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Proforma and Value

Anywhere Shopping Center
Capital Budget Proforma
Building Size	6,000 sf
General Inflation	3.00%		1 year	2 year	3 year	4 year	5 year	6 year
Contract Rent per Lease			$16.00
Contract Rent Growth per Lease	3.00% per year			$16.48	$16.97	$17.48	$18.01	$18.55
Gross Income (Potential Gross Inc.):
Starbucks Coffee	$16.00	6,000 leased sf	$ 96,000	$ 98,880	$ 101,846	$ 104,902	$ 108,049	$ 111,290
Less: Vacancy	3.00%		2,880	2,966	3,055	3,147	3,241	3,339
Less: Collection Loss	1.00%		960	989	1,018	1,049	1,080	1,113
Sub Total			$ 3,840	$ 3,955	$ 4,074	$ 4,196	$ 4,322	$ 4,452
Effective Gross Income (EGI)			$ 92,160	$ 94,925	$ 97,773	$ 100,706	$ 103,727	$ 106,839
Operating Expenses:
Real Estate Taxes	$1.00		$ 6,000	$ 6,180	$ 6,365	$ 6,556	$ 6,753	$ 6,956
Insurance	0.25		1,500	1,545	1,591	1,639	1,688	1,739
Common Area Maintenance ("CAM")	1.00		6,000	6,180	6,365	6,556	6,753	6,956
Sub Total	$2.25		$ 13,500	$ 13,905	$ 14,322	$ 14,752	$ 15,194	$ 15,650
Management Fees	5.00%		4,608	4,746	4,889	5,035	5,186	5,342
Legal/Accounting	$0.05		300	309	318	328	338	348
Total Operating Expenses			$ 18,408	$ 18,960	$ 19,529	$ 20,115	$ 20,718	$ 21,340
Net Operating Income (NOI)			$ 73,752	$ 75,965	$ 78,243	$ 80,591	$ 83,009	$ 85,499
Less: Structural Reserves ("CapEX")	$0.10		600	618	637	656	675
Sub Total - Capital Expenses			$ 600	$ 618	$ 637	$ 656	$ 675
CASH FLOW from OPERATIONS (CFO)			$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 82,333
Terminal Cap Rate	10.00%
Cost of Sale	3.00%
6th Year Reversion	$ 854,988		$ 85,499	/	10.00%	=	$ 854,988
Commission	25,650		3.00%	*	$854,988	=	25,650
Reversion Prior to Discounting	$ 829,338						$ 829,338
			1 year	2 year	3 year	4 year	5 year
Cash Flow With Reversion			$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671 Rajewski: Year 5 Cash Flow Plus Net Reversion
EXAMPLE OF DISCOUNTING				Value by the Direct Cap Method at stabilzation
Matrix				Matrix
Yield	Value	Value/SF			Cap Rate	Value	Value/SF
10.00%	$807,752	$134.63		Year 2 NOI	10.00%	$759,646	$126.61
12.50%	$734,879	$122.48		Year 2 NOI	11.00%	$690,587	$115.10
13.00%	$721,374	$120.23		Year 2 NOI	12.00%	$633,038	$105.51
SOLVE FOR THE NET PRESENT VALUE
OUTCOME	What you paid	PV	1 year	2 year	3 year	4 year	5 year
feasible	($750,000)	($807,752)	$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671
Solve for Value Using HP12C…
f CLX
f FIN
($807,752)	CHS g CFO	Initial Investment
$73,152	g CFj	Cash In
$75,347	g CFj	Cash In
$77,607	g CFj	Cash In
$79,935	g CFj	Cash In
$911,671	g CFj	cash in from sale
12	I
f NPV	($750,000)	feasible
SOLVING FOR AN IRR
	IRR	Cash Out	1 year	2 year	3 year	4 year	5 year
	10.00%	($807,752)	$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671
	12.50%	($734,879)	$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671
	13.00%	($721,374)	$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671
Solve for Value Using HP12C
Page 71 of Owner's Manual
f CLX
f FIN
($807,752)	CHS g CFO	Initial Investment
$73,152	g CFj	Cash In
$75,347	g CFj	Cash In
$77,607	g CFj	Cash In
$79,935	g CFj	Cash In
$911,671	g CFj	cash in from sale
f IRR	10.00%
	Factor		0.9090909091	0.826446281	0.7513148009	0.6830134554	0.6209213231
	$ 1,122,136.38	Cash Flow	$ 66,501.82	$ 62,269.88	$ 58,307.26	$ 54,596.79	$ 51,122.45
		Reversion					$ 829,338
	26%	Cash Flow
	74%	Reversion

Leverage

Anywhere Shopping Center
CASH FLOW AFTER FINANCING / LEVERAGED ANALYSIS
		Year 1	Year 2	Year 3	Year 4	Year 5	Year 6
Net Operating Income (NOI)		$ 73,752	$ 75,965	$ 78,243	$ 80,591	$ 83,009	$ 85,499 Rajewski: 6th Year NOI (not cash flow) capitalized at cap rate
Less: Tenant Improvements		10,000	-	-	-	-
Less: Leasing Commissions		12,000	-	-	-	-
Less: Structural Reserves		600	618	637	656	675
Sub Total - Capital Expenses		$ 22,600	$ 618	$ 637	$ 656	$ 675
CASH FLOW from OPERATIONS (CFO)		$ 51,152	$ 75,347	$ 77,607	$ 79,935	$ 82,333
Less: Debt Service	$43,717	43,717	43,717	43,717	43,717	43,717
Cash Flow After Financing (CFAF)		$ 7,435	$ 31,630	$ 33,890	$ 36,219	$ 38,617
Debt Service Coverage Ratio (DSC)		1.17 x Rajewski: DSC = Annual Cash Flow / Annual Debt Service	1.72 x	1.78 x	1.83 x	1.88 x
Return on Assets (ROA)		6.69%	9.85%	10.15%	10.45%	10.77%	9.58%	avg.
Financing Costs (FC)		7.73%	7.73%	7.73%	7.73%	7.73%	7.73%	avg.
Return on Equity (ROE)		3.07%	13.05%	13.99%	14.95%	15.94%	12.20%	avg.
FINANCING ANALYSIS
Loan Amount (based on LTV)	$565,426.37 Rajewski: Loan % * by Value						Rajewski: 6th Year NOI (not cash flow) capitalized at cap rate	Rajewski: DSC = Annual Cash Flow / Annual Debt Service	HP12 C Solution			$807,751.96
Term	10.0			f CLX
Amoritization	25.0	300.0		25.0	gn
Interest Rate	6.00%	0.50% per period		6.00%	gi
Spread (basis points)	2.00% bps			$565,426	chs pv
5 Year Treasury	4.00%	Floor		Solve for PMT
Maximum Loan To Value	70.00%			* 12 =	$43,717
Annual Principal & Interest Payment	$43,717
									HP 12C Solution
RESALE ANALYSIS BEG. 6TH YEAR			HP12 C Solution							$43,717	do not clear registers after solving for pmt
Sale Price - Last Day of Year 5	$ 829,338 Rajewski: See Cash Flow Sheet		5* 12	f amort	= interest paid to date	Solve for X<>Y = principal paid to date				5* 12
Less: Outstanding Debt Balance Beg. Yr. 6	$ 507,399		X<Y	principal paid to date which is subtracted from original loan balance						f amort
Proceeds to Owner (before tax)	$ 321,939	ans	$565,426	minus	$37,178	equals	$528,248		equals	$134,898	interest paid to date
										x<y
EQUITY ANALYSIS		1	2	3	4	5			equals	$37,178	principal paid to date
Upfront Equity Investment	($242,326)	$ 7,435	$ 31,630	$ 33,890	$ 36,219	$ 360,556				minus
Return on Equity Before Tax (ROE)		3.07%	0.00%	0.00%	0.00%	NA			equals	$528,248	outstanding balance
IRR	ERROR:#NUM!
HP 12 C SOLUTION
Page 71 of Owner's Manual
f CLX
f FIN
($242,326)	CHS g CFO	Initial Investment
$7,435	g CFJ	Cash In
$31,630	g CFJ	Cash In
$33,890	g CFJ	Cash In
$36,219	g CFJ	Cash In
$360,556	g CFJ	cash in from sale
13.00%	I	enter any % here - required to start calc
f IRR	ERROR:#NUM!	Return on Equity Before Tax (ROE)
	16.11

Cash Inflow

Cash Outflow

Cash Inflow

Cash Outflow

Amort

			AMORTIZATION (P&I) SCHEDULE
		Loan Amount	$565,426	*		Loan Amount	$565,426
		Annual Interest Rate	6.00%	*		Interest Rate	0.50%
		Years	25	*		Term	300
		Number of Payments per Year	12	*		Debt Serv. Monthly	$3,643
						Debt Serv. Yearly	$43,717
	Amount	Debt			Periods	Accum	Accum
Period	Outstanding	Service	Principal	Interest	Remain	Principal	Interest	Year
0	565,426.37				300	0.00	0.00
1	564,610.46	3,643.05	815.92	2,827.13	299	815.92	2,827.13
2	563,790.46	3,643.05	820.00	2,823.05	298	1,635.92	5,650.18
3	562,966.36	3,643.05	824.10	2,818.95	297	2,460.01	8,469.14
4	562,138.14	3,643.05	828.22	2,814.83	296	3,288.23	11,283.97
5	561,305.78	3,643.05	832.36	2,810.69	295	4,120.59	14,094.66
6	560,469.26	3,643.05	836.52	2,806.53	294	4,957.11	16,901.19
7	559,628.56	3,643.05	840.70	2,802.35	293	5,797.82	19,703.53
8	558,783.65	3,643.05	844.91	2,798.14	292	6,642.72	22,501.68
9	557,934.52	3,643.05	849.13	2,793.92	291	7,491.86	25,295.60
10	557,081.14	3,643.05	853.38	2,789.67	290	8,345.23	28,085.27
11	556,223.50	3,643.05	857.64	2,785.41	289	9,202.88	30,870.67		Principal	Interest
12	555,361.57	3,643.05	861.93	2,781.12	288	10,064.81	33,651.79	end of 1st year	861.93	2,781.12
13	554,495.32	3,643.05	866.24	2,776.81	287	10,931.05	36,428.60		915.09	2,727.96
14	553,624.75	3,643.05	870.57	2,772.48	286	11,801.63	39,201.08		971.54	2,671.51
15	552,749.82	3,643.05	874.93	2,768.12	285	12,676.55	41,969.20		1,031.46	2,611.59
16	551,870.52	3,643.05	879.30	2,763.75	284	13,555.85	44,732.95		1,095.08	2,547.97
17	550,986.82	3,643.05	883.70	2,759.35	283	14,439.55	47,492.30		1,162.62	2,480.43
18	550,098.71	3,643.05	888.12	2,754.93	282	15,327.67	50,247.24		1,234.33	2,408.72
19	549,206.15	3,643.05	892.56	2,750.49	281	16,220.22	52,997.73		1,310.46	2,332.59
20	548,309.13	3,643.05	897.02	2,746.03	280	17,117.24	55,743.76		1,391.28	2,251.77
21	547,407.63	3,643.05	901.50	2,741.55	279	18,018.75	58,485.31		1,477.09	2,165.96
22	546,501.62	3,643.05	906.01	2,737.04	278	18,924.76	61,222.34		1,568.20	2,074.85
23	545,591.07	3,643.05	910.54	2,732.51	277	19,835.30	63,954.85
24	544,675.98	3,643.05	915.09	2,727.96	276	20,750.39	66,682.81	end of 2nd year
25	543,756.31	3,643.05	919.67	2,723.38	275	21,670.06	69,406.19
26	542,832.04	3,643.05	924.27	2,718.78	274	22,594.33	72,124.97
27	541,903.15	3,643.05	928.89	2,714.16	273	23,523.22	74,839.13
28	540,969.62	3,643.05	933.53	2,709.52	272	24,456.76	77,548.64
29	540,031.42	3,643.05	938.20	2,704.85	271	25,394.96	80,253.49
30	539,088.52	3,643.05	942.89	2,700.16	270	26,337.85	82,953.65
31	538,140.91	3,643.05	947.61	2,695.44	269	27,285.46	85,649.09
32	537,188.57	3,643.05	952.35	2,690.70	268	28,237.81	88,339.80
33	536,231.46	3,643.05	957.11	2,685.94	267	29,194.91	91,025.74
34	535,269.57	3,643.05	961.89	2,681.16	266	30,156.81	93,706.90
35	534,302.87	3,643.05	966.70	2,676.35	265	31,123.51	96,383.24
36	533,331.33	3,643.05	971.54	2,671.51	264	32,095.04	99,054.76	end of 3rd year
37	532,354.94	3,643.05	976.39	2,666.66	263	33,071.44	101,721.42
38	531,373.66	3,643.05	981.28	2,661.77	262	34,052.71	104,383.19
39	530,387.48	3,643.05	986.18	2,656.87	261	35,038.89	107,040.06
40	529,396.37	3,643.05	991.11	2,651.94	260	36,030.01	109,692.00
41	528,400.30	3,643.05	996.07	2,646.98	259	37,026.07	112,338.98
42	527,399.25	3,643.05	1,001.05	2,642.00	258	38,027.12	114,980.98
43	526,393.20	3,643.05	1,006.05	2,637.00	257	39,033.18	117,617.98
44	525,382.11	3,643.05	1,011.08	2,631.97	256	40,044.26	120,249.94
45	524,365.97	3,643.05	1,016.14	2,626.91	255	41,060.40	122,876.85
46	523,344.75	3,643.05	1,021.22	2,621.83	254	42,081.62	125,498.68
47	522,318.43	3,643.05	1,026.33	2,616.72	253	43,107.95	128,115.41
48	521,286.97	3,643.05	1,031.46	2,611.59	252	44,139.40	130,727.00	end of 4th year
49	520,250.35	3,643.05	1,036.62	2,606.43	251	45,176.02	133,333.43
50	519,208.56	3,643.05	1,041.80	2,601.25	250	46,217.82	135,934.68
51	518,161.55	3,643.05	1,047.01	2,596.04	249	47,264.83	138,530.73
52	517,109.31	3,643.05	1,052.24	2,590.81	248	48,317.07	141,121.53
53	516,051.80	3,643.05	1,057.50	2,585.55	247	49,374.57	143,707.08
54	514,989.01	3,643.05	1,062.79	2,580.26	246	50,437.36	146,287.34
55	513,920.91	3,643.05	1,068.10	2,574.95	245	51,505.47	148,862.29
56	512,847.46	3,643.05	1,073.45	2,569.60	244	52,578.91	151,431.89
57	511,768.65	3,643.05	1,078.81	2,564.24	243	53,657.73	153,996.13
58	510,684.44	3,643.05	1,084.21	2,558.84	242	54,741.93	156,554.97
59	509,594.81	3,643.05	1,089.63	2,553.42	241	55,831.56	159,108.39
60	508,499.74	3,643.05	1,095.08	2,547.97	240	56,926.64	161,656.37	end of 5th year
61	507,399.19	3,643.05	1,100.55	2,542.50	239	58,027.19	164,198.87
62	506,293.13	3,643.05	1,106.05	2,537.00	238	59,133.24	166,735.86
63	505,181.55	3,643.05	1,111.58	2,531.47	237	60,244.83	169,267.33
64	504,064.41	3,643.05	1,117.14	2,525.91	236	61,361.97	171,793.23
65	502,941.68	3,643.05	1,122.73	2,520.32	235	62,484.70	174,313.56
66	501,813.34	3,643.05	1,128.34	2,514.71	234	63,613.04	176,828.27
67	500,679.35	3,643.05	1,133.98	2,509.07	233	64,747.02	179,337.33
68	499,539.70	3,643.05	1,139.65	2,503.40	232	65,886.68	181,840.73
69	498,394.35	3,643.05	1,145.35	2,497.70	231	67,032.03	184,338.43
70	497,243.27	3,643.05	1,151.08	2,491.97	230	68,183.10	186,830.40
71	496,086.44	3,643.05	1,156.83	2,486.22	229	69,339.94	189,316.62
72	494,923.82	3,643.05	1,162.62	2,480.43	228	70,502.56	191,797.05	end of 6th year
73	493,755.39	3,643.05	1,168.43	2,474.62	227	71,670.99	194,271.67
74	492,581.11	3,643.05	1,174.27	2,468.78	226	72,845.26	196,740.44
75	491,400.97	3,643.05	1,180.14	2,462.91	225	74,025.41	199,203.35
76	490,214.92	3,643.05	1,186.05	2,457.00	224	75,211.45	201,660.35
77	489,022.95	3,643.05	1,191.98	2,451.07	223	76,403.43	204,111.43
78	487,825.01	3,643.05	1,197.94	2,445.11	222	77,601.36	206,556.54
79	486,621.09	3,643.05	1,203.92	2,439.13	221	78,805.29	208,995.67
80	485,411.14	3,643.05	1,209.94	2,433.11	220	80,015.23	211,428.77
81	484,195.15	3,643.05	1,215.99	2,427.06	219	81,231.23	213,855.83
82	482,973.08	3,643.05	1,222.07	2,420.98	218	82,453.30	216,276.81
83	481,744.89	3,643.05	1,228.18	2,414.87	217	83,681.48	218,691.67
84	480,510.57	3,643.05	1,234.33	2,408.72	216	84,915.81	221,100.40	end of 7th year
85	479,270.07	3,643.05	1,240.50	2,402.55	215	86,156.31	223,502.95
86	478,023.37	3,643.05	1,246.70	2,396.35	214	87,403.01	225,899.30
87	476,770.44	3,643.05	1,252.93	2,390.12	213	88,655.94	228,289.42
88	475,511.24	3,643.05	1,259.20	2,383.85	212	89,915.14	230,673.27
89	474,245.74	3,643.05	1,265.49	2,377.56	211	91,180.63	233,050.82
90	472,973.92	3,643.05	1,271.82	2,371.23	210	92,452.45	235,422.05
91	471,695.74	3,643.05	1,278.18	2,364.87	209	93,730.63	237,786.92
92	470,411.17	3,643.05	1,284.57	2,358.48	208	95,015.20	240,145.40
93	469,120.18	3,643.05	1,290.99	2,352.06	207	96,306.20	242,497.46
94	467,822.73	3,643.05	1,297.45	2,345.60	206	97,603.65	244,843.06
95	466,518.79	3,643.05	1,303.94	2,339.11	205	98,907.58	247,182.17
96	465,208.33	3,643.05	1,310.46	2,332.59	204	100,218.04	249,514.76	8
97	463,891.33	3,643.05	1,317.01	2,326.04	203	101,535.05	251,840.81
98	462,567.73	3,643.05	1,323.59	2,319.46	202	102,858.64	254,160.26
99	461,237.52	3,643.05	1,330.21	2,312.84	201	104,188.85	256,473.10
100	459,900.66	3,643.05	1,336.86	2,306.19	200	105,525.72	258,779.29
101	458,557.11	3,643.05	1,343.55	2,299.50	199	106,869.26	261,078.79
102	457,206.85	3,643.05	1,350.26	2,292.79	198	108,219.53	263,371.58
103	455,849.83	3,643.05	1,357.02	2,286.03	197	109,576.54	265,657.61
104	454,486.03	3,643.05	1,363.80	2,279.25	196	110,940.34	267,936.86
105	453,115.41	3,643.05	1,370.62	2,272.43	195	112,310.96	270,209.29
106	451,737.94	3,643.05	1,377.47	2,265.58	194	113,688.44	272,474.87
107	450,353.58	3,643.05	1,384.36	2,258.69	193	115,072.80	274,733.56
108	448,962.30	3,643.05	1,391.28	2,251.77	192	116,464.08	276,985.33	9
109	447,564.06	3,643.05	1,398.24	2,244.81	191	117,862.32	279,230.14
110	446,158.83	3,643.05	1,405.23	2,237.82	190	119,267.55	281,467.96
111	444,746.57	3,643.05	1,412.26	2,230.79	189	120,679.80	283,698.75
112	443,327.25	3,643.05	1,419.32	2,223.73	188	122,099.12	285,922.49
113	441,900.84	3,643.05	1,426.41	2,216.64	187	123,525.53	288,139.12
114	440,467.29	3,643.05	1,433.55	2,209.50	186	124,959.08	290,348.63
115	439,026.58	3,643.05	1,440.71	2,202.34	185	126,399.79	292,550.96
116	437,578.66	3,643.05	1,447.92	2,195.13	184	127,847.71	294,746.10
117	436,123.51	3,643.05	1,455.16	2,187.89	183	129,302.87	296,933.99
118	434,661.07	3,643.05	1,462.43	2,180.62	182	130,765.30	299,114.61
119	433,191.33	3,643.05	1,469.74	2,173.31	181	132,235.05	301,287.91
120	431,714.24	3,643.05	1,477.09	2,165.96	180	133,712.14	303,453.87	10
121	430,229.76	3,643.05	1,484.48	2,158.57	179	135,196.62	305,612.44
122	428,737.86	3,643.05	1,491.90	2,151.15	178	136,688.52	307,763.59
123	427,238.49	3,643.05	1,499.36	2,143.69	177	138,187.88	309,907.28
124	425,731.64	3,643.05	1,506.86	2,136.19	176	139,694.74	312,043.47
125	424,217.25	3,643.05	1,514.39	2,128.66	175	141,209.13	314,172.13
126	422,695.28	3,643.05	1,521.96	2,121.09	174	142,731.09	316,293.21
127	421,165.71	3,643.05	1,529.57	2,113.48	173	144,260.67	318,406.69
128	419,628.49	3,643.05	1,537.22	2,105.83	172	145,797.89	320,512.52
129	418,083.58	3,643.05	1,544.91	2,098.14	171	147,342.80	322,610.66
130	416,530.95	3,643.05	1,552.63	2,090.42	170	148,895.43	324,701.08
131	414,970.55	3,643.05	1,560.40	2,082.65	169	150,455.82	326,783.73
132	413,402.35	3,643.05	1,568.20	2,074.85	168	152,024.02	328,858.59	11
133	411,826.32	3,643.05	1,576.04	2,067.01	167	153,600.06	330,925.60
134	410,242.40	3,643.05	1,583.92	2,059.13	166	155,183.98	332,984.73
135	408,650.56	3,643.05	1,591.84	2,051.21	165	156,775.82	335,035.94
136	407,050.76	3,643.05	1,599.80	2,043.25	164	158,375.61	337,079.20
137	405,442.97	3,643.05	1,607.80	2,035.25	163	159,983.41	339,114.45
138	403,827.13	3,643.05	1,615.84	2,027.21	162	161,599.24	341,141.66
139	402,203.22	3,643.05	1,623.91	2,019.14	161	163,223.16	343,160.80
140	400,571.18	3,643.05	1,632.03	2,011.02	160	164,855.19	345,171.82
141	398,930.99	3,643.05	1,640.19	2,002.86	159	166,495.39	347,174.67
142	397,282.59	3,643.05	1,648.40	1,994.65	158	168,143.78	349,169.33
143	395,625.96	3,643.05	1,656.64	1,986.41	157	169,800.42	351,155.74
144	393,961.04	3,643.05	1,664.92	1,978.13	156	171,465.34	353,133.87
145	392,287.79	3,643.05	1,673.24	1,969.81	155	173,138.58	355,103.67
146	390,606.18	3,643.05	1,681.61	1,961.44	154	174,820.20	357,065.11
147	388,916.16	3,643.05	1,690.02	1,953.03	153	176,510.21	359,018.14
148	387,217.69	3,643.05	1,698.47	1,944.58	152	178,208.68	360,962.72
149	385,510.73	3,643.05	1,706.96	1,936.09	151	179,915.65	362,898.81
150	383,795.23	3,643.05	1,715.50	1,927.55	150	181,631.14	364,826.37
151	382,071.16	3,643.05	1,724.07	1,918.98	149	183,355.22	366,745.34
152	380,338.46	3,643.05	1,732.69	1,910.36	148	185,087.91	368,655.70
153	378,597.11	3,643.05	1,741.36	1,901.69	147	186,829.27	370,557.39
154	376,847.04	3,643.05	1,750.06	1,892.99	146	188,579.33	372,450.38
155	375,088.23	3,643.05	1,758.81	1,884.24	145	190,338.15	374,334.61
156	373,320.62	3,643.05	1,767.61	1,875.44	144	192,105.76	376,210.05
157	371,544.17	3,643.05	1,776.45	1,866.60	143	193,882.20	378,076.66
158	369,758.84	3,643.05	1,785.33	1,857.72	142	195,667.53	379,934.38
159	367,964.59	3,643.05	1,794.26	1,848.79	141	197,461.79	381,783.17
160	366,161.36	3,643.05	1,803.23	1,839.82	140	199,265.02	383,622.99
161	364,349.12	3,643.05	1,812.24	1,830.81	139	201,077.26	385,453.80
162	362,527.81	3,643.05	1,821.30	1,821.75	138	202,898.56	387,275.55
163	360,697.40	3,643.05	1,830.41	1,812.64	137	204,728.97	389,088.19
164	358,857.84	3,643.05	1,839.56	1,803.49	136	206,568.54	390,891.67
165	357,009.08	3,643.05	1,848.76	1,794.29	135	208,417.30	392,685.96
166	355,151.07	3,643.05	1,858.00	1,785.05	134	210,275.30	394,471.01
167	353,283.78	3,643.05	1,867.29	1,775.76	133	212,142.60	396,246.76
168	351,407.15	3,643.05	1,876.63	1,766.42	132	214,019.23	398,013.18
169	349,521.13	3,643.05	1,886.01	1,757.04	131	215,905.24	399,770.22
170	347,625.69	3,643.05	1,895.44	1,747.61	130	217,800.69	401,517.82
171	345,720.77	3,643.05	1,904.92	1,738.13	129	219,705.61	403,255.95
172	343,806.32	3,643.05	1,914.45	1,728.60	128	221,620.05	404,984.56
173	341,882.30	3,643.05	1,924.02	1,719.03	127	223,544.07	406,703.59
174	339,948.66	3,643.05	1,933.64	1,709.41	126	225,477.71	408,413.00
175	338,005.36	3,643.05	1,943.31	1,699.74	125	227,421.02	410,112.74
176	336,052.33	3,643.05	1,953.02	1,690.03	124	229,374.04	411,802.77
177	334,089.54	3,643.05	1,962.79	1,680.26	123	231,336.83	413,483.03
178	332,116.94	3,643.05	1,972.60	1,670.45	122	233,309.43	415,153.48
179	330,134.48	3,643.05	1,982.47	1,660.58	121	235,291.90	416,814.06
180	328,142.10	3,643.05	1,992.38	1,650.67	120	237,284.28	418,464.73
181	326,139.76	3,643.05	2,002.34	1,640.71	119	239,286.62	420,105.45
182	324,127.41	3,643.05	2,012.35	1,630.70	118	241,298.97	421,736.14
183	322,105.00	3,643.05	2,022.41	1,620.64	117	243,321.38	423,356.78
184	320,072.47	3,643.05	2,032.53	1,610.52	116	245,353.90	424,967.31
185	318,029.78	3,643.05	2,042.69	1,600.36	115	247,396.59	426,567.67
186	315,976.88	3,643.05	2,052.90	1,590.15	114	249,449.49	428,157.82
187	313,913.72	3,643.05	2,063.17	1,579.88	113	251,512.66	429,737.70
188	311,840.23	3,643.05	2,073.48	1,569.57	112	253,586.14	431,307.27
189	309,756.39	3,643.05	2,083.85	1,559.20	111	255,669.99	432,866.47
190	307,662.12	3,643.05	2,094.27	1,548.78	110	257,764.26	434,415.25
191	305,557.38	3,643.05	2,104.74	1,538.31	109	259,869.00	435,953.56
192	303,442.11	3,643.05	2,115.26	1,527.79	108	261,984.26	437,481.35
193	301,316.28	3,643.05	2,125.84	1,517.21	107	264,110.10	438,998.56
194	299,179.81	3,643.05	2,136.47	1,506.58	106	266,246.57	440,505.14
195	297,032.66	3,643.05	2,147.15	1,495.90	105	268,393.72	442,001.04
196	294,874.77	3,643.05	2,157.89	1,485.16	104	270,551.61	443,486.21
197	292,706.09	3,643.05	2,168.68	1,474.37	103	272,720.28	444,960.58
198	290,526.57	3,643.05	2,179.52	1,463.53	102	274,899.80	446,424.11
199	288,336.16	3,643.05	2,190.42	1,452.63	101	277,090.22	447,876.74
200	286,134.79	3,643.05	2,201.37	1,441.68	100	279,291.59	449,318.42
201	283,922.41	3,643.05	2,212.38	1,430.67	99	281,503.96	450,749.10
202	281,698.97	3,643.05	2,223.44	1,419.61	98	283,727.40	452,168.71
203	279,464.42	3,643.05	2,234.56	1,408.49	97	285,961.96	453,577.20
204	277,218.69	3,643.05	2,245.73	1,397.32	96	288,207.69	454,974.53
205	274,961.73	3,643.05	2,256.96	1,386.09	95	290,464.64	456,360.62
206	272,693.49	3,643.05	2,268.24	1,374.81	94	292,732.88	457,735.43
207	270,413.91	3,643.05	2,279.58	1,363.47	93	295,012.47	459,098.90
208	268,122.93	3,643.05	2,290.98	1,352.07	92	297,303.45	460,450.97
209	265,820.49	3,643.05	2,302.44	1,340.61	91	299,605.88	461,791.58
210	263,506.55	3,643.05	2,313.95	1,329.10	90	301,919.83	463,120.68
211	261,181.03	3,643.05	2,325.52	1,317.53	89	304,245.35	464,438.22
212	258,843.88	3,643.05	2,337.14	1,305.91	88	306,582.49	465,744.12
213	256,495.05	3,643.05	2,348.83	1,294.22	87	308,931.32	467,038.34
214	254,134.48	3,643.05	2,360.57	1,282.48	86	311,291.90	468,320.81
215	251,762.10	3,643.05	2,372.38	1,270.67	85	313,664.28	469,591.49
216	249,377.86	3,643.05	2,384.24	1,258.81	84	316,048.51	470,850.30
217	246,981.70	3,643.05	2,396.16	1,246.89	83	318,444.68	472,097.19
218	244,573.56	3,643.05	2,408.14	1,234.91	82	320,852.82	473,332.10
219	242,153.38	3,643.05	2,420.18	1,222.87	81	323,273.00	474,554.96
220	239,721.09	3,643.05	2,432.28	1,210.77	80	325,705.28	475,765.73
221	237,276.65	3,643.05	2,444.44	1,198.61	79	328,149.73	476,964.34
222	234,819.98	3,643.05	2,456.67	1,186.38	78	330,606.39	478,150.72
223	232,351.03	3,643.05	2,468.95	1,174.10	77	333,075.34	479,324.82
224	229,869.74	3,643.05	2,481.29	1,161.76	76	335,556.64	480,486.57
225	227,376.03	3,643.05	2,493.70	1,149.35	75	338,050.34	481,635.92
226	224,869.86	3,643.05	2,506.17	1,136.88	74	340,556.51	482,772.80
227	222,351.16	3,643.05	2,518.70	1,124.35	73	343,075.21	483,897.15
228	219,819.87	3,643.05	2,531.29	1,111.76	72	345,606.51	485,008.91
229	217,275.92	3,643.05	2,543.95	1,099.10	71	348,150.46	486,108.01
230	214,719.25	3,643.05	2,556.67	1,086.38	70	350,707.13	487,194.39
231	212,149.79	3,643.05	2,569.45	1,073.60	69	353,276.58	488,267.98
232	209,567.49	3,643.05	2,582.30	1,060.75	68	355,858.88	489,328.73
233	206,972.28	3,643.05	2,595.21	1,047.84	67	358,454.09	490,376.57
234	204,364.09	3,643.05	2,608.19	1,034.86	66	361,062.28	491,411.43
235	201,742.86	3,643.05	2,621.23	1,021.82	65	363,683.51	492,433.25
236	199,108.53	3,643.05	2,634.34	1,008.71	64	366,317.85	493,441.97
237	196,461.02	3,643.05	2,647.51	995.54	63	368,965.36	494,437.51
238	193,800.27	3,643.05	2,660.74	982.31	62	371,626.10	495,419.81
239	191,126.23	3,643.05	2,674.05	969.00	61	374,300.15	496,388.81
240	188,438.81	3,643.05	2,687.42	955.63	60	376,987.57	497,344.45
241	185,737.95	3,643.05	2,700.86	942.19	59	379,688.42	498,286.64
242	183,023.59	3,643.05	2,714.36	928.69	58	382,402.78	499,215.33
243	180,295.66	3,643.05	2,727.93	915.12	57	385,130.72	500,130.45
244	177,554.09	3,643.05	2,741.57	901.48	56	387,872.29	501,031.93
245	174,798.81	3,643.05	2,755.28	887.77	55	390,627.57	501,919.70
246	172,029.75	3,643.05	2,769.06	873.99	54	393,396.62	502,793.69
247	169,246.85	3,643.05	2,782.90	860.15	53	396,179.52	503,653.84
248	166,450.03	3,643.05	2,796.82	846.23	52	398,976.34	504,500.07
249	163,639.23	3,643.05	2,810.80	832.25	51	401,787.14	505,332.32
250	160,814.38	3,643.05	2,824.85	818.20	50	404,611.99	506,150.52
251	157,975.40	3,643.05	2,838.98	804.07	49	407,450.97	506,954.59
252	155,122.23	3,643.05	2,853.17	789.88	48	410,304.15	507,744.47
253	152,254.79	3,643.05	2,867.44	775.61	47	413,171.58	508,520.08
254	149,373.01	3,643.05	2,881.78	761.27	46	416,053.36	509,281.35
255	146,476.83	3,643.05	2,896.18	746.87	45	418,949.55	510,028.22
256	143,566.16	3,643.05	2,910.67	732.38	44	421,860.21	510,760.60
257	140,640.94	3,643.05	2,925.22	717.83	43	424,785.43	511,478.43
258	137,701.10	3,643.05	2,939.85	703.20	42	427,725.28	512,181.64
259	134,746.55	3,643.05	2,954.54	688.51	41	430,679.82	512,870.14
260	131,777.24	3,643.05	2,969.32	673.73	40	433,649.14	513,543.88
261	128,793.07	3,643.05	2,984.16	658.89	39	436,633.30	514,202.76
262	125,793.99	3,643.05	2,999.08	643.97	38	439,632.39	514,846.73
263	122,779.91	3,643.05	3,014.08	628.97	37	442,646.47	515,475.70
264	119,750.76	3,643.05	3,029.15	613.90	36	445,675.62	516,089.60
265	116,706.46	3,643.05	3,044.30	598.75	35	448,719.91	516,688.35
266	113,646.94	3,643.05	3,059.52	583.53	34	451,779.43	517,271.88
267	110,572.13	3,643.05	3,074.82	568.23	33	454,854.25	517,840.12
268	107,481.94	3,643.05	3,090.19	552.86	32	457,944.44	518,392.98
269	104,376.30	3,643.05	3,105.64	537.41	31	461,050.08	518,930.39
270	101,255.13	3,643.05	3,121.17	521.88	30	464,171.24	519,452.27
271	98,118.36	3,643.05	3,136.77	506.28	29	467,308.02	519,958.55
272	94,965.90	3,643.05	3,152.46	490.59	28	470,460.48	520,449.14
273	91,797.68	3,643.05	3,168.22	474.83	27	473,628.70	520,923.97
274	88,613.61	3,643.05	3,184.06	458.99	26	476,812.76	521,382.96
275	85,413.63	3,643.05	3,199.98	443.07	25	480,012.74	521,826.02
276	82,197.65	3,643.05	3,215.98	427.07	24	483,228.72	522,253.09
277	78,965.59	3,643.05	3,232.06	410.99	23	486,460.79	522,664.08
278	75,717.37	3,643.05	3,248.22	394.83	22	489,709.01	523,058.91
279	72,452.90	3,643.05	3,264.46	378.59	21	492,973.47	523,437.50
280	69,172.12	3,643.05	3,280.79	362.26	20	496,254.26	523,799.76
281	65,874.93	3,643.05	3,297.19	345.86	19	499,551.45	524,145.62
282	62,561.25	3,643.05	3,313.68	329.37	18	502,865.12	524,474.99
283	59,231.01	3,643.05	3,330.24	312.81	17	506,195.37	524,787.80
284	55,884.11	3,643.05	3,346.90	296.16	16	509,542.26	525,083.96
285	52,520.49	3,643.05	3,363.63	279.42	15	512,905.89	525,363.38
286	49,140.04	3,643.05	3,380.45	262.60	14	516,286.34	525,625.98
287	45,742.69	3,643.05	3,397.35	245.70	13	519,683.69	525,871.68
288	42,328.35	3,643.05	3,414.34	228.71	12	523,098.02	526,100.39
289	38,896.94	3,643.05	3,431.41	211.64	11	526,529.43	526,312.03
290	35,448.38	3,643.05	3,448.57	194.48	10	529,978.00	526,506.52
291	31,982.57	3,643.05	3,465.81	177.24	9	533,443.81	526,683.76
292	28,499.43	3,643.05	3,483.14	159.91	8	536,926.94	526,843.67
293	24,998.88	3,643.05	3,500.55	142.50	7	540,427.50	526,986.17
294	21,480.82	3,643.05	3,518.06	124.99	6	543,945.55	527,111.17
295	17,945.18	3,643.05	3,535.65	107.40	5	547,481.20	527,218.57
296	14,391.85	3,643.05	3,553.32	89.73	4	551,034.52	527,308.30
297	10,820.76	3,643.05	3,571.09	71.96	3	554,605.61	527,380.25
298	7,231.82	3,643.05	3,588.95	54.10	2	558,194.56	527,434.36
299	3,624.93	3,643.05	3,606.89	36.16	1	561,801.45	527,470.52
300	0.00	3,643.05	3,624.93	18.12	0	565,426.37	527,488.64
301	-3,643.05	3,643.05	3,643.05	0.00	-1	569,069.42	527,488.64
302	-7,304.32	3,643.05	3,661.27	-18.22	-2	572,730.69	527,470.43
303	-10,983.89	3,643.05	3,679.57	-36.52	-3	576,410.26	527,433.91
304	-14,681.86	3,643.05	3,697.97	-54.92	-4	580,108.23	527,378.99
305	-18,398.32	3,643.05	3,716.46	-73.41	-5	583,824.69	527,305.58
306	-22,133.36	3,643.05	3,735.04	-91.99	-6	587,559.73	527,213.59
307	-25,887.07	3,643.05	3,753.72	-110.67	-7	591,313.45	527,102.92
308	-29,659.56	3,643.05	3,772.49	-129.44	-8	595,085.93	526,973.48
309	-33,450.91	3,643.05	3,791.35	-148.30	-9	598,877.28	526,825.19
310	-37,261.21	3,643.05	3,810.30	-167.25	-10	602,687.59	526,657.93
311	-41,090.57	3,643.05	3,829.36	-186.31	-11	606,516.94	526,471.62
312	-44,939.07	3,643.05	3,848.50	-205.45	-12	610,365.45	526,266.17
313	-48,806.82	3,643.05	3,867.75	-224.70	-13	614,233.19	526,041.48
314	-52,693.90	3,643.05	3,887.08	-244.03	-14	618,120.28	525,797.44
315	-56,600.42	3,643.05	3,906.52	-263.47	-15	622,026.80	525,533.97
316	-60,526.47	3,643.05	3,926.05	-283.00	-16	625,952.85	525,250.97
317	-64,472.15	3,643.05	3,945.68	-302.63	-17	629,898.53	524,948.34
318	-68,437.57	3,643.05	3,965.41	-322.36	-18	633,863.94	524,625.98
319	-72,422.80	3,643.05	3,985.24	-342.19	-19	637,849.18	524,283.79
320	-76,427.97	3,643.05	4,005.16	-362.11	-20	641,854.34	523,921.68
321	-80,453.16	3,643.05	4,025.19	-382.14	-21	645,879.53	523,539.54
322	-84,498.47	3,643.05	4,045.32	-402.27	-22	649,924.85	523,137.27
323	-88,564.02	3,643.05	4,065.54	-422.49	-23	653,990.39	522,714.78
324	-92,649.89	3,643.05	4,085.87	-442.82	-24	658,076.26	522,271.96
325	-96,756.19	3,643.05	4,106.30	-463.25	-25	662,182.56	521,808.71
326	-100,883.02	3,643.05	4,126.83	-483.78	-26	666,309.39	521,324.93
327	-105,030.48	3,643.05	4,147.47	-504.42	-27	670,456.86	520,820.51
328	-109,198.68	3,643.05	4,168.20	-525.15	-28	674,625.06	520,295.36
329	-113,387.73	3,643.05	4,189.04	-545.99	-29	678,814.10	519,749.37
330	-117,597.72	3,643.05	4,209.99	-566.94	-30	683,024.09	519,182.43
331	-121,828.75	3,643.05	4,231.04	-587.99	-31	687,255.13	518,594.44
332	-126,080.95	3,643.05	4,252.19	-609.14	-32	691,507.32	517,985.30
333	-130,354.40	3,643.05	4,273.45	-630.40	-33	695,780.78	517,354.89
334	-134,649.23	3,643.05	4,294.82	-651.77	-34	700,075.60	516,703.12
335	-138,965.52	3,643.05	4,316.30	-673.25	-35	704,391.90	516,029.87
336	-143,303.40	3,643.05	4,337.88	-694.83	-36	708,729.77	515,335.05
337	-147,662.97	3,643.05	4,359.57	-716.52	-37	713,089.34	514,618.53
338	-152,044.33	3,643.05	4,381.36	-738.31	-38	717,470.71	513,880.21
339	-156,447.60	3,643.05	4,403.27	-760.22	-39	721,873.98	513,119.99
340	-160,872.89	3,643.05	4,425.29	-782.24	-40	726,299.27	512,337.75
341	-165,320.31	3,643.05	4,447.41	-804.36	-41	730,746.68	511,533.39
342	-169,789.96	3,643.05	4,469.65	-826.60	-42	735,216.33	510,706.79
343	-174,281.96	3,643.05	4,492.00	-848.95	-43	739,708.33	509,857.84
344	-178,796.42	3,643.05	4,514.46	-871.41	-44	744,222.79	508,986.43
345	-183,333.45	3,643.05	4,537.03	-893.98	-45	748,759.82	508,092.45
346	-187,893.17	3,643.05	4,559.72	-916.67	-46	753,319.54	507,175.78
347	-192,475.68	3,643.05	4,582.52	-939.47	-47	757,902.06	506,236.31
348	-197,081.11	3,643.05	4,605.43	-962.38	-48	762,507.49	505,273.93
349	-201,709.57	3,643.05	4,628.46	-985.41	-49	767,135.94	504,288.53
350	-206,361.16	3,643.05	4,651.60	-1,008.55	-50	771,787.54	503,279.98
351	-211,036.02	3,643.05	4,674.86	-1,031.81	-51	776,462.39	502,248.18
352	-215,734.25	3,643.05	4,698.23	-1,055.18	-52	781,160.63	501,193.00
353	-220,455.97	3,643.05	4,721.72	-1,078.67	-53	785,882.35	500,114.32
354	-225,201.30	3,643.05	4,745.33	-1,102.28	-54	790,627.68	499,012.04
355	-229,970.36	3,643.05	4,769.06	-1,126.01	-55	795,396.73	497,886.04
356	-234,763.26	3,643.05	4,792.90	-1,149.85	-56	800,189.63	496,736.19
357	-239,580.13	3,643.05	4,816.87	-1,173.82	-57	805,006.50	495,562.37
358	-244,421.08	3,643.05	4,840.95	-1,197.90	-58	809,847.45	494,364.47
359	-249,286.23	3,643.05	4,865.16	-1,222.11	-59	814,712.61	493,142.36
360	-254,175.71	3,643.05	4,889.48	-1,246.43	-60	819,602.09	491,895.93

IRR and MIRR

IRR VS MIRR
IRR =	25.20%			Problem: short term re-investment rate
	($100,000)		2	3	4	5	6
1	$25,200		$31,550	$39,501	$49,455	$61,918	$77,522
2	$25,200			$31,550	$39,501	$49,455	$61,918
3	$25,200				$31,550	$39,501	$49,455
4	$25,200					$31,550	$39,501
5	$25,200						$31,550
6	$125,200						$125,200
Total =							$385,147
						IRR =	25.20%
IRR =	25.20%			Problem: safe deposit rate
0	($10,000)		2	3	4	5	6
1	($50,000)		($62,598)	($78,370)	($98,116)	($122,837)	($153,787)
2	($50,000)			($62,598)	($78,370)	($98,116)	($122,837)
3	$30,000				$37,559	$47,022	$58,869
4	($20,000)					($25,039)	($31,348)
5	$30,000						$37,559
6	$250,050						$250,050
Total =							$38,507
						IRR =	25.20%
	Re-investment Rate (safe deposite rate) =						5.00%
	Re-investment Rate (short term re-investment rate) =						10.00%
	1		2	3	4	5	6
6	($50,000)		($50,000)	$30,000	($20,000)	$30,000	$250,050
5
4					($20,000)
3					($19,048)
2			($50,000)
1	($50,000)		($47,619)
0	($47,619)		($45,351)
0	($10,000)
At year 0, total investment =				($102,971)
-	-	-	-	-	-	-	-
	1		2	3	4	5	6
0				$30,000		$30,000	$250,050
1
2
3				$10,952
4				$12,048
5				$13,252		$30,000
6				$14,578		$33,000	$250,050
At year 6, total cash flow =				$297,628
						MIRR =	19.35%

XIRR

XIRR Exercise

	Date	Cash Flow
	1/1/18	-100000
	2/1/18	100
	3/1/18	0
	4/1/18	545
	5/1/18	325
	6/1/18	425
	7/1/18	1000
	8/1/18	-5
	9/1/18	-2450
	10/1/18	1500
	11/1/18	600
	XIRR	-0.9969547633

Factors

Summary

the strip is as follows…
		Year 1	Year 2	Year 3	Year 4	Year 5
		$ 73,152	$ 75,347	$ 77,607	$ 79,935	$ 911,671
	To generate these cash flows and reversion…you will pay…
	a Purchase Price
	The return on your price is measured by
	IRR
	NPV
	MIRR
	Discount Rate
	The revesion is the return on and the cash flow is the return of
	Various Tools to Calculate the Above …
	Excel
	HP12C
	"By Hand"
	Charts
	All the above is based on the following formula…
	1/(1+i)^N

