Pricesmart, inc. (PSMT)
CashFlow / Quarterly
Feb'20Nov'19Aug'19May'19Feb'19Nov'18Aug'18May'18Feb'18Nov'17Aug'17May'17Feb'17Nov'16Aug'16May'16Feb'16Nov'15Aug'15May'15Feb'15Nov'14Aug'14May'14Feb'14Nov'13Aug'13May'13Feb'13Nov'12Aug'12May'12Feb'12Nov'11Aug'11May'11Feb'11Nov'10
Operating Activities:
Net income attributable to PriceSmart, Inc.

25,711

19,709

20,912

14,069

23,863

14,645

19,049

18,716

14,148

22,490

19,798

18,838

27,219

24,869

22,272

16,837

25,942

23,672

22,447

21,195

24,835

20,647

21,856

21,320

28,278

21,432

20,839

18,539

24,882

20,005

17,706

15,706

20,220

13,989

12,690

16,290

17,917

14,853

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

15,174

14,814

14,593

12,536

14,106

13,723

14,262

13,566

12,575

12,237

11,847

11,883

11,445

11,117

10,791

10,271

9,529

9,203

9,272

8,740

8,636

7,797

7,543

7,139

7,139

6,654

6,501

6,228

6,031

5,684

6,129

6,060

5,739

5,811

7,479

4,839

4,599

4,237

Allowance for doubtful accounts

0

-19

-21

45

16

7

-394

32

-6

-1

-

-

-

7

-

-

-

-

-

-

-

-

-

0

-1

7

-5

4

0

0

-3

0

0

-1

-8

-3

-1

2

Loss on sale of property and equipment

-68

-71

-344

-262

-258

-215

-752

-388

-40

-159

-855

-364

-335

-407

-763

-334

-52

-13

-918

-724

-391

28

-699

-558

-104

-84

-533

-252

-47

-57

-551

87

66

86

-785

-54

300

53

Deferred income taxes

2,829

1,234

1,664

1,821

1,232

-316

-425

131

-7,017

349

5,988

-4,555

2,396

-984

-4,097

1,238

454

-470

416

-910

-5,085

2,607

-4,231

12

1,862

-5

-5,192

112

822

1,209

-3,856

-36

1,085

679

-3,549

591

1,489

827

Discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19

2

-3

7

-75

247

-77

-9

Excess tax benefit on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,628

5

-882

1

Equity in losses of unconsolidated affiliates

-15

-48

-13

-4

-20

-24

-11

-18

5

16

0

6

-14

7

-30

-13

429

-54

2

70

16

6

2

3

0

4

-2

6

-4

-4

-6

-19

3

7

-7

-3

-37

-5

Stock-based compensation

2,862

3,396

2,546

3,124

3,345

6,046

2,749

2,588

2,420

2,461

2,361

2,150

2,736

2,442

2,390

2,153

2,478

2,100

1,347

1,282

1,784

1,556

1,581

1,549

1,891

1,430

1,448

1,363

1,668

1,823

1,584

1,533

1,386

966

961

1,112

1,032

932

Change in operating assets and liabilities:
Receivables, prepaid expenses and other current assets, non-current assets, accrued salaries and benefits, deferred membership income and other accruals

-14,473

9,762

-13,293

-2,085

-5,783

6,200

4,281

2,741

-12,963

7,049

-2,611

1,434

-7,233

6,516

4,398

-1,543

-6,649

10,473

-1,294

1,265

948

6,888

430

-1,593

-7,506

20,345

-5,640

-5,520

-4,705

9,558

-1,043

-8,080

-4,888

8,343

8,937

111

2,422

-7,813

Merchandise inventories

-65,050

56,799

4,549

-8,175

-45,180

59,054

-5,175

11,389

-57,602

61,467

31,529

-17,567

-30,005

44,082

29,129

-6,323

-62,522

55,448

991

-15,072

-42,152

97,025

-4,310

-5,778

-62,250

81,308

-3,510

1,469

-20,524

38,935

20,780

357

-39,688

42,362

82,540

-15,995

17,663

-38,165

Accounts payable

-47,563

45,880

11,913

-1,827

-40,746

55,985

-9,081

10,661

-39,441

21,372

36,169

-32,008

-13,711

12,894

22,571

6,373

-38,033

32,291

1,420

6,972

-49,443

57,474

25,054

2,665

-34,332

34,413

24,388

-24,282

-4,657

27,631

11,092

2,661

12,434

-16,421

25,675

-4,811

-1,248

19,414

Net cash provided by (used in) operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

42,588

67,698

1,882

-

-

-

-

-

-

-

-

-

-

-

-

13,916

28,334

59,994

-12,754

36,852

1,086

43,251

-5,663

Cash Provided by (Used in) Operating Activities, Discontinued Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

806

-32

2

-377

-35

31

295

-218

Net cash provided by operating activities

72,961

16,104

57,380

36,652

50,593

25,707

28,667

31,708

69,242

-10,163

36,124

21,909

62,873

2,115

-

-

-

-

-

-

-

-13,866

-

40,483

73,352

-37,642

63,697

5,819

53,197

7,920

13,908

28,366

59,992

-12,377

36,817

1,117

43,546

-5,881

Investing Activities:
Additions to property and equipment

33,236

37,582

53,652

23,754

26,982

35,673

23,321

28,555

26,481

19,752

35,753

12,521

70,047

16,973

26,238

19,285

14,469

17,708

26,144

20,881

15,828

26,332

35,327

24,678

39,808

18,288

17,544

13,707

24,013

14,663

16,936

14,007

13,482

8,280

12,223

13,175

7,436

14,199

Purchases of short-term investments

10,323

10,184

1,040

5,062

2,952

6,190

5,044

6,565

27,049

39,339

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from settlements of short-term investments

