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.

AutoZone Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Nov 18, 2023	Aug 26, 2023	May 6, 2023	Feb 11, 2023	Nov 19, 2022	Aug 27, 2022	May 7, 2022	Feb 12, 2022	Nov 20, 2021	Aug 28, 2021	May 8, 2021	Feb 13, 2021	Nov 21, 2020	Aug 29, 2020	May 9, 2020	Feb 15, 2020	Nov 23, 2019	Aug 31, 2019	May 4, 2019	Feb 9, 2019	Nov 17, 2018	Aug 25, 2018	May 5, 2018	Feb 10, 2018	Nov 18, 2017
Net income	593,463)	864,841)	647,723)	476,544)	539,318)	810,043)	592,571)	471,755)	555,235)	785,771)	596,164)	345,946)	442,433)	740,457)	342,895)	299,282)	350,338)	565,229)	405,948)	294,638)	351,406)	400,282)	366,721)	289,530)	281,003)
Depreciation and amortization of property and equipment	120,224)	158,490)	116,123)	113,711)	109,253)	140,858)	102,083)	99,692)	99,590)	129,639)	94,017)	94,476)	89,551)	125,351)	91,695)	90,670)	89,750)	118,839)	84,888)	83,778)	82,452)	107,993)	79,754)	79,351)	77,986)
Other non-cash (income) charges	(2,000)	(30,000)	(17,000)	10,000)	81,000)	15,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Amortization of debt origination fees	2,810)	3,199)	2,143)	2,017)	1,905)	3,450)	2,453)	2,734)	2,639)	3,532)	2,957)	3,219)	3,150)	4,158)	2,356)	2,021)	2,195)	2,656)	1,838)	1,804)	1,864)	2,535)	1,931)	1,928)	1,999)
Deferred income taxes	882)	(22,283)	1,273)	(18,513)	13,816)	104,816)	39,795)	22,887)	18,096)	(40,479)	7,819)	(12,067)	10,295)	26,796)	13,127)	9,214)	1,940)	17,940)	9,900)	(209)	7,420)	11,711)	14,641)	(159,169)	8,556)
Share-based compensation expense	22,913)	30,698)	20,010)	23,374)	19,005)	21,554)	18,320)	16,443)	14,295)	18,051)	13,883)	13,670)	10,508)	12,584)	10,144)	12,111)	9,996)	11,726)	9,971)	11,031)	10,527)	14,115)	5,795)	12,678)	11,086)
Pension plan contributions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(11,596)	—)	—)	—)
Pension termination charges (refund)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6,796)	—)	—)	—)	130,263)	—)	—)	—)
Asset impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	193,162)	—)
Accounts receivable	6,856)	(44,991)	16,044)	18,173)	4,100)	(64,371)	(33,976)	(25,809)	(1,576)	(19,374)	(7,656)	(1,500)	17,491)	(95,407)	65,740)	(5,651)	(23,246)	(26,896)	16,722)	(22,000)	(16,338)	3,280)	7,393)	(9,810)	6,671)
Merchandise inventories	(21,899)	3,983)	68,383)	(122,238)	(39,308)	(334,599)	(277,628)	(256,471)	(136,988)	23,754)	67,271)	(104,796)	(124,746)	(8,890)	86,950)	(129,028)	(133,206)	(9,264)	(20,491)	(196,938)	(167,454)	66,330)	14,098)	(117,814)	(151,396)
Accounts payable and accrued expenses	33,762)	56,221)	(128,589)	(117,885)	6,574)	569,465)	376,394)	189,565)	89,268)	394,854)	418,518)	160,267)	56,273)	510,224)	14,336)	(41,699)	48,270)	204,547)	2,660)	189,207)	67,762)	146,254)	(38,547)	26,893)	185,009)
Income taxes	96,793)	28,791)	(23,359)	13,446)	73,954)	(24,400)	1,109)	(94,637)	107,411)	6,478)	11,809)	(68,378)	79,558)	77,838)	1,210)	(58,266)	69,390)	(21,074)	(21,116)	(32,073)	63,774)	(24,938)	25,467)	(130,259)	123,292)
Other, net	(23,545)	19,063)	21,964)	(44,155)	(16,030)	(13,795)	22,247)	(64,343)	29,960)	(14,030)	(14,282)	(74,481)	98,978)	23,889)	23,011)	25,888)	31,675)	(15,029)	(20,754)	38,649)	47,769)	(22,293)	26,760)	836)	20,811)
Changes in operating assets and liabilities	91,967)	63,067)	(45,557)	(252,659)	29,290)	132,300)	88,146)	(251,695)	88,075)	391,682)	475,660)	(88,888)	127,554)	507,654)	191,247)	(208,756)	(7,117)	132,284)	(42,979)	(23,155)	(4,487)	168,633)	35,171)	(230,154)	184,387)
Adjustments to reconcile net income to net cash provided by operating activities	236,796)	203,171)	76,992)	(122,070)	254,269)	417,978)	250,797)	(109,939)	222,695)	502,425)	594,336)	10,410)	241,058)	676,543)	308,569)	(94,740)	96,764)	276,649)	63,618)	73,249)	97,776)	423,654)	137,292)	(102,204)	284,014)
Net cash provided by operating activities	830,259)	1,068,012)	724,715)	354,474)	793,587)	1,228,021)	843,368)	361,816)	777,930)	1,288,196)	1,190,500)	356,356)	683,491)	1,417,000)	651,464)	204,542)	447,102)	841,878)	469,566)	367,887)	449,182)	823,936)	504,013)	187,326)	565,017)
Capital expenditures	(235,428)	(366,216)	(171,207)	(144,837)	(114,397)	(303,041)	(161,207)	(105,874)	(102,269)	(246,114)	(137,009)	(125,608)	(113,036)	(183,848)	(83,325)	(89,156)	(101,407)	(182,203)	(118,015)	(97,664)	(98,168)	(194,640)	(112,401)	(104,469)	(110,278)