WBA

																																																																																																		Nov-14	Feb-15	May-15	Aug-15		Nov-14	Feb-15	May-15	Aug-15		Nov-15	Feb-16	May-16	Aug-16		Nov-16	Feb-17	May-17	Aug-17		Nov-17	Feb-18	May-18	Aug-18			Nov-18	Feb-19	May-19	Aug-19			Nov-18	Feb-19	May-19	Aug-19
WBA
Quarterly Income Statement
INCOME STATEMENT								Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31						Fiscal Year End, August 31						Fiscal Year End, August 31										denotes an observation that's important to consider
(In millions, except per share)	1989A	1990A	1991A	1992A	1993A	1994A	1995A	1QA	2QA	3QA	4QA	1996.0	1QA	2QA	3QA	4QA	1997.0	1QA	2QA	3QA	4QA	1998.0	1QA	2QA	3QA	4QA	1999.0	1QA	2QA	3QA	4QA	2000.0	1QA	2QA	3QA	4QA	2001.0	1QA	2QA	3QA	4QA	2002.0	1QA	2QA	3QA	4QA	2003.0	1QA	2QA	3QA	4QA	2004.0	1QA	2QA	3QA	4QA	2005.0	1QA	2QA	3QA	4QA	2006.0	1QA	2QA	3QA	4QA	2007.0	1QA	2QA	3QA	4QA	2008.0	1QA	2QA	3QA	4QA	2009.0	1QA	2QA	3QA	4QA	2010.0	1QA	2QA	3QA	4QA	2011.0	1QA	2QA	3QA	4QA	2012.0	1QA	2QA	3QA	4QA	2013.0	1QA	2QA	3QA	4QA	2014.0	1QA	2QA	3QA	4QA	2015.0	1QA	2QA	3QA	4QA	2016.0	1QA	2QA	3QA	4QA	2017.0	1QA	2QA	3QA	4QE	2018		1QE	2QE	3QE	4QE	2019.0		1QE	2QE	3QE	4QE	2020.0
Total Sales	5380.133	6047.494	6733.044	7474.961	8294.84	9234.978	10395.096	2692.767	3179.089	2988.836	2917.716	11778.408	3053.979	3602.62	3403.281	3303.143	13363.023	3485.16	4093.467	3887.462	3840.471	15306.56	4016.4	4691	4571.4	4560	17838.8	4823.2	5608.8	5394.1	5380.8	21206.9	5614.2	6429	6296.2	6283.6	24623 fariborz: fariborz: note that the 4 quarters did not add up to the year #	6559.4	7488.5	7397.9	7235.3	28681.1	7484.9	8446.1	8328	8246.4	32505.4	8720.8	9782.2	9578.5	9426.7	37508.2	9889.1	10987	10830.6	10494.9	42201.6	10900.4	12163.1	12175.2	12170.3	47409	12708.5	13933.7	13698.3	13421.5	53,762	14027.9	15393.6	15015.7	14597.1	59,034	14947	16475	16210	15703	63,335	16364	16987	17199	16870	67,420	17344	18502	18371	17967	72,184	18157	18651	17752	17073	71,633	17316	18647	18313	17941	72,217	18329	19605	19401	19057	76,392	19554	26573	28795	28522	103,444	29033	30184	29498	28636	117351	28501	29446	30118	30149	118214	$ 30,740.00	$ 33,021.00	$ 34,334.00	$ 32,746.64	$ 130,841.64		$ 32,795.39	$ 34,272.63	$ 35,677.26	$ 33,238.20	$ 135,983.48	4%	$ 33,381.72	$ 34,885.30	$ 36,350.37	$ 33,879.09	$ 138,496.48	2%
Cost of Goods Sold	3809.746	4317.592	4788.898	5342.825	5930.881	6609.341	7460.865	1953.785	2284.337	2162.051	2110.458	8510.631	2218.038	2587.304	2466.314	2393.648	9665.304	2534.871	2950.775	2824.423	2782.842	11092.911	2927.8	3376.2	3314.9	3314.5	12978.6	3533.4	4065.3	3943.1	3906.5	15448.3	4126.1	4658.2	4644.6	4620	18048.9	4861.5	5454.6	5460.7	5299.3	21076.1	5489.2	6098	6098	6021	23706.2	6420.7	7076.6	7000.7	6812.4	27310.4	7181.2	7856.4	7814.4	7561.8	30413.8	7897.9	8703.8	8832	8806.7	34240.4	9132.9	9897.9	9821.1	9666.2	38,518	10107	10952	10770	10562.5	42,392	10796	11818	11751	11357	45,722	11826	12090	12450	12078	48,444	12399	13178	13217	12898	51,692	13053	13262	12738	12238	51,291	12217	13040	13091	12750	51,098	13177	13955	13961	13730	54,823	14258	19691	21314	21257	76,520	21531	22240	22001	21481	87253	21385	21885	22973	22809	89052	$ 23,399.00	$ 24,925.00	$ 26,554.00	$ 24,810.11	$ 99,688.11	76%	$ 24,990.84	$ 25,975.78	$ 27,702.15	$ 25,099.69	$ 103,768.45	76%	$ 25,410.75	$ 26,443.48	$ 28,212.65	$ 25,576.25	$ 105,643.14	76%
Gross Profit	1570.387	1729.902	1944.146	2132.136	2363.959	2625.637	2934.231	738.982	894.752	826.785	807.258	3267.777	835.941	1015.316	936.967	909.495	3697.719	950.289	1142.692	1063.039	1057.629	4213.649	1088.6	1314.8	1256.5	1245.5	4860.2	1289.8	1543.5	1451	1474.3	5758.6	1488.1	1770.8	1651.6	1663.6	6574.1	1697.9	2033.9	1937.2	1936	7605	1995.7	2348.1	2230	2225.4	8799.2	2300.1	2705.6	2577.8	2614.3	10197.8	2707.9	3130.6	3016.2	2933.1	11787.8	3002.5	3459.3	3343.2	3363.6	13168.6	3575.6	4035.8	3877.2	3755.3	15,244	3920.9	4441.6	4245.7	4034.6	16,643	4151	4657	4459	4346	17,613	4538	4897	4749	4792	18,976	4945	5324	5154	5069	20,492	5104	5389	5014	4835	20,342	5099	5607	5222 saursing: saursing: FIFO gross margin was 29.2%, up 60 bps y/y Deck notes both Front End and Pharmacy gross margins as up y/y, but transcript says "we achieved stable front-end margins in a challenging promotional environment" Pharmacy margins increased as a result of the ongoing impact from generics, the increase was partially offset by market reimbursement pressure and the continued growth of our 90 day retail program. Our front-end was positively impacted by candy, non-prescription drugs and personal care categories, which was partially offset by costs associated with points earned from the Balance Rewards program. Taking a look at our longer term FIFO gross margin trends, this quarter's 60 basis point improvement was up against a 30 basis point increase a year ago. The continuing generic wave, which temporarily peaked last quarter, was the primarily driver of margin lift in this quarter. Moving forward, we expect margins to be negatively impacted by a trough in the generic wave, expected to continue into the latter half of fiscal year 2014, when we expect to experience another peak in the wave; albeit, smaller than the fiscal year 2013 peak. Again, as I mentioned, the front-end was slightly positive for the quarter. Margins may also be impacted as we become more aggressive with our new promotion and pricing initiatives to drive traffic and front-end comps. As I will illustrate in a few minutes and as we've stated on many occasions, we are more focused on driving gross profit dollar growth than margin growth.	5191	21,119	5152	5650	5440	5327	21,569	5296	6882	7481	7265	26,924	7502	7944	7497	7155	30098	7116	7561	7145	7340	29162	$ 7,341.00	$ 8,096.00	$ 7,780.00	$ 7,936.52	$ 31,153.52		$ 7,804.55	$ 8,296.85	$ 7,975.12	$ 8,138.51	$ 32,215.03		$ 7,970.97	$ 8,441.82	$ 8,137.72	$ 8,302.83	$ 32,853.34
																																																																																																			2.2823529412
SG&A	1278.116	1406.922	1582.725	1738.77	1929.63	2164.889	2392.731	635.208	682.86	674.902	666.555	2659.525	707.667	766.559	757.441	740.829	2972.496	800.8	854.381	842.612	834.208	3332.001	906	968.6	984.4	985.8	3844.8	1062	1152.3	1138.2	1164.4	4516.9	1230.5	1313.9	1306.1	1325.3	5175.8	1405.9	1510.5	1523.1	1541.3	5998.7	1643	1754.9	1769.3	1783.7	6967.9	1895.1	2028.6	2033.1	2114.9	8,072	2201.8	2355	2372.1	2434.9	9,364	2460.7	2638.4	2635.6	2732.4	10,467	2903.7	3015.3	3022.4	3151.8	12,093	3193	3354	3331	3402.7	13,281	3482	3627	3613	3644	14,366	3741	3811	3920	4046	15,518	4004	4117	4203	4237	16,561	4204	4284	4141	4249	16,878	4398	4497 saursing: saursing: Acquisition related costs relating to purchase of USA drug, ompleted in September 2012 (1QFY13	4362	4286	17,543	4379	4569	4551	4493	17,992	4456	5606	6080	6429	22,571	6034	6084	5967	6049	24134	5686	6124	5712	6218	23740	$ 5,907.00	$ 6,318.00	$ 6,231.00	$ 6,339.59	$ 24,795.59	80%	$ 6,357.18	$ 6,374.92	$ 6,160.02	$ 6,325.83	$ 25,217.95	78%	$ 6,494.45	$ 6,512.50	$ 6,289.16	$ 6,458.24	$ 25,754.35	78%
Gain on Sale																																																																																						-434	(434)					–		-20			(20)					–					–					0					0					$ - 0						$ - 0						$ - 0
Equity Earnings	0	0	0	0	0	0	0					0					0					0					0					0	–	–	–	–	0	–	–	–	–	0	–	–	–	–	0	–	–	–	–	0	–	–	–	–	0	–	–	–	–	0	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(4)	-85	-131	-124 Singh, Saurabh (Research): Singh, Saurabh (Research): Includes ABC warrant FMV adjustment	(344)	-151 Singh, Saurabh (Research): Singh, Saurabh (Research): Includes 7c tax benefit or ~$67M, would have been ~$84M without it	-194 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $(136)	-137	-135	(617)	-214 Rosenblum, Mark (Research): Rosenblum, Mark (Research): revised to $214 from $151 from removal of AB 3 month reporting lag	-101	0	0	(315)	0	0	-3	-34 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 15% of ABC NI on a 2 month lag	-37	-17 Rosenblum, Mark (Research): Rosenblum, Mark (Research): 5 week impact of 2nd tranche exercise, ~19% of ABC NI	-42 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	-84 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	8 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	-135	$ 99.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (216.00) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (52.00) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (83.12) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (252.12)		$ (78.30) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (76.51) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (91.85) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (85.58) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (332.24)		$ (78.30) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (76.51) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (91.85) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (85.58) Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	$ (332.24)
Operating Income (GAAP)	292.271	322.98	361.421	393.366	434.329	460.748	541.5	103.774	211.892	151.883	140.703	608.252	128.274	248.757	179.526	168.666	725.223	149.489	288.311	220.427	223.421	881.648	182.6	346.2	272.1	259.7	1015.4	227.8	391.2	312.8	309.9	1241.7	257.6	456.9	345.5	338.3	1398.3	292	523.4	414.1	394.7	1606.3	352.7	593.2	460.7	441.7	1831.3	405	677	544.7	499.4	2126.1	506.1	775.6	644.1	498.2	2424	541.8	820.9	707.6	631.2 jbirnbau: jbirnbau: includes $7.3 million in litigation gains	2701.5	671.9	1020.5	854.8	603.5	3,151	727.9	1087.6	914.7	631.9	3,362	669	1030	846	702	3,247	797	1086	829	746	3,458	941	1207	951	1266	4,365	900	1105	873	586	3,464	705	1215	991	1029	3,940	924	1275 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,217	1026	969	4,194	1054	1377	1401	836	4,668	1468	1860	1533	1140	6001	1447	1479	1517	1114	5557	$ 1,335.00	$ 1,994.00	$ 1,601.00	$ 1,680.06	$ 6,610.06		$ 1,525.66	$ 1,998.45	$ 1,906.95	$ 1,898.27	$ 7,329.32	10%	$ 1,554.82	$ 2,005.82	$ 1,940.41	$ 1,930.18	$ 7,431.23	1%
Interest Expense	18.841	18.813	18.157	15.67	6.454	2.586	1.19	0.89	0.645	0.385	0.395	2.315	0.66	0.621	0.346	0	1.627	0.691	0.358	0	0	1	0	0	0	0	0.4	0	0	0	0	0.4	0	1	0	0	3.1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	-0.4	2.5	1.5	7.2	11	15	20	25	23	83	29.2	29.2	31.5	25.5	115	29.2	29.2	31.5	25.5	115	26	26	26	39	117	39	25	52	55	171	41	37	35	43	156	55	144	151	255	605	138	140	147	171	596	173	173	156	194	696	$ 150.00	$ 151.00	$ 157.00	$ 132.72	$ 590.72		$ 126.89	$ 121.06	$ 121.06	$ 121.06	$ 490.06		$ 119.42	$ 117.78	$ 117.78	$ 117.78	$ 472.74
Interest Income & Other	-15.323	-15.556	-13.086	-10.222	-6.743	-5.363	-4.91	-1.043	-1.241	-1.574	-1.241	-5.099	-0.791	-1.826	-1.641	-1.282	-5.54	-0.614	-0.86	-1.573	-2.543	-5.59	-1.1	-1	-5.9	-3.9	-12.3	-1.1	-1.1	-2.1	-1.4	-6.1	0	-1.8	0	0	-5.4	-1.2	-1.2	-1.9	0	-4.3	-2.6	-2.6	-3	0	-8.2	-2.8	-0.4 jbirnbau: jbirnbau: Add back 16.3M litigation benefit	-6.6	-7.5	-17.3	-5.1	-6.7	-10.9	-8.9	-31.6	-6.8	-10	-15.6	-20.2	-52.6	-10.6	-10.2	-11.2	-6.4	(38)	0	0	0	0	–	0	0	0	0	–	-7.5	-7.5	-7.5	-7.5	(30)	-9.2	-11.2	-13.5	-10.5	(44)	-9	-9	-9	-2	(29)	-2	-2	(2)	0	(6)	0	0	0	0	–	0	0	0	0	–	0	0	0	0	0	1	1	1	1	4	$ 1.00	$ - 0	$ - 0	$ (1.69)	$ (0.69)		$ (1.26)	$ (0.18)	$ 0.21	$ (0.19)	$ (1.41)		$ (0.47)	$ (0.04)	$ 0.21	$ (0.20)	$ (0.49)
Net Interest Expense (Income)	3.518	3.257	5.071	5.448	-0.289	-2.777	-3.72	-0.153	-0.596	-1.189	-0.846	-2.784	-0.131	-1.205	-1.295	-1.282	-3.913	0.077	-0.502	-1.573	-2.543	-4.59	-1.1	0	-5.9	-3.9	-11.9	-1.1	-1.1	-2.1	-1.4	-5.7	0	-0.8	0	0	-2.3	-1.2	-1.2	-1.9	0	-4.3	-2.6	-2.6	-3	0	-8.2	-2.8	-0.4	-6.6	-7.5	-17.3	-5.1	-6.7	-10.9	-8.9	-31.6	-6.8	-10	-15.6	-20.2	-52.6	-10.6	-10.2	-11.2	-6.4	(38)	-0.4	2.5	1.5	7.2	11	15	20	25	23	83	21	22	24	18	85	20	18	18	15	71	17	17	17	37 saursing: saursing: Interest expense on $3.0 bridge loan for AB transaction was $21M for qtr even though bridge loan was only outstanding for month of August - included one-time charges of $18M. After the qtr on 9/13/12 WAG repaid $3.0B bridge loan using proceeds from $4.0 notes offering with interests rates ranging from L+50 bps ($550M), 1.0% ($750M 3-yr notes), 1.8% ($1.0B, 5-yr notes), 3.1% ($1.2B, 10-yr notes), 4.4% ($500M, 30-yr notes).	88	37	23	50	55 saursing: saursing: Guidance on 3QFY13 call of $57-$60M, includes negative impact from non-cash FMV adjustment to a swap of $16M $1.3B debt repayment in August, but only 1 month benefit from lower debt	165	41	37	35	43	156	55	144 Singh, Saurabh (Research): Singh, Saurabh (Research): $21M in after-tax pre-funded interest expenses	151	255	605	138	140	147	171	596	172	172	155	193	692	$ 149.00	$ 151.00	$ 157.00	$ 131.03	$ 588.03		$ 125.63	$ 120.88	$ 121.26	$ 120.87	$ 488.65		$ 118.95	$ 117.74	$ 117.98	$ 117.58	$ 472.25
Other Expense/(Income)	6.114	0	4.118	0	6.821	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-37.382	-37.382	0	0	0	0	0	0	0	0	-33.5 fariborz: fariborz: Brand name prescription drug antitrust litigation settlement	-33.5	0	-22.1 fariborz: fariborz: Brand name prescription drug antitrust litigation settlement	0	-1.5	-22.1	-5.5 fariborz: fariborz: Brand name prescription drug antitrust litigation settlement	0	0	-3.3	-8.8	0 fariborz: fariborz: Brand name prescription drug antitrust litigation settlement	0	0 fariborz: fariborz: vitamin litigation settlement	-2.6	-2.6	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	– Justin Van Vleck: Justin Van Vleck: Gain on sale of PBM	0	0	0	0	–	0	0	-77	-43	(120)	-225 Singh, Saurabh (Research): Singh, Saurabh (Research): ABC warrant FMV adjustment, excluded from adjusted EPS	59	-124	771 Singh, Saurabh (Research): Singh, Saurabh (Research): $866M is from non-cash loss related to exercising AB step 2 call option and marking it to zero.	481	-199	-1210	-461	622	(1,248)	57	496	-28	-264	261	0	15	8	-11	12	$ 137.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ (9.00) Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 4.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 213.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 345.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs		$ 213.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 213.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 213.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 213.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	$ 852.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Earnings Before Taxes	243.839	280.923	311.944	353.005	399.676	458.421	523.741	103.927	212.488	153.072	141.549	611.036	128.405	249.962	180.821	169.948	729.136	149.412	288.813	222	263.346	923.62	183.7	347.2	278	263.6	1027.3	228.9	392.3	314.9	344.8	1280.9	257.6	479.8	345.5	339.8	1422.7	298.7	524.6	416	398	1619.4	355.3	595.8	463.7	444.3	1842.1	407.8	677.4	551.3	506.9	2143.4	511.2	782.3	655	507.1	2455.6	548.6	830.9	723.2	651.4	2754.1	682.5	1030.7	866	609.9	3,189	728.3	1085.1	913.2	624.7	3,351	654	1010	821	679	3,164	776	1064	805	728	3,373	921	1189	933	1251	4,294	883	1088	856	549	3,376	668	1192	1018	1017	3,895	1108	1179 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,121	1115	155	3,557	1198	2443	1711	-41	5,311	1273	1224	1414	1233	5144	1275	1292	1354	932	4853	$ 1,049.00	$ 1,852.00	$ 1,440.00	$ 1,336.02	$ 5,677.02		$ 1,187.03	$ 1,664.56	$ 1,572.68	$ 1,564.40	$ 5,988.67		$ 1,435.87	$ 1,888.09	$ 1,822.43	$ 1,812.60	$ 6,958.98
Taxes	89.597	106.346	116.979	132.377	154.387	176.492	202.95	40.272	80.22	57.936	56.76	235.188	47.461	93.279	68.391	66.998	276.129	55.518	108.076	79.688	96.581	339.863	65.8	130.8	102.9	103.7	403.2	83.5	153.4	121.3	128.2	486.4	99.2	182.9	132.1	122.9	537.1	112.8	198	157	150.3	611.3	140.4	224.9	179.6	168.1	699.3 jbirnbau: jbirnbau: Taxes decreased by tax on the litigation benefit	152.9	254.086031 jbirnbau: jbirnbau: Taxes decreased by tax on the litigation benefit	206.7	190.1	803.786031	182.6	291.4	244	178.1	896.1	203	307.4	254 jbirnbau: jbirnbau: includes $13.6 million credit from settlement of prior years' IRS matters	239.1	1003.5	250.8	378.8	304.8	213.4	1,148	272.7	399.8	340	231.139	1,273	246	370	299	243	1,158	287	395	342	258	1,282	341	450	330	459 steshin: steshin: 9/28/12: 161 adjusts for tax (434 before tax gain, 273 after tax) - see 4Q presentation	1,580	329	405	319	196	1,249	255	436	394	360	1,445	404	411 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $391	351	360	1,526	321 Rosenblum, Mark (Research): Rosenblum, Mark (Research): revised to $321 from $299 from removal of AB 3 month reporting lag	391	408	-64	1,056	167	301	322	207	997	220	246	168	126	760	$ 227.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 503.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 109.00 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 219.26 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 1,058.26		$ 194.03 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 277.91 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 259.15 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 258.79 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 989.88		$ 237.58 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 317.03 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 302.85 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 302.23 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	$ 1,159.68
Tax Rate	36.7%	37.9%	37.5%	37.5%	38.6%	38.5%	38.8%	38.8%	37.8%	37.8%	40.1%	38.5%	37.0%	37.3%	37.8%	39.4%	37.9%	37.2%	37.4%	35.9%	36.7%	36.8%	35.8%	37.7%	37.0%	39.3%	39.2%	36.5%	39.1%	38.5%	37.2%	38.0%	38.5%	38.1%	38.2%	36.2%	37.8%	37.8%	37.7%	37.7%	37.8%	37.7%	39.5%	37.7%	38.7%	37.8%	38.0%	37.5%	37.5%	37.5%	37.5%	37.5%	35.7%	37.2%	37.3%	35.1%	36.5%	37.0%	37.0%	35.1%	36.7%	36.4%	36.7%	36.8%	35.2%	35.0%	36.0%	37.4%	36.8%	37.2%	37.0%	38.0%	37.6%	36.6%	36.4%	35.8%	36.6%	37.0%	37.1%	42.5%	35.4%	38.0%	37.0%	37.8%	35.4%	36.7%	36.8%	37.3%	37.2%	37.3%	35.7%	37.0%	38.2%	36.6%	38.7%	35.4% saursing: saursing: Guidance on 3QFY13 earnings call had been 38%	37.1%	36.5%	34.9%	31.5%	31.9% Singh, Saurabh (Research): Singh, Saurabh (Research): 3FQ14 CC: We expect our GAAP tax rate to be approximately 36% Actual non-GAAP tax rate was 31.9%	42.9%	26.8%	16.0%	23.8%	156.1%	19.9% Singh, Saurabh (Research): Singh, Saurabh (Research): For adjusted tax rate see row 102	13.1%	24.6%	22.8%	16.8%	19.4%	17.3%	19.0%	12.4%	13.5%	16.1%	$ 0.22	$ 0.27	$ 0.08	$ 0.18	$ 0.20		$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18		$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18
Net Income (GAAP)	154.242	174.577	194.965	220.628	245.289	281.929	320.791	63.655	132.268	95.136	84.789	375.848	80.944	156.683	112.43	102.95	453.007	93.894	180.737	142.312	166.765	583.708	117.9	216.4	175.1	159.9	624.1	145.4	238.9	193.6	216.6	794.5	158.4	296.9	213.4	216.9	885.6	185.9	326.6	259	247.7	1008.1	214.9	370.9	284.1	276.2	1142.8	254.9	423.313969	344.6	316.8	1339.613969	328.6	490.9	411	329	1559.5	345.6	523.5	469.2	412.3	1750.6	431.7	651.9	561.2	396.5	2,041	455.6	685.3	573.2	393.561	2,078	408	640	522	436	2,006	489	669	463	470	2,091	580	739	603	792	2,714	554	683	537	353	2,127	413	756	624	657	2,450	704	768 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $730	764	-205	2,031	877	2052	1303	23	4,255	1106	923	1092	1026	4147	1055	1046	1186	806	4093	$ 822.00	$ 1,349.00	$ 1,331.00	$ 1,116.76	$ 4,618.76		$ 993.00	$ 1,386.65	$ 1,313.54	$ 1,305.60	$ 4,998.80		$ 1,198.30	$ 1,571.06	$ 1,519.58	$ 1,510.37	$ 5,799.30
Attributable to Non-controlling interests / Other	0	0	0	0	23.623	0	0	--	--	--	--	0	--	--	--	--	0	-26.415	--	--	--	26.415	--	--	--	--	0	--	--	--	--	0	–	–	–	–	0	–	–	–	–	0	10.4	--	11.9	--	-22.3	--	10.1860314359 jbirnbau: jbirnbau: after-tax gain for entire year's share in prescription drug antitrust litigation settlement	--	--	-10.1860314359	–	–	–	–	0	–	–	–	–	0	–	–	–	–	–	–	–	–	(50)	50	–	–	–	–	–	–	–		–	–	–	–	–	– steshin: steshin: 434M gain from sale of PBM business	–	–	–	–	–	–	–	–	–	–	–	9	14	42	34	99	27	10 Singh, Saurabh (Research): Singh, Saurabh (Research): After-tax earnings from equity method investments	1 Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	(3) Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	35	(4)	(7) Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	(11) Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	(4) Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	(26) Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	1	(14)	24	4	15	$ 1.00	$ - 0	$ (11.00)	$ 17.50	$ 7.50		$ 17.50	$ 17.50	$ 17.50	$ 17.50	$ 70.00		$ 17.50	$ 17.50	$ 17.50	$ 17.50	$ 70.00
Net Income attributable to WBA (GAAP)	154.242	174.577	194.965	220.628	221.666	281.929	320.791	ERROR:#VALUE!	132.268	95.136	84.789	375.848	ERROR:#VALUE!	156.683	112.43	102.95	453.007	67.479	180.737	142.312	166.765	557.293	ERROR:#VALUE!	216.4	175.1	159.9	624.1	ERROR:#VALUE!	238.9	193.6	216.6	794.5	158.4	296.9	213.4	216.9	885.6	185.9	326.6	259	247.7	1008.1	204.5	370.9	272.2	276.2	1165.1	ERROR:#VALUE!	433.5000004359	344.6	316.8	1349.8000004359	328.6	490.9	411	329	1559.5	345.6	523.5	469.2	412.3	1750.6	431.7	651.9	561.2	396.5	2,041	455.6	685.3	573.2	443.331	2,029	408	640	522	436	2,006	489	669	463	470	2,091	580	739	603	792	2,714	554	683	537	353	2,127	413	756	624	657	2,450	695	754 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $716	722	-239	1,932	850	2042	1302	26	4,220	1110	930	1103	1030	4173	1054	1060	1162	802	4078	$ 821.00	$ 1,349.00	$ 1,342.00	$ 1,099.26	$ 4,611.26		$ 975.50	$ 1,369.15	$ 1,296.04	$ 1,288.10	$ 4,928.80	6%	$ 1,180.80	$ 1,553.56	$ 1,502.08	$ 1,492.87	$ 5,729.30	14%
LIFO Provision																																																																			–					–					–	-20	-17	-11	-39	(87)	-26	-35	-32	-38	(131)	(28)	(45)	(38)	(85)	(196)	(34)	(46)	(76) saursing: saursing: $120M pre-tax, see row 130	5 saursing: saursing: Guidance had been for $85M pre-tax charge, came in at $8M pre-tax benefit, and $5M benefit after-tax	(151)	(37)	(33)	(28)	12	(86)	(34)	(42)	(49)	(53)	(178)	(33)	(49)	(93)	(8) Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	(183)	(58)	(49)	(97)	38	(166)	$ (54.00)	$ (43.00)	$ (69.00)	$ 38.00	$ (128.00)		$ (54.00)	$ (43.00)	$ (69.00)	$ 38.00	$ (128.00)		$ (54.00)	$ (43.00)	$ (69.00)	$ 38.00	$ (128.00)
Acquisition-Related Amortization	0	0	0	0	0	0	0					0					0					0					0					0					0					0					0					0					0					0					–					–					–	-25	-24	-33	-34	(116)	-33	-28	-35	-42	(138)	(37)	(39)	(41)	(45)	(162)	(59) steshin: steshin: 12/21/12: 59M acq. related amort 34M Hurricane Sandy 24M USA Drug 16M AB transaction and synergy costs 11/11/2012: guided to incremental 75M in amortization expense from AB deal, with more in 1Q	(71)	(52)	(59) saursing: saursing: AB deal step-down in amort will in 3Q will not perist going forward, will likely go back to $9M per qtr from $3M in 3Q	(241)	-58	-60 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -$62	-63	(57)	(238)	-58	-157	-68	-84	(367)	-58	-72	-100	-91 Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	-321	-82	-82	-83	-85	-332	$ (85.00)	$ (113.00)	$ (131.00)	$ (125.00)	$ (454.00)		$ (125.00)	$ (125.00)	$ (125.00)	$ (125.00)	$ (500.00)		$ (125.00)	$ (125.00)	$ (125.00)	$ (125.00)	$ (500.00)
AB Tax Add-Back																																																																			–					–					–					–					–	–	–	–	–	–	–	(42)	(44)	(38)	(124)	-28	-47 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -$55	-55	(37)	(167)	-33	-38	0	0	(71)	0	0	0	0 Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	0	0	0			0		$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Acquisition-Related Costs																																																																			–					–					–					–					–	–	–	(12)	(70)	(82)	(23)	(13)	(17)	(7)	(60)	(16)	(11)	(14)	(13)	(54)	-16	-43	-3	0	(62)	-24	-24	-19	-20 Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	(87.0)	-17	-29	-29	-399	(474.0)	$ (51.00)	$ (65.00)	$ (57.00)	$ (213.00)	$ (386.00)		$ (213.00)	$ (213.00)	$ (213.00)	$ (213.00)	$ (852.00)		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Other																																																																			–					–					–			-43		(43)				273	273	–	–	–	–	–	(24)	13 steshin: steshin: 3/19/2013: gain on sale of WHI - why???	1 saursing: saursing: $47M DEA settlement excluded from adjusted net income, but $48M FMV adjustment to warrants also excluded	54 saursing: saursing: $62M FMV adjustment increase backed out (excluded from) adjusted net income	44	146 Singh, Saurabh (Research): Singh, Saurabh (Research): $161M benefit from ABC warrant FMV adjustment backed out and Organizational efficiency costs of $15M added back to get to adj. net income	25 Singh, Saurabh (Research): Singh, Saurabh (Research): $26M reduction from FMV adjustment benefit, $1M add-back for organizational efficiency costs removing 3 month AB reporting lag: -$57	(1) Singh, Saurabh (Research): Singh, Saurabh (Research): $67M reduction from FMV adjustment benefit, $68M add-back for organizational efficiency costs	(858) Singh, Saurabh (Research): Singh, Saurabh (Research): $97M reduction from FMV adjustment benefit, $95M ($74M store closure + $21M other optimization costs) add-back for organizational efficiency costs, $866M addback for AB call option loss $70M ($57M acq related amort. + $13M acq. related costs) addback for acquisition related items	(688)	242 Singh, Saurabh (Research): Singh, Saurabh (Research): Increase in FMV of ABC warrants: -$279M (increased from $222 as a result of AB reporting lag - portion of warrants held by AB) FX Hedging Loss: $96M Tax valuation release: -$86M WBA Interest: $9M Store optimization: $18M	1078 Singh, Saurabh (Research): Singh, Saurabh (Research): $814M Gain on Step 2 equity interest $376M increase in FMV of ABC warrants	299 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Cost transformation: $114M Store closure and other: $5M Loss on sale of business: $12M Increase in ABC warrants: -$320M partial release of capital loss valuation allowance: -$129 Adjuste tax rate true-up: $19M	-806	813	93	-348	27	-59 Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	(287.0)	-162	-440	-223	-437 Lauricella, Rose (Research): Lauricella, Rose (Research): why do you take out	(1,262.0)	$ (457.00)	$ 32.00	$ (94.00)	$ - 0	$ (519.00)		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Tax Adjustments																																																																																																															42 Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	42.0	172	184	153	300	809.0	$ 173.00	$ (183.00)	$ 171.00	$ 52.50	$ 213.50		$ 68.60	$ 66.68	$ 71.23	$ 52.50	$ 259.00		$ 31.33	$ 29.40	$ 33.95	$ 15.23	$ 109.90
Adj. Net Income	154.242	174.577	194.965	220.628	221.666	281.929	320.791	ERROR:#VALUE!	132.268	95.136	84.789	375.848	ERROR:#VALUE!	156.683	112.43	102.95	453.007	67.479	180.737	142.312	166.765	557.293	ERROR:#VALUE!	216.4	175.1	159.9	624.1	ERROR:#VALUE!	238.9	193.6	216.6	794.5	158.4	296.9	213.4	216.9	885.6	185.9	326.6	259	247.7	1008.1	204.5	370.9	272.2	276.2	1165.1	ERROR:#VALUE!	433.5000004359	344.6	316.8	1349.8000004359	328.6	490.9	411	329	1559.5	345.6	523.5	469.2	412.3	1750.6	431.7	651.9	561.2	396.5	2,041	455.6	685.3	573.2	443.331	2,029	408	640	522	436	2,006	534	710	550	543	2,337	639	802	670	599	2,710	619	767	628	553	2,567	553	915	812	702	2,982	688	880 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $934	883	714	3,165	749	1244	1123	969	4,085	1132	1423	1288	1166	5,009	1201	1476	1441	1385	5,503	$ 1,295.00	$ 1,721.00	$ 1,522.00	$ 1,346.76	$ 5,884.76		$ 1,298.90	$ 1,683.48	$ 1,631.81	$ 1,535.60	$ 6,149.80		$ 1,328.47	$ 1,692.16	$ 1,662.13	$ 1,564.64	$ 6,247.40
Diluted EPS (GAAP)	$0.16	$0.18	$0.20	$0.22	$0.22	$0.28	$0.32	ERROR:#VALUE!	$0.13	$0.10	$0.09	$0.38	ERROR:#VALUE!	$0.16	$0.11	$0.10	$0.45	$0.07	$0.18	$0.14	$0.17	$0.58	ERROR:#VALUE!	$0.21	$0.17	$0.16	ERROR:#VALUE!	ERROR:#VALUE!	$0.23	$0.19	$0.21	$0.78	$0.15	$0.29	$0.21	$0.21	$0.86	$0.18	$0.32	$0.25	$0.24	$0.98	$0.21	$0.36	$0.28	$0.27	$1.11	ERROR:#VALUE!	$0.41	$0.33	$0.31	$1.30	$0.32	$0.48	$0.40	$0.32	$1.52	$0.34	$0.51	$0.46	$0.41	$1.72	$0.43	$0.65	$0.56	$0.40	$2.03	$0.46	$0.69	$0.58	$0.45	$2.04	$0.41	$0.65	$0.53	$0.44	$2.02	$0.49	$0.68	$0.47	$0.49	$2.12	$0.62	$0.80	$0.65	$0.87	$2.94	$0.63	$0.78	$0.62	$0.39	$2.42	$0.43	$0.79	$0.65	$0.69	$2.56	$0.72	$0.78	$0.75	($0.25)	$2.00	$0.89	$1.93	$1.18	$0.02	$4.02	$1.01	$0.85	$1.01	$0.95	$3.82	$0.97	$0.98	$1.07	$0.76	$3.78	$ 0.81	$ 1.36	$ 1.35	$ 1.11	$ 4.63		$ 1.00	$ 1.42	$ 1.37	$ 1.38	$ 5.17		$ 1.28	$ 1.71	$ 1.68	$ 1.69	$ 6.36
+ Extraordinary Gains/(charges)	$0.00	$0.00	$0.00	$0.00	($0.02)	$0.00	$0.00	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	$0.00	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	$0.00	($0.03)	ERROR:#VALUE!	ERROR:#VALUE!	$0.03	$0.03	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	$0.02	$0.00	$0.00	$0.01	$0.00	$0.00	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00 Roxana Fariborz: Roxana Fariborz: $12 mn vitamin litigation + $13.6 mn LIFO effect from year ago quarter - $6.5 mn unfavorable	$0.00	($0.02)	$0.00	$0.00 fariborz: fariborz: 2 drug antitrust litigation settlements + $3 mn due to change in lease accounting	ERROR:#VALUE!	ERROR:#VALUE!	($0.01)	$0.00 fariborz: fariborz: 2 drug antitrust litigation settlements; note that leases had a $4.1 mn after-tax effect	$0.00 fariborz: fariborz: 4.7M drug antitrust litigation settlement + 4.7 mn in LIFO change + $3 mn from change in lease accounting	$0.00	$0.03 Mark Wiltamuth: Mark Wiltamuth: $54.7 or $0.03 charge for Hurricane Katrina (inv losses, expenses, etc)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.03	$0.00	$0.00	$0.00	$0.00	$0.00	($0.05)	$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00 steshin: steshin: 9/28/12: called out $0.14 but can't get to that number	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
EPS (diluted, excl. xor)	$0.16	$0.18	$0.20	$0.22	$0.25	$0.28	$0.32	$0.06	$0.13	$0.10	$0.09	$0.38	$0.08	$0.16	$0.11	$0.10	$0.45	$0.09	$0.18	$0.14	$0.13	$0.55	$0.12	$0.21	$0.17	$0.16	$0.62	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	$0.19	$0.78	$0.15	$0.28	$0.21	$0.21	$0.86	$0.18	$0.32	$0.25	$0.24	$0.98	$0.20	$0.36	$0.26	$0.27	$1.13	ERROR:#VALUE!	$0.42	ERROR:#VALUE!	ERROR:#VALUE!	$1.31	$0.32	$0.48	$0.40	$0.35	$1.52	$0.34	$0.51	$0.46	$0.41	$1.72 justinv: justinv: Options expensing begins	$0.43	$0.65	$0.53	$0.40	$2.03	$0.46	$0.69	$0.58	$0.40	$2.09	$0.41	$0.65	$0.53	$0.44	$2.02	$0.49	$0.68	$0.47	$0.49	$2.12	$0.62	$0.80	$0.65	$0.87	$2.94	$0.63	$0.78 steshin: steshin: ESRX: -0.07 effect Weak cold: -0.03 effect	$0.62	$0.39 steshin: steshin: 9/28/12: Press release called out adj EPS of $0.63; but this includes $0.10 LIFO adjustment	$2.42	$0.43	$0.79	$0.65	$0.69	$2.56	$0.72	$0.78	$0.75	($0.25)	$2.00	$0.89	$1.93	$1.18	$0.02	$4.02	$1.01	$0.85	$1.01	$0.95	$3.82	$0.97	$0.98	$1.07	$0.76	$3.78	$ 0.81	$ 1.36	$ 1.35	$ 1.11	$ 4.63		$ 1.00	$ 1.42	$ 1.37	$ 1.38	$ 5.17		$ 1.28	$ 1.71	$ 1.68	$ 1.69	$ 6.36
Adjusted EPS	$0.16	$0.18	$0.20	$0.22	$0.22	$0.28	$0.32	ERROR:#VALUE!	$0.13	$0.10	$0.09	$0.38	ERROR:#VALUE!	$0.16	$0.11	$0.10	$0.45	$0.07	$0.18	$0.14	$0.17	$0.55	ERROR:#VALUE!	$0.21	$0.17	$0.16	$0.62	ERROR:#VALUE!	$0.23	$0.19	$0.21	$0.78	$0.15	$0.29	$0.21	$0.21	$0.86	$0.18	$0.32	$0.25	$0.24	$0.98	$0.20	$0.36	$0.26	$0.27	$1.13	ERROR:#VALUE!	$0.42	$0.33	$0.31	$1.31	$0.32	$0.48	$0.40	$0.32	$1.52	$0.34	$0.51	$0.46	$0.41	$1.72	$0.43	$0.65	$0.56	$0.40	$2.03	$0.46	$0.69	$0.58	$0.45	$2.04	$0.41	$0.65	$0.53	$0.44	$2.02	$0.54	$0.72	$0.56	$0.56	$2.37	$0.68	$0.86	$0.73	$0.66	$2.93	$0.71	$0.88	$0.72	$0.63	$2.93	$0.58	$0.96	$0.85	$0.73	$3.12	$0.72	$0.91 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0.97	$0.91	$0.74	$3.28	$0.78	$1.18	$1.02	$0.88	$3.88	$1.03	$1.31	$1.18	$1.07	$4.59 Rosenblum, Mark (Research): Rosenblum, Mark (Research): 2FQ16 Guidance: $4.35 - $4.55 1FQ16 Guidance: $4.30 - $4.55 $0.03 contribution from ABC 4FQ15 Guidance: $4.25 - $4.55 $0.03 contribution from ABC Equity method investment	$1.10	$1.36	$1.33	$1.31	$5.10 Rosenblum, Mark (Research): Rosenblum, Mark (Research): $0.15 contribution from ABC Equity method investment	$ 1.28	$ 1.73	$ 1.53	$ 1.36	$ 5.90		$ 1.33	$ 1.75	$ 1.72	$ 1.64	$ 6.44		$ 1.44	$ 1.86	$ 1.86	$ 1.77	$ 6.94
Avg. Basic Shares Outstanding During Period	986	987	989	989	990	989	990	992	994	995	995	994	995	985	997	999	994	989	991	994	995	992	997	999	1,002	1,004	1,000	1,005	1,006	1,008	1,010	1,007	1,012	1,016	1,018	1,019	1,016	1,020	1,022	1,024	1,025	1,023	1,025	1,025	1,025	1,025	1,025	1,025	1,024	1,023	1,024	1,025	1,023	1,022	1,020	1,015	1,020	1,013	1,011	1,009	1,008	1,010	1,005	1,000	996	993	998.633559	991	991	990	990	990.609865	989	988	992	992	989.975768	988	983	976	961	981.7	929	919	911	901	915.025	880	869	860	890	870.6717150171	945	945	948	946	946.2257166668	949	952	955	956	951.297789	946	1,044	1,091	1,092	1020.5507494697	1,089	1,080	1,081	1,083	1084.1920799697	1,082	1,080	1,077	1,055	1046.4159395	$ 1,006.10	$ 991.00	$ 991.00	$ 984.80	$ 993.74		$ 971.06	$ 957.53	$ 944.01	$ 930.48	$ 950.87		$ 917.16	$ 903.74	$ 890.32	$ 876.90	$ 896.98
Reported Dilutive Impact From Stock Options																																																									8.7					9.1					7.706509					4.933681	1.6	0.9	1.0	1.4	1.355126	5.0	6.9	5.6	3.7	6.2	5.5	8.9	10.9	9.8	9.1270224171	5.4	5.4	5.4	5.5	5.4375	5.9	8.0	11	12	9.2	12	12	12	12	12.05	10	11	11	11	10.725	10	8	7	7	7.925	6	6	6	4	5.475	$ 5.00	$ 4.50	$ 4.50	$ 4.50	$ 4.63		$ 4.63	$ 4.63	$ 4.63	$ 4.63	$ 4.63		$ 4.63	$ 4.63	$ 4.63	$ 4.63	$ 4.63
Avg. Diluted Shares Outstanding During Period	987	988	990	990	991	990	992	993	996	996	996	995	996	996	998	1,000	997	1,002	1,005	1,007	1,009	1,006	1,011	1,014	1,016	1,017	1,014	1,018	1,019	1,020	1,022	1,020	1,026	1,030	1,031	1,030	1,029	1,030	1,032	1,034	1,034	1,032	1,032	1,031 fariborz: fariborz: WAG plans to buy back 8-10 mn shares annually starting in F03	1,031 fariborz: fariborz: WAG plans to buy back 8-10 mn shares annually starting in F03	1,032	1,032	1,032	1,032	1,030	1,031	1,032	1,029	1,030	1,029	1,025	1,028	1,022	1,020	1,018	1,017	1,019	1,013	1,007	1,003	1,000	1006.340068	998	995	994	992	995.543546	990	989	993	993	991.330894	993	990	982	965	987.9	934	928	922	911	924.1520224171	885	875	865	895	876.1092150171	951	953	959	957	955.4257166668	962	964	968	968	965	956	1,055	1,102	1,103	1053.9	1,099	1,088	1,088	1,089	1090.7770636275	1,088	1,086	1,082.6	1,059.5	1078.6868405636	$ 1,011.10	$ 995.50	$ 995.50	$ 989.30	$ 997.46		$ 975.68	$ 962.16	$ 948.63	$ 935.10	$ 954.45		$ 921.79	$ 908.37	$ 894.95	$ 881.53	$ 900.70
Net Inc / Dec in Shares Outstanding																																																									-12.719637					-4.218244					-16.720762					-1.965139					-0.614828	-3.387453	-6.744634	-5.25121	-43.434044	-58.817341	-7.329049	-6.955598	-10.040556	-16.124716	-40.449919	-15.791804	-10.751792	-4.285592	85.590392	54.761204	1	2	(2)	2	2.540244	3	3	5	-0.560612	9.404422	-7.6923076923	143.0870967742	-2.8727272727	-4.7878787879	129.1014989394	-6.4121212121	-7.5515151515	0	0	-1.8188379394	0	-5.6728575605	-12.1951219512	-45.8902439024	-73.733443	$ 0.39	$ (35.13)	$ - 0	$ (13.74)	$ (31.62)		$ (13.74)	$ (13.32)	$ (13.74)	$ (13.32)	$ (54.11)		$ (13.32)	$ (13.52)	$ (13.32)	$ (13.52)	$ (53.68)
Ending Shares Outstanding																																					1010.81889					1019.425052					1025.2					1024.8					1012.080363					1007.862119					991.141357					989.176218				988.56139 justinv: justinv: On Sept. 30. Fiscal year ended Aug. 31	988.56139	985.173937	978.429303	973.178093	929.744049	929.744049	922.415	915.459402	905.418846	889.29413	889.29413	873.502326	862.750534	858.464942	944.055334 saursing: saursing: 83.M shares issued for AB transaction	944.055334	945.104739	947.485297 saursing: saursing: shares outstanding as of 2/28/13 per 10-Q	945.00368	946.595578	946.595578	949.3	951.9	956.560612	956	956	945.642298	1,093	1,090	1,085	1085.1014989394	1,079	1,080	1,082	1,083	1083.282661	1,079	1,081	1,070	1,010	1009.549218	$ 990.67	$ 991.67	$ 991.67	$ 977.93	$ 977.93		$ 964.19	$ 950.87	$ 937.14	$ 923.82	$ 923.82		$ 910.50	$ 896.98	$ 883.67	$ 870.14	$ 870.14
Non-GAAP Reconciliation
Gross Profit (GAAP)								739	895	827	807	3,268	836	1,015	937	909	3,698	950	1,143	1,063	1,058	4,214	1,089	1,315	1,256	1,246	4,905	1,290	1,544	1,451	1,474	5,759	1,488	1,771	1,652	1,664	6,574	1,698	2,034	1,937	1,936	7,605	1,996	2,348	2,230	2,225	8,799	2,300	2,706	2,578	2,614	10,198	2,708	3,131	3,016	2,933	11,788	3,003	3,459	3,343	3,364	13,169	3,576	4,036	3,877	3,755	15,244	3,921	4,442	4,246	4,035	16,643	4,151	4,657	4,459	4,346	17,613	4,538	4,897	4,749	4,792	18,976	4,945	5,324	5,154	5,069	20,492	5,104	5,389	5,014	4,835	20,342	5,099	5,607	5,222	5,191	21,119	5,152	5,650	5,440	5,327	21,569	5,296	6,882	7,481	7,265	26,924	7,502	7,944	7,497	7,155	30,098	7,116	7,561	7,145	7,340	29,162	$ 7,341.00	$ 8,096.00	$ 7,780.00	$ 7,936.52	$ 31,153.52		$ 7,804.55	$ 8,296.85	$ 7,975.12	$ 8,138.51	$ 32,215.03		$ 7,970.97	$ 8,441.82	$ 8,137.72	$ 8,302.83	$ 32,853.34
(+) LIFO Provision								9	5	4	(5)	13	6	9	4	(3)	17	6	10	16	14	47	14	16	16	(1)	45	18	17	13	(9)	39	16	27	17	3	63	22	21	23	(10)	56	22	25	9	(20)	36	20	22	13	(49)	7	19	27	24	(2)	68	21	24	24	26	95	27	13	(4)	32	69	27	31	16	25	99	48	49	32	48	177	34	27	18	61	140	42	56	50	60	208	45	72	60	132	309	55	72	120	(8)	239	63	51	41	(11)	144	52	55	69	109	285	46	68	92	8	214	58	49	158	-10	255	$ 97.00	$ 51.00	$ 75.00	$ (38.00)	$ 185.00		$ 54.00	$ 43.00	$ 69.00	$ (38.00)	$ 128.00		$ 54.00	$ 43.00	$ 69.00	$ (38.00)	$ 128.00
Adjusted (FIFO) Gross Profit								748	900	830	802	3,281	842	1,025	941	907	3,714	956	1,153	1,079	1,072	4,260	1,103	1,331	1,272	1,245	4,951	1,307	1,560	1,464	1,466	5,797	1,504	1,798	1,668	1,666	6,637	1,720	2,055	1,960	1,926	7,661	2,017	2,373	2,239	2,206	8,835	2,320	2,728	2,591	2,566	10,205	2,726	3,158	3,040	2,931	11,856	3,024	3,483	3,367	3,390	13,264	3,603	4,049	3,874	3,787	15,313	3,948	4,472	4,262	4,060	16,741	4,199	4,706	4,491	4,394	17,790	4,572	4,924	4,767	4,853	19,116	4,987	5,380	5,204	5,129	20,700	5,149	5,461	5,074	4,967	20,651	5,154	5,679	5,342	5,183	21,358	5,215	5,701	5,481	5,316	21,713	5,348	6,937	7,550	7,374	27,209	7,548	8,012	7,589	7,163	30,312	7,174	7,610	7,303	7,330	29,417	$ 7,438.00	$ 8,147.00	$ 7,855.00	$ 7,898.52	$ 31,338.52		$ 7,858.55	$ 8,339.85	$ 8,044.12	$ 8,100.51	$ 32,343.03		$ 8,024.97	$ 8,484.82	$ 8,206.72	$ 8,264.83	$ 32,981.34
