Delaware
|
001-06991
|
71-0415188
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
(d)
|
Exhibits
|
The following documents are furnished as exhibits to this Current Report on Form 8-K:
|
|
99.1
|
|
99.2
|
WAL-MART STORES, INC.
|
|
|
|
|
|
|
|
By:
|
/s/ Gordon Y. Allison
|
Name:
|
Gordon Y. Allison
|
Title:
|
Vice President and General Counsel, Corporate
|
|
The company's third-quarter GAAP EPS was adjusted
2
for three items. A charge of $0.29 for loss on extinguishment of debt in connection with the company's recently completed debt tender offer, a charge of $0.09 based on discussions with government agencies regarding the possible resolution of the FCPA matter, and a charge of $0.04 based on the decision to exit certain properties in one of the company's international markets.
|
|||
|
Total revenue was $123.2 billion, an increase of $5.0 billion, or 4.2%. Excluding currency
2
, total revenue was $122.7 billion, an increase of $4.5 billion, or 3.8%.
|
|
"We are pleased with the strong results in the quarter across each of our business segments, and I want to thank our associates for their commitment and great work to make it happen. We have momentum, and it's encouraging to see customers responding to our store and eCommerce initiatives. We are leveraging our unique assets to save customers time and money and serve them in ways that are easy, fast, friendly and fun."
Doug McMillon
President and CEO, Walmart
|
|
|
Walmart U.S. comp sales
1
increased 2.7%, and comp traffic increased 1.5%.
|
|
|
|
|
eCommerce growth at Walmart U.S. remained strong, led by growth through Walmart.com. Net sales and GMV
3
increased 50% and 54%, respectively.
|
|
|
|
|
Net sales at Walmart International were $29.5 billion, an increase of 4.1%. Excluding currency
2
, net sales were $29.1 billion, an increase of 2.5%. Ten of eleven markets posted positive comp sales, including our four largest markets.
|
|
|
Key results
|
|
(Amounts in millions, except as noted)
|
|
Q3 FY18
|
Q3 FY17
|
Change
|
||
Revenue
|
$123,179
|
$118,179
|
$5,000
|
4.2%
|
|
Revenue (constant currency)
2
|
$122,721
|
$118,179
|
$4,542
|
3.8%
|
|
Operating income
|
$4,764
|
$5,119
|
-$355
|
-6.9%
|
|
Operating income (constant currency)
2
|
$4,704
|
$5,119
|
-$415
|
-8.1%
|
NYSE: WMT
|
November 16, 2017
|
stock.walmart.com
|
Guidance
|
•
|
Fiscal year 2018 GAAP EPS: $3.84 to $3.92
|
•
|
Fiscal year 2018 Adjusted EPS
1
: $4.38 to $4.46
|
•
|
Comp sales for the 13-week period ending Jan. 26, 2018:
|
◦
|
Walmart U.S. (ex. fuel)
1
: +1.5% to +2.0%
|
◦
|
Sam's Club (ex. fuel)
1
: +1.5% to +2.0%
|
Segment results
|
|
(Amounts in millions, except as noted)
|
NYSE: WMT
|
November 16, 2017
|
stock.walmart.com
|
•
|
877-523-5612 (U.S. and Canada)
|
•
|
201-689-8483 (other countries)
|
•
|
Passcode: 9256278 (Walmart)
|
NYSE: WMT
|
November 16, 2017
|
stock.walmart.com
|
Forward-Looking Statements
