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cash flow

Statement of Cash Flows
2015 2014 2013 2012 2011
Operating Activities
Net Earnings 1,235 523 -420 22 1,366
Adjustments to reconcile net earnings (loss) to total cash provided by operating activities:
Depreciation 656 701 794 897 896
Amortization of definite-lived intngible assets 15 38 48 82
Restructuring charges 23 259 449 288 222
Goodwill impairments 822 1,207
(Gain) Loss on sale of business -1 143
Stock-based compensation 87 90 107 120 121
Realized gain on sale of investment -55
Deferred income taxes -297 -28 -19 28 -134
Excess tax benefits from stock-based compensation -11
Other, net 8 62 41 25 11
Changes in operating assets and liabilities:
Receivables -19 7 -551 41 -371
Merchandise inventories -141 597 -912 120 -400
Other assets 29 -70 -65 -24 40
Accounts payable 434 -986 1,735 574 -443
Other liabilities -164 -273 -339 -23 -156
Income taxes 85 54 -226 25 -33
Total cash provided by operating activities 1,935 1,094 1,454 3,293 1,190
Investing Activities
Additions to Property and Equipment -561 -547 -705 -766 -744
Purchases of investments -2804 -230 -13 -112 -267
Sales of investments 1,580 50 69 290 415
Acquisition of businesses, net of cash acquired -31 -174
Proceeds from sale of business, net of cash transferred 39 206 25 21
Change in Restricted Access 29 5 101 40 -2
Settlement of net investment hedges 12
Other, net 5 -1 16 -2 -4
Total cash used in investing activities -1,712 -517 -538 -722 -569
Financing Activities
Repurchase of common stock -122 -1,500 -1,193
Issuance of common stock under employee stock purchase plan and for the exercise of stock options 50 171 25 67 179
Dividends paid -251 -233 -224 -228 -237
Repayments of debt -24 -2,033 -1,614 -3,412 -3,120
Proceeds from issuance of debt 2,414 1,741 3,921 3,021
Payment to noncontrolling interest (Note 2) Acquisition of noncontrolling interests -1,303
Acquisition of noncontrolling interests -21
Excess tax benefits from stock-based compensation 11
Other, net 2 -17 -23 3
Total cash used in financing activities -223 319 -211 -2,478 -1,357
Effect of Exchange Rate Changes on Cash -52 -44 -4 5 13
Increase (Decrease) in Cash and Cash Equivalents -52 852 701 96 -723
Adjustment for Fiscal Year-end Change (Note 1) -74
Increase (Decrease) in Cash and Cash Equivalents After Adjustment -52 852 627
Cash and Cash Equivalents at Beginning of Year 2,678 1,826 1,199 1,103 1,826
Cash and Cash Equivalents at End of Year 2,678 2678 1,826 1,103 1,103
Less Cash and Cash Equivalents Held for Sale -194
Cash and Cash Equivalents at End of Period, Excluding Held for Sale 2,484 2,678 1,826 1,199 1,103
Supplemental Disclosure of Cash Flow Information
Income Taxes Paid 355 332 478 568 882
Interest Paid 81 82 106 89 89

balance sheet

Balance sheet (in 000,000's)
2015 2014 2013 2012 2011
Assets
Current assets
CCE 2,432 2,678 1,826 1,199 1,103
Net Receivables 1,280 1,308 2,704 2,288 2,348
Inventory 5,174 5,376 6,571 5,731 5,897
Other Current Assets 1,387 900 946 1,079 1,103
Total Current Assets 10,273 10,262 12,047 10,290 10,451
Long Term Investments - - - - -
PPE 2,462 2,598 3,270 3,471 3,823
Goodwill 425 425 528 1,335 2,454
Intangible Assets 57 101 420 499 316
Accumulated Amortization - - - - -
Other Assets 583 404 522 403 435
Deferred LT Asset Charges - -
Total Assets 13,800 13,790 16,787 16,005 15,027
Avg Total Assets 13,795 15,289 16,396 15,516 Balance Sheet'!B19='Income Statement'!B11/
Liabilities
Current Liabilities
A/P 6,414 6,586 6,951 5,364 489
Short/Current LT Debt 41 45 547 43 441
Other Current Liabilities 1,322 805 1,639 1,685 1,471
Total Current Liabilities 7,777 7,436 9,137 7,092 2,401
Long Term Debt 1,580 1,612 1,153 1,685 711
Other Liabilities 899 976 1,109 1,099 1,044
Total Liabilities 10,256 10,024 11,399 9,876 4,156
Stockholders Equity
Common Stock 35 35 34 34 39
Retained Earnings 4,141 3,159 2,860 3,621 6,370
Capital Surplus 437 300 112 90 18
Other Stockholder Equity 382 492 654 621 173
Total Stockholder Equity 4,995 3,986 3,660 4,366 6,600
Net Tangible Assets 4,513 3,460 3,060 3,745 6,370

