Company Quick10K Filing
Best Buy
Price66.96 EPS6
Shares269 P/E12
MCap18,019 P/FCF19
Net Debt-44 EBIT1,811
TEV17,975 TEV/EBIT10
TTM 2019-11-02, in MM, except price, ratios
10-Q 2020-08-01 Filed 2020-08-31
10-Q 2020-05-02 Filed 2020-05-27
10-K 2020-02-01 Filed 2020-03-23
10-Q 2019-11-02 Filed 2019-12-06
10-Q 2019-08-03 Filed 2019-09-06
10-Q 2019-05-04 Filed 2019-06-07
10-K 2019-02-02 Filed 2019-03-28
10-Q 2018-11-03 Filed 2018-12-07
10-Q 2018-08-04 Filed 2018-09-10
10-Q 2018-05-05 Filed 2018-06-08
10-K 2018-02-03 Filed 2018-04-02
10-Q 2017-10-28 Filed 2017-12-01
10-Q 2017-07-29 Filed 2017-09-05
10-Q 2017-04-29 Filed 2017-06-05
10-K 2017-01-28 Filed 2017-03-24
10-Q 2016-10-29 Filed 2016-12-02
10-Q 2016-07-30 Filed 2016-09-02
10-Q 2016-04-30 Filed 2016-06-09
10-K 2016-01-30 Filed 2016-03-23
10-Q 2015-10-31 Filed 2015-12-04
10-Q 2015-08-01 Filed 2015-09-04
10-Q 2015-05-02 Filed 2015-06-08
10-K 2015-01-31 Filed 2015-03-31
10-Q 2014-11-01 Filed 2014-12-05
10-Q 2014-08-02 Filed 2014-09-10
10-Q 2014-05-03 Filed 2014-06-09
10-K 2014-02-01 Filed 2014-03-28
10-Q 2013-08-03 Filed 2013-09-09
10-Q 2013-05-04 Filed 2013-06-07
10-Q 2012-11-03 Filed 2012-12-05
10-Q 2012-08-04 Filed 2012-09-06
10-Q 2012-05-05 Filed 2012-06-13
10-K 2012-03-03 Filed 2012-05-01
10-Q 2011-11-26 Filed 2012-01-03
10-Q 2011-08-27 Filed 2011-09-30
10-Q 2011-05-28 Filed 2011-07-01
10-K 2011-02-26 Filed 2011-04-25
10-Q 2010-11-27 Filed 2011-01-05
10-Q 2010-08-28 Filed 2010-10-07
10-Q 2010-05-29 Filed 2010-07-08
10-K 2010-02-27 Filed 2010-04-28
10-Q 2009-11-28 Filed 2010-01-07
8-K 2020-08-25 Earnings, Exhibits
8-K 2020-07-21 Regulation FD, Exhibits
8-K 2020-06-11
8-K 2020-06-09
8-K 2020-05-21
8-K 2020-04-09
8-K 2020-03-19
8-K 2020-03-10
8-K 2020-02-27
8-K 2020-02-04
8-K 2019-12-12
8-K 2019-11-26
8-K 2019-09-25
8-K 2019-08-03
8-K 2019-07-24
8-K 2019-06-14
8-K 2019-05-23
8-K 2019-04-13
8-K 2019-04-08
8-K 2019-02-27
8-K 2018-12-14
8-K 2018-11-20
8-K 2018-09-28
8-K 2018-09-27
8-K 2018-08-28
8-K 2018-08-15
8-K 2018-07-25
8-K 2018-06-12
8-K 2018-05-24
8-K 2018-04-20
8-K 2018-03-22
8-K 2018-03-06
8-K 2018-03-01
8-K 2018-02-28

BBY 10Q Quarterly Report

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 1A.Risk Factors
Item 6.Exhibits
EX-10.2 bby-20200801xex10_2.htm
EX-31.1 bby-20200801xex31_1.htm
EX-31.2 bby-20200801xex31_2.htm
EX-32.1 bby-20200801xex32_1.htm
EX-32.2 bby-20200801xex32_2.htm

Best Buy Earnings 2020-08-01

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2015117302012201420172020
Rev, G Profit, Net Income
1.20.70.3-0.2-0.6-1.12012201420172020
Ops, Inv, Fin

bby-20200801x10q
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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 August 1, 2020

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

 Image - Image1.jpeg

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, a 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 Exchange Act).  Yes  No 

The registrant had 258,832,143 shares of common stock outstanding as of August 27, 2020. 



BEST BUY CO., INC.

FORM 10-Q FOR THE QUARTER ENDED AUGUST 1, 2020

TABLE OF CONTENTS

Part I — Financial Information

3

Item 1.

