Evaluation Assignment:

• Using the data collected throughout this Excel project, assess the financial condition and future prospects of the company selected for the Excel project. Your evaluation must be a minimum of 750 words.
• PrepareyourevaluationinMicrosoftWord.

Attached is the Excel file for the company WALMART. Please make sure you look at each TAB and come up with a correct EVALUATION.

Johanna McLendon Acct 370 Excel Project Company Name Walmart Ticker Symbol WMT Industry Food and Staples Retailing Products & Services Wal-Mart Stores, Inc. is engaged in the operation of retail, wholesale and other units in various formats around the world. The Company o Major Competitors Target, Costco, Best Buy pany offers an assortment of merchandise and services at everyday low prices (EDLP). The Company's operations are conducted in three segments: Walmart U.S., Wa Walmart International and Sam's Club. The Walmart U.S. segment operates retail stores in all 50 states in the United States WAL-MART STORES INC (WMT) INCOME STATEMENT Fiscal year ends in January. USD in millions except per share data. Revenue Cost of revenue Gross profit Operating expenses Sales, General and administrative Total operating expenses Operating income Interest Expense Other income (expense) Income before income taxes Provision for income taxes Minority interest Other income Net income from continuing operations Net income from discontinuing ops Other Net income Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA 2012-01 446,950 335,127 111,823 2013-01 469,162 352,488 116,674 2014-01 476,294 358,069 118,225 2015-01 485,651 365,086 120,565 85,265 85,265 26,558 2,322 162 24,398 7,944 688 688 16,454 -67 -688 15,699 15,699 88,873 88,873 27,801 2,251 187 25,737 7,981 757 757 17,756 -757 16,999 16,999 91,353 91,353 26,872 2,335 119 24,656 8,105 673 673 16,551 144 -673 16,022 16,022 93,418 93,418 27,147 2,461 113 24,799 7,985 736 736 16,814 285 -736 16,363 16,363 4.54 4.52 5.04 5.02 4.9 4.88 5.07 5.05 3,460 3,474 34,850 3,374 3,389 36,489 3,269 3,283 35,861 3,230 3,243 36,433 WAL-MART STORES INC (WMT) CashFlowFlag BALANCE SHEET Fiscal year ends in January. USD in millions except per share data. Assets Current assets Cash Cash and cash equivalents Total cash Receivables Inventories Prepaid expenses Other current assets Total current assets Non-current assets Property, plant and equipment Land Fixtures and equipment Other properties Property and equipment, at cost Accumulated Depreciation Property, plant and equipment, net Goodwill Other long-term assets Total non-current assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt Capital leases Accounts payable Taxes payable Accrued liabilities Other current liabilities Total current liabilities Non-current liabilities Long-term debt Capital leases Deferred taxes liabilities Minority interest Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 2012-01 2013-01 2014-01 2015-01 6,550 6,550 5,937 40,714 1,685 89 54,975 7,781 7,781 6,768 43,803 1,588 9,135 9,135 6,778 45,141 2,224 59,940 7,281 7,281 6,677 44,858 1,909 460 61,185 23,499 41,916 95,523 160,938 -48,614 112,324 20,651 5,456 138,431 193,406 25,612 43,699 102,413 171,724 -55,043 116,681 20,497 5,987 143,165 203,105 26,184 45,756 106,738 178,678 -60,771 117,907 19,510 6,149 143,566 204,751 26,261 47,851 108,522 182,634 -65,979 116,655 18,102 5,671 140,428 203,706 6,022 326 36,608 1,164 18,154 26 62,300 12,392 327 38,080 5,062 15,957 6,402 287 38,410 3,613 16,560 71,818 11,773 309 37,415 3,520 16,239 89 69,345 44,070 3,009 7,862 4,446 404 59,791 122,091 38,394 3,023 7,613 5,395 519 54,944 126,762 41,771 2,788 8,017 5,084 1,491 59,151 128,496 41,086 2,606 8,805 4,543 57,040 122,312 342 3,692 68,691 -1,410 71,315 193,406 332 3,620 72,978 -587 76,343 203,105 323 2,362 76,566 -2,996 76,255 204,751 323 2,462 85,777 -7,168 81,394 203,706 63,278 65,272 LIQUIDITY RATIOS 2012 Current Ratio Quick Ratio 2013 0.88 0.2 2014 0.83 0.2 2015 0.88 0.2 0.97 0.24 LEVERAGE RATIOS Debt to Total Asset Ratio Debt Equity Ratio Long-Term Debt to Equity Times Interest Earned Ratio 0.66 22.79 11.51 0.54 18.9 12.43 0.58 20.4 11.56 24.73 0.54 20.17 11.08 8.7 4.06 2.39 81.07 38.21 8.34 4.1 2.37 73.85 38.67 8.08 4.06 2.34 70.85 38.48 8.11 4.14 2.38 72.19 37.9 25.02 5.94 3.51 8.39 22.45 4.61 13.25 24.87 5.93 3.32 8.57 23.02 5.16 14.48 24.82 5.64 3.36 7.86 21 4.96 15.34 24.83 5.59 3.37 8.01 20.76 5.07 15.91 ACTIVITY RATIOS Inventory Turnover Fixed Asset Turnover Total Asset Turnover Accounts Rec. Turnover Average Collection Period PROFITABILITY RATIOS Gross Profit Margin Operating Profit Margin Net Profit Margin Return on Total Assets Return on Stockholder's Equity Earnings Per Share Price Earnings Ratio For the fiscal year ended 2014 (millions, except per share data) Target Costco Walmart INCOME STATEMENT (FY 2014) (FY 2014) (FY 2014) (Annual Report GAAP In millions $) (Feb. 3. 2014) (Aug. 31, 2014) (Jan. 31, 2014) Net Sales 72,596.00 110,212.00 2,428.00 3,218.00 TOTAL REVENUE 72,596.00 112,640.00 476,294.00 Cost of Revenues 51,160.00 98,458.00 358,069.00 GROSS PROFIT 21,436.00 14,182.00 118,225.00 Selling, Administration, Marketing 15,375.00 10,899.00 91,353.00 Net credit revenues - Depriciation & Amortization 473,076.00 2,223.00 - Special charges - - Restructuring charges - - Other exp. /-income - - Spin off transaction - Total operating costs including COS 63 68,758.00 109,420.00 449,422.00 3,838.00 3,220.00 26,872.00 1,126.00 113 2,335.00 90 119 23 2,216.00 69,493.00 109,443.00 451,638.00 3,103.00 3,197.00 24,656.00 1,132.00 1,109.00 8,105.00 2,088.00 16,551.00 2,088.00 16,551.00 OPERATING INCOME/-LOSS Other Deductions / - Income Interest expense Interest income - Net interest expense/-income 1,126.00 Loss/ -Gain on Investment - - Income from affiliates - - Sale of assets - - Financing Loss/ -Income Other loss/ -income -391 - TOTAL COSTS & EXPENSES - INCOME /-LOSS BEFORE INCOME TAXES Income taxes expenses/-benefit 1,971.00 INCOME AFTER INCOME TAXES Net income/-loss of other equity - - INCOME/-LOSS FROM CONT. OPS. 1,971.00 Accounting change - - Discontinued operations - - Extraordinary items - - NET INCOME/-LOSS 144 1,971.00 2,088.00 Noncontrolling interests - - Prefered dividends - - Other - 16,695.00 - INCOME/-LOSS TO SHAREHOLDER 1,971.00 2,088.00 16,695.00 EBIT 4,229.00 3,220.00 26,872.00 EBITD 6,452.00 4,249.00 35,742.00 EBITDA 6,452.00 4,249.00 35,742.00 (FY 2014) Basic EPS (excl. extra items) Extraordinary items Diluted average shares (Mill. of Units) Dividend per share (Jan. 31, 2014) - 4.69 - 3.1 Basic shares outstanding (Mill. of Units) DILUTED NET EPS (FY 2014) (Aug. 31, 2014) 3.1 BASIC NET EPS EPS other shares (FY 2014) (Feb. 3. 2014) Per Share (GAAP Annual Report, in $) 4.69 635.1 - 4.9 4.9 438.693 - 3,269.00 - 3.07 4.65 4.88 641.8 442.485 3,283.00 1.57 1.32 1.87 For the fiscal year ended during 2014 Target Costco Walmart TGT Balance Sheets (FY 2014) (FY 2014) (FY 2014) (Annual Report, GAAP in millions $) (Feb. 3. 2014) (Aug. 31, 2014) (Jan. 31, 2014) ASSETS Cash & cash equivalent 695 5,738.00 Cash, Cash eqvivalents other - - Short-term investments - Marketable securities - - Restricted cash - - Investments Total - 7,281.00 - 1,577.00 1,577.00 - Cash & Shorterm Investments Accounts receivable - Other receivables net - - - Net Receivables - - - 695 Inventories 7,315.00 1,148.00 8,766.00 Assets held for sale - Discontinued operations - Other current assets 7,281.00 6,677.00 8,456.00 - - - 460 2,112.00 - Income Taxes - Prepaid expenses 44,858.00 - 669 - - 1,909.00 Total Current Assets 11,573.00 17,588.00 61,185.00 Equipment/Property/Plant Net 31,378.00 14,830.00 117,907.00 Goodwill net - - Intangible Assets - - - Long-term investments - - - Accounts Receivable, Net, Noncurrent - - - Long-term recivables - - - Income Taxes - - - Other Assets 1,602.00 19,510.00 606 6,149.00 Pension assets net - - - Discontinued operations - - - Total Assets 44,553.00 33,024.00 204,751.00 Accounts payable 7,683.00 8,491.00 37,415.00 Accrued liabilities 3,934.00 3,446.00 18,793.00 LIABILITIES Unearned revenues - Shorterm debt - - 1,160.00 - Other current liabilities - Income & other taxes - Liabilities of discontinued operations - Dividends payable - 12,082.00 1,221.00 - - 966 1,254.00 - 89 - Total Current Liabilities 12,777.00 14,412.00 69,345.00 Long-term debt 12,622.00 5,093.00 41,771.00 Long-term convertible - Other Long-term debt - Total Long-term Debt - - 12,622.00 2,788.00 5,093.00 44,559.00 Pension & postretirement benefits - - - Employee benefit plans - - - Deferred credits - Deferred income taxes 1,433.00 Discontinued operations - 1,004.00 8,017.00 Total Liabilities - 1,490.00 - Other longterm liabilities - - 28,322.00 20,509.00 121,921.00 212 6,575.00 16,231.00 12,303.00 76,255.00 44,553.00 33,024.00 204,751.00 SHAREHOLDER'S EQUITY Noncontrolling interests & other Total Stockholder's Equity Liabilities & Stockholder's Equity - For fiscal year ended during 2014 Target Costco Walmart Industry LIQUIDITY RATIOS Current Ratio Quick Ratio 0.91 0.05 1.22 0.51 0.88 0.11 1.03 0.22 Debt to Total Asset Ratio Debt Equity Ratio Long-Term Debt to Equity Times Interest Earned Ratio 0.64 1.74 0.78 4.07 0.62 1.67 0.41 29.29 0.60 1.60 0.58 11.56 0.63 1.76 0.60 14.09 5.65 2.34 1.64 52.58 6 11.48 7.85 3.47 96.31 4 7.7 4.06 2.36 77.06 5 8.3 4.75 2.49 12.39 5 29.39% 5.83 51.99% 4.42 12.14% 3.10 31.7 12.59% 2.9 65.58% 6.5 16.97% 4.69 29.78 24.82% 5.68 61.07% 7.83 21.89% 4.90 17.8 21.21% 8.24 59.55 6.56 17.00% 4.32 24.15 LEVERAGE RATIOS ACTIVITY RATIOS Inventory Turnover Fixed Asset Turnover Total Asset Turnover Accounts Rec. Turnover Average Collection Period PROFITABILITY RATIOS Gross Profit Margin Operating Profit Margin Net Profit Margin Return on Total Assets Return on Stockholder's Equity Earnings Per Share Price Earnings Ratio Reference: www.csimarket.com WAL-MART STORES INC (WMT) Statement of CASH FLOW Fiscal year ends in January. USD in millions except per share data. Cash Flows From Operating Activities Net income Depreciation & amortization Deferred income taxes (Gain) Loss from discontinued operations Accounts receivable Inventory Accounts payable Accrued liabilities Income taxes payable