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 2020-05-02 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 2020-07-21 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 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-10.2 bby-20200502xex10_2.htm
EX-10.3 bby-20200502xex10_3.htm
EX-31.1 bby-20200502xex31_1.htm
EX-31.2 bby-20200502xex31_2.htm
EX-32.1 bby-20200502xex32_1.htm
EX-32.2 bby-20200502xex32_2.htm

Best Buy Earnings 2020-05-02

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

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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 May 2, 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 258,309,045 shares of common stock outstanding as of May 22, 2020. 



BEST BUY CO., INC.

FORM 10-Q FOR THE QUARTER ENDED MAY 2, 2020

TABLE OF CONTENTS

Part I — Financial Information

3

Item 1.

Financial Statements

3

a)

Condensed Consolidated Balance Sheets as of May 2, 2020, February 1, 2020, and May 4, 2019

3

b)

Condensed Consolidated Statements of Earnings for the three months ended May 2, 2020, and May 4, 2019

4

c)

Condensed Consolidated Statements of Comprehensive Income for the three months ended May 2, 2020, and May 4, 2019

5

d)

Condensed Consolidated Statements of Cash Flows for the three months ended May 2, 2020, and May 4, 2019

6

e)

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended May 2, 2020, and May 4, 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

24

Item 1.

Legal Proceedings

24

Item 1A.

Risk Factors

24

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

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)

May 2, 2020

February 1, 2020

May 4, 2019

Assets

Current assets

Cash and cash equivalents

$

3,919 

$

2,229 

$

1,561 

Receivables, net

749 

1,149 

833 

Merchandise inventories

3,993 

5,174 

5,195 

Other current assets

335 

305 

425 

Total current assets

8,996 

8,857 

8,014 

Property and equipment, net

2,291 

2,328 

2,334 

Operating lease assets

2,631 

2,709 

2,708 

Goodwill

986 

984 

915 

Other assets

701 

713 

579 

Total assets

$

15,605 

$

15,591 

$

14,550 

Liabilities and equity

Current liabilities

Accounts payable

$

4,428 

$

5,288 

$

4,718 

Unredeemed gift card liabilities

257 

281 

265 

Deferred revenue

531 

501 

409 

Accrued compensation and related expenses

213 

410 

275 

Accrued liabilities

769 

906 

851 

Short-term debt

1,250 

-

-

Current portion of operating lease liabilities

683 

660 

639 

Current portion of long-term debt

673 

14 

14 

Total current liabilities

8,804 

8,060 

7,171 

Long-term liabilities

694 

657 

659 

Long-term operating lease liabilities

2,076 

2,138 

2,173 

Long-term debt

621 

1,257 

1,193 

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 - 257 million, 256 million and 267 million shares, respectively

26 

26 

27 

Additional paid-in capital

15 

-

-

Retained earnings

3,126 

3,158 

3,038 

Accumulated other comprehensive income

243 

295 

289 

Total equity

3,410 

3,479 

3,354 

Total liabilities and equity

$

15,605 

$

15,591 

$

14,550 

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

May 2, 2020

May 4, 2019

Revenue

$

8,562 

$

9,142 

Cost of sales

6,597 

6,973 

Gross profit

1,965 

2,169 

Selling, general and administrative expenses

1,735 

1,835 

Restructuring charges

1 

-

Operating income

229 

334 

Other income (expense):

Investment income and other

6 

14 

Interest expense

(17)

(18)

Earnings before income tax expense

218 

330 

Income tax expense

59 

65 

Net earnings

$

159 

$

265 

Basic earnings per share

$

0.61 

$

0.99 

Diluted earnings per share

$

0.61 

$

0.98 

Weighted-average common shares outstanding

Basic

258.3 

267.6 

Diluted

260.4 

271.5 

See Notes to Condensed Consolidated Financial Statements.

 

4


Condensed Consolidated Statements of Comprehensive Income

$ in millions (unaudited)

Three Months Ended

May 2, 2020

May 4, 2019

Net earnings

$

159 

$

265 

Foreign currency translation adjustments, net of tax

(52)

(5)

Comprehensive income

$

107 

$

260 

See Notes to Condensed Consolidated Financial Statements.

 


5


Condensed Consolidated Statements of Cash Flows

$ in millions (unaudited)

Three Months Ended

May 2, 2020

May 4, 2019

Operating activities

Net earnings

$

159 

$

265 

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

Depreciation and amortization

207 

200 

Stock-based compensation

15 

36 

Deferred income taxes

15 

13 

Other, net

6 

1 

Changes in operating assets and liabilities:

Receivables

383 

182 

Merchandise inventories

1,136 

207 

Other assets

(12)

(14)

Accounts payable

(816)

(519)

Income taxes

31 

10 

Other liabilities

(297)

(379)

Total cash provided by operating activities

827 

2 

Investing activities

Additions to property and equipment

(178)

(193)

Other, net

(1)

1 

Total cash used in investing activities

(179)

(192)

Financing activities

Repurchase of common stock

(62)

(98)

Dividends paid

(141)

(134)

Borrowings of debt

1,250 

-

Other, net

2 

6 

Total cash provided by (used in) financing activities

1,049 

(226)

Effect of exchange rate changes on cash and cash equivalents

(18)

(1)

Increase (decrease) in cash, cash equivalents and restricted cash

1,679 

(417)

Cash, cash equivalents and restricted cash at beginning of period

2,355 

2,184 

Cash, cash equivalents and restricted cash at end of period

$

4,034 

$

1,767 

See Notes to Condensed Consolidated Financial Statements.


6


Condensed Consolidated Statements of Changes in Shareholders' Equity

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

Common Shares

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Total

Balances at February 1, 2020

256 

$

26 

$

-

$

3,158 

$

295 

$

3,479 

Net earnings, three months ended May 2, 2020

-

-

-

159 

-

159 

Other comprehensive loss, net of tax: