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  "documentTitle": "Weis Markets, Inc. (WMK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-09-05 00:00:00",
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  "notes": "The slide uses a side-by-side comparison of two cash flow statements to demonstrate the impact of the accounting reclassification.",
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      "kind": "callout",
      "text": "By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better.",
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      "text": "operating cash flow: $43m",
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      "text": "Weis made a recent accounting change to consider funds-in-process under a week as cash equivalents. By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better.",
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      "kind": "paragraph",
      "text": "Buried In The Footnotes An Unusual Change: \"As of December 31, 2017, the Company changed its policy for cash and cash equivalents to include all credit card, debit card and electronic benefits transfer transactions that process in less than seven days...\"",
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      "text": "Misleading MD&A Discussion: \"Cash flows from operating activities increased $43.0 million in the first 13 weeks of 2018 compared to the first 13 weeks of 2017. Higher profits, lower inventories and lower management incentive payouts accounted for the increase in cash provided.\"",
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      "text": "Cash flows from operating activities increased $43.0 million in the first 13 weeks of 2018 compared to the first 13 weeks of 2017. Higher profits, lower inventories and lower management incentive payouts accounted for the increase in cash provided. — Weis Markets MD&A",
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      "text": "Source: Q1'2018 10-Q",
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      "text": "Source: Q1'2017 10-Q",
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      "text": "Recent Cash Flow Statement: Q1'18",
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      "text": "Prior Year Cash Flow Statement: Q1'17",
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      "text": "Unusual Accounting Change Gives Misleading View of Cash Conversion",
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