Other working capital Other non-cash items Net cash provided by operating activities Cash Flows From Investing Activities Investments in property, plant, and equipment Property, plant, and equipment reductions Acquisitions, net Other investing charges Net cash used for investing activities Cash Flows From Financing Activities Short-term borrowing Long-term debt issued Long-term debt repayment Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow Supplemental schedule of cash flow data Cash paid for income taxes Cash paid for interest 2012-01 2013-01 2014-01 2015-01 15,699 8,130 1,050 67 (796) (3,727) 2,687 59 16,999 8,501 (133) 16,022 8,870 (279) (144) 16,363 9,173 (503) (285) 398 24,255 527 25,591 (1,667) 531 103 (1,224) (566) 938 23,257 (1,229) 2,678 1,249 166 (569) 785 28,564 (13,510) 580 (3,548) (131) (16,609) (12,898) 532 (316) 71 (12,611) (13,115) 727 (15) 105 (12,298) (12,174) 570 671 (192) (11,125) 3,019 5,050 (4,939) (6,298) (5,048) (242) (8,458) (33) (845) 7,395 6,550 2,754 211 (1,478) (7,600) (5,361) (498) (11,972) 223 1,231 6,550 7,781 911 7,072 (4,968) (6,683) (6,861) (488) (11,017) (442) (500) 7,781 7,281 (6,288) 5,174 (3,904) (1,015) (6,785) (2,253) (15,071) (514) 1,854 7,281 9,135 24,255 (13,510) 10,745 25,591 (12,898) 12,693 23,257 (13,115) 10,142 28,564 (12,174) 16,390 5,899 2,346 7,304 2,262 8,641 2,362 8,169 2,433 (614) (2,759) 1,061 271 981 For the fiscal year ended 2014 Target Costco Walmart Cash flow Statement (FY 2014) (FY 2014) (FY 2014) (Annual Report, GAAP in millions $) 12 Months 12 Months 12 Months Income 1,971.00 2,088.00 16,695.00 Depreciation & amortization 2,223.00 1,029.00 8,870.00 -885 -563 -1,667.00 110 327 Amortization of Other Assets Special charges Accountig change Other non-cash Items Inventories Decrease /-Increase Minority Interests Sale of Assets Restructuring Stock based compensation Tax benefit on exercise of stock options -84 Income taxes -254 -63 -1,503.00 Losses/ -gains on investments net Accounts receivable 2,860.00 Accounts payable 625 Accrued liabilities -566 529 -9 531 103 Postretirement benefits Prepaid & other current assets Other Working Capital -90 Other assets & liabilities 19 Other net -50 721 938 Payments for (Proceeds from) Other Operating Activities Discontinued operations -144 Net Cash flow from Operating Activities 6,520.00 23,257.00 -3,453.00 Capital Expenditures 3,984.00 -1,993.00 -13,115.00 Sale of Capital Items Short-term investments liq. 2,406.00 Short-term investments acq. -2,503.00 Proceeds from other investments Purchases of other investments Noncontrolling interest Proceeds from Investments Purchases of Investments Purchases of non-current assets Acquisition net of cash acquired -157 -15 Investment in affiliate Sale of businesses Proceeds from sale of assets Notes receivable 3,123.00 Other 130 -3 105 Net Cash flow from Investing Activities -271 -2,093.00 -12,298.00 Short-term debt Net -890 61 911 117 7,072.00 Other Net Discontinued operations Other borrowing transactions Long-term debt - borrowings Long-term debt - repayments -3,463.00 -4,968.00 Noncontrolling interest -722 Issuances/ -repurchases of Comm. Stock -1,461.00 456 Exercise of stock options -334 -6,683.00 -42 Issuances/ -repurchases of Pref. Stock Discontinued Operations Other financing activities net -4 -488 Other net Dividends paid to minority interests Dividends paid -1,006.00 -584 -6,139.00 Net Cash flow