Comparable Sales Declined 10.1%
GAAP Diluted EPS of $1.11
Non-GAAP Diluted EPS of $1.15
FY24 Financial Guidance Remains
Unchanged
Best Buy Co., Inc. (NYSE: BBY) today announced results for the
13-week first quarter ended April 29, 2023 (“Q1 FY24”), as compared
to the 13-week first quarter ended April 30, 2022 (“Q1 FY23”).
Q1 FY24
Q1 FY23
Revenue ($ in millions)
Enterprise
$
9,467
$
10,647
Domestic segment
$
8,801
$
9,894
International segment
$
666
$
753
Enterprise comparable sales % change1
(10.1)
%
(8.0)
%
Domestic comparable sales % change1
(10.4)
%
(8.5)
%
Domestic comparable online sales %
change1
(12.1)
%
(14.9)
%
International comparable sales %
change1
(5.5)
%
(1.4)
%
Operating Income
GAAP operating income as a % of
revenue
3.3
%
4.3
%
Non-GAAP operating income as a % of
revenue
3.4
%
4.6
%
Diluted Earnings per Share
("EPS")
GAAP diluted EPS
$
1.11
$
1.49
Non-GAAP diluted EPS
$
1.15
$
1.57
For GAAP to non-GAAP reconciliations of the measures referred to
in the above table, please refer to the attached supporting
schedule.
“Today we are reporting Q1 sales results that are right in line
with the expectations we shared in March and profitability that was
better than expected, demonstrating our strong operational
execution,” said Corie Barry, Best Buy CEO. “We continue to
appropriately balance the need to adjust in response to the current
industry sales trends with the need to invest so we can capitalize
on opportunities as our industry moves through this downturn and
returns to growth.”
“In this environment, customers are clearly feeling cautious and
making tradeoff decisions as they continue to deal with high
inflation and low consumer confidence due to a number of factors,”
continued Barry. “At the same time, in the first quarter, we
continued to see our purchasing customer behavior remain relatively
consistent in terms of demographics and the percentage of purchases
categorized as premium. In addition, our focus on being there for
our customers with expertise and support was highlighted by
material improvements in customer satisfaction scores for our
in-home services and delivery, and record scores in remote support,
in-home repair, store care, and Best Buy Totaltech call center
experiences – all key differentiators for us.”
FY24 Financial Guidance
“Our sales performance in the first quarter aligned with our
expectations and we are maintaining the full year guidance we
provided this past March,” said Matt Bilunas, Best Buy CFO. “As a
reminder, our guidance assumed the consumer electronics industry
would continue to feel the pressure of the broader macro
environment and a high degree of uncertainty as it relates to the
consumer.”
“As we enter the second quarter, we expect our comparable sales
to decline in the range of 6% to 8% and our non-GAAP operating
income rate to be approximately 3% or slightly higher,” Bilunas
continued. “Given the current environment, we are of course
preparing for a number of scenarios within our annual guidance
range. At this point, we believe our sales align closer to the
midpoint of the annual comparable sales guidance. It is still early
in the year, so we will continue to watch the trends closely and
adjust as necessary.”
Best Buy’s guidance for FY24, which includes 53 weeks, remains
unchanged from last quarter and is the following:
- Revenue of $43.8 billion to $45.2 billion
- Comparable sales decline of 3.0% to 6.0%
- Enterprise non-GAAP operating income rate2 of 3.7% to 4.1%
- Non-GAAP effective income tax rate2 of approximately 24.5%
- Non-GAAP diluted EPS2 of $5.70 to $6.50
- Capital expenditures of approximately $850 million
Note: Incorporated in the above guidance, the 53rd week is
expected to add approximately $700 million of revenue to Q4 FY24
and provide a benefit of approximately 10 basis points to the
company’s full year non-GAAP operating income rate.2
Domestic Segment Q1 FY24
Results
Domestic Revenue
Domestic revenue of $8.80 billion decreased 11.0% versus last
year primarily driven by a comparable sales decline of 10.4%.
From a merchandising perspective, the largest drivers of the
comparable sales decline on a weighted basis were computing,
appliances, home theater and mobile phones. These drivers were
partially offset by growth in the gaming and services
categories.
Domestic online revenue of $2.69 billion decreased 12.1% on a
comparable basis, and as a percentage of total Domestic revenue,
online revenue was 30.5% versus 30.9% last year.
