Comparative Income statement

2018 2017 2016 2015 FY 2018 FY 2017 FY 2016 3 year average

Millions Millions Millions Millions (In Percentages) (In Percentages) (In Percentages) (In Percentages)

71,309 68,619 65,017 59,074 Net sales

48,401 46,185 43,343 38,504 Cost of sales

22,908 22,434 21,674 20,570 Gross margin

17,413 14,444 14,375 14,105 Selling, general and administrative expenses

1,477 1,404 1,453 1,494 Depreciation and amortization expenses

4,018 6,586 5,846 4,971 Operating income

624 633 645 552 Interest expenses

0 464 0 0 Loss on extinguishment of debt

3,394 5,489 5,201 4,419 Pre-tax earnings

1,080 2,042 2,108 1,873 Income tax provision

2,314 3,447 3,093 2,546 Net earnings

Lowes Companies, Inc. (NYSE:LOW) What is average total assets? = (current year assets + prior year assets)/2

For examples:

Pro Forma Balance Sheet 2018's Average total assets =(2018's total assets+2017's total assets)/2

Report Date 2018 2017 2016 2015 2017's Average total assets =(2017's total assets+2016's total assets)/2

Scale Millions Millions Millions Millions 2016's Average total assets =(2016's total assets+2015's total assets)/2

Assets

Current assets:

Cash and cash equivalents 511 588 558 405 Lowes Companies, Inc

Short-term investments 218 102 100 307 FINANCIAL STATEMENT OF RATIOS

Merchandise inventory - net 12,561 11,393 10,458 9,458

Other current assets 938 689 884 391 2018 2017 2016 3 YR Avg

Total current assets 14,228 12,772 12,000 10,561 I. Profitability ratios

Property, less accumulated depreciation 18,432 19,721 19,949 19,577 gross profit margin (%)

Operating lease right-of-use assets 0 0 0 0 operating expense margin (%)

Long-term investments 256 408 366 222 profit margin (%)

Deferred income taxes - net 294 168 222 241 return on assets (%)

Goodwill 303 1,307 1,082 154 return on equity (%)

Other assets 995 915 789 511

Total assets 34,508 35,291 34,408 31,266 II. Productivity ratios:

Accounts Receivable Turnover 0.00 0.00 0.00 0.00

Liabilities and shareholders equity days sales outstanding (days) 0.00 0.00 0.00 0.00

Current liabilities: Inventory Turnover

Short-term borrowings 722 1,137 510 43 Days inventory outstanding (days)

Current maturities of long-term debt 1,110 294 795 1,061 Accounts Payable turnover

Current operating lease liabilities 0 0 0 0 Days payable outstanding (days)

Accounts payable 8,279 6,590 6,651 5,633 Cash Conversion Cycle (days)

Accrued compensation and employee benefits 662 747 790 820 PPE Turnover

Deferred revenue 1,299 1,378 1,253 1,078

Other current liabilities 2,425 1,950 1,975 1,857 III. Coverage ratios:

Total current liabilities 14,497 12,096 11,974 10,492 Total liabilities-to-equity

Long-term debt, excluding current maturities 14,391 15,564 14,394 11,545 Total debt to equity

Noncurrent operating lease liabilities 0 0 0 0 Cash from operations to total debt

Deferred revenue - extended protection plans 827 803 763 729 Times interest earned

Other liabilities 1,149 955 843 846

Total liabilities 30,864 29,418 27,974 23,612 IV. Liquidity

Current ratio

Shareholders equity: Quick ratio

Common stock 401 415 433 455

Capital in excess of par value 0 22 0 0

Retained earnings 3,452 5,425 6,241 7,593

Accumulated other comprehensive loss (209) 11 (240) (394)

Total shareholders equity 3,644 5,873 6,434 7,654

Total liabilities and shareholders equity 34,508 35,291 34,408 31,266