A projected income statement and unbalanced balance sheet for Chewy, Inc, including the most recent year's data for those two statements as well as the cash flow statement is given under the heading of The Method 1. The same projected income statement and unbalanced balance sheet, but no cash flow statement are given under the heading of The Method 2.

The Method 1

Chewy, Inc. Class A
INCOME STATEMENT
Source: FactSet Fundamentals	Historical	Pro Forma
	JAN '20	01-2021F	01-2022F	01-2023F
Sales	4,846.7	5,331.4	5,864.6	6,451.0
Cost of Goods Sold (COGS) incl. D&A	3,751.5	3,830.5	3,911.4	3,994.3
COGS excluding D&A	3,702.7	3,776.7	3,852.3	3,929.3
Depreciation	40.3	44.3	48.7	53.6
Amortization of Intangibles	8.6	9.5	10.4	11.4
Gross Income	1,095.2	1,500.9	1,953.2	2,456.7
SG&A Expense	1,347.9	1,415.3	1,457.8	1,486.1
EBIT (Operating Income)	-252.7	85.6	495.4	970.6
Nonoperating Income - Net	0.4	0.0	0.0	0.0
Interest Expense	-	4.3	4.4	4.9
Pretax Income	-252.4	81.3	491.0	965.7
Taxes		20.3	122.7	241.4
Net Income	-252.4	61.0	368.2	724.3
All figures in millions of U.S. Dollar

Chewy, Inc. Class A
BALANCE SHEET
Source: FactSet Fundamentals	Historical	Pro Forma
	JAN '20	01-2021F	01-2022F	01-2023F
Assets
Cash & Short-Term Investments	212.1	233.3	256.6	282.3
Excess Cash
Short-Term Receivables	81.1	89.2	98.1	107.9
Inventories	317.8	349.6	384.5	423.0
Other Current Assets	18.8	20.7	22.7	25.0
Total Current Assets	629.8	692.8	762.0	838.2
Net Property, Plant & Equipment	297.8	327.6	360.3	396.3
Other Assets	4.7	5.2	5.7	6.3
Total Assets	932.3	1,025.6	1,128.1	1,240.9
Liabilities & Shareholders' Equity
Revolver
ST Debt & Curr. Portion LT Debt	15.5	15.5	15.5	15.5
Accounts Payable	683.0	751.4	826.5	909.1
Other Current Liabilities	402.0	442.2	486.4	535.1
Total Current Liabilities	1,100.5	1,209.1	1,328.4	1,459.7
Long-Term Debt	200.4	220.5	242.5	266.8
Other Liabilities	35.3	38.8	42.7	47.0
Total Liabilities	1,336.3	1,468.4	1,613.7	1,773.5
Preferred Stock (Carrying Value)	0.0	0.0	0.0	0.0
Common Equity	-404.0	(343.0)	25.2	749.5
Total Equity	-404.0	(343.0)	25.2	749.5
Total Liabilities & Shareholders' Equity	932.3	1,125.4	1,638.9	2,523.0
All figures in millions of U.S. Dollar
Balance Sheet Check		99.8	510.8	1,282.1

Chewy, Inc. Class A
CASH FLOW STATEMENT
Source: FactSet Fundamentals	Historical	Pro Forma
	JAN '20	01-2021F	01-2022F	01-2023F
Operating Activities
Net Income / Starting Line	-252.4
Depreciation, Depletion & Amortization	48.9
Other Funds	136.0	0.0	0.0	0.0
Changes in Working Capital	123.0
Accounts Receivable
Inventories
Other Current Assets
Accounts Payable
Other Current Liabilities
Net Operating Cash Flow	55.4
Investing Activities
Capital Expenditures	-48.64
Other Funds	-1.23	(27.6)	(30.4)	(33.4)
Net Investing Cash Flow	-49.86
Financing Activities
Change in Capital Stock	110.35	0.0	0.0	0.0
Issuance/Reduction of Debt, Net	-10.53
Other Funds	18.38	0.0	0.0	0.0
Net Financing Cash Flow	118.19
Net Change in Cash	123.76
Beginning Excess Cash/(Revolver)
Ending Excess Cash/(Revolver)	0.00
All figures in millions of U.S. Dollar

The Method 2

Chewy, Inc. Class A
INCOME STATEMENT
Source: FactSet Fundamentals	Historical	Pro Forma
	JAN '20	01-2021F	01-2022F	01-2023F
Sales	4,846.7	5,331.4	5,864.6	6,451.0
Co