from Financing Activities -6,364.00 -786 -11,017.00 26 -11 -442 3,067.00 1,991.00 10,142.00 -89 1,094.00 -500 Cash & cash equiv. at beg. of the Year 784 4,644.00 7,781.00 Cash & cash equivalents at end of period 695 4,644.00 7,281.00 Effect of exchange rate on cash flow Discontinued operations Free Cash Flow Total Cash Flow Cash Interests paid - 109 Cash Income taxes paid - 869 Wal-Mart Stores Inc., Common-Size Consolidated Balance Sheet Statement Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Current assets (FY 2015) (FY 2014) 12 Months 12 Months 4.48% 3.56% 3.33% 3.26% 22.16% 21.91% 1.09% 0.93% (FY 2013) (FY 2012) 12 Months 3.83% 3.33% 21.57% 0.78% 12 Months 3.39% 3.07% 21.05% 0.92% - 31.06% 0.22% 29.88% - 29.51% - 28.42% 56.10% 1.17% 57.27% 8.89% 2.78% 68.94% 100.00% 0.78% 18.86% 2.43% 1.62% 1.27% 4.07% 9.40% 0.50% 2.36% 56.34% 1.24% 57.59% 9.53% 3.00% 70.12% 100.00% 3.75% 18.27% 2.27% 1.70% 1.25% 3.96% 9.18% 0.47% 2.00% 56.09% 1.35% 57.45% 10.09% 2.95% 70.49% 100.00% 3.35% 18.75% 2.49% 1.66% 1.40% 3.70% 9.26% 1.09% 2.75% 56.67% 1.41% 58.08% 10.68% 2.82% 71.58% 100.00% 2.09% 18.93% 2.63% 1.88% 1.20% 3.69% 9.40% 0.60% 1.02% 0.14% 0.15% 0.16% 0.17% Current liabilities of discontinued operations Current liabilities - 32.04% 0.04% 33.87% - 35.36% - 32.21% Long-term debt, excluding due within one year 20.17% 20.40% 18.90% 22.79% Long-term obligations under capital leases, excluding due within one year Deferred income taxes and other Non-current liabilities Total liabilities Redeemable noncontrolling interest Common stock Capital in excess of par value Retained earnings 1.28% 4.32% 25.77% 57.81% - 0.16% 1.21% 42.11% 1.36% 3.92% 25.68% 59.55% 0.73% 0.16% 1.15% 37.39% 1.49% 3.75% 24.14% 59.50% 0.26% 0.16% 1.78% 35.93% 1.56% 4.07% 28.41% 60.62% 0.21% 0.18% 1.91% 35.52% Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity -3.52% 39.96% 2.23% 42.19% -1.46% 37.24% 2.48% 39.73% -0.29% 37.59% 2.66% 40.24% -0.73% 36.87% 2.30% 39.17% 100.00% 100.00% 100.00% 100.00% Property and equipment, net, excluding property under capital leases Property under capital leases, net Property and equipment, net Goodwill Other assets and deferred charges Non-current assets Total assets Short-term borrowings Accounts payable Accrued wages and benefits Self-insurance Accrued non-income taxes Other Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Total liabilities, redeemable noncontrolling interest, and equity Wal-Mart Stores Inc., Common-Size Consolidated Income Statement Gross Profit Membership and other income Operating, selling, general admin expenses Operating Income Int. exp., debt and capital leases Int. income Interest Net Income from Continuing Operations B.I.T Provision from income tax Income from Continuing Operations Income (loss) from discontinued operations, net of income tax Consolidated Net Income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable tp Walmart (FY 2014) (FY 2013) (FY 2012) 12 Months Net Sales Cost of Sales (FY 2015) 12 Months 12 Months 12 Months 100 -75.71 24.29% 0.71 -1937.00% 5.63% -0.51 0.02 -0.49% 5.14% -1.66 3.49% 100 -75.69 24.31% 0.68 -19.31 5.68% -0.49 0.03 -0.47% 5.21% -1.71 3.50% 100 -75.62 24.38% 0.65 -19.07 5.96% -0.48 0.04 -0.44% 5.52% -1.71 3.81% 100 -75.5 24.50% 0.7 -19.21 5.98% -0.52 0.04 -0.49% 5.50% -1.79 3.71% 0.06 3.55% 0.03 3.53% 3.81% -0.02 3.69% -0.15 -0.14 -0.16 -0.16 3.39% 3.39% 3.65% 3.54% Horizontal