Analyze each companys investing and financing activities for the most recent year as identified in the statement of cash flows, specifically identifying the two largest investing activities and the two largest financing activities. Discuss whether you agree or disagree with the investing and financing strategies that each company appears to be employing

Company 1 Consolidated Statements of Cash Flows Fiscal Years Ended January 31, 2019 2018 2020 15,2015 7,179 $ 10,523 10,529 10,987 (1,886) 15 (1,036) 320 10,678 3.516 4,850 (499) (304) 3,136 1.210 1,981 1,734 154 (300) (274) 186 (93) 25,255 (368) (1.311) 1,831 183 (40) 27,753 (1,074) (140) 4,086 928 (557) 28,337 (Amount in millions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization Unrealized (gains) and losses (Gains) and losses for disposal of business operations Asda pension contribution Deferred income taxes Loss on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Premiums paid to extinguish debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash, cash equivalents and restricted cash Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,705) 321 833 (56) 479 (9.128) (10,344) 519 876 (14,656) (431) (24,036) (10,051) 378 1,046 (375) (77) (9,079) (4.656) 5,492 (1,907) (53) 15.872 (3,784) (6,048) 4,148 7.476 (13,061) (3,059) (6,124) (8.296) (690) (8) (261) (19,875) (6,102) (7.410) (431) (5,717) (555) (908) (14.299) (629) (2.537) (69) 487 1.759 7,756 9.515$ 742 7,014 7,256 (130) 7.144 2014 3.982 3,616 $ 2.464 6,179 2.450 2348 company 2 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Fiscal Year 2019 2020 2018 (215.3) $ (470.9) $ (673.0) 80.7 15.5 7.9 80.3 (27.3) 96.2 385,6 8.9 61.4 1.9 9.1 4.1 126.9 1,015,9 10.7 (4.1) 20 (100.8) 6.9 0.9 39.8 282.4 8.4 (87.0) (78.6) 19.0 (3.0) 123.7 (10.9) 361.1 3.6 (75.9) (792.8) 4.1 (34.4) 12.6 22 (18.7) (26.0) 4.9 325.1 (414.5) Cash flows from operating activities: Net loss Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation and amortization (including amounts in cost of sales) Goodwill and asset impairments Stock-based compensation expense Deferred income taxes (Gain) loss on disposal of property and equipment Loss (gain) on divestiture Other Changes in operating assets and liabilities: Receivables, net Merchandise inventories Prepaid expenses and other current assets Prepaid income taxes and income taxes payable Accounts payable and accrued liabilities Operating lease right-of-use assets and lease liabilities Changes in other long-term liabilities Net cash flows provided by (used in) operating activities Cash flows from investing activities: Purchase of property and equipment Proceeds from sale of property and equipment Proceeds from divestitures, net of cash sold Proceeds from company owned life insurance, net Other Net cash flows provided by (used in) investing activities Cash flows from financing activities: Repayments of senior notes Repurchase of common shares Proceeds from French term loans Dividends paid Borrowings from the revolver Repayments of revolver borrowings Repayment of acquisition-related debt Issuance of common stock, net of share repurchases for withholding taxes Net cash flows used in financing activities Exchange rate effect on cash, cash equivalents and restricted cash Decrease in cash held for sale Increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period (78.5) (93.7) (60.0) 95.5 727.9 5.2 12.0 0.4 (60.9) 1.4 36.9 1.3 635.5 (130.3) (404.5) (198.7) (40.5) 47.1 (0.3) 150.0 (125.0) 3.1 (55.4) 16.3 (1.0) (644.7) (6.9) (1574) 154.0 (154.0) (122) (5.1) (174.7) (24.7) 10.2 771.4 869.1 1.640.5 121.5 513.5 635,0 s (1,127.0) 1,640.5 513.5 S