Domestic Gross Profit Rate
Domestic gross profit rate was 22.6% versus 21.9% last year. The
higher gross profit rate was primarily due to: (1) improved
financial performance from the company’s membership offerings,
which included higher services margin rates and reduced costs
associated with program changes made to the company’s free
membership offering; (2) favorable product margin rates; and (3)
the profit-sharing revenue from the company’s private label and
co-branded credit card arrangement.
Domestic Selling, General and Administrative Expenses
(“SG&A”)
Domestic GAAP SG&A was $1.71 billion, or 19.4% of revenue,
versus $1.74 billion, or 17.6% of revenue, last year. On a non-GAAP
basis, SG&A was $1.69 billion, or 19.2% of revenue, versus
$1.72 billion, or 17.4% of revenue, last year. Both GAAP and
non-GAAP SG&A decreased primarily due to reduced store payroll
and advertising expense, which was partially offset by higher
incentive compensation and depreciation expense.
International Segment Q1 FY24
Results
International Revenue
International revenue of $666 million decreased 11.6% versus
last year. This decrease was primarily driven by the negative
impact of approximately 610 basis points from foreign currency
exchange rates and a comparable sales decline of 5.5%.
International Gross Profit Rate
International gross profit rate was 23.7% versus 24.3% last
year. The lower gross profit rate was primarily driven by a lower
mix of revenue from the higher margin rate services category.
International SG&A
International SG&A was $138 million, or 20.7% of revenue,
versus $149 million, or 19.8% of revenue, last year. SG&A
decreased primarily due to the impact of foreign currency exchange
rates and lower store payroll expense, which was partially offset
by higher incentive compensation.
Share Repurchases and
Dividends
In Q1 FY24, the company returned a total of $281 million to
shareholders through dividends of $202 million and share
repurchases of $79 million.
Today, the company announced its board of directors has
authorized the payment of a regular quarterly cash dividend of
$0.92 per common share. The quarterly dividend is payable on July
6, 2023, to shareholders of record as of the close of business on
June 15, 2023.
Conference Call
Best Buy is scheduled to conduct an earnings conference call at
8:00 a.m. Eastern Time (7:00 a.m. Central Time) on May 25, 2023. A
webcast of the call is expected to be available at www.investors.bestbuy.com, both live and
after the call.
Notes:
(1) The method of calculating comparable sales varies across the
retail industry. As a result, our method of calculating comparable
sales may not be the same as other retailers’ methods. For
additional information on comparable sales, please see our most
recent Annual Report on Form 10-K, and our subsequent Quarterly
Reports on Form 10-Q, filed with the Securities and Exchange
Commission (“SEC”), and available at www.investors.bestbuy.com.
(2) A reconciliation of the projected non-GAAP operating income
rate, non-GAAP effective income tax rate and non-GAAP diluted EPS,
which are forward-looking non-GAAP financial measures, to the most
directly comparable GAAP financial measures, is not provided
because the company is unable to provide such reconciliation
without unreasonable effort. The inability to provide a
reconciliation is due to the uncertainty and inherent difficulty
predicting the occurrence, the financial impact and the periods in
which the non-GAAP adjustments may be recognized. These GAAP
measures may include the impact of such items as restructuring
charges; price-fixing settlements; goodwill impairments; gains and
losses on investments; intangible asset amortization; certain
acquisition-related costs; and the tax effect of all such items.
Historically, the company has excluded these items from non-GAAP
financial measures. The company currently expects to continue to
exclude these items in future disclosures of non-GAAP financial
measures and may also exclude other items that may arise
(collectively, “non-GAAP adjustments”). The decisions and events
that typically lead to the recognition of non-GAAP adjustments,
such as a decision to exit part of the business or reaching
settlement of a legal dispute, are inherently unpredictable as to
if or when they may occur. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to future results.