|
|
•
|
economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates;
|
•
|
currency exchange rate fluctuations, changes in market interest rates and commodity prices;
|
•
|
unemployment levels;
|
•
|
competitive pressures;
|
•
|
inflation or deflation, generally and in particular product categories;
|
•
|
consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt
|
•
|
levels and demand for certain merchandise;
|
•
|
consumer enrollment in health and drug insurance programs and such programs' reimbursement rates;
|
•
|
the amount of Walmart's net sales denominated in the U.S. dollar and various foreign currencies;
|
•
|
the impact of acquisitions, divestitures, store or club closures, and other strategic decisions;
|
•
|
Walmart's ability to successfully integrate acquired businesses, including within the e-commerce space;
|
•
|
Walmart's effective tax rate and the factors affecting Walmart's effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations;
|
•
|
customer traffic and average ticket in Walmart's stores and clubs and on its e-commerce websites;
|
•
|
the mix of merchandise Walmart sells, the cost of goods it sells and the shrinkage it experiences;
|
•
|
the amount of Walmart's total sales and operating expenses in the various markets in which it operates;
|
•
|
transportation, energy and utility costs and the selling prices of gasoline and diesel fuel;
|
•
|
supply chain disruptions and disruptions in seasonal buying patterns;
|
•
|
consumer acceptance of and response to Walmart's stores, clubs, e-commerce websites, mobile apps,
|
•
|
initiatives, programs and merchandise offerings;
|
•
|
cyber security events affecting Walmart and related costs;
|
•
|
developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which Walmart is a party;
|
•
|
casualty and accident-related costs and insurance costs;
|
•
|
the turnover in Walmart's workforce and labor costs, including healthcare and other benefit costs;
|
•
|
changes in accounting estimates or judgments;
|
•
|
changes in existing tax, labor and other laws and regulations and changes in tax rates, trade agreements,
|
•
|
trade restrictions and tariff rates;
|
•
|
the level of public assistance payments;
|
•
|
natural disasters, public health emergencies, civil disturbances, and terrorist attacks; and
|
•
|
Walmart's expenditures for FCPA and other compliance related costs, including the adequacy of the accrual with respect to this matter made in the third quarter of the fiscal year ending January 31, 2018.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
October 31,
|
|
October 31,
|
||||||||||||||||||
(Amounts in millions, except per share data)
|
|
2017
|
|
2016
|
|
Percent Change
|
|
2017
|
|
2016
|
|
Percent Change
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
122,136
|
|
|
$
|
117,176
|
|
|
4.2
|
%
|
|
$
|
360,611
|
|
|
$
|
351,567
|
|
|
2.6
|
%
|
