Company Quick10K Filing
Best Buy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 271 $18,191
10-Q 2019-12-06 Quarter: 2019-11-02
10-Q 2019-09-06 Quarter: 2019-08-03
10-Q 2019-06-07 Quarter: 2019-05-04
10-K 2019-03-28 Annual: 2019-02-02
10-Q 2018-12-07 Quarter: 2018-11-03
10-Q 2018-09-10 Quarter: 2018-08-04
10-Q 2018-06-08 Quarter: 2018-05-05
10-K 2018-04-02 Annual: 2018-02-03
10-Q 2017-12-01 Quarter: 2017-10-28
10-Q 2017-09-05 Quarter: 2017-07-29
10-Q 2017-06-05 Quarter: 2017-04-29
10-K 2017-03-24 Annual: 2017-01-28
10-Q 2016-12-02 Quarter: 2016-10-29
10-Q 2016-09-02 Quarter: 2016-07-30
10-Q 2016-06-09 Quarter: 2016-04-30
10-K 2016-03-23 Annual: 2016-01-30
10-Q 2015-12-04 Quarter: 2015-10-31
10-Q 2015-09-04 Quarter: 2015-08-01
10-Q 2015-06-08 Quarter: 2015-05-02
10-K 2015-03-31 Annual: 2015-01-31
10-Q 2014-12-05 Quarter: 2014-11-01
10-Q 2014-09-10 Quarter: 2014-08-02
10-Q 2014-06-09 Quarter: 2014-05-03
10-K 2014-03-28 Annual: 2014-02-01
10-Q 2013-09-09 Quarter: 2013-08-03
10-Q 2013-06-07 Quarter: 2013-05-04
10-Q 2012-12-05 Quarter: 2012-11-03
10-Q 2012-09-06 Quarter: 2012-08-04
10-Q 2012-06-13 Quarter: 2012-05-05
10-K 2012-05-01 Annual: 2012-03-03
10-Q 2012-01-03 Quarter: 2011-11-26
10-Q 2011-09-30 Quarter: 2011-08-27
10-Q 2011-07-01 Quarter: 2011-05-28
10-K 2011-04-25 Annual: 2011-02-26
10-Q 2011-01-05 Quarter: 2010-11-27
10-Q 2010-10-07 Quarter: 2010-08-28
10-Q 2010-07-08 Quarter: 2010-05-29
10-K 2010-04-28 Annual: 2010-02-27
10-Q 2010-01-07 Quarter: 2009-11-28
8-K 2019-12-12 Officers, Exhibits
8-K 2019-11-26 Earnings, Exhibits
8-K 2019-09-25 Regulation FD, Exhibits
8-K 2019-08-03 Earnings, Exhibits
8-K 2019-07-24 Officers, Exhibits
8-K 2019-06-14 Shareholder Vote
8-K 2019-05-23 Earnings, Exhibits
8-K 2019-04-13 Officers, Exhibits
8-K 2019-04-08 Officers
8-K 2019-02-27 Earnings, Exhibits
8-K 2018-12-14 Officers, Regulation FD, Exhibits
8-K 2018-11-20 Earnings, Exhibits
8-K 2018-09-28 Officers, Regulation FD, Exhibits
8-K 2018-09-27 Other Events, Exhibits
8-K 2018-08-28 Earnings, Exhibits
8-K 2018-08-15 Regulation FD, Other Events, Exhibits
8-K 2018-07-25 Officers
8-K 2018-06-12 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-24 Earnings, Exhibits
8-K 2018-04-20 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-22 Officers, Regulation FD, Exhibits
8-K 2018-03-06 Other Events
8-K 2018-03-01 Earnings, Exhibits
8-K 2018-02-28 Exit Costs
BBY 2019-11-02
Part I - Financial Information
Item 1. Financial Statements
Item 2.Management&Apos;S Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 bby-20191102xex31_1.htm
EX-31.2 bby-20191102xex31_2.htm
EX-32.1 bby-20191102xex32_1.htm
EX-32.2 bby-20191102xex32_2.htm

Best Buy Earnings 2019-11-02

BBY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NFLX 163,785 30,171 24,066 17,630 6,608 1,151 2,017 176,666 37% 87.6 4%
CBS 18,582 23,835 19,082 16,167 0 4,167 5,029 27,603 0% 5.5 17%
FAST 18,506 3,756 1,253 5,189 2,470 765 1,217 18,831 48% 15.5 20%
BBY 18,191 14,978 11,693 43,069 10,059 1,515 2,629 18,082 23% 6.9 10%
YUMC 17,921 6,725 3,646 8,646 0 700 1,356 16,625 0% 12.3 10%
CONN 851 2,146 1,509 1,561 415 84 206 1,731 27% 8.4 4%
CIDM 52 98 140 50 0 -18 5 93 0% 18.1 -18%
TWMC 0 150 102 376 115 -80 -77 -10 31% 0.1 -53%
IQ 44,760 26,604 0 0 0 0 -6,760 0%

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 2, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            

Commission File Number: 1-9595

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BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota

41-0907483

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

7601 Penn Avenue South

Richfield, Minnesota

55423

(Address of principal executive offices)

(Zip Code)

(612) 291-1000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $0.10 par value per share

BBY

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  No 

The registrant had 258,777,447 shares of common stock outstanding as of December 4, 2019. 


BEST BUY CO., INC.

FORM 10-Q FOR THE QUARTER ENDED NOVEMBER 2, 2019

TABLE OF CONTENTS

Part I — Financial Information

3

Item 1.