SG&A (GAAP)								635	683	675	667	2,660	708	767	757	741	2,972	801	854	843	834	3,332	906	969	984	986	3,845	1,062	1,152	1,138	1,164	4,517	1,231	1,314	1,306	1,325	5,176	1,406	1,511	1,523	1,541	5,981	1,643	1,755	1,769	1,784	6,951	1,895	2,029	2,033	2,115	8,072	2,202	2,355	2,372	2,435	9,364	2,461	2,638	2,636	2,732	10,467	2,904	3,015	3,022	3,152	12,093	3,193	3,354	3,331	3,403	13,281	3,482	3,627	3,613	3,644	14,366	3,741	3,811	3,920	4,046	15,518	4,004	4,117	4,203	4,237	16,561	4,204	4,284	4,141	4,249	16,878	4,398	4,497	4,362	4,286	17,543	4,379	4,569	4,551	4,493	17,992	4,456	5,606	6,080	6,429	22,571	6,034	6,084	5,967	6,049	24,134	5,686	6,124	5,712	6,218	23,740	$ 5,907.00	$ 6,318.00	$ 6,231.00	$ 6,339.59	$ 24,795.59		$ 6,357.18	$ 6,374.92	$ 6,160.02	$ 6,325.83	$ 25,217.95		$ 6,494.45	$ 6,512.50	$ 6,289.16	$ 6,458.24	$ 25,754.35
(-) Acquisition-related Amortization								0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	0	0	0	0	–	35	35	38	40	148	39	38	52	53	182	52	46	54	67	219	60	61	64	70	255	74	75	67	73	289	70	73 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $94	71	68	282	67	217	96	113	493	81	101	96	91	369	82	82	83	85	332	$ 85.00	$ 105.00	$ 125.00	$ 125.00	$ 440.00		$ 125.00	$ 125.00	$ 125.00	$ 125.00	$ 500.00		$ 125.00	$ 125.00	$ 125.00	$ 125.00	$ 500.00
(-) Acquisition-related Costs												–					–					–					–					–					–					–					–					–					–					–					–					–					–					–					–			19	50	69	37	21	27	11	96	25	17	20	20	82	24	59	4	5	92	34	28	73	20	155	81	29	29	399	538	$ 51.00	$ 65.00	$ 57.00		$ 173.00						$ - 0						$ - 0
(-) Other Adjustments												–					–					–					–					–					–					–					–					–					–					–					–					–					–					–					–					–	39		28	13	80	19	2	99 Singh, Saurabh (Research): Singh, Saurabh (Research): Store closures and other optimization costs	130 Singh, Saurabh (Research): Singh, Saurabh (Research): Store closures and other optimization costs	250	28 Singh, Saurabh (Research): Singh, Saurabh (Research): Store optimization costs	132 Singh, Saurabh (Research): Singh, Saurabh (Research): $110M asset impairement $16M optimization costs $6M decrease in FMV of ABC warrants	179 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Cost transformation acquisition-related amortization: $160M Other optimization costs: $7M Loss on sale of business: $12M	387	726	90	63	15	280	448	17	340	110	204	671	$ 65.00	$ 75.00	$ 29.00		$ 169.00						$ - 0						$ - 0
Adjusted SG&A								635.208	682.86	674.902	666.555	2,660	707.667	766.559	757.441	740.829	2,972	800.8	854.381	842.612	834.208	3,332	906	968.6	984.4	985.8	3,845	1062	1152.3	1138.2	1164.4	4,517	1230.5	1313.9	1306.1	1325.3	5,176	1405.9	1510.5	1523.1	1541.3	5,981	1643	1754.9	1769.3	1783.7	6,951	1895.1	2028.6	2033.1	2114.9	8,072	2201.8	2355	2372.1	2434.9	9,364	2460.7	2638.4	2635.6	2732.4	10,467	2903.7	3015.3	3022.4	3151.8	12,093	3193	3354	3331	3402.7	13,281	3447	3592	3575	3604	14,218	3702	3773	3868	3993	15,336	3952	4071	4149	4170	16,342	4144	4223	4058	4129	16,554	4248	4401	4240	4189	17,078	4265	4477 Singh, Saurabh (Research): Singh, Saurabh (Research): Snow removal costs of $23M or ~50 bps impact to adj. SG&A growth, total weather costs $60 includes other iimpact from store closure days and traffic (~80 bps impact to adj. SG&A growth) Removing 3 month AB reporting lag: $4,456	4361	4275	17,378	4337	5198	5801	5924	21,260	5829	5892	5783	5658	23162	5506	5673	5490	5530	22199	$ 5,706.00	$ 6,073.00	$ 6,020.00	$ 6,214.59	$ 24,013.59		$ 6,232.18	$ 6,249.92	$ 6,035.02	$ 6,200.83	$ 24,717.95		$ 6,369.45	$ 6,387.50	$ 6,164.16	$ 6,333.24	$ 25,254.35
Adjusted SG&A - WAG standalone								635.208	682.86	674.902	666.555	2659.525	707.667	766.559	757.441	740.829	2972.496	800.8	854.381	842.612	834.208	3332.001	906	968.6	984.4	985.8	3844.8	1062	1152.3	1138.2	1164.4	4516.9	1230.5	1313.9	1306.1	1325.3	5175.8	1405.9	1510.5	1523.1	1541.3	5980.8	1643	1754.9	1769.3	1783.7	6950.9	1895.1	2028.6	2033.1	2114.9	8071.7	2201.8	2355	2372.1	2434.9	9363.8	2460.7	2638.4	2635.6	2732.4	10467.1	2903.7	3015.3	3022.4	3151.8	12093.2	3193	3354	3331	3402.7	13280.7	3447	3592	3575	3604	14218	3702	3773	3868	3993	15,336	3952	4071	4149	4170	16,342	4144	4223	4058	4129	16,554	4248	4401	4240	4189	17,078	4265	4477	4361	4275	17,378	4337	4304	4268	4308	17,217	4248	4331	4313	4296	17188	4208	4373	4202	4215	16998	$ 4,348.00	$ 4,669.00	$ 4,612.00	$ 4,805.10	$ 18,434.10		$ 4,809.54	$ 4,808.84	$ 4,579.72	$ 4,757.05	$ 18,955.15		$ 4,900.92	$ 4,900.21	$ 4,662.15	$ 4,842.68	$ 19,305.96
WAG standalone y/y growth													11.4%	12.3%	12.2%	11.1%	11.8%	13.2%	11.5%	11.2%	12.6%	12.1%	13.1%	13.4%	16.8%	18.2%	15.4%	17.2%	19.0%	15.6%	18.1%	17.5%	15.9%	14.0%	14.8%	13.8%	14.6%	14.3%	15.0%	16.6%	16.3%	15.6%	16.9%	16.2%	16.2%	15.7%	16.2%	15.3%	15.6%	14.9%	18.6%	16.1%	16.2%	16.1%	16.7%	15.1%	16.0%	11.8%	12.0%	11.1%	12.2%	11.8%	18.0%	14.3%	14.7%	15.3%	15.5%	10.0%	11.2%	10.2%	8.0%	9.8%	8.0%	7.1%	7.3%	5.9%	7.1%	7.4%	5.0%	8.2%	10.8%	7.9%	6.8%	7.9%	7.3%	4.4%	6.6%	4.9%	3.7%	-2.2%	-1.0%	1.3%	2.5%	4.2%	4.5%	1.5%	3.2%	0.4%	1.7%	2.9%	2.1%	1.8%	1.7%	-3.9%	-2.1%	0.8%	-0.9%	-2.1%	0.6%	1.1%	-0.3%	-0.2%	-0.9%	1.0%	-2.6%	-1.9%	-1.1%	$ 0.03	$ 0.07	$ 0.10	$ 0.14	$ 0.08		$ 0.11	$ 0.03	$ (0.01)	$ (0.01)	$ 0.03		$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02
Equity Earnings																																																																																													4	85	131	90 saursing: saursing: Use to be equal to amount on GAAP equity earnings from AB line before, but in 4Q was lower by $34M. Is that tax or AB Warrants FMV adjustment? Why not done in prior quarters?	310	151	194 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $136	137	135	617	214	101	0	0	315	0	0	3	34	37	17	42	84	-8	135	$ (112.00)	$ 202.00	$ 52.00	$ 83.12	$ 225.12		$ 78.30	$ 76.51	$ 91.85	$ 85.58	$ 332.24		$ 78.30	$ 76.51	$ 91.85	$ 85.58	$ 332.24
(-) AB Warrant Income																																																																																																	–	-19	-99 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $27	27 Singh, Saurabh (Research): Singh, Saurabh (Research): p.37 of earnings deck	-54 Singh, Saurabh (Research): Singh, Saurabh (Research): p.39 of earnings deck	(145)	-42	0 Singh, Saurabh (Research): Singh, Saurabh (Research): Don't really know this as WBA stopped giving it out	0	0	(42)	0	0	0	-8	-8	0	0	0	0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
(+) Deal Amortization																																																																																													10	23	3	8	44	8	8 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0	8	8	32	8	0	0	0	8	0	0	5	24	29	41	32	17	30	120	$ 28.00	$ 29.00	$ 30.00	$ - 0	$ 87.00		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
(+) Other																																																																																													4	12	13	11	40	13	11 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0	13	12	49	14	0	0	0	14	0	0	0	0	0	0	5	0	62	67	$ 161.00	$ (142.00)	$ 30.00	$ - 0	$ 49.00		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Adjusted Equity Earnings																																																																																													18	120	147	109	394	153	114 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $163	185	101	553	194	101 Singh, Saurabh (Research): Singh, Saurabh (Research): 1-month impact, don't really know adjusted figure as WBA stopped giving it out	0	0	295	0	0	8	50	58	58	79	101	84	322 Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants	$ 77.00	$ 89.00	$ 112.00	$ 83.12	$ 361.12 Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants		$ 78.30	$ 76.51	$ 91.85	$ 85.58	$ 332.24 Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants		$ 78.30	$ 76.51	$ 91.85	$ 85.58	$ 332.24 Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants
Adjusted Operating Income								112.338	217.358	155.444	135.864	621	134.199	258	183.855	165.715	742	155.628	298.218	236.78	237.529	928	196.5	362.4	287.9	259	1,106	245.4	408.1	325.8	301.2	1,281	274	483.7	362.3	341.1	1,461	314.4	544.2	436.7	384.8	1,680	374.5	618.1	469.7	422.2	1,884	425.1	699.4	557.4	450.9	2,133	524.6	802.7	668.3	496.2	2,492	563	844.7	731.8	657.3	2,797	699.3	1033.9	851.3	635.5	3,220	754.8	1118.2	930.8	656.8	3,461	752	1114	916	790	3,572	870	1151	899	860	3,780	1035	1309	1055	959	4,358	1005	1238	1016	838	4,097	924	1398	1249	1103	4,674	1103	1338 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,408	1305	1142	4,888	1205	1840	1749	1450	6,244	1719	2120	1814	1555	7208	1726	2016	1914	1884	7540	$ 1,809.00	$ 2,163.00	$ 1,947.00	$ 1,767.06	$ 7,686.06		$ 1,704.66	$ 2,166.45	$ 2,100.95	$ 1,985.27	$ 7,957.32		$ 1,733.82	$ 2,173.82	$ 2,134.41	$ 2,017.18	$ 8,059.23
Adj. D&A	63.752	70.375	84.346	92.109	104.66	118.118	131.537	33.063	36.218	37.629	40.39	147.3	36.665	36.575	47.289	43.398	163.927	42.216	47.491	49.103	41.448	180.258	47.798	54.6	52.4	55.1	210.1	53.1	56.8	61.4	58.6	230.1	59.4	69.1	68.1	72.6	269.2	72.8	73.6	78.6	82.3	307.3	82.4	85.1	85.3	93.3	346.1	90.7	95.7	101.8	114.9	403.1	110.6	117.4	124.2	129.9	482.1	133	138.175	137.525	163.5	572.2	160	158.7	177.2	153.5	649.4	195	201.9	210.8	146	753.7	201	206	226	194	827	218	210	211	209	848	221	210	215	221	867	217	222	232	240	911	239	252	251	252	994	262	258	267	247	1034	252	290	342	365	1249	301	341	351	356	1349	337	330	330	325	1322	331	337	317	320.3255807866	1305.3255807866		318.8152527851	333.7535834954	364.2326745966	327.0103967427	1343.8119076197		326.7500259206	341.9544178096	373.4628473491	335.7258941139	1377.8931851933
Adj. EBITDA	349.909	393.355	441.649	485.475	532.168	578.866	673.037	145.401	253.576	193.073	176.254	768.304	170.864	294.575	231.144	209.113	905.696	197.844	345.709	285.883	278.977	1145.795	244.298	417	340.3	314.1	1270.7	298.5	464.9	387.2	359.8 fariborz: fariborz: excludes manu settlement	1544.1	333.4	552.8	430.4	415.2	1752.4	392.7	617.8	515.3	470.4	1978.3	456.9	703.2	555	518.1	2216.2	515.8	795.1	659.2	565.8	2535.9	635.2	920.1	792.5	626.1	2973.9	696	982.875	869.325	820.8	3369	859.3	1192.6	1028.5	789	3869.4	949.8	1320.1	1141.6	802.8	4214.3	953	1320	1142	984	4399	1088	1361	1110	1069	4628	1256	1519	1270	1180	5225	1222	1460	1248	1078	5008	1163	1650	1500	1355	5668	1365	1596 Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,666	1572	1389	5922	1457	2130	2091	1815	7493	2020	2461	2165	1911	8557	2063	2346	2244	2209	8862	2140	2500	2264	2087.3817360279	8991.3817360279		2023.4744540142	2500.1985892257	2465.1803942824	2312.2778420015	9301.1312795238		2060.5698988531	2515.7782024054	2507.8754324743	2352.9023501932	9437.1258839261
																																																																																																																									0.7%			1.4%	2.0%	2.7%	3.4%
Year over Year Growth
Sales		12.4%	11.3%	11.0%	11.0%	11.3%	12.6%					13.3%	13.4%	13.3%	13.9%	13.2%	13.5%	14.1%	13.6%	14.2%	16.3%	14.5%	15.2%	14.6%	17.6%	18.7%	16.5%	20.1%	19.6%	18.0%	18.0%	18.9%	16.4%	14.6%	16.7%	16.8%	16.1%	16.8%	16.5%	17.5%	15.1%	16.5%	14.1%	12.8%	12.6%	14.0%	13.3%	16.5%	15.8%	15.0%	14.3%	15.4%	13.4%	12.3%	13.1%	11.3%	12.5%	10.2%	10.7%	12.4%	16.0%	12.3%	16.6%	14.6%	12.5%	10.3%	13.4%	10.4%	10.5%	9.6%	8.8%	9.8%	6.6%	7.0%	8.0%	7.6%	7.3%	9.5%	3.1%	6.1%	7.4%	6.4%	6.0%	8.9%	6.8%	6.5%	7.1%	4.7%	0.8%	-3.4%	-5.0%	-0.8% steshin: steshin: "Gross margin in fiscal 2012 was positively impacted by higher front-end margins in the household items, convenience and fresh foods and non-prescription drug categories but offset by lower retail pharmacy margins where lower market-driven reimbursements and a higher provision for LIFO more than offset the impact of new generics including the generic Lipitor."	-4.6%	-0.0%	3.2%	5.1%	0.8%	5.9%	5.1%	5.9%	6.2%	5.8%	6.7%	35.5%	48.4%	49.7%	35.4%	48.5%	13.6%	2.4%	0.4%	13.4% Rosenblum, Mark (Research): Rosenblum, Mark (Research): 5.9% organic growth	-1.8%	-2.4%	2.1%	5.3%	0.7%	7.9%	12.1%	14.0%	8.6%	10.7%		6.7%	3.8%	3.9%	1.5%	3.9%		1.8%	1.8%	1.9%	1.9%	1.8%
Gross Profit		10.2%	12.4%	9.7%	10.9%	11.1%	11.8%					11.4%	13.1%	13.5%	13.3%	12.7%	13.2%	13.7%	12.5%	13.5%	16.3%	14.0%	14.6%	15.1%	18.2%	17.8%	15.3%	18.5%	17.4%	15.5%	18.4%	18.5%	15.4%	14.7%	13.8%	12.8%	14.2%	14.1%	14.9%	17.3%	16.4%	15.7%	17.5%	15.4%	15.1%	14.9%	15.7%	15.3%	15.2%	15.6%	17.5%	15.9%	17.7%	15.7%	17.0%	12.2%	15.6%	10.9%	10.5%	10.8%	14.7%	11.7%	19.1%	16.7%	16.0%	11.6%	15.8%	9.7%	10.1%	9.5%	7.4%	9.2%	5.9%	4.8%	5.0%	7.7%	5.8%	9.3%	5.2%	6.5%	10.3%	7.7%	9.0%	8.7%	8.5%	5.8%	8.0%	3.2%	1.2%	-2.7%	-4.6%	-0.7%	-0.1%	4.0%	4.1%	7.4%	3.8%	1.0%	0.8%	4.2%	2.6%	2.1%	2.8%	21.8%	37.5%	36.4%	24.8%	41.7%	15.4%	0.2%	-1.5%	11.8%	-5.1%	-4.8%	-4.7%	2.6%	-3.1%	3.2%	7.1%	8.9%	8.1%	6.8%		6.3%	2.5%	2.5%	2.5%	3.4%		2.1%	1.7%	2.0%	2.0%	2.0%
Adjusted (FIFO) Gross Profit																																																																														8.9%	4.6%	6.1%	10.4%	7.5%	9.1%	9.3%	9.2%	5.7%	8.3%	3.2%	1.5%	-2.5%	-3.2%	-0.2%	0.1%	4.0%	5.3%	4.3%	3.4%	1.2%	0.4%	2.6%	2.6%	1.7%	2.6%	21.7%	37.7%	38.7%	25.3%	41.1%	15.5%	0.5%	-2.9%	11.4%	-5.0%	-5.0%	-3.8%	2.3%	-3.0%	3.7%	7.1%	7.6%	7.8%	6.5%		5.7%	2.4%	2.4%	2.6%	3.2%		2.1%	1.7%	2.0%	2.0%	2.0%
SG&A		10.1%	12.5%	9.9%	11.0%	12.2%	10.5%					11.2%	11.4%	12.3%	12.2%	11.1%	11.8%	13.2%	11.5%	11.2%	12.6%	12.1%	13.1%	13.4%	16.8%	18.2%	15.4%	17.2%	19.0%	15.6%	18.1%	17.5%	15.9%	14.0%	14.8%	13.8%	14.6%	14.3%	15.0%	16.6%	16.3%	15.9%	16.9%	16.2%	16.2%	15.7%	16.2%	15.3%	15.6%	14.9%	18.6%	15.8%	16.2%	16.1%	16.7%	15.1%	16.0%	11.8%	12.0%	11.1%	12.2%	11.8%	18.0%	14.3%	14.7%	15.3%	15.5%	10.0%	11.2%	10.2%	8.0%	9.8%	9.1%	8.1%	8.5%	7.1%	8.2%	7.4%	5.1%	8.5%	11.0%	8.0%	7.0%	8.0%	7.2%	4.7%	6.7%	5.0%	4.1%	-1.5%	0.3%	1.9%	4.6%	5.0%	5.3%	0.9%	3.9%	-0.4%	1.6%	4.3%	4.8%	2.6%	1.8%	22.7%	33.6%	43.1%	25.5%	35.4%	8.5%	-1.9%	-5.9%	6.9%	-5.8%	0.7%	-4.3%	2.8%	-1.6%	3.9%	3.2%	9.1%	2.0%	4.4%		7.6%	0.9%	-1.1%	-0.2%	1.7%		2.2%	2.2%	2.1%	2.1%	2.1%
Adjusted SG&A																																																																														7.4%	5.0%	8.2%	10.8%	7.9%	6.8%	7.9%	7.3%	4.4%	6.6%	4.9%	3.7%	-2.2%	-1.0%	1.3%	2.5%	4.2%	4.5%	1.5%	3.2%	0.4%	1.7% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.2%	2.9%	2.1%	1.8%	1.7%	16.1%	33.0%	38.6%	22.3%	34.4%	13.4%	-0.3%	-4.5%	8.9%	-5.5%	-3.7%	-5.1%	-2.3%	-4.2%	3.6%	7.1%	9.7%	12.4%	8.2%		9.2%	2.9%	0.2%	-0.2%	2.9%		2.2%	2.2%	2.1%	2.1%	2.2%
EBITDA		12.4%	12.3%	9.9%	9.6%	8.8%	16.3%					14.2%	17.5%	16.2%	19.7%	18.6%	17.9%	15.8%	17.4%	23.7%	33.4%	26.5%	23.5%	20.6%	19.0%	12.6%	10.9%	22.2%	11.5%	13.8%	14.5%	21.5%	11.7%	18.9%	11.2%	15.4%	13.5%	17.8%	11.8%	19.7%	13.3%	12.9%	16.3%	13.8%	7.7%	10.1%	12.0%	12.9%	13.1%	18.8%	9.2%	14.4%	23.1%	15.7%	20.2%	10.7%	17.3%	9.6%	6.8%	9.7%	31.1%	13.3%	23.5%	21.3%	18.3%	-3.9%	14.9%	10.5%	10.7%	11.0%	1.7%	8.9%	0.3%	-0.0%	0.0%	22.6%	4.4%	14.2%	3.1%	-2.8%	8.6%	5.2%	15.4%	11.6%	14.4%	10.4%	12.9%	-2.7%	-3.9%	-1.7%	-8.6%	-4.2%	-4.8%	13.0%	20.2%	25.7%	13.2%	17.4%	-3.3% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	4.8%	2.5%	4.5%	6.7%	33.5%	33.0%	30.7%	26.5%	38.6%	15.5%	3.5%	5.3%	14.2%	2.1%	-4.7%	3.6%	15.6%	3.6%	3.7%	6.6%	0.9%	-5.5%	1.5%		-5.4%	0.0%	8.9%	10.8%	3.4%		1.8%	0.6%	1.7%	1.8%	1.5%
Operating Income		10.5%	11.9%	8.8%	10.4%	6.1%	17.5%					12.3%	23.6%	17.4%	18.2%	19.9%	19.2%	16.5%	15.9%	22.8%	32.5%	21.6%	22.1%	20.1%	23.4%	16.2%	15.2%	24.8%	13.0%	15.0%	19.3%	22.3%	13.1%	16.8%	10.5%	9.2%	12.6%	13.4%	14.6%	19.9%	16.7%	14.9%	20.8%	13.3%	11.3%	11.9%	14.0%	14.8%	14.1%	18.2%	13.1%	16.1%	25.0%	14.6%	18.2%	-0.2%	14.0%	7.1%	5.8%	9.9%	26.7%	11.4%	24.0%	24.3%	20.8%	-4.4%	16.6%	8.3%	6.6%	7.0%	4.7%	6.7%	-8.1%	-5.3%	-7.5%	11.1%	-3.4%	19.1%	5.4%	-2.0%	6.3%	6.5%	18.1%	11.1%	14.7%	69.7%	26.2%	-4.4%	-8.5%	-8.2%	-53.7%	-20.6%	-21.7%	10.0%	13.5%	75.6%	13.7%	31.1%	4.9% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	3.5%	-5.8%	6.4%	14.1%	8.0%	36.5%	-13.7%	11.3%	39.3%	35.1%	9.4%	36.4%	28.6%	-1.4%	-20.5%	-1.0%	-2.3%	-7.4%	-7.7%	34.8%	5.5%	50.8%	19.0%		14.3%	0.2%	19.1%	13.0%	10.9%		1.9%	0.4%	1.8%	1.7%	1.4%
Adjusted Operating Income																																																																														15.7%	3.3%	-1.9%	8.9%	5.8%	19.0%	13.7%	17.4%	11.5%	15.3%	-2.9%	-5.4%	-3.7%	-12.6%	-6.0%	-8.1%	12.9%	22.9%	31.6%	14.1%	19.4%	-4.3% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 0.2%	4.5%	3.5%	4.6%	9.2%	37.5%	34.0%	27.0%	27.7%	42.7%	15.2%	3.7%	7.2%	15.4% Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 65bps in growth	0.4%	-4.9%	5.5%	21.2%	4.6% Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC investment contributing 2.6% in growth	4.8%	7.3%	1.7%	-6.2%	1.9%		-5.8%	0.2%	7.9%	12.3%	3.5%		1.7%	0.3%	1.6%	1.6%	1.3%
Net Income		13.2%	11.7%	13.2%	0.5%	27.2%	13.8%					17.2%	ERROR:#VALUE!	18.5%	18.2%	21.4%	20.5%	ERROR:#VALUE!	15.4%	26.6%	62.0%	23.0%	ERROR:#VALUE!	19.7%	23.0%	-4.1%	12.0%	ERROR:#VALUE!	10.4%	10.6%	35.5%	27.3%	ERROR:#VALUE!	24.3%	10.2%	0.1%	11.5%	17.4%	10.0%	21.4%	14.2%	13.8%	10.0%	13.6%	5.1%	11.5%	15.6%	ERROR:#VALUE!	16.9%	26.6%	14.7%	15.9%	ERROR:#VALUE!	13.2%	19.3%	3.9%	15.5%	5.2%	6.6%	14.2%	25.3%	12.3%	24.9%	24.5%	19.6%	-3.8%	16.6%	5.5%	5.1%	2.1%	-0.7%	1.8%	-10.4%	-6.6%	-8.9%	10.8%	-3.5%	19.9%	4.5%	-11.3%	7.8%	4.2%	18.6%	10.5%	30.2%	68.5%	29.8%	-4.5%	-7.6%	-10.9%	-55.4%	-21.6%	-25.5%	10.7%	16.2%	86.1%	15.2%	70.5%	1.6% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -3.4%	22.4%	-131.2%	-17.1%	24.6%	167.2%	70.5%	-111.2%	109.5%	26.1%	-55.0%	-16.2%	4360.9%	-2.5%	-4.6%	13.3%	8.6%	-21.4%	-1.3%	-22.1%	29.0%	12.2%	38.6%	12.8%		20.8%	2.8%	-1.3%	16.9%	8.2%		20.7%	13.3%	15.7%	15.7%	16.0%
Adjusted Net Income																																																																														30.9%	10.9%	5.4%	24.5%	16.5%	19.7%	13.0%	21.8%	10.3%	16.0%	-3.1%	-4.4%	-6.3%	-7.7%	-5.3%	-10.7%	19.3%	29.3%	26.9%	16.2%	24.4%	-3.8% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 2.1%	8.7%	1.7%	6.1%	8.9%	41.4%	27.2%	35.7%	29.1%	51.1%	14.4%	14.7%	20.3%	22.6%	6.1%	3.7%	11.9%	18.8%	9.9%	7.8%	16.6%	5.6%	-2.8%	6.9%		0.3%	-2.2%	7.2%	14.0%	4.5%		2.3%	0.5%	1.9%	1.9%	1.6%
EPS (GAAP)		13.1%	11.5%	13.1%	11.1%	15.1%	13.5%					16.8%	26.8%	18.5%	17.9%	20.9%	20.3%	15.3%	14.3%	25.4%	21.4%	22.0%	24.4%	18.7%	22.0%	25.8%	11.0%	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	22.0%	26.6%	ERROR:#VALUE!	ERROR:#VALUE!	ERROR:#VALUE!	9.7%	10.5%	16.9%	9.8%	21.0%	13.8%	13.5%	15.3%	13.7%	10.0%	11.7%	13.4%	ERROR:#VALUE!	14.0%	21.4%	14.8%	17.2%	ERROR:#VALUE!	16.3%	19.4%	4.5%	16.8%	5.9%	7.6%	15.4%	26.3%	13.3%	26.0%	26.1%	21.4%	-2.2%	18.1%	7.2%	6.4%	3.1%	12.7%	0.5%	-9.8%	-6.0%	-8.8%	-1.7%	-0.9%	19.5%	4.4%	-10.3%	11.0%	5.0%	26.1%	17.8%	38.7%	78.6%	38.7%	0.8%	-1.9%	-5.1%	-54.7%	-17.6%	-30.6%	1.6%	4.8%	74.1%	5.9%	66.5%	-1.3%	14.7%	-136.0%	-21.8%	23.0%	146.7%	58.3%	-109.6%	100.7%	13.6%	-55.7%	-14.2%	3910.6%	-5.0%	-4.1%	14.3%	5.9%	-20.0%	-1.3%	-16.2%	38.8%	25.6%	46.8%	22.5%		23.1%	5.0%	1.3%	24.0%	11.7%		28.1%	20.2%	22.8%	22.9%	23.2%
Adjusted EPS																																																																			18.1%					0.5%					-0.9%	30.5%	10.8%	6.5%	28.2%	17.3%	27.2%	20.5%	29.7%	16.9%	23.7%	3.8%	1.5%	-0.9%	-4.2%	-0.1%	-18.1%	9.4%	18.1%	18.1%	6.5%	23.1%	-4.9% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	7.8%	0.6%	5.1%	9.5%	29.2%	11.6%	19.1%	18.2%	31.5%	10.8%	16.2%	21.8%	18.5% Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 67bps in growth	7.1%	4.0%	12.5%	22.1%	11.1% Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 3.0% in growth	16.1%	27.1%	14.9%	4.1%	15.6%		3.9%	1.2%	12.5%	20.6%	9.2%		8.3%	6.5%	8.0%	8.1%	7.6%
As a % of Sales
Gross Margin	29.2%	28.6%	28.9%	28.5%	28.5%	28.4%	28.2%	27.4%	28.1%	27.7%	27.7%	27.7%	27.4%	28.2%	27.5%	27.5%	27.7%	27.3%	27.9%	27.3%	27.5%	27.5%	27.1%	28.0%	27.5%	27.3%	27.2%	26.7%	27.5%	26.9%	27.4%	27.2%	26.5%	27.5%	26.2%	26.5%	26.7%	25.9%	27.2%	26.2%	26.8%	26.5%	26.7%	27.8%	26.8%	27.0%	27.1%	26.4% Roxana Fariborz: Roxana Fariborz: includes boost from EITF vendor allowance	27.7%	26.9%	27.7%	27.2%	27.4%	28.5%	27.8%	27.9%	27.9%	27.5%	28.4%	27.5%	27.6%	27.8%	28.1%	29.0%	28.3%	28.0%	28.4%	28.0%	28.9%	28.3%	27.6%	28.2%	27.8%	28.3%	27.5%	27.7%	27.8%	27.7%	28.8%	27.6%	28.4%	28.1%	28.5%	28.8%	28.1%	28.2%	28.4%	28.1%	28.9%	28.2%	28.3%	28.4%	29.4%	30.1%	28.5%	28.9%	29.2%	28.1%	28.8%	28.0%	27.95%	28.2%	27.1%	25.9%	26.0%	25.5%	26.0%	25.8%	26.3%	25.4%	25.0%	25.6%	25.0%	25.7%	23.7%	24.3%	24.7%	23.9%	24.5%	22.7%	24.2%	23.8%		23.8%	24.2%	22.4%	24.5%	23.7%		23.9%	24.2%	22.4%	24.5%	23.7%
Adjusted (FIFO) Gross Margin	29.9%	29.2%	29.5%	29.0%	28.8%	28.5%	28.4%					27.9%	27.6%	28.4%	27.7%	27.4%	27.8%	27.4%	28.2%	27.8%	27.9%	27.8%	27.4%	28.4%	27.8%	27.3%	27.5%	27.1%	27.8%	27.1%	27.2%	27.3%	26.8%	28.0%	26.5%	26.5%	27.0%	26.2%	27.4%	26.5%	26.6%	26.7%	27.0%	28.1%	26.9%	26.7%	27.2%	26.6%	27.9%	27.0%	27.2%	27.2%	27.6%	28.7%	28.1%	27.9%	28.1%	27.7%	28.6%	27.7%	27.9%	28.0%	28.4%	29.1%	28.3%	28.2%	28.5%	28.1%	29.1%	28.4%	27.8%	28.4%	28.1%	28.6%	27.7%	28.0%	28.1%	27.9%	29.0%	27.7%	28.8%	28.4%	28.8%	29.1%	28.3%	28.5%	28.7%	28.4%	29.3%	28.6%	29.1%	28.83%	29.76%	30.46%	29.17%	28.89%	29.57%	28.45%	29.08%	28.25%	27.90%	28.42%	27.35%	26.11%	26.22% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.52% down 73 bps bps y/y. See Retail tab row 198 for details rows	25.85% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	26.30%	26.00% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	26.54% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	25.73% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	25.01% Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	25.83%	25.17%	25.84%	24.25%	24.31%	24.88%	24.20%	24.67%	22.88%	24.12%	23.95%		23.96%	24.33%	22.55%	24.37%	23.78%		24.04%	24.32%	22.58%	24.40%	23.81%
SG&A	23.8%	23.3%	23.5%	23.3%	23.3%	23.4%	23.0%					22.6%	23.2%	21.3%	22.3%	22.4%	22.2%	23.0%	20.9%	21.7%	21.7%	21.8%	22.6%	20.6%	21.5%	21.6%	21.6%	22.0%	20.5%	21.1%	21.6%	21.3%	21.9%	20.4%	20.7%	21.1%	21.0%	21.4%	20.2%	20.6%	21.3%	20.9%	22.0%	20.8%	21.2%	21.6%	21.4%	21.7%	20.7%	21.2%	22.4%	21.5%	22.3%	21.4%	21.9%	23.2%	22.2%	22.6%	21.7%	21.6%	22.5%	22.1%	22.8%	21.6%	22.1%	23.5%	22.5%	22.8%	21.8%	22.2%	23.3%	22.5%	23.3%	22.0%	22.3%	23.2%	22.7%	22.9%	22.4%	22.8%	24.0%	23.0%	23.1%	22.3%	22.9%	23.6%	22.9%	23.2%	23.0%	23.3%	0.0%	23.6%	25.4%	24.1%	23.8%	23.9%	24.3%	23.9%	23.3%	23.5%	23.6%	23.6%	22.8%	21.1%	21.1%	22.5%	21.8%	20.8%	20.2%	20.2%	21.1%	20.6%	20.0%	20.8%	19.0%	20.6%	20.1%	19.2%	19.1%	18.1%	19.4%	19.0%		19.4%	18.6%	17.3%	19.0%	18.5%		19.5%	18.7%	17.3%	19.1%	18.6%
Adjusted SG&A																																																																									23.1%	21.8%	22.1%	23.0%	22.4%	22.6%	22.2%	22.5%	23.7%	22.7%	22.8%	22.0%	22.6%	23.2%	22.6%	22.8%	22.6%	22.9%	24.2%	23.1%	24.5%	23.6%	23.2%	23.3%	23.6%	23.3%	22.8% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 22.7%	22.5%	22.4%	22.7%	22.2%	19.6%	20.1%	20.8%	20.6%	20.1%	19.5%	19.6%	19.8%	19.7%	19.3%	19.3%	18.2%	18.3%	18.8%	18.6%	18.4%	17.5%	19.0%	18.4%		19.0%	18.2%	16.9%	18.7%	18.2%		19.1%	18.3%	17.0%	18.7%	18.2%
EBITDA	6.5%	6.5%	6.6%	6.5%	6.4%	6.3%	6.5%					6.5%	5.6%	8.2%	6.8%	6.3%	6.8%	5.7%	8.4%	7.4%	7.3%	7.5%	6.1%	8.9%	7.4%	6.9%	7.1%	6.2%	8.3%	7.2%	6.7%	7.3%	5.9%	8.6%	6.8%	6.6%	7.1%	6.0%	8.2%	7.0%	6.5%	6.9%	6.1%	8.3%	6.7%	6.3%	6.8%	5.9%	8.1%	6.9%	6.0%	6.8%	6.4%	8.4%	7.3%	6.0%	7.0%	6.4%	8.1%	7.1%	6.7%	7.1%	6.8%	8.6%	7.5%	5.9%	7.2%	6.8%	8.6%	7.6%	5.5%	7.1%	6.4%	8.0%	7.0%	6.3%	6.9%	6.6%	8.0%	6.5%	6.3%	6.9%	7.2%	8.2%	6.9%	6.6%	7.2%	6.7%	7.8%	7.0%	6.3%	7.0%	6.7%	8.8%	8.2%	7.6%	7.8%	7.4%	8.1% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 8.5%	8.1%	7.3%	7.8%	7.5%	8.0%	7.3%	6.4%	7.2%	7.0%	8.2%	7.3%	6.7%	7.3%	7.2%	8.0%	7.5%	7.3%	7.5%	7.0%	7.6%	6.6%	6.4%	6.9%		6.2%	7.3%	6.9%	7.0%	6.8%		6.2%	7.2%	6.9%	6.9%	6.8%
Operating Margin	5.4%	5.3%	5.4%	5.3%	5.2%	5.0%	5.2%					5.2%	4.2%	6.9%	5.3%	5.1%	5.4%	4.3%	7.0%	5.7%	5.8%	5.8%	4.5%	7.4%	6.0%	5.7%	5.7%	4.7%	7.0%	5.8%	5.8%	5.9%	4.6%	7.1%	5.5%	5.4%	5.7%	4.5%	7.0%	5.6%	5.5%	5.6%	4.7%	7.0%	5.5%	5.4%	5.6%	4.6%	6.9%	5.7%	5.3%	5.7%	5.1%	7.1%	5.9%	4.7%	5.7%	5.0%	6.7%	5.8%	5.2%	5.7%	5.3%	7.3%	6.2%	4.5%	5.9%	5.2%	7.1%	6.1%	4.3%	5.7%	4.5%	6.3%	5.2%	4.5%	5.1%	4.9%	6.4%	4.8%	4.4%	5.1%	5.4%	6.5%	5.2%	7.0%	6.0%	5.0%	5.9%	4.9%	3.4%	4.8%	4.1%	6.5%	5.4%	5.7%	5.5%	5.0%	6.5% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 6.2%	5.3%	5.1%	5.5%	5.4%	5.2%	4.9%	2.9%	4.5%	5.1%	6.2%	5.2%	4.0%	5.1%	5.1%	5.0%	5.0%	3.7%	4.7%	4.3%	6.0%	4.7%	5.1%	5.1%		4.7%	5.8%	5.3%	5.7%	5.4%		4.7%	5.7%	5.3%	5.7%	5.4%
Adjusted Operating Income																																																																				5.4%	7.3%	6.2%	4.5%	5.9%	5.0%	6.8%	5.7%	5.0%	5.6%	5.3%	6.8%	5.2%	5.1%	5.6%	6.0%	7.1%	5.7%	5.3%	6.0%	5.5%	6.6%	5.7%	4.9%	5.7%	5.3%	7.5%	6.8%	6.1%	6.5%	6.0%	6.8% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 7.2%	6.7%	6.0%	6.4%	6.2%	6.9%	6.1% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	5.1% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	6.0%	5.9% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	7.0% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	6.1% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	5.4% Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	6.1%	6.1%	6.8%	6.4%	6.2%	6.4%	5.9%	6.6%	5.7%	5.4%	5.9%		5.2%	6.3%	5.9%	6.0%	5.9%		5.2%	6.2%	5.9%	6.0%	5.8%
Tax Rate	36.7%	37.9%	37.5%	37.5%	38.6%	38.5%	38.8%					38.5%	37.0%	37.3%	37.8%	39.4%	37.9%	37.2%	37.4%	35.9%	36.7%	36.8%	35.8%	37.7%	37.0%	39.3%	39.2%	36.5%	39.1%	38.5%	37.2%	38.0%	38.5%	38.1%	38.2%	36.2%	37.8%	37.8%	37.7%	37.7%	37.8%	37.7%	39.5%	37.7%	38.7%	37.8%	38.0%	37.5%	37.5%	37.5%	37.5%	37.5%	35.7%	37.2%	37.3%	35.1%	36.5%	37.0%	37.0%	35.1%	36.7%	36.4%	36.7%	36.8%	35.2%	35.0%	36.0%	37.4%	36.8%	37.2%	37.0%	38.0%	37.6%	36.6%	36.4%	35.8%	36.6%	37.0%	37.1%	42.5%	35.4%	38.0%	37.0%	37.8%	35.4%	36.7%	36.8%	37.3%	37.2%	37.3%	35.7%	37.0%	38.2%	36.6%	38.7%	35.4%	37.1%	36.5%	34.9%	31.5%	232.3%	42.9%	27.4% Singh, Saurabh (Research): Singh, Saurabh (Research): Adjusted Tax Rate	27.7% Singh, Saurabh (Research): Singh, Saurabh (Research): Adjusted Tax Rate	30.0%	30.0%	19.9%	28.4% Rosenblum, Mark (Research): Rosenblum, Mark (Research): Adjusted tax rate	28.1%	24.4%	18.2%	19.4%	18.2%	18.2%	18.2%	18.2%	15.7%	18.2%	27.2%	7.6%	16.4%	18.6%		16.3%	16.7%	16.5%	16.5%	16.5%		16.5%	16.8%	16.6%	16.7%	16.7%
Net Income	2.9%	2.9%	2.9%	3.0%	2.7%	3.1%	3.1%					3.2%	ERROR:#VALUE!	4.3%	3.3%	3.1%	3.4%	1.9%	4.4%	3.7%	4.3%	3.6%	ERROR:#VALUE!	4.6%	3.8%	3.5%	3.5%	ERROR:#VALUE!	4.3%	3.6%	4.0%	3.7%	2.8%	4.6%	3.4%	3.5%	3.6%	2.8%	4.4%	3.5%	3.4%	3.5%	2.7%	4.4%	3.3%	3.3%	3.6%	ERROR:#VALUE!	4.4%	3.6%	3.4%	3.6%	3.3%	4.5%	3.8%	3.1%	3.7%	3.2%	4.3%	3.9%	3.4%	3.7%	3.4%	4.7%	4.1%	3.0%	3.8%	3.2%	4.5%	3.8%	3.0%	3.4%	2.7%	3.9%	3.2%	2.8%	3.2%	3.0%	3.9%	2.7%	2.8%	3.1%	3.3%	4.0%	3.3%	4.4%	3.8%	3.1%	3.7%	3.0%	2.1%	3.0%	2.4%	4.1%	3.4%	3.7%	3.4%	3.8%	3.9% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 3.7%	3.9%	-1.1%	2.7%	4.5%	7.7%	4.5%	0.1%	4.1%	3.8%	3.1%	3.7%	3.6%	3.5%	3.7%	3.6%	3.9%	2.7%	3.5%	2.7%	4.1%	3.9%	3.4%	3.5%		3.0%	4.0%	3.7%	3.9%	3.7%		3.6%	4.5%	4.2%	4.5%	4.2%
Adjusted Net Income	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%					0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	3.9%	3.2%	2.8%	3.2%	3.3%	4.2%	3.2%	3.2%	3.5%	3.7%	4.3%	3.6%	3.3%	3.8%	3.4%	4.1%	3.5%	3.2%	3.6%	3.2%	4.9%	4.4%	3.9%	4.1%	3.8%	4.5% Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 4.8%	4.6%	3.7%	4.1%	3.8%	4.7%	3.9%	3.4%	3.9%	3.9%	4.7%	4.4%	4.1%	4.3%	4.2%	5.0%	4.8%	4.6%	4.7%	4.2%	5.2%	4.4%	4.1%	4.5%		4.0%	4.9%	4.6%	4.6%	4.5%		4.0%	4.9%	4.6%	4.6%	4.5%
Year over Year Change
Gross Margin		-0.58%	0.27%	-0.35%	-0.02%	-0.07%	-0.20%					-0.48%	-0.07%	0.04%	-0.13%	-0.13%	-0.07%	-0.11%	-0.27%	-0.19%	0.00%	-0.14%	-0.16%	0.11%	0.14%	-0.23%	-0.28%	-0.36%	-0.51%	-0.59%	0.09%	-0.09%	-0.24%	0.02%	-0.67%	-0.92%	-0.46%	-0.62%	-0.38%	-0.05%	0.28%	-0.18%	0.78%	0.64%	0.59%	0.23%	0.55%	-0.29%	-0.14%	0.14%	0.75%	0.12%	1.01%	0.84%	0.94%	0.21%	0.74%	0.16%	-0.05%	-0.39%	-0.31%	-0.16%	0.59%	0.52%	0.85%	0.34%	0.58%	-0.18%	-0.11%	-0.03%	-0.34%	-0.16%	-0.18%	-0.59%	-0.77%	0.04%	-0.38%	-0.04%	0.56%	0.10%	0.73%	0.34%	0.78%	-0.05%	0.44%	-0.19%	0.24%	-0.40%	0.12%	0.19%	0.11%	0.01%	1.34%	1.18%	0.27%	0.61%	0.85%	-1.34%	-1.25%	-0.48%	-0.98%	-1.01%	-1.02%	-2.92%	-2.06%	-2.48%	-2.21%	-1.24%	0.42%	-0.56%	-0.49%	-0.38%	-0.87%	-0.64%	-1.69%	-0.64%	-0.98%	-1.09%	-1.16%	-1.06%	-0.11%	-0.86%		-0.08%	-0.31%	-0.31%	0.25%	-0.12%		0.08%	-0.01%	0.03%	0.02%	0.03%
Adjusted (FIFO) Gross Margin		-0.66%	0.23%	-0.48%	-0.15%	-0.35%	-0.05%					-0.58%	27.57%	28.44%	27.66%	27.44%	-0.06%	-0.12%	-0.28%	0.11%	0.46%	0.04%	0.01%	0.22%	0.07%	-0.61%	-0.33%	-0.34%	-0.55%	-0.69%	-0.06%	-0.16%	-0.31%	0.14%	-0.64%	-0.72%	-0.38%	-0.57%	-0.52%	-0.01%	0.10%	-0.24%	0.73%	0.66%	0.39%	0.13%	0.47%	-0.35%	-0.21%	0.16%	0.47%	0.02%	0.96%	0.85%	1.03%	0.71%	0.89%	0.17%	-0.10%	-0.41%	-0.08%	-0.12%	0.61%	0.42%	0.62%	0.37%	0.51%	-0.21%	-0.01%	0.10%	-0.41%	-0.12%	-0.05%	-0.49%	-0.68%	0.17%	-0.28%	-0.15%	0.42%	0.01%	0.79%	0.27%	0.81%	0.09%	0.61%	-0.22%	0.32%	-0.40%	0.20%	0.26%	0.55%	0.15%	1.41%	1.18%	0.59%	-0.20%	0.75%	-1.31%	-1.38%	-0.92%	-0.99%	-1.15%	-1.10%	-2.97%	-2.03%	-2.04%	-2.12%	-1.35%	0.44%	-0.49%	-0.84%	-0.47%	-0.83%	-0.70%	-1.48%	-0.70%	-0.95%	-0.97%	-1.17%	-1.37%	-0.19%	-0.93%		-0.23%	-0.34%	-0.33%	0.25%	-0.17%		0.08%	-0.01%	0.03%	0.02%	0.03%
Adjusted SG&A Ratio		-0.49%	0.24%	-0.25%	0.00%	0.18%	-0.42%					-0.44%	23.17%	21.28%	22.26%	22.43%	-0.34%	-0.19%	-0.41%	-0.58%	-0.71%	-0.48%	-0.42%	-0.22%	-0.14%	-0.10%	-0.22%	-0.54%	-0.10%	-0.43%	0.02%	-0.25%	-0.10%	-0.11%	-0.36%	-0.55%	-0.28%	-0.48%	-0.27%	-0.16%	0.21%	-0.11%	0.52%	0.61%	0.66%	0.33%	0.52%	-0.22%	-0.04%	-0.02%	0.81%	0.08%	0.53%	0.70%	0.68%	0.77%	0.67%	0.31%	0.26%	-0.25%	-0.75%	-0.11%	0.27%	-0.05%	0.42%	1.03%	0.42%	-0.09%	0.15%	0.12%	-0.17%	0.00%	0.53%	0.23%	0.11%	-0.11%	0.19%	-0.44%	0.41%	0.44%	0.72%	0.30%	0.16%	-0.21%	0.09%	-0.46%	-0.11%	0.04%	0.64%	0.27%	0.98%	0.47%	1.71%	0.96%	0.29%	-0.84%	0.54%	-1.26%	-0.77%	-0.67%	-0.92%	-0.90%	-1.09%	-3.27%	-2.33%	-1.66%	-2.20%	-2.10%	-0.04%	-0.54%	-1.01%	-0.81%	-0.76%	-0.25%	-1.38%	-1.42%	-0.96%	-0.76%	-0.87%	-0.69%	0.64%	-0.43%		0.44%	-0.16%	-0.62%	-0.32%	-0.18%		0.08%	0.07%	0.04%	0.04%	0.06%
EBITDA		0.00%	0.05%	-0.06%	-0.08%	-0.15%	0.21%					0.05%	5.59%	8.18%	6.79%	6.33%	0.25%	0.08%	0.27%	0.56%	0.93%	0.71%	0.41%	0.44%	0.09%	-0.38%	-0.36%	0.11%	-0.60%	-0.27%	-0.20%	0.16%	-0.25%	0.31%	-0.34%	-0.08%	-0.16%	0.05%	-0.35%	0.13%	-0.11%	-0.22%	0.12%	0.08%	-0.30%	-0.22%	-0.08%	-0.19%	-0.20%	0.22%	-0.28%	-0.06%	0.51%	0.25%	0.44%	-0.04%	0.29%	-0.04%	-0.29%	-0.18%	0.78%	0.06%	0.38%	0.48%	0.37%	-0.87%	0.09%	0.01%	0.02%	0.09%	-0.38%	-0.06%	-0.39%	-0.56%	-0.56%	0.77%	-0.19%	0.27%	-0.00%	-0.59%	0.07%	-0.08%	0.59%	0.20%	0.46%	0.23%	0.37%	-0.51%	-0.38%	0.12%	-0.25%	-0.25%	-0.01%	1.02%	1.16%	1.24%	0.86%	0.73%	-0.71%	-0.09%	-0.26%	-0.10%	0.00%	-0.13%	-0.84%	-0.93%	-0.51%	-0.49%	0.14%	0.08%	0.31%	0.05%	0.28%	-0.19%	0.11%	0.65%	0.20%	-0.28%	-0.40%	-0.86%	-0.95%	-0.62%		-0.79%	-0.28%	0.32%	0.58%	-0.03%		0.00%	-0.08%	-0.01%	-0.01%	-0.03%
Adjusted Operating Margin		-0.09%	0.03%	-0.11%	-0.03%	-0.25%	0.22%					-0.05%	4.20%	6.90%	5.28%	5.11%	0.26%	0.09%	0.14%	0.40%	0.71%	0.33%	0.26%	0.34%	0.28%	-0.12%	-0.07%	0.18%	-0.41%	-0.15%	0.06%	0.16%	-0.13%	0.13%	-0.31%	-0.38%	-0.18%	-0.14%	-0.12%	0.11%	0.07%	-0.08%	0.26%	0.03%	-0.07%	-0.10%	0.03%	-0.07%	-0.10%	0.15%	-0.06%	0.03%	0.47%	0.14%	0.26%	-0.55%	0.08%	-0.15%	-0.31%	-0.14%	0.44%	-0.05%	0.32%	0.57%	0.43%	-0.69%	0.16%	-0.10%	-0.26%	-0.15%	-0.17%	-0.17%	-0.71%	-0.81%	-0.87%	0.14%	-0.57%	0.29%	0.01%	-0.42%	0.07%	-0.03%	0.65%	0.30%	0.52%	0.24%	0.43%	-0.43%	-0.44%	-0.02%	-0.43%	-0.32%	-0.20%	0.86%	1.10%	1.24%	0.75%	0.68%	-0.67%	-0.09%	-0.16%	-0.07%	0.14%	0.10%	-0.65%	-0.91%	-0.36%	-0.24%	0.10%	0.08%	0.35%	0.11%	0.14%	-0.18%	0.21%	0.82%	0.24%	-0.17%	-0.30%	-0.68%	-0.85%	-0.50%		-0.69%	-0.23%	0.22%	0.58%	-0.02%		-0.00%	-0.09%	-0.02%	-0.02%	-0.03%
Adjusted Net Income Margin		0.02%	0.01%	0.06%	-0.28%	0.38%	0.03%					0.11%	ERROR:#VALUE!	4.35%	3.30%	3.12%	0.20%	ERROR:#VALUE!	0.07%	0.36%	1.23%	0.25%	ERROR:#VALUE!	0.20%	0.17%	-0.84%	-0.14%	ERROR:#VALUE!	-0.35%	-0.24%	0.52%	0.25%	ERROR:#VALUE!	0.36%	-0.20%	-0.57%	-0.15%	0.01%	-0.26%	0.11%	-0.03%	-0.08%	-0.10%	0.03%	-0.23%	-0.07%	0.07%	ERROR:#VALUE!	0.04%	0.33%	0.01%	0.01%	ERROR:#VALUE!	0.04%	0.20%	-0.23%	0.10%	-0.15%	-0.16%	0.06%	0.25%	-0.00%	0.23%	0.37%	0.24%	-0.43%	0.10%	-0.15%	-0.23%	-0.28%	0.08%	-0.36%	-0.52%	-0.57%	-0.60%	-0.26%	-0.27%	0.53%	0.29%	-0.02%	0.44%	0.30%	0.42%	0.15%	0.45%	0.12%	0.29%	-0.28%	-0.22%	-0.11%	-0.09%	-0.17%	-0.22%	0.79%	0.90%	0.67%	0.55%	0.56%	-0.42%	0.12%	-0.17%	0.01%	0.08%	0.19%	-0.65%	-0.35%	-0.19%	0.07%	0.03%	0.47%	0.67%	0.32%	0.31%	0.30%	0.42%	0.52%	0.39%	-0.00%	0.20%	-0.35%	-0.48%	-0.16%		-0.25%	-0.30%	0.14%	0.51%	0.02%		0.02%	-0.06%	-0.00%	-0.00%	-0.01%
E=Morgan Stanley Research Estimate
Sequential Growth
Sales									18.1%	-6.0%	-2.4%		4.7%	18.0%	-5.5%	-2.9%		5.5%	17.5%	-5.0%	-1.2%		4.6%	16.8%	-2.5%	-0.2%		5.8%	16.3%	-3.8%	-0.2%		4.3%	14.5%	-2.1%	-0.2%		4.4%	14.2%	-1.2%	-2.2%		3.4%	12.8%	-1.4%	-1.0%		5.8%	12.2%	-2.1%	-1.6%		4.9%	11.1%	-1.4%	-3.1%		3.9%	11.6%	0.1%	-0.0%		4.4%	9.6%	-1.7%	-2.0%		4.5%	9.7%	-2.5%	-2.8%		2.4%	10.2%	-1.6%	-3.1%		4.2%	3.8%	1.2%	-1.9%		2.8%	6.7%	-0.7%	-2.2%		1.1%	2.7%	-4.8%	-3.8%		1.4%	7.7%	-1.8%	-2.0%		2.2%	7.0%	-1.0%	-1.8%		2.6%	35.9%	8.4%	-0.9%		-71.9%	4.0%	-2.3%	-2.9%		-75.7%	3.3%	2.3%	0.1%		-74.0%	7.4%	4.0%	-4.6%			-74.9%	4.5%	4.1%	-6.8%			-75.5%	4.5%	4.2%	-6.8%
Adjusted (FIFO) Gross Profit									21.1%	-7.6%	-2.4%		3.6%	21.5%	-7.7%	-2.9%		4.5%	20.2%	-7.0%	-0.5%		2.9%	20.8%	-4.4%	-0.9%		3.6%	19.7%	-6.0%	1.6%		0.9%	19.0%	-6.7%	0.7%		2.1%	19.8%	-4.8%	-0.1%		3.1%	17.7%	-5.0%	-0.2%		3.4%	17.6%	-4.7%	1.4%		3.6%	15.6%	-3.7%	-2.8%		2.4%	15.2%	-3.4%	0.6%		6.3%	12.9%	-3.9%	-3.1%		4.4%	13.3%	-4.4%	-5.0%		2.9%	12.2%	-4.3%	-2.5%		4.4%	7.9%	-3.0%	0.9%		2.8%	7.9%	-3.3%	-1.4%		0.4%	6.1%	-7.1%	-2.1%		3.8%	10.2%	-5.9%	-3.0%		0.6%	9.3%	-3.9%	-3.0%		0.6%	29.7%	8.8%	-2.3%		-72.3%	6.1%	-5.3%	-5.6%		-76.3%	6.1%	-4.0%	0.4%		-74.7%	9.5%	-3.6%	0.6%			-74.9%	6.1%	-3.5%	0.7%			-75.2%	5.7%	-3.3%	0.7%
Adjusted SG&A									7.5%	-1.2%	-1.2%		6.2%	8.3%	-1.2%	-2.2%		8.1%	6.7%	-1.4%	-1.0%		8.6%	6.9%	1.6%	0.1%		7.7%	8.5%	-1.2%	2.3%		5.7%	6.8%	-0.6%	1.5%		6.1%	7.4%	0.8%	1.2%		6.6%	6.8%	0.8%	0.8%		6.2%	7.0%	0.2%	4.0%		4.1%	7.0%	0.7%	2.6%		1.1%	7.2%	-0.1%	3.7%		6.3%	3.8%	0.2%	4.3%		1.3%	5.0%	-0.7%	2.2%		2.3%	4.2%	-0.4%	0.9%		2.7%	1.9%	2.9%	3.2%		-1.0%	3.0%	1.9%	0.5%		-0.6%	1.9%	-3.9%	1.7%		2.9%	3.6%	-3.7%	-1.2%		1.8%	5.0%	-2.6%	-2.0%		1.5%	19.9%	11.6%	2.1%		-72.6%	1.1%	-1.8%	-2.2%		-76.2%	3.0%	-3.2%	0.7%		-74.3%	6.4%	-0.9%	3.2%			-74.0%	0.3%	-3.4%	2.7%			-74.2%	0.3%	-3.5%	2.7%
EBITDA									74.4%	-23.9%	-8.7%		-3.1%	72.4%	-21.5%	-9.5%		-5.4%	74.7%	-17.3%	-2.4%		-12.4%	70.7%	-18.4%	-7.7%		-5.0%	55.7%	-16.7%	-7.1%		-7.3%	65.8%	-22.1%	-3.5%		-5.4%	57.3%	-16.6%	-8.7%		-2.9%	53.9%	-21.1%	-6.6%		-0.4%	54.1%	-17.1%	-14.2%		12.3%	44.9%	-13.9%	-21.0%		11.2%	41.2%	-11.6%	-5.6%		4.7%	38.8%	-13.8%	-23.3%		20.4%	39.0%	-13.5%	-29.7%		18.7%	38.5%	-13.5%	-13.8%		10.6%	25.1%	-18.4%	-3.7%		17.5%	20.9%	-16.4%	-7.1%		3.6%	19.5%	-14.5%	-13.6%		7.9%	41.9%	-9.1%	-9.7%		0.7%	16.9%	-1.5%	-11.6%		4.9%	46.2%	-1.8%	-13.2%		-73.0%	21.8%	-12.0%	-11.7%		-75.9%	13.7%	-4.3%	-1.6%		-75.9%	16.8%	-9.4%	-7.8%			-77.5%	23.6%	-1.4%	-6.2%			-77.8%	22.1%	-0.3%	-6.2%
Adjusted Operating Income									104.2%	-28.3%	-7.4%		-8.8%	93.9%	-27.8%	-6.0%		-11.4%	92.9%	-23.5%	1.4%		-18.3%	89.6%	-21.4%	-4.6%		-12.3%	71.7%	-20.0%	-0.9%		-16.9%	77.4%	-24.4%	-2.1%		-13.7%	79.2%	-20.9%	-4.7%		-10.6%	68.2%	-22.3%	-4.1%		-8.3%	67.2%	-19.5%	-8.3%		1.3%	53.3%	-17.0%	-22.7%		8.8%	51.5%	-13.8%	-10.8%		6.4%	51.9%	-16.2%	-29.4%		20.6%	49.4%	-15.9%	-30.9%		5.9%	54.0%	-17.9%	-17.0%		13.5%	36.3%	-23.7%	-10.0%		20.3%	26.5%	-19.4%	-9.1%		4.8%	23.2%	-17.9%	-17.5%		10.3%	51.3%	-10.7%	-11.7%		0.0%	21.3%	-2.5%	-12.5%		5.5%	52.7%	-4.9%	-17.1%		-72.5%	23.3%	-14.4%	-14.3%		-76.1%	16.8%	-5.1%	-1.6%		-76.0%	19.6%	-10.0%	-9.2%			-77.8%	27.1%	-3.0%	-5.5%			-78.2%	25.4%	-1.8%	-5.5%
Adjusted Net Income									ERROR:#VALUE!	-28.1%	-10.9%		ERROR:#VALUE!	ERROR:#VALUE!	-28.2%	-8.4%		-34.5%	167.8%	-21.3%	17.2%		ERROR:#VALUE!	ERROR:#VALUE!	-19.1%	-8.7%		ERROR:#VALUE!	ERROR:#VALUE!	-19.0%	11.9%		-26.9%	87.4%	-28.1%	1.6%		-14.3%	75.7%	-20.7%	-4.4%		-17.4%	81.4%	-26.6%	1.5%		ERROR:#VALUE!	ERROR:#VALUE!	-20.5%	-8.1%		3.7%	49.4%	-16.3%	-20.0%		5.0%	51.5%	-10.4%	-12.1%		4.7%	51.0%	-13.9%	-29.3%		14.9%	50.4%	-16.4%	-22.7%		-8.0%	56.9%	-18.4%	-16.5%		12.2%	36.8%	-30.8%	1.5%		17.7%	25.5%	-16.5%	-10.6%		3.3%	23.9%	-18.1%	-11.9%		0.0%	65.5%	-11.3%	-13.5%		-2.0%	27.9%	0.3%	-19.1%		4.9%	66.1%	-9.7%	-13.7%		-72.3%	25.7%	-9.5%	-9.5%		-76.0%	22.9%	-2.4%	-3.9%		-76.5%	32.9%	-11.6%	-11.5%			-77.9%	29.6%	-3.1%	-5.9%			-78.4%	27.4%	-1.8%	-5.9%
EPS									ERROR:#VALUE!	-28.0%	-10.9%		ERROR:#VALUE!	ERROR:#VALUE!	-28.4%	-8.6%		-36.9%	176.7%	-21.4%	16.9%		ERROR:#VALUE!	ERROR:#VALUE!	-19.2%	-8.8%		ERROR:#VALUE!	ERROR:#VALUE!	-19.0%	11.7%		-27.1%	86.8%	-28.2%	1.7%		-14.3%	75.4%	-20.9%	-4.3%		-13.1%	72.8%	-23.4%	-2.8%		ERROR:#VALUE!	ERROR:#VALUE!	-18.4%	-8.1%		3.9%	49.4%	-16.2%	-19.6%		5.3%	51.8%	-10.2%	-12.0%		5.1%	51.9%	-13.6%	-29.1%		15.2%	50.8%	-16.3%	-22.5%		-7.8%	57.1%	-18.8%	-16.5%		12.2%	37.3%	-30.2%	3.3%		27.5%	28.3%	-17.9%	33.0%		-28.0%	24.8%	-20.5%	-36.5%		10.1%	82.6%	-17.9%	5.5%		5.3%	8.2%	-4.6%	-133.1%		-460.1%	117.1%	-38.8%	-98.0%		-74.9%	-15.4%	18.6%	-6.7%		-74.7%	0.8%	9.9%	-29.5%		-78.5%	66.9%	-0.5%	-17.6%			-78.4%	42.3%	-4.0%	0.8%			-75.2%	33.5%	-1.9%	0.9%
Adj EPS									ERROR:#VALUE!	-28.0%	-10.9%		ERROR:#VALUE!	ERROR:#VALUE!	-28.4%	-8.6%		-34.6%	167.0%	-21.4%	16.9%		ERROR:#VALUE!	ERROR:#VALUE!	-19.2%	-8.8%		ERROR:#VALUE!	ERROR:#VALUE!	-19.0%	11.7%		-27.1%	86.8%	-28.2%	1.7%		-14.3%	75.4%	-20.9%	-4.3%		-17.3%	81.6%	-26.6%	1.4%		ERROR:#VALUE!	ERROR:#VALUE!	-20.3%	-8.1%		3.9%	49.4%	-16.2%	-19.6%		5.3%	51.8%	-10.2%	-12.0%		5.1%	51.9%	-13.6%	-29.1%		15.2%	50.8%	-16.3%	-22.5%		-7.8%	57.1%	-18.8%	-16.5%		22.5%	33.4%	-21.9%	0.5%		21.5%	26.4%	-15.9%	-9.5%		7.9%	23.5%	-17.9%	-12.5%		-7.7%	65.1%	-11.8%	-13.4%		-2.4%	27.6%	-0.1%	-19.2%		6.2%	50.5%	-13.6%	-13.7%		-73.4%	26.9%	-9.5%	-9.5%		-76.0%	23.2%	-2.1%	-1.8%		-74.9%	35.0%	-11.6%	-11.0%			-77.4%	31.4%	-1.7%	-4.5%			-77.6%	29.3%	-0.3%	-4.4%
Sequential Change
Gross Margin												-0.28%		0.81%	-0.65%	0.00%		-0.27%	0.65%	-0.57%	0.19%		-0.44%	0.92%	-0.54%	-0.17%		-0.57%	0.78%	-0.62%	0.50%		-0.89%	1.04%	-1.31%	0.24%		-0.59%	1.28%	-0.97%	0.57%		-0.09%	1.14%	-1.02%	0.21%		-0.61%	1.28%	-0.75%	0.82%		-0.35%	1.11%	-0.64%	0.10%		-0.40%	0.90%	-0.98%	0.18%		0.50%	0.83%	-0.66%	-0.32%		-0.03%	0.90%	-0.58%	-0.64%		0.13%	0.50%	-0.76%	0.17%		0.06%	1.10%	-1.22%	0.79%		0.11%	0.26%	-0.72%	0.16%		-0.10%	0.78%	-0.65%	0.07%		1.13%	0.62%	-1.55%	0.42%		-0.83%	0.71%	-0.78%	-0.09%		-0.87%	-1.19%	0.08%	-0.51%		-0.19%	0.48%	-0.90%	-0.43%		-0.68%	0.71%	-1.95%	0.62%		-0.79%	0.64%	-1.86%	1.58%			-0.01%	0.41%	-1.85%	2.13%			0.19%	0.32%	-1.81%	2.12%