Membership and other income
|
|
1,043
|
|
|
1,003
|
|
|
4.0
|
%
|
|
3,465
|
|
|
3,370
|
|
|
2.8
|
%
|
||||
Total revenues
|
|
123,179
|
|
|
118,179
|
|
|
4.2
|
%
|
|
364,076
|
|
|
354,937
|
|
|
2.6
|
%
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
|
91,547
|
|
|
87,484
|
|
|
4.6
|
%
|
|
270,756
|
|
|
263,513
|
|
|
2.7
|
%
|
||||
Operating, selling, general and administrative expenses
|
|
26,868
|
|
|
25,576
|
|
|
5.1
|
%
|
|
77,350
|
|
|
74,865
|
|
|
3.3
|
%
|
||||
Operating income
|
|
4,764
|
|
|
5,119
|
|
|
(6.9
|
)%
|
|
15,970
|
|
|
16,559
|
|
|
(3.6
|
)%
|
||||
Interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt
|
|
502
|
|
|
528
|
|
|
(4.9
|
)%
|
|
1,530
|
|
|
1,536
|
|
|
(0.4
|
)%
|
||||
Capital lease and financing obligations
|
|
81
|
|
|
81
|
|
|
—
|
%
|
|
264
|
|
|
246
|
|
|
7.3
|
%
|
||||
Interest income
|
|
(42
|
)
|
|
(24
|
)
|
|
75.0
|
%
|
|
(115
|
)
|
|
(70
|
)
|
|
64.3
|
%
|
||||
Interest, net
|
|
541
|
|
|
585
|
|
|
(7.5
|
)%
|
|
1,679
|
|
|
1,712
|
|
|
(1.9
|
)%
|
||||
Loss on extinguishment of debt
|
|
1,344
|
|
|
—
|
|
|
N/A
|
|
|
2,132
|
|
|
—
|
|
|
N/A
|
|
||||
Income before income taxes
|
|
2,879
|
|
|
4,534
|
|
|
(36.5
|
)%
|
|
12,159
|
|
|
14,847
|
|
|
(18.1
|
)%
|
||||
Provision for income taxes
|
|
975
|
|
|
1,332
|
|
|
(26.8
|
)%
|
|
3,999
|
|
|
4,540
|
|
|
(11.9
|
)%
|
||||
Consolidated net income
|
|
1,904
|
|
|
3,202
|
|
|
(40.5
|
)%
|
|
8,160
|
|
|
10,307
|
|
|
(20.8
|
)%
|
||||
Consolidated net income attributable to noncontrolling interest
|
|
(155
|
)
|
|
(168
|
)
|
|
(7.7
|
)%
|
|
(473
|
)
|
|
(421
|
)
|
|
12.4
|
%
|
||||
Consolidated net income attributable to Walmart
|
|
$
|
1,749
|
|
|
$
|
3,034
|
|
|
(42.4
|
)%
|
|
$
|
7,687
|
|
|
$
|
9,886
|
|
|
(22.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net income per common share attributable to Walmart
|
|
$
|
0.59
|
|
|
$
|
0.98
|
|
|
(39.8
|
)%
|
|
$
|
2.56
|
|
|
$
|
3.17
|
|
|
(19.2
|
)%
|
Diluted net income per common share attributable to Walmart
|
|
$
|
0.58
|
|
|
$
|
0.98
|
|
|
(40.8
|
)%
|
|
$
|
2.54
|
|
|
$
|
3.16
|
|
|
(19.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
2,981
|
|
|
3,089
|
|
|
|
|
3,008
|
|
|
3,114
|
|
|
|
||||||
Diluted
|
|
2,996
|
|
|
3,100
|
|
|
|
|
3,021
|
|
|
3,124
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
2.04
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
October 31,
|
|
January 31,
|
|
October 31,
|
||||||
(Amounts in millions)
|
|
2017
|
|
2017
|
|
2016
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
7,026
|
|
|
$
|
6,867
|
|
|
$
|
5,939
|
|
Receivables, net
|
|
5,865
|
|
|
5,835
|
|
|
5,344
|
|
|||
Inventories
|
|
50,147
|
|
|
43,046
|
|
|
49,822
|
|
|||
Prepaid expenses and other
|
|
2,330
|
|
|
1,941
|
|
|
2,296
|
|
|||
Total current assets
|
|
65,368
|
|
|
57,689
|
|
|
63,401
|
|
|||
Property and equipment:
|
|
|
|
|
|
|
||||||
Property and equipment
|
|
185,103
