Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Price to Sales (P/S) since 2005
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Best Buy Co. Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).
- Net earnings
- Net earnings exhibited an overall upward trend, increasing from $1,228 million in 2017 to $2,454 million in 2022, with a notable peak growth period between 2021 and 2022. This reflects improved profitability over the years, despite some fluctuations.
- Depreciation and amortization
- Depreciation and amortization steadily rose from $654 million in 2017 to $869 million in 2022. The gradual increase indicates ongoing capital investments and asset management.
- Restructuring charges
- Restructuring charges fluctuated considerably, starting at $39 million in 2017, spiking to $254 million in 2021, then turning negative (-$34 million) in 2022, suggesting variable restructuring activities, including potential reversals or recoveries in 2022.
- Stock-based compensation
- Stock-based compensation demonstrated a modest increase over the period, rising from $108 million in 2017 to $141 million in 2022, reflecting consistent employee incentive programs.
- Deferred income taxes
- Deferred income taxes showed significant volatility, moving from positive values in early years to a negative value in 2021 (-$36 million), then slightly positive again in 2022. This volatility could be due to changes in tax regulations or timing differences in tax recognition.
- Other, net (Operating adjustments)
- The 'Other, net' operating line saw fluctuations between negative and positive figures, indicating varying non-recurring or miscellaneous operational items.
- Changes in operating assets and liabilities
- This item varied considerably, from positive changes in earlier years to a large positive spike of $1,934 million in 2021, followed by a sharp reversal to negative $203 million in 2022. The large 2021 figure suggests significant working capital improvements or changes in operating cycles that year.
- Adjustments to reconcile net earnings to cash provided by operating activities
- This line showed a decreasing trend after a peak in 2021 ($3,129 million), dropping to $798 million in 2022, indicating fluctuating non-cash and other adjustments impacting operating cash flows.
- Cash provided by operating activities
- Operating cash flow increased overall from $2,545 million in 2017 to a peak of $4,927 million in 2021 before declining to $3,252 million in 2022. This trend mirrors net earnings growth with some lag and volatility, highlighting strong cash generation capacity.
- Additions to property and equipment
- Capital expenditures remained relatively stable but showed a slight downward trend from $582 million in 2017 to $737 million in 2022, indicating continued investment in fixed assets.
- Purchases and sales of investments
- Investment purchases fluctuated widely, with very high outflows in early years (peaking at $4,325 million in 2018) and reduced purchases in later years. Sales of investments similarly varied, with significant inflows in early years, diminishing markedly by 2022. This reflects changing investment strategies or portfolio adjustments over time.
- Acquisitions, net of cash acquired
- Acquisition activity was sporadic and notable mainly in 2019 (-$787 million) and 2022 (-$468 million), pointing to selective growth via acquisitions during these years.
- Cash used in investing activities
- Investing cash flows were generally negative, indicating net outflows, except for 2019 when a positive cash inflow of $508 million occurred. The sharp negative value in 2022 (-$1,372 million) aligns with acquisition activity and other investing uses.
- Repurchase of common stock
- Stock repurchases showed considerable variability, with significant buybacks in 2018 (-$2,004 million) and 2022 (-$3,502 million), suggesting active capital return programs, particularly intensified in the latest year.
- Issuance of common stock
- Stock issuance volumes were low and fairly consistent, ranging from $28 million to $171 million, indicating limited equity raising activities relative to repurchases.
- Dividends paid
- Dividend payments increased steadily from $505 million in 2017 to $688 million in 2022, reflecting a growing commitment to returning cash to shareholders.
- Borrowings and repayments of debt
- Debt borrowings were intermittent, with significant new debt of $1,892 million in 2021 and $498 million in 2019. Repayments occurred consistently, peaking at $1,916 million in 2021, indicating active debt management and refinancing efforts.
- Cash used in financing activities
- Financing activities recorded substantial net cash outflows in most years, except a moderated outflow in 2021 (-$876 million). The large negative financing cash flow of $4,297 million in 2022 aligns with elevated stock repurchases and dividend payouts.
- Effect of exchange rate changes on cash
- Exchange rate effects were minimal and inconsistent, contributing only small positive or negative adjustments throughout the period.
- Change in cash, cash equivalents and restricted cash
- The change in cash balances demonstrated substantial volatility, with a large increase in 2021 ($3,270 million) followed by a steep decline in 2022 (-$2,420 million). Prior years saw fluctuating changes reflecting the combined impact of operating, investing, and financing cash flows.
- Cash, cash equivalents and restricted cash at period end
- Cash balances increased from $2,240 million in 2017 to a peak of $5,625 million in 2021 before declining to $3,205 million in 2022, paralleling the changes in net cash flow throughout the periods.