Adj. (FIFO) Gross Margin												-0.53%		0.87%	-0.78%	-0.21%		-0.00%	0.71%	-0.39%	0.14%		-0.46%	0.92%	-0.54%	-0.53%		-0.19%	0.71%	-0.68%	0.10%		-0.44%	1.16%	-1.46%	0.02%		-0.29%	1.21%	-0.95%	0.13%		0.33%	1.14%	-1.21%	-0.14%		-0.14%	1.28%	-0.84%	0.17%		0.35%	1.17%	-0.67%	-0.14%		-0.19%	0.90%	-0.98%	0.19%		0.50%	0.71%	-0.78%	-0.06%		-0.08%	0.91%	-0.67%	-0.57%		0.28%	0.47%	-0.86%	0.28%		-0.04%	1.05%	-1.27%	1.05%		-0.01%	0.32%	-0.75%	0.22%		-0.19%	0.92%	-0.70%	0.51%		0.67%	0.69%	-1.28%	-0.28%		-0.44%	0.63%	-0.83%	-0.36%		-0.55%	-1.24%	0.11%	-0.37%		-0.31%	0.55%	-0.82%	-0.71%		-0.66%	0.67%	-1.60%	0.06%		-0.69%	0.48%	-1.79%	1.24%			0.01%	0.37%	-1.79%	1.82%			0.26%	0.28%	-1.75%	1.82%
Adj. SG&A												-0.01%		-1.89%	0.98%	0.17%		0.55%	-2.11%	0.80%	0.05%		0.84%	-1.91%	0.89%	0.08%		0.40%	-1.47%	0.56%	0.54%		0.28%	-1.48%	0.31%	0.35%		0.34%	-1.26%	0.42%	0.71%		0.65%	-1.17%	0.47%	0.38%		0.10%	-0.99%	0.49%	1.21%		-0.17%	-0.83%	0.47%	1.30%		-0.63%	-0.88%	-0.04%	0.80%		0.40%	-1.21%	0.42%	1.42%		-0.72%	-0.97%	0.40%	1.13%		-0.02%	-1.28%	0.27%	0.92%		-0.34%	-0.43%	0.36%	1.19%		-0.90%	-0.83%	0.63%	0.70%		-0.43%	-0.18%	0.36%	-23.33%		25.40%	-1.28%	-0.30%	0.07%		-0.08%	-0.43%	-0.36%	-0.05%		-0.25%	-2.62%	0.58%	0.62%		-0.48%	-0.56%	0.08%	0.15%		-0.42%	-0.05%	-1.04%	0.11%		-0.22%	-0.17%	-0.86%	1.44%			0.65%	-0.77%	-1.32%	1.74%			0.90%	-0.77%	-1.35%	1.74%
EBITDA												-0.16%		2.58%	-1.38%	-0.46%		-0.65%	2.77%	-1.09%	-0.09%		-1.18%	2.81%	-1.45%	-0.56%		-0.70%	2.10%	-1.11%	-0.49%		-0.75%	2.66%	-1.76%	-0.23%		-0.62%	2.26%	-1.28%	-0.46%		-0.40%	2.22%	-1.66%	-0.38%		-0.37%	2.21%	-1.25%	-0.88%		0.42%	1.95%	-1.06%	-1.35%		0.42%	1.70%	-0.94%	-0.40%		0.02%	1.80%	-1.05%	-1.63%		0.89%	1.80%	-0.97%	-2.10%		0.88%	1.64%	-0.97%	-0.78%		0.38%	1.36%	-1.56%	-0.12%		0.91%	0.97%	-1.30%	-0.35%		0.16%	1.10%	-0.80%	-0.72%		0.40%	2.13%	-0.66%	-0.64%		-0.11%	0.69%	-0.04%	-0.81%		0.16%	0.56%	-0.75%	-0.90%		-0.29%	1.20%	-0.81%	-0.67%		-0.05%	0.73%	-0.52%	-0.12%		-0.53%	0.61%	-0.98%	-0.22%			-0.70%	1.13%	-0.39%	0.05%			-0.67%	1.04%	-0.31%	0.05%
Adjusted Operating Margin												-0.27%		2.70%	-1.63%	-0.17%		-0.82%	2.75%	-1.37%	0.15%		-1.27%	2.83%	-1.43%	-0.26%		-0.97%	2.25%	-1.18%	-0.04%		-1.17%	2.52%	-1.62%	-0.10%		-0.93%	2.54%	-1.39%	-0.14%		-0.74%	2.31%	-1.49%	-0.18%		-0.71%	2.28%	-1.23%	-0.39%		-0.18%	1.94%	-1.11%	-1.20%		0.22%	1.78%	-0.94%	-0.63%		0.10%	0.00%	0.00%	0.00%	0.00%	5.38%	1.88%	-1.07%	-1.70%		0.53%	1.73%	-1.11%	-0.62%		0.29%	1.46%	-1.55%	-0.13%		0.87%	1.11%	-1.33%	-0.41%		0.20%	1.10%	-0.91%	-0.81%		0.43%	2.16%	-0.68%	-0.67%		-0.13%	0.81%	-0.10%	-0.73%		0.17%	0.76%	-0.85%	-0.99%		-0.12%	1.10%	-0.87%	-0.72%		-0.09%	0.79%	-0.49%	-0.11%		-0.49%	0.67%	-0.88%	-0.27%			-0.68%	1.12%	-0.43%	0.08%			-0.66%	1.04%	-0.36%	0.08%
Adjusted Net Margin												0.00%		0.36%	0.51%	1.60%		-2.26%	0.26%	-1.53%	0.78%		-0.86%	1.85%	-0.66%	2.33%		-2.86%	2.62%	-0.58%	-1.34%		1.33%	-0.39%	0.11%	-2.07%		1.60%	-0.02%	-0.00%	0.02%		1.75%	-1.77%	0.98%	-0.90%		-0.34%	0.02%	-0.02%	0.01%		-1.78%	1.53%	0.00%	-2.13%		1.88%	-0.01%	-1.87%	1.58%		0.04%	0.00%	-1.56%	-0.21%		2.45%	-0.60%	0.39%	-0.23%		2.73%	1.16%	-0.66%	-0.44%		0.49%	0.92%	-0.98%	0.02%		0.47%	0.65%	-0.69%	-0.31%		0.08%	0.70%	-0.57%	-0.30%		-0.05%	1.71%	-0.47%	-0.52%		-0.16%	0.74%	0.06%	-0.80%		0.08%	0.85%	-0.78%	-0.50%		-0.05%	0.82%	-0.35%	-0.29%		-0.05%	0.80%	-0.23%	-0.19%		-0.44%	1.00%	-0.78%	-0.32%			-0.54%	0.95%	-0.34%	0.05%			-0.54%	0.87%	-0.28%	0.05%
Pre-tax LIFO Charge/(Credit)	38.8	38.8	40.288	34.913	28.121	5.104	21.479	8.564	5.466	3.561	-4.839	12.752	5.925	9.243	4.329	-2.951	16.546	6.139	9.907	16.353	14.108	46.507	13.9	16.2	15.8	-0.7	45.2	17.6	16.9	13	-8.7	38.8	16.4	26.8	16.8	2.8	62.8	22.4	20.8	22.6	-9.9	55.9	21.8	24.9	9	-19.5	36.2	20.1	22.4	12.7	-48.5	6.7	18.5	27.1	24.2	-2	67.8	21.2	23.8	24.2	26.1	95.3	27.4	13.4	-3.5	32	69.3	26.9	30.6	16.1	24.9	98.5	48	49	32	48	172	34	27	18	61	140	42	56	50	60	208	45	72	60	132	309	55	72	120	-8 saursing: saursing: Guidance had been for $85M pre-tax charge, came in at $8M pre-tax benefit, and $5M benefit after-tax	239	63	51	41	-18	137	52	55	69	109	285	46	68	92	8	214	58	49	49	-38	118	54	43	69	-38	128		54	43	69	-38	128		54	43	69	-38	128
Gross Profit excluding LIFO effects	1609.187	1768.702	1984.434	2167.049	2392.08	2630.741	2955.71	747.546	900.218	830.346	802.419	3280.529	841.866	1024.559	941.296	906.544	3714.265	956.428	1152.599	1079.392	1071.737	4260.156	1102.5	1331	1272.3	1244.8	4905.4	1307.4	1560.4	1464	1465.6	5797.4	1504.5	1797.6	1668.4	1666.4	6636.9	1720.3	2054.7	1959.8	1926.1	7660.9	2017.5	2373	2239	2205.9	8835.4	2320.2	2728	2590.5	2565.8	10204.5	2726.4	3157.7	3040.4	2931.1	11855.6	3023.7	3483.1	3367.4	3389.7	13263.9	3603	4049.2	3873.7	3787.3	15313.2	3947.8	4472.2	4261.8	4059.5	16741.3	4199	4706	4491	4394	17785	4572	4924	4767	4853	19116	4987	5380	5204	5129	20700	5149	5461	5074	4967	20651	5154	5679	5342	5183	21358	5215	5701	5481	5309	21706	5348	6937	7550	7374	27209	7548	8012	7589	7163	30312	7174	7610	7194	7302	29280	7395	8139	7849	7898.523450951	31281.523450951		7858.546906197	8339.8530618524	8044.1178356255	8100.5104861727	32343.0282898476		8024.9703622005	8484.8155715072	8206.7239648994	8264.8316385496	32981.3415371568
Gross Margin % excluding LIFO effects	29.91%	29.25%	29.47%	28.99%	28.84%	28.49%	28.43%	27.76%	28.32%	27.78%	27.50%	27.85%	27.57%	28.44%	27.66%	27.44%	27.80%	27.44%	28.16%	27.77%	27.91%	27.83%	27.45%	28.37%	27.83%	27.30%	27.50%	27.11%	27.82%	27.14%	27.24%	27.34%	26.80%	27.96%	26.50%	26.52%	26.95%	26.23%	27.44%	26.49%	26.62%	26.71%	26.95%	28.10%	26.89%	26.75%	27.18%	26.61%	27.89%	27.04%	27.22%	27.21%	27.57%	28.74%	28.07%	27.93%	28.09%	27.74%	28.64%	27.66%	27.85%	27.98%	28.35%	29.06%	28.28%	28.22%	28.48%	28.14%	29.05%	28.38%	27.81%	28.36%	28.09%	28.56%	27.71%	27.98%	28.08%	27.94%	28.99%	27.72%	28.77%	28.35%	28.75%	29.08%	28.33%	28.55%	28.68%	28.36%	29.28%	28.58%	29.09%	28.83%	29.76%	30.46%	29.17%	28.89%	29.57%	28.45%	29.08%	28.25%	27.86%	28.41%	27.35%	26.11%	26.22%	25.85%	26.30%	26.00%	26.54%	25.73%	25.01%	25.83%	25.17%	25.84%	23.89%	24.22%	24.77%	24.06%	24.65%	22.86%	24.12%	23.91%		23.96%	24.33%	22.55%	24.37%	23.78%		24.04%	24.32%	22.58%	24.40%	23.81%
Difference		0.64%	0.60%	0.47%	0.34%	0.06%	0.21%					0.11%					0.12%					0.30%					0.25%					0.18%					0.26%					0.19%					0.11%					0.02%					0.16%					0.20%					0.13%	0.19%	0.20%	0.11%	0.17%	0.17%	0.32%	0.30%	0.20%	0.31%	0.27%	0.21%	0.16%	0.10%	0.36%	0.21%	0.24%	0.30%	0.27%	0.33%	0.29%	0.25%	0.39%	0.34%	0.77%	0.43%	0.32%	0.39%	0.66%	-0.04%	0.33%	0.34%	0.26%	0.21%	-0.09%	0.18%	0.27%	0.21%	0.24%	0.38%	0.28%	0.16%	0.23%	0.31%	0.03%	0.18%	0.20%	0.17%	0.16%	-0.13%	0.10%	0.18%	0.13%	0.20%	-0.12%	0.10%		0.16%	0.13%	0.19%	-0.11%	0.09%		0.16%	0.12%	0.19%	-0.11%	0.09%
Y/Y Chg.																																																																			0.51%	-0.21%	-0.01%	0.10%	-0.41%	-0.12%	-0.05%	-0.49%	-0.68%	0.17%	-0.28%	-0.15%	0.42%	0.01%	0.79%	0.27%	0.81%	0.09%	0.61%	-0.22%	0.32%	-0.40%	0.20%	0.26%	0.55%	0.15%	1.41%	1.18%	0.59%	-0.20%	0.75%	-1.31%	-1.38%	-0.92%	-1.03%	-1.16%	-1.10%	-2.97%	-2.03%	-2.00%	-2.11%	-1.35%	0.44%	-0.49%	-0.84%	-0.47%	-0.83%	-0.70%	-1.84%	-0.79%	-1.06%	-1.11%	-1.20%	-1.03%	-0.10%	-0.86%		-0.09%	-0.31%	-0.31%	0.25%	-0.12%		0.08%	-0.01%	0.03%	0.02%	0.03%
Interest
Interest Expense	18.841	18.813	18.157	15.67	6.454	2.586	1.19	0.89	0.645	0.385	0.395	2.315	0.66	0.621	0.346	0	1.627	0.691	0.358	0	0	1	0	0	0	0	0.4	0	0	0	0	0.4	0	1	0	0	3.1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-0.4	2.5	1.5	7.2	10.8	15	20	25	23	83	29.2	29.2	31.5	25.5	115.4	29.2	29.2	31.5	25.5	115.4	26	26	26	39	117	39	25 saursing: saursing: Was lowered by $19M due to an interest payment related to late payments of state Medicaid receivables	52 saursing: saursing: Was increased by $7M due to a non-cash expense related to FMV adjustment to outstanding interest rate swaps. 4Q13 impact is expected to be higher at $16M.	59 saursing: saursing: Want to hit $59M within the $57-$60M guidance range they gave. Impact of swap is $16M vs. $7M in 3Q13	171	41	37	35	43	156	55	144	151	255	605	138	140	147	171	596	173	173	156	194	696	150	151	157	132.72175	590.72175		126.889375	121.057	121.057	121.057	490.060375		119.416375	117.77575	117.77575	117.77575	472.743625
BOP Debt				0	0	0	0					2					4					3					13.6					18					18.2					461.5					11.2					9.4					12.4					12					3.2		1196	727.8	1136.3	900.5	1420	2417	2344	2348	1420	2351	2379	2355	2368	2351	2401	2402	2393	2395	2401	2409	2401	2393	2400	2409	5392	6385	6357	6366	5392	5047	5072	5066	4527	5047	4510	14530	17062	16247	4510	14383	14277	14026	13525	14383	19028	18872	18911	19210	19028	12935	14005	15672	15043	12935		14937	13445	13445	13445	14937		13445	13195	13195	13195	13445
Interest Rate (Annualized)												115.8%					40.7%					33.3%					2.9%					2.2%					17.0%					–					–					–					–					–					–		0.8%	0.8%	2.5%	1.2%	4.2%	3.3%	4.3%	3.9%	5.8%	5.0%	4.9%	5.4%	4.3%	4.9%	4.9%	4.9%	5.3%	4.3%	4.8%	4.3%	4.3%	4.3%	6.5%	4.9%	2.9%	1.6%	3.3%	3.7%	3.2%	3.2%	2.9% Singh, Saurabh (Research): Singh, Saurabh (Research): Set to hit guidance of $40M in net interest expense for Q2	2.8% saursing: saursing: $550M floating rate notes mature	3.8%	3.1%	4.9%	4.0%	3.5%	6.3%	4.6%	3.8%	3.9%	4.2%	5.1%	4.2%	3.6%	3.7%	3.3%	4.0%	3.7%	4.6%	4.3%	4.0%	3.5%	4.1%		3.4%	3.6%	3.6%	3.6%	3.5%		3.6%	3.6%	3.6%	3.6%	3.6%
BOP Cash & Equivalents				135.137	225.584	121.292	108.425					22.245					8.819					72.878					144.385					141.8					12.8					16.9					688.3					1268					1695.5000004359					1071.6000004359					1335.0000004359		295	255.3	471.8	254.8000004359	442.7000004359	885.7000004359	1558.7000004359	2399.7000004359	442.7000004359	2586.7000004359	3151.7000004359	3100.7000004359	2311.7000004359	2586.7000004359	1879.7000004359	2061.7000004359	2242.7000004359	2651.7000004359	1880	1555.7000004359	1093.7000004359	1083.7000004359	1994.7000004359	1556	1296.7000004359	1828.7000004359	2430.7000004359	2993.7000004359	1296.7000004359	2106	969	1777	2126	2106	2646	12861	3005	4449	2646	3000	2570	3586	3291	3000	9807	9598	11822	12253	9807	3301	1830	1749	1818	3301		2685.789368172	671.9292182395	-201.3437216427	-352.3695897967	2685.789368172		848.9895282018	401.9944654419	-301.4689343855	-252.3789612151	848.9895282018
Walgreens -- Productivity Model																																																																	ERROR:#REF!
($ in Millions, Except Per Square Foot Data)
Drugstore Units	1,484	1,564	1,646	1,736	1,836.0	1,968	2,085	2,110	2,131	2,149	2,193	2,193	2,228	2,256	2,289	2,358	2,358	2,390	2,432	2,470	2,549	2,549	2,626	2,667	2,738	2,821	2,821	2,894	2,967	3,051	3,165	3,165	3,259	3,343	3,424	3,520	3,520	3,623	3,678	3,766	3,883	3,883	3,954	3,998	4,050	4,227	4,227	4,291	4,336	4,414	4,617	4,582	4,680	4,738	4,805	4,953	4,953	5,068	5,156	5,251	5,461	5,461	5,580	5,641	5,751	5,997	5,997	6,032	6,129	6,252	6,443	6,443	6,518	6,618	6,718	6,843	6,996	6,918	7,018	7,118	7,243	7,563	7,318	7,418	7,518	7,643	7,761	7,718	7,818	7,918	8,043	7,930	8,118	8,218	8,318	8,443	8,116	8,518	8,618	8,718	8,843	8,207	8,918	9,018		9,243	8,173	9,318	9,418	400	9,643	8,175	9,718	9,818	800	10,043	8,109	10,118	10,218	1,200	10,443	9,831		10,518	10,618	1,600	10,843	9,431		10,918	11,018	2,000	11,243	9,364
Average Stores	1,450	1,524	1,605	1,691	1,786.0	1,902	2,027	2,098	2,121	2,140	2,171	2,139	2,211	2,242	2,273	2,324	2,276	2,374	2,411	2,451	2,510	2,454	2,588	2,647	2,703	2,780	2,685	2,858	2,931	3,009	3,108	2,993	3,212	3,301	3,384	3,472	3,343	3,572	3,651	3,722	3,825	3,702	3,919	3,976	4,024	4,139	4,055	4,259	4,314	4,375	4,516	4,405	4,649	4,709	4,772	4,879	4,768	5,011	5,112	5,204	5,356	5,207	5,521	5,611	5,696	5,874	5,729	6,015	6,081	6,191	6,348	6,220	6,481	6,568	6,668	6,781	6,720	6,881	6,968	7,068	7,181	7,280	7,281	7,368	7,468	7,581	7,662	7,681	7,768	7,868	7,981	7,846	8,081	8,168	8,268	8,381	8,023	8,481	8,568	8,668	8,781	8,162	8,881	8,968		4,622	8,190	8,746	9,368	4,909	5,022	8,174	8,947	9,768	5,309	5,422	8,142	9,114	10,168	5,709	5,822	8,970		10,175	10,568	6,109	6,222	9,631		10,175	10,968	6,509	6,622	9,398
% Change	--	5.1%	5.3%	5.4%	5.6%	6.5%	6.5%	1.6%	1.1%	0.9%	1.4%	5.6%	1.8%	1.4%	1.4%	2.2%	6.4%	2.2%	1.6%	1.7%	2.4%	7.8%	3.1%	2.3%	2.1%	2.8%	9.4%	2.8%	2.6%	2.7%	3.3%	11.5%	3.3%	2.8%	2.5%	2.6%	11.7%	2.9%	2.2%	2.0%	2.8%	10.7%	2.5%	1.5%	1.2%	2.8%	9.6%	2.9%	1.3%	1.4%	3.2%	8.6%	2.9%	1.3%	1.3%	2.3%	8.2%	2.7%	2.0%	1.8%	2.9%	9.2%	3.1%	1.6%	1.5%	3.1%	10.0%	2.4%	1.1%	1.8%	2.5%	8.6%	2.1%	1.4%	1.5%	1.7%	8.0%	1.5%	1.3%	1.4%	1.6%	8.3%	1.4%	1.2%	1.4%	1.5%	5.3%	1.3%	1.1%	1.3%	1.4%	2.4%	1.3%	1.1%	1.2%	1.4%	2.3%	1.2%	1.0%	1.2%	1.3%	1.7%	1.1%	1.0%		ERROR:#DIV/0!	0.3%	6.8%	7.1%	-47.6%	2.3%	-0.2%	9.5%	9.2%	-45.6%	2.1%	-0.4%	11.9%	11.6%	-43.9%	2.0%	10.2%		13.4%	3.9%	-42.2%	1.8%	7.4%		5.6%	7.8%	-40.7%	1.7%	-2.4%
Number Weeks Per Year	52	52	52	52	52.0	52	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52	13	13		13	52	13	13	13	13	52	13	13	13	13	52	13	13	13	13	52		13	13	13	13	52		13	13	13	13	52
Prescriptions Filled @ Store Level
Per Avg. Store Per Year																																																				100,352					102,653					101,786				101832.780589981	101,833	102221.839476404	102548.853016143	101891.1938682	99196.1414790997	99,196	99123.5059760956	98689.8878167412	98535.0809560524	97997.8925184405	96,882	99583.2092884787	99295.981226166	99161.6074009829	98864.5949030688	94,924	98256.8804427433	97965.0380591045	97596.9129288304	96466.4785704689	93,709	95395.3250002055	92355.5498224769	88387.3903669143	84713.3468903502	84,686	82803.1817656402	82672.3910748838	83065.0448261031	82999.7169315379	85,276	83277.1969846004	82706.8062861492	82440.0701932773	81898.3116323055	86,730	81889.3772161486	81725.8611720573		81048.0164895227	89,489	141420.771020392	140509.036133865	3264670.08196721	80595.7401006557	93,108	140,424	139,961	2,278,689	82,417	99,635	145,067	144,764	1,478,934	86,641	98,937		152,637	150,485	1,135,013	87,208	96,371		152,688	150,585	917,373	86,698	101,878
Per Avg. Store Per Week																																																				1,930					1,974					1,957				1958.3227036535	1,958	1965.8046053155	1972.0933272335	1959.4460359269	1907.6181053673	1,908	1906.2212687711	1897.8824580143	1894.905403001	1884.5748561239	1,863	1915.0617170861	1909.5381005032	1906.9539884804	1901.2422096744	1,825	1889.5553931297	1883.9430395982	1876.8637101698	1855.1245878936	1,802	1834.5254807732	1776.0682658169	1699.757507056	1629.1028248144	1,629	1592.3688801085	1589.853674517	1597.4047081943	1596.1484025296	1,640	1601.4845573962	1590.5155055029	1585.3859652553	1574.9675313905	1,668	1574.7957156952	1571.6511763857		1558.6157017216	1,721	2719.6302119306	2702.0968487282	62782.1169609079	1549.9180788588	1,791	2,700	2,692	43,821	1,585	1,916	2,790	2,784	28,441	1,666	1,903		2,935	2,894	21,827	1,677	1,853		2,936	2,896	17,642	1,667	1,959
Per Avg. Store Per Day																																																				276					282					280				279.7603862362	280	280.8292293308	281.7276181762	279.9208622753	272.5168721953	273	272.3173241102	271.1260654306	270.7007718573	269.2249794463	266	273.580245298	272.7911572147	272.4219983543	271.6060299535	261	269.9364847328	269.1347199426	268.1233871671	265.0177982705	257	262.0750686819	253.7240379738	242.822501008	232.7289749735	233	227.4812685869	227.1219535024	228.2006725992	228.0212003614	234	228.7835081995	227.2165007861	226.4837093222	224.9953616272	238	224.9708165279	224.5215966265		222.6593859602	246	388.5186017044	386.0138355326	8968.8738515583	221.4168684084	256	386	385	6,260	226	274	399	398	4,063	238	272		419	413	3,118	240	265		419	414	2,520	238	280
Walgreen's Capital Expenditure Model								2085	2110	2131	2149		2193	2228	2256	2289		2358	2390	2432	2470		2549	2612	2667	2738		2821	2894	2967	3051		3165	3260	3343	3424		3520	3623	3678	3766		3883	3954	3998	4050		4227	4291	4336	4414		4582	4680	4738	4805		4953
Stores Opened						196	206	48	42	34	86	210	58	44	49	100	251	58	64	59	123	304	80	80	104	122	386	94	103	106	159	462	126	112	105	131	474	134	76	109	152	471	92	62	67	209	430	85	55	88	208	436	111	67	85	172	508	127				657					700					626					746					777					425					401					423					333					211					246					178					1,964						(106)						215
Stores Acquired						0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0				0					0					0					0					0					0					0					0					0					1					1					1					1					1					1					1						1						1
Stores Closed						(64)	(89)	(23)	(21)	(16)	(42)	(102)	(23)	(16)	(16)	(31)	(86)	(26)	(22)	(21)	(44)	(113)	(17)	(25)	(33)	(39)	(114)	(21)	(30)	(22)	(45)	(118)	(31)	(29)	(24)	(35) dlevin: dlevin: 30 relocations	(119)	(31) fariborz: fariborz: 29 relocations	(21) fariborz: fariborz: 14 relocations	(21) fariborz: fariborz: 19 relocations	(35)	(108)	(21) fariborz: fariborz: 20 relocations	(18) fariborz: fariborz: 11 relocations	(15) fariborz: fariborz: 13 relocations	(32) Roxana Fariborz: Roxana Fariborz: 31 relos	(86)	(21) Roxana Fariborz: Roxana Fariborz: 20 relos	(10) Roxana Fariborz: Roxana Fariborz: 6 relos	(10) Roxana Fariborz: Roxana Fariborz: 9 relos	(40) Roxana Fariborz: Roxana Fariborz: 34 relos	(81)	(13) Roxana Fariborz: Roxana Fariborz: 10 relos	(9) Roxana Fariborz: Roxana Fariborz: 7 relos	(18) Roxana Fariborz: Roxana Fariborz: 17 relos	(24)	(137) fariborz: fariborz: assumes 3% store closures per year	(12)				(149) fariborz: fariborz: assumes 3% store closures per year					(164) fariborz: fariborz: assumes 3% store closures per year					(180) fariborz: fariborz: assumes 3% store closures per year					(193) fariborz: fariborz: assumes 3% store closures per year					(210)					(227)					(233)					(238)					(243)					(246)					(245)					(245)					(243)						(295)						(283)
Total Stores					1,836	1,968	2,085	2,110	2,131	2,149	2,193	2,193	2,228	2,256	2,289	2,358	2,358	2,390	2,432	2,470	2,549	2,549	2,612	2,667	2,738	2,821	2,821	2,894	2,967	3,051	3,165	3,165	3,260	3,343	3,424	3,520	3,520	3,623	3,678	3,766	3,883	3,883	3,954	3,998	4,050	4,227	4,227	4,291	4,336	4,414	4,582	4,582	4,680	4,738	4,805	4,953	4,953	5,068	5,156	5,251	5,461	5,461	5,580	5,641	5,751	5,997	5,997	6,032	6,129	6,252	6,443	6,443	6,630	6,678	6,857	6,996	6,996	7,147	7,180	7,522	7,563	7,563	7,651	7,690	7,715	7,761	7,761	7,812	7,840	7,890	7,930	7,930	8,058	8,072	8,097	8,116	8,116	8,200	8,210	8,217	8,207	8,207	8,229	8,232		8,173	8,173	8,192	8,192	8,199	8,175	8,175	8,185	8,126	8,138	8,109	8,109	8,201	9,631	9,964	9,831	9,831		9,731	9,631	9,531	9,431	9,431		9,364	9,364	9,364	9,364	9,364
% Increase						7.2%	5.9%					5.2%					7.5%					8.1%					10.7%					12.2%					11.2%					10.3%					8.9%					8.4%					8.1%	115	88	95	210	10.3%	119	61	110	246	9.8%					7.4%					8.6%					8.1%					2.6%					2.2%					2.3%					1.1%					-0.4%					0.0%					-0.8%					21.2%						-4.1%						-0.7%
Major Remodels (Estimated)												71					46	12	12	13	13	47	12	12	13	13	33					30					19					40					39 Mark Wiltamuth: Mark Wiltamuth: assume 1% remodeled each year					42					46					50					55					60					64					70					76					78					79					81					82					82					82					81						98						94
																																										Cost inflation:					1.5%					1.5%					2.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%					3.0%						3.0%						3.0%
Estimated Capital Cost per Unit ($ millions)
Cap Ex per New Store *																																										1.13 fariborz: fariborz: if build new store, costs $3.5-$4.5 mn; if lease new store (WAG leases approx 80%, costs $500,000					1.2					1.218					1.4					1.442					1.48526					1.5298178					2					2.2 justinv: justinv: recheck later					2.266					2.33398					2.4039994					2.476119382					2.5504029635					2.6269150524					2.7057225039					2.7868941791						2.8705010044						2.9566160346
Other Cap Ex per Existing Store Base																																										0.053					0.065					0.068					0.071					0.075					0.078					0.110					0.100					0.102					0.104					0.106					0.108					0.110					0.113					0.115					0.117					0.120						0.122						0.124
Estimated Capital Expenditures ($ millions)
New and Acquired Stores																																										532.23					516					531.048					711.844					946.80278					1039.4295058					957.528259198					1492.58					1709.136					962.80074					935.5292034					1016.65134626					825.7362915094					538.6706099124					646.7202167414					482.2950363264					5474.212629088						-304.4740415393						635.4654843074
New Distribution Centers and Misc Real Estate																																										214					170					170					225					225					200					200					300					300					100					100					100					100					100					100					100					100						100						100
Technology and Other																																										186					272.6415					310.31595					300.7 Mark Wiltamuth: Mark Wiltamuth: Technology is 26% of $1.5 B or $390 other is 12%					398.3					450					708.73					300					200					200					200					200					200					200					200					200					200						200						200
Total Capital Expenditures - Predicted																																										932.23					958.6415					1011.36395					1237.544					1570.10278 jbirnbau: jbirnbau: $1.4B in 2006 capex guidance 9/26/05					1689.4295058					1866.258259198					2092.58					2209.136					1262.80074					1235.5292034					1316.65134626					1125.7362915094					838.6706099124					946.7202167414					782.2950363264					5774.212629088						-4.4740415393						935.4654843074
* Note: New stores typically cost $5-6 million if owned, and $500,000 if leased. Walgreen's leases approxmately 80%.
* Maintenance capex for F2009 is $100-$200 million
LTM FIGURES
Sales													12139.62	12563.151	12977.596	13363.023		13794.204	14285.051	14769.232	15306.56		15837.8	16435.333	17119.271	17838.8		18645.6	19563.4	20386.1	21206.9		21997.9	22818.1	23720.2	24623		25568.2	26627.7	27729.4	28681.1		29606.6	30564.2	31494.3	32505.4		33741.3	35077.4	36327.9	37508.2		38676.5	39881.3	41133.4	42201.6		43212.9	44389	45733.6	47409		49217.1	50987.7	52510.8	53762		55081.4	56541.3	57858.7	59034.3		59953.4	61034.8	62229.1	63335		64752	65264	66253	67420		68400	69915	71087	72184		72997	73146	72527	71633		70792	70788	71349	72217		73230	74188	75276	76392		77617	84585	93979	103444		112923	116534	117237	117351		116819	116081	116701	118214		120453	124028	128244	130841.636427157			132897.023135366	134148.652276996	135491.915457383	135983.477692163			136569.811649336	137182.480766735	137855.590555989	138496.477215126
Gross Profit													3364.736	3485.3	3595.482	3697.719		3812.067	3939.443	4065.515	4213.649		4351.96	4524.068	4717.529	4905.4		5106.6	5335.3	5529.8	5758.6		5956.9	6184.2	6384.8	6574.1		6783.9	7047	7332.6	7605		7902.8	8217	8509.8	8799.2		9103.6	9461.1	9808.9	10197.8		10605.6	11030.6	11469	11787.8		12082.4	12411.1	12738.1	13168.6		13741.7	14318.2	14852.2	15243.9		15589.2	15995	16363.5	16642.8		16872.9	17088.3	17301.6	17613		18000	18240	18530	18976		19383	19810	20215	20492		20651	20716	20576	20342		20337	20555	20763	21119		21172	21215	21433	21569		21713	22945	24986	26924		29130	30192	30208	30098		29712	29329	28977	29162		29387	29922	30557	31153.523450951			31617.0703571479	31817.9234190003	32013.0412546259	32215.0282898476			32381.4517458512	32526.414255506	32689.0203847799	32853.3415371568
LTM Gross Margin													27.72%	27.74%	27.71%	27.67%		27.64%	27.58%	27.53%	27.53%		27.48%	27.53%	27.56%	27.50%		27.39%	27.27%	27.13%	27.15%		27.08%	27.10%	26.92%	26.70%		26.53%	26.46%	26.44%	26.52%		26.69%	26.88%	27.02%	27.07%		26.98%	26.97%	27.00%	27.19%		27.42%	27.66%	27.88%	27.93%		27.96%	27.96%	27.85%	27.78%		27.92%	28.08%	28.28%	28.35%		28.30%	28.29%	28.28%	28.19%		28.14%	28.00%	27.80%	27.81%		27.80%	27.95%	27.97%	28.15%		28.34%	28.33%	28.44%	28.39%		28.29%	28.32%	28.37%	28.40%		28.73%	29.04%	29.10%	29.24%		28.91%	28.60%	28.47%	28.23%		27.97%	27.13%	26.59%	26.03%		25.80%	25.91%	25.77%	25.65%		25.43%	25.27%	24.83%	24.67%		24.40%	24.13%	23.83%	23.81%			23.79%	23.72%	23.63%	23.69%			23.71%	23.71%	23.71%	23.72%
Operating Profit													632.752	669.617	697.26	725.223		746.438	785.992	826.893	881.648		914.759	972.648	1024.321	1060.6		1105.8	1150.8	1191.5	1241.7		1271.5	1337.2	1369.9	1398.3		1432.7	1499.2	1567.8	1624.2		1684.9	1754.7	1801.3	1848.3		1900.6	1984.4	2068.4	2126.1		2227.2	2325.8	2425.2	2424		2459.7	2505	2568.5	2701.5		2831.6	3031.2	3178.4	3150.7		3206.7	3273.8	3333.7	3362.1		3303.2	3245.6	3176.9	3247		3375	3431	3414	3458		3602	3723	3845	4365		4324	4222	4144	3464		3269	3379	3497	3940		4159	4219	4254	4194		4324	4426	4801	4668		5082	5565	5697	6001		5980	5599	5583	5557		5445	5960	6044	6610.0561552413			6800.7153564704	6805.1603622008	7111.1080818866	7329.3193719041			7358.4800436075	7365.858822473	7399.3236879124	7431.2326987328
LTM Operating Margin													5.21%	5.33%	5.37%	5.43%		5.41%	5.50%	5.60%	5.76%		5.78%	5.92%	5.98%	5.95%		5.93%	5.88%	5.84%	5.86%		5.78%	5.86%	5.78%	5.68%		5.60%	5.63%	5.65%	5.66%		5.69%	5.74%	5.72%	5.69%		5.63%	5.66%	5.69%	5.67%		5.76%	5.83%	5.90%	5.74%		5.69%	5.64%	5.62%	5.70%		5.75%	5.94%	6.05%	5.86%		5.82%	5.79%	5.76%	5.70%		5.51%	5.32%	5.11%	5.13%		5.21%	5.26%	5.15%	5.13%		5.27%	5.33%	5.41%	6.05%		5.92%	5.77%	5.71%	4.84%		4.62%	4.77%	4.90%	5.46%		5.68%	5.69%	5.65%	5.49%		5.57%	5.23%	5.11%	4.51%		4.50%	4.78%	4.86%	5.11%		5.12%	4.82%	4.78%	4.70%		4.52%	4.81%	4.71%	5.05%			5.12%	5.07%	5.25%	5.39%			5.39%	5.37%	5.37%	5.37%
WBA
Quarterly Balance Sheet
BALANCE SHEET								Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31
(In millions, except per share)	1989A	1990A	1991A	1992A	1993A	1994A	1995A	1QA	2QA	3QA	4QA	1996.0	1QA	2QA	3QA	4QA	1997.0	1QA	2QA	3QA	4QA	1998.0	1QA	2QA	3QA	4QA	1999.0	1QA	2QA	3QA	4QA	2000.0	1QA	2QA	3QA	4QA	2001.0	1QA	2QA	3QA	4QA	2002.0	1QA	2QA	3QA	4QA	2003.0	1QA	2QA	3QA	4QA	2004.0	1QA	2QA	3QA	4QA	2005.0	1QA	2QA	3QA	4QA	2006.0	1QA	2QA	3QA	4QA	2007.0	1QA	2QA	3QA	4QA	2008.0	1QA	2QA	3QA	4QA	2009.0	1QA	2QA	3QA	4QA	2010.0	1QA	2QA	3QA	4QA	2011.0	1QA	2QA	3QA	4QA	2012.0	1QA	2QA	3QA	4QA	2013.0	1QA	2QA	3QA	4QA	2014.0	1QA	2QA	3QA	4QA	2015.0	1QA	2QA	3QA	4QA	2016.0	1QA	2QA	3QA	4QA	2017.0	1QA	2QA	3QA	4QE	2018		1QE	2QE	3QE	4QE	2019.0		1QE	2QE	3QE	4QE	2020.0
Assets
Cash and Equivalents			$ 72.01	$ 144.54	$ 91.60	$ 77.93	$ 22.25					$ 8.82					$ 72.88					$ 144.39					$ 141.80					$ 12.80					$ 16.90					$ 688.30					$ 1,268.00					$ 444.00					$ 576.80					$ 919.90					$ 254.80	$ 295.00	$ 255.30	$ 471.80	$ 442.70	$ 442.70	$ 885.70	$ 908.70	$ 2,299.70	$ 2,086.70	$ 2,086.70	$ 2,551.70	$ 2,500.70	$ 1,711.70	$ 1,879.70	$ 1,880.00	$ 2,061.70	$ 2,242.70	$ 2,651.70	$ 1,555.70	$ 1,556.00	$ 1,093.70	$ 1,083.70	$ 1,994.70	$ 1,296.70	$ 1,296.70	$ 1,828.70	$ 2,430.70	$ 2,993.70	$ 2,106.00	$ 2,106.00	$ 969.00	$ 1,777.00	$ 2,126.00	$ 2,646.00	$ 2,646.00	$ 12,861.00	$ 3,005.00	$ 4,449.00	$ 3,000.00	$ 3,000.00	$ 2,570.00	$ 3,586.00	$ 3,291.00	$ 9,807.00	$ 9,807.00	$ 9,598.00	$ 11,822.00	$ 12,253.00	$ 3,301.00	$ 3,301.00	$ 1,830.00	$ 1,749.00	$ 1,818.00	$ 2,685.79	$ 2,685.79		$ 671.93	$ (201.34)	$ (352.37)	$ 848.99	$ 848.99		$ 401.99	$ (301.47)	$ (252.38)	$ 773.28	$ 773.28		why is cash declining?
ST Investments Available for Sale			$ 63.13	$ 81.04	$ 29.70	$ 30.50	$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ 1,251.50					$ 494.80					$ 415.10					$ - 0					$ - 0		$ 650.00	$ 100.00	$ 500.00	$ 500.00	$ 600.00	$ 600.00	$ 600.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0						$ - 0						$ - 0
Accounts and Notes Receivable			$ 132.41	$ 128.74	$ 139.31	$ 193.93	$ 246.09					$ 288.54					$ 376.48					$ 373.27					$ 486.50					$ 614.50					$ 798.30					$ 954.80					$ 1,017.80					$ 1,169.10					$ 1,396.30					$ 2,062.70					$ 2,236.50	$ 2,247.00	$ 2,339.90	$ 2,395.10	$ 2,527.10	$ 2,527.10	$ 2,776.00	$ 2,836.00	$ 2,797.00	$ 2,496.00	$ 2,496.00	$ 2,577.00	$ 2,694.00	$ 2,729.00	$ 2,450.00	$ 2,450.00	$ 2,472.00	$ 2,497.00	$ 2,598.00	$ 2,497.00	$ 2,497.00	$ 2,586.00	$ 2,509.00	$ 2,294.00	$ 2,167.00	$ 2,167.00	$ 2,264.00	$ 2,481.00	$ 2,418.00	$ 2,632.00	$ 2,632.00	$ 2,727.00	$ 2,774.00	$ 3,029.00	$ 3,218.00	$ 3,218.00	$ 3,579.00	$ 7,017.00	$ 6,899.00	$ 6,849.00	$ 6,849.00	$ 6,821.00	$ 6,733.00	$ 6,508.00	$ 6,260.00	$ 6,260.00	$ 6,138.00	$ 5,674.00	$ 6,339.00	$ 6,528.00	$ 6,528.00	$ 6,858.00	$ 7,281.00	$ 7,159.00	$ 6,828.02	$ 6,828.02		$ 6,838.18	$ 7,146.20	$ 7,439.08	$ 6,930.51	$ 6,930.51		$ 6,960.44	$ 7,273.95	$ 7,579.43	$ 7,064.15	$ 7,064.15
Inventories			$ 912.00	$ 994.17	$ 1,094.04	$ 1,263.40	$ 1,453.88					$ 1,631.97					$ 1,732.68					$ 2,026.85					$ 2,462.60					$ 2,830.80					$ 3,482.40					$ 3,645.20					$ 4,202.70					$ 4,738.60					$ 5,592.70					$ 6,050.40					$ 6,790.50	$ 7,553.00	$ 7,327.70	$ 7,063.80	$ 7,249.00	$ 7,249.00	$ 8,298.00	$ 7,584.00	$ 6,891.00	$ 6,789.30	$ 6,789.30	$ 7,474.00	$ 7,200.00	$ 7,110.00	$ 7,378.00	$ 7,378.00	$ 7,909.00	$ 7,607.00	$ 7,552.00	$ 8,044.00	$ 8,044.00	$ 8,231.00	$ 7,347.00	$ 7,004.00	$ 7,036.00	$ 7,036.00	$ 7,821.00	$ 7,253.00	$ 6,881.00	$ 6,852.00	$ 6,852.00	$ 7,729.00	$ 7,213.00	$ 6,439.00	$ 6,076.00	$ 6,076.00	$ 6,518.00	$ 9,379.00	$ 8,764.00	$ 8,678.00	$ 8,678.00	$ 9,884.00	$ 9,025.00	$ 8,931.00	$ 8,956.00	$ 8,956.00	$ 10,039.00	$ 9,230.00	$ 8,681.00	$ 8,899.00	$ 8,899.00	$ 10,010.00	$ 10,316.00	$ 9,889.00	$ 9,199.64	$ 9,199.64		$ 10,186.93	$ 10,234.84	$ 10,015.47	$ 9,034.19	$ 9,034.19		$ 10,081.89	$ 10,131.69	$ 9,893.38	$ 8,927.72	$ 8,927.72		less inventory on books
Other Current Assets			$ 67.88	$ 77.60	$ 108.49	$ 107.06	$ 90.71					$ 89.71					$ 143.50					$ 78.63					$ 130.80					$ 92.00					$ 96.30					$ 116.60					$ 120.50					$ 161.20					$ 255.90					$ 257.30					$ 228.70	$ 240.00	$ 220.30	$ 252.80	$ 214.60	$ 214.60	$ 199.00	$ 203.00	$ 164.00	$ 177.00	$ 177.00	$ 170.00	$ 164.00	$ 185.00	$ 214.00	$ 214.00	$ 220.00	$ 190.00	$ 203.00	$ 225.00	$ 225.00	$ 196.00	$ 270.00	$ 277.00	$ 260.00	$ 260.00	$ 248.00	$ 267.00	$ 278.00	$ 284.00	$ 284.00	$ 297.00	$ 272.00	$ 334.00	$ 302.00	$ 302.00	$ 322.00	$ 1,314.00	$ 917.00	$ 1,130.00	$ 1,130.00	$ 956.00	$ 1,034.00	$ 983.00	$ 860.00	$ 860.00	$ 893.00	$ 783.00	$ 879.00	$ 1,025.00	$ 1,025.00	$ 983.00	$ 1,012.00	$ 1,122.00	$ 1,122.00	$ 1,122.00		$ 1,122.00	$ 1,122.00	$ 1,122.00	$ 1,122.00	$ 1,122.00		$ 1,122.00	$ 1,122.00	$ 1,122.00	$ 1,122.00	$ 1,122.00
Total Current Assets			$ 1,247.42	$ 1,426.09	$ 1,463.13	$ 1,672.81	$ 1,812.92					$ 2,019.04					$ 2,325.54					$ 2,623.13					$ 3,221.70					$ 3,550.10					$ 4,393.90					$ 5,404.90					$ 6,609.00					$ 7,764.40					$ 8,316.50					$ 9,705.40					$ 9,510.50	$ 10,335.00	$ 10,143.20	$ 10,183.50	$ 10,433.40	$ 10,433.40	$ 12,158.70	$ 12,181.70	$ 12,251.70	$ 12,049.00	$ 12,049.00	$ 13,372.70	$ 13,158.70	$ 12,335.70	$ 11,921.70	$ 11,922.00	$ 12,662.70	$ 12,536.70	$ 13,004.70	$ 12,321.70	$ 12,322.00	$ 12,106.70	$ 11,209.70	$ 11,569.70	$ 10,759.70	$ 10,759.70	$ 12,161.70	$ 12,431.70	$ 12,570.70	$ 11,874.00	$ 11,874.00	$ 11,722.00	$ 12,036.00	$ 11,928.00	$ 12,242.00	$ 12,242.00	$ 23,280.00	$ 20,715.00	$ 21,029.00	$ 19,657.00	$ 19,657.00	$ 20,231.00	$ 20,378.00	$ 19,713.00	$ 25,883.00	$ 25,883.00	$ 26,668.00	$ 27,509.00	$ 28,152.00	$ 19,753.00	$ 19,753.00	$ 19,681.00	$ 20,358.00	$ 19,988.00	$ 19,835.44	$ 19,835.44		$ 18,819.04	$ 18,301.70	$ 18,224.19	$ 17,935.69	$ 17,935.69		$ 18,566.33	$ 18,226.17	$ 18,342.44	$ 17,887.14	$ 17,887.14
Net Property and Equipment			$ 809.30	$ 856.29	$ 927.33	$ 1,085.49	$ 1,248.96					$ 1,448.37					$ 1,754.35					$ 2,143.40					$ 2,593.90					$ 3,428.20					$ 4,345.30					$ 4,591.40					$ 4,940.00					$ 5,446.40					$ 6,165.00					$ 6,948.90					$ 8,199.90	$ 8,502.00	$ 8,941.40	$ 9,307.70	$ 9,775.50	$ 9,775.50	$ 10,150.00	$ 10,387.00	$ 10,595.00	$ 10,802.00	$ 10,802.00	$ 10,865.00	$ 10,891.00	$ 11,154.00	$ 11,184.00	$ 11,184.00	$ 11,197.00	$ 11,148.00	$ 11,130.00	$ 11,526.00	$ 11,526.00	$ 11,699.00	$ 11,705.00	$ 11,790.00	$ 12,038.00	$ 12,038.00	$ 12,110.00	$ 12,048.00	$ 12,075.00	$ 12,138.00	$ 12,138.00	$ 12,351.00	$ 12,136.00	$ 12,088.00	$ 12,257.00	$ 12,257.00	$ 12,103.00	$ 15,646.00	$ 15,241.00	$ 15,068.00	$ 15,068.00	$ 14,878.00	$ 14,552.00	$ 14,493.00	$ 14,335.00	$ 14,335.00	$ 13,709.00	$ 13,528.00	$ 13,535.00	$ 13,642.00	$ 13,642.00	$ 13,693.00	$ 14,045.00	$ 13,938.00	$ 13,965.45	$ 13,965.45		$ 13,907.20	$ 13,742.21	$ 13,562.50	$ 13,592.73	$ 13,592.73		$ 13,534.25	$ 13,366.93	$ 13,184.19	$ 13,215.34	$ 13,215.34		do not anticipate additional acquisitions
Property and Equipment																						$ 2,960.10					$ 3,472.70					$ 4,419.70					$ 5,503.30					$ 5,917.90					$ 6,362.30
Accumulated Depreciation																						$ 816.70					$ 878.80					$ 991.50					$ 1,158.00					$ 1,326.50					$ 1,422.30
Equity Method Investment																																																																																											$ 7,006.00 steshin: steshin: 866M call option	$ 7,006.00	$ 6,988.00	$ 6,181.00	$ 6,205.00	$ 6,261.00	$ 6,261.00	$ 7,295.00	$ 7,708.00	$ 7,035.00	$ 7,248.00	$ 7,248.00	$ 7,335.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 6,174.00	$ 6,174.00	$ 6,136.00	$ 6,164.00	$ 6,323.00	$ 6,320.00	$ 6,320.00	$ 6,028.00	$ 6,431.00	$ 6,272.00	$ 6,272.00	$ 6,272.00		$ 6,272.00	$ 6,272.00	$ 6,272.00	$ 6,272.00	$ 6,272.00		$ 6,272.00	$ 6,272.00	$ 6,272.00	$ 6,272.00	$ 6,272.00
Other Noncurrent Assets			$ 37.92	$ 91.16	$ 144.73	$ 150.45	$ 190.73					$ 166.24					$ 127.17					$ 135.09					$ 91.10					$ 125.40					$ 94.60					$ 120.90					$ 107.80					$ 131.30					$ 127.30					$ 476.80					$ 543.00	$ 573.00	$ 584.40	$ 678.20	$ 763.70	$ 763.70	$ 771.00	$ 805.00	$ 833.00	$ 830.00	$ 830.00	$ 843.00	$ 804.00	$ 1,323.00	$ 1,887.00	$ 1,282.00	$ 1,896.00	$ 1,898.00	$ 1,898.00	$ 2,017.00	$ 1,589.00	$ 2,017.00	$ 1,629.00	$ 2,168.00	$ 1,497.00 steshin: steshin: 9/28/12: +6.140B equity method accounting for Alliance Boots +0.866B Alliance Boots purchase option	$ 1,497.00	$ 1,595.00	$ 2,516.00	$ 2,590.00	$ 2,798.00	$ 2,798.00	$ 2,622.00	$ 2,746.00	$ 3,975.00	$ 3,076.00	$ 3,076.00	$ 3,538.00	$ 5,727.00	$ 5,784.00	$ 5,334.00	$ 5,334.00	$ 5,313.00	$ 4,537.00	$ 5,469.00	$ 467.00	$ 467.00	$ 468.00	$ 440.00	$ 439.00	$ 506.00	$ 506.00	$ 697.00	$ 745.00	$ 754.00	$ 837.12	$ 837.12		$ 915.41	$ 991.92	$ 1,083.78	$ 1,169.36	$ 1,169.36		$ 1,247.65	$ 1,324.16	$ 1,416.02	$ 1,501.60	$ 1,501.60
Goodwill & Intangibles																																					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ 1,060.20	$ 1,066.00	$ 1,079.30	$ 1,418.20	$ 1,437.60	$ 1,437.60	$ 1,433.00	$ 1,451.00	$ 1,463.00	$ 1,461.00	$ 1,461.00	$ 1,467.00	$ 1,480.00	$ 1,894.00	$ 1,282.00	$ 1,887.00	$ 1,288.00	$ 1,295.00	$ 1,283.00	$ 1,589.00	$ 2,017.00	$ 1,606.00	$ 2,078.00	$ 1,671.00	$ 2,161.00	$ 2,161.00	$ 2,404.00	$ 2,387.00	$ 2,400.00	$ 2,410.00	$ 2,410.00	$ 2,491.00	$ 2,455.00	$ 2,365.00	$ 2,359.00	$ 2,359.00	$ 2,356.00	$ 29,269.00	$ 28,590.00	$ 28,723.00	$ 28,723.00	$ 28,235.00	$ 26,918.00	$ 27,658.00	$ 25,829.00	$ 25,829.00	$ 24,931.00	$ 24,864.00	$ 25,724.00	$ 25,788.00	$ 25,788.00	$ 26,519.00	$ 29,237.00	$ 29,200.00	$ 29,200.00	$ 29,200.00		$ 29,200.00	$ 29,200.00	$ 29,200.00	$ 29,200.00	$ 29,200.00		$ 29,200.00	$ 29,200.00	$ 29,200.00	$ 29,200.00	$ 29,200.00
Accumulated Amortization of Goodwill																																					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0						$ - 0						$ - 0
Unrecorded Pooling due to Goodwill																																					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0						$ - 0						$ - 0
Total Assets			$ 2,094.64	$ 2,373.55	$ 2,535.19	$ 2,908.75	$ 3,252.61					$ 3,633.65					$ 4,207.06					$ 4,901.61					$ 5,906.70					$ 7,103.70					$ 8,833.80					$ 10,117.20					$ 11,656.80					$ 13,342.10					$ 14,608.80					$ 17,131.10					$ 19,313.60	$ 20,476.00	$ 20,748.30	$ 21,587.60	$ 22,410.20	$ 22,410.20	$ 24,512.70	$ 24,824.70	$ 25,142.70	$ 25,142.00	$ 25,142.00	$ 26,547.70	$ 26,333.70	$ 26,706.70	$ 26,274.70	$ 26,275.00	$ 27,043.70	$ 26,877.70	$ 27,315.70	$ 27,453.70	$ 27,454.00	$ 27,428.70	$ 26,621.70	$ 27,198.70	$ 33,461.70	$ 33,461.70	$ 35,258.70	$ 35,563.70	$ 35,840.70	$ 35,481.00	$ 35,481.00	$ 36,481.00	$ 37,081.00	$ 37,391.00	$ 37,182.00	$ 37,182.00	$ 48,612.00	$ 71,357.00	$ 70,644.00	$ 68,782.00	$ 68,782.00	$ 68,657.00	$ 66,385.00	$ 67,333.00	$ 72,688.00	$ 72,688.00	$ 71,912.00	$ 72,505.00	$ 74,173.00	$ 66,009.00	$ 66,009.00	$ 66,618.00	$ 70,816.00	$ 70,152.00	$ 70,110.02	$ 70,110.02		$ 69,113.66	$ 68,507.82	$ 68,342.46	$ 68,169.78	$ 68,169.78		$ 68,820.23	$ 68,389.26	$ 68,414.64	$ 68,076.08	$ 68,076.08
Liabilities
Short-term Borrowings			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ 440.70					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0				$ 1.00	$ 878.50	$ 1,176.00	$ 727.80	$ 1,136.30	$ 83.00	$ 83.00	$ 1,080.00	$ 12.00	$ 10.00	$ 15.00	$ 15.00	$ 13.00	$ 8.00	$ 9.00	$ 12.00	$ 12.00	$ 13.00	$ 13.00	$ 11.00	$ 13.00	$ 13.00	$ 11.00	$ 12.00	$ 13.00	$ 1,319.00	$ 1,319.00	$ 1,316.00	$ 1,299.00	$ 1,865.00	$ 570.00	$ 570.00	$ 571.00	$ 577.00	$ 780.00	$ 774.00	$ 774.00	$ 774.00	$ 1,061.00	$ 1,192.00	$ 1,068.00	$ 1,068.00	$ 1,083.00	$ 1,052.00	$ 374.00	$ 323.00	$ 323.00	$ 1,095.00	$ 1,153.00	$ 4,838.00	$ 251.00	$ 251.00	$ 1,268.00	$ 3,140.00	$ 2,587.00	$ 2,587.00	$ 2,587.00		$ 2,587.00	$ 2,587.00	$ 2,587.00	$ 2,587.00	$ 2,587.00		$ 2,587.00	$ 2,587.00	$ 2,587.00	$ 2,587.00	$ 2,587.00
Accounts Payable			$ 365.54	$ 411.68	$ 427.19	$ 532.82	$ 606.26					$ 691.84					$ 812.71					$ 906.87					$ 1,130.30					$ 1,364.00					$ 1,546.80					$ 1,836.40					$ 2,407.80					$ 2,641.50					$ 2,918.20					$ 4,039.20				$ 1.00	$ 3,733.30	$ 4,107.00	$ 4,185.30	$ 4,173.30	$ 4,289.40	$ 4,289.40	$ 5,026.00	$ 4,934.00	$ 4,599.00	$ 4,308.00	$ 4,308.00	$ 5,043.00	$ 4,611.00	$ 4,584.00	$ 4,585.00	$ 4,585.00	$ 4,955.00	$ 4,890.00	$ 5,015.00	$ 4,810.00	$ 4,810.00	$ 4,778.00	$ 4,203.00	$ 4,433.00	$ 4,384.00	$ 4,384.00	$ 4,821.00	$ 4,388.00	$ 4,530.00	$ 4,635.00	$ 4,635.00	$ 4,762.00	$ 4,488.00	$ 4,235.00	$ 4,315.00	$ 4,315.00	$ 5,189.00	$ 10,293.00	$ 9,932.00	$ 10,088.00	$ 10,088.00	$ 10,643.00	$ 9,873.00	$ 10,337.00	$ 11,000.00	$ 11,000.00	$ 11,372.00	$ 11,264.00	$ 11,528.00	$ 12,494.00	$ 12,494.00	$ 13,570.00	$ 13,301.00	$ 13,089.00	$ 13,294.70	$ 13,294.70		$ 14,178.10	$ 13,560.40	$ 13,654.94	$ 13,449.88	$ 13,449.88		$ 14,416.33	$ 13,804.56	$ 13,906.58	$ 13,344.13	$ 13,344.13
Accrued Expenses and Other Liabilities			$ 301.56	$ 356.08	$ 434.64	$ 492.87	$ 448.22					$ 467.36					$ 598.81					$ 608.43					$ 730.10					$ 847.70					$ 937.50					$ 1,017.90					$ 1,157.80					$ 1,370.50					$ 1,491.90					$ 1,713.30				$ 1.00	$ 2,104.40	$ 2,085.00	$ 2,095.60	$ 2,169.50	$ 2,272.00	$ 2,272.00	$ 2,246.00	$ 2,087.00	$ 2,312.00	$ 2,406.00	$ 2,406.00	$ 2,446.00	$ 2,415.00	$ 2,531.00	$ 2,763.00	$ 2,763.00	$ 2,780.00	$ 2,492.00	$ 2,809.00	$ 3,075.00	$ 3,075.00	$ 3,091.00	$ 2,773.00	$ 2,851.00	$ 3,019.00	$ 3,019.00	$ 3,028.00	$ 3,229.00	$ 3,221.00	$ 3,577.00	$ 3,577.00	$ 3,210.00	$ 3,280.00	$ 3,370.00	$ 3,701.00	$ 3,701.00	$ 3,596.00	$ 5,140.00	$ 4,849.00	$ 5,225.00	$ 5,225.00	$ 4,886.00	$ 5,050.00	$ 4,852.00	$ 5,484.00	$ 5,484.00	$ 4,880.00	$ 4,935.00	$ 5,065.00	$ 5,473.00	$ 5,473.00	$ 5,183.00	$ 5,675.00	$ 5,435.00	$ 5,578.84	$ 5,578.84		$ 5,594.32	$ 5,609.93	$ 5,420.82	$ 5,566.73	$ 5,566.73		$ 5,715.11	$ 5,731.00	$ 5,534.46	$ 5,683.25	$ 5,683.25