|
|
|
179,492
|
|
|
179,667
|
|
|||
Less accumulated depreciation
|
|
(76,948
|
)
|
|
(71,782
|
)
|
|
(70,991
|
)
|
|||
Property and equipment, net
|
|
108,155
|
|
|
107,710
|
|
|
108,676
|
|
|||
Property under capital lease and financing obligations:
|
|
|
|
|
|
|
||||||
Property under capital lease and financing obligations
|
|
12,641
|
|
|
11,637
|
|
|
11,482
|
|
|||
Less accumulated amortization
|
|
(5,497
|
)
|
|
(5,169
|
)
|
|
(5,070
|
)
|
|||
Property under capital lease and financing obligations, net
|
|
7,144
|
|
|
6,468
|
|
|
6,412
|
|
|||
|
|
|
|
|
|
|
||||||
Goodwill
|
|
18,204
|
|
|
17,037
|
|
|
17,792
|
|
|||
Other assets and deferred charges
|
|
10,543
|
|
|
9,921
|
|
|
10,576
|
|
|||
Total assets
|
|
$
|
209,414
|
|
|
$
|
198,825
|
|
|
$
|
206,857
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Short-term borrowings
|
|
$
|
5,114
|
|
|
$
|
1,099
|
|
|
$
|
5,082
|
|
Accounts payable
|
|
47,587
|
|
|
41,433
|
|
|
42,990
|
|
|||
Dividends payable
|
|
1,530
|
|
|
—
|
|
|
1,541
|
|
|||
Accrued liabilities
|
|
21,757
|
|
|
20,654
|
|
|
21,243
|
|
|||
Accrued income taxes
|
|
540
|
|
|
921
|
|
|
459
|
|
|||
Long-term debt due within one year
|
|
3,257
|
|
|
2,256
|
|
|
2,266
|
|
|||
Capital lease and financing obligations due within one year
|
|
650
|
|
|
565
|
|
|
549
|
|
|||
Total current liabilities
|
|
80,435
|
|
|
66,928
|
|
|
74,130
|
|
|||
|
|
|
|
|
|
|
||||||
Long-term debt
|
|
34,206
|
|
|
36,015
|
|
|
36,178
|
|
|||
Long-term capital lease and financing obligations
|
|
6,700
|
|
|
6,003
|
|
|
5,930
|
|
|||
Deferred income taxes and other
|
|
9,167
|
|
|
9,344
|
|
|
10,144
|
|
|||
|
|
|
|
|
|
|
||||||
Commitments and contingencies
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
|
||||||
Common stock
|
|
297
|
|
|
305
|
|
|
308
|
|
|||
Capital in excess of par value
|
|
2,501
|
|
|
2,371
|
|
|
2,084
|
|
|||
Retained earnings
|
|
84,480
|
|
|
89,354
|
|
|
87,636
|
|
|||
Accumulated other comprehensive loss
|
|
(11,133
|
)
|
|
(14,232
|
)
|
|
(12,335
|
)
|
|||
Total Walmart shareholders’ equity
|
|
76,145
|
|
|
77,798
|
|
|
77,693
|
|
|||
Nonredeemable noncontrolling interest
|
|
2,761
|
|
|
2,737
|
|
|
2,782
|
|
|||
Total equity
|
|
78,906
|
|
|
80,535
|
|
|
80,475
|
|
|||
Total liabilities and equity
|
|
$
|
209,414
|
|
|
$
|
198,825
|
|
|
$
|
206,857
|
|
|
|
Nine Months Ended
|
||||||
|
|
October 31,
|
||||||
(Amounts in millions)
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Consolidated net income
|
|
$
|
8,160
|
|
|
$
|
10,307
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
7,827
|
|
|
7,374
|
|
||
Deferred income taxes
|
|
231
|
|
|
1,167
|
|
||
Loss on extinguishment of debt
|
|
2,132
|
|
|
—
|
|
||
Other operating activities
|
|
144
|
|
|
(387
|
)
|
||
Changes in certain assets and liabilities
, net of effects of acquisitions:
|
|
|
|
|
||||
Receivables, net
|
|
(529
|
)
|
|
271
|
|
