WD 40 CO
For the period ended Aug 31, 2024. Filed Oct 21, 2024.
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FY2024 · Filed Oct 21, 2024
WDFC$225.18+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Fiscal Year Ended August 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net income | $69,644 | $65,993 | $67,329 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | $9,456 | $8,151 | $8,294 |
| Net gains on sales and disposals of property and equipment | $(241) | $(90) | $(311) |
| Deferred income taxes | $(1,156) | $(1,254) | $596 |
| Stock-based compensation | $6,535 | $6,434 | $6,697 |
| Amortization of cloud computing implementation costs | $1,221 | $270 | $295 |
| Unrealized foreign currency exchange losses (gains), net | $200 | $(1,702) | $1,035 |
| Provision for credit losses | $325 | $391 | $143 |
| Write-off of inventories | $1,425 | $713 | $595 |
| Changes in assets and liabilities: | |||
| Trade and other accounts receivable | $(15,498) | $(5,339) | $(7,443) |
| Inventories | $6,414 | $19,367 | $(53,260) |
| Other assets | $(1,444) | $(1,637) | $(12,873) |
| Operating lease assets and liabilities, net | $(35) | $49 | $(32) |
| Accounts payable and accrued liabilities | $4,322 | $(213) | $5,208 |
| Accrued payroll and related expenses | $8,879 | $4,965 | $(13,133) |
| Other long-term liabilities and income taxes payable | $1,987 | $2,293 | $(536) |
| Net cash provided by operating activities | $92,034 | $98,391 | $2,604 |
| Investing activities: | |||
| Purchases of property and equipment | $(4,206) | $(6,871) | $(8,303) |
| Proceeds from sales of property and equipment | $672 | $655 | $612 |
| Acquisition of business, net of cash acquired | $(6,201) | $— | $— |
| Net cash used in investing activities | $(9,735) | $(6,216) | $(7,691) |
| Financing activities: | |||
| Treasury stock purchases | $(8,094) | $(10,434) | $(29,156) |
| Dividends paid | $(47,201) | $(44,581) | $(41,988) |
| Repayments of long-term senior notes | $(800) | $(800) | $(800) |
| Net (repayments) proceeds from revolving credit facility | $(25,402) | $(28,372) | $38,394 |
| Shares withheld to cover taxes upon conversion of equity awards | $(2,439) | $(861) | $(4,461) |
| Net cash used in financing activities | $(83,936) | $(85,048) | $(38,011) |
| Effect of exchange rate changes on cash and cash equivalents | $193 | $3,173 | $(5,020) |
| Net (decrease) increase in cash and cash equivalents | $(1,444) | $10,300 | $(48,118) |
| Cash and cash equivalents at beginning of period | $48,143 | $37,843 | $85,961 |
| Cash and cash equivalents at end of period | $46,699 | $48,143 | $37,843 |
| Supplemental cash flow information: | |||
| Accrued capital expenditures | $111 | $80 | $960 |
| Finance lease obligation settled with prepaid deposit | $3,855 | $— | $— |
| Cash paid for: | |||
| Interest | $4,459 | $5,522 | $2,687 |
| Income taxes, net of tax refunds received | $19,843 | $12,811 | $18,345 |
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