Analysis Balance Sheet Walmart Stores, Inc. *in millions 2015 ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment, at cost Less accumulated depreciation Property and equipment, net Property under capital lease Less accumulated amortization Property under capital lease, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable non-controlling interest Commitments and contingencies Shareholders equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and shareholders equity 2014 $9,135 6,778 45,141 2,224 0 $7,281 6,677 44,858 1,909 460 Increase (Decrease) % Increase (Decrease) $63,278 $61,185 177,395 (63,115) 114,280 5,239 (2,864) 2,375 18,102 5,671 173,089 (57,725) 115,364 5,589 (3,046) 2,543 19,510 6,149 $203,706 $204,751 $1,854 $101 $283 $315 -$460 $2,093 $4,306 -$5,390 -$1,084 -$350 $182 -$168 -$1,408 -$478 -$1,045 25.46% 1.51% 0.63% 16.50% -100.00% 3.42% 2.49% 9.34% -0.94% -6.26% -5.98% -6.61% -7.22% -7.77% -0.51% $1,592 38,410 19,152 1,021 4,810 287 0 65,272 41,086 2,606 8,805 0 0 $7,670 37,415 18,793 966 4,103 309 89 69,345 41,771 2,788 8,017 1,491 0 -$6,078 $995 $359 $55 $707 -$22 -$89 -$4,073 -$685 -$182 $788 -$1,491 $0 -79.24% 2.66% 1.91% 5.69% 17.23% -7.12% -100.00% -5.87% -1.64% -6.53% 9.83% -100.00% 0.00% 323 2,462 85,777 (7,168) 81,394 4,543 85,937 $203,706 323 2,362 76,566 (2,996) 76,255 5,084 81,339 $204,751 $0 $100 $9,211 -$4,172 $5,139 -$541 $4,598 -$1,045 0.00% 4.23% 12.03% 139.25% 6.74% -10.64% 5.65% -0.51% Horizontal Analysis Income Statements Walmart Stores, Inc. *in millions 2015 Revenues: Net sales Membership and other income Total Revenue Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest expense Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes: Current Deferred Total provision for income taxes Income from continuing operations Income (Loss) from discontinued operations, net of tax Consolidated net income Consolidated net income attributable to noncontrolling intere Consolidated net income attributable to Walmart 2014 $482,229 3,422 $473,076 3,218 485,651 Increase (Decrease) % Increase (Decrease) 476,294 $9,153 $204 $9,357 1.93% 6.34% 1.96% 365,086 93,418 27,147 358,069 91,353 26,872 $7,017 $2,065 $275 1.96% 2.26% 1.02% 2,161 300 2,461 (113) 2,348 24,799 2,072 263 2,335 (119) 2,216 24,656 $89 $37 $126 $6 $132 $143 4.30% 14.07% 5.40% -5.04% 5.96% 0.58% 8,504 (519) 7,985 16,814 285 17,099 (736) $16,363 8,619 (514) 8,105 16,551 144 16,695 (673) $16,022 -$115 -$5 -$120 $263 $141 $404 -$63 $341 -1.33% 0.97% -1.48% 1.59% 97.92% 2.42% 9.36% 2.13% INCOME STATEMENT *in millions Revenue Brick-Mortar Stores E-Commerce Total Revenue Cost of Goods Sold Gross Profit Selling General & Admin Exp. R&D Exp. Depreciation & Amort. Other Operating Exp., Total Operating Income Interest Expense Interest and Invest. Income Net Interest Exp. Earnings Before Taxes Income Tax Expense Minority Int. in Earnings Net Income Historical Data 2013 Projected Data 2015 2016 485,651 505,077 470,459.8 488,591.2 15,191.2 16,485.8 485,651 505,077.0 365,086 379,692.1 120,565 125,384.9 93,418 96,524.9 469,162 352,297 116,865 88,629 2014 476,294 464,339 11,955 476,294 358,069 118,225 91,353 88,629 91,353 93,418 96,524.9 100,385.9 105,405.2 28,236 (2,249) 186 (2,063) 26,173 7,958 (757) 16,999 26,872 (2,335) 119 (2,216) 24,656 8,105 (673) 16,022 27,147 (2,461) 113 (2,348) 24,799 7,985 (736) 16,363 28,860.0 (2,471.9) 140.9 (2,331.0) 26,529.0 8,085 (588) 