||
Inventories
|
|
(6,446
|
)
|
|
(5,516
|
)
|
||
Accounts payable
|
|
5,630
|
|
|
5,121
|
|
||
Accrued liabilities
|
|
510
|
|
|
1,393
|
|
||
Accrued income taxes
|
|
(599
|
)
|
|
51
|
|
||
Net cash provided by operating activities
|
|
17,060
|
|
|
19,781
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Payments for property and equipment
|
|
(6,908
|
)
|
|
(7,459
|
)
|
||
Proceeds from the disposal of property and equipment
|
|
301
|
|
|
783
|
|
||
Proceeds from disposal of certain operations
|
|
1,046
|
|
|
—
|
|
||
Purchase of available for sale securities
|
|
—
|
|
|
(1,901
|
)
|
||
Business acquisitions, net of cash acquired
|
|
(372
|
)
|
|
(2,406
|
)
|
||
Other investing activities
|
|
62
|
|
|
(67
|
)
|
||
Net cash used in investing activities
|
|
(5,871
|
)
|
|
(11,050
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Net change in short-term borrowings
|
|
4,004
|
|
|
2,302
|
|
||
Proceeds from issuance of long-term debt
|
|
7,476
|
|
|
134
|
|
||
Repayments of long-term debt
|
|
(8,859
|
)
|
|
(2,040
|
)
|
||
Premiums paid to extinguish debt
|
|
(2,067
|
)
|
|
—
|
|
||
Dividends paid
|
|
(4,614
|
)
|
|
(4,682
|
)
|
||
Purchase of Company stock
|
|
(6,656
|
)
|
|
(6,254
|
)
|
||
Dividends paid to noncontrolling interest
|
|
(536
|
)
|
|
(320
|
)
|
||
Purchase of noncontrolling interest
|
|
(8
|
)
|
|
(89
|
)
|
||
Other financing activities
|
|
(156
|
)
|
|
(323
|
)
|
||
Net cash used in financing activities
|
|
(11,416
|
)
|
|
(11,272
|
)
|
||
|
|
|
|
|
|
|
||
Effect of exchange rates on cash and cash equivalents
|
|
386
|
|
|
(225
|
)
|
||
|
|
|
|
|
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
159
|
|
|
(2,766
|
)
|
||
Cash and cash equivalents at beginning of year
|
|
6,867
|
|
|
8,705
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
7,026
|
|
|
$
|
5,939
|
|
|
Net Sales
|
|
Operating Income
|
||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||
|
October 31,
|
|
October 31,
|
||||||||||||||
(dollars in millions)
|
2017
|
2016
|
Percent Change
|
|
2017
|
2016
|
Percent Change
|
||||||||||
Walmart U.S.
|
$
|
77,724
|
|
$
|
74,550
|
|
4.3
|
%
|
|
$
|
4,030
|
|
$
|
3,999
|
|
0.8
|
%
|
Walmart International
|
29,548
|
|
28,390
|
|
4.1
|
%
|
|
1,249
|
|
1,354
|
|
-7.8
|
%
|
||||
Sam's Club
|
14,864
|
|
14,236
|
|
4.4
|
%
|
|
447
|
|
396
|
|
12.9
|
%
|
||||
Corporate and support
|
—
|
|
—
|
|
N/A
|
|
|
-962
|
|
-630
|
|
52.7
|
%
|
||||
Consolidated
|
$
|
122,136
|
|
$
|
117,176
|
|
4.2
|
%
|
|
$
|
4,764
|
|
$
|
5,119
|
|
-6.9
|
%
|
|
|
With Fuel
|
|
Without Fuel
1
|
|
Fuel Impact
|
||||||
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
13 Weeks Ended
|
||||||
|
|
10/27/2017
|
|
10/28/2016
|
|
10/27/2017
|
|
10/28/2016
|
|
10/27/2017
|
|
10/28/2016
|
Walmart U.S.
|
|
2.8%
|
|
1.2%
|
|
2.7%
|
|
1.2%
|
|
0.1%
|
|
0.0%
|
Sam's Club
|
|
4.0%
|
|
0.7%
|
|
2.8%
|
|
1.4%
|
|
1.2%
|
|
-0.7%
|
Total U.S.
