Name: Dollar General Corp. (NYSE:DG) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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Dollar General Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Aug 2, 2024	May 3, 2024	Feb 2, 2024	Nov 3, 2023	Aug 4, 2023	May 5, 2023	Feb 3, 2023	Oct 28, 2022	Jul 29, 2022	Apr 29, 2022	Jan 28, 2022	Oct 29, 2021	Jul 30, 2021	Apr 30, 2021	Jan 29, 2021	Oct 30, 2020	Jul 31, 2020	May 1, 2020	Jan 31, 2020	Nov 1, 2019	Aug 2, 2019	May 3, 2019	Feb 1, 2019	Nov 2, 2018	Aug 3, 2018	May 4, 2018
Net income	374,190)	363,317)	401,813)	276,246)	468,835)	514,380)	659,135)	526,167)	678,030)	552,657)	597,433)	487,031)	637,019)	677,749)	642,743)	574,260)	787,601)	650,446)	535,437)	365,550)	426,555)	385,013)	483,241)	334,142)	407,237)	364,852)
Depreciation and amortization	238,793)	232,286)	222,976)	215,530)	208,380)	201,907)	192,363)	182,792)	177,159)	172,563)	166,371)	162,263)	158,536)	154,146)	149,771)	145,849)	140,962)	137,655)	132,426)	126,470)	123,423)	122,485)	117,771)	114,852)	112,176)	109,335)
Deferred income taxes	(18,831)	23,876)	(18,311)	33,011)	7,705)	50,442)	68,334)	85,546)	(260)	81,679)	43,937)	(333)	11,961)	58,794)	23,769)	(3,286)	(10,291)	24,784)	41,099)	6,190)	(2,185)	10,303)	26,535)	13,290)	4,454)	8,046)
Loss on debt retirement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,019)	—)
Noncash share-based compensation	12,795)	21,846)	11,187)	6,811)	8,810)	25,083)	15,150)	15,469)	15,148)	26,945)	18,660)	19,615)	16,370)	23,533)	17,243)	16,889)	15,509)	18,968)	12,984)	11,100)	10,874)	13,631)	9,688)	9,412)	9,373)	12,406)
Other noncash (gains) and losses	24,824)	15,052)	9,981)	21,634)	28,737)	28,630)	165,030)	151,372)	145,543)	68,585)	76,118)	63,886)	37,996)	13,040)	2,304)	3,089)	4,608)	1,569)	(2,238)	6,530)	474)	3,527)	15,228)	14,503)	8,780)	3,340)
Merchandise inventories	(72,931)	49,562)	362,545)	155,390)	(215,863)	(601,138)	220,082)	(356,690)	(989,823)	(538,921)	(390,017)	(80,059)	(215,770)	135,732)	(223,566)	(636,218)	(283,945)	567,902)	(177,777)	(79,921)	(306,833)	(14,252)	(133,229)	(95,179)	(305,290)	12,356)
Prepaid expenses and other current assets	(32,777)	(42,650)	(12,730)	27,512)	(21,492)	(56,866)	16,734)	5,408)	(52,762)	(34,482)	22,567)	2,034)	(30,241)	(41,831)	(2,991)	13,712)	(15,237)	(12,000)	9,892)	(15,829)	(1,124)	(7,392)	1,462)	12,168)	(29,021)	3,294)
Accounts payable	401,976)	(95,686)	(71,817)	947)	(8,553)	116,363)	(572,200)	(244,868)	450,236)	172,110)	160,491)	183,626)	49,824)	(295,206)	(174,210)	358,888)	450,792)	110,126)	3,213)	102,197)	283,510)	39,707)	64,662)	39,690)	265,819)	5,043)
Accrued expenses and other liabilities	94,948)	14,814)	(42,991)	16,240)	164,366)	(176,804)	(79,543)	31,745)	138,773)	(116,384)	(74,238)	62,389)	111,264)	(136,743)	31,277)	84,112)	192,095)	81,113)	(8,584)	50,292)	106,293)	(47,679)	(18,151)	22,912)	116,220)	(55,124)
Income taxes	(31,538)	83,797)	86,765)	(43,849)	(104,605)	86,992)	53,220)	(93,566)	(61,985)	64,814)	19,642)	9,796)	(160,093)	116,013)	25,729)	(80,496)	(108,604)	156,849)	31,672)	(41,465)	(82,005)	71,394)	62,039)	(48,707)	(42,218)	85,276)
Other	(2,526)	(2,408)	361)	5,826)	(714)	2,126)	(1,937)	(3,204)	(1,559)	(50)	(1,869)	(1,076)	(2,313)	(2,236)	550)	(594)	(2,481)	(1,086)	(1,236)	(525)	(2,656)	(2,542)	187)	(255)	92)	(176)
Change in operating assets and liabilities	357,152)	7,429)	322,133)	162,066)	(186,861)	(629,327)	(363,644)	(661,175)	(517,120)	(452,913)	(263,424)	176,710)	(247,329)	(224,271)	(343,211)	(260,596)	232,620)	902,904)	(142,820)	14,749)	(2,815)	39,236)	(23,030)	(69,371)	5,602)	50,669)
