Hey Mike,

Nice piece. The related transactions are not too bothersome. For many of them the company may be getting a better deal then they could get elsewhere. In any case, it's better than the tons of perquisites (perks) you see with other companies - things like country club memberships, private parties, personal use of aircraft, etc.

The board as well makes sense to me. A CFO of McDonald's would have knowledge of international finance - an important strategy of Best Buy's growth. A chairman of Pepsi's Mexico operations provides them a unique perspective on a market they are entering. These are all good uses of board seats.

Finally, the accounts payable line has been growing roughly in line with revenues. BTW, a high accounts payable line is actually a good thing for retailers - it means they are able to pay suppliers slower (which greatly improves DSO, leading to better cash flow).

Thanks again for a good article.

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