Excel - 2
INCOME STATEMENT
| Best Buy Co., Inc. | ||||||
| Consolidated Statements of Earnings | ||||||
| $ and shares in millions, except per share amounts | ||||||
| BBY | ||||||
| Retail industry | ||||||
| Products: Consumer electronics and appliances | ||||||
| Competitors: WalMart, Target, Costco, Amazon, Sears and Staples | ||||||
| Fiscal Years Ended | 1-Feb-20 | 2-Feb-19 | 3-Feb-18 | |||
| Revenue | $ | 43,638 | $ | 42,879 | $ | 42,151 |
| Cost of sales | 33,590 | 32,918 | 32,275 | |||
| Gross profit | $ 10,048.0 | $ 9,961 | $ 9,876.00 | |||
| Selling, general and administrative expenses | 7,998 | 8,015 | 8,023 | |||
| Restructuring charges | 41 | 46 | 10 | |||
| Operating income | $ 2,009 | $ 1,900 | 1843 | |||
| Other income (expense): | ||||||
| Gain on sale of investments | 1 | 12 | 1 | |||
| Investment income and other | 47 | 49 | 48 | |||
| Interest expense | -64 | -73 | -75 | |||
| Earnings from continuing operations before income tax expense | $ 1,993 | $ 1,888 | $ 1,817 | |||
| Income tax expense | 452 | 424 | 818 | |||
| Net earnings from continuing operations | $ 1,541 | $ 1,464 | $ 999 | |||
| Gain from discontinued operations, net of $0 tax expense | - | - | 1 | |||
| Net earnings | $ | $ 1,541 | $ | $ 1,464 | $ | $ 1,000 |
BALANCE SHEET
| Best Buy Co., Inc. | ||||
| Consolidated Balance Sheets | ||||
| $ in millions, except per share and share amounts | ||||
| BBY | ||||
| Retail industry | ||||
| Products: Consumer electronics and appliances | ||||
| Competitors: WalMart, Target, Costco, Amazon, Sears and Staples | ||||
| 1-Feb-20 | 2-Feb-19 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 2,229 | $ | 1,980 |
| Receivables, net | 1,149 | 1,015 | ||
| Merchandise inventories | 5,174 | 5,409 | ||
| Other current assets | 305 | 466 | ||
| Total current assets | $ 8,857 | $ 8,870 | ||
| Property and equipment | ||||
| Land and buildings | 650 | 637 | ||
| Leasehold improvements | 2,203 | 2,119 | ||
| Fixtures and equipment | 6,286 | 5,865 | ||
| Property under capital and financing leases | - | 579 | ||
| Property under finance leases | 89 | - | ||
| Gross property and equipment | $ 9,228 | $ 9,200 | ||
| Less accumulated depreciation | 6,900 | 6,690 | ||
| Net property and equipment | $ 2,328 | $ 2,510 | ||
| Operating lease assets | 2,709 | - | ||
| Goodwill | 984 | 915 | ||
| Other assets | 713 | 606 | ||
| Total assets | $ | 15591 | $ | 12901 |
| Liabilities and equity | ||||
| Current liabilities | ||||
| Accounts payable | $ | 5,288 | $ | 5,257 |
| Unredeemed gift card liabilities | 281 | 290 | ||
| Deferred revenue | 501 | 446 | ||
| Accrued compensation and related expenses | 410 | 482 | ||
| Accrued liabilities | 906 | 982 | ||
| Current portion of operating lease liabilities | 660 | - | ||
| Current portion of long-term debt | 14 | 56 | ||
| Total current liabilities | 8060 | 7513 | ||
| Long-term operating lease liabilities | 2,138 | - | ||
| Long-term liabilities | 657 | 750 | ||
| Long-term debt | 1,257 | 1,332 | ||
| Contingencies and commitments (Note 13) | ||||
| Equity | ||||
| Best Buy Co., Inc. Shareholders' 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 256,494,000 and 265,703,000 shares, respectively | 26 | 27 | ||
| Additional paid-in capital | - | - | ||
| Retained earnings | 3,158 | 2,985 | ||
| Accumulated other comprehensive income | 295 | 294 | ||
| Total equity | 3479 | 3306 | ||
| Total liabilities and equity | $ | 15591 | $ | 12901 |
CASH FLOW
| Best Buy Co., Inc. | ||||||
| Consolidated Statements of Cash Flows | ||||||
| $ in millions | ||||||
| BBY | ||||||
| Retail industry | ||||||
| Products: Consumer electronics and appliances | ||||||
| Competitors: WalMart, Target, Costco, Amazon, Sears and Staples | ||||||
| Fiscal Years Ended | 1-Feb-20 | 2-Feb-19 | 3-Feb-18 | |||
| Operating activities | ||||||
| Net earnings | $ | 1,541 | $ | 1,464 | $ | 1,000 |
| Adjustments to reconcile net earnings to total cash provided by operating activities: | ||||||
| Depreciation and amortization | 812 | 770 | 683 | |||
| Restructuring charges | 41 | 46 | 10 | |||
| Stock-based compensation | 143 | 123 | 129 | |||
| Deferred income taxes | 70 | 10 | 162 | |||
| Other, net | 21 | -25 | -13 | |||
| Changes in operating assets and liabilities, net of acquired assets and liabilities: | ||||||
| Receivables | -131 | 28 | 315 | |||
| Merchandise inventories | 237 | -194 | -335 | |||
| Other assets | 16 | -34 | -21 | |||
| Accounts payable | 47 | 432 | -196 | |||
| Income taxes | -132 | 22 | 290 | |||
| Other liabilities | -100 | -234 | 117 | |||
| Total cash provided by operating activities | 2565 | 2408 | 2,141 | |||
| Investing activities | ||||||
| Additions to property and equipment, net of $10, $53 and $123, respectively, of non-cash capital expenditures | -743 | -819 | -688 | |||
| Purchases of investments | -330 | - | -4,325 | |||
| Sales of investments | 322 | 2,098 | 4,018 | |||
| Acquisitions, net of cash acquired | -145 | -787 | - | |||
| Other, net | 1 | 16 | -7 | |||
| Total cash provided by (used in) investing activities | -895 | 508 | -1,002 | |||
| Financing activities | ||||||
| Repurchase of common stock | -1,003 | -1,505 | -2,004 | |||
| Issuance of common stock | 48 | 38 | 163 | |||
| Dividends paid | -527 | -497 | -409 | |||
| Borrowings of debt | - | 498 | - | |||
| Repayments of debt | -15 | -546 | -46 | |||
| Other, net | -1 | -6 | -1 | |||
| Total cash used in financing activities | -1,498 | -2,018 | -2,297 | |||
| Effect of exchange rate changes on cash | -1 | -14 | 25 | |||
| Increase (decrease) in cash, cash equivalents and restricted cash | 171 | 884 | -1,133 | |||
| Cash, cash equivalents and restricted cash at beginning of period | 2,184 | 1,300 | 2,433 | |||
| Cash, cash equivalents and restricted cash at end of period | $ | 2355 | $ | 2184 | $ | 1300 |
| References | ||||||
| Best Buy Co., Inc. (2020). Best Buy Co., Inc. (BBY). Yahoo Finance - Stock Market Live, Quotes, Business & Finance News. https://finance.yahoo.com/quote/BBY/cash-flow?p=BBY | ||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION. (2020, February 1). Inline XBRL viewer. SEC.gov. https://www.sec.gov/ix?doc=/Archives/edgar/data/764478/000076447820000017/bby-20200201x10k.htm |