|
|
3.0%
|
|
1.1%
|
|
2.7%
|
|
1.2%
|
|
0.3%
|
|
-0.1%
|
|
|
Nine Months Ended
|
||||||
|
|
October 31,
|
||||||
(Dollars in millions)
|
|
2017
|
|
2016
1
|
||||
Net cash provided by operating activities
|
|
$
|
17,060
|
|
|
$
|
19,781
|
|
Payments for property and equipment (capital expenditures)
|
|
-6,908
|
|
|
-7,459
|
|
||
Free cash flow
|
|
$
|
10,152
|
|
|
$
|
12,322
|
|
|
|
|
|
|
|
|
||
Net cash used in investing activities
2
|
|
$
|
-5,871
|
|
|
$
|
-11,050
|
|
Net cash used in financing activities
|
|
-11,416
|
|
|
-11,272
|
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||||||||||
|
Walmart International
|
|
Consolidated
|
|
Walmart International
|
|
Consolidated
|
||||||||||||||||
(Dollars in millions)
|
2017
|
Percent Change
1
|
|
2017
|
Percent Change
1
|
|
2017
|
Percent Change
1
|
|
2017
|
Percent Change
1
|
||||||||||||
Total revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As reported
|
$
|
29,879
|
|
3.9
|
%
|
|
$
|
123,179
|
|
4.2
|
%
|
|
$
|
86,308
|
|
-0.3
|
%
|
|
$
|
364,076
|
|
2.6
|
%
|
Currency exchange rate fluctuations
|
-458
|
|
N/A
|
|
|
-458
|
|
N/A
|
|
|
1,790
|
|
N/A
|
|
|
1,790
|
|
N/A
|
|
||||
Constant currency total revenues
|
$
|
29,421
|
|
2.3
|
%
|
|
$
|
122,721
|
|
3.8
|
%
|
|
$
|
88,098
|
|
1.8
|
%
|
|
$
|
365,866
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As reported
|
$
|
29,548
|
|
4.1
|
%
|
|
$
|
122,136
|
|
4.2
|
%
|
|
$
|
84,976
|
|
-0.1
|
%
|
|
$
|
360,611
|
|
2.6
|
%
|
Currency exchange rate fluctuations
|
-454
|
|
N/A
|
|
|
-454
|
|
N/A
|
|
|
1,739
|
|
N/A
|
|
|
1,739
|
|
N/A
|
|
||||
Constant currency net sales
|
$
|
29,094
|
|
2.5
|
%
|
|
$
|
121,682
|
|
3.8
|
%
|
|
$
|
86,715
|
|
1.9
|
%
|
|
$
|
362,350
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As reported
|
$
|
1,249
|
|
-7.8
|
%
|
|
$
|
4,764
|
|
-6.9
|
%
|
|
$
|
4,004
|
|
-5.7
|
%
|
|
$
|
15,970
|
|
-3.6
|
%
|
Currency exchange rate fluctuations
|
-60
|
|
N/A
|
|
|
-60
|
|
N/A
|
|
|
146
|
|
N/A
|
|
|
145
|
|
N/A
|
|
||||
Constant currency operating income
|
$
|
1,189
|
|
-12.2
|
%
|
|
$
|
4,704
|
|
-8.1
|
%
|
|
$
|
4,150
|
|
-2.2
|
%
|
|
$
|
16,115
|
|
-2.7
|
%
|
|
|
Three Months Ended October 31, 2017
|
||||
Diluted earnings per share:
|
|
|
|
|
|
|
Reported EPS
|
|
|
|
|
|
$0.58
|
|
|
|
|
|
|
|
Adjustments:
|
|
Pre-Tax Impact
|
|
Tax Impact
1
|
|
Net Impact
|
Loss on Early Extinguishment of Debt
|
|
$0.45
|
|
-$0.16
|
|
$0.29
|
FCPA Accrual
|
|
0.09
|
|
—
|
|
0.09
|
Impairment of Certain International Properties
|
|
0.05
|
|
-0.01
|
|
0.04
|
Net adjustments
|
|
|
|
|
|
$0.42
|
|
|
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
|
$1.00
|
|
|
Fiscal 2018
|
||||||
Diluted net income per share:
|
|
|
|
|
|
|
|
|
Forecasted EPS
|
|
|
|
|
|
|
|
$3.84 - $3.92
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
Pre-Tax Impact
|
|
Tax Impact
1
|
|
NCI Impact
2
|
|
Net Impact
|
Loss on Early Extinguishment of Debt
|
|
$0.71
|
|
-$0.25
|
|
$—
|
|
$0.46
|
FCPA Accrual
|
|
0.09
|
|
—
|
|
—
|
|
0.09
|
Gain on Sale of Suburbia
|
|
-0.13
|
|
0.04
|
|
0.04
|
|
-0.05
|
Impairment of Certain International Properties
|
|
0.05
|
|
-0.01
|
|
—
|
|
0.04
|
Net adjustments
|
|
|
|
|
|
|
|
$0.54
|
|
|
|
|
|
|
|
|
|
Adjusted EPS Guidance
|
|
|
|
|
|
|
|
$4.38 - $4.46
|