Financial Statements

3

a)

Condensed Consolidated Balance Sheets as of November 2, 2019, February 2, 2019, and November 3, 2018

3

b)

Condensed Consolidated Statements of Earnings for the three and nine months ended November 2, 2019, and November 3, 2018

4

c)

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended November 2, 2019, and November 3, 2018

5

d)

Condensed Consolidated Statements of Cash Flows for the nine months ended November 2, 2019, and November 3, 2018

6

e)

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended November 2, 2019, and November 3, 2018

7

f)

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

33

Part II — Other Information

33

Item 1.

Legal Proceedings

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 6.

Exhibits

34

Signatures

35

 

2


PART I — FINANCIAL INFORMATION

 

Item 1.    Financial Statements

 

Condensed Consolidated Balance Sheets

$ in millions, except per share amounts (unaudited)

November 2, 2019

February 2, 2019

November 3, 2018

Assets

Current assets

Cash and cash equivalents

$

1,205 

$

1,980 

$

1,228 

Short-term investments

-

-

76 

Receivables, net

1,056 

1,015 

921 

Merchandise inventories

7,569 

5,409 

8,168 

Other current assets

345 

466 

508 

Total current assets

10,175 

8,870 

10,901 

Property and equipment, net

2,359 

2,510 

2,525 

Operating lease assets

2,751 

-

-

Goodwill

982 

915 

921 

Other assets

659 

606 

653 

Total assets

$

16,926 

$

12,901 

$

15,000 

Liabilities and equity

Current liabilities

Accounts payable

$

7,232 

$

5,257 

$

7,964 

Unredeemed gift card liabilities

271 

290 

281 

Deferred revenue

445 

446 

449 

Accrued compensation and related expenses

351 

482 

349 

Accrued liabilities

769 

982 

844 

Current portion of operating lease liabilities

644 

-

-

Current portion of long-term debt

14 

56 

46 

Total current liabilities

9,726 

7,513 

9,933 

Long-term liabilities

636 

750 

775 

Long-term operating lease liabilities

2,200 

-

-

Long-term debt

1,239 

1,332 

1,280 

Contingencies (Note 14)

 

 

 

Equity

Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none

-

-

-

Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 260 million, 266 million, and 272 million shares, respectively

26 

27 

27 

Retained earnings

2,809 

2,985 

2,685 

Accumulated other comprehensive income

290 

294 

300 

Total equity

3,125 

3,306 

3,012 

Total liabilities and equity

$

16,926 

$

12,901 

$

15,000 

NOTE: The Consolidated Balance Sheet as of February 2, 2019, has been condensed from the audited consolidated financial statements.

See Notes to Condensed Consolidated Financial Statements. 


3


Condensed Consolidated Statements of Earnings

$ and shares in millions, except per share amounts (unaudited)

Three Months Ended

Nine Months Ended

November 2, 2019

November 3, 2018

November 2, 2019

November 3, 2018

Revenue

$

9,764 

$

9,590 

$

28,442 

$

28,078 

Cost of goods sold

7,403 

7,266 

21,629 

21,400 

Gross profit

2,361 

2,324 

6,813 

6,678 

Selling, general and administrative expenses

1,973 

2,002 

5,730 

5,709 

Restructuring charges

(7)

-

41 

47 

Operating income

395 

322 

1,042 

922 

Other income (expense):

Gain on sale of investments

1 

12 

1 

12 

Investment income and other

9 

11 

33 

35 

Interest expense

(16)

(15)

(50)

(53)

Earnings before income tax expense

389 

330 

1,026 

916 

Income tax expense

96 

53 

230 

187 

Net earnings

$

293 

$

277 

$

796 

$

729 

Basic earnings per share

$

1.11 

$

1.01 

$

2.99 

$

2.62 

Diluted earnings per share

$

1.10 

$

0.99 

$

2.96 

$

2.57 

Weighted-average common shares outstanding

Basic

263.2 

274.3 

266.0 

278.6 

Diluted

265.2 

279.3 

269.1 

283.8 

See Notes to Condensed Consolidated Financial Statements.

 

4


Condensed Consolidated Statements of Comprehensive Income

$ in millions (unaudited)

Three Months Ended

Nine Months Ended

November 2, 2019

November 3, 2018

November 2, 2019

November 3, 2018

Net earnings

$

293 

$

277 

$

796 

$

729 

Foreign currency translation adjustments

(4)

4 

(4)

(14)

Comprehensive income

$

289 

$

281 

$

792 

$

715 

See Notes to Condensed Consolidated Financial Statements.

 


5


Condensed Consolidated Statements of Cash Flows

$ in millions (unaudited)

Nine Months Ended

November 2, 2019

November 3, 2018

Operating activities

Net earnings

$

796 

$

729 

Adjustments to reconcile net earnings to total cash provided by operating activities:

Depreciation and amortization

607 

550 

Restructuring charges

41 

47 

Stock-based compensation

109 

92 

Deferred income taxes

20 

15 

Other, net

16 

(10)

Changes in operating assets and liabilities, net of acquired assets and liabilities:

Receivables

(36)

121 

Merchandise inventories

(2,159)

(2,950)

Other assets

(2)

(45)

Accounts payable

1,984 

3,085 

Other liabilities

(292)

(400)

Income taxes

(147)

(127)

Total cash provided by operating activities

937 

1,107 

Investing activities

Additions to property and equipment

(586)

(619)