Sinking Fund Debentures			$ - 0	$ 100.00	$ - 0	$ - 0	$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0						$ - 0						$ - 0
Income Taxes			$ 16.70	$ 21.50	$ 21.68	$ 25.00	$ 23.28					$ 22.76					$ 27.00					$ 64.80					$ 63.40					$ 92.00					$ 86.60					$ 100.90					$ 105.80					$ 65.90					$ 70.90					$ 2.80				$ 1.00	$ 28.10	$ 178.00	$ 221.80	$ 23.20	$ - 0	$ - 0	$ 144.00	$ 228.00	$ 52.00	$ 40.00	$ 40.00	$ 320.00	$ 263.00	$ 217.00	$ 73.00	$ 73.00	$ 401.00	$ 149.00	$ 83.00	$ 185.00	$ 185.00	$ 349.00	$ 266.00	$ 204.00	$ - 0	$ - 0	$ 155.00	$ 109.00	$ 74.00	$ 101.00	$ 101.00	$ 278.00	$ 154.00	$ 24.00	$ 105.00	$ 105.00	$ 318.00	$ 196.00	$ 184.00	$ 176.00	$ 176.00	$ 262.00	$ 297.00	$ 248.00	$ 206.00	$ 206.00	$ 382.00	$ 326.00	$ 282.00	$ 329.00	$ 329.00	$ 496.00	$ 443.00	$ 371.00	$ 371.00	$ 371.00		$ 371.00	$ 371.00	$ 371.00	$ 371.00	$ 371.00		$ 371.00	$ 371.00	$ 371.00	$ 371.00	$ 371.00
Total Current Liabilities			$ 683.80	$ 789.27	$ 883.51	$ 1,050.69	$ 1,077.76					$ 1,181.96					$ 1,438.51					$ 1,580.09					$ 1,923.80					$ 2,303.70					$ 3,011.60					$ 2,955.20					$ 3,671.40					$ 4,077.90					$ 4,481.00					$ 5,755.30					$ 6,744.30	$ 7,546.00	$ 7,230.50	$ 7,502.30	$ 6,644.40	$ 6,644.40	$ 8,496.00	$ 7,261.00	$ 6,973.00	$ 6,769.00	$ 6,769.00	$ 7,822.00	$ 7,297.00	$ 7,341.00	$ 7,433.00	$ 7,433.00	$ 8,149.00	$ 7,544.00	$ 7,918.00	$ 8,083.00	$ 8,083.00	$ 8,229.00	$ 7,254.00	$ 7,501.00	$ 8,722.00	$ 8,722.00	$ 9,320.00	$ 9,025.00	$ 9,690.00	$ 8,883.00	$ 8,883.00	$ 8,821.00	$ 8,499.00	$ 8,409.00	$ 8,895.00	$ 8,895.00	$ 9,877.00	$ 16,690.00	$ 16,157.00	$ 16,557.00	$ 16,557.00	$ 16,874.00	$ 16,272.00	$ 15,811.00	$ 17,013.00	$ 17,013.00	$ 17,729.00	$ 17,678.00	$ 21,713.00	$ 18,547.00	$ 18,547.00	$ 20,517.00	$ 22,559.00	$ 21,482.00	$ 21,831.54	$ 21,831.54		$ 22,730.42	$ 22,128.32	$ 22,033.76	$ 21,974.60	$ 21,974.60		$ 23,089.44	$ 22,493.56	$ 22,399.05	$ 21,985.38	$ 21,985.38
Long Term Debt							$ 2.00					$ 4.00					$ 3.00					$ 13.60					$ 18.00					$ 18.20					$ 20.80					$ 11.20					$ 9.40					$ 12.40					$ 12.00					$ 3.20				$ 1.00	$ 22.00	$ 20.00			$ 1,337.00	$ 1,337.00	$ 1,337.00	$ 2,332.00	$ 2,338.00	$ 2,336.00	$ 2,336.00	$ 2,366.00	$ 2,347.00	$ 2,359.00	$ 2,389.00	$ 2,389.00	$ 2,389.00	$ 2,380.00	$ 2,384.00	$ 2,396.00	$ 2,396.00	$ 2,390.00	$ 2,381.00	$ 2,387.00	$ 4,073.00	$ 4,073.00	$ 5,069.00	$ 5,058.00	$ 4,501.00	$ 4,477.00	$ 4,477.00	$ 4,501.00	$ 4,489.00	$ 3,747.00	$ 3,736.00	$ 3,736.00	$ 13,756.00	$ 16,001.00	$ 15,055.00	$ 13,315.00	$ 13,315.00	$ 13,194.00	$ 12,974.00	$ 13,151.00	$ 18,705.00	$ 18,705.00	$ 17,777.00	$ 17,758.00	$ 14,372.00	$ 12,684.00	$ 12,684.00	$ 12,737.00	$ 12,532.00	$ 12,456.00	$ 12,350.00	$ 12,350.00		$ 10,858.00	$ 10,858.00	$ 10,858.00	$ 10,858.00	$ 10,858.00		$ 10,608.00	$ 10,608.00	$ 10,608.00	$ 10,608.00	$ 10,608.00		reducing overall debt
Deferred Income Taxes			$ 175.59	$ 198.43	$ 173.34	$ 173.65	$ 142.28					$ 145.22					$ 112.83					$ 89.14					$ 74.80					$ 101.60					$ 137.00					$ 176.50					$ 180.70					$ 274.10					$ 240.40					$ 141.10				$ 1.00	$ 158.20	$ 107.00	$ 77.70	$ 149.60	$ 149.50	$ 149.50	$ 154.00	$ 166.00	$ 316.00	$ 265.00	$ 265.00	$ 275.00	$ 253.00	$ 268.00	$ 318.00	$ 318.00	$ 360.00	$ 423.00	$ 419.00	$ 343.00	$ 343.00	$ 284.00	$ 295.00	$ 368.00	$ 545.00	$ 545.00	$ 559.00	$ 517.00	$ 577.00	$ 600.00	$ 600.00	$ 778.00	$ 878.00	$ 1,010.00	$ 1,048.00	$ 1,048.00	$ 1,131.00	$ 3,689.00	$ 3,532.00	$ 3,538.00	$ 3,538.00	$ 3,313.00	$ 3,107.00	$ 3,058.00	$ 2,644.00	$ 2,644.00	$ 2,516.00	$ 2,339.00	$ 2,403.00	$ 2,281.00	$ 2,281.00	$ 2,319.00	$ 1,946.00	$ 1,973.00	$ 1,973.00	$ 1,973.00		$ 1,973.00	$ 1,973.00	$ 1,973.00	$ 1,973.00	$ 1,973.00		$ 1,973.00	$ 1,973.00	$ 1,973.00	$ 1,973.00	$ 1,973.00
Other Noncurrent Liabilities			$ 154.09	$ 52.55	$ 99.59	$ 110.77	$ 237.98					$ 259.37					$ 279.47					$ 369.85					$ 405.80					$ 446.20					$ 457.20					$ 505.70					$ 677.50					$ 838.00					$ 985.70					$ 1,115.70				$ 1.00	$ 1,284.80	$ 1,313.00	$ 1,376.80	$ 1,400.70	$ 1,410.20	$ 1,410.20	$ 1,395.00	$ 1,387.00	$ 1,329.00	$ 1,396.00	$ 1,396.00	$ 1,464.00	$ 1,489.00	$ 1,627.00	$ 1,735.00	$ 1,735.00	$ 1,783.00	$ 1,850.00	$ 1,872.00	$ 1,785.00	$ 1,785.00	$ 1,852.00	$ 1,876.00	$ 1,903.00	$ 1,886.00	$ 1,886.00	$ 1,932.00	$ 1,991.00	$ 2,093.00	$ 2,067.00	$ 2,067.00	$ 2,325.00	$ 2,382.00	$ 2,740.00	$ 2,942.00	$ 2,942.00	$ 3,081.00	$ 3,951.00	$ 3,971.00	$ 4,072.00	$ 4,072.00	$ 4,122.00	$ 4,114.00	$ 3,999.00	$ 4,045.00	$ 4,045.00	$ 4,198.00	$ 4,309.00	$ 4,201.00	$ 4,223.00	$ 4,223.00	$ 4,289.00	$ 5,601.00	$ 5,771.00	$ 5,771.00	$ 5,771.00		$ 5,771.00	$ 5,771.00	$ 5,771.00	$ 5,771.00	$ 5,771.00		$ 5,771.00	$ 5,771.00	$ 5,771.00	$ 5,771.00	$ 5,771.00
Total Liabilities			$ 1,013.48	$ 1,040.24	$ 1,156.44	$ 1,335.11	$ 1,460.02					$ 1,590.54					$ 1,833.81					$ 2,052.69					$ 2,422.40					$ 2,869.70					$ 3,626.60					$ 3,648.60					$ 4,539.00					$ 5,202.40					$ 5,719.10					$ 7,015.30					$ 8,209.30	$ 8,986.00	$ 8,685.00	$ 9,052.60	$ 9,541.10	$ 9,541.10	$ 11,382.00	$ 11,146.00	$ 10,956.00	$ 10,766.00	$ 10,766.00	$ 11,927.00	$ 11,386.00	$ 11,595.00	$ 11,875.00	$ 11,875.00	$ 12,681.00	$ 12,197.00	$ 12,593.00	$ 12,607.00	$ 12,607.00	$ 12,755.00	$ 11,806.00	$ 12,159.00	$ 15,226.00	$ 15,226.00	$ 16,880.00	$ 16,591.00	$ 16,861.00	$ 16,027.00	$ 16,027.00	$ 16,425.00	$ 16,248.00	$ 15,906.00	$ 16,621.00	$ 16,621.00	$ 27,845.00	$ 40,331.00	$ 38,715.00	$ 37,482.00	$ 37,482.00	$ 37,503.00	$ 36,467.00	$ 36,019.00	$ 42,407.00	$ 42,407.00	$ 42,220.00	$ 42,084.00	$ 42,689.00	$ 37,735.00	$ 37,735.00	$ 39,862.00	$ 42,638.00	$ 41,682.00	$ 41,925.54	$ 41,925.54		$ 41,332.42	$ 40,730.32	$ 40,635.76	$ 40,576.60	$ 40,576.60		$ 41,441.44	$ 40,845.56	$ 40,751.05	$ 40,337.38	$ 40,337.38
Common Stock																	$ 77.00					$ 78.00					$ 78.40					$ 79.00					$ 79.60					$ 80.10					$ 80.10					$ 80.10					$ 80.10					$ 80.10					$ 80.10	$ 80.10	$ 80.10	$ 80.10	$ 80.10	$ 80.10	$ 79.70	$ 79.70	$ 79.70	$ 80.00	$ 80.00	$ 79.70	$ 80.00	$ 79.70	$ 79.70	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 80.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00		$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00		$ 12.00	$ 12.00	$ 12.00	$ 12.00	$ 12.00
Paid-in Capital																	$ 30.00					$ 118.00					$ 258.90					$ 367.20					$ 596.70					$ 748.40					$ 697.80					$ 632.60					$ 565.00					$ 558.50					$ 558.80	$ 558.80	$ 572.60	$ 573.40	$ 575.00	$ 575.00	$ 593.00	$ 577.00	$ 591.00	$ 605.00	$ 605.00	$ 633.00	$ 652.70	$ 669.00	$ 684.00	$ 684.00	$ 707.70	$ 724.70	$ 740.70	$ 833.70	$ 834.00	$ 833.70	$ 834.00	$ 869.00	$ 3,906.00	$ 3,906.00	$ 930.00	$ 979.00	$ 1,029.00	$ 1,074.00	$ 1,074.00	$ 1,053.00	$ 1,086.00	$ 1,128.00	$ 1,172.00	$ 1,172.00	$ 1,179.00	$ 9,838.00	$ 9,889.00	$ 9,953.00	$ 9,953.00	$ 9,997.00	$ 10,041.00	$ 10,061.00	$ 10,111.00	$ 10,111.00	$ 10,132.00	$ 10,162.00	$ 10,389.00	$ 10,339.00	$ 10,339.00	$ 10,359.00	$ 10,408.00	$ 10,444.00	$ 10,472.00	$ 10,472.00		$ 10,500.00	$ 10,528.00	$ 10,556.00	$ 10,584.00	$ 10,584.00		$ 10,612.00	$ 10,640.00	$ 10,668.00	$ 10,696.00	$ 10,696.00
Employee Stock Loan Receivable																																																																								$ (36.00)	$ (47.00)	$ (168.00)	$ (155.00)	$ (140.00)	$ (140.00)	$ (127.00)	$ (114.00)	$ (101.00)	$ (87.00)	$ (87.00)	$ (74.00)	$ (59.00)	$ (46.00)	$ (34.00)	$ (34.00)	$ (22.00)	$ (22.00)	$ (22.00)	$ (22.00)	$ (22.00)	$ (15.00)	$ (13.00)	$ (12.00)	$ (11.00)	$ (11.00)	$ (10.00)	$ (9.00)	$ (7.00)	$ (5.00)	$ (5.00)	$ (4.00)	$ (3.00)	$ (3.00)	$ (2.00)	$ (2.00)	$ (2.00)	$ (1.00)	$ (1.00)	$ (1.00)	$ (1.00)	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Retained Earnings																	$ 2,266.25					$ 2,652.93					$ 3,147.00					$ 3,787.80					$ 4,530.90					$ 5,640.10					$ 6,339.90					$ 7,503.30					$ 8,759.50					$ 10,241.40					$ 11,971.30	$ 12,435.00	$ 12,923.10	$ 13,411.30	$ 13,792.00	$ 13,792.00	$ 14,088.00	$ 14,617.00	$ 15,027.00	$ 15,327.00	$ 15,327.00	$ 15,679.00	$ 16,215.00	$ 16,543.00	$ 16,848.00	$ 16,848.00	$ 17,266.00	$ 17,845.00	$ 18,289.00	$ 18,877.00	$ 18,877.00	$ 19,234.00	$ 19,782.70	$ 20,124.70	$ 20,283.70	$ 20,283.70	$ 20,308.00	$ 20,804.00	$ 21,166.00	$ 21,523.00	$ 21,523.00	$ 21,918.00	$ 22,370.00	$ 22,790.00	$ 22,229.00	$ 22,229.00	$ 22,717.00	$ 24,526.00	$ 25,460.00	$ 25,089.00	$ 25,089.00	$ 25,806.00	$ 26,348.00	$ 27,061.00	$ 27,684.00	$ 27,684.00	$ 28,332.00	$ 28,987.00	$ 29,744.00	$ 30,137.00	$ 30,137.00	$ 30,560.00	$ 31,513.00	$ 32,460.00	$ 33,146.48	$ 33,146.48		$ 33,715.23	$ 34,683.50	$ 35,584.70	$ 36,443.17	$ 36,443.17		$ 37,200.79	$ 38,337.71	$ 39,429.59	$ 40,476.70	$ 40,476.70		increasing retained earnings
Accumulated Other Comprehensive Income																																																																								$ 9.00	$ 9.00	$ 9.00	$ 59.00	$ 37.00	$ 37.00	$ 36.00	$ 36.00	$ 35.00	$ (24.00)	$ (24.00)	$ (23.00)	$ (22.00)	$ (22.00)	$ 16.00	$ 16.00	$ 15.00	$ 15.00	$ 38.00 steshin: steshin: plug	$ 38.00	$ 38.00	$ 44.70	$ 34.70	$ (121.30)	$ (98.00) saursing: saursing: Plug to tie to reported shareholders equity in PR, which does not break out components of Sh Equity	$ (98.00)	$ 57.00	$ 126.00	$ 202.00	$ 178.00	$ 178.00	$ 222.00	$ (68.00)	$ (141.00)	$ (214.00)	$ (214.00)	$ (658.00)	$ (1,868.00)	$ (1,277.00)	$ (2,992.00)	$ (2,992.00)	$ (3,810.00)	$ (3,809.00)	$ (3,303.00)	$ (3,051.00)	$ (3,051.00)	$ (2,543.00)	$ (2,163.00)	$ (2,792.00)	$ (2,792.00)	$ (2,792.00)		$ (2,792.00)	$ (2,792.00)	$ (2,792.00)	$ (2,792.00)	$ (2,792.00)		$ (2,792.00)	$ (2,792.00)	$ (2,792.00)	$ (2,792.00)	$ (2,792.00)
Treasury Cost																																										$ - 0					$ - 0					$ (76.30)					$ (514.90)					$ (764.20)					$ (1,505.90)	$ (1,583.90)	$ (1,512.50)	$ (1,529.80)	$ (1,551.00)	$ (1,551.00)	$ (1,592.00)	$ (1,436.00)	$ (1,415.00)	$ (1,533.00)	$ (1,533.00)	$ (1,680.00)	$ (1,922.00)	$ (2,114.00)	$ (3,101.00)	$ (3,101.00)	$ (3,594.00)	$ (3,888.00)	$ (4,319.00)	$ (4,926.00)	$ (4,926.00)	$ (5,467.00)	$ (5,874.00)	$ (6,050.00)	$ (6,050.00)	$ (6,050.00)	$ (2,969.00)	$ (2,912.00)	$ (3,162.00)	$ (3,114.00)	$ (3,114.00)	$ (3,042.00)	$ (2,820.00)	$ (2,708.00)	$ (3,093.00)	$ (3,093.00)	$ (3,427.00)	$ (3,279.00)	$ (3,288.00)	$ (3,538.00)	$ (3,538.00)	$ (4,001.00)	$ (4,614.00)	$ (4,542.00)	$ (4,533.00)	$ (4,533.00)	$ (4,974.00)	$ (4,931.00)	$ (5,358.00)	$ (9,163.00)	$ (9,163.00)	$ (11,632.00)	$ (11,592.00)	$ (11,654.00)	$ (12,654.00)	$ (12,654.00)		$ (13,654.00)	$ (14,654.00)	$ (15,654.00)	$ (16,654.00)	$ (16,654.00)		$ (17,654.00)	$ (18,654.00)	$ (19,654.00)	$ (20,654.00)	$ (20,654.00)
Shareholders' Equity			$ 1,081.16	$ 1,233.31	$ 1,378.75	$ 1,573.64	$ 1,792.59					$ 2,043.11					$ 2,373.25					$ 2,848.93					$ 3,484.30					$ 4,234.00					$ 5,207.20					$ 6,468.60					$ 7,117.80					$ 8,139.70					$ 8,889.70					$ 10,115.80					$ 11,104.30	$ 11,490.00	$ 12,063.30	$ 12,535.00	$ 12,869.10	$ 12,869.10	$ 13,130.70	$ 13,678.70	$ 14,186.70	$ 14,376.00	$ 14,376.00	$ 14,620.70	$ 14,947.70	$ 15,111.70	$ 14,399.70	$ 14,400.00	$ 14,362.70	$ 14,680.70	$ 14,722.70	$ 14,846.70	$ 14,847.00	$ 14,673.70	$ 14,815.70	$ 15,039.70	$ 18,235.70	$ 18,235.70	$ 18,378.70	$ 18,972.70	$ 18,979.70	$ 19,454.00	$ 19,454.00	$ 20,056.00	$ 20,833.00	$ 21,485.00	$ 20,561.00	$ 20,561.00	$ 20,767.00	$ 31,026.00	$ 31,929.00	$ 31,300.00	$ 31,300.00	$ 31,154.00	$ 29,918.00	$ 31,314.00	$ 30,281.00	$ 30,281.00	$ 29,692.00	$ 30,421.00	$ 31,484.00	$ 28,274.00	$ 28,274.00	$ 26,756.00	$ 28,178.00	$ 28,470.00	$ 28,184.48	$ 28,184.48		$ 27,781.23	$ 27,777.50	$ 27,706.70	$ 27,593.17	$ 27,593.17		$ 27,378.79	$ 27,543.71	$ 27,663.59	$ 27,738.70	$ 27,738.70
Liabilities and Shareholders' Equity			$ 2,094.64	$ 2,273.55	$ 2,535.19	$ 2,908.75	$ 3,252.61					$ 3,633.65					$ 4,207.06					$ 4,901.61					$ 5,906.70					$ 7,103.70					$ 8,833.80					$ 10,117.20					$ 11,656.80					$ 13,342.10					$ 14,608.80					$ 17,131.10					$ 19,313.60	$ 20,476.00	$ 20,748.30	$ 21,587.60	$ 22,410.20	$ 22,410.20	$ 24,512.70	$ 24,824.70	$ 25,142.70	$ 25,142.00	$ 25,142.00	$ 26,547.70	$ 26,333.70	$ 26,706.70	$ 26,274.70	$ 26,275.00	$ 27,043.70	$ 26,877.70	$ 27,315.70	$ 27,453.70	$ 27,454.00	$ 27,428.70	$ 26,621.70	$ 27,198.70	$ 33,461.70	$ 33,461.70	$ 35,258.70	$ 35,563.70	$ 35,840.70	$ 35,481.00	$ 35,481.00	$ 36,481.00	$ 37,081.00	$ 37,391.00	$ 37,182.00	$ 37,182.00	$ 48,612.00	$ 71,357.00	$ 70,644.00	$ 68,782.00	$ 68,782.00	$ 68,657.00	$ 66,385.00	$ 67,333.00	$ 72,688.00	$ 72,688.00	$ 71,912.00	$ 72,505.00	$ 74,173.00	$ 66,009.00	$ 66,009.00	$ 66,618.00	$ 70,816.00	$ 70,152.00	$ 70,110.02	$ 70,110.02		$ 69,113.66	$ 68,507.82	$ 68,342.46	$ 68,169.78	$ 68,169.78		$ 68,820.23	$ 68,389.26	$ 68,414.64	$ 68,076.08	$ 68,076.08
Net Issuances/(repurchases) of common stock Roxana Fariborz: Roxana Fariborz: get from shh equity section																																$ 108.90					$ 230.10					$ 390.60					$ (266.70) Roxana Fariborz: Roxana Fariborz: per Brian Employee stock purchases and option plans = ($50.6 million) This is negative because Walgreens is no longer issuing stock to fund their employee plans but has opted to purchase the stock on the open market. This results in a reduction in paid-in capital					$ (154.10)					$ (594.20)					$ (380.60)					$ (791.70)					$ (66.90)					$ (137.00)	$ (232.00)	$ (213.00)	$ (203.00)	$ (375.00)	$ (1,023.00)	$ (481.00)	$ (286.00)	$ (423.00)	$ (603.00)	$ (1,793.00)					$ (1,026.00)					$ (129.00)					$ (94.00)					$ (723.00)					$ (762.00)					$ (5,220.00)					$ (3,525.00)						$ (4,000.00)						$ (4,000.00)
Balance			$ - 0	$ 100.00	$ - 0	$ - 0	$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0					$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 0.00	$ 0.00	$ 0.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
E = Morgan Stanley Research Estimate
Debt Obligations
Debt Obligations
Net Debt			$ (135.14)	$ (225.58)	$ (121.29)	$ (108.43)	$ (20.25)					$ (4.82)					$ (69.88)					$ (130.79)					$ (123.80)					$ 5.40					$ 444.60					$ (677.10)					$ (1,258.60)					$ (1,683.10)					$ (1,059.60)					$ (1,331.80)					$ 645.70	$ 901.00	$ 472.50	$ 664.50	$ 977.30	$ 977.30	$ 1,531.30	$ 785.30	$ (51.70)	$ (235.70)	$ (235.70)	$ (772.70)	$ (745.70)	$ 56.30	$ 521.30	$ 521.00	$ 340.30	$ 150.30	$ (256.70)	$ 853.30	$ 853.00	$ 1,307.30	$ 1,309.30	$ 405.30	$ 4,095.30	$ 4,095.30	$ 4,556.30	$ 3,926.30	$ 3,372.30	$ 2,941.00	$ 2,941.00	$ 4,103.00	$ 3,289.00	$ 2,401.00	$ 1,864.00	$ 1,864.00	$ 1,669.00	$ 14,057.00	$ 11,798.00	$ 11,383.00	$ 11,383.00	$ 11,707.00	$ 10,440.00	$ 10,234.00	$ 9,221.00	$ 9,221.00	$ 9,274.00	$ 7,089.00	$ 6,957.00	$ 9,634.00	$ 9,634.00	$ 12,175.00	$ 13,923.00	$ 13,225.00	$ 12,251.21	$ 12,251.21		$ 12,773.07	$ 13,646.34	$ 13,797.37	$ 12,596.01	$ 12,596.01		$ 12,793.01	$ 13,496.47	$ 13,447.38	$ 12,421.72	$ 12,421.72
Present Value of Operating Leases																	$ 3,544.34					$ 4,410.19					$ 5,424.36					$ 6,778.95					$ 7,977.62					$ 9,521.97					$ 12,198.59					$ 13,927.69					$ 15,249.34					$ 16,679.83					$ 18,808.08	$ 21,327.59	$ 21,327.59	$ 21,327.59	$ 21,327.59	$ 21,327.59	$ 22,658.83	$ 22,658.83	$ 22,658.83	$ 22,658.83	$ 22,658.83	$ 27,718.74	$ 27,718.74	$ 27,718.74	$ 27,718.74	$ 27,718.74	$ 28,309.57	$ 28,309.57	$ 28,309.57	$ 28,309.57	$ 28,309.57	$ 29,035.25	$ 29,035.25	$ 29,035.25	$ 29,035.25	$ 29,035.25	$ 29,741.56	$ 29,741.56	$ 29,741.56	$ 29,741.56	$ 29,741.56	$ 30,537.35	$ 30,537.35	$ 30,537.35	$ 30,537.35	$ 30,537.35	$ 31,351.50	$ 31,351.50	$ 31,351.50	$ 31,351.50	$ 31,351.50	$ 32,184.25	$ 32,184.25	$ 32,184.25	$ 32,184.25	$ 32,184.25	$ 33,035.82	$ 33,035.82	$ 33,035.82	$ 33,035.82	$ 33,035.82	$ 33,906.44	$ 33,906.44	$ 33,906.44	$ 33,906.44	$ 33,906.44		$ 34,796.30	$ 34,796.30	$ 34,796.30	$ 34,796.30	$ 34,796.30		$ 34,796.30	$ 34,796.30	$ 34,796.30	$ 34,796.30	$ 35,705.59
Total Debt																	$ 3,474.46					$ 4,279.40					$ 5,300.56					$ 6,784.35					$ 8,422.22					$ 8,844.87					$ 10,939.99					$ 12,244.59					$ 14,189.74					$ 15,348.03					$ 19,453.78	$ 22,228.59	$ 21,800.09	$ 21,992.09	$ 22,304.89	$ 22,304.89	$ 24,190.13	$ 23,444.13	$ 22,607.13	$ 22,423.13	$ 22,423.13	$ 26,946.04	$ 26,973.04	$ 27,775.04	$ 28,240.04	$ 28,239.74	$ 28,649.87	$ 28,459.87	$ 28,052.87	$ 29,162.87	$ 29,162.57	$ 30,342.55	$ 30,344.55	$ 29,440.55	$ 33,130.55	$ 33,130.55	$ 34,297.86	$ 33,667.86	$ 33,113.86	$ 32,682.56	$ 32,682.56	$ 34,640.35	$ 33,826.35	$ 32,938.35	$ 32,401.35	$ 32,401.35	$ 33,020.50	$ 45,408.50	$ 43,149.50	$ 42,734.50	$ 42,734.50	$ 43,891.25	$ 42,624.25	$ 42,418.25	$ 41,405.25	$ 41,405.25	$ 42,309.82	$ 40,124.82	$ 39,992.82	$ 42,669.82	$ 42,669.82	$ 46,081.44	$ 47,829.44	$ 47,131.44	$ 46,157.65	$ 46,157.65		$ 47,569.37	$ 48,442.65	$ 48,593.67	$ 47,392.31	$ 47,392.31		$ 47,589.31	$ 48,292.77	$ 48,243.68	$ 47,218.02	$ 48,127.31
Shareholders' Equity																	$ 2,373.25					$ 2,848.93					$ 3,484.30					$ 4,234.00					$ 5,207.20					$ 6,468.60					$ 7,117.80					$ 8,139.70					$ 8,889.70					$ 10,115.80					$ 11,104.30	$ 11,490.00	$ 12,063.30	$ 12,535.00	$ 12,869.10	$ 12,869.10	$ 13,130.70	$ 13,678.70	$ 14,186.70	$ 14,376.00	$ 14,376.00	$ 14,620.70	$ 14,947.70	$ 15,111.70	$ 14,399.70	$ 14,400.00	$ 14,362.70	$ 14,680.70	$ 14,722.70	$ 14,846.70	$ 14,847.00	$ 14,673.70	$ 14,815.70	$ 15,039.70	$ 18,235.70	$ 18,235.70	$ 18,378.70	$ 18,972.70	$ 18,979.70	$ 19,454.00	$ 19,454.00	$ 20,056.00	$ 20,833.00	$ 21,485.00	$ 20,561.00	$ 20,561.00	$ 20,767.00	$ 31,026.00	$ 31,929.00	$ 31,300.00	$ 31,300.00	$ 31,154.00	$ 29,918.00	$ 31,314.00	$ 30,281.00	$ 30,281.00	$ 29,692.00	$ 30,421.00	$ 31,484.00	$ 28,274.00	$ 28,274.00	$ 26,756.00	$ 28,178.00	$ 28,470.00	$ 28,184.48	$ 28,184.48		$ 27,781.23	$ 27,777.50	$ 27,706.70	$ 27,593.17	$ 27,593.17		$ 27,378.79	$ 27,543.71	$ 27,663.59	$ 27,738.70	$ 27,738.70
+ Net Modelware adjustments to Equity																	$ (562.13)					$ (666.47)					$ (791.90)					$ (951.29)					$ (699.15)					$ (845.03)					$ (1,092.33)					$ (1,318.72)					$ (1,173.43)					$ (1,215.54)					$ (848.14)	$ 1,600.73	$ 1,531.83	$ 1,539.91	$ 1,593.69	$ (1,122.04)	$ 1,659.94	$ 1,626.05	$ 1,531.35	$ 1,666.82	$ (1,506.03)	$ 1,792.43	$ 2,016.98	$ 2,190.35	$ 3,251.38	$ (472.41)	$ 3,717.45	$ 4,003.81	$ 4,419.32	$ 4,981.99	$ 706.04	$ 5,502.23	$ 5,926.20	$ 6,071.64	$ 6,118.87	$ 1,379.69	$ 2,973.30	$ 2,935.96	$ 3,368.86	$ 3,217.83	$ (1,916.46)	$ 3,035.03	$ 2,736.22	$ 2,541.09	$ 2,907.74	$ (2,246.69)	$ 3,247.07	$ 3,396.20	$ 3,484.55	$ 3,692.85	$ (4,085.11)	$ 4,700.97	$ 6,534.28	$ 5,891.05	$ 7,532.66	$ (4,203.31)	$ 8,831.99	$ 8,779.67	$ 8,703.92	$ 12,181.14	$ (3,563.99)	$ 14,217.31	$ 13,786.32	$ 14,509.78	$ 15,414.65	$ 17,874.70		$ 16,490.55	$ 17,481.48	$ 18,502.93	$ 19,414.65	$ 22,040.87		$ 20,490.55	$ 21,481.48	$ 22,502.93	$ 23,414.65	$ 26,146.47
Adjustments for Op. Lease																																					$ 4,508.05					$ 5,623.57					$ 6,025.47					$ 6,820.98					$ 7,716.27					$ 8,900.26					$ 10,256.16	$ 13,090.73	$ 13,595.13	$ 14,074.91	$ 14,462.79	$ 11,747.06	$ 14,790.64	$ 15,304.75	$ 15,718.05	$ 16,042.82	$ 12,869.97	$ 16,413.13	$ 16,964.68	$ 17,302.05	$ 17,651.08	$ 13,927.59	$ 18,080.15	$ 18,684.51	$ 19,142.02	$ 19,828.69	$ 15,553.04	$ 20,175.93	$ 20,741.90	$ 21,111.34	$ 24,354.57	$ 19,615.39	$ 21,352.00	$ 21,908.66	$ 22,348.56	$ 22,671.83	$ 17,537.54	$ 23,091.03	$ 23,569.22	$ 24,026.09	$ 23,468.74	$ 18,314.31	$ 24,014.07	$ 34,422.20	$ 35,413.55	$ 34,992.85	$ 27,214.89	$ 35,854.97	$ 36,452.28	$ 37,205.05	$ 37,813.66	$ 26,077.69	$ 38,523.99	$ 39,200.67	$ 40,187.92	$ 40,455.14	$ 24,710.01	$ 40,973.31	$ 41,964.32	$ 42,979.78	$ 43,599.13	$ 46,059.18		$ 44,271.78	$ 45,258.98	$ 46,209.63	$ 47,007.82	$ 49,634.05		$ 47,869.34	$ 49,025.18	$ 50,166.52	$ 51,153.35	$ 53,885.17
Common Equity																																					$ 5,207.20					$ 6,468.60					$ 7,117.80					$ 8,216.00					$ 9,404.60					$ 10,880.00					$ 12,610.20	$ 13,073.90	$ 13,575.80	$ 14,064.80	$ 14,447.10	$ 14,447.10	$ 14,760.70	$ 15,273.70	$ 15,697.70	$ 16,012.00	$ 16,012.00	$ 16,391.70	$ 16,947.70	$ 17,291.70	$ 17,611.70	$ 17,612.00	$ 18,053.70	$ 18,649.70	$ 19,109.70	$ 19,790.70	$ 19,791.00	$ 20,147.70	$ 20,696.70	$ 21,073.70	$ 24,269.70	$ 24,269.70	$ 21,318.00	$ 21,863.00	$ 22,275.00	$ 22,677.00	$ 22,677.00	$ 23,051.00	$ 23,536.00	$ 23,998.00	$ 23,481.00	$ 23,481.00	$ 23,976.00	$ 34,376.00	$ 35,361.00	$ 35,054.00	$ 35,054.00	$ 35,815.00	$ 36,401.00	$ 37,134.00	$ 37,807.00	$ 37,807.00	$ 38,476.00	$ 39,161.00	$ 40,145.00	$ 40,488.00	$ 40,488.00	$ 40,931.00	$ 41,933.00	$ 42,916.00	$ 43,630.48	$ 43,630.48		$ 44,227.23	$ 45,223.50	$ 46,152.70	$ 47,039.17	$ 47,039.17		$ 47,824.79	$ 48,989.71	$ 50,109.59	$ 51,184.70	$ 51,184.70
Implied Cap Op Lease Assets																																					$ 6,216.84					$ 7,471.02					$ 9,708.14					$ 10,961.03					$ 11,786.69					$ 12,665.73					$ 14,161.23	$ - 0	$ - 0	$ - 0	$ - 0	$ 15,906.43	$ - 0	$ - 0	$ - 0	$ - 0	$ 16,463.71	$ - 0	$ - 0	$ - 0	$ - 0	$ 20,396.11	$ - 0	$ - 0	$ - 0	$ - 0	$ 20,017.10	$ - 0	$ - 0	$ - 0	$ - 0	$ 19,751.57	$ - 0	$ - 0	$ - 0	$ - 0	$ 19,435.57	$ - 0	$ - 0	$ - 0	$ - 0	$ 19,216.35	$ - 0	$ - 0	$ - 0	$ - 0	$ 19,009.58	$ - 0	$ - 0	$ - 0	$ - 0	$ 18,385.07	$ - 0	$ - 0	$ - 0	$ - 0	$ 18,851.63	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	FALSE		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Implied Cap Op Lease Obligations																																					$ 7,977.62					$ 9,521.97					$ 12,198.59					$ 13,927.69					$ 15,249.34					$ 16,679.83					$ 18,808.08	$ - 0	$ - 0	$ - 0	$ - 0	$ 21,327.59	$ - 0	$ - 0	$ - 0	$ - 0	$ 22,658.83	$ - 0	$ - 0	$ - 0	$ - 0	$ 27,718.74	$ - 0	$ - 0	$ - 0	$ - 0	$ 28,309.57	$ - 0	$ - 0	$ - 0	$ - 0	$ 29,035.25	$ - 0	$ - 0	$ - 0	$ - 0	$ 29,741.56	$ - 0	$ - 0	$ - 0	$ - 0	$ 30,537.35	$ - 0	$ - 0	$ - 0	$ - 0	$ 31,351.50	$ - 0	$ - 0	$ - 0	$ - 0	$ 35,705.59	$ - 0	$ - 0	$ - 0	$ - 0	$ 40,548.55	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	FALSE		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
LIFO Reserve																																					$ 637.60					$ 693.50					$ 729.70					$ 734.60					$ 804.20					$ 899.50					$ 968.80	$ 26.90	$ 30.60	$ 16.10	$ 24.90	$ 1,067.30	$ 48.00	$ 49.00	$ 32.00	$ 48.00	$ 1,239.30	$ 34.00	$ 27.00	$ 18.00	$ 61.00	$ 1,379.30	$ 42.00	$ 56.00	$ 50.00	$ 60.00	$ 1,587.30	$ 45.00	$ 72.00	$ 60.00	$ 132.00	$ 1,896.30	$ 55.00	$ 72.00	$ 120.00	$ (8.00)	$ 2,135.30	$ 63.00	$ 51.00	$ 41.00	$ (18.00)	$ 2,272.30	$ 52.00	$ 55.00	$ 69.00	$ 109.00	$ 2,557.30	$ 46.00	$ 68.00	$ 92.00	$ 8.00	$ 2,771.30	$ 58.00	$ 49.00	$ 49.00	$ (38.00)	$ 2,889.30	$ 54.00	$ 43.00	$ 69.00	$ (38.00)	$ 3,017.30		$ 54.00	$ 43.00	$ 69.00	$ (38.00)	$ 3,145.30		$ 54.00	$ 43.00	$ 69.00	$ (38.00)	$ 3,273.30
Deferred tax adjustment (operating)																																					$ (424.02)					$ (512.42)					$ (668.42)					$ (837.03)					$ (970.12)					$ (1,134.85)					$ (1,324.01)	$ 10.07	$ 11.27	$ 5.99	$ 9.21	$ (1,653.83)	$ 18.06	$ 17.95	$ 11.65	$ 17.18	$ (1,813.79)	$ 12.57	$ 10.02	$ 7.65	$ 21.62	$ (2,258.92)	$ 15.55	$ 21.19	$ 17.68	$ 22.01	$ (2,467.20)	$ 16.77	$ 26.80	$ 22.36	$ 47.13	$ (2,733.07)	$ 21.00	$ 26.34	$ 46.44	$ (2.83)	$ (3,031.23)	$ 22.97	$ 17.78	$ 12.91	$ (5.74)	$ (3,882.01)	$ 13.93	$ 8.80	$ 16.45	$ 170.15	$ (1,945.50)	$ 6.03	$ 16.72	$ 20.95	$ 1.34	$ (2,819.90)	$ 10.01	$ 9.33	$ 6.08	$ (5.14)	$ (3,029.63)	$ 11.69	$ 11.68	$ 5.22	$ (6.65)	$ 588.60		$ 9.45	$ 7.52	$ 12.08	$ (6.65)	$ 550.43		$ 9.45	$ 7.53	$ 12.08	$ (6.65)	$ 572.83
Adjusted Shareholders' Equity																	$ 1,811.12					$ 2,182.46					$ 2,692.40					$ 3,282.71					$ 4,508.05					$ 5,623.57					$ 6,025.47					$ 6,820.98					$ 7,716.27					$ 8,900.26					$ 10,256.16	$ 13,090.73	$ 13,595.13	$ 14,074.91	$ 14,462.79	$ 11,747.06	$ 14,790.64	$ 15,304.75	$ 15,718.05	$ 16,042.82	$ 12,869.97	$ 16,413.13	$ 16,964.68	$ 17,302.05	$ 17,651.08	$ 13,927.59	$ 18,080.15	$ 18,684.51	$ 19,142.02	$ 19,828.69	$ 15,553.04	$ 20,175.93	$ 20,741.90	$ 21,111.34	$ 24,354.57	$ 19,615.39	$ 21,352.00	$ 21,908.66	$ 22,348.56	$ 22,671.83	$ 17,537.54	$ 23,091.03	$ 23,569.22	$ 24,026.09	$ 23,468.74	$ 18,314.31	$ 24,014.07	$ 34,422.20	$ 35,413.55	$ 34,992.85	$ 27,214.89	$ 35,854.97	$ 36,452.28	$ 37,205.05	$ 37,813.66	$ 26,077.69	$ 38,523.99	$ 39,200.67	$ 40,187.92	$ 40,455.14	$ 24,710.01	$ 40,973.31	$ 41,964.32	$ 42,979.78	$ 43,599.13	$ 46,059.18		$ 44,271.78	$ 45,258.98	$ 46,209.63	$ 47,007.82	$ 49,634.05		$ 47,869.34	$ 49,025.18	$ 50,166.52	$ 51,153.35	$ 53,885.17
EBITDA																	$ 905.70					$ 1,145.79					$ 1,270.70					$ 1,544.10					$ 1,752.40					$ 1,978.30					$ 2,216.20					$ 2,535.90					$ 2,973.90					$ 3,369.00					$ 3,869.40	$ 949.80	$ 1,320.10	$ 1,141.60	$ 802.80	$ 4,214.30	$ 953.00	$ 1,320.00	$ 1,142.00	$ 984.00	$ 4,399.00	$ 1,088.00	$ 1,361.00	$ 1,110.00	$ 1,069.00	$ 4,628.00	$ 1,256.00	$ 1,519.00	$ 1,270.00	$ 1,180.00	$ 5,225.00	$ 1,222.00	$ 1,460.00	$ 1,248.00	$ 1,078.00	$ 5,008.00	$ 1,163.00	$ 1,650.00	$ 1,500.00	$ 1,355.00	$ 5,668.00	$ 1,365.00	$ 1,596.00	$ 1,572.00	$ 1,389.00	$ 5,922.00	$ 1,457.00	$ 2,130.00	$ 2,091.00	$ 1,815.00	$ 7,493.00	$ 2,020.00	$ 2,461.00	$ 2,165.00	$ 1,911.00	$ 8,557.00	$ 2,063.00	$ 2,346.00	$ 2,244.00	$ 2,209.00	$ 8,862.00	$ 2,140.00	$ 2,500.00	$ 2,264.00	$ 2,087.38	$ 8,991.38		$ 2,023.47	$ 2,500.20	$ 2,465.18	$ 2,312.28	$ 9,301.13		$ 2,060.57	$ 2,515.78	$ 2,507.88	$ 2,352.90	$ 9,437.13
Rent expense																	$ 356.80					$ 405.80					$ 482.00					$ 605.70					$ 730.10					$ 873.00					$ 1,000.40					$ 1,152.10					$ 1,300.70					$ 1,428.50					$ 1,614.30	$ 446.00	$ 446.00	$ 446.00	$ 446.00	$ 1,784.00	$ 493.25	$ 493.25	$ 493.25	$ 493.25	$ 1,973.00	$ 554.50	$ 554.50	$ 554.50	$ 554.50	$ 2,218.00	$ 625.00	$ 625.00	$ 625.00	$ 625.00	$ 2,500.00	$ 642.75	$ 642.75	$ 642.75	$ 642.75	$ 2,571.00	$ 657.00	$ 657.00	$ 657.00	$ 657.00	$ 2,628.00	$ 676.71	$ 676.71	$ 676.71	$ 676.71	$ 2,706.84	$ 697.01	$ 697.01	$ 697.01	$ 697.01	$ 2,788.05	$ 808.03	$ 808.03	$ 808.03	$ 808.03	$ 3,232.11	$ 717.92	$ 717.92	$ 717.92	$ 717.92	$ 2,871.69	$ 739.46	$ 739.46	$ 739.46	$ 739.46	$ 2,957.84		$ 697.01	$ 697.01	$ 697.01	$ 697.01	FALSE		$ 697.01	$ 697.01	$ 697.01	$ 697.01	$ - 0
EBITDAR																	$ 1,262.50					$ 1,551.59					$ 1,752.70					$ 2,149.80					$ 2,482.50					$ 2,851.30					$ 3,216.60					$ 3,688.00					$ 4,274.60					$ 4,797.50					$ 5,483.70	$ 1,395.80	$ 1,766.10	$ 1,587.60	$ 1,248.80	$ 5,998.30	$ 1,446.25	$ 1,813.25	$ 1,635.25	$ 1,477.25	$ 6,372.00	$ 1,642.50	$ 1,915.50	$ 1,664.50	$ 1,623.50	$ 6,846.00	$ 1,881.00	$ 2,144.00	$ 1,895.00	$ 1,805.00	$ 7,725.00	$ 1,864.75	$ 2,102.75	$ 1,890.75	$ 1,720.75	$ 7,579.00	$ 1,820.00	$ 2,307.00	$ 2,157.00	$ 2,012.00	$ 8,296.00	$ 2,041.71	$ 2,272.71	$ 2,248.71	$ 2,065.71	$ 8,628.84	$ 2,154.01	$ 2,827.01	$ 2,788.01	$ 2,512.01	$ 10,281.05	$ 2,828.03	$ 3,269.03	$ 2,973.03	$ 2,719.03	$ 11,789.11	$ 2,780.92	$ 3,063.92	$ 2,961.92	$ 2,926.92	$ 11,733.69	$ 2,879.46	$ 3,239.46	$ 3,003.46	$ 2,826.84	$ 11,949.22		$ 2,720.49	$ 3,197.21	$ 3,162.19	$ 3,009.29	$ 9,301.13		$ 2,757.58	$ 3,212.79	$ 3,204.89	$ 3,049.91	$ 9,437.13
Debt/Total Cap (adj for leases)																	$ 0.66					$ 0.66					$ 0.66					$ 0.67					$ 0.65					$ 0.61					$ 0.64					$ 0.64					$ 0.65					$ 0.63					$ 0.65	$ 0.63	$ 0.62	$ 0.61	$ 0.61	$ 0.66	$ 0.62	$ 0.61	$ 0.59	$ 0.58	$ 0.64	$ 0.62	$ 0.61	$ 0.62	$ 0.62	$ 0.67	$ 0.61	$ 0.60	$ 0.59	$ 0.60	$ 0.65	$ 0.60	$ 0.59	$ 0.58	$ 0.58	$ 0.63	$ 0.62	$ 0.61	$ 0.60	$ 0.59	$ 0.65	$ 0.60	$ 0.59	$ 0.58	$ 0.58	$ 0.64	$ 0.58	$ 0.57	$ 0.55	$ 0.55	$ 0.61	$ 0.55	$ 0.54	$ 0.53	$ 0.52	$ 0.61	$ 0.52	$ 0.51	$ 0.50	$ 0.51	$ 0.63	$ 0.53	$ 0.53	$ 0.52	$ 0.51	$ 0.50		$ 0.52	$ 0.52	$ 0.51	$ 0.50	$ 0.49		$ 0.50	$ 0.50	$ 0.49	$ 0.48	$ 0.47
Net Debt (adj) / EBITDAR																	$ 2.75					$ 2.76					$ 3.02					$ 3.16					$ 3.39					$ 3.10					$ 3.40					$ 3.32					$ 3.32					$ 3.20					$ 3.55	$ 3.98	$ 3.09	$ 3.46	$ 4.47	$ 3.72	$ 4.18	$ 3.23	$ 3.46	$ 3.79	$ 3.52	$ 4.10	$ 3.52	$ 4.17	$ 4.35	$ 4.12	$ 3.81	$ 3.32	$ 3.70	$ 4.04	$ 3.78	$ 4.07	$ 3.61	$ 3.89	$ 4.81	$ 4.37	$ 4.71	$ 3.65	$ 3.84	$ 4.06	$ 3.94	$ 4.24	$ 3.72	$ 3.66	$ 3.92	$ 3.76	$ 3.83	$ 4.02	$ 3.87	$ 4.25	$ 4.16	$ 3.88	$ 3.26	$ 3.57	$ 3.81	$ 3.51	$ 3.80	$ 3.27	$ 3.38	$ 3.64	$ 3.64	$ 4.00	$ 3.69	$ 3.92	$ 4.08	$ 3.86		$ 4.37	$ 3.79	$ 3.84	$ 3.94	$ 5.10		$ 4.31	$ 3.76	$ 3.76	$ 3.87	$ 5.10
Net Debt / EBITDA stated																																																																			$ 0.17					$ 0.23					$ (0.05)					$ 0.11					$ 0.16					$ 0.82					$ 0.52					$ 0.31					$ 1.52					$ 1.08					$ 1.09					$ 1.36						$ 1.35						$ 1.32
EBITDAR/Interest Coverage (assumes leased properties are owned)																	$ 6.07					$ 5.80					$ 5.33					$ 4.96					$ 4.96					$ 4.94					$ 4.59					$ 4.71					$ 4.96					$ 5.06					$ 5.11					$ 4.96					$ 5.22					$ 4.64					$ 5.07					$ 4.84					$ 5.34					$ 5.59					$ 9.03					$ 8.48					$ 7.51					$ (20.23)						$ (18.94)						$ (19.96)
CapEx
CapEx			$ 202.45	$ 144.94	$ 184.67	$ 289.98	$ 310.25					$ 364.59					$ 485.09					$ 640.98					$ 696.30					$ 1,119.10					$ 1,237.00					$ 934.40					$ 795.10					$ 939.50					$ 1,237.54					$ 1,337.80					$ 1,785.30	$ 490.00	$ 552.90	$ 609.70	$ 572.10	$ 2,224.70	$ 638.00	$ 454.00	$ 442.00	$ 393.00	$ 1,927.00	$ 304.00	$ 220.00	$ 262.00	$ 228.00	$ 1,014.00	$ 273.00	$ 196.00	$ 230.00	$ 514.00	$ 1,213.00	$ 419.00	$ 304.00	$ 379.00	$ 448.00	$ 1,550.00	$ 336.00	$ 245.00	$ 293.00	$ 338.00	$ 1,212.00	$ 364.00	$ 227.00	$ 230.00	$ 285.00	$ 1,106.00	$ 335.00	$ 308.00	$ 247.00	$ 361.00	$ 1,251.00	$ 340.00	$ 317.00	$ 247.00	$ 421.00	$ 1,325.00	$ 378.00	$ 261.00	$ 273.00	$ 439.00	$ 1,351.00	$ 378.00	$ 288.00	$ 303.46	$ 472.78	$ 1,455.78		$ 385.56	$ 293.76	$ 309.53	$ 482.24	$ 1,471.08		$ 393.27	$ 299.64	$ 315.72	$ 491.88	$ 1,500.51
D&A			$ 84.35	$ 92.11	$ 104.66	$ 118.12	$ 131.54					$ 147.30					$ 163.93					$ 180.26					$ 210.10					$ 230.10					$ 269.20					$ 307.30					$ 346.10					$ 403.10					$ 482.10					$ 572.20					$ 675.90	$ 195.00	$ 201.90	$ 210.80	$ 146.00	$ 840.00	$ 236.00	$ 241.00	$ 264.00	$ 234.00	$ 975.00	$ 257.00	$ 248.00	$ 263.00	$ 262.00	$ 1,030.00	$ 273.00	$ 256.00	$ 269.00	$ 288.00	$ 1,086.00	$ 277.00	$ 283.00	$ 296.00	$ 310.00	$ 1,166.00	$ 313.00	$ 327.00	$ 318.00	$ 325.00	$ 1,283.00	$ 332.00	$ 331.00	$ 338.00	$ 315.00	$ 1,316.00	$ 319.00	$ 507.00	$ 438.00	$ 478.00	$ 1,742.00	$ 382.00	$ 442.00	$ 447.00	$ 447.00	$ 1,718.00	$ 419.00	$ 412.00	$ 413.00	$ 410.00	$ 1,654.00	$ 416.00	$ 442.00	$ 470.81	$ 445.33	$ 1,774.14		$ 443.82	$ 458.75	$ 489.23	$ 452.01	$ 1,843.81		$ 451.75	$ 466.95	$ 498.46	$ 460.73	$ 1,877.89
Beg Net PPE				$ 809.30	$ 856.29	$ 927.33	$ 1,085.49					$ 1,248.96					$ 1,448.37					$ 1,754.35					$ 2,143.40					$ 2,593.90					$ 3,428.20					$ 4,345.30					$ 4,591.40					$ 4,940.00					$ 5,446.40					$ 6,165.00					$ 6,948.90	$ 8,199.90	$ 8,502.00	$ 8,941.40	$ 9,307.70	$ 8,199.90	$ 9,775.50	$ 10,150.00	$ 10,387.00	$ 10,595.00	$ 9,775.50	$ 10,802.00	$ 10,865.00	$ 10,891.00	$ 11,154.00	$ 10,802.00	$ 11,184.00	$ 11,197.00	$ 11,148.00	$ 11,130.00	$ 11,184.00	$ 11,526.00	$ 11,699.00	$ 11,705.00	$ 11,790.00	$ 11,526.00	$ 12,038.00	$ 12,110.00	$ 12,048.00	$ 12,075.00	$ 12,038.00	$ 12,138.00	$ 12,138.00	$ 12,136.00	$ 12,088.00	$ 12,138.00	$ 12,257.00	$ 12,103.00	$ 15,646.00	$ 15,241.00	$ 12,257.00	$ 15,068.00	$ 14,878.00	$ 14,552.00	$ 14,493.00	$ 15,068.00	$ 14,335.00	$ 13,709.00	$ 13,528.00	$ 13,535.00	$ 14,335.00	$ 13,642.00	$ 13,693.00	$ 14,045.00	$ 13,938.00	$ 13,642.00		$ 13,965.45	$ 13,907.20	$ 13,742.21	$ 13,562.50	$ 13,965.45		$ 13,592.73	$ 13,534.25	$ 13,366.93	$ 13,184.19	$ 13,592.73
D&A as % of Beg Net PPE				$ 0.11	$ 0.12	$ 0.13	$ 0.12					$ 0.12					$ 0.11					$ 0.10					$ 0.10					$ 0.09					$ 0.08					$ 0.07					$ 0.08					$ 0.08					$ 0.09					$ 0.09					$ 0.10	$ 0.10	$ 0.09	$ 0.09	$ 0.06	$ 0.10	$ 0.10	$ 0.09	$ 0.10	$ 0.09	$ 0.10	$ 0.10	$ 0.09	$ 0.10	$ 0.09	$ 0.10	$ 0.10	$ 0.09	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.11	$ 0.10	$ 0.10	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.10	$ 0.11	$ 0.10	$ 0.17	$ 0.11	$ 0.13	$ 0.14	$ 0.10	$ 0.12	$ 0.12	$ 0.12	$ 0.11	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.13	$ 0.13	$ 0.13	$ 0.13		$ 0.13	$ 0.13	$ 0.14	$ 0.13	$ 0.13		$ 0.13	$ 0.14	$ 0.15	$ 0.14	$ 0.14
D&A as % of Revenue																																																																																																												$ 0.01	$ 0.01	$ 0.02	$ 0.02	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
CapEx / D&A			$ 2.40	$ 1.57	$ 1.76	$ 2.45	$ 2.36					$ 2.48					$ 2.96					$ 3.56					$ 3.31					$ 4.86					$ 4.60					$ 3.04					$ 2.30					$ 2.33					$ 2.57					$ 2.34					$ 2.64	$ 2.51	$ 2.74	$ 2.89	$ 3.92	$ 2.65	$ 2.70	$ 1.88	$ 1.67	$ 1.68	$ 1.98	$ 1.18	$ 0.89	$ 1.00	$ 0.87	$ 0.98	$ 1.00	$ 0.77	$ 0.86	$ 1.78	$ 1.12	$ 1.51	$ 1.07	$ 1.28	$ 1.45	$ 1.33	$ 1.07	$ 0.75	$ 0.92	$ 1.04	$ 0.94	$ 1.10	$ 0.69	$ 0.68	$ 0.90	$ 0.84	$ 1.05	$ 0.61	$ 0.56	$ 0.76	$ 0.72	$ 0.89	$ 0.72	$ 0.55	$ 0.94	$ 0.77	$ 0.90	$ 0.63	$ 0.66	$ 1.07	$ 0.82	$ 0.91	$ 0.65	$ 0.64	$ 1.06	$ 0.82		$ 0.87	$ 0.64	$ 0.63	$ 1.07	$ 0.80		$ 0.87	$ 0.64	$ 0.63	$ 1.07	$ 0.80
CapEx as % of Sales			$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0.03					$ 0.03					$ 0.04					$ 0.04					$ 0.04					$ 0.05					$ 0.05					$ 0.03					$ 0.02					$ 0.03					$ 0.03					$ 0.03					$ 0.03	$ 0.14	$ 0.14	$ 0.16	$ 0.16	$ 0.04	$ 0.17	$ 0.11	$ 0.11	$ 0.10	$ 0.03	$ 0.07	$ 0.05	$ 0.06	$ 0.05	$ 0.02	$ 0.06	$ 0.04	$ 0.05	$ 0.11	$ 0.02	$ 0.09	$ 0.07	$ 0.09	$ 0.10	$ 0.02	$ 0.02	$ 0.01	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.02	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Free Cash Flow Summary (Simplified)
Net Income			$ 194.97	$ 220.63	$ 221.67	$ 281.93	$ 320.79					$ 375.85					$ 453.01					$ 557.29					$ 624.10					$ 794.50					$ 885.60					$ 1,008.10					$ 1,165.10					$ 1,349.80					$ 1,559.50					$ 1,750.60					$ 2,041.10	$ 455.60	$ 685.30	$ 573.20	$ 443.33	$ 2,028.53	$ 408.00	$ 640.00	$ 522.00	$ 436.00	$ 2,006.00	$ 489.00	$ 669.00	$ 463.00	$ 470.00	$ 2,091.00	$ 580.00	$ 739.00	$ 603.00	$ 792.00	$ 2,714.00	$ 554.00	$ 683.00	$ 537.00	$ 353.00	$ 2,127.00	$ 413.00	$ 756.00	$ 624.00	$ 657.00	$ 2,450.00	$ 695.00	$ 754.00	$ 722.00	$ (239.00)	$ 1,932.00	$ 850.00	$ 2,042.00	$ 1,302.00	$ 26.00	$ 4,220.00	$ 1,110.00	$ 930.00	$ 1,103.00	$ 1,030.00	$ 4,173.00	$ 1,054.00	$ 1,060.00	$ 1,162.00	$ 802.00	$ 4,078.00	$ 821.00	$ 1,349.00	$ 1,342.00	$ 1,099.26	$ 4,611.26		$ 975.50	$ 1,369.15	$ 1,296.04	$ 1,288.10	$ 4,928.80		$ 1,180.80	$ 1,553.56	$ 1,502.08	$ 1,492.87	$ 5,729.30
+ Depreciation and Amortization			$ 84.35	$ 92.11	$ 104.66	$ 118.12	$ 131.54					$ 147.30					$ 163.93					$ 180.26					$ 210.10					$ 230.10					$ 251.90					$ 287.80					$ 326.60					$ 383.60					$ 482.10					$ 572.20					$ 675.90	$ 195.00	$ 201.90	$ 210.80	$ 146.00	$ 840.00	$ 236.00	$ 241.00	$ 264.00	$ 234.00	$ 975.00	$ 257.00	$ 248.00	$ 263.00	$ 262.00	$ 1,030.00	$ 273.00	$ 256.00	$ 269.00	$ 288.00	$ 1,086.00	$ 277.00	$ 283.00	$ 296.00	$ 310.00	$ 1,166.00	$ 313.00	$ 327.00	$ 318.00	$ 325.00	$ 1,283.00	$ 332.00	$ 331.00	$ 338.00	$ 315.00	$ 1,316.00	$ 319.00	$ 507.00	$ 438.00	$ 478.00	$ 1,742.00	$ 382.00	$ 442.00	$ 447.00	$ 447.00	$ 1,718.00	$ 419.00	$ 412.00	$ 413.00	$ 410.00	$ 1,654.00	$ 416.00	$ 442.00	$ 442.00	$ 445.33	$ 1,745.33		$ 443.82	$ 458.75	$ 489.23	$ 452.01	$ 1,843.81		$ 451.75	$ 466.95	$ 498.46	$ 460.73	$ 1,877.89
+ Working Capital Change			$ (65.60)	$ 15.34	$ (28.66)	$ (58.14)	$ (139.98)					$ (118.31)					$ 34.63					$ (146.10)					$ (211.80)					$ (108.40)					$ (551.90)					$ 106.10					$ (130.30)					$ (264.00)					$ (708.00)					$ 256.80					$ (467.30)	$ (275.00)	$ 298.30	$ 141.20	$ (251.30)	$ (86.80)	$ (384.00)	$ 520.00	$ 483.00	$ 154.00	$ 773.00	$ 394.00	$ (321.00)	$ 278.00	$ 65.00	$ 416.00	$ 283.00	$ (210.00)	$ 246.00	$ (362.00)	$ (43.00)	$ (81.00)	$ 40.00	$ 878.00	$ (106.00)	$ 731.00	$ (214.00)	$ 213.00	$ 562.00	$ 106.00	$ 667.00	$ (846.00)	$ 305.00	$ 61.00	$ 690.00	$ 210.00	$ 189.00	$ (209.00)	$ 52.00	$ 463.00	$ 495.00	$ (801.00)	$ 362.00	$ 571.00	$ 1,550.00	$ 1,682.00	$ (978.00)	$ 1,477.00	$ 201.00	$ 918.00	$ 1,618.00	$ (490.00)	$ 1,078.00	$ 189.00	$ 1,369.89	$ 2,146.89		$ (98.58)	$ (958.03)	$ (168.07)	$ 1,430.69	$ 206.01		$ 37.21	$ (959.19)	$ (161.68)	$ 1,067.29	$ (16.38)		major decline
- Capital Expenditures			$ (202.45)	$ (144.94)	$ (184.67)	$ (289.98)	$ (310.25)					$ (364.59)					$ (485.09)					$ (640.98)					$ (696.30)					$ (1,119.10)					$ (1,237.00)					$ (934.40)					$ (795.10)					$ (939.50)					$ (1,237.54)					$ (1,337.80)					$ (1,785.30)	$ (490.00)	$ (552.90)	$ (609.70)	$ (572.10)	$ (2,224.70)	$ (638.00)	$ (454.00)	$ (442.00)	$ (393.00)	$ (1,927.00)	$ (304.00)	$ (220.00)	$ (262.00)	$ (228.00)	$ (1,014.00)	$ (273.00)	$ (196.00)	$ (230.00)	$ (514.00)	$ (1,213.00)	$ (419.00)	$ (304.00)	$ (379.00)	$ (448.00)	$ (1,550.00)	$ (336.00)	$ (245.00)	$ (293.00)	$ (338.00)	$ (1,212.00)	$ (364.00)	$ (227.00)	$ (230.00)	$ (285.00)	$ (1,106.00)	$ (335.00)	$ (308.00)	$ (247.00)	$ (361.00)	$ (1,251.00)	$ (340.00)	$ (317.00)	$ (247.00)	$ (421.00)	$ (1,325.00)	$ (378.00)	$ (261.00)	$ (273.00)	$ (439.00)	$ (1,351.00)	$ (378.00)	$ (288.00)	$ (317.00)	$ (472.78)	$ (1,455.78)		$ (385.56)	$ (293.76)	$ (309.53)	$ (482.24)	$ (1,471.08)		$ (393.27)	$ (299.64)	$ (315.72)	$ (491.88)	$ (1,500.51)
Free Cash Flow to Equity Holders			$ 11.26	$ 183.13	$ 113.00	$ 51.93	$ 2.10					$ 40.25					$ 166.48					$ (49.52)					$ (73.90)					$ (202.90)					$ (651.40)					$ 467.60					$ 566.30					$ 529.90					$ 96.06					$ 1,241.80					$ 464.40	$ (114.40)	$ 632.60	$ 315.50	$ (234.07)	$ 557.03	$ (378.00)	$ 947.00	$ 827.00	$ 431.00	$ 1,827.00	$ 836.00	$ 376.00	$ 742.00	$ 569.00	$ 2,523.00	$ 863.00	$ 589.00	$ 888.00	$ 204.00	$ 2,544.00	$ 331.00	$ 702.00	$ 1,332.00	$ 109.00	$ 2,474.00	$ 176.00	$ 1,051.00	$ 1,211.00	$ 750.00	$ 3,188.00	$ (183.00)	$ 1,163.00	$ 891.00	$ 481.00	$ 2,352.00	$ 1,023.00	$ 2,032.00	$ 1,545.00	$ 606.00	$ 5,206.00	$ 351.00	$ 1,417.00	$ 1,874.00	$ 2,606.00	$ 6,248.00	$ 117.00	$ 2,688.00	$ 1,503.00	$ 1,691.00	$ 5,999.00	$ 369.00	$ 2,581.00	$ 1,656.00	$ 2,441.70	$ 7,047.70		$ 935.18	$ 576.12	$ 1,307.67	$ 2,688.57	$ 5,507.54		$ 1,276.49	$ 761.68	$ 1,523.14	$ 2,529.00	$ 6,090.31