17,856.00 30,014.4 (2,475.3) 168.7 (2,306.5) 27,707.9 8,921.6 (682) 18,104.20 31,515.1 (2,479.7) 196.6 (2,283.1) 29,232.0 9,412.4 (791.1) 19,028.50 469,162 2017 525,281.1 507,963.1 17,317 525,280.1 394,879.8 130,400.3 100,385.9 2018 551,544.1 533,359.6 18,184.5 551,544.1 414,623.8 136,920.3 105,405.2 BALANCE SHEET *in millions Cash & Equivalents Trading Asset Securities Accounts Receivable Inventory Prepaid Exp. Deferred Tax Assets, Current Other Current Assets Total Current Assets Gross Property, Plant & Equip. Accumulated Dep. Net Property, Plant & Equipment Long-term Investments Goodwill Other Intangibles Deferred Tax Assets, LT Other Long-term Assets Total Assets Accounts Payable Accrued Exp. Short-term Borrowings Curr. Port. Of LT Debt Curr. Port. Of Cap. Leases Curr. Income Taxes Payable Other Current Liabilities Total Current Liabilities Long-term Debt Additional Funds Needed Capital Leases Pension Def. Tax Liability, Non-Curr. Other Non-Current Liabilities Total Liabilities Common Stock Addditional Paid in Capital Retained Earnings Treasury Stock Comprehensive Inc. & Other Total Common Equity Minority Interest Total Equity Total Liabilities and Equity Historical Data 2013 7,781 29 6,768 43,803 1,002 520 37 59,940 171,724 (55,043) 116,681 581 20,497 0 757 4,649 203,105 38,080 18,804 6,805 5,591 327 2,211 0 71,818 38,485,0 2014 7,281 5 6,677 44,858 1,085 822 460 61,185 178,678 (60,771) 117,907 719 19,510 0 1,151 4,282 204,754 37,415 18,793 7,670 4,103 309 966 89 69,345 41,772,0 2015 9,135 0 6,778 45,141 1,496 728 0 63,278 182,634 (65,979) 116,655 512 18,102 419 1,033 3,707 203,706 38,410 19,152 1,592 4,810 287 1,021 0 65,272 41,696,0 3,023,0 684,0 4,373,0 2,465,0 126,762 332,0 3,620,0 72,978,0 0 (587,0) 76,343,0 5,914,0 82,257,0 203,105 2,788,0 350,0 5,110,0 2,556,0 128,496 323,0 2,362,0 76,566,0 0 (2,996,0) 76,255,0 6,575,0 82,830,0 204,751 2,606,0 308,0 4,671,0 3,216,0 122,312 323,0 2,462,0 85,777,0 0 (7,168,0) 81,394,0 4,546,0 85,937,0 203,706 Projected Data 2016 9,500,4 18 6,917,9 45,771,1 1,263,9 550,8 175,5 64,198,5 200,287,02 (68,308,3) 131,978,7 649,9 20,875,2 150,5 1,056,5 4,540,1 223,449,5 39,529,6 19,918,1 1,655,7 4,958,9 241,2 1,753,2 0 68,056,7 41,696,0 1,040,8 2,190,0 308,0 8,836,0 2,610,8 124,738,4 323,0 2,462,0 98,524,1 0 (7,168,0) 94,141,1 4,570,0 98,711,1 223,449,5 2017 9,880,4 18,7 7,195,6 47,602 1,314,5 572,8 182,5 66,766,5 218,469,63 (74,509,5) 143,960,1 675,9 21,710,2 156,5 1,098,8 4,721,7 239,089,7 41,110,8 20,714,8 1,721,9 4,958,9 218,2 1,557,4 0 70,282,0 41,696,0 3,086,7 1,981,0 308,0 9,085,0 2,715,3 128,154,0 323,0 2,462,0 109,748,7 0 (7,168,0) 105,365,7 4,570,0 109,935,7 239,089,7 2018 10,374,4 19,7 7,555,4 49,982,1 1,380,2 601,4 191,6 70,104,8 237,197,72 (80,896,8) 156,301,0 709,7 22,795,7 164,4 1,153,7 4,957,8 256,187,0 43,166,3 21,750,5 1,808,0 4,958,9 197,5 1,643,1 0 73,524,4 41,696,0 4,947,3 1,793,0 308,0 9,334,0 2,851,0 134,453,7 323,0 2,462,0 121,546,3 0 (7,168,0) 117,163,3 4,570,0 121,733,3 256,187,0 PROJECTED CASH FLOW *in millions Net Income Depreciation & Amortization Change in Accounts Rec. Change in Inventory Change in Prepaid Exp. Change in Deferred Tax Assets, Curr. Change in Other Current Assets Change in Income Taxes Change in Accounts Payable Change in Accrued Exp. Change in Short-term Borrowings Change in Curr. Port. Of LT Debt Change in Curr. Port. Of Cap. Leases Change in Curr. Income