
October 2, Sept. 27,
2004 2003
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES $ (139,719) $ (93,121)
CASH FLOWS FROM INVESTING ACTIVITIES (88,648) (61,799)
CASH FLOWS FROM FINANCING ACTIVITIES 114,767 49,639
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (113,600) (105,281)
CASH AND CASH EQUIVALENTS, Beginning of Period 192,581 178,636
---------- ----------
CASH AND CASH EQUIVALENTS, End of Period $ 78,981 $ 73,355
========== ==========
(Dollar Amounts in Thousands)
Segment Information: Three Months Ended Nine Months Ended
----------------------------------------
Oct. 2, Sept. 27, Oct. 2, Sept. 27,
2004 2003 2004 2003
Direct revenue $220,975 $212,911 $ 592,668 $565,217
Retail revenue 140,464 102,703 327,456 235,706
Financial services revenue 22,276 15,922 53,709 41,029
Other revenue 95 (327) 3,033 2,406
-------- -------- --------- --------
Total revenue $383,810 $331,209 $ 976,866 $844,358
======== ======== ========= ========
Direct operating income $ 32,609 $ 35,430 $ 81,146 $ 84,567
Retail operating income 22,256 9,392 41,174 17,805
Financial services operating
income 10,787 5,522 21,386 14,248
Other operating income (loss) (40,157) (32,785) (102,276) (87,404)
-------- -------- --------- --------
Total operating income $ 25,495 $ 17,559 $ 41,430 $ 29,216
======== ======== ========= ========
As a percentage of total
revenue:
Direct revenue 57.6% 64.3% 60.7% 66.9%
Retail revenue 36.6% 31.0% 33.5% 27.9%
Financial services revenue 5.8% 4.8% 5.5% 4.9%
Other revenue 0.0% -0.1% 0.3% 0.3%
-------- -------- --------- --------
Total revenue 100.0% 100.0% 100.0% 100.0%
-------- -------- --------- --------
As a percentage of segment
revenue:
Direct operating income 14.8% 16.6% 13.7% 15.0%
Retail operating income 15.8% 9.1% 12.6% 7.6%
Financial services operating
income 48.4% 34.7% 39.8% 34.7%
Total operating income 6.6% 5.3% 4.2% 3.5%
Financial Services Information: The following table summarizes the results of the Company's financial services segment on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis. For credit card receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. and sold, the loans are removed from the Company's balance sheet and the net earnings on these securitized assets after paying outside investors are reflected as a component of securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. income on a GAAP basis. Net interest income on a GAAP basis includes interest and fee income, interest expense and provision for loan losses from credit card receivables the Company owns. Non-interest income on a GAAP basis includes servicing income, gains on sales of loans and income recognized on retained interests Retained interest (also colloquially known as a payout penalty) is future, currently unpaid, interest that some lenders add to the remaining principal of a loan to determine a payout figure in the event that the loan is terminated before the completion of the original term. for the entire securitized portfolio, as well as, interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
(Dollar Amounts in Thousands)
Financial Services Revenue as Three Months Nine Months
reported in Ended Ended
the Financial Statements: ------------------------------------
Oct. 2, Sept. 27, Oct. 2, Sept. 27,
2004 2003 2004 2003
Interest and fee income $ 3,778 $ 2,206 $ 8,789 $ 5,593
Interest expense (735) (731) (2,261) (2,481)
-------- ------- -------- --------
Net interest income 3,043 1,475 6,528 3,112
-------- ------- -------- --------
Noninterest income:
Securitization income 25,277 19,174 65,648 51,565
Other non-interest income 6,484 5,114 17,752 14,009
-------- ------- -------- --------
Total noninterest income 31,761 24,288 83,400 65,574
-------- ------- -------- --------
Less: Customer Rewards Costs (12,528) (9,841) (36,219) (27,657)
-------- ------- -------- --------
Financial services revenue $ 22,276 $15,922 $ 53,709 $ 41,029
======== ======= ======== ========
"Managed" credit card receivables represent credit card receivables owned by the Company plus securitized credit card receivables. Since the financial performance of the managed portfolio has a significant impact on the earnings received from servicing the portfolio, the Company believes the following table on a "managed" basis is important information to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. revenue in the financial services segment. The following non-GAAP presentation reflects the financial performance of the credit card receivables owned by the Company plus those that have been sold and includes the effects of recording the retained interests at fair value. Interest, interchange (net of customer rewards) and fee income on both the owned and securitized portfolio are recorded in their respective line items. Interest paid to outside investors on the securitized receivables is included with other interest costs and included in interest expense. Credit losses on the entire managed portfolio are included in provision for loan losses. Although the Company's financial statements are not presented in this manner, management reviews the performance of the managed portfolio in order to evaluate the effectiveness of the Company's origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and collection activities, which ultimately affects the income received for servicing the portfolio.
(Dollar Amounts in Thousands Except Other Data)
Managed Financial Services Three Months Nine Months
Revenue: Ended Ended
-------------------------------------
Oct. 2, Sept. 27, Oct. 2, Sept. 27,
2004 2003 2004 2003
-------- -------- -------- --------
Interest income $ 18,536 $ 13,823 $ 50,807 $ 39,741
Interchange income, net of
customer reward costs 10,562 8,218 27,540 20,515
Other fee income 4,535 3,604 11,737 9,960
Interest expense (6,883) (5,435) (18,950) (15,768)
Provision for loan losses (5,344) (4,337) (15,279) (12,754)
Other 870 49 (2,146) (665)
-------- -------- -------- --------
Net managed financial services
revenue $ 22,276 $ 15,922 $ 53,709 $ 41,029
======== ======== ======== ========
As a Percentage of Managed Credit Card
Loans
Managed Financial Services Revenue
Interest income 8.2% 7.6% 7.8% 7.8%
Interchange income, net of
customer reward costs 4.6% 4.6% 4.3% 4.0%
Other fee income 2.0% 2.0% 1.8% 1.9%
Interest expense -3.0% -3.0% -2.9% -3.1%
Provision for loan losses -2.4% -2.4% -2.4% -2.5%
Other 0.4% 0.0% -0.3% -0.1%
-------- -------- -------- --------
Net managed financial services
revenue 9.8% 8.8% 8.3% 8.0%
======== ======== ======== ========
Average reported credit card
loans $ 80,933 $ 60,642 $ 76,766 $ 60,830
Average managed credit
card loans $908,623 $724,444 $863,354 $680,506
Other Data:
Average Active Accounts 619,250 523,549 602,187 507,295
Average Account Balance $ 1,467 $ 1,384 $ 1,434 $ 1,341
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