Adjustments to reconcile net income to net cash from operating activities	614,733)	300,489)	547,966)	439,052)	66,771)	(323,265)	77,233)	(225,996)	(179,530)	(103,141)	41,662)	422,141)	(22,466)	25,242)	(150,124)	(98,055)	383,408)	1,085,880)	41,451)	165,039)	129,771)	189,182)	146,192)	82,686)	141,404)	183,796)
Net cash provided by operating activities	988,923)	663,806)	949,779)	715,298)	535,606)	191,115)	736,368)	300,171)	498,500)	449,516)	639,095)	909,172)	614,553)	702,991)	492,619)	476,205)	1,171,009)	1,736,326)	576,888)	530,589)	556,326)	574,195)	629,433)	416,828)	548,641)	548,648)
Purchases of property and equipment	(353,708)	(341,975)	(459,715)	(472,572)	(404,794)	(363,141)	(482,374)	(419,424)	(377,204)	(281,580)	(291,054)	(260,940)	(240,736)	(277,730)	(330,365)	(273,431)	(228,733)	(195,434)	(266,792)	(224,991)	(148,303)	(144,757)	(183,464)	(179,948)	(206,338)	(164,630)
Proceeds from sales of property and equipment	711)	814)	1,236)	1,729)	1,695)	1,539)	2,848)	222)	1,430)	736)	935)	2,163)	998)	807)	1,466)	536)	585)	466)	448)	443)	1,014)	453)	942)	486)	718)	631)
Net cash used in investing activities	(352,997)	(341,161)	(458,479)	(470,843)	(403,099)	(361,602)	(479,526)	(419,202)	(375,774)	(280,844)	(290,119)	(258,777)	(239,738)	(276,923)	(328,899)	(272,895)	(228,148)	(194,968)	(266,344)	(224,548)	(147,289)	(144,304)	(182,522)	(179,462)	(205,620)	(163,999)
Issuance of long-term obligations	—)	—)	—)	—)	1,498,260)	—)	—)	2,296,053)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,494,315)	—)	—)	—)	—)	—)	—)	—)	499,495)
Repayments of long-term obligations	(5,136)	(5,205)	(5,361)	(5,519)	(4,338)	(4,505)	(3,599)	(903,035)	(1,662)	(3,034)	(690)	(2,776)	(1,183)	(1,753)	(2,076)	(1,527)	(482)	(555)	(940)	—)	—)	(525)	(344)	(1,313)	(175,334)	(400,330)
Net increase (decrease) in commercial paper outstanding	—)	—)	(198,100)	(98,400)	(1,208,468)	3,068)	990,800)	(584,433)	335,933)	705,300)	54,300)	(18,400)	18,400)	—)	—)	—)	—)	(425,200)	149,100)	189,900)	(159,400)	(121,300)	(40,100)	126,200)	87,800)	(237,200)
Borrowings under revolving credit facilities	—)	—)	—)	—)	—)	500,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	300,000)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of borrowings under revolving credit facilities	—)	—)	—)	—)	(250,000)	(250,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(300,000)	—)	—)	—)	—)	—)	—)	—)	—)
Costs associated with issuance of debt	—)	—)	—)	10)	(12,448)	—)	(404)	(16,521)	—)	—)	(2,268)	—)	—)	—)	—)	—)	49)	(13,623)	—)	(1,675)	—)	—)	—)	—)	60)	(4,444)
Repurchases of common stock	—)	—)	—)	—)	—)	—)	(1,106,163)	(546,455)	(348,623)	(746,773)	(489,762)	(359,759)	(699,796)	(1,000,352)	(899,888)	(901,930)	(601,536)	(63,080)	(415,075)	(400,327)	(184,988)	(199,986)	(359,992)	(297,964)	(199,537)	(150,001)
Payments of cash dividends	(129,746)	(129,736)	(129,598)	(129,496)	(129,484)	(129,401)	(121,303)	(122,961)	(124,200)	(125,262)	(96,768)	(97,313)	(98,275)	(99,832)	(87,296)	(88,362)	(89,651)	(90,617)	(80,792)	(81,640)	(82,380)	(82,756)	(75,295)	(76,520)	(77,051)	(77,657)
Other equity and related transactions	947)	(4,287)	13,595)	1,379)	13,925)	(17,187)	2,672)	32,851)	6,476)	(8,119)	42,379)	2,849)	31,650)	(12,653)	2,674)	28,348)	34,451)	(9,006)	1,407)	4,209)	6,188)	10,300)	3,619)	7,631)	2,359)	2,017)
Net cash provided by (used in) financing activities	(133,935)	(139,228)	(319,464)	(232,026)	(92,553)	101,975)	(237,997)	155,499)	(132,076)	(177,888)	(492,809)	(475,399)	(749,204)	(1,114,590)	(986,586)	(963,471)	(657,169)	892,234)	(346,300)	(289,533)	(420,580)	(394,267)	(472,112)	(241,966)	(361,703)	(368,120)