income statement

2015 2014 2013 2012 2011
Revenue 40,339 40,611 38,252 50,705 49,747
COGS 31,292 31,212 29,228 38,113 37,197
Restructuring charges - COGS 1 19 9
Gross Profit 9,047 9,399 9,023 12,573 12,541
Selling, general and administrative expenses 7,592 8,106 7,905 10,242 10,029
Restructuring charges 5 149 414 39 138
Goodwill Impairments 614 1,207
Operating Income (EBIT) 1,450 1,144 90 1,085 2,374
Other Income (expense)
Gain on sale of investment 13 20 55
Investment income and other 14 19 13 37 43
Interest expense -90 -100 -99 -134 -86
Earnings From Continuing Operations before income tax expense 1,387 1,083 4 1,043 2,331
Income tax Expense 141 388 263 709 779
Equity in (loss) income of affiliates -4 2
Net Earnings (loss) from continuing operations 1,246 695 -259 330 1,554
Loss from discontinued operations (Note 2 & 3) -11 -172 -161 -188 -101
Net earnings (loss) including noncontrolling interests 1,235 523 -420 22 1,366
Net (earnings) from continuing operations attributable to noncontrolling interests -1,387 -127
Net (earnings) loss from discontinued operations attributable to noncontrolling interests -2 9 -21 134 38
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders 1,233 532 -441 -1,231 1,277

foreacsted income statement

2018 2017 2016 2015 2014 2013 2012 2011
Revenue 35373 36957 38611 40,339 40,611 38,252 50,705 49,747
COGS 28163 29169 30212 31,292 31,212 29,228 38,113 37,197
Restructuring charges - COGS 1 19 9
Gross Profit 7211 7787 8399 9,047 9,399 9,023 12,573 12,541
Selling, general and administrative expenses 6281 6691 7127 7,592 8,106 7,905 10,242 10,029
Restructuring charges 30 17 9 5 149 414 39 138
Goodwill Impairments 614 1,207
Operating Income (EBIT) 899 1080 1263 1,450 1,144 90 1,085 2,374
Other Income (expense)
Gain on sale of investment 13 20 55
Investment income and other 9 10 12 14 19 13 37 43
Interest expense -105 -100 -95 -90 -100 -99 -134 -86
Earnings From Continuing Operations before income tax expense 786 970 1156 1,387 1,083 4 1,043 2,331
Income tax Expense 67 86 110 141 388 263 709 779
Equity in (loss) income of affiliates -4 2
Net Earnings (loss) from continuing operations 719 885 1046 1,246 695 -259 330 1,554
Loss from discontinued operations (Note 2 & 3) -10 -10 -11 -11 -172 -161 -188 -101
Net earnings (loss) including noncontrolling interests 709 874 1035 1,235 523 -420 22 1,366
Net (earnings) from continuing operations attributable to noncontrolling interests -1,387 -127
Net (earnings) loss from discontinued operations attributable to noncontrolling interests -1 -1 -1 -2 9 -21 134 38
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders 709 873 1034 1,233 532 -441 -1,231 1,277

ratios

Stock Price = BEST BUY INC INDUSTRY: RETAIL-CONS ETC
34.35
2015 2014 2013 2012 2011 Y 1-5 Average Target Walmart Home Depot Industry Average
Long-Term Debt 1,580 1,612 1,153 1,685 711 1,348 Long-Term Debt 12705 43692 16869 24422
Times Interest Earned 16.11 11.44 0.91 8.1 27.6 12.83 Times Interest Earned 5.14 11.08 13.019 9.75
Debt-Equity Ratio 0.316 0.404 0.315 0.386 0.108 0.306 Debt-Equity Ratio 0.908 0.537 1.81 1.085
Total Debt Ratio 0.743 0.727 0.679 0.617 0.277 0.609 Total Debt Ratio 0.6619 0.6004 0.7666 0.6763
L/A
Cash Coverage Ratio 23.4 18.45 8.93 14.79 38.02 20.72 Cash Coverage Ratio 7.556 14.804 15.171 12.51
Net Working Capital 0.181 0.205 0.173 0.2 0.536 0.259 Net Working Capital 0.057 -0.01 0.101 0.049
Financial Ratios = Liquidity Financial Ratios = Liquidity
Liquidity Ratios: Liquidity Ratios:
Current Ratio 1.321 1.38 1.318 1.451 4.353 1.965 Current Ratio 1.2 0.969 1.358 1.176
Quick Ratio 0.877 0.893 0.82 0.81 1.95 1.07 Quick Ratio 0.686 0.244 0.285 0.405
Cash Ratio 0.313 0.36 0.271 0.135 0.127 0.241 Cash Ratio 0.19 0.14 0.15 0.16
Efficiency Ratios: Efficiency Ratios:
Asset Turnover Ratio 2.92 2.94 2.28 3.17 3.31 2.93 Asset Turnover Ratio 1.69 2.38 2.07 2.047
Average Collection Period 11.58 11.76 25.8 16.47 17.23 16.57 Average Collection Period 29.764 5.094 6.512 13.79
Inventory Turnover 6.048 5.806 4.448 6.65 6.308 5.852 Inventory Turnover 5.834 8.088 4.894 6.272
Profitability Ratios: Profitability Ratios:
Net Profit Margin 3.06% 1.31% -1.15% -2.43% 2.57% 0.67% Net Profit Margin 3.37% 3.33% 7.63% 4.78%
Gross Profit Margin 28.91% 30.11% 30.87% 33.04% 33.74% 31.34% Gross Profit Margin 26.45% 24.83% 32.83% 28.04%
Operating Profit Margin 3.28% 1.56% -0.89% -2.16% 2.74% 0.90% Operating Profit Margin 6.62% 5.59% 12.63% 8.28%
Operating Profit 1,450 1,144 90 1,085 2,374 1,229 Operating Profit
Return on Assets (ROA) 8.93% 3.86% -2.63% -7.69% 8.50% 2.19% Return on Assets (ROA) 5.70% 7.92% 15.77% 9.80%
Operating ROA 10.51% 7.48% 0.55% 6.99% - 6.38% Operating ROA 10.55% 11.36% 27.02% 16.31%
Return on Equity 24.68% 13.35% -12.05% -28.20% 19.35% 3.43% Return on Equity 16.20% 20.53% 58.09% 31.61%
Du Pont Formula 8.93% 3.86% -2.63% -7.69% 8.50% 2.19% Du Pont Formula 5.70% 7.92% 15.77% 9.80%