Forward-Looking and Cautionary Statements:
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 as
contained in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements
reflect management’s current views and estimates regarding future
market conditions, company performance and financial results,
operational investments, business prospects, new strategies, the
competitive environment and other events. You can identify these
statements by the fact that they use words such as "anticipate,"
“appear,” “approximate,” "assume," "believe," “continue,” “could,”
"estimate," "expect," “foresee,” "guidance," "intend," “may,”
“might,” "outlook," "plan," “possible,” "project" “seek,” “should,”
“would,” and other words and terms of similar meaning or the
negatives thereof. Such statements reflect our current views and
estimates with respect to future market conditions, company
performance and financial results, operational investments,
business prospects, our operating model, new strategies and growth
initiatives, the competitive environment, consumer behavior and
other events. These statements involve a number of judgments and
are subject to certain risks and uncertainties, many of which are
outside the control of the Company, that could cause actual results
to differ materially from the potential results discussed in such
forward-looking statements. Readers should review Item 1A, Risk
Factors, of our most recent Annual Report on Form 10-K, and any
updated information in subsequent Quarterly Reports on Form 10-Q,
for a description of important factors that could cause our actual
results to differ materially from those contemplated by the
forward-looking statements made in this release. Among the factors
that could cause actual results and outcomes to differ materially
from those contained in such forward-looking statements are the
following: macroeconomic pressures in the markets in which we
operate (including but not limited to the effects of COVID-19,
recession, inflation rates, fluctuations in foreign currency
exchange rates, limitations on a government’s ability to borrow
and/or spend capital, fluctuations in housing prices, energy
markets, and jobless rates and effects related to the conflict in
Ukraine or other geopolitical events); catastrophic events, health
crises and pandemics (including the COVID-19 pandemic);
susceptibility of the products we sell to technological
advancements, product life cycle fluctuations and changes in
consumer preferences; competition (including from multi-channel
retailers, e-commerce business, technology service providers,
traditional store-based retailers, vendors and mobile network
carriers and in the provision of delivery speed and options); our
ability to attract and retain qualified employees; changes in
market compensation rates; our expansion into health and new
products, services and technologies; our focus on services as a
strategic priority; our reliance on key vendors and mobile network
carriers (including product availability); our ability to maintain
positive brand perception and recognition; our ability to
effectively manage strategic ventures, alliances or acquisitions;
our ability to effectively manage our real estate portfolio;
inability of vendors or service providers to perform components our
supply chain (impacting our stores or other aspects of our
operations) and other various functions of our business; risks
arising from and potentially unique to our exclusive brands
products; our reliance on our information technology systems,
internet and telecommunications access and capabilities; our
ability to prevent or effectively respond to a cyber-attack,
privacy or security breach; product safety and quality concerns;
changes to labor or employment laws or regulations; risks arising
from statutory, regulatory and legal developments (including
statutes and/or regulations related to tax or privacy); evolving
corporate governance and public disclosure regulations and
expectations (including, but not limited to, cybersecurity and
environmental, social and governance matters); risks arising from
our international activities (including those related to the
conflict in Ukraine or fluctuations in foreign currency exchange
rates) and those of our vendors; failure to effectively manage our
costs; our dependence on cash flows and net earnings generated
during the fourth fiscal quarter; pricing investments and
promotional activity; economic or regulatory developments that
might affect our ability to provide attractive promotional
financing; constraints in the capital markets; changes to our
vendor credit terms; changes in our credit ratings; failure to meet
financial-performance guidance or other forward-looking statements;
and general economic uncertainty in key global markets and
worsening of global economic conditions or low levels of economic
growth. We caution that the foregoing list of important factors is
not complete. Any forward-looking statements speak only as of the
date they are made and we assume no obligation to update any
forward-looking statement that we may make.