Net increase (decrease) in cash and cash equivalents	501,991)	183,417)	171,836)	12,429)	39,954)	(68,512)	18,845)	36,468)	(9,350)	(9,216)	(143,833)	174,996)	(374,389)	(688,522)	(822,866)	(760,161)	285,692)	2,433,592)	(35,756)	16,508)	(11,543)	35,624)	(25,201)	(4,600)	(18,682)	16,529)

The financial trajectory across the analyzed period demonstrates a significant expansion in operational scale, characterized by a substantial increase in net income and operating cash flow, particularly between 2020 and 2022. While net income experienced a period of peak growth during the 2020-2021 window, more recent quarters indicate a stabilization and slight contraction in quarterly earnings, though operating cash flows remain robust and frequently exceed net income.

Operating Cash Flow Dynamics: Net cash provided by operating activities exhibits a long-term upward trend, rising from a range of 416 million to 629 million in 2018-2019 to a peak of 1.736 billion in May 2020. Recent performance in 2024 shows sustained strength, with the most recent quarter reaching 988.9 million. This suggests a strong ability to convert earnings into cash, although significant volatility is observed in the adjustments used to reconcile net income, particularly regarding changes in operating assets and liabilities.
Capital Investment and Expansion: A consistent and accelerating commitment to capital expenditures is evident. Purchases of property and equipment increased from approximately 144 million to 224 million per quarter in 2018-2019 to a peak of 482 million in February 2023. By August 2024, quarterly investment remained elevated at 353.7 million. This sustained increase in investing outflows indicates a strategic focus on physical store expansion or infrastructure upgrades.
Financing and Shareholder Returns: Capital allocation is heavily weighted toward shareholder returns through dividends and stock repurchases. Cash dividends have grown steadily and predictably, increasing from approximately 77 million per quarter in 2018 to 129.7 million per quarter by 2024. Common stock repurchases have been more aggressive and volatile, with expenditures peaking at 1.106 billion in February 2023. To support these outflows and capital investments, the company utilized periodic issuances of long-term obligations, including significant injections of 2.296 billion in October 2022 and 1.498 billion in August 2023.
Working Capital and Liquidity Management: Significant fluctuations are observed in merchandise inventories and accounts payable, reflecting the seasonal nature of the retail business. Large inventory drawdowns often coincide with peaks in operating cash flow, while inventory build-ups create temporary cash drags. The use of commercial paper has been highly active, serving as a primary tool for short-term liquidity management, with substantial net increases and decreases occurring quarterly to balance operational needs and debt obligations.

Overall, the financial position is marked by strong operational cash generation that sufficiently covers both aggressive capital expansion and substantial shareholder distributions. The transition from 2018 to 2024 shows a shift toward higher capital intensity and a more aggressive approach to equity reduction through buybacks, funded by a combination of operating cash and strategic long-term debt issuance.

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Dollar General Corp. (NYSE:DG)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data