- Dividends			$ (54.77)	$ (62.15)	$ (71.38)	$ (81.23)	$ (92.92)					$ (105.23)					$ (115.60)					$ (122.50)					$ (128.60)					$ (134.60)					$ (140.90)					$ (147.00)					$ (152.40)					$ (176.90)					$ (214.50)					$ (262.90)					$ (310.20)	$ (94.00)	$ (94.40)	$ (94.10)	$ (94.00)	$ (376.50)	$ (111.00)	$ (112.00)	$ (111.00)	$ (112.00)	$ (446.00)	$ (136.00)	$ (136.00)	$ (135.00)	$ (134.00)	$ (541.00)	$ (166.00)	$ (162.00)	$ (160.00)	$ (159.00)	$ (647.00)	$ (202.00)	$ (196.00)	$ (195.00)	$ (194.00)	$ (787.00)	$ (260.00)	$ (260.00)	$ (260.00)	$ (260.00)	$ (1,040.00)	$ (298.00)	$ (299.85)	$ (301.32)	$ (322.65)	$ (1,199.00)	$ (319.15)	$ (368.81)	$ (367.84)	$ (390.64)	$ (1,384.00)	$ (388.35)	$ (388.89)	$ (389.63)	$ (406.23)	$ (1,563.00)	$ (404.78)	$ (405.36)	$ (401.29)	$ (403.82)	$ (1,723.00)	$ (396.27)	$ (396.67)	$ (396.67)	$ (430.29)	$ (1,721.29)		$ (424.24)	$ (418.38)	$ (412.34)	$ (447.13)	$ (1,702.10)		$ (440.68)	$ (434.14)	$ (427.69)	$ (463.26)	$ (1,765.78)
= Total Free Cash Flow After Dividends			$ (32.24)	$ 304.11	$ 154.61	$ 22.64	$ (88.73)					$ (24.73)					$ 217.35					$ (221.54)					$ (276.40)					$ (540.40)					$ (1,443.70)					$ 788.20					$ 980.20					$ 882.90					$ (118.44)					$ 978.90					$ 154.20	$ (322.80)	$ 1,170.80	$ 536.90	$ (562.14)	$ 180.53	$ (867.00)	$ 1,782.00	$ 1,543.00	$ 750.00	$ 1,381.00	$ 1,536.00	$ 616.00	$ 1,349.00	$ 1,004.00	$ 1,982.00	$ 1,560.00	$ 1,016.00	$ 1,616.00	$ 249.00	$ 1,897.00	$ 460.00	$ 1,208.00	$ 2,469.00	$ 24.00	$ 1,687.00	$ 92.00	$ 1,842.00	$ 2,162.00	$ 1,240.00	$ 2,148.00	$ (664.00)	$ 2,026.15	$ 1,480.68	$ 639.35	$ 1,153.00	$ 1,726.85	$ 3,695.19	$ 2,722.16	$ 821.36	$ 3,822.00	$ 313.65	$ 2,445.11	$ 3,358.37	$ 4,805.77	$ 4,685.00	$ (170.78)	$ 4,970.64	$ 2,604.71	$ 2,978.18	$ 4,276.00	$ 341.73	$ 4,765.33	$ 2,915.33	$ 4,453.10	$ 5,326.41		$ 1,446.12	$ 733.86	$ 2,202.99	$ 4,930.01	$ 3,805.44	4%	$ 2,112.29	$ 1,089.23	$ 2,618.58	$ 4,594.74	$ 4,324.53	4%
Cash from Operations			218.3	338.5	306.9	355.4	345.0					415.4					666.8					617.7					652.0					989.3					719.2					1,711.8					1,502.6					1,644.0					1,371.2					2,695.1					2,356.5	339.0	1,167.1	984.9	461.7	3,039.0	312.0	1,428.0	1,519.0	852.0	4,111.0	1,168.0	595.0	1,056.0	925.0	3,744.0	1,165.0	886.0	1,230.0	362.0	3,643.0	809.0	1,007.0	1,847.0	768.0	4,431.0	601.0	1,198.0	1,379.0	1,123.0	4,301.0	133.0	1,104.0	1,272.0	1,384.0	3,893.0	1,009.0	1,328.0	1,822.0	1,505.0	5,664.0	732.0	2,353.0	2,104.0	2,658.0	7,847.0	525.0	2,857.0	1,855.0	2,014.0	7,251.0	961.0	2,215.0	2,209.0	2,876.9	8,261.9		1,287.9	838.9	1,570.8	3,130.7	6,828.4		1,637.0	1,030.3	1,792.5	2,980.8	7,440.6
Continuing Net Income			195.0	220.6	221.7	281.9	320.8					375.8					453.0					557.3					624.1					794.5					885.6					1,008.1					1,165.1					1,349.8					1,559.5					1,750.6					2,041.1	455.6	685.3	573.2	443.3	2,028.5	408.0	640.0	522.0	436.0	2,006.0	489.0	669.0	463.0	470.0	2,091.0	580.0	739.0	603.0	792.0	2,714.0	554.0	683.0	537.0	353.0	2,127.0	413.0	756.0	624.0	657.0	2,450.0	695.0	754.0	722.0	(239.0)	1,932.0	850.0	2,042.0	1,302.0	26.0	4,220.0	1,110.0	930.0	1,103.0	1,030.0	4,173.0	1,054.0	1,060.0	1,162.0	802.0	4,078.0	821.0	1,349.0	1,342.0	1,099.3	4,611.3		975.5	1,369.2	1,296.0	1,288.1	4,928.8		1,180.8	1,553.6	1,502.1	1,492.9	5,729.3
CFO / Continuing Net Income Ratio			1.1x	1.5x	1.4x	1.3x	1.1x					1.1x					1.5x					1.1x					1.0x					1.2x					0.8x					1.7x					1.3x					1.2x					0.9x					1.5x					1.2x	0.7x	1.7x	1.7x	1.0x	1.5x	0.8x	2.2x	2.9x	2.0x	2.0x	2.4x	0.9x	2.3x	2.0x	1.8x	2.0x	1.2x	2.0x	0.5x	1.3x	1.5x	1.5x	3.4x	2.2x	2.1x	1.5x	1.6x	2.2x	1.7x	1.8x	0.2x	1.5x	1.8x	(5.8x)	2.0x	1.2x	0.7x	1.4x	57.9x	1.3x	0.7x	2.5x	1.9x	2.6x	1.9x	0.5x	2.7x	1.6x	2.5x	1.8x	1.2x	1.6x	1.6x	2.6x	1.8x		1.3x	0.6x	1.2x	2.4x	1.4x		1.4x	0.7x	1.2x	2.0x	1.3x
CAPITAL ALLOCATION MODEL
Dollar Value of Share Repurchases			–	–	–	–	–					–					–					–					–					–					–					(25.4)					(149.2)					(299.2)					(781.8)					(668.8)					(1,063.5)					(294.0)	-99	-41	0	-140	(280.0)	-195	-252	-307	-1002	(1,756.0) justinv: justinv: 2B buyback authorization provided by BOD on Oct. 15, 2009. Assumes they use half of that in FY2010.	-510	-375	-508	-635	(2,028.0) justinv: justinv: Assumes they use the other half of the 2B authorization provided on Oct. 15, 2009.	-608	-407	-176	0	(1,191.0)	-50	-66	-451 saursing: saursing: YTD they repurchased $567M of shares, all ofwhich was to support the needs of the employee stock plans	-48	(615)	-205	0	0	0	(205)	-500	-94	-237	-395	(1,226)	-529	-623	0	0	-1152	0	-498	-1000	-3763	-5261	32	-2557	0	-1000	-3525		-1000	-1000	-1000	-1000	-4000		-1000	-1000	-1000	-1000	-4000
Stock Price (avg)																																																									43.1					44.5					44.6					36.8					27.3	$34.00	$34.00	$34.00	$34.00	34.0	$34.00	$39.00	$40.00	$35.00	36.6	$35.70	$33.50	$34.17	$34.85	$34.69	$35.71	$34.74	$44.00 saursing: saursing: Estimated average repurchase price, they did not disclose it in 10-Q or transcript	$50.00	$42.38	$60.00	$62.50	$65.00	$62.50	$62.50	$65.00	$77.50	$82.50	$82.50	$76.88	$82.50	$82.50	$86.63	$90.96	$85.65	$93.23	$87.79	$82.00	$82.00	$86.25	$82.00	$72.79 Magajwala, Vatsal (Research): Average price taken from Datastream	$72.79	$72.79	$75.10		$72.79	$75.10	$72.79	$75.10	$73.95		$75.10	$73.95	$75.10	$73.95	$74.52
Shares Repurchased																																																									(18.1)					(15.0)					(23.8)					(8.0)					(10.3)	(5.7)	(7.4)	(9.0)	(29.5)	(51.6)	(15.0)	(9.6)	(12.7)	(18.1)	(55.5)	(17.0)	(12.1)	(5.2)	0.0	(34.3)	(1.4)	(1.9)	(10.3)	(1.0)	(14.5)	(3.4)	0.0	0.0	0.0	(3.3)	(7.7)	(1.2)	(2.9)	(4.8)	(15.9)	(6.4)	(7.6)	0.0	0.0	(13.5)	0.0	(5.7)	(12.2)	(45.9)	(61.0)	0.4	(35.1)	0.0	(13.7)	(46.9)		(13.7)	(13.3)	(13.7)	(13.3)	(54.1)		(13.3)	(13.5)	(13.3)	(13.5)	(53.7)
Employee Stock Purchase & Option Plan																																																									8.4					9.4					7.1					6.0					9.7	2.3478411176	0.6671307059	3.7782017647	-13.9634557647	(7.2)	7.670951	2.6597866154	2.659444	2.0181411429	15.0	1.2390083249	1.3974617313	0.8651250032	85.590392 steshin: steshin: 7/10/12: +84.3M shares from Alliance Boots Acq + normal option exercise	89.1	2.4	4.3	7.8	1.5	16.0	2.7	2.6	4.7	3.0	13.0	0	0	0	0	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0	0	0		0	0	0	0	0
Increase / (Decrease) in Outstanding Shares																																																									(3.5)					(8.9)					(13.1)					(2.0)					(0.6)	-3.387453	-6.744634	-5.25121	-43.434044	(58.8)	-7.329049	-6.955598	-10.040556	-16.124716	(40.4)	-15.791804	-10.751792	-4.285592	85.590392	54.8	1	2	(2.5)	0.54	1.5	(0.7)	2.6	4.7	3.0	9.7	-7.6923076923	-1.2129032258	-2.8727272727	-4.7878787879	(15.9)	-6.4121212121	-7.5515151515	0	0	-13.4508237097	0	-5.6728575605	-12.1951219512	-45.8902439024	-60.9941663813	0.3902439024	-35.126183637	0	-13.7372638393	-46.9399012797		-13.7372638393	-13.316284051	-13.7372638393	-13.316284051	-54.0939940622		-13.316284051	-13.5234985155	-13.316284051	-13.5234985155	-53.6763655666
Dividend Per Share																																																									$0.21					$0.26					$0.31					$0.38					$0.45	$0.14 justinv: justinv: Increased as part of the share repurchase authorization of $2B on Oct. 15 2009. Represents a 22% increase.	$0.14	$0.14	$0.14	$0.58	$0.18	$0.18	$0.18	$0.18	$0.73	$0.23	$0.23	$0.23	$0.28	$0.95	$0.28	$0.28	$0.28	$0.32	$1.14	$0.32	$0.32	$0.32	$0.34	$1.28	$0.34	$0.34	$0.34	$0.36	$1.37	$0.36	$0.36	$0.36	$0.38	$1.46	$0.38	$0.38	$0.38	$0.40	$1.53	$0.40	$0.40	$0.40	$0.44	$1.64		$0.44	$0.44	$0.44	$0.48	$1.80		$0.48	$0.48	$0.48	$0.53	$1.98
Shares Outstanding for Dividends																																																									1012.080363					1007.862119					991.141357					989.176218					988.56139	985.173937	978.429303	973.178093	929.744049	929.744049	948.5714285714	925.7142857143	914.2857142857	908.5714285714	889.29413	873.502326	862.750534	858.464942	944.055334	944.055334	945.104739	947.485297	945.00368	946.595578	946.595578	949.3	951.9	956.560612	956	956	945.642298	1092.762105	1089.8893777273	1085.1014989394	1085.1014989394	1078.746871	1080.245	1082.317487	1083.282661	1083.282661	1079.409628	1080.950894	1070.096486	1009.549218	1009.549218	990.668837	991.665577	991.665577	977.9283131607	977.9283131607		964.1910493215	950.8747652705	937.1375014312	923.8212173802	923.8212173802		910.5049333293	896.9814348137	883.6651507627	870.1416522472	870.1416522472
Total Dividend Payments																																																									-214.5					-262.9					-310.2					-376.5					-446	-136	-136	-135	-134	-541	-166	-162	-160	-159	-647	-202	-196	-195	-194	-787	-260	-260	-260	-260	-1040	-298	-299.8485	-301.31659278	-322.65	-1226.07	-319.154275575	-368.8072104375	-367.837664983	-390.6365396182	-1489.3018072943	-388.34887356	-388.8882	-389.63429532	-406.230997875	-1576.176271755	-404.7786105	-405.35658525	-401.28618225	-403.8196872	-1539.56255745	-396.2675348	-396.6662308	-396.6662308	-430.2884577907	-1603.8024335836		-424.2440617014	-418.384896719	-412.3405006297	-447.129469212	-1666.5734761539		-440.6843877314	-434.1390144498	-427.6939329692	-463.2634156564	-1726.7090947193
Y/Y Increase																																																														23%					20%					22%					19%					29%	27%	27%	27%	27%	25%	29%	29%	30%	57%	31%	22%	22%	21%	15%	20%	15%	15%	15%	7%	13%	7%	7%	7%	7%	7%	7%	7%	7%	4%	6%	4%	4%	4%	7%	5%	7%	7%	7%	10%	8%		10%	10%	10%	10%	10%		10%	10%	10%	10%	10%
Payout Ratio																																																									-14%					-15%					-15%					-19%					-22%	26%	19%	25%	24%	25%	26%	20%	24%	27%	25%	32%	26%	32%	44%	32%	47%	29%	32%	43%	37%	44%	34%	35%	46%	39%	43%	29%	33%	41%	35%	35%	28%	30%	35%	32%	34%	28%	28%	31%	30%	31%	23%	26%	32%	28%		33%	25%	26%	29%	28%		34%	26%	26%	30%	29%
Reported Operating Efficiency
Operating Working Capital			377.301	355.139	371.523	431.641	645.485					761.317					697.65					884.818					1088.7					1233.6					1796.4					1745.7					1654.9					1895.7					2578.9					2360.6					3189.3	3608	3386.7	3116.1	3214.7	3214.7	3802	3399	2777	2571.3	2571.3	2562	2868	2724	2480	2480	2646	2722	2326	2656	2656	2948	2880	2014	1800	1800	2236	2117	1548	1272	1272	2484	2219	1863	1278	1278	1312	963	882	214	214	1176	835	250	-1268	-1268	-75	-1295	-1573	-2540	-2540	-1885	-1379	-1476	-2845.885732552	(2,845.89)		$ (2,747.31)	$ (1,789.28)	$ (1,621.21)	$ (3,051.90)	$ (3,051.90)		$ (3,089.11)	$ (2,129.91)	$ (1,968.23)	$ (3,035.52)	$ (3,035.52)
% Sales			6%	5%	4%	5%	6%					6%					5%					6%					6%					6%					7%					6%					5%					5%					6%					5%					6%	6%	6%	5%	6%	5%	6%	5%	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%	3%	4%	4%	4%	4%	3%	3%	3%	3%	3%	2%	2%	2%	3%	3%	2%	2%	2%		1%	1%	0%	0%	1%	1%	0%	-1%	-1%	-0%	-1%	-1%	-2%	-2%	-2%	-1%	-1%	-2%	-2%		-2%	-1%	-1%	-2%	-2%		-2%	-2%	-1%	-2%	-2%
Working Capital			563.626	636.829	579.626	622.122	735.155					837.083					887.023					1043.035					1297.9					1246.4					1382.3					2449.7					2937.6					3686.5000004359					3835.5000004359					3950.1000004359					2766.2000004359	2789	2912.7	2681.2	3789.0000004359	3789.0000004359	3662.7000004359	4920.7000004359	5278.7000004359	5280.0000004359	5280.0000004359	5550.7000004359	5861.7000004359	4994.7000004359	4488.7000004359	4489	4513.7000004359	4992.7000004359	5086.7000004359	4238.7000004359	4239	3877.7000004359	3955.7000004359	4068.7000004359	2037.7000004359	2037.7000004359	2841.7000004359	3406.7000004359	2880.7000004359	2991	2991	2901	3537	3519	3347	3347	13403	4025	4872	3100	3100	3357	4106	3902	8870	8870	8939	9831	6439	1206	1206	-836	-2201	-1494	-1996.09636438	(1,996.10)		$ (3,911.38)	$ (3,826.63)	$ (3,809.58)	$ (4,038.91)	$ (4,038.91)		$ (4,523.12)	$ (4,267.38)	$ (4,056.61)	$ (4,098.24)	$ (4,098.24)
% Sales			8%	9%	7%	7%	7%					7%					7%					7%					7%					6%					6%					9%					9%					10%					9%					8%					5%	5%	5%	4%	6%	6%	6%	7%	8%	8%	8%	8%	9%	7%	7%	7%	7%	7%	7%	6%	6%	5%	5%	6%	3%	3%	4%	5%	4%	4%	4%	4%	5%	5%	4%	4%	17%	4%	4%	3%	3%	3%	3%	3%	8%	8%	8%	8%	5%	1%	1%	-1%	-2%	-1%	-2%	-2%		-3%	-3%	-3%	-3%	-3%		-3%	-3%	-3%	-3%	-3%
Current Ratio			1.8x	1.8x	1.7x	1.6x	1.7x					1.7x					1.6x					1.7x					1.7x					1.5x					1.5x					1.8x					1.8x					1.9x					1.9x					1.7x					1.4x	1.4x	1.4x	1.4x	1.6x	1.6x	1.4x	1.7x	1.8x	1.8x	1.8x	1.7x	1.8x	1.7x	1.6x	1.6x	1.6x	1.7x	1.6x	1.5x	1.5x	1.5x	1.5x	1.5x	1.2x	1.2x	1.3x	1.4x	1.3x	1.3x	1.3x	1.3x	1.4x	1.4x	1.4x	1.4x	2.4x	1.2x	1.3x	1.2x	1.2x	1.2x	1.3x	1.2x	1.5x	1.5x	1.5x	1.6x	1.3x	1.1x	1.1x	1.0x	0.9x	0.9x	0.9x	0.9x		0.8x	0.8x	0.8x	0.8x	0.8x		0.8x	0.8x	0.8x	0.8x	0.8x
Quick Ratio			0.5x	0.5x	0.4x	0.4x	0.3x					0.3x					0.4x					0.4x					0.4x					0.3x					0.3x					0.6x					0.7x					0.7x					0.6x					0.6x					0.4x	0.4x	0.4x	0.4x	0.5x	0.5x	0.5x	0.6x	0.8x	0.8x	0.8x	0.8x	0.8x	0.7x	0.6x	0.6x	0.6x	0.7x	0.7x	0.5x	0.5x	0.5x	0.5x	0.6x	0.4x	0.4x	0.5x	0.6x	0.6x	0.6x	0.6x	0.5x	0.6x	0.7x	0.7x	0.7x	1.7x	0.7x	0.8x	0.7x	0.7x	0.6x	0.7x	0.7x	1.0x	1.0x	0.9x	1.0x	0.9x	0.6x	0.6x	0.5x	0.4x	0.5x	0.5x	0.5x		0.4x	0.4x	0.4x	0.4x	0.4x		0.4x	0.4x	0.4x	0.4x	0.4x
ROAE			36%	19%	17%	19%	19%					20%					21%					21%					20%					21%					19%					17%					17%					18%					18%					18%					19%	16%	23%	19%	14%	17%	13%	19%	15%	12%	15%	13%	18%	12%	13%	15%	16%	20%	16%	21%	19%	15%	19%	14%	8%	13%	9%	16%	13%	14%	13%	14%	15%	14%	-5%	10%	16%	32%	17%	0%	16%	14%	12%	14%	13%	14%	14%	14%	15%	11%	14%	12%	20%	19%	16%	16%		14%	20%	19%	19%	18%		17%	23%	22%	22%	21%
ROAA			19%	10%	9%	10%	10%					11%					12%					12%					12%					12%					11%					11%					11%					11%					11%					11%					11%	9%	13%	11%	8%	10%	7%	10%	8%	7%	8%	8%	10%	7%	7%	8%	9%	11%	9%	12%	10%	8%	10%	8%	5%	7%	5%	9%	7%	7%	7%	8%	8%	8%	-3%	5%	8%	14%	7%	0%	8%	6%	6%	7%	6%	6%	6%	6%	6%	5%	6%	5%	8%	8%	6%	7%		6%	8%	8%	8%	7%		7%	9%	9%	9%	8%
Book Value Per Share			$1.09	$1.25	$1.39	$1.59	$1.81					$2.05					$2.38					$2.83					$3.44					$4.15					$5.06					$6.27					$6.90					$7.89					$8.64					$9.92					$11.03	$11.52	$12.12	$12.61	$12.97	$12.93	$13.26	$13.83	$14.29	$14.47	$14.50	$14.72	$15.10	$15.39	$14.92	$14.58	$15.37	$15.82	$15.96	$16.30	$16.07	$16.58	$16.94	$17.38	$20.37	$20.81	$19.32	$19.90	$19.79	$20.32	$20.36	$20.86	$21.62	$22.20	$21.24	$21.30	$21.72	$29.42	$28.96	$28.39	$29.70	$28.36	$27.49	$28.78	$27.81	$27.76	$27.28	$28.02	$29.08	$26.69	$26.21	$26.46	$28.31	$28.60	$28.49	$28.26		$28.47	$28.87	$29.21	$29.51	$28.91		$29.70	$30.32	$30.91	$31.47	$30.80
Asset Turnover			6.4x	3.3x	3.4x	3.4x	3.4x					3.4x					3.4x					3.4x					3.3x					3.3x					3.1x					3.0x					3.0x					3.0x					3.0x					3.0x					3.0x	2.8x	3.0x	2.8x	2.7x	2.8x	2.5x	2.7x	2.6x	2.5x	2.7x	2.5x	2.6x	2.6x	2.5x	2.6x	2.6x	2.7x	2.7x	2.6x	2.7x	2.6x	2.8x	2.6x	2.3x	2.4x	2.0x	2.1x	2.1x	2.0x	2.1x	2.0x	2.1x	2.1x	2.0x	2.1x	1.8x	1.8x	1.6x	1.6x	2.0x	1.7x	1.8x	1.8x	1.6x	1.7x	1.6x	1.6x	1.6x	1.7x	1.7x	1.9x	1.9x	1.9x	1.9x	1.9x		1.9x	2.0x	2.1x	1.9x	2.0x		1.9x	2.0x	2.1x	2.0x	2.0x
Receivables Turnover			101.7022362866	57.2475904191	61.8900134676	55.4248881447	47.2487182284					44.0623989944					40.1883341854					40.8312670808					41.4969206702					38.5229791099					34.8570215176					32.7204380811					32.9569096624					34.3026201472					32.9006002963					27.4119687771					25.0102344622	25.0302665328	26.8479365149	25.3697148891	23.724513429	24.7855823327	22.5483207935	23.4853884533	23.021480561	23.7339882864	25.2174951723	25.8056376897	25.7818250806	25.3719343537	26.0590847654	27.2624342903	28.1901665989	29.7878848863	28.8455348381	28.2111874387	29.182939155	28.5768247098	29.2851815505	29.5681865501	30.6173503699	30.7174099485	31.2633716994	31.4385669125	29.9048785466	28.4213861386	30.0966868098	27.3618212353	28.5111797855	26.7461657763	24.4046742436	26.12	23.01	20.06	16.55	16.60	20.55	16.99	17.82	17.82	17.94	17.90	18.39	19.94	20.06	18.75	18.49	18.37	18.68	19.02	18.73	19.59		19.20	19.61	19.57	18.50	19.77		19.23	19.61	19.58	18.51	19.79
Inventory Turnover			10.5020268751	5.6058427322	5.6803682401	5.6072307402	5.4914195477					5.5158981871					5.7451959428					5.9012269363					5.7818282661					5.8368156572					5.71782931					5.9139401762					6.0414123523					6.108820865					5.887700483					5.8816638181					5.9992835393	5.6371178583	5.8878950587	5.986867248	5.9038063831	6.0388902739	5.5552839776	5.9529026571	6.494507772	6.6413748237	6.5138941325	6.6329671254	6.5912498296	6.9601677149	6.6692435119	6.8388472045	6.4886504873	6.7945346739	6.9751302856	6.6160553988	6.7036700817	6.4162211982	6.8106303762	7.1008292105	6.9732193732	6.8025198939	6.5784478697	6.920525408	7.4096504882	7.4273647419	7.3585829493	7.2296824635	7.4715566859	8.1810723703	8.7766679984	8.48	9.06	9.91	9.40	9.75	10.37	9.28	9.41	9.80	9.61	9.90	9.01	9.09	10.26	10.38	9.98	9.90	9.81	10.51	10.40	11.02		10.31	10.18	10.94	10.54	11.38		10.63	10.47	11.27	10.87	11.76
Payable Turnover			26.2017727198	13.7484994654	14.1402008421	13.7694460735	13.0998201178					13.1124529023					12.8481592085					12.9019442047					12.7418250363					12.3868820912					12.4013329669					12.4592693308					11.171104095					10.8174994554					10.9408061586					9.8428723374					9.9113798649	10.312870681	10.5659467217	10.3079463068	9.9849929691	10.5678886161	9.2715288662	9.4923694779	9.8613238225	10.2005164477	10.6362388629	10.1174205967	10.0186451212	10.8319738989	10.5381175701	10.8948611267	10.3974842767	10.7083798883	10.6750126199	10.5021882952	11.0041511442	10.8911138924	11.8133838103	11.7999073645	11.1040036294	11.1574940178	10.6177077675	11.3280486481	11.7434402332	11.1292962357	11.3311897106	11.2180483133	12.0691891892	12.8038518858	12.8467836257	12.25	12.00	10.17	8.43	8.49	10.63	8.31	8.67	8.71	8.05	8.28	7.65	7.73	8.06	7.60	7.58	7.18	7.42	8.05	7.52	7.73		7.28	7.49	8.14	7.41	7.76		7.30	7.50	8.14	7.51	7.89
Days Receivables			7.1778166012	6.2862361422	6.1302261406	7.6648206417	8.6407465597					8.94147749					10.2832966762					8.9008715871					9.9542850416					10.5763925892					11.8336311579					12.1509286603					11.4287779877					11.3767522835					12.0765444912					15.8806450252					15.1840054313	14.4162704325	13.6804256314	14.6745872653	15.9273554336	15.6246707423	16.7150598782	15.4925644917	15.8743985194	14.6234477488	14.3844635667	14.1731850403	14.273267793	14.597825455	13.3609958506	13.2638682883	12.8274907749	12.146254459	13.0105056883	12.785885234	12.6261359858	12.8181968387	12.1071256233	11.8886885985	11.6771510572	11.0417684587	11.7671517672	11.9745803615	11.8833615464	13.2032774093	13.3026849634	13.3902558787	12.7345065034	14.0513375599	15.1975651991	15.38	16.47	23.77	21.56	21.61	21.61	21.14	20.08	19.86	19.67	19.67	19.38	17.34	18.94	19.49	19.49	20.0787247885	19.8446443173	19.182967321	19.182967321	19		19	19	19	19	19		19	19	19	19	19
Sales / Day			18.4466958904	20.4793452055	22.7255890411	25.301309589	28.4797150685					32.2696109589					36.6110219178					41.9357808219					48.8734246575					58.1010958904					67.4602739726					78.5783561644					89.055890411					102.7621917808					115.6208219178					129.8876712329					147.2931506849	155.8655555556	171.04	163.2141304348	158.6641304348	161.7378082192	166.0777777778	183.0555555556	176.1956521739	170.6847826087	173.5205479452	181.8222222222	188.7444444444	186.9456521739	183.3695652174	184.7123287671	192.7111111111	205.5777777778	199.6847826087	195.2934782609	197.7643835616	201.7444444444	207.2333333333	192.9565217391	185.5760869565	196.2547945205	192.4	207.1888888889	203.4777777778	199.3444444444	197.8547945205	203.6555555556	217.8333333333	215.5666666667	211.7444444444	209.29	217.27	295.26	319.94	316.91	283.41	322.59	335.38	327.76	318.18	321.51	316.68	327.18	334.64	334.99	323.87	341.5555555556	366.9	373.1956521739	355.9417002952	358		356	373	388	361	373		363	379	395	368	379
Days of Inventory on Hand			69.5103915348	67.9175005732	67.3294195247	69.7711012338	71.1266810216					69.9913449426					65.4329061973					66.691098937					69.2562371905					66.883864244					70.4240147599					63.1282827468					64.7081986991					63.3307824126					67.11872571					64.4967932618					64.3472159842	67.2573463936	60.2166727538	60.340724234	63.1392189349	62.4154606466	69.1756206002	57.7559654764	53.9504723002	54.9982918024	54.1991710774	56.8797564688	53.5980148883	52.5397590361	56.1993707567	55.5893402692	57.4086619889	51.9524965852	52.5674510101	57.3769576679	56.7991178519	56.7524706964	49.8589956266	50.5862772806	52.893610067	50.0699927863	57.6156175821	50.0590490798	48.3578030708	49.4418823529	48.9447727895	52.789709342	46.5188104622	41.5092042117	39.8281136198	40.5	41.1	42.9	37.0	36.7	36.7	41.3	36.5	36.5	37.5	37.5	42.2	38.0	34.0	35.1	35.1	38.5016453695	37.2493480441	34.2618061309	34.1137708799	34.11		37.50	36.25	33.26	33.11	33.11		36.50	35.25	32.26	32.11	32.11		turning inventory at a faster pace
Days Payable			27.8607103346	28.124502487	26.2899432648	29.4246945346	29.6595629327					29.671141893					30.6910217206					29.8393924733					31.7876735549					32.2274942874					31.2806874657					31.8031324581					37.0724536197					35.303309362					35.0217006754					43.0575577388					35.3769915962	36.571682992	34.3934441198	35.6493593315	37.3609278107	36.9326633877	41.8988514265	37.5748857675	36.0061271381	34.8979484019	34.3908840383	38.3789954338	34.3250620347	33.8737349398	34.9246564001	34.5455577574	35.9666102105	33.396570041	34.9080729364	34.3091952241	33.9636694266	32.9441507699	28.5228472327	32.0172711572	32.9570191208	31.1976760055	35.5152656135	30.2852760736	31.8356122527	33.4447058824	33.1084386864	32.5248539121	28.9444643497	27.3010529332	28.2847778587	28.7	32.8	47.0	41.9	42.7	42.7	44.5	40.0	42.3	46.1	46.1	47.9	46.3	45.2	49.3	49.3	52	48	45	49	49.30		52.19	48.03	45.35	49.30	49.30		52.19	48.03	45.35	48.00	48.00
COGS / Day			13.1202684932	14.6378767123	16.2489890411	18.1077835616	20.4407260274					23.3167972603					26.4802849315					30.3915369863					35.5578082192					42.324109589					49.4490410959					57.742739726					64.9484931507					74.8230136986					83.3254794521					93.8093150685					105.5290410959	112.3	121.6888888889	117.0652173913	114.8097826087	116.1410958904	119.9555555556	131.3111111111	127.7282608696	123.4456521739	125.2657534247	131.4	134.3333333333	135.3260869565	131.2826086957	132.7232876712	137.7666666667	146.4222222222	143.6630434783	140.1956521739	141.6219178082	145.0333333333	147.3555555556	138.4565217391	133.0217391304	140.5232876712	135.7444444444	144.8888888889	142.2934782609	138.5869565217	139.9945205479	146.4111111111	155.0555555556	155.1222222222	152.5555555556	150.2	158.4	218.8	236.8	236.2	209.6	239.2	247.1	244.5	238.7	239.0	237.6	243.2	255.3	253.4	244.0	259.9888888889	276.9444444444	288.6304347826	269.6751410457	273.12		271.64	282.35	301.11	272.82	284.30		276.20	287.43	306.66	278.00	289.43
Days Sales Outstanding			7.1778166012	6.2862361422	6.1302261406	7.6648206417	8.6407465597					8.94147749					10.2832966762					8.9008715871					9.9542850416					10.5763925892					11.8336311579					12.1509286603					11.4287779877					11.3767522835					12.0765444912					15.8806450252					15.1840054313	14.4162704325	13.6804256314	14.6745872653	15.9273554336	15.6246707423	16.7150598782	15.4925644917	15.8743985194	14.6234477488	14.3844635667	14.1731850403	14.273267793	14.597825455	13.3609958506	13.2638682883	12.8274907749	12.146254459	13.0105056883	12.785885234	12.6261359858	12.8181968387	12.1071256233	11.8886885985	11.6771510572	11.0417684587	11.7671517672	11.9745803615	11.8833615464	13.2032774093	13.3026849634	13.3902558787	12.7345065034	14.0513375599	15.1975651991	15.4	16.5	23.8	21.6	21.6	21.6	21.1	20.1	19.9	19.7	19.7	19.4	17.3	18.9	19.5	19.5	20.0787247885	19.8446443173	19.182967321	19.182967321	19.2		19.2	19.2	19.2	19.2	19.2		19.2	19.2	19.2	19.2	19.2
+ Days Inventory On Hand Oliver Wintermantel: Oliver Wintermantel: How many days does it take to turn inventory into revenues.			69.5103915348	67.9175005732	67.3294195247	69.7711012338	71.1266810216					69.9913449426					65.4329061973					66.691098937					69.2562371905					66.883864244					70.4240147599					63.1282827468					64.7081986991					63.3307824126					67.11872571					64.4967932618					64.3472159842	67.2573463936	60.2166727538	60.340724234	63.1392189349	62.4154606466	69.1756206002	57.7559654764	53.9504723002	54.9982918024	54.1991710774	56.8797564688	53.5980148883	52.5397590361	56.1993707567	55.5893402692	57.4086619889	51.9524965852	52.5674510101	57.3769576679	56.7991178519	56.7524706964	49.8589956266	50.5862772806	52.893610067	50.0699927863	57.6156175821	50.0590490798	48.3578030708	49.4418823529	48.9447727895	52.789709342	46.5188104622	41.5092042117	39.8281136198	40.5	41.1	42.9	37.0	36.7	36.7	41.3	36.5	36.5	37.5	37.5	42.2	38.0	34.0	35.1	35.1	38.5016453695	37.2493480441	34.2618061309	34.1137708799	34.1		37.5	36.2	33.3	33.1	33.1		36.5	35.2	32.3	32.1	32.1
- Days Payable			-27.8607103346	-28.124502487	-26.2899432648	-29.4246945346	-29.6595629327					-29.671141893					-30.6910217206					-29.8393924733					-31.7876735549					-32.2274942874					-31.2806874657					-31.8031324581					-37.0724536197					-35.303309362					-35.0217006754					-43.0575577388					-35.3769915962	-36.571682992	-34.3934441198	-35.6493593315	-37.3609278107	-36.9326633877	-41.8988514265	-37.5748857675	-36.0061271381	-34.8979484019	-34.3908840383	-38.3789954338	-34.3250620347	-33.8737349398	-34.9246564001	-34.5455577574	-35.9666102105	-33.396570041	-34.9080729364	-34.3091952241	-33.9636694266	-32.9441507699	-28.5228472327	-32.0172711572	-32.9570191208	-31.1976760055	-35.5152656135	-30.2852760736	-31.8356122527	-33.4447058824	-33.1084386864	-32.5248539121	-28.9444643497	-27.3010529332	-28.2847778587	-28.7	-32.8	-47.0	-41.9	-42.7	-42.7	-44.5	-40.0	-42.3	-46.1	-46.1	-47.9	-46.3	-45.2	-49.3	-49.3	-52.1945382281	-48.0276830491	-45.348648038	-49.2989609365	-49.3		-52.2	-48.0	-45.3	-49.3	-49.3		-52.2	-48.0	-45.3	-48.0	-48.0
Days Tied Up/(Excess) Cash			48.8274978014	46.0792342285	47.1697024005	48.0112273409	50.1078646486					49.2616805396					45.0251811529					45.7525780508					47.4228486771					45.2327625458					50.976958452					43.4760789491					39.064523067					39.4042253341					44.1735695259					37.3198805482					44.1542298194	45.1019338341	39.5036542655	39.3659521678	41.7056465579	41.1074680011	43.991829052	35.6736442006	33.8187436815	34.7237911494	34.1927506058	32.6739460753	33.5462206466	33.2638495514	34.6357102073	34.3076508001	34.2695425533	30.7021810032	30.669883762	35.8536476778	35.4615844111	36.6265167651	33.4432740172	30.4576947219	31.6137420035	29.9140852394	33.8675037357	31.7483533676	28.4055523646	29.2004538799	29.1390190665	33.6551113086	30.3088526159	28.2594888385	26.7409009602	27.1	24.9	19.6	16.6	15.6	15.6	18.0	16.6	14.1	11.1	11.1	13.8	9.0	7.8	5.3	5.3	6.3858319299	9.0663093122	8.096125414	3.9977772645	4.0		4.5	7.4	7.1	3.0	3.0		3.5	6.4	6.1	3.3	3.3
Payables/Sales			5%	5%	5%	5%	5%					6%					6%					6%					6%					6%					6%					6%					7%					7%					7%					7%					7%	7%	7%	7%	7%	7%	8%	8%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	7%	6%	6%	6%	6%	7%	6%	6%	6%	6%	6%	6%	6%	6%	6%	6%	7%	9%	9%	7%	9%	8%	9%	9%	9%	10%	10%	9%	10%	10%	11%	10%	10%	10%	10%		10%	10%	10%	10%	10%		10%	10%	10%	10%	10%
Payables/Inventory			40%	41%	40%	41%	42%					42%					45%					46%					45%					47%					46%					47%					54%					56%					54%					60%					61%	14%	14%	15%	15%	57%	15%	16%	16%	16%	61%	16%	16%	16%	16%	63%	16%	16%	16%	16%	61%	15%	14%	15%	16%	61%	62%	61%	63%	67%	65%	64%	15%	16%	17%	69%	19%	24%	28%	29%	98%	28%	27%	28%	30%	120%	29%	29%	32%	34%	132%	34%	33%	33%	35%	142%		35%	34%	34%	36%	147%		36%	35%	35%	36%	149%
Payables/COGS			8%	7%	7%	7%	8%					8%					8%					8%					8%					8%					8%					8%					9%					9%					9%					10%					10%	10%	9%	10%	10%	9%	11%	11%	10%	10%	9%	10%	10%	9%	9%	9%	10%	9%	9%	10%	9%	9%	8%	8%	9%	9%	9%	9%	9%	9%	9%	9%	8%	8%	8%	8%	8%	10%	12%	12%	9%	12%	12%	11%	12%	12%	13%	13%	12%	13%	13%	14%	13%	12%	13%	13%		14%	13%	12%	13%	13%		14%	13%	12%	13%	13%
Inventory/COGS			19%	18%	18%	18%	18%					18%					17%					17%					17%					17%					17%					17%					17%					16%					17%					17%					17%	18%	17%	17%	17%	17%	18%	17%	15%	15%	15%	15%	15%	14%	15%	15%	15%	15%	14%	15%	15%	16%	15%	14%	14%	15%	15%	14%	13%	13%	14%	14%	13%	12%	11%	12%	11%	10%	11%	10%	10%	11%	11%	10%	10%	10%	11%	11%	10%	10%	10%	10%	10%	10%	10%	9%		10%	10%	9%	9%	9%		9%	10%	9%	9%	9%
Inventory Growth				9%	10%	15%	15%					12%					6%					17%					21%					15%					23%					5%					15%					13%					18%					8%					12%					7%		3%	-2%	-6%	-6%		-5%	3%	9%	9%		6%	6%	9%	9%		-3%	-7%	-13%	-13%	-5%	-1%	-2%	-3%	-3%	-1%	-1%	-6%	-11%	-11%	-16%	30%	36%	43%	43%	52%	-4%	2%	3%	3%	2%	2%	-3%	-1%	-1%	-0%	12%	14%	3%	3%		2%	-1%	1%	-2%	-2%		-1%	-1%	-1%	-1%	-1%
LIFO Charge / (Credit)			40.288	34.913	28.121	5.104	21.479					12.752					16.546					46.507					45.2					38.8					62.8					55.9					36.2					6.7					67.8					95.3					69.3	26.9	30.6	16.1	24.9	98.5	48	49	32	48	172	34	27	18	61	140	42	56	50	60	208	45	72	60	132	309	55	72	120	-8	239	63	51	41	-18	137	52	55	69	109	285	46	68	92	8	214	58	49	49	-38	118	54	43	69	-38	128		54	43	69	-38	128		54	43	69	-38	128
LIFO Reserve																																					638					694					730					735					804.2					899.5					968.8	995.7	1026.3	1042.4	1067.3	1067.3	1115.3	1164.3	1196.3	1244.3	1239.3	1273.3	1300.3	1318.3	1379.3	1379.3	1421.3	1477.3	1527.3	1587.3	1587.3	1632.3	1704.3	1764.3	1896.3	1896.3	1951.3	2023.3	2143.3	2135.3	2135.3	2198.3	2249.3	2290.3	2272.3	2272.3	2324.3	2379.3	2448.3	2557.3	2557.3	2603.3	2671.3	2763.3	2771.3	2771.3	2829.3	2878.3	2927.3	2889.3	2889.3	2943.3	2986.3	3055.3	3017.3	3017.3		3071.3	3114.3	3183.3	3145.3	3145.3		3199.3	3242.3	3311.3	3273.3	3273.3
FIFO Inventory																																					4120					4338.7					4932.4					5473.2					6396.9					6949.9					7759.3	8548.7	8354	8106.2	8316.3	8316.3	9413.3	8748.3	8087.3	8033.6	8028.6	8747.3	8500.3	8428.3	8757.3	8757.3	9330.3	9084.3	9079.3	9631.3	9631.3	9863.3	9051.3	8768.3	8932.3	8932.3	9772.3	9276.3	9024.3	8987.3	8987.3	9927.3	9462.3	8729.3	8348.3	8348.3	8842.3	11758.3	11212.3	11235.3	11235.3	12487.3	11696.3	11694.3	11727.3	11727.3	12868.3	12108.3	11608.3	11788.3	11788.3	12953.3	13302.3	12944.3	12216.9359736426	12216.9359736426		13258.230562392	13349.1363894816	13198.7716072559	12179.4882979304	12179.4882979304		13281.1934362895	13373.9904864289	13204.680572067	12201.0168557305	12201.0168557305
Current Assets % of Sales			1.0%	1.0%	1.3%	1.2%	0.9%					0.8%					1.1%					0.5%					0.7%					0.4%					0.4%					0.4%					0.4%					0.4%					0.6%					0.5%					0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.3%	0.4%	0.4%	0.4%	0.4%	1.2%	0.8%	1.0%	1.1%	0.8%	0.9%	0.8%	0.8%	0.7%	0.8%	0.7%	0.7%	0.8%	0.9%	0.8%	0.8%	0.8%	0.9%	0.9%		0.9%	0.8%	0.8%	0.8%	0.8%		0.8%	0.8%	0.8%	0.8%	0.8%
Other Non-Current Assets % of Sales			0.6%	1.2%	1.7%	1.6%	1.8%					1.4%					1.0%					0.9%					0.5%					0.6%					0.4%					0.4%					0.3%					0.4%					0.3%					1.0%					1.0%	1.0%	0.9%	1.1%	1.3%	1.3%	1.3%	1.2%	1.3%	1.3%	1.3%	1.3%	1.2%	1.9%	2.8%	1.9%	2.7%	2.6%	2.6%	2.8%	2.2%	2.8%	2.2%	3.1%	2.2%	2.1%	2.3%	3.4%	3.5%	3.9%	3.9%	3.6%	3.5%	5.1%	4.0%	4.0%	4.5%	5.4%	5.0%	4.7%	5.2%	4.6%	3.8%	4.6%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.6%	0.6%	0.5%	0.6%	0.6%		0.7%	0.7%	0.8%	0.9%	0.9%		0.9%	0.9%	1.0%	1.1%	1.1%
Other Current Liabilities % of COGS			3.2%	1.0%	1.7%	1.7%	3.2%					3.0%					2.9%					3.3%					3.1%					2.9%					2.5%					2.4%					2.9%					3.1%					3.2%					3.3%					3.3%	3.2%	3.1%	3.3%	3.3%	3.3%	3.2%	2.9%	2.8%	3.1%	3.1%	3.1%	3.1%	3.3%	3.6%	3.6%	3.6%	3.5%	3.5%	3.5%	3.5%	3.5%	3.5%	3.7%	3.9%	3.7%	4.0%	3.8%	4.0%	4.1%	4.0%	4.4%	4.3%	4.9%	5.4%	5.4%	5.4%	5.0%	4.7%	4.8%	5.3%	4.8%	4.6%	4.5%	4.7%	4.6%	4.9%	4.9%	4.6%	4.6%	4.7%	4.6%	5.6%	5.4%	5.8%	5.8%		5.8%	5.6%	5.2%	5.7%	5.6%		5.7%	5.5%	5.1%	5.6%	5.5%
Accrued Expenses as % of SG&A			ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!	ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					ERROR:#DIV/0!					17.4%	16.3%	15.6%	16.3%	16.7%	17.1%	16.1%	14.4%	16.0%	16.5%	16.7%	16.3%	15.8%	16.1%	17.1%	17.8%	17.4%	15.1%	16.7%	18.1%	18.6%	18.4%	16.2%	17.2%	17.8%	17.9%	17.2%	18.0%	18.5%	20.9%	20.4%	18.3%	17.9%	18.5%	20.6%	20.6%	20.2%	22.9%	19.9%	20.3%	18.5%	20.2%	20.8%	20.3%	22.7%	22.7%	21.5%	20.1%	22.2%	22.0%	23.1%	21.9%	22.5%	21.8%	22.0%	22.5%		22.0%	22.0%	22.0%	22.0%	22.1%		22.0%	22.0%	22.0%	22.0%	22.1%
WBA
Quarterly Cash Flow Statement
Cash Flow Statement								Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31					Fiscal Year End, August 31
(In millions, except per share)	1989A	1990A	1991A	1992A	1993A	1994A	1995A	1QA	2QA	3QA	4QA	1996.0	1QA	2QA	3QA	4QA	1997.0	1QA	2QA	3QA	4QA	1998.0	1QA	2QA	3QA	4QA	1999.0	1QA	2QA	3QA	4QA	2000.0	1QA	2QA	3QA	4QA	2001.0	1QA	2QA	3QA	4QA	2002.0	1QA	2QA	3QA	4QA	2003.0	1QA	2QA	3QA	4QA	2004.0	1QA	2QA	3QA	4QA	2005.0	1QA	2QA	3QA	4QA	2006.0	1QA	2QA	3QA	4QA	2007.0	1QA	2QA	3QA	4QA	2008.0	1QA	2QA	3QA	4QA	2009.0	1QA	2QA	3QA	4QA	2010.0	1QA	2QA	3QA	4QA	2011.0	1QA	2QA	3QA	4QA	2012.0	1QA	2QA	3QA	4QA	2013.0	1QA	2QA	3QA	4QA	2014.0	1QA	2QA	3QA	4QA	2015.0	1QA	2QA	3QA	4QA	2016.0	1QA	2QA	3QA	4QA	2017.0	1QA	2QA	3QE	4QE	2018		1QE	2QE	3QE	4QE	2019.0		1QE	2QE	3QE	4QE	2020.0
Net Income			195	221	222	282	321					376					453					557					624					795					886					1,008					1,165					1,350					1,560					1,751					2,041	456	685.4	572.3	443	2,157	408	640	522	436	2,006	489	669	463	470	2,091	580	739	603	792	2,714	554	683	537	353	2,127	413	756	624	657	2,450	704	768	764	-205	2,031	877	2060	1310	32	4279	1117	932	1107	1035	4191	1067	1062	1165	807	4101	822	1349	1346	1116.7649750917	4634		993	1387	1314	1306	4999		1198	1571	1520	1510	5799
Earnings in equity method investments steshin: steshin: Assume that Alliance Boots pays no dividend to WAG			–	–	–	–	–					–					–					–					–					–					–					–					–					–					–					–					–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(4)	(85)	(131)	(124)	(344)	-151	-194	-137	-135	(617)	-214	-101	0	0	-315	0	-20	-18	-43	-81	-29	-58	-63	7	-143	99	-216	-67	-83.1184624676	-267		-78	-77	-92	-86	-332		-78	-77	-92	-86	-332
D&A fariborz: fariborz: 92% of last year's depreciation - (capex/useful life of 15-20 years)			84	92	105	118	132					147					164					180					210					230					252					288					327					384					463					553					614	195	201.9	210.8	146.0	754	236	241	264	234.0	975 justinv: justinv: includes amortization	257	248	263	262	1,030 justinv: justinv: includes amortization	273	256	269	288	1,086	277	283	296	310	1,166	313	327	318	325	1,283	332	331	338	315	1,316	319	507	438	478	1742	382	442	447	447	1718	419	412	413	410	1654	416	442	442	445.3255807866	1745		444	459	489	452	1844		452	467	498	461	1878
Amortization																																					17					20					20					20					20					20					62					86				0	–					–					–					–					–					–					–					0					0					0						- 0						- 0
Deferred Income Taxes			3	11	(13)	6	(7)					3					8					(1)					(9)					21					47					16					53					66					(71)					(104)					23	-72	-33.8	47.3	-2	(61)	16	7	230	7	260	-4	-22	7	82	63	-1	69	68	-4	132	21	-28	99	173	265	30	(39)	42	115	148	129	-95	184	-41	177	36	145	59	-272	(32)	-158	-13	-79	-192	-442	-61	-165	15	-223	-434	-63	-411	92		-382						- 0						- 0
Stock Compensation Expense																																																														103					74	32	13.3	11.7	11.2	68	32	17	18	17	84	24	21	19	20	84	26	23	23	63	135	35	18	24	22	99	20	25	25	34	104	21	31	33	29	114	31	34	21	23	109	31	29	27	28	115	26	26	19	20	91	25	38	28	28	119		28.00	28.00	28.00	28.00	112.00		28.00	28.00	28.00	28.00	112.00
Other			1	(1)	22	8	40					8					8					27					39					52					69					274					69					89					108					117					9	3	2	1.6	114.8	121	4	3	2	4	13 justinv: justinv: Includes 1 mm tax savings from employee stock plans	8	0	26	26	60	4	9	21	-415	(381)	3	11	13	16	43	43	1	(61)	10	(7)	-56 saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	-42 saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	29 saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	731	662	-229 saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	-1108	-58 Rosenblum, Mark (Research): Rosenblum, Mark (Research): Change in ABC Warrants: -$1,313 Gain on previously held equity interest: -$706 unrealzied gain from FV adj: -$114 equity earnings in AB: -$315 Other: 738	781	(614)	161	621	49	-167	664	81	103	105	75	364	152	-65	179	0	266		- 0	- 0	- 0	- 0	- 0		- 0	- 0	- 0	- 0	- 0
(Incr)/decr. in AR			(25)	(3)	(7)	(51)	(36)					(60)					(75)					(20)					(106)					(135)					(177)					(171)					(57)					(172)					(225)					(619)					(40)	-158	-93.9	-21.2	(91.8)	(365)	-313	-35	50	304.0	6	-54	-90	5	263	124	-30	-27	-57	-129	(243)	-89	125	194	164	394	(98)	(194)	78	(235)	(449)	-74	-43	-294	-205	(616)	-353	-38	118	-65	(338)	-166	14	160	107	115	-259	448	-342	0	-153	-362	-275	-125	330.9819950482	-431.0		-10.2	-308.0	-292.9	508.6	-102.5		-29.9	-313.5	-305.5	515.3	-133.6		decreased Accounts Receivable
(Incr)/Decr in Inventories			(84)	(82)	(100)	(169)	(212)					(191)					(101)					(299)					(436)					(368)					(652)					(163)					(558)					(536)					(854)					(376)					(676)	-753	254.6	265.8	(179.6)	(412)	-1036	738	724	107.0	533	-682	300	345	-270	(307)	-526	315	60	-441	(592)	-178	902	382	-23	1,083	(698)	605	381	33	321	-815	527	781	367	860	-436	542	573	40	719	-1306	753	72	-163	-644	-1330	823	766	-161	98	-1018	704	544	689.3640263574	919.4		-987.3	-47.9	219.4	981.3	165.4		-1047.7	-49.8	238.3	965.7	106.5
Incr/(Decr) in Accr. Exp. and Oth. Liab			31	53	71	60	42					42					73					99					104					101					82					141					136					208					98					197					381	2	-72.4	113.2	41.7	85	21	-165	216	39.0	111	133	-41	92	-24	160	125	-198	264	139	330	24	-377	197	-28	(184)	(15)	243	(25)	221	424	-232	207	-21	241	195	-80	60	-78	268	170	-38	-41	-168	560	313	-378	69	54	127	-128	-213	395	-172	143.835467196	153.8		15.5	15.6	-189.1	145.9	-12.1		148.4	15.9	-196.5	148.8	116.5
Incr/(Decr) in Accounts Payable			17	46	16	106	73					86					121					94					223					234					183					254					295					234					277					1,090					(128)	322	130	-21.9	119.9	550	736	-98	-335	(292.0)	11	735	-433	-139	4	167	370	-65	125	-46	384	-32	-586	229	-50	(439)	389	(452)	141	104	182	97	-268	-254	86	(339)	874	-511	-344	249	268	740	-580	526	886	1572	884	-95	32	869	1690	1011	-419	35	205.7042439505	832.7		883.4	-617.7	94.5	-205.1	155.2		966.5	-611.8	102.0	-562.4	-105.7
(Incr)/Decr in Other Current Assets			(2)	(3)	(8)	(4)	(8)					14					3					(4)					(6)					32					17					31					48					42					(9)					33					(29)	-10	37.9	2.5	(54.8)	(24)	-2	-1	3	7.0	7	3	28	10	221	262	17	12	-37	-16	(24)	31	72	-70	72	105	14	67	27	(22)	86	-12	25	-1	81	93	-20	41	-137	127	11	-262	355	-62	93	124	-112	295	-161	45	67	-154	16	17	0	-121.0		0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
(Incr)/Decr in Income Taxes			(2)	5	0	1	1					(9)					12					(17)					9					29					(5)					14					5					(40)					5					(68)					25	322	42.1	-197.2	(86.7)	80	210	81	-175	(11.0)	105	259	-85	-35	-129	10	327	-247	-109	131	102	163	-96	-54	-241	(228)	194	(56)	(40)	5	103	190	-143	-150	120	17	204	-303	-80	-156	(335)	231	-139	43	67	202	217	-63	-148	38	44	246	657	-110	0	793.0		0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
