Based on the Walmart cash flow, Create Pro Forma Financial Analysis on Cash Flow Statements. You need to assume three sets of financial projections: base case scenario, worst case scenario and best case scenario in spreadsheet. Balance sheet and income statement also included for references.

Results from all three cases are to be included in the forecast comparison spreadsheet. In each section you should briefly summarize assumptions, the rationale behind the assumptions.

Walmart Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended July 31, 2020 2019 $ 10,513 $ 7,586 5,436 (731) (Amounts in millions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization Unrealized (gains) and losses Loss on disposal of business operations Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities 5,562 (4,006) 37 472 305 241 348 823 2,466 1,052 1,428 304 978 220 (1,242) (1,657) 6 11,185 18,956 (3,569) 83 Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities (4,871) 128 833 (56) 142 (3,824) (175) 27 (3,634) (178) Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Other financing activities Net cash used in financing activities (2,937) (3,058) (723) (66) (852) (7,814) (1,564) 4,020 (407) (3,036) (3,707) (259) (578) (5,531) Effect of exchange rates on cash, cash equivalents and restricted cash (69) (266) Net increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of period 7,439 9,515 16,954 $ 1,564 7,756 9,320 Condensed Consolidated Balance Sheets (Unaudited) July 31, 2020 January 31, 2020 July 31, 2019 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets 9,283 5,382 16,906 $ 5,111 41,084 1,895 9,465 $ 6,284 44,435 1,622 61,806 44,134 2,572 64,996 61,371 Property and equipment, net Operating lease right-of-use assets Finance lease right-of-use assets, net Goodwill Other long-term assets Total assets 101,182 16,869 4,843 29,542 19,950 $ 237,382 $ 105,208 17,424 4,417 31,073 16,567 236,495 $ 104,674 17,239 3,949 31,454 16,174 234,861 575 $ 46,973 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Total current liabilities 357 $ 46,326 3,060 23,768 610 5,553 1,734 549 81,957 22,296 280 5,362 1,793 511 77,790 3,681 45,871 3,023 20,691 387 4,396 1,795 439 80,283 Long-term debt Long-term operating lease obligations Long-term finance lease obligations Deferred income taxes and other 40,959 15,669 4,673 12,927 43,714 16,171 4,307 12,961 44,404 16,079 3,915 13,049 Commitments and contingencies 284 Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 283 3,197 87,614 (15,784) 75,310 5,887 81,197 237,382 $ 3,247 83,943 (12,805) 74,669 6,883 81,552 236,495 $ 285 2,880 78,432 (11,270) 70,327 6,804 77,131 234,861 Walmart Inc. Condensed Consolidated Statements of Income (Unaudited) Three Months Ended July 31, Percent 2020 2019 Change Six Months Ended July 31, Percent 2020 2019 Change $136,824 $129,388 918 989 137,742 130,377 5.7 % $270,496 $252,337 (7.2)% 1,868 1,965 5.6 % 272,364 254,302 7.2 % (4.9)% 7.1 % 102,689 28,994 6,059 97,923 26,871 5,583 4.9 % 7.9 % 8.5 % 204,715 56,366 11,283 190,957 52,817 10,528 7.2 % 6.7 % 7.2 % (Amounts in millions, except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Finance lease obligations Interest income Interest, net Other (gains) and losses Income before income taxes Provision for income taxes Consolidated net income Consolidated net (income) loss attributable to noncontrolling interest Consolidated net income attributable to Walmart 558 577 81 (23) 635 (3,222) 8,646 2,207 6,439 37 6,476 83 (56) 585 85 4,913 1,233 3,680 (70) 3,610 3.4 % (2.4)% (58.9)% 8.5 % (3,890)% 76:8 % 79.0 % 75.0 % (152.9% 79.4 % 1,087 163 (66) 1,184 (3,943) 14,042 3,529 10,513 (47) 10,466 1,146 168 (104) 1,210 (752) 10,070 2,484 7,586 (134) $ 7,452 (5.1)% (3.0)% (36.5% (2.1)% 424.3 % 39.4 % 42.1 % 38.6 % (64.9% 40.4 % $ 3.810 $ $ Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart $ $ 1.27 3.70 $ 2.29 2.27 80.3 % $ 80.2 % $ 2.60 2.59 42.3 % 41.7 % $ $ 1.26 3.67 $ Weighted-average common shares outstanding: Basic Diluted 2,832 2,832 2,848 2,853 2,869 2,861 2,878 2,848 Dividends declared per common share $ $ $ 2.16 $ 2.12 Walmart Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended July 31, 2020 2019 $ 10,513 $ 7,586 5,436 (731) (Amounts in millions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization Unrealized (gains) and losses Loss on disposal of business operations Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities 5,562 (4,006) 37 472 305 241 348 823 2,466 1,052 1,428 304 978 220 (1,242) (1,657) 6 11,185 18,956 (3,569) 83 Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities (4,871) 128 833 (56) 142 (3,824) (175) 27 (3,634) (178) Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Other financing activities Net cash used in financing activities (2,937) (3,058) (723) (66) (852) (7,814) (1,564) 4,020 (407) (3,036) (3,707) (259) (578) (5,531) Effect of exchange rates on cash, cash equivalents and restricted cash (69) (266) Net increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of period 7,439 9,515 16,954 $ 1,564 7,756 9,320 Condensed Consolidated Balance Sheets (Unaudited) July 31, 2020 January 31, 2020 July 31, 2019 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets 9,283 5,382 16,906 $ 5,111 41,084 1,895 9,465 $ 6,284 44,435 1,622 61,806 44,134 2,572 64,996 61,371 Property and equipment, net Operating lease right-of-use assets Finance lease right-of-use assets, net Goodwill Other long-term assets Total assets 101,182 16,869 4,843 29,542 19,950 $ 237,382 $ 105,208 17,424 4,417 31,073 16,567 236,495 $ 104,674 17,239 3,949 31,454 16,174 234,861 575 $ 46,973 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Total current liabilities 357 $ 46,326 3,060 23,768 610 5,553 1,734 549 81,957 22,296 280 5,362 1,793 511 77,790 3,681 45,871 3,023 20,691 387 4,396 1,795 439 80,283 Long-term debt Long-term operating lease obligations Long-term finance lease obligations Deferred income taxes and other 40,959 15,669 4,673 12,927 43,714 16,171 4,307 12,961 44,404 16,079 3,915 13,049 Commitments and contingencies 284 Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 283 3,197 87,614 (15,784) 75,310 5,887 81,197 237,382 $ 3,247 83,943 (12,805) 74,669 6,883 81,552 236,495 $ 285 2,880 78,432 (11,270) 70,327 6,804 77,131 234,861 Walmart Inc. Condensed Consolidated Statements of Income (Unaudited) Three Months Ended July 31, Percent 2020 2019 Change Six Months Ended July 31, Percent 2020 2019 Change $136,824 $129,388 918 989 137,742 130,377 5.7 % $270,496 $252,337 (7.2)% 1,868 1,965 5.6 % 272,364 254,302 7.2 % (4.9)% 7.1 % 102,689 28,994 6,059 97,923 26,871 5,583 4.9 % 7.9 % 8.5 % 204,715 56,366 11,283 190,957 52,817 10,528 7.2 % 6.7 % 7.2 % (Amounts in millions, except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Finance lease obligations Interest income Interest, net Other (gains) and losses Income before income taxes Provision for income taxes Consolidated net income Consolidated net (income) loss attributable to noncontrolling interest Consolidated net income attributable to Walmart 558 577 81 (23) 635 (3,222) 8,646 2,207 6,439 37 6,476 83 (56) 585 85 4,913 1,233 3,680 (70) 3,610 3.4 % (2.4)% (58.9)% 8.5 % (3,890)% 76:8 % 79.0 % 75.0 % (152.9% 79.4 % 1,087 163 (66) 1,184 (3,943) 14,042 3,529 10,513 (47) 10,466 1,146 168 (104) 1,210 (752) 10,070 2,484 7,586 (134) $ 7,452 (5.1)% (3.0)% (36.5% (2.1)% 424.3 % 39.4 % 42.1 % 38.6 % (64.9% 40.4 % $ 3.810 $ $ Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart $ $ 1.27 3.70 $ 2.29 2.27 80.3 % $ 80.2 % $ 2.60 2.59 42.3 % 41.7 % $ $ 1.26 3.67 $ Weighted-average common shares outstanding: Basic Diluted 2,832 2,832 2,848 2,853 2,869 2,861 2,878 2,848 Dividends declared per common share $ $ $ 2.16 $ 2.12