BEST BUY CO., INC.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
($ and shares in millions, except
per share amounts)
(Unaudited and subject to
reclassification)
Three Months Ended
April 29, 2023
April 30, 2022
Revenue
$
9,467
$
10,647
Cost of sales
7,317
8,294
Gross profit
2,150
2,353
Gross profit %
22.7
%
22.1
%
Selling, general and administrative
expenses
1,848
1,890
SG&A %
19.5
%
17.8
%
Restructuring charges
(9)
1
Operating income
311
462
Operating income %
3.3
%
4.3
%
Other income (expense):
Investment income (expense) and other
21
(5)
Interest expense
(12)
(6)
Earnings before income tax expense and
equity in loss of affiliates
320
451
Income tax expense
75
110
Effective tax rate
23.3
%
24.4
%
Equity in loss of affiliates
(1)
-
Net earnings
$
244
$
341
Basic earnings per share
$
1.11
$
1.50
Diluted earnings per share
$
1.11
$
1.49
Weighted-average common shares
outstanding:
Basic
218.9
226.8
Diluted
219.9
228.4
BEST BUY CO., INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
($ in millions)
(Unaudited and subject to
reclassification)
April 29, 2023
April 30, 2022
Assets
Current assets:
Cash and cash equivalents
$
1,030
$
640
Receivables, net
860
804
Merchandise inventories
5,219
6,258
Other current assets
653
613
Total current assets
7,762
8,315
Property and equipment, net
2,321
2,251
Operating lease assets
2,694
2,704
Goodwill
1,383
1,385
Other assets
528
596
Total assets
$
14,688
$
15,251
Liabilities and equity
Current liabilities:
Accounts payable
$
4,874
$
5,492
Unredeemed gift card liabilities
256
284
Deferred revenue
1,015
1,101
Accrued compensation and related
expenses
364
336
Accrued liabilities
759
771
Current portion of operating lease
liabilities
625
636
Current portion of long-term debt
15
15
Total current liabilities
7,908
8,635
Long-term operating lease liabilities
2,128
2,121
Long-term liabilities
704
558
Long-term debt
1,155
1,170
Equity
2,793
2,767
Total liabilities and equity
$
14,688
$
15,251
BEST BUY CO., INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
($ in millions)
(Unaudited and subject to
reclassification)
Three Months Ended
April 29, 2023
April 30, 2022
Operating activities
Net earnings
$
244
$
341
Adjustments to reconcile net earnings to
total cash used in operating activities:
Depreciation and amortization
237
224
Restructuring charges
(9)
1
Stock-based compensation
38
39
Other, net
14
12
Changes in operating assets and
liabilities:
Receivables
279
238
Merchandise inventories
(86)
(297)
Other assets
(17)
4
Accounts payable
(790)
(1,296)
Income taxes
46
63
Other liabilities
(287)
(713)
Total cash used in operating
activities
(331)
(1,384)
Investing activities
Additions to property and equipment
(204)
(215)
Other, net
-
2
Total cash used in investing
activities
(204)
(213)
Financing activities
Repurchase of common stock
(79)
(455)
Dividends paid
(202)
(199)
Other, net
-
4
Total cash used in financing
activities
(281)
(650)
Effect of exchange rate changes on cash
and cash equivalents
(5)
2
Decrease in cash, cash equivalents and
restricted cash
(821)
(2,245)
Cash, cash equivalents and restricted
cash at beginning of period
2,253
3,205
Cash, cash equivalents and restricted
cash at end of period
$
1,432
$
960
BEST BUY CO., INC.
SEGMENT INFORMATION
($ in millions)
(Unaudited and subject to
reclassification)
Three Months Ended
Domestic Segment Results
April 29, 2023
April 30, 2022
Revenue
$
8,801
$
9,894
Comparable sales % change
(10.4)
%
(8.5)
%
Comparable online sales % change
(12.1)
%
(14.9)
%
Gross profit
$
1,992
$
2,170
Gross profit as a % of revenue
22.6
%
21.9
%
SG&A
$
1,710
$
1,741
SG&A as a % of revenue
19.4
%
17.6
%
Operating income
$
290
$
429
Operating income as a % of revenue
3.3
%
4.3
%
Domestic Segment Non-GAAP
Results1
Gross profit
$
1,992
$
2,170
Gross profit as a % of revenue
22.6
%
21.9
%
SG&A
$
1,690
$
1,719
SG&A as a % of revenue
19.2
%
17.4
%
Operating income
$
302
$
451
Operating income as a % of revenue
3.4
%
4.6
%
Three Months Ended
International Segment Results
April 29, 2023
April 30, 2022
Revenue
$
666
$
753
Comparable sales % change
(5.5)
%
(1.4)
%
Gross profit
$
158
$
183
Gross profit as a % of revenue
23.7
%
24.3
%
SG&A
$
138
$
149
SG&A as a % of revenue
20.7
%
19.8
%
Operating income
$
21
$
33
Operating income as a % of revenue
3.2
%
4.4
%
International Segment Non-GAAP
Results1
Gross profit
$
158
$
183
Gross profit as a % of revenue
23.7
%
24.3
%
SG&A
$
138
$
149
SG&A as a % of revenue
20.7
%
19.8
%
Operating income
$
20
$
34
Operating income as a % of revenue
3.0
%
4.5
%
(1)
For GAAP to non-GAAP reconciliations,
please refer to the attached supporting schedule titled
Reconciliation of Non-GAAP Financial Measures.