Changes in Working Capital			(66)	15	(29)	(58)	(140)					(118)					35					(146)					(212)					(108)					(552)					106					(130)					(264)					(708)					257					(467)	-275	298.3	141.2	-251.3	(87)	-384	520	483	154	773	394	-321	278	65	416	283	-210	246	-362	(43)	-81	40	878	-106	731	(214)	213	562	106	667	-846	305	61	690	210	189	-209	52	463	495	-801	362	571	1550	1682	-978	1477	201	918	1618	-490	1078	189	1369.885732552	2146.9		-98.6	-958.0	-168.1	1430.7	206.0		37.2	-959.2	-161.7	1067.3	-16.4
Cash From Operations			218	339	307	355	345					415					667					618					652					989					719					1,712					1,503					1,644					1,371					2,695					2,356	339	1,167	985	462	3,039	312	1,428	1,519	852	4,111	1,168	595	1,056	925	3,744	1,165	886	1,230	362	3,643	809	1,007	1,847	768	4,431	601	1,198	1,379	1,123	4,301	133	1,104	1,272	1,384	3,893	1,009	1,328	1,822	1,505	5,664	732	2,353	2,104	2,658	7,847	525	2,857	1,855	2,014	7,251	961	2,215	2,209	2,877	8,262		1,288	839	1,571	3,131	6,828		1,637	1,030	1,793	2,981	7,441
																																																																												21%					25%					10%
Additions to Property and Equipment			(202)	(145)	(185)	(290)	(310)					(365)					(485)					(641)					(696)					(1,119)					(1,237)					(934)					(795)					(940)					(1,238) fariborz: fariborz: On 9/27 said that F05 capex budget of $1.5 bn reflects new stores (incl more planned real estate purchases) + tec + new DC in S. Carolina scheduled to open in 2007					(1,338)					(1,785)	-490	-552.9	-609.7	-572.1	(2,225)	-638	-454	-442	-393	(1,927)	-304	-220	-262	-228	(1,014)	-273	-196	-230	-514	(1,213)	-419	-304	-379	-448	(1,550)	-336	-245	-293	-338	(1,212)	-364	-227	-230	-285	(1,106)	-335	-308	-247	-361	(1,251)	-340	-317	-247	-421	-1325	-378	-261	-273	-439	-1351	-378	-288	-317	-472.78	-1456		-386	-294	-310	-482	-1471		-393	-300	-316	-492	-1501
Investment/Proceeds in ST Investments, net			(9)	(27)	(36)	(6)	(34)					47					(16)					67					9					59					59					14					8					10					10					11					6	2	-0.3	10.1	5.5	17			11	-6	5	-100	0	0	600	500	0	0	0	0	–					–					–	0	0	1	-2	(1)	-1	1			–	0	0	0	155	155					0					0						0						0
Sale of Property and Equipment			4	6	9	14	15					18					15					72					42					23					44					368					85					6					16					23					41	5	5.3	3.6	-13.9		15	14	6	16	51	5	14	10	22	51	13	11	30	25	79	0	35	-40	83	78	10	28	9	118	165	14	195	-36	126	299		579	1173	-938	814	83	-40	25	-8	60	462	-4	-22	8	444	13	5	203		221						0						0
Business Acquisition, net of cash received																																																														(485)					(1,086)	-48	-41.7	-437.7	-92.9	(620)	-61	-122	-165	-57	(405)	-32	-84	-648	-15	(779)	-63	-78	-41	-6	(188) Justin Van Vleck: Justin Van Vleck: includes businesses sold (primarily WHI)	-75	-174	-172	-4095 steshin: steshin: 7/10/12: +4B Alliance Boots, 1st Stage Acq +	(4,516)	-471	-81	-36	-42	(630)	-243	-54	-26	-21	(344)	-13	(4,540)	92	-371	(4,832)	-72	-14	-29	189	74	-15	-37	91	-127	-88	-265	-3110	-845	0	-4220		0	0	0	0	0		0	0	0	0	0
Other Investments			57	9	50	(0)	31					–					–					–					–					–					–					–																														10		-650	550	-400	(500)	0	0	-31	-1	(32)	-11	-16	10	-186	(203)	-3	-11	-8	150	128	-12	-65	-13	-229 Singh, Saurabh (Research): Singh, Saurabh (Research): $224M was investment in ABC	(319)	-332 saursing: saursing: Investment in ABC (-$290M) and Other	-157 saursing: saursing: Investment in ABC and Other	-86 saursing: saursing: Investment in ABC and Other	-4	(579)	294	-385	-194	1278	993	58	90	-1158	-1471	-2481	20	16	-51	167	152	31	-164	4		-129						0						0
Cash Flows from Investing Activities			(150)	(157)	(161)	(282)	(299)					(299)					(486)					(502)					(645)					(1,037)					(1,135)					(552)					(702)					(923)					(1,212)					(1,790)					(2,825)	(531)	(590)	(1,034)	(673)	(2,818)	(684)	(1,212)	(40)	(840)	(2,776)	(431)	(290)	(931)	378	(1,274)	(334)	(279)	(231)	(681)	(1,525)	(497)	(454)	(599)	(4,310)	(5,860)	(809)	(363)	(333)	(491)	(1,996)	(925)	(243)	(377)	(186)	(1,731)	(55)	(4,653)	824	(392)	(4,276)	(271)	(281)	(1,409)	(1,556)	(3,517)	89	(286)	(255)	(391)	(843)	(599)	(3,557)	(955)	(473)	(5,584)		(386)	(294)	(310)	(482)	(1,471)		(393)	(300)	(316)	(492)	(1,501)
(Payment)/Proceeds LT Debt			(24)	(6)	(112)	(6)	(4)					(0)					(1)					–					–					–					441					(441)					–					–					–					–					709	288	-438.7	384.7	221.8	456	998	-81	0	(2.0)	915 justinv: justinv: Includes short term debt repayment of 70 mm	0	0	-576	0	(576)				-17	(17)				3,000 steshin: steshin: +3.5B Bridge Facility ~subsequently replaced by 4B at 2.2% WA maturity = 8.7years	3,000	1000	0	0	-1300 saursing: saursing: $1.3B of debt due on August 1 retired	(300)			-550 saursing: saursing: Floating rate bond maturing 03/13/14		(550)	10020	(5,888)	(686)	-1859	1,587	11	-31	-669	5918	5229	-412	479	170	-6400	-6163 Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)	-1481	4127	-514	-106	2026 Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)		-1492	0	0	0	-1492 Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)		-250	0	0	0	-250 Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)
Payment of Cash Dividends			(55)	(62)	(71)	(81)	(93)					(105)					(116)					(123)					(129)					(135)					(141)					(147)					(152)					(177)					(215)					(263)					(310)	-94	-94.4	-94.1	(94.0)	(377)	-111	-112	-111	(112.0)	(446)	-136	-136	-135	-134	(541)	-166	-162	-160	-159	(647)	(202)	(196)	(195)	(194)	(787)	(260)	(260)	(260)	(260)	(1,040)	(298)	(299)	(301)	(301)	(1,199)	(322)	(320)	(371)	(371)	(1,384)	(393)	(394)	(387)	-389	(1,563)	-406	-411	-411	-495	(1,723)	-413	-402	(476)	(430)	(1,721)		(424)	(418)	(412)	(447)	(1,702)		(441)	(434)	(428)	(463)	(1,766)
Employee Stock Purch & Options			(6)	(1)	(13)	4	(6)					(13)					17					105					105					79					126					137					82					145					178					278					266	68	38.4	54.5	48.9	210	32	45	29	32.0	138	63	39	104	27	233	29	94	80	32	235	42	43	35	45	165	45	125	221	95	486	173	243	102	94	612	112	181	107	103	503	71	58	46	60	235					–					–						–						–
Share Repurchase																																										(25)					(149)					(299)					(782)					(669)					(1,064)	-78	-69.7	-72.4	(73.9)	(294)	-99	-41	0	(140.0)	(280)	-195	-252	-307	-1002	(1,756)	-510	-380	-503	-635	(2,028)	(608)	(407)	(176)	–	(1,191)	(50)	(66)	(451)	(48)	(615)	(205)	–	–	(500)	(705)	(500)	(94)	(237) Singh, Saurabh (Research): Singh, Saurabh (Research): Said on 4/9 2FQ15 CC that they repurchased total $330M out of total $3B share repo authorization including the $94M in 2FQ15.	(395)	(1,226)	(529)	(623)	–	0	(1,152)	41	-498	-1000	-3763	(5,220)	32	-2557	–	(1,000)	(3,525)		(1,000)	(1,000)	(1,000)	(1,000)	(4,000)		(1,000)	(1,000)	(1,000)	(1,000)	(4,000)
Cost of Emp. Stock Purch. and Option Plans			(4)	(4)	(2)	(3)	4					(7)					–					–					–					–					–																															-3	3		0.0					0.0						–					–					–					–					–					–					–					–					–						–						–
Issuance of Common Stock																																										–					–					–					–					–					0					–					–					–					–				–	–					–					–					–					–					–					–						–						–
Other			–	–	–	–	–					–					–					20					15					(8)					(7)					(12)					(3)					29					14					(14)					(227)		-4.6	-7.4	(16.3)	(28)	-5	-4	-6	(3.0)	(18)	-4	-7	0	-26	(37)	-2	22	-7	2	15	(6)	(3)	(1)	(7)	(17)	5	(32)	7	(7)	(27)	(15)	3	203 Singh, Saurabh (Research): Singh, Saurabh (Research): $225M from proceeds raised from financing leases	29	220 Singh, Saurabh (Research): Singh, Saurabh (Research): $268M from proceeds raised from financing leases	(71) Singh, Saurabh (Research): Singh, Saurabh (Research): $10M for change in cash from FX	(388) Singh, Saurabh (Research): Singh, Saurabh (Research): -$89M impact from change in FX	79	(15)	(395)	(13)	(16)	(25) Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	-89	-143	-1	86	30 Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	57	172 Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	5	73	-177		-99 Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants						0 Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants			Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants			0 Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants
																																					fariborz: fariborz: note that the 4 quarters did not add up to the year #	fariborz: fariborz: Brand name prescription drug antitrust litigation settlement			fariborz: fariborz: Brand name prescription drug antitrust litigation settlement				fariborz: fariborz: Brand name prescription drug antitrust litigation settlement					fariborz: fariborz: Brand name prescription drug antitrust litigation settlement		fariborz: fariborz: vitamin litigation settlement				jbirnbau: jbirnbau: Add back 16.3M litigation benefit	jbirnbau: jbirnbau: Taxes decreased by tax on the litigation benefit		jbirnbau: jbirnbau: Taxes decreased by tax on the litigation benefit	jbirnbau: jbirnbau: after-tax gain for entire year's share in prescription drug antitrust litigation settlement												jbirnbau: jbirnbau: includes $7.3 million in litigation gains	jbirnbau: jbirnbau: includes $13.6 million credit from settlement of prior years' IRS matters	Roxana Fariborz: Roxana Fariborz: $12 mn vitamin litigation + $13.6 mn LIFO effect from year ago quarter - $6.5 mn unfavorable				fariborz: fariborz: 2 drug antitrust litigation settlements + $3 mn due to change in lease accounting	fariborz: fariborz: WAG plans to buy back 8-10 mn shares annually starting in F03									fariborz: fariborz: 2 drug antitrust litigation settlements; note that leases had a $4.1 mn after-tax effect	fariborz: fariborz: WAG plans to buy back 8-10 mn shares annually starting in F03									fariborz: fariborz: 4.7M drug antitrust litigation settlement + 4.7 mn in LIFO change + $3 mn from change in lease accounting		Mark Wiltamuth: Mark Wiltamuth: $54.7 or $0.03 charge for Hurricane Katrina (inv losses, expenses, etc)																																					saursing: saursing: FIFO gross margin was 29.2%, up 60 bps y/y Deck notes both Front End and Pharmacy gross margins as up y/y, but transcript says "we achieved stable front-end margins in a challenging promotional environment" Pharmacy margins increased as a result of the ongoing impact from generics, the increase was partially offset by market reimbursement pressure and the continued growth of our 90 day retail program. Our front-end was positively impacted by candy, non-prescription drugs and personal care categories, which was partially offset by costs associated with points earned from the Balance Rewards program. Taking a look at our longer term FIFO gross margin trends, this quarter's 60 basis point improvement was up against a 30 basis point increase a year ago. The continuing generic wave, which temporarily peaked last quarter, was the primarily driver of margin lift in this quarter. Moving forward, we expect margins to be negatively impacted by a trough in the generic wave, expected to continue into the latter half of fiscal year 2014, when we expect to experience another peak in the wave; albeit, smaller than the fiscal year 2013 peak. Again, as I mentioned, the front-end was slightly positive for the quarter. Margins may also be impacted as we become more aggressive with our new promotion and pricing initiatives to drive traffic and front-end comps. As I will illustrate in a few minutes and as we've stated on many occasions, we are more focused on driving gross profit dollar growth than margin growth.	justinv: justinv: Options expensing begins	fariborz: fariborz: excludes manu settlement		saursing: saursing: Acquisition related costs relating to purchase of USA drug, ompleted in September 2012 (1QFY13	Justin Van Vleck: Justin Van Vleck: Gain on sale of PBM	steshin: steshin: 9/28/12: 161 adjusts for tax (434 before tax gain, 273 after tax) - see 4Q presentation	saursing: saursing: Interest expense on $3.0 bridge loan for AB transaction was $21M for qtr even though bridge loan was only outstanding for month of August - included one-time charges of $18M. After the qtr on 9/13/12 WAG repaid $3.0B bridge loan using proceeds from $4.0 notes offering with interests rates ranging from L+50 bps ($550M), 1.0% ($750M 3-yr notes), 1.8% ($1.0B, 5-yr notes), 3.1% ($1.2B, 10-yr notes), 4.4% ($500M, 30-yr notes).	Singh, Saurabh (Research): Singh, Saurabh (Research): Includes ABC warrant FMV adjustment	steshin: steshin: 434M gain from sale of PBM business	Singh, Saurabh (Research): Singh, Saurabh (Research): Includes 7c tax benefit or ~$67M, would have been ~$84M without it	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $(136)	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,217	saursing: saursing: Guidance on 3QFY13 call of $57-$60M, includes negative impact from non-cash FMV adjustment to a swap of $16M $1.3B debt repayment in August, but only 1 month benefit from lower debt	Rosenblum, Mark (Research): Rosenblum, Mark (Research): revised to $214 from $151 from removal of AB 3 month reporting lag	Singh, Saurabh (Research): Singh, Saurabh (Research): ABC warrant FMV adjustment, excluded from adjusted EPS	saursing: saursing: Guidance on 3QFY13 earnings call had been 38%	Singh, Saurabh (Research): Singh, Saurabh (Research): $866M is from non-cash loss related to exercising AB step 2 call option and marking it to zero.	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,121	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $391	Singh, Saurabh (Research): Singh, Saurabh (Research): $21M in after-tax pre-funded interest expenses	steshin: steshin: 12/21/12: 59M acq. related amort 34M Hurricane Sandy 24M USA Drug 16M AB transaction and synergy costs 11/11/2012: guided to incremental 75M in amortization expense from AB deal, with more in 1Q	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $730	saursing: saursing: $120M pre-tax, see row 130	Singh, Saurabh (Research): Singh, Saurabh (Research): 3FQ14 CC: We expect our GAAP tax rate to be approximately 36% Actual non-GAAP tax rate was 31.9%	saursing: saursing: Guidance had been for $85M pre-tax charge, came in at $8M pre-tax benefit, and $5M benefit after-tax	justinv: justinv: On Sept. 30. Fiscal year ended Aug. 31	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 15% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): revised to $321 from $299 from removal of AB 3 month reporting lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $716	saursing: saursing: AB deal step-down in amort will in 3Q will not perist going forward, will likely go back to $9M per qtr from $3M in 3Q	steshin: steshin: 3/19/2013: gain on sale of WHI - why???	Rosenblum, Mark (Research): Rosenblum, Mark (Research): 5 week impact of 2nd tranche exercise, ~19% of ABC NI	saursing: saursing: $47M DEA settlement excluded from adjusted net income, but $48M FMV adjustment to warrants also excluded	steshin: steshin: ESRX: -0.07 effect Weak cold: -0.03 effect	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -$62	saursing: saursing: $62M FMV adjustment increase backed out (excluded from) adjusted net income	steshin: steshin: 9/28/12: called out $0.14 but can't get to that number	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): After-tax earnings from equity method investments	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -$55	steshin: steshin: 9/28/12: Press release called out adj EPS of $0.63; but this includes $0.10 LIFO adjustment	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): For adjusted tax rate see row 102	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Singh, Saurabh (Research): Singh, Saurabh (Research): $161M benefit from ABC warrant FMV adjustment backed out and Organizational efficiency costs of $15M added back to get to adj. net income	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Singh, Saurabh (Research): Singh, Saurabh (Research): $26M reduction from FMV adjustment benefit, $1M add-back for organizational efficiency costs removing 3 month AB reporting lag: -$57	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): $67M reduction from FMV adjustment benefit, $68M add-back for organizational efficiency costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): $97M reduction from FMV adjustment benefit, $95M ($74M store closure + $21M other optimization costs) add-back for organizational efficiency costs, $866M addback for AB call option loss $70M ($57M acq related amort. + $13M acq. related costs) addback for acquisition related items	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $934	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Singh, Saurabh (Research): Singh, Saurabh (Research): Increase in FMV of ABC warrants: -$279M (increased from $222 as a result of AB reporting lag - portion of warrants held by AB) FX Hedging Loss: $96M Tax valuation release: -$86M WBA Interest: $9M Store optimization: $18M	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Singh, Saurabh (Research): Singh, Saurabh (Research): $814M Gain on Step 2 equity interest $376M increase in FMV of ABC warrants	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Singh, Saurabh (Research): Singh, Saurabh (Research): Pos-tax earnings from AB equity method investments	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Cost transformation: $114M Store closure and other: $5M Loss on sale of business: $12M Increase in ABC warrants: -$320M partial release of capital loss valuation allowance: -$129 Adjuste tax rate true-up: $19M	Roxana Fariborz: Roxana Fariborz: includes boost from EITF vendor allowance	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0.97	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	saursing: saursing: 83.M shares issued for AB transaction	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	saursing: saursing: shares outstanding as of 2/28/13 per 10-Q	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): WBA changed presentation of adjustments in 4FQ16. Prior periods are not comparable.	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Equals 26% of ABC NI on a 2 month lag	Rosenblum, Mark (Research): Rosenblum, Mark (Research): RAD integration and restructuring costs	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Lauricella, Rose (Research): Lauricella, Rose (Research): why do you take out	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): 2FQ16 Guidance: $4.35 - $4.55 1FQ16 Guidance: $4.30 - $4.55 $0.03 contribution from ABC 4FQ15 Guidance: $4.25 - $4.55 $0.03 contribution from ABC Equity method investment	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Excludes equity method income	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $94	Rosenblum, Mark (Research): Rosenblum, Mark (Research): $0.15 contribution from ABC Equity method investment	Singh, Saurabh (Research): Singh, Saurabh (Research): Store closures and other optimization costs	Singh, Saurabh (Research): Singh, Saurabh (Research): Snow removal costs of $23M or ~50 bps impact to adj. SG&A growth, total weather costs $60 includes other iimpact from store closure days and traffic (~80 bps impact to adj. SG&A growth) Removing 3 month AB reporting lag: $4,456	Singh, Saurabh (Research): Singh, Saurabh (Research): Store closures and other optimization costs	saursing: saursing: Use to be equal to amount on GAAP equity earnings from AB line before, but in 4Q was lower by $34M. Is that tax or AB Warrants FMV adjustment? Why not done in prior quarters?	Singh, Saurabh (Research): Singh, Saurabh (Research): Store optimization costs	Singh, Saurabh (Research): Singh, Saurabh (Research): $110M asset impairement $16M optimization costs $6M decrease in FMV of ABC warrants	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $136	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Cost transformation acquisition-related amortization: $160M Other optimization costs: $7M Loss on sale of business: $12M	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $27	Singh, Saurabh (Research): Singh, Saurabh (Research): p.37 of earnings deck	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0	Singh, Saurabh (Research): Singh, Saurabh (Research): p.39 of earnings deck	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $0	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $163	steshin: steshin: "Gross margin in fiscal 2012 was positively impacted by higher front-end margins in the household items, convenience and fresh foods and non-prescription drug categories but offset by lower retail pharmacy margins where lower market-driven reimbursements and a higher provision for LIFO more than offset the impact of new generics including the generic Lipitor."	Singh, Saurabh (Research): Singh, Saurabh (Research): Don't really know this as WBA stopped giving it out	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,408	Singh, Saurabh (Research): Singh, Saurabh (Research): 1-month impact, don't really know adjusted figure as WBA stopped giving it out	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: $1,666	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.2%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 0.2%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: -3.4%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 2.1%	Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 1.0%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): 5.9% organic growth	Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 22.7%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 8.5%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 6.2%	Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 65bps in growth	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 7.2%	dlevin: dlevin: 30 relocations	Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.52% down 73 bps bps y/y. See Retail tab row 198 for details rows	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 3.7%	fariborz: fariborz: 29 relocations	Rosenblum, Mark (Research): Rosenblum, Mark (Research): removing 3 month AB reporting lag: 4.8%	fariborz: fariborz: 14 relocations	Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 67bps in growth	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	fariborz: fariborz: 19 relocations	Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC investment contributing 2.6% in growth	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	Singh, Saurabh (Research): Singh, Saurabh (Research): Adjusted Tax Rate	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	Singh, Saurabh (Research): Singh, Saurabh (Research): Adjusted Tax Rate	Singh, Saurabh (Research): Singh, Saurabh (Research): ABC Warrants	Goldwasser, Ricky (Research): Singh, Saurabh (Research): WAG standalone gross margin at 27.55% down 42 bps bps y/y. See Retail tab row 198 for details rows	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	fariborz: fariborz: 20 relocations	fariborz: fariborz: 11 relocations	Rosenblum, Mark (Research): Rosenblum, Mark (Research): ABC Investment contributing 3.0% in growth	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	fariborz: fariborz: 13 relocations	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Adjusted tax rate	Roxana Fariborz: Roxana Fariborz: 31 relos	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	Goldwasser, Ricky (Research): Goldwasser, Ricky (Research): Addition of Alliance Boots translates to ~10-15 bps of margin pressure	Roxana Fariborz: Roxana Fariborz: 20 relos	Roxana Fariborz: Roxana Fariborz: 6 relos	Roxana Fariborz: Roxana Fariborz: 9 relos	Roxana Fariborz: Roxana Fariborz: 34 relos	Mark Wiltamuth: Mark Wiltamuth: assume 1% remodeled each year	fariborz: fariborz: if build new store, costs $3.5-$4.5 mn; if lease new store (WAG leases approx 80%, costs $500,000	Roxana Fariborz: Roxana Fariborz: 10 relos	Roxana Fariborz: Roxana Fariborz: 7 relos	Roxana Fariborz: Roxana Fariborz: 17 relos	fariborz: fariborz: assumes 3% store closures per year	fariborz: fariborz: assumes 3% store closures per year	saursing: saursing: Guidance had been for $85M pre-tax charge, came in at $8M pre-tax benefit, and $5M benefit after-tax	fariborz: fariborz: assumes 3% store closures per year	saursing: saursing: Was lowered by $19M due to an interest payment related to late payments of state Medicaid receivables	saursing: saursing: Was increased by $7M due to a non-cash expense related to FMV adjustment to outstanding interest rate swaps. 4Q13 impact is expected to be higher at $16M.	saursing: saursing: Want to hit $59M within the $57-$60M guidance range they gave. Impact of swap is $16M vs. $7M in 3Q13	fariborz: fariborz: assumes 3% store closures per year	Mark Wiltamuth: Mark Wiltamuth: Technology is 26% of $1.5 B or $390 other is 12%	Roxana Fariborz: Roxana Fariborz: get from shh equity section	Singh, Saurabh (Research): Singh, Saurabh (Research): Set to hit guidance of $40M in net interest expense for Q2	fariborz: fariborz: assumes 3% store closures per year	saursing: saursing: $550M floating rate notes mature	jbirnbau: jbirnbau: $1.4B in 2006 capex guidance 9/26/05	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): Pre-funded refinancing of AB debt and payment of Step 2 cash consideration	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$2M interest income on WAG cash plus AB standalone interest income	justinv: justinv: recheck later	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$5M interest income on WAG cash plus AB standalone interest income	saursing: saursing: Blended rate based on AB and WAG interest rates	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$10M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$10M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$10M interest income on WAG cash plus AB standalone interest income	Singh, Saurabh (Research): Singh, Saurabh (Research): ~$10M interest income on WAG cash plus AB standalone interest income	Roxana Fariborz: Roxana Fariborz: per Brian Employee stock purchases and option plans = ($50.6 million) This is negative because Walgreens is no longer issuing stock to fund their employee plans but has opted to purchase the stock on the open market. This results in a reduction in paid-in capital	steshin: steshin: 866M call option	steshin: steshin: 9/28/12: +6.140B equity method accounting for Alliance Boots +0.866B Alliance Boots purchase option	steshin: steshin: plug	Oliver Wintermantel: Oliver Wintermantel: How many days does it take to turn inventory into revenues.	saursing: saursing: Plug to tie to reported shareholders equity in PR, which does not break out components of Sh Equity	steshin: steshin: Assume that Alliance Boots pays no dividend to WAG	fariborz: fariborz: 92% of last year's depreciation - (capex/useful life of 15-20 years)	justinv: justinv: 2B buyback authorization provided by BOD on Oct. 15, 2009. Assumes they use half of that in FY2010.	justinv: justinv: Increased as part of the share repurchase authorization of $2B on Oct. 15 2009. Represents a 22% increase.	justinv: justinv: Assumes they use the other half of the 2B authorization provided on Oct. 15, 2009.	steshin: steshin: 7/10/12: +84.3M shares from Alliance Boots Acq + normal option exercise	saursing: saursing: YTD they repurchased $567M of shares, all ofwhich was to support the needs of the employee stock plans	saursing: saursing: Estimated average repurchase price, they did not disclose it in 10-Q or transcript	Magajwala, Vatsal (Research): Average price taken from Datastream	fariborz: fariborz: On 9/27 said that F05 capex budget of $1.5 bn reflects new stores (incl more planned real estate purchases) + tec + new DC in S. Carolina scheduled to open in 2007	justinv: justinv: includes amortization	justinv: justinv: Includes 1 mm tax savings from employee stock plans	justinv: justinv: includes amortization	justinv: justinv: Includes short term debt repayment of 70 mm	saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	Justin Van Vleck: Justin Van Vleck: includes businesses sold (primarily WHI)	saursing: saursing: Change in FMV of warrants, other, and other non-current assets & liabilities	steshin: steshin: 7/10/12: +4B Alliance Boots, 1st Stage Acq +	Rosenblum, Mark (Research): Rosenblum, Mark (Research): Change in ABC Warrants: -$1,313 Gain on previously held equity interest: -$706 unrealzied gain from FV adj: -$114 equity earnings in AB: -$315 Other: 738	steshin: steshin: +3.5B Bridge Facility ~subsequently replaced by 4B at 2.2% WA maturity = 8.7years	Singh, Saurabh (Research): Singh, Saurabh (Research): $224M was investment in ABC	saursing: saursing: Investment in ABC (-$290M) and Other	saursing: saursing: Investment in ABC and Other	saursing: saursing: $1.3B of debt due on August 1 retired	saursing: saursing: Investment in ABC and Other	saursing: saursing: Floating rate bond maturing 03/13/14	Singh, Saurabh (Research): Singh, Saurabh (Research): $225M from proceeds raised from financing leases	Singh, Saurabh (Research): Singh, Saurabh (Research): Said on 4/9 2FQ15 CC that they repurchased total $330M out of total $3B share repo authorization including the $94M in 2FQ15.	Singh, Saurabh (Research): Singh, Saurabh (Research): $268M from proceeds raised from financing leases	Singh, Saurabh (Research): Singh, Saurabh (Research): $10M for change in cash from FX	Singh, Saurabh (Research): Singh, Saurabh (Research): -$89M impact from change in FX	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)	ST Investments Available for Sale	0	1	(1,243)	778	106	429	–	–	–	–	–	–	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	Singh, Saurabh (Research): Singh, Saurabh (Research): Exercise of Trache 1 of ABC warrants is $1,190M in new debt (22.7M shares * $52.50 strike)	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	Singh, Saurabh (Research): Singh, Saurabh (Research): Cash outflow to purchase ABC warrants	–	–	–	–	–
Cash Flows from Financing Activities			(90)	(73)	(198)	(86)	(99)					(125)					(100)					3					(9)					(63)					419					(489)					(221)					(1,545)					(27)					(562)					(197)	181	(566)	265	87	(33)	815	(193)	(88)	(225)	309	(272)	(356)	(914)	(1,135)	(2,677)	(649)	(426)	(590)	(777)	(2,442)	(774)	(563)	(337)	2,844	1,170	740	(233)	(483)	(1,520)	(1,496)	(345)	(53)	(546)	(678)	(1,622)	9,239	(6,509)	(1,108)	(2,537)	(915)	(853)	(1,006)	(1,035)	5,500	2,606	(778)	(344)	(1,211)	(10,601)	(12,934)	(1,857)	1,241	(1,167)	(1,536)	(3,319)		(2,916)	(1,418)	(1,412)	(1,447)	(7,194)		(1,691)	(1,434)	(1,428)	(1,463)	(6,016)
Effect of Exchange Rate Changes on Cash																																																																																																						0			(94)	(25)	(119)	(38)	(50)	45	-86	(129)	-45	-3	42	26	20	24	20	(18)		26						–						–
Change in Cash and Equivalents			(136)	73	(53)	(13)	(53)					(9)					81					118					(3)					(111)					4					671					580					(824)					133					343					(665)	-11	11.5	216.5	-125.2	188	443	23	1391	-213	1,644	465	-51	-789	168	(207)	182	181	409	-1096	(324)	(462)	(10)	911	(698)	(259)	532	602	563	-888	809	-1137	808	349	520	540	10,193	-9834	1444	-1449	354	-430	1016	-295	6516	6807	-209	2224	431	-8952	-6506	-1471	-81	69	867.789368172	-615		-2014	-873	-151	1201	-1837		-447	-703	49	1026	-76
Beginning Cash and Equivalents			208	72	145	92	79					22					13					94					212					209					13					17					688					1,268					444					577					920	254.8000004359	243.8000004359	255.3000004359	471.8000004359	255	442.7000004359	885.7000004359	908.7000004359	2299.7000004359	443	2086.7000004359	2551.7000004359	2500.7000004359	1711.7000004359	2,087	1879.7000004359	2061.7000004359	2242.7000004359	2651.7000004359	1,880	1,556	1,094	1,084	1,995	1,556	1296.7000004359	1828.7000004359	2430.7000004359	2993.7000004359	1,297	2105.7000004359	968.7000004359	1776.7000004359	2125.7000004359	2,106	2,646.0	12839	3005	4449	2,646	3000	2570	3586	3291	3000	9807	9598	11822	12253	9807	3301	1830	1749	1818	3301		2686	672	-201	-352	2686		849	402	-301	-252	849
Ending Cash and Equivalents			72	145	92	79	22					13					94					212					209					98					17					688					1,268					444					577					920					255	244	255	472	347	443	886	909	2,300	2,087	2,087	2,552	2,501	1,712	1,880	1,880	2,062	2,243	2,652	1,556	1,556	1,094	1,084	1,995	1,297	1,297	1,829	2,431	2,994	2,106	2,106	969	1,777	2,126	2,646	2,646	12,839	3,005	4,449	3,000	3,000	2,570	3,586	3,291	9,807	9,807	9,598	11,822	12,253	3,301	3,301	1,830	1,749	1,818	2,686	2,686		672	(201)	(352)	849	849		402	(301)	(252)	773	773
																																																																																																						–	(22.0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
FREE CASH FLOW			16	194	122	65	35					51					182					(23)					(44)					(130)					(518)					777					708					705					134					1,357					571					814					2,184					2,730					2,430					2,881	265	953	1086	785	3,089	-231	877	1042	1099	2,787	674	1020	1575	1144	4,413	392	2036	1857	2237	6,522	147	2596	1582	1575	5,900	583	1927	1,892	2,404	6,806		902	545	1,261	2,648	5,357		1,244	731	1,477	2,489	5,940
Adjusted Tax	89.597	106.346	117	132	154	176	203	40	80	58	57	235	47	93	68	67	276	56	108	80	97	340	66	131	103	104	403	84	153	121	128	486	99	183	132	123	537	113	198	157	150	611	140	225	180	168	699	153	254	207	190	804	183	291	244	178	896	203	307	254	239	1,004	251	379	305	213	1,148	272.7	399.8	340	231.1	1,273	246	370	299	243.0	1,158	287	395	342	258	1,282	341	450	330	459	1,580	329	405	319	196	1,249	255	394	350	322	1,321	376	364	296	323	1,359	288	353	408	(64)	985	167	301	322	249	1,039	392	430	321	426	1,569	400	320	280	272	1,272		263	345	330	311	1,249		269	346	337	317	1,270
Adjusted EBT	243.839	280.923	312	353	376	458	524	ERROR:#VALUE!	212	153	142	611	ERROR:#VALUE!	250	181	170	729	123	289	222	263	897	ERROR:#VALUE!	347	278	264	1,027	ERROR:#VALUE!	392	315	345	1,281	258	480	345	340	1,423	299	525	416	398	1,619	345	596	452	444	1,864	ERROR:#VALUE!	688	551	507	2,154	511	782	655	507	2,456	549	831	723	651	2,754	683	1,031	866	610	3,189	728.3	1085.1	913.2	674.5	3,302	654	1010	821	679.0	3,164	821	1105	892	801	3,619	980	1252	1000	1058	4,290	948	1,172	947	749	3,816	808	1,309	1,162	1,024	4,303	1,064	1,244	1,179	1,037	4,524	1,037	1,597	1,531	905	5,070	1,299	1,724	1,610	1,415	6,048	1,593	1,906	1,762	1,811	7,072	1,695	2,041	1,802	1,619	7,157		1,562	2,028	1,962	1,847	7,399		1,597	2,039	1,999	1,882	7,517
Income Statement Link
Sales			6733.044	7474.961	8294.84	9234.978	10395.096					11778.408					13363.023					15306.56					17838.8					21206.9					24623					28681.1					32505.4					37508.2					42201.6					47409					53762	14027.9	15393.6	15015.7	14597.1	59034.3	14947	16475	16210	15703	63335	16364	16987	17199	16870	67420	17344	18502	18371	17967	72184	18157	18651	17752	17073	71633	17316	18647	18313	17941	72217	18329	19605	19401	19057	76392	19554	26573	28795	28522	103444	29033	30184	29498	28636	117351	28501	29446	30118	30149	118214	30740	33021	34334	32746.6364271569	130841.636427157		32795.3867082094	34272.62914163	35677.2631803867	33238.1986619372	135983.477692163		33381.7206653821	34885.2982590295	36350.3729696403	33879.0853210745	138496.477215126
COGS			4788.898	5342.825	5930.881	6609.341	7460.865					8510.631					9665.304					11092.911					12978.6					15448.3					18048.9					21076.1					23706.2					27310.4					30413.8					34240.4					38518.1	10107	10952	10770	10562.5	42391.5	10796	11818	11751	11357	45722	11826	12090	12450	12078	48444	12399	13178	13217	12898	51692	13053	13262	12738	12238	51291	12217	13040	13091	12750	51098	13177	13955	13961	13730	54823	14258	19691	21314	21257	76520	21531	22240	22001	21481	87253	21385	21885	22973	22809	89052	23399	24925	26554	24810.1129762059	99688.1129762059		24990.8398020125	25975.7760797776	27702.1453447611	25099.6881757645	103768.449402316		25410.7503031815	26443.4826875223	28212.6490047409	25576.253682525	105643.13567797
SG&A			0	0	0	0	0					0					0					0					0					0					0					0					0					0					0					0					12093.2	3193	3354	3331	3402.7	13280.7	3482	3627	3613	3644	14366	3741	3811	3920	4046	15518	4004	4117	4203	4237	16561	4204	4284	4141	4249	16878	4398	4497	4362	4286	17543	4379	4569	4551	4493	17992	4456	5606	6080	6429	22571	6034	6084	5967	6049	24134	5686	6124	5712	6218	23740	5907	6318	6231	6339.5857581772	24795.5857581772		6357.1834353632	6374.9166881263	6160.0226313488	6325.8259177186	25217.9486725569		6494.4462196634	6512.5004189157	6289.1638951833	6458.238059275	25754.3485930374
Statutory Tax Rate			37.5%	37.5%	38.6%	38.5%	38.8%					38.5%	37.0%	37.3%	37.8%	39.4%	37.9%	37.2%	37.4%	35.9%	36.7%	36.8%	35.8%	37.7%	37.0%	39.3%	39.2%	36.5%	39.1%	38.5%	37.2%	38.0%	38.5%	38.1%	38.2%	36.2%	37.8%	37.8%	37.7%	37.7%	37.8%	37.7%	39.5%	37.7%	38.7%	37.8%	38.0%	37.5%	37.5%	37.5%	37.5%	37.5%	35.7%	37.2%	37.3%	35.1%	36.5%	37.0%	37.0%	35.1%	36.7%	36.4%	36.7%	36.8%	35.2%	35.0%	36.0%	37.4%	36.8%	37.2%	37.0%	38.0%	37.6%	36.6%	36.4%	35.8%	36.6%	37.0%	37.1%	42.5%	35.4%	38.0%	37.0%	37.8%	35.4%	36.7%	36.8%	37.3%	37.2%	37.3%	35.7%	37.0%	38.2%	36.6%	38.7%	35.4%	37.1%	36.5%	34.9%	31.5%	31.5%	42.9%	27.4%	27.7%	30.0%	30.0%	19.9%	28.4%	28.1%	24.4%	18.2%	19.4%	18.2%	18.2%	18.2%	18.2%	15.7%	18.2%	27.2%	7.6%	16.4%	18.6%		16.3%	16.7%	16.5%	16.5%	16.5%		16.5%	16.8%	16.6%	16.7%	16.7%
Net Income			194.965	220.628	221.666	281.929	320.791					375.848					453.007					557.293					624.1					794.5					885.6					1008.1					1165.1					1349.8000004359					1559.5					1750.6					2041.1	455.6	685.3	573.2	443.331	2028.53	408	640	522	436	2006	489	669	463	470	2091	580	739	603	792	2714	554	683	537	353	2127	413	756	624	657	2450	695	754	722	-239	1932	850	2042	1302	26	4220	1110	930	1103	1030	4173	1054	1060	1162	802	4078	821	1349	1342	1099.2649750917	4611.2649750917		975.5006536458	1369.1547027163	1296.0377288816	1288.1042625728	4928.7973478166		1180.7966617865	1553.5597392285	1502.0782324822	1492.8687392359	5729.303372733
Interest Expense			18.157	15.67	6.454	2.586	1.19					2.315					1.627					1					0.4					0.4					3.1					0					0					0					0					0					0	-0.4	2.5	1.5	7.2	10.8	15	20	25	23	83	29.2	29.2	31.5	25.5	115.4	29.2	29.2	31.5	25.5	115.4	26	26	26	39	117	39	25	52	55	171	41	37	35	43	156	55	144	151	255	605	138	140	147	171	596	173	173	156	194	696	150	151	157	132.72175	590.72175		126.889375	121.057	121.057	121.057	490.060375		119.416375	117.77575	117.77575	117.77575	472.743625