4,993

2,066

1,042

11,609

5,470

12,406

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposits for land purchase option agreements

-

-

-

-

-

-

-

-

-

-

0

0

-200

500

-

-

-

-

-192

-1,251

-1,675

2,023

0

0

850

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from disposal of property and equipment

10

13

-83

53

11

93

536

39

34

20

42

154

73

108

-10

-33

11

118

301

27

1

39

64

36

20

22

194

9

18

43

52

49

23

14

145

-105

138

4

Capital contributions in joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-119

0

0

-160

-1,200

0

0

-750

0

0

0

0

-550

-

-

-

-

-

-

-

-

Capital contribution to Costa Rica joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Capital contribution to Panama joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-19,685

-14,533

-17,709

-25,651

-19,603

-14,312

-29,516

-35,263

-24,642

-41,388

-18,266

-

-13,698

-23,995

-15,170

-

-13,958

-13,459

-8,266

-

-

-

-

Net cash used in investing activities

-40,034

-45,687

-53,733

-17,154

-24,453

-29,364

-1,599

-47,256

-45,853

-59,071

-35,711

-12,367

-69,774

-17,365

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,298

-14,195

Financing Activities:
Proceeds from long-term bank borrowings

20,820

25,000

-

-

-

-

-

-

-

-

-

-

-

-

7,000

0

0

7,370

7,500

8,500

18,627

18,350

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of long-term bank borrowings

2,472

2,836

3,430

3,164

2,882

3,463

3,157

5,781

15,596

7,554

18,386

3,778

3,543

3,688

6,334

3,444

3,402

3,345

3,122

11,125

6,033

10,625

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from short-term bank borrowings

8,817

81,202

-

-

-

-

-241

24,844

40,294

16,954

-

-

-

681

10,098

13,179

3,395

2,255

16,694

0

9,163

25,807

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of short-term bank borrowings

28,244

65,581

-

-

-

-

93

24,510

42,552

14,696

0

7,168

5,856

4,155

4,100

3,010

5,322

6,882

8,843

4,432

20,868

8,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from bank borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37,734

-13,000

13,000

-

1

0

3,979

0

4,226

25,875

45,823

5,195

14,602

12,513

12,951

Repayment of bank borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,378

1,830

10,182

-

2,060

1,836

1,921

3,862

4,120

21,085

38,192

7,056

7,081

15,267

9,828

Release of restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-8,000

0

0

-2,000

0

0

0

8,000

6,000

2,000

6,920

0

8,000

Excess tax benefit on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21

558

0

-14

-237

1,457

0

-

-

-

-

-

-

-

-

-

-

-

-

-124

-5

882

-1

Purchase of treasury stock for tax withholding on stock compensation

920

461

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3

-

-

-

-

Payments for Repurchase of Common Stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,513

0

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

40

97

7

Other financing activities

-111

19

239

145

-53

-33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-12,921

37,343

-10,408

-1,714

-16,337

-3,496

-15,406

9,448

-16,563

-5,296

-29,941

1,866

13,267

-7,162

-5,877

6,685

-17,276

-602

-25,444

-7,353

-9,690

25,532

-12,892

32,431

-28,485

10,818

-11,014

-1,590

-11,260

2,058

-12,362

31

-14,385

1,634

-13,057

-35,711

13,257

4,871

Effect of exchange rate changes on cash and cash equivalents and restricted cash

1,650

1,117

-986

-1,878

-112

-1,375

-5,671

157

-3,163

2,021

-447

-1,236

495

-1,650

727

20

-2,887

-637

-9,111

-488

-1,778

-35

412

150

-5,368

442

-4,268

675

-1,090

-1,706

1,643

-295

375

468

-711

-601

-786

55

Net increase in cash, cash equivalents

21,656

8,877

-7,747

15,906

9,691

-8,528

5,991

-5,943

3,663

-72,509

-29,975

10,172

6,861

-24,062

-1,425

29,608

33,002

-17,066

-16,362

26,350

30

-17,885

13,339

48,422

-1,889

-44,648

29,466

-8,794

16,852

-6,898

-13,695

14,144

32,523

-18,541

10,971

-4,813

22,205

-24,892

Supplemental disclosure of cash flow information:
Interest, net of amounts capitalized

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,325

1,702

1,636

1,715

1,040

1,257

615

834

1,059

1,873

-345

1,062

1,295

1,062

1,428

1,081

1,266

919

874

831

1,062

Income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,236

10,591

11,371

10,555

11,657

10,953

10,982

7,110

15,216

8,048

9,643

8,724

9,366

6,942

6,896

6,360

8,937

6,259

4,626

4,699

6,805

Supplemental disclosure of non-cash financing activities:
Capital expenditures acurred, but not yet paid

75

10,282

-

-

2,667

2,148

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cancellation of joint ventures Prico Enterprise loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-473

0

0

0

0