Tax Payable Change in Other Current Liabilities Operating Cash Flow Investment in PP&E Investment in Other Long-term Assets Investment in Goodwill & Intangible Investing Cash Flow Debt Issuance Retirement of Debt Dividends Financing Cash Flow Free Cash Flow Historical Data 2014 16,022 115,814 91 (1,055) (80) (302) (423) (1,245) (665) (11) (865) (1,488) (18) (1,245) 88 126,349 (6,954) 367 987 (5,600) 2,411 2,411 123,160 2015 16,363 126,750 (101) (283) (414) 94 460 (2,093) 995 359 (6,078) 707 (22) 55 (89) 136,703 (3,956) 575 989 (2,392) (5,651) (6,218) (11,868,940) 122,442,060 Projected Data 2016 20,559,86 134,287,29 (140,860) (630,110) 232,07 (177,240) (175,470) (920,540) 1,119,60 766,08 63,68 148,95 (45,810) (732,210) 0 156,174,170 (17,653,020) (833,100) (2,504,700) (20,990,820) 2017 18,104,17 142,817,80 (276,750) (1,830,840) (50,560) (22,030) (7,020) (2,567,940) 1,581,18 796,72 66,23 0 (23,020) (195,780) 0 158,392,160 (18,182,610) (181,600) (841,030) (19,205,240) 2018 19,028,45 155,406,27 (359,780) (2,380,100) (65,720) (28,640) (9,120) (3,338,320) 2,055,54 1,035,74 86,10 0 (20,700) 85,67 0 171,495,370 (18,728,090) (236,090) (1,093,340) (20,057,510) (249,180) (7,813) (8,061,930) 127,121,42 (165,790) (6,880) (7,045,380) 132,141,540 (122,610) (7,231) (7,353,420) 144,084,440 (Amounts in millions, except per share data) 2015 2014 2013 Revenues: Net sales 482,229 473,076 465,604 Walmart U.S. 288,049 279,406 274,433 Walmart International 136,160 160 136,513 134,748 Sam's Club 58,020 57,157 56,423 Membership and other income 3,422 3,218 3,047 Total revenues 485,651 476,294 468,651 Costs and expenses: Cost of sale ales 365,086 358,069 352,297 Operating, selling, general and administrative expenses 93,418 91,353 88,629 Operating income 27,147 26,872 27,725 Walmart US 21,336 21,787 21 21,103 Walmart International 6,171 5,153 6,365 Sam's Club 1,976 1,843 1,859 Corporate and Support (2,336) (1,911) (1,602) Interest: Debt 2,161 2,072 1,977 Capital leases 300 2 0 263 272 Interest income (113) (119) (186) Interest, net 2,348 2,216 2,063 Income from continuing operations before income taxes 24,799 24,656 25,662 Provision for income taxe axes: Current 8,504 8,619 7,976 Deferred (519) (514) (18) Total provision for income taxes 7,985 8,105 7,958 Income from continuing operations 16,814 16,551 17,704 Income (los oss) from discontinued operations, net of income taxes 285 144 52 Consolidated net income 17,099 16,695 17,756 Less consolidated net income atributable to noncontrolling inte nterest (736) (673) (757) Consolidated net income atributable to Walmart 16,363 $16,022 $16,999 Basic net income per common share: Basic income per common share from con continuing operations atributable to Walmart $5.01 $4.87 $5.03 Basic income (loss) per common share from discontinued operations atributable to Walmart 0.06 0.03 0.01 Basic sic net income per common share atributable to Walmart $5.07 $4.90 $5.04 Diluted net income per common share: Diluted income per common share from continuing operation ons atributable to Walmart $4.99 $4.85 $5.01 Diluted income (loss) per common share from discontinued operations atributable to Walmart 0.06 0.03 0.01 Diluted net income pe e per common share atributable to Walmart $5.05 $4.88 $5.02 Weighted-average common shares outstanding: Basic 3,230 3,269 3,374 Diluted 3,243 3,283 3,389 Dividends declar lared per common share $1.92 $1.88 $1.59