Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
- Aggregate Accruals
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AutoZone Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
- Accounts Payable
- This metric initially shows a steady range around 46-49% from late 2017 through 2019, before declining sharply to a low near 35.75% in mid-2020. Subsequently, accounts payable exhibits a gradual recovery, increasing steadily to reach about 44.09% by late 2023. This suggests the company's reliance on accounts payable as a proportion of total liabilities fluctuated significantly, with a notable dip during 2020 likely related to external disruptions, followed by a progressive rebound over the subsequent years.
- Current Portion of Operating Lease Liabilities
- Introduced in data from late 2019 onwards, this component remains relatively stable between 1.55% and 1.91%, indicating a consistent short-term lease liability burden across recent periods.
- Current Portion of Long-Term Debt
- Appearing intermittently from early 2021, values show sporadic presence and fluctuations, peaking at 3.46% in mid-2021, but largely absent in other quarters. This irregularity indicates limited and variable short-term long-term debt obligations.
- Accrued Expenses and Other Current Liabilities
- This item generally ranges between 4.87% to over 7%, showing a dip around late 2019 but then trending upward consistently from early 2021 onwards, peaking at 7.38% by late 2023. This trend reflects an increasing accumulation of accrued obligations over time.
- Income Taxes Payable
- Income taxes payable represent a minor but somewhat volatile component, fluctuating between approximately 0.06% and 1.29%, with no clear directional trend but showing occasional spikes possibly related to tax timing or policy changes.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and stockholders’ deficit demonstrate notable fluctuations. They decrease sharply from a high above 54% before late 2019 to a low near 43.56% in mid-2020. Thereafter, they recover steadily to above 53% by late 2023. This pattern aligns with observed movements in accounts payable and accrued expenses, reflecting shifts in short-term financial obligations.
- Long-Term Debt, Less Current Portion
- This metric maintains a range near 52-54% through 2018, followed by a marked decrease to approximately 37% in 2020, hitting a low of 32.99% in early 2021. Mid-2021 onwards, it fluctuates around the 40-48% range, culminating at about 52.68% at the end of 2023. These variations suggest significant changes in the company’s long-term debt structure, with debt reduction efforts or refinancing activities evident during 2020-2021, and gradual increases thereafter.
- Operating Lease Liabilities, Less Current Portion
- Data from late 2019 show this component stable around 17.3%-19.7%, with a slight decreasing trend towards the end of 2023. This stability suggests ongoing but consistent long-term lease obligations.
- Deferred Income Taxes
- Deferred income taxes constitute a relatively small, stable portion fluctuating near 2.3% to 4%, with a gradual increasing trend observed from 3.5% in late 2021 to approximately 3.28% in late 2023, indicating modest growth in deferred tax liabilities.
- Other Long-Term Liabilities
- Remaining generally in the 4-6% band, this category shows minor fluctuations but no clear upward or downward trend, implying stable other long-term obligations over the timeframe.
- Long-Term Liabilities
- This broader category encompasses components previously described and trends upward notably from about 58.7% in early 2021 to over 78% by late 2023. The increase reflects the reduction in current liabilities’ proportion and greater emphasis on long-term debt and lease obligations over time.
- Total Liabilities
- Total liabilities relative to the combined total liabilities and stockholders’ deficit show a gradual increase from roughly 106% in mid-2020 to around 132% by late 2023. This increment indicates growing leverage and reliance on liabilities as funding sources relative to equity.
- Stockholders’ Deficit and Related Equity Items
- Stockholders’ deficit percentage exhibits a generally worsening trend, deepening from around -16% in late 2017 to exceeding -32% by late 2023. Retained earnings follow a similarly negative trajectory with notable volatility, at times showing temporary improvements but overall becoming more negative. Treasury stock at cost fluctuates markedly with negative values deepening markedly towards the end of the period, indicating aggressive share repurchases or accounting adjustments. Accumulated other comprehensive loss remains consistently negative but shows signs of moderation towards the latter periods. Additional paid-in capital remains positive and relatively stable around 8.5-12.7%. Collectively, these patterns illustrate a declining equity base influenced by deficits, treasury stock activity, and accumulated losses, contributing to the observed stockholders’ deficit growth.