Benthos Inc BBY
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/29/2012

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Best Buy's Conference Call for the Fourth Quarter of Fiscal 2012. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded for playback and will be available by 12 pm Eastern Time today.

I would now like to turn the conference call over to Bill Seymour, Vice President of Investor Relations. Please go ahead.

Bill Seymour - VP, IR: Thank you. Good morning, everyone. Thank you for joining us on our fiscal fourth quarter 2012 conference call. We have two speakers today Brian Dunn, our CEO; and Jim Muehlbauer, our CFO, and after our prepared remarks, we should have plenty of time for your questions. A few items before we get started. As usual, the media are participating in this call on a listen-only mode.

Let me remind you that comments made by me or by others representing Best Buy may contain forward-looking statements, which are subject to risks and uncertainties. Our SEC filings contain additional information about factors that could cause actual results to differ from management's expectations.

Today's call is scheduled to be one and half hours to accommodate the material we are presenting today. We will be showing slides today on the webcast that run concurrently with our presentation starting after Jim's initial comments.

You can also download these slides on our IR site. As previously announced on November 7, 2011, we began reporting net operating results of certain discontinued operations in our fiscal fourth quarter primarily related to the Best Buy store closures in the U.K., China and Turkey.

You’ll find on our IR site a file that reconciles the fourth quarter and the fiscal 2012 financials from continuing ops to financials that include discontinued ops. You will also note that our reported results this morning include non-GAAP financial measures excluding approximately $2.6 billion in charges associated with the purchase of CPW share of the Best Buy Mobile profit share agreement and related costs.

The Best Buy Europe goodwill impairment and restructuring charges which are largely related to the activities announced on November 7th. These results should not be confused with the GAAP numbers we reported this morning in our earnings release or the GAAP numbers we will report in our 10-K. In addition, the 2012 fiscal year adjusted earnings and adjusted earnings per share we'll be discussing today exclude the aforementioned items as well as the gain on sale of investments previously discussed in Q3.

For our GAAP to non-GAAP reconciliation of our reported to adjusted results and guidance, please refer to the supplemental schedules in this morning's news release. We also refer to free cash flow in today's results in our discussion today. Our definition of free cash flow is operating cash flow minus CapEx.

Finally, as you recall, we are changing our fiscal year beginning in the first quarter of fiscal 2013. To assist you in your modeling, we have provided a file on our IR site today that provides fiscal 2011 and fiscal 2012 financial statements recast for the new fiscal year with the relevant reconciliations. With those items out of the way I'd like to turn the call over to Brian.

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