In various written and oral releases or presentations to analysts, investors and/or shareholders, management may, from time to time, refer to return on investment (ROI) and return on average assets (ROA).

Management believes return on investment is a meaningful metric to share because it helps investors assess how effectively Walmart is deploying its assets. Trends in ROI can fluctuate over time as management balances long-term potential strategic initiatives with any possible short-term impacts.

We define free cash flow as net cash provided by operating activities of continuing operations in the period minus payments for property and equipment made in the period.