BEST BUY CO., INC.
REVENUE CATEGORY
SUMMARY
(Unaudited and subject to
reclassification)
Revenue Mix
Comparable Sales
Three Months Ended
Three Months Ended
Domestic Segment
April 29, 2023
April 30, 2022
April 29, 2023
April 30, 2022
Computing and Mobile Phones
42
%
43
%
(13.3)
%
(10.5)
%
Consumer Electronics
29
%
29
%
(9.8)
%
(9.7)
%
Appliances
15
%
16
%
(15.5)
%
2.9
%
Entertainment
7
%
6
%
3.8
%
(13.6)
%
Services
6
%
5
%
12.0
%
(12.4)
%
Other
1
%
1
%
(12.1)
%
26.0
%
Total
100
%
100
%
(10.4)
%
(8.5)
%
Revenue Mix
Comparable Sales
Three Months Ended
Three Months Ended
International Segment
April 29, 2023
April 30, 2022
April 29, 2023
April 30, 2022
Computing and Mobile Phones
47
%
46
%
(3.6)
%
(7.9)
%
Consumer Electronics
28
%
28
%
(9.1)
%
3.8
%
Appliances
9
%
9
%
(11.7)
%
9.4
%
Entertainment
9
%
8
%
12.0
%
(7.5)
%
Services
5
%
7
%
(11.2)
%
31.4
%
Other
2
%
2
%
(19.0)
%
(3.9)
%
Total
100
%
100
%
(5.5)
%
(1.4)
%
BEST BUY CO., INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
($ in millions, except per share
amounts)
(Unaudited and subject to
reclassification)
The following information provides
reconciliations of the most comparable financial measures presented
in accordance with accounting principles generally accepted in the
U.S. (GAAP financial measures) to presented non-GAAP financial
measures. The company believes that non-GAAP financial measures,
when reviewed in conjunction with GAAP financial measures, can
provide more information to assist investors in evaluating current
period performance and in assessing future performance. For these
reasons, internal management reporting also includes non-GAAP
financial measures. Generally, presented non-GAAP financial
measures include adjustments for items such as restructuring
charges, goodwill and intangible asset impairments, price-fixing
settlements, gains and losses on certain investments, intangible
asset amortization, certain acquisition-related costs and the tax
effect of all such items. In addition, certain other items may be
excluded from non-GAAP financial measures when the company believes
this provides greater clarity to management and investors. These
non-GAAP financial measures should be considered in addition to,
and not superior to or as a substitute for, the GAAP financial
measures presented in this earnings release and the company’s
financial statements and other publicly filed reports. Non-GAAP
financial measures as presented herein may not be comparable to
similarly titled measures used by other companies.
Three Months Ended
Three Months Ended
April 29, 2023
April 30, 2022
Domestic
International
Consolidated
Domestic
International
Consolidated
SG&A
$
1,710
$
138
$
1,848
$
1,741
$
149
$
1,890
% of revenue
19.4
%
20.7
%
19.5
%
17.6
%
19.8
%
17.8
%
Intangible asset amortization1
(20)
-
(20)
(22)
-
(22)
Non-GAAP SG&A
$
1,690
$
138
$
1,828
$
1,719
$
149
$
1,868
% of revenue
19.2
%
20.7
%
19.3
%
17.4
%
19.8
%
17.5
%
Operating income
$
290
$
21
$
311
$
429
$
33
$
462
% of revenue
3.3
%
3.2
%
3.3
%
4.3
%
4.4
%
4.3
%
Intangible asset amortization1
20
-
20
22
-
22
Restructuring charges2
(8)
(1)
(9)
-
1
1
Non-GAAP operating income
$
302
$
20
$
322
$
451
$
34
$
485
% of revenue
3.4
%
3.0
%
3.4
%
4.6
%
4.5
%
4.6
%
Effective tax rate
23.3
%
24.4
%
Intangible asset amortization1
0.1
%
-
%
Non-GAAP effective tax rate
23.4
%
24.4
%
Three Months Ended
Three Months Ended
April 29, 2023
April 30, 2022
Pretax Earnings
Net of Tax3
Per Share
Pretax Earnings
Net of Tax3
Per Share
Diluted EPS
$
1.11
$
1.49
Intangible asset amortization1
$
20
$
15
0.07
$
22
$
17
0.08
Restructuring charges2
(9)
(7)
(0.03)
1
1
-
Non-GAAP diluted EPS
$
1.15
$
1.57
(1)
Represents the non-cash amortization of
definite-lived intangible assets associated with acquisitions,
including customer relationships, tradenames and developed
technology assets.
