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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Williams-Sonoma Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-K (reporting date: 2020-02-02), 10-Q (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05), 10-K (reporting date: 2019-02-03), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).
The financial information reveals significant fluctuations in cash flow patterns over the observed period. Net earnings demonstrate considerable volatility, peaking in the February 2020 and January 2021 periods, followed by a substantial decline and subsequent recovery. Operating activities generally provide a net cash inflow, though with marked quarterly variations, and are heavily influenced by changes in operating assets and liabilities.
- Operating Activities
- Net cash provided by operating activities exhibits a complex pattern. While generally positive, substantial swings are evident, particularly a large outflow in the May 2021 quarter. These fluctuations correlate with significant changes in accounts receivable and merchandise inventories. The largest inflow occurred in the February 2020 period, coinciding with peak net earnings. Adjustments to reconcile net earnings to net cash flow from operations are also substantial, driven by non-cash items like depreciation, stock-based compensation, and deferred taxes.
- Investing Activities
- Net cash used in investing activities consistently represents a cash outflow throughout the period, primarily due to purchases of property and equipment. The magnitude of these outflows remains relatively stable, although there are some quarterly variations. Other investing activities, including minor gains or losses on asset disposal, have a limited impact on overall cash flow.
- Financing Activities
- Financing activities demonstrate the most dramatic shifts in cash flow. Significant outflows are observed from repurchases of common stock and payment of dividends. The February 2021 period shows a particularly large outflow due to a substantial repurchase of common stock. There are also notable borrowings and repayments under the revolving line of credit, contributing to the volatility. A large inflow is seen in the May 2020 period, largely attributable to debt issuance. Tax withholdings related to stock-based awards also represent a consistent, though smaller, outflow.
- Key Non-Cash Items
- Depreciation and amortization consistently contribute a significant cash inflow to operating activities. Stock-based compensation also represents a notable non-cash expense. The non-cash lease expense, introduced in the May 2019 period, becomes a substantial component of operating cash flow adjustments, increasing over time. Deferred income taxes and tax benefits related to stock-based awards introduce further variability.
- Working Capital
- Significant fluctuations in accounts receivable, merchandise inventories, and accounts payable heavily influence cash flow from operations. Large increases or decreases in these accounts often correspond with periods of strong or weak cash generation. The changes in operating assets and liabilities are a dominant factor in the overall operating cash flow pattern.
Overall, the cash flow statement reflects a company with substantial earnings and cash flow volatility. While operating activities generally provide cash, the financing activities, particularly stock repurchases and dividend payments, significantly impact the overall cash position. The company actively manages its debt through borrowing and repayment, and working capital fluctuations play a crucial role in short-term cash flow dynamics.