forecasted balance sheet

Balance sheet (in 000,000's) Growth
2018 2017 2016 2015 2014 2013 2012 2011 2015 2014 2013 2012 Average Growth
Assets
Current assets
CCE 4707 3777 3031 2,432 2,678 1,826 1,199 1,103 -0.0919 0.4666 0.5229 0.087 0.2462
Net Receivables 948 1048 1158 1,280 1,308 2,704 2,288 2,348 -0.0214 -0.5163 0.1818 -0.0256 -0.0954
Inventory 4792 4916 5043 5,174 5,376 6,571 5,731 5,897 -0.0376 -0.1819 0.1466 -0.0281 -0.0253
Other Current Assets 1781 1638 1507 1,387 900 946 1,079 1,103 0.5411 -0.0486 -0.1233 -0.0218 0.0869
Total Current Assets 12227 11379 10739 10,273 10,262 12,047 10,290 10,451 0.0011 -0.1482 0.1707 -0.0154 0.0021
Long Term Investments - - - - -
PPE 1783 1986 2211 2,462 2,598 3,270 3,471 3,823 -0.0523 -0.2055 -0.0579 -0.0921 -0.102
Goodwill 137 200 292 425 425 528 1,335 2,454 0 -0.1951 -0.6045 -0.456 -0.3139
Intangible Assets 30 37 46 57 101 420 499 316 -0.4356 -0.7595 -0.1583 0.5791 -0.1936
Accumulated Amortization - - - - -
Other Assets 797 718 647 583 404 522 403 435 0.4431 -0.2261 0.2953 -0.0736 0.1097
Deferred LT Asset Charges - -
Total Assets 14974 14319 13935 13,800 13,790 16,787 16,005 15,027 0.0007 -0.1785 0.0489 0.0651 -0.016
Avg Total Assets 14,647 14,127 13,867 13,795 15,289 16,396 15,516 -0.0977 -0.0675 0.0567 -0.0362
Liabilities
Current Liabilities
A/P 5924 6083 6246 6,414 6,586 6,951 5,364 489 -0.0261 -0.0525 0.2959 9.9693 2.5466
Short/Current LT Debt 445 129 37 41 45 547 43 441 -0.0889 -0.9177 11.7209 -0.9025 2.453
Other Current Liabilities 1587 1494 1405 1,322 805 1,639 1,685 1,471 0.6422 -0.5088 -0.0273 0.1455 0.0629
Total Current Liabilities 7957 7706 7689 7,777 7,436 9,137 7,092 2,401 0.0459 -0.1862 0.2884 1.9538 0.5255
Long Term Debt 3958 2914 2146 1,580 1,612 1,153 1,685 711 -0.0199 0.3981 -0.3157 1.3699 0.3581
Other Liabilities 810 838 868 899 976 1,109 1,099 1,044 -0.0789 -0.1199 0.0091 0.0527 -0.0343
Total Liabilities 12725 11459 10703 10,256 10,024 11,399 9,876 4,156 0.0231 -0.1206 0.1542 1.3763 0.3583
Stockholders Equity
Common Stock 32 33 34 35 35 34 34 39 0 0.0294 0 -0.1282 -0.0247
Retained Earnings 3477 3686 3907 4,141 3,159 2,860 3,621 6,370 0.3109 0.1045 -0.2102 -0.4316 -0.0566
Capital Surplus 1351 927 637 437 300 112 90 18 0.4567 1.6786 0.2444 4 1.5949
Other Stockholder Equity 1403 909 589 382 492 654 621 173 -0.2236 -0.2477 0.0531 2.5896 0.5429
Total Stockholder Equity 6263 5556 5167 4,995 3,986 3,660 4,366 6,600 0.2531 0.0891 -0.1617 -0.3385 -0.0395
Net Tangible Assets 6462 5903 5536 4,513 3,460 3,060 3,745 6,370 0.3043 0.1307 -0.1829 -0.4121 -0.04

Sheet7