Financial Statements

3

a)

Condensed Consolidated Balance Sheets as of August 1, 2020, February 1, 2020, and August 3, 2019

3

b)

Condensed Consolidated Statements of Earnings for the three and six months ended August 1, 2020, and August 3, 2019

4

c)

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended August 1, 2020, and August 3, 2019

5

d)

Condensed Consolidated Statements of Cash Flows for the six months ended August 1, 2020, and August 3, 2019

6

e)

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended August 1, 2020, and August 3, 2019

7

f)

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

24

Item 4.

Controls and Procedures

24

Part II — Other Information

25

Item 1.

Legal Proceedings

25

Item 1A.

Risk Factors

25

Item 6.

Exhibits

26

Signatures

27

 

2


PART I — FINANCIAL INFORMATION

 

Item 1.    Financial Statements

 

Condensed Consolidated Balance Sheets

$ in millions, except per share amounts (unaudited)

August 1, 2020

February 1, 2020

August 3, 2019

Assets

Current assets

Cash and cash equivalents

$

5,305 

$

2,229 

$

1,289 

Short-term investments

-

-

320 

Receivables, net

906 

1,149 

966 

Merchandise inventories

4,136 

5,174 

5,208 

Other current assets

336 

305 

409 

Total current assets

10,683 

8,857 

8,192 

Property and equipment, net

2,277 

2,328 

2,361 

Operating lease assets

2,770 

2,709 

2,774 

Goodwill

986 

984 

965 

Other assets

696 

713 

686 

Total assets

$

17,412 

$

15,591 

$

14,978 

Liabilities and equity

Current liabilities

Accounts payable

$

6,613 

$

5,288 

$

5,045 

Unredeemed gift card liabilities

267 

281 

264 

Deferred revenue

699 

501 

468 

Accrued compensation and related expenses

253 

410 

343 

Accrued liabilities

893 

906 

799 

Current portion of operating lease liabilities

674 

660 

643 

Current portion of long-term debt

681 

14 

14 

Total current liabilities

10,080 

8,060 

7,576 

Long-term liabilities

716 

657 

640 

Long-term operating lease liabilities

2,206 

2,138 

2,230 

Long-term debt

632 

1,257 

1,247 

Contingencies (Note 10)

 

 

 

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 - 258 million, 256 million and 265 million shares, respectively

26 

26 

26 

Additional paid-in capital

83 

-

-

Retained earnings

3,413 

3,158 

2,965 

Accumulated other comprehensive income

256 

295 

294 

Total equity

3,778 

3,479 

3,285 

Total liabilities and equity

$

17,412 

$

15,591 

$

14,978 

NOTE: The Consolidated Balance Sheet as of February 1, 2020, 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

Six Months Ended

August 1, 2020

August 3, 2019

August 1, 2020

August 3, 2019

Revenue

$

9,910 

$

9,536 

$

18,472 

$

18,678 

Cost of sales

7,640 

7,253 

14,237 

14,226 

Gross profit

2,270 

2,283 

4,235 

4,452 

Selling, general and administrative expenses

1,702 

1,922 

3,437 

3,757 

Restructuring charges

-

48 

1 

48 

Operating income

568 

313 

797 

647 

Other income (expense)

Investment income and other

8 

10 

14 

24 

Interest expense

(15)

(16)

(32)

(34)

Earnings before income tax expense

561 

307 

779 

637 

Income tax expense

129 

69 

188 

134 

Net earnings

$

432 

$

238 

$

591 

$

503 

Basic earnings per share

$

1.67 

$

0.89 

$

2.28 

$

1.88 

Diluted earnings per share

$

1.65 

$

0.89 

$

2.26 

$

1.86 

Weighted-average common shares outstanding

Basic

259.5 

267.1 

259.0 

267.4 

Diluted

262.1 

269.4 

261.4 

270.9 

See Notes to Condensed Consolidated Financial Statements.

 

4


Condensed Consolidated Statements of Comprehensive Income

$ in millions (unaudited)

Three Months Ended

Six Months Ended

August 1, 2020

August 3, 2019

August 1, 2020

August 3, 2019

Net earnings

$

432 

$

238 

$

591 

$

503 

Foreign currency translation adjustments, net of tax

17 

5 

(35)

-

Cash flow hedges

(4)

-

(4)

-

Comprehensive income

$

445 

$

243 

$

552 

$

503 

See Notes to Condensed Consolidated Financial Statements.

 


5


Condensed Consolidated Statements of Cash Flows

$ in millions (unaudited)

Six Months Ended

August 1, 2020

August 3, 2019

Operating activities

Net earnings

$

591 

$

503 

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

Depreciation and amortization

414 

401 

Restructuring charges

1 

48 

Stock-based compensation

65 

74 

Deferred income taxes

13 

10 

Other, net

9 

9 

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

Receivables

232 

57 

Merchandise inventories

1,014 

199 

Other assets

(17)

(29)

Accounts payable

1,343