(2)
Primarily represents adjustments related
to employee termination benefits from higher-than-expected employee
retention related to previously planned organizational changes.
(3)
The non-GAAP adjustments primarily relate
to the U.S. As such, the income tax charge is calculated using the
statutory tax rate of 24.5% applied to the non-GAAP
adjustments.
Return
on Assets and Non-GAAP Return on Investment
The tables below provide calculations of
return on assets ("ROA") (GAAP financial measure) and non-GAAP
return on investment (“ROI”) (non-GAAP financial measure) for the
periods presented. The company believes ROA is the most directly
comparable financial measure to ROI. Non-GAAP ROI is defined as
non-GAAP adjusted operating income after tax divided by average
invested operating assets. All periods presented below apply this
methodology consistently. The company believes non-GAAP ROI is a
meaningful metric for investors to evaluate capital efficiency
because it measures how key assets are deployed by adjusting
operating income and total assets for the items noted below. This
method of determining non-GAAP ROI may differ from other companies'
methods and therefore may not be comparable to those used by other
companies.
Return on Assets ("ROA")
April 29, 20231
April 30, 20221
Net earnings
$
1,322
$
2,200
Total assets
16,242
18,370
ROA
8.1
%
12.0
%
Non-GAAP Return on Investment
("ROI")
April 29, 20231
April 30, 20221
Numerator
Operating income
$
1,644
$
2,732
Add: Non-GAAP operating income
adjustments2
221
104
Add: Operating lease interest3
114
108
Less: Income taxes4
(485)
(721)
Add: Depreciation
847
793
Add: Operating lease amortization5
664
654
Adjusted operating income after
tax
$
3,005
$
3,670
Denominator
Total assets
$
16,242
$
18,370
Less: Excess cash6
(264)
(2,275)
Add: Accumulated depreciation and
amortization7
5,110
6,687
Less: Adjusted current liabilities8
(8,853)
(10,136)
Average invested operating
assets
$
12,235
$
12,646
Non-GAAP ROI
24.6
%
29.0
%
(1)
Income statement accounts represent the
activity for the trailing 12 months ended as of each of the balance
sheet dates. Balance sheet accounts represent the average account
balances for the trailing 12 months ended as of each of the balance
sheet dates.
(2)
Non-GAAP operating income adjustments
include continuing operations adjustments for restructuring
charges, intangible asset amortization and acquisition-related
transaction costs. Additional details regarding these adjustments
are included in the Reconciliation of Non-GAAP Financial Measures
schedule within the company’s earnings releases.
(3)
Operating lease interest represents the
add-back to operating income to approximate the total interest
expense that the company would incur if its operating leases were
owned and financed by debt. The add-back is approximated by
multiplying average operating lease assets by 4%, which
approximates the interest rate on the company’s operating lease
liabilities.
(4)
Income taxes are approximated by using a
blended statutory rate at the Enterprise level based on statutory
rates from the countries in which the company does business, which
primarily consists of the U.S. with a statutory rate of 24.5% for
the periods presented.
(5)
Operating lease amortization represents
operating lease cost less operating lease interest. Operating lease
cost includes short-term leases, which are immaterial, and excludes
variable lease costs as these costs are not included in the
operating lease asset balance.
(6)
Excess cash represents the amount of cash,
cash equivalents and short-term investments greater than $1
billion, which approximates the amount of cash the company believes
is necessary to run the business and may fluctuate over time.
(7)
Accumulated depreciation and amortization
represents accumulated depreciation related to property and
equipment and accumulated amortization related to definite-lived
intangible assets.
(8)
Adjusted current liabilities represent
total current liabilities less short-term debt and the current
portions of operating lease liabilities and long-term debt.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230524005845/en/
Investor Contact: Mollie O'Brien
mollie.obrien@bestbuy.com Media Contact: Carly Charlson
carly.charlson@bestbuy.com
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