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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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 data reveals several notable trends and patterns over the analyzed quarters.
- Net Earnings
- Net earnings exhibit significant volatility with sharp increases in quarters ending February 2019, February 2020, January 2021, and January 2022. Peaks are consistently followed by declines, indicating cyclical performance fluctuations. Earnings reached a peak of over US$400 million in early 2022, followed by moderation in subsequent quarters.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable across all periods, fluctuating within a narrow range around US$45-67 million, suggesting consistent capital asset usage and amortization policies.
- Non-cash Lease Expense and Operating Lease Liabilities
- Non-cash lease expenses appear from mid-2019 onward and demonstrate a gradual increasing trend. Correspondingly, operating lease liabilities show steady increases in later periods, reflecting growth in leased asset commitments over time.
- Deferred Income Taxes
- Deferred income taxes amounts oscillate between negative and positive values across periods, indicating fluctuating tax timing differences without a clear directional trend.
- Stock-based Compensation and Tax Benefits
- Stock-based compensation expense generally increases over time, peaking notably in the 2021 period, indicating increasing reliance on equity compensation. Tax benefits related to stock-based awards fluctuate considerably with no sustained trend, reflecting variability in tax treatment and award vesting schedules.
- Working Capital Components
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- Accounts Receivable
- Accounts receivable values are volatile, with significant positive and negative swings suggesting varied collection periods or sales fluctuations.
- Merchandise Inventories
- Inventory levels are highly variable with abrupt increases and decreases, reflecting possible changes in inventory management, demand volatility, or supply chain disruptions.
- Accounts Payable
- Accounts payable shows marked volatility with pronounced positive and negative fluctuations, which may suggest varying payment strategies or purchasing volumes.
- Accrued Expenses and Other Liabilities
- This item displays significant variability, with large swings both upward and downward, indicating fluctuating short-term obligations or timing of expense recognition.
- Gift Card and Other Deferred Revenue
- Amounts within gift card and deferred revenue fluctuate markedly, reflecting changes in customer prepayments or redemption patterns with no clear trend.
- Cash Flows from Operating Activities
- Net cash provided by operating activities reveals strong positive spikes in certain quarters, notably February 2019, February 2020, and January 2021, aligning with net earnings peaks. Despite fluctuations, overall operating cash flow remains robust, supporting operational liquidity.
- Investing Activities
- Cash used in investing activities remains consistently negative, predominantly due to continual purchases of property and equipment. The expenditure levels on capital assets are substantial and relatively stable, evidencing ongoing investment in fixed assets.
- Financing Activities
- Net cash from financing activities displays wide swings with both large inflows and outflows. Major outflows coincide with repurchases of common stock and payment of dividends. Substantial variability is noted in borrowings and repayments under revolving credit facilities, as well as occasional long-term debt activities, indicating active capital management and possibly opportunistic financing decisions.
- Effect of Exchange Rates
- The exchange rate impact on cash balances is relatively minor and inconsistent, showing both positive and negative adjustments without sustained effect.
- Net Change in Cash and Cash Equivalents
- Cash balances show significant quarter-to-quarter fluctuations ranging from large decreases up to sizeable increases, aligning closely with net cash flow activities in operating, investing, and financing categories. These swings imply dynamic cash management responsive to operational and financing needs.
In summary, the data indicates a business experiencing cyclical earnings and cash flow patterns accompanied by deliberate investment in property and equipment and active financing strategies including stock buybacks and dividends. Working capital components and lease obligations display volatility, pointing to changing operational conditions or strategic shifts. The overall picture is one of a company balancing growth investments, shareholder returns, and working capital management across varying economic cycles.