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.

Dollar General Corp., consolidated cash flow statement

US$ in thousands

12 months ended:	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Net income	1,661,274)	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)
Depreciation and amortization	848,793)	724,877)	641,316)	574,237)	504,804)	454,134)
Deferred income taxes	72,847)	235,299)	114,359)	34,976)	55,407)	52,325)
Loss on debt retirement	—)	—)	—)	—)	—)	1,019)
Noncash share-based compensation	51,891)	72,712)	78,178)	68,609)	48,589)	40,879)
Other noncash (gains) and losses	88,982)	530,530)	191,040)	11,570)	8,293)	41,851)
Merchandise inventories	(299,066)	(1,665,352)	(550,114)	(575,827)	(578,783)	(521,342)
Prepaid expenses and other current assets	(63,576)	(65,102)	(47,471)	(16,516)	(14,453)	(12,097)
Accounts payable	36,940)	(194,722)	98,735)	745,596)	428,627)	375,214)
Accrued expenses and other liabilities	(39,189)	(25,409)	(37,328)	388,597)	100,322)	65,857)
Income taxes	25,303)	(37,517)	(14,642)	(6,522)	(20,404)	56,390)
Other	7,599)	(6,750)	(7,494)	(3,611)	(6,959)	(152)
Change in operating assets and liabilities	(331,989)	(1,994,852)	(558,314)	531,717)	(91,650)	(36,130)
Adjustments to reconcile net income to net cash from operating activities	730,524)	(431,434)	466,579)	1,221,109)	525,443)	554,078)
Net cash provided by operating activities	2,391,798)	1,984,555)	2,865,811)	3,876,159)	2,237,998)	2,143,550)
Purchases of property and equipment	(1,700,222)	(1,560,582)	(1,070,460)	(1,027,963)	(784,843)	(734,380)
Proceeds from sales of property and equipment	6,199)	5,236)	4,903)	3,053)	2,358)	2,777)
Net cash used in investing activities	(1,694,023)	(1,555,346)	(1,065,557)	(1,024,910)	(782,485)	(731,603)
Issuance of long-term obligations	1,498,260)	2,296,053)	—)	1,494,315)	—)	499,495)
Repayments of long-term obligations	(19,723)	(911,330)	(6,402)	(4,640)	(1,465)	(577,321)
Net increase (decrease) in commercial paper outstanding	(1,501,900)	1,447,600)	54,300)	(425,200)	58,300)	(63,300)
Borrowings under revolving credit facilities	500,000)	—)	—)	300,000)	—)	—)
Repayments of borrowings under revolving credit facilities	(500,000)	—)	—)	(300,000)	—)	—)
Costs associated with issuance of debt	(12,438)	(16,925)	(2,268)	(13,574)	(1,675)	(4,384)
Repurchases of common stock	—)	(2,748,014)	(2,549,669)	(2,466,434)	(1,200,376)	(1,007,494)
Payments of cash dividends	(517,979)	(493,726)	(392,188)	(355,926)	(327,568)	(306,523)
Other equity and related transactions	11,712)	33,880)	64,225)	56,467)	22,104)	15,626)
Net cash used in financing activities	(542,068)	(392,462)	(2,832,002)	(1,714,992)	(1,450,680)	(1,443,901)
Net increase (decrease) in cash and cash equivalents	155,707)	36,747)	(1,031,748)	1,136,257)	4,833)	(31,954)
Cash and cash equivalents, beginning of period	381,576)	344,829)	1,376,577)	240,320)	235,487)	267,441)
Cash and cash equivalents, end of period	537,283)	381,576)	344,829)	1,376,577)	240,320)	235,487)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Net Income: Net income exhibited growth from 2019 through 2021, peaking at approximately $2.65 billion in 2021 before declining to about $1.66 billion in 2024. This suggests a notable increase in profitability until 2021, followed by a decrease over the subsequent three years.
Depreciation and Amortization: There was a consistent upward trend in depreciation and amortization expenses each year, increasing from approximately $454 million in 2019 to nearly $849 million in 2024, indicating ongoing investments in long-term assets or increased asset base.
Deferred Income Taxes: Deferred income taxes fluctuated without a clear trend, peaking at approximately $235 million in 2023, but settling lower at around $73 million in 2024, implying variable tax timing differences across periods.
Noncash Share-based Compensation: This expense rose steadily from 2019 to 2022, reaching about $78 million, before declining in 2023 and 2024 to approximately $52 million, reflecting changes in stock-based remuneration policies or valuation.
Other Noncash Gains and Losses: These amounts were generally volatile, with a large spike in 2023 (approximately $531 million) compared to prior years, followed by a reduction in 2024, which indicates an unusual or nonrecurring event occurred in 2023 impacting gains or losses.
Merchandise Inventories: Inventory values were negative and fluctuated considerably, with a notable large negative adjustment in 2023 (-$1.67 billion) followed by a much smaller negative amount in 2024 (-$299 million), suggesting significant working capital swings or changes in inventory management practices.
Changes in Operating Assets and Liabilities: Operating assets and liabilities displayed substantial volatility, moving from negative values in 2019 and 2020 to a strong positive change in 2021 of approximately $532 million, then back to sharply negative amounts in 2023 (-$1.99 billion) and considerably negative in 2024 (-$332 million), indicating varying cash consumptions and releases linked to working capital components.
Net Cash Provided by Operating Activities: Operating cash flow generally increased from 2019 to 2021, peaking around $3.88 billion in 2021, before declining in 2022 and 2023 but rising modestly again in 2024 to about $2.39 billion, reflecting active operational cash generation with some fluctuations.
Purchases of Property and Equipment: Capital expenditures steadily increased each year, from $734 million in 2019 to $1.70 billion in 2024, indicating continued investment in property and equipment expansion or upgrades.
Net Cash Used in Investing Activities: Investing cash outflows mirrored capital expenditure increases, growing more negative over time from about -$732 million in 2019 to approximately -$1.69 billion in 2024, demonstrating sustained investing activity.
Issuance and Repayment of Long-term Obligations: Issuance of long-term debt was irregular, with notable issuances in 2019, 2021, 2023, and 2024, with the largest issuance approximately $2.30 billion in 2023. Repayments also varied, with significant repayment in 2023 (-$911 million). This implies strategic debt management with periodic refinancing or borrowing adjustments.
Commercial Paper: The commercial paper balance showed sharp fluctuations including significant decreases and increases between years, notably a large increase in 2023 ($1.45 billion) followed by a large decrease in 2024 (-$1.50 billion), reflecting short-term borrowing management variability.
Repurchases of Common Stock: Stock repurchases consistently increased from 2019 through 2023, reaching about $2.75 billion, demonstrating a strong focus on returning capital to shareholders. No data for 2024 possibly indicates a pause or change in buyback policy.
Payments of Cash Dividends: Dividend payments showed a steady increase over time, from $307 million in 2019 to approximately $518 million in 2024, representing a consistent commitment to shareholder returns.
Net Cash Used in Financing Activities: Financing activities exhibited negative net cash flows in all years, with rising outflows peaking in 2022 (-$2.83 billion), followed by lower but still negative outflows in 2023 and 2024, reflecting ongoing debt repayment, stock repurchases, and dividend payments exceeding new financing obtained.
Cash and Cash Equivalents: Cash balances fluctuated, with a significant increase in 2021 (end balance approximately $1.38 billion) followed by decreases and moderate increases in subsequent years ending at about $537 million in 2024, signaling varying liquidity levels influenced by operating, investing, and financing cash flows.

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Dollar General Corp. (NYSE:DG)

Cash Flow Statement