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GPS » Topics » RECONCILIATION OF OPERATING EXPENSES ON A GAAP BASIS TO OPERATING EXPENSES ON A NON-GAAP BASIS

This excerpt taken from the GPS 8-K filed Feb 28, 2008.

RECONCILIATION OF OPERATING EXPENSES ON A GAAP BASIS TO OPERATING EXPENSES ON A NON-GAAP BASIS

 

($ in millions)

    52 Weeks Ended
February 2, 2008		     53 Weeks Ended
February 3, 2007

Operating expenses on a GAAP basis

    $ 4,377     $ 4,432

Less: operating expenses related to cost reduction initiatives (b)

      (32 )     —  

Add: Visa/Mastercard settlement (e)

      —         14

Add: unredeemed gift card income (f)

      —         31
              

Operating expenses on a non-GAAP basis (g)

    $ 4,345     $ 4,477
              

 

(e) $14 million of income was recognized in fiscal year 2006 relating to the Visa/Mastercard litigation settlement.

 

(f) $31 million of income was recognized in fiscal year 2006 relating to the change in the company’s estimate of the elapsed time for recording income associated with unredeemed gift cards.

 

(g) Operating expenses excluding the amounts noted above 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.
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