Purchase of marketable debt securities	(4,115)	(18,472)	(34,445)	(2,011)	(11,989)	(9,500)	(23,908)	(15,606)	(7,026)	(11,123)	(4,169)	(2,399)	(45,985)	(8,424)	(26,178)	(20,899)	(35,448)	(16,683)	(17,801)	(13,574)	(7,480)	(14,344)	(9,364)	(19,323)	(61,505)
Proceeds from sale of marketable debt securities	1,944)	20,813)	34,094)	(1,443)	4,893)	15,964)	24,010)	10,199)	3,709)	23,125)	11,693)	9,365)	51,210)	(22,453)	35,878)	25,047)	45,765)	(7,912)	26,521)	21,415)	13,116)	(9,870)	16,412)	26,326)	36,776)
Investment in tax credit equity investments	(41,150)	(47,318)	(38,615)	(9,596)	(2,474)	(10,139)	(742)	(20,656)	—)	(37,804)	(3,908)	—)	—)	(45,190)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds (payments) from disposal of capital assets and other, net	8,235)	13,991)	1,205)	1,766)	10,080)	19,336)	12,441)	11,585)	14,625)	28,801)	3,134)	417)	(2,368)	9,963)	615)	806)	379)	244)	206)	5,519)	633)	(346)	33,300)	1,512)	354)
Net cash used in investing activities	(270,514)	(397,202)	(208,968)	(156,121)	(113,887)	(287,380)	(149,406)	(120,352)	(90,961)	(243,115)	(130,259)	(118,225)	(110,179)	(249,952)	(73,010)	(84,202)	(90,711)	(206,554)	(109,089)	(84,304)	(91,899)	(219,200)	(72,053)	(95,954)	(134,653)
Net proceeds from (payments of) commercial paper	(76,900)	82,200)	296,400)	22,700)	204,900)	(679,910)	215,210)	1,068,100)	—)	—)	—)	—)	—)	—)	(1,272,700)	163,000)	79,700)	53,200)	(452,000)	(45,878)	149,378)	299,800)	(90,000)	59,400)	(99,000)
Proceeds from issuance of debt	1,000,000)	750,000)	—)	1,000,000)	—)	750,000)	—)	—)	—)	—)	—)	—)	—)	600,000)	1,250,000)	—)	—)	—)	750,000)	—)	—)	—)	—)	—)	—)
Repayment of debt	—)	(500,000)	—)	(300,000)	—)	—)	—)	(500,000)	—)	—)	(250,000)	—)	—)	(500,000)	—)	—)	—)	—)	(250,000)	—)	—)	(250,000)	—)	—)	—)
Net proceeds from sale of common stock	41,448)	27,631)	82,105)	31,930)	40,828)	15,844)	31,633)	45,357)	21,100)	65,833)	55,414)	37,844)	28,666)	12,086)	7,601)	39,883)	8,822)	23,892)	57,349)	62,907)	44,671)	20,021)	4,450)	58,211)	7,033)
Purchase of treasury stock	(1,486,876)	(999,556)	(899,999)	(899,999)	(899,998)	(999,997)	(899,999)	(1,559,998)	(899,997)	(899,999)	(899,999)	(899,999)	(678,324)	—)	(166,057)	(314,847)	(449,999)	(691,780)	(466,019)	(350,037)	(497,060)	(664,858)	(399,701)	(174,882)	(352,572)
Repayment of principal portion of finance lease liabilities	(20,202)	(20,128)	(20,355)	(19,974)	(20,598)	(18,315)	(17,767)	(17,413)	(13,687)	(15,009)	(15,768)	(15,290)	(13,786)	(8,382)	(14,452)	(14,993)	(14,331)	(14,879)	(12,899)	(12,932)	(12,597)	(12,138)	(15,619)	(3,247)	(18,000)
Other, net	(9,696)	(11,922)	(1,737)	(3,727)	(783)	(7,296)	—)	—)	(3,362)	—)	—)	—)	—)	(35,188)	(13,779)	—)	—)	(1,044)	(8,360)	—)	—)	195)	3)	(85)	(1,165)
Net cash used in financing activities	(552,226)	(671,775)	(543,586)	(169,070)	(675,651)	(939,674)	(670,923)	(963,954)	(895,946)	(849,175)	(1,110,353)	(877,445)	(663,444)	68,516)	(209,387)	(126,957)	(375,808)	(630,611)	(381,929)	(345,940)	(315,608)	(606,980)	(500,867)	(60,603)	(463,704)
Effect of exchange rate changes on cash	(1,592)	3,103)	1,469)	2,213)	1,361)	369)	582)	788)	(1,233)	(217)	(406)	1,473)	3,322)	6,133)	(12,919)	1,498)	1,206)	(2,471)	(155)	5,936)	(7,413)	1,682)	(1,229)	76)	(2,253)
Net increase (decrease) in cash and cash equivalents	5,927)	2,138)	(26,370)	31,496)	5,410)	1,336)	23,621)	(721,702)	(210,210)	195,689)	(50,518)	(637,841)	(86,810)	1,241,697)	356,148)	(5,119)	(18,211)	2,242)	(21,607)	(56,421)	34,262)	(562)	(70,136)	30,845)	(35,593)

Net Income Trend: Net income displays significant volatility over the periods, with notable peaks in the quarters ending August 2020, August 2021, August 2022, and August 2023. The highest net income was recorded in August 2020 at approximately 740 million USD and again in August 2023 reaching over 860 million USD. The trend shows a pronounced increase in more recent years, indicating improving profitability.
Depreciation and Amortization: Depreciation and amortization expenses generally increased over time, with spikes corresponding closely to quarters with large net income increases. The highest values are observed in August 2020, August 2021, August 2022, and August 2023, consistent with increased capital investment or aging asset base.
Other Non-Cash Charges: Other non-cash income charges appear infrequently, with large entries only visible from early 2022 onwards, reflecting some extraordinary or one-time non-cash gains or losses, suggesting adjustments impacting earnings quality in those periods.
Deferred Income Taxes: Deferred income tax figures fluctuate widely, sometimes negative and sometimes positive, without a clear directional trend. This variability may reflect deferred tax assets and liabilities adjustments, tax planning strategies, or impacts of changes in profitability.
Share-Based Compensation Expense: Share-based compensation expenses show a generally upward trend, with some fluctuations. The incremental rise over the periods suggests growing reliance on equity-based incentives possibly to align management and shareholder interests.
Accounts Receivable: Accounts receivable shows erratic changes with several sharp increases and decreases, including some large negative values, indicative of volatile credit sales, collection issues, or write-offs within specific quarters.
Merchandise Inventories: Merchandise inventories also demonstrate high volatility, with large negative values interspersed by positive spikes, particularly noticeable in the years 2020 through 2023. This irregular pattern could be attributable to inventory management adjustments or disruptions in supply chain.
Accounts Payable and Accrued Expenses: This item exhibits significant fluctuations, with several large positive peaks indicating aggressive payment deferment strategies or increased short-term liabilities, particularly in quarters with high operational activity.
Income Taxes: Income tax expenses alternate between positive and negative values, reflecting variable tax obligations, tax refunds, or adjustments corresponding to the fluctuating net income and deferred tax balances.
Operating Cash Flow: Net cash provided by operating activities grew markedly over time, with substantial peaks in mid-year quarters aligning with the net income highs. The overall upward trajectory indicates a strengthening in core cash-generating ability despite earnings volatility.
Capital Expenditures: Capital expenditures consistently represent a significant cash outflow, exhibiting a growing trend in magnitude, particularly from 2020 onward. This suggests ongoing investment in property, plant, and equipment to support business growth or expansion.
Investing Activities: Net cash used in investing activities remains negative in all periods, with increased outflows correlating with higher capital expenditure periods and investments in marketable securities, implying a focus on asset growth and portfolio management.
Financing Activities: Net cash used in financing activities generally follows a negative pattern, reflecting repayments of debt, share repurchases, and other outflows exceeding inflows. Periodic spikes in proceeds from debt issuance and common stock sales provide temporary offsets but do not fully reverse the outflow trend.
Debt Management: Proceeds from issuance of debt have episodic spikes, particularly large issuances recorded around 2020 and afterward. Conversely, repayments of debt show intermittent large outflows, indicating active debt management. These reflect strategic borrowing and repayment cycles aimed at optimizing capital structure.
Share Repurchases: Purchase of treasury stock is consistently significant, with very large negative cash flows suggesting an aggressive stock buyback program sustained over multiple years, which could indicate a strategy to return value to shareholders or manage share count.
Liquidity Changes: Net changes in cash and equivalents fluctuate around zero with some large positive spikes (notably in mid-2020) and significant declines elsewhere. These changes are influenced by cash flow from operations, investing, and financing activities, indicating dynamic liquidity management in response to operational needs and investment cycles.

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AutoZone Inc. (NYSE:AZO)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data