4. Can you check that CF(operations) + CF(financing) + CF(investing) is equal the change of Cash position from one year to the other. What does it tell you? (open)
Collections of notes receivable 5 14,231,000 1.28% 4,997,000 0.48% 655,000I 0.07%.I Other items, net 5 [1,875,000] 0.17% -1,040,000 0.10% 109,000 0.01% Net cash used in investing activities S [251,167,000 22.53% S [321,252,000] 30.85% S [90,115,000] 9.57% CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term 5422 376 000 g 03? 000 0 debt ' ' 37.89% ' ' 0.87% 0.00% Net [repayments] borrowings pursuant . . . . . 22,400,000 20,600,000 -115,003,000 to revolving credit facilities 5 l I 6.49% 1.98% 12.22% Principal payments on longterm debt 5 {256,809,000 23.04% -603,000 0.06% -660,000 0.07% Debt issuance costs 5 [3,936,000] 0.35% -2,590,000 0.25% 0 0.00% Purchases of treasury stock 5 {50,638,000} 4.54% -148,679,000 14.28% -9,807,000 1.04% Dividends paid 5 {48,089,000} 4.31% 48,715,000 4.68% 48,651,000 5.17% Proceeds from transfer of interest in notes receivable S l24'409'000I 2.19% 173'000 0.02% 24'237'000 2.57% Proceeds from exercise of stock . 21,410,000 41,360,000 14,107,000 options 5 1.92% 3.97% 1.50% Net cash used in nancing activities S (12,495,000) 1.12% S [129,417,000] 12.43% S [135,777,000 44.42% Net change in cash and cash 6,894,000 -207,773,000 31,482,000 equivalents 5 0.62% 19.95% 3.34% Effect of foreign exchange rate changes . 230,000 021,000 1,391,000 on cash and cash eqUIvalents S 0.02% 0.09% 0.15% Cash and cash equivalents at beginning . 26,642,000 235,336,000 202,463,000 of period 5 2.39% 22.60% 21.51% Cash and cash equivalents at end of 33,766,000 26,642,000 235,336,000 period 5 3.03% 2.56% 25.00% Cash payments during the year for: Income taxes, net of refunds 5 41,859,000 3.75% 77,357,000 7.43% 39,181,000 4.16% Interest, net of capitalized interest 5 48,179,000 4.32% 43,254,000 4.15% 42,405,000 4.50% Choice Hotels Common Size Statements of Cash Flow 12 Months Ended Consolidated Statements of Cash Flows Dec. 31, 2019 % of Total Revenue Dec. 31, 2018 % of Total Revenue Dec. 31, 2012 % of Total Revenue CASH FLOWS FROM OPERATING ACTIVITIES Net income 5 222,828,000 19.99% $216,355,000 20.28% $122,322,000 13.00% Adjustments to reconcile net income to net cash provided by operating Depreciation and amortization 5 18,828,000 1.69% 14,330,000 1.38% 6,680,000 0.21% Depreciation and amortization . . 17,294,000 19,597,000 20,509,000 marketing and reservation svstem S 1.55% 1.88% 2.19% Franchise agreement acquisition cost . . 2,992,000 9,239,000 2,191,000 amortization S 0.22% 0.89% 0.26% Impairment of goodwill 5 3,092,000 0.28% 4,289,000 0.41% 0 0.00% Impairment of longlived assets 5 2,259,000 0.65% 0 0.00% 0 0.00% Loss on sale of business 5 4,624,000 0.42% 0 0.00% 0 0.00% Loss on debt extinguishment 5 2,188,000 0.64% 0 0.00% 0 0.00% Gain on disposal of assets, net 5 [2,103,000] 0.19% -56,000 0.01% -232,000 0.03% Provision for bad debts, net 5 8,240,000 0.24% 10,542,000 1.01% 5,514,000 0.59% Noncash stock compensation and 12 615 000 15 986 000 22 852 000 other charges 5 ' ' 1.58% ' ' 1.54% ' ' 2.43% Noncash interest and other . . 4,010,000 3,595,000 -772,000 investment [income] loss 5 I I 0.36% 0.35% 0.08% Deferred income taxes 5 9,810,000 0.88% -3,510,000 0.34% 52,106,000 6.02% Equity in net losses from unconsolidated joint ventures, less 5 12,562,000 2,389,000 6,529,000 distributions received 1.13% 0.21% 0.20% Equity in net losses from unconsolidated joint ventures, less $ 12,562,000 7,389,000 6,579,000 distributions received 1.13% 0.71% 0.70% Franchise agreement acquisition cost, $ (38,944,000) -52,929,000 -30,638,000 net of reimbursements -3.49% -5.08% -3.25% Change in working capital and other, $ (21,824,000) -2,031,000 40,158,000 net of acquisition -1.96% 0.20% 4.27% Net cash provided by operating $ 270,556,000 $ 242,896,000 $ 257,374,000 activities 24.27% 23.33% 27.34% CASH FLOWS FROM INVESTING ACTIVITIES Investment in property and equipment $ (57,342,000) -5.14% -47,673,000 -4.58% -23,437,000 2.49% Investment in intangible assets $ (6,699,000) -0.60% -1,803,000 -0.17% -2,517,000 0.27% Proceeds from sales of assets $ 10,585,000 0.95% 3,053,000 0.29% 1,000,000 0.11% Asset acquisition, net of cash acquired $ (168,954,000 -15.16% -3,179,000 -0.31% 0 0.00% Proceeds from sale of unconsolidated $ 8,937,000 joint venture 0.80% 0.00% 0.00% Business acquisition, net of cash -231,317,000 0 acquired 0.00% -22.21% 0.00% Payment on business disposition, net $ (10,783,000) -0.97% 0.00% 0.00% Contributions to equity method $ (27,828,000) -9,604,000 -50,554,000 investments -2.50% 0.92% 5.37% Distributions from equity method $ 10,241,000 1,429,000 4,569,000 investments 0.92% 0.14% 0.49% Purchases of investments, employee $ (3,175,000) -2,895,000 -2,447,000 benefit plans -0.28% -0.28% 0.26% Proceeds from sales of investments, $ 2,217,000 2,825,000 2,245,000 employee benefit plans 0.20% 0.27% 0.24% ssuance of notes receivable $ (20,722,000) -1.86% -36,045,000 -3.46% -19,738,000 -2.10%Noncash investing and nancing activities: Dividends declared but not paid 5; 12,535,000 Investment in property, equipment and intangibles acquired in accounts S 959,000 payable and accrued liabilities Sellernancing to purchaser S 11,922,000 5,949,000 12,185,000 1,099,000 $2,000,000 Marriott International Common Size Statements of Cash Flow 12 Months Ended Consolidated Statements of Cash Flows - (S in Millions) Dec. 31, 2019% of Total Revenue Dec. 31, 201936 of Total Revenue Dec. 31, 2017'% of Total Revenue OPERATING ACTIVITIES Net income 5 1,273 6.07% 5 1,907 9.19% 5 1,459 7.13% Adjustments to reconcile to cash provided by operating activities: Depreciaon, amortization, and other S 403 1.92% S 284 1.37% S 2?9 1.36% Shareibased compensation S 187 0.39% S 184 0.39% S 131 0.38% Income taxes S (200) 0.95% S (239) 1.15% S 887 4.34% Liabiiity for guest loyalty program S 257 1.23% S 520 2.51% S 298 1.46% Contract acquisition costs S (195) 0.93% S (152) 0.73% S (185) D.90% Mergerirelated charges S 86 0.41% S 16 0.08% S (124) 70.61% Working capital changes S (273) 71.30% S (7'6) 70.37% S (30) 70.15% (Gain) loss on asset dispositions S (147) 0.70% S (194) D.93% S (687) 3.36% Other 5 294 1.40% S 107' 0.52% S 149 0.73% Net cash provided by operating activities S 1,685 8.03% S 2,357 11.35% 5 2,227 10.39% INVESTING ACTIVITIES Capital expenditures S (653) 3.11% S (556) 2.68% S (240) 1.17% Dispositions S 395 1.38% S 479 2.31% 5 1,418 6.93% Delta from 1.06% 0.56% 0.01% 6.29% 0.23% 0.03% 1.02% 71.16% 2.66% 0.67% 72.85% 1.94% 6.05% Loan advances Loan collections S Other $ Net cash (used in) provided by investing activities 5 FINANCING ACHVITIES Commercial paper/Credit Facility, net $ Issuance of Iongnterm debt 5 Repayment of longterm debt S Issuance of Class A Common Stock S Dividends paid S (612) Purchase of treasury stock S (2,260) Sharenbased compensation withholding taxes 5 (148] Other S (8] Net cash (used in) provided by nancing activities 5 ILSOB} DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 5 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period ( $ CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) S Restricted cash
