Send us Feedback

Gap (GPS)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

GPS » Topics » RECONCILIATION OF NORMALIZED OPERATING EXPENSES, A NON-GAAP MEASURE, TO GAAP OPERATING EXPENSES

This excerpt taken from the GPS 8-K filed Aug 17, 2006.

RECONCILIATION OF NORMALIZED OPERATING EXPENSES, A NON-GAAP MEASURE, TO GAAP OPERATING EXPENSES

Normalized operating expenses is a non-GAAP financial measure. It is intended to supplement the user’s overall understanding of our current financial performance and our prospects for the future. We use this metric internally and adjust for these items because they are not essential to evaluating the ongoing operations of our business. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results.

 

(In millions)

   

Thirteen Weeks Ended

July 29, 2006

    

Thirteen Weeks Ended

July 30, 2005

  

Normalized operating expenses, a non-GAAP measure

    $ 1,084     $ 1,015  

Adjustments:

     

Mission Bay sublease loss reserve reversal (a)

      —         (58 )

Income received for Visa/Mastercard settlement (b)

      (14 )     —    

Income from unredeemed gift cards (c)

      (31 )     —    
                

Total

      (45 )     (58 )
                

GAAP operating expenses

    $ 1,039     $ 957  
                
(a) As a result of the decision to occupy office space in Mission Bay, we reversed $58 million in sublease loss reserves.
(b) We recognized $14 million in income related to the Visa/MasterCard litigation settlement.
(c) As a result of a review of historical redemption patterns, we changed our estimate resulting in recognition of $31 million in income.
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki