Our forecast shows leverage at 1.9x in the coming two years from both profit expansion and declining debt levels given a modest net pay off cadence. In our view, should the company underperform its EBITDA expectations, it would adjust its share buyback or non-core asset sale plans to generate sufficient excess cash to reduce debt. That said, we expect share buybacks to remain significant given Walmart's plans to continue the two-year repurchase program of $20 billion announced in October 2017. Walmart's latest first-quarter fiscal 2020 (three months ended April 30, 2019) U.S. comparable sales of 3.4% was the best first-quarter comparable sales results in nine years and fourth consecutive quarter above 3%, and ahead of our expectations. The strong results
