Cash Flow Statement
Quarterly Data
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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Best Buy Co. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
- Net Earnings
- Net earnings exhibit significant volatility across the periods, with noticeable sharp increases in January quarters (e.g., Jan 28, 2017; Feb 2, 2019; Feb 1, 2020; Jan 30, 2021), suggesting seasonality in profitability. The highest earnings are concentrated in these quarters, while intervening quarters tend to show lower results, indicative of cyclical business performance.
- Depreciation and Amortization
- This expense remains relatively stable with a gradual upward trend over time, increasing from approximately 160 million USD in early periods to around 225 million USD in later periods. This steady increase reflects ongoing investments in capital assets that are being depreciated.
- Restructuring Charges
- Restructuring charges fluctuate substantially, with some quarters exhibiting negative values, indicating possible reversals or adjustments. Noteworthy spikes occur around early 2019 and 2020, implying periods of organizational or operational realignment.
- Stock-Based Compensation
- Stock-based compensation expenses show minor fluctuations but generally range in the 25 to 40 million USD bracket. A sharp increase is visible around mid-2020, coinciding with increased compensation amidst an unusual fiscal environment.
- Deferred Income Taxes
- Amounts related to deferred income taxes vary significantly, including pronounced positive spikes in quarters such as Jan 28, 2017 and Feb 2, 2019. Negative values in intervening periods suggest varying tax strategies or impacts from tax law changes.
- Other, net
- Other net adjustments display inconsistency without a clear trend, varying mildly between positive and negative values across all quarters.
- Receivables
- Receivables demonstrate high variability, alternating between substantial positive and negative changes. Some extreme swings correspond with specific quarters, indicating strong fluctuations in outstanding customer balances or collection cycles.
- Merchandise Inventories
- Inventories show highly volatile patterns, with very large positive and negative changes alternating notably. Significant negative values, such as in Nov 3, 2018 and Oct 31, 2020, could relate to inventory write-downs or rapid turnover periods, reflecting inventory management challenges or strategic adjustments.
- Other Assets
- Changes in other assets are generally modest, with minor fluctuations around zero, reflecting stable asset management outside core categories.
- Accounts Payable
- Accounts payable display extreme fluctuations, including large positive and negative swings. These movements could be tied to seasonal procurement cycles, payment terms renegotiations, or liquidity management efforts.
- Income Taxes
- Cash flows from income taxes vary widely, with both large outflows and inflows, reflecting changing tax payment or refund situations quarter to quarter.
- Other Liabilities
- Other liabilities show considerable volatility, indicative of fluctuating short-term obligations or adjustments to accrued items.
- Changes in Operating Assets and Liabilities, Net
- These changes vary widely, including sizable positive and negative values, reflecting dynamic shifts in working capital components and operational cash flow drivers.
- Adjustments to Reconcile Net Earnings to Cash from Operations
- Adjustments fluctuate greatly, including both significant positive and negative values, underscoring complex non-cash and timing-related accounting effects on cash flow.
- Cash Provided by Operating Activities
- Operating cash flow is generally robust but displays high variability. Peaks often align with high net earnings quarters, supporting the link between profitability and cash generation. Occasional negative or near-zero values suggest timing impacts.
- Additions to Property and Equipment
- Capital expenditure is fairly steady over time, mostly between approximately 135 million to 255 million USD per quarter, reflecting ongoing investments in operational infrastructure.
- Purchases and Sales of Investments
- Investment activity shows marked volatility. Purchases peak significantly in mid-periods (e.g., 2017), then drop dramatically in later periods. Sales also fluctuate widely, suggesting active portfolio management or repositioning of investment assets.
- Acquisitions, Net of Cash Acquired
- Acquisition activity is sparse but notable in certain periods, with a large acquisition around 2018, indicating strategic growth initiatives.
- Cash Provided by Investing Activities
- Investing cash flows swing widely from negative to positive, often driven by volatile investment purchases and sales. High positive inflows coincide with significant sales of investments, while large negative cash outflows reflect heavy investment periods.
- Repurchase of Common Stock
- Significant cash outflows for stock repurchases are observed with peaks in later periods, signaling shareholder return programs. Repurchase activity spikes sharply in certain quarters (e.g., Oct 30, 2021), reflecting potentially aggressive buyback strategies.
- Issuance of Common Stock
- Issuance amounts are modest relative to repurchases, indicating limited equity financing during the periods, consistent with a focus on returning capital rather than raising equity.
- Dividends Paid
- Dividend payments display gradual increases over time, reflecting a commitment to steady shareholder returns. Increases are modest and consistent through the periods.
- Borrowings and Repayments of Debt
- Debt borrowings and repayments show intermittent activity. Notable borrowings occur in select quarters, often followed by repayments in subsequent periods, indicating episodic debt management consistent with liquidity needs.
- Cash Provided by (Used in) Financing Activities
- Financing cash flows typically show large negative outflows, primarily due to stock repurchases, dividends, and debt repayments. Occasional positive spikes relate to debt issuance or equity issuance; however, overall financing activities reflect net capital return to shareholders and debt reduction.
- Effect of Exchange Rate Changes on Cash and Equivalents
- Foreign exchange effects on cash are generally minor and sporadic, without a clear trend, implying limited exposure or effective hedging.
- Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash and equivalents see wide fluctuations with some quarters showing strong increases (e.g., Feb 1, 2020; May 2, 2020), while others see significant declines (e.g., Apr 30, 2022; Jan 29, 2022). This volatility reflects the combined effects of operating performance, investing activity, and financing decisions.