Walgreens Boots Alliance posted favorable top-line results for its U.S. retail segment, boosted by the acquisition of Rite Aid stores and a 2.4% increase in comps. The comp gain was driven by a 5.1% increase in pharmacy. In the front-end, the Company continues to curb promotions, which has helped gross margin, but at the expense of comps, which eroded 2.7%. In an effort to improve front-end performance, the Company continues to enhance its beauty offering, and is experimenting with a new store format with at least 20% fewer SKUs and lower prices, but any roll-out would not occur until late 2019. The Company is also adding clinics via its partnership with Unitedhealth’s MedExpress and is testing a partnership with LabCorp. Subsequent to quarter end, the Company completed the acquisition of all 1,932 Rite Aid stores, and expects to take up to three years to complete their integration, at a cost of $750.0 million. The Company has also begun the process of closing 600 stores, which will continue through summer 2019. On a consolidated basis, EBITDA increased 6.7%, including the benefit of a stronger dollar in converting foreign operations, but decreased 40 basis points on a margin basis. The lower margin was driven by a 110 basis point erosion of gross margin from a mix shift to specialty pharmacy and ongoing reduced reimbursement rates in the U.S., as well as challenging wholesale market conditions in Europe and emerging markets. International retail operations posted another quarter of negative comps, however, segment EBITDA contribution improved. Cash and debt levels both fell sharply at quarter end, reflecting the repayment of debt related to the terminated Rite Aid merger agreement; net debt increased reflecting the Rite Aid store acquisitions, while the Company also returned $3.34 billion to shareholders through repurchases and dividends. Liquidity is supported by strong positive free cash flow and $3.70 billion in cash and revolver availability at quarter end. Rumored talks to acquire the remaining equity of AmerisourceBergen have faded, with apparently no deal reached. The Company has a joint sourcing agreement with AmerisourceBergen in place and currently controls 26% of its equity.

Working capital is a measure of both a company's operational efficiency and its short-term financial health. The working capital ratio (current assets/current liabilities), or current ratio, indicates whether a company has enough short-term assets to cover its short-term debt. A good working capital ratio is considered anything between 1.2 and 2.0. A ratio of less than 1.0 indicates negative working capital, with potential liquidity problems, while a ratio above 2.0 might indicate that a company is not using its